N-CSRS 1 shltn-ncsrs_022924.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT shltn-ncsrs_022924
 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-04417

 

Shelton Funds
(Exact name of registrant as specified in charter)
 
1125 17th Street, Suite 2550, Denver, CO 80202
(Address of principal executive offices) (Zip code)
 

Stephen C. Rogers

1125 17th Street, Suite 2550

Denver, CO 80202 

(Name and address of agent for service)

 

Registrant's telephone number, including area code: (800) 955-9988

 

Date of fiscal year end: August 31

 

Date of reporting period: February 29, 2024

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS

 

(a)  

 

 

SEMI-ANNUAL REPORT

 

February 29, 2024

Green California Tax-Free Income Fund
U.S. Government Securities Fund
The United States Treasury Trust
S&P 500 Index Fund
S&P MidCap Index Fund
S&P SmallCap Index Fund
Shelton Equity Income Fund
Nasdaq-100 Index Fund
Shelton Sustainable Equity Fund

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of beneficial interest of the Shelton Funds (referred to collectively as the “Funds” or individually the “Fund”) which contains information about the management fee and other costs. Investments in shares of the funds of the Shelton Funds are neither insured nor guaranteed by the U.S. Government, and there is no assurance that any Fund, which is designated a Money Market Fund, will be able to maintain a stable net asset value of $1.00 per share.

2

About Your Fund’s Expenses (Unaudited)
February 29, 2024

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 to February 29, 2024.

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you have paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds do not charge any sales charges. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
September 1,
2023

Ending
Account Value
February 29,
2024

Expenses Paid
During Period
*

Net Annual
Expense Ratio

California Tax-Free Income Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,031

$4.27

0.85%

Based on Hypothetical 5% Return before expenses

$1,000

$1,021

$4.23

0.85%

U.S. Government Securities Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,013

$3.82

0.77%

Based on Hypothetical 5% Return before expenses

$1,000

$1,021

$3.83

0.77%

K Shares

Based on Actual Fund Return

$1,000

$1,010

$6.33

1.27%

Based on Hypothetical 5% Return before expenses

$1,000

$1,019

$3.34

1.27%

The United States Treasury Trust

Investor Shares

Based on Actual Fund Return

$1,000

$1,022

$4.95

0.99%

Based on Hypothetical 5% Return before expenses

$1,000

$1,020

$4.94

0.99%

S&P 500 Index Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,138

$2.35

0.44%

Based on Hypothetical 5% Return before expenses

$1,000

$1,023

$2.22

0.44%

K Shares

Based on Actual Fund Return

$1,000

$1,094

$4.92

0.95%

Based on Hypothetical 5% Return before expenses

$1,000

$1,020

$4.73

0.95%

S&P MidCap Index Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,096

$3.46

0.67%

Based on Hypothetical 5% Return before expenses

$1,000

$1,022

$3.33

0.67%

K Shares

Based on Actual Fund Return

$1,000

$1,112

$6.12

1.17%

Based on Hypothetical 5% Return before expenses

$1,000

$1,019

$5.84

1.17%

S&P SmallCap Index Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,067

$4.86

0.95%

Based on Hypothetical 5% Return before expenses

$1,000

$1,020

$4.73

0.95%

K Shares

Based on Actual Fund Return

$1,000

$1,165

$7.82

1.46%

Based on Hypothetical 5% Return before expenses

$1,000

$1,018

$7.26

1.46%


*Expenses are equal to the Fund’s Net Annual Expense Ratio, as noted in the above table, multiplied by the average account value over the period, multiplied by 181 days in most recent fiscal half-year/366.

3

About Your Fund’s Expenses (Unaudited)
February 29, 2024 (Continued)

Beginning
Account Value
September 1,
2023

Ending
Account Value
February 29,
2024

Expenses Paid
During Period
*

Net Annual
Expense Ratio

Shelton Equity Income Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,115

$3.70

0.71%

Based on Hypothetical 5% Return before expenses

$1,000

$1,022

$3.53

0.71%

K Shares

Based on Actual Fund Return

$1,000

$1,065

$6.20

1.21%

Based on Hypothetical 5% Return before expenses

$1,000

$1,019

$6.04

1.21%

Nasdaq-100 Index Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,167

$2.72

0.51%

Based on Hypothetical 5% Return before expenses

$1,000

$1,023

$2.53

0.51%

K Shares

Based on Actual Fund Return

$1,000

$1,168

$4.68

0.87%

Based on Hypothetical 5% Return before expenses

$1,000

$1,021

$4.35

0.87%

Institutional Shares

Based on Actual Fund Return

$1,000

$1,168

$1.41

0.26%

Based on Hypothetical 5% Return before expenses

$1,000

$1,024

$1.31

0.26%

Sustainable Equity Fund

Investor Shares

Based on Actual Fund Return

$1,000

$1,000

$6.30

1.27%

Based on Hypothetical 5% Return before expenses

$1,000

$1,019

$6.34

1.27%

Institutional Shares#

Based on Actual Fund Return

$1,000

$1,092

$5.33

1.03%

Based on Hypothetical 5% Return before expenses

$1,000

$1,020

$5.14

1.03%

 

*Expenses are equal to the Fund’s Net Annual Expense Ratio, as noted in the above table, multiplied by the average account value over the period, multiplied by 181 days in most recent fiscal half-year/366.

#Class commenced operations on October 10, 2022.

4

Top Holdings and Sector Breakdowns (Unaudited)February 29, 2024

Green California Tax-Free Income Fund

Security

Description

 

Market Value

 

Percentage of Total Investment

1

Los Rios Community College District

General Obligation Bonds; 2008 Election, Series B

$2,502,948

6.1

%

2

San Francisco Bay Area Rapid Transit District

San Francisco BART District GO Bonds (Election of 2004) 2017 Refunding Series E (Green Bonds)

2,458,602

6.0

%

3

Santa Maria Joint Union High School District

General Obligation Bonds; Election of 2004, Series 2005

2,109,987

5.2

%

4

San Mateo Foster City Public Financing Authority

City of San Mateo Wastewater Revenue Bonds 2019

2,018,217

4.9

%

5

Milpitas Unified School District

General Obligation Bonds;2018 Election, Series B

1,972,493

4.8

%

6

California Health Facilities Financing Authority

Revenue Bonds Series 2017A Consisting of Subseries 2017A-1 (Green Bonds)

1,855,594

4.5

%

7

California Educational Facilities Authority

California Educational Facilities Authority Revenue Bonds, Series V-2

1,828,882

4.5

%

8

Foothill-De Anza Community College District

General Obligation Bonds; Election of 1999, Series C

1,811,937

4.4

%

9

Orange County Water District

Orange County Water District Adjustable Rate Revenue Certificates of Participation Series 2003A

1,700,000

4.2

%

10

San Jose Financing Authority

Revenue Bonds, Series 2022B (Green Bonds-Climate
Bond Certified)

1,677,822

4.1

%

U.S. Government Securities Fund

Security

 

Maturity

 

Market
Value

 

Percentage
of Total
Investment

1

United States Treasury Note/Bond

03/31/2025

$2,470,557

17.4

%

2

United States Treasury Note/Bond

02/15/2025

2,039,474

14.3

%

3

United States Treasury Note/Bond

11/15/2041

1,384,492

9.7

%

4

United States Treasury Note/Bond

08/15/2044

1,297,563

9.1

%

5

United States Treasury Note/Bond

05/15/2025

1,161,094

8.2

%

6

United States Treasury Note/Bond

11/15/2052

934,961

6.6

%

7

United States Treasury Note/Bond

05/15/2041

875,789

6.2

%

8

United States Treasury Note/Bond

02/15/2026

821,031

5.8

%

9

United States Treasury Note/Bond

03/31/2027

803,039

5.6

%

10

United States Treasury Note/Bond

04/30/2026

763,875

5.4

%

The United States Treasury Trust

Security

 

Maturity

 

Market
Value

 

Percentage
of Total
Investment

1

United States Treasury Bill

05/02/2024

$3,072,319

12.5

%

2

United States Treasury Bill

04/04/2024

2,985,065

12.2

%

3

United States Treasury Bill

04/18/2024

2,780,385

11.3

%

4

United States Treasury Bill

03/21/2024

2,492,739

10.2

%

5

United States Treasury Bill

06/06/2024

2,367,135

9.7

%

6

United States Treasury Bill

05/16/2024

2,175,633

8.9

%

7

United States Treasury Bill

03/07/2024

1,998,237

8.1

%

8

United States Treasury Bill

06/18/2024

1,968,388

8.0

%

9

United States Treasury Bill

04/25/2024

1,686,440

6.9

%

10

United States Treasury Bill

03/14/2024

1,497,163

6.1

%

5

Top Holdings and Sector Breakdowns (Unaudited) (Continued)February 29, 2024

S&P 500 Index Fund

Security

 

Market
Value

 

Percentage
of Total
Investment

1

Microsoft Corp

$18,192,300

6.8

%

2

Apple Inc

15,637,044

5.9

%

3

NVIDIA Corp

11,525,827

4.3

%

4

Amazon.com Inc

9,512,162

3.6

%

5

Meta Platforms Inc

6,437,367

2.4

%

6

Alphabet Inc - Class A

4,848,869

1.8

%

7

Berkshire Hathaway Inc

4,407,601

1.7

%

8

Alphabet Inc - Class C

4,119,876

1.5

%

9

Eli Lilly & Co

3,555,862

1.3

%

10

Broadcom Inc

3,377,373

1.3

%

 

S&P Midcap Index Fund

Security

 

Market
Value

 

Percentage
of Total
Investment

1

Super Micro Computer Inc

$1,696,728

1.5

%

2

Deckers Outdoor Corp

973,506

0.9

%

3

Reliance Inc

779,601

0.7

%

4

Vistra Corp

774,358

0.7

%

5

Carlisle Cos Inc

719,600

0.6

%

6

GoDaddy Inc

679,079

0.6

%

7

Manhattan Associates Inc

658,658

0.6

%

8

Pure Storage Inc

653,492

0.6

%

9

Graco Inc

650,684

0.6

%

10

Saia Inc

645,023

0.6

%

 

S&P Smallcap Index Fund

Security

 

Market
Value

 

Percentage
of Total
Investment

1

United States Treasury Bill

$398,531

0.8

%

2

Fabrinet

352,674

0.7

%

3

Applied Industrial Technologies Inc

331,548

0.6

%

4

Cytokinetics Inc

319,084

0.6

%

5

The Ensign Group Inc

317,672

0.6

%

6

SPS Commerce Inc

306,071

0.6

%

7

ATI Inc

292,181

0.6

%

8

Abercrombie & Fitch Co

282,090

0.5

%

9

Mueller Industries Inc

271,646

0.5

%

10

AAON Inc

263,697

0.5

%

 

6

Top Holdings and Sector Breakdowns (Unaudited) (Continued)February 29, 2024

Shelton Equity Income Fund

Security

 

Market
Value

 

Percentage
of Total
Investment

1

United States Treasury Bill

$38,059,668

6.1

%

2

Meta Platforms Inc

18,232,836

2.9

%

3

Amazon.com Inc

14,211,504

2.3

%

4

Adobe Inc

12,214,104

1.9

%

5

Costco Wholesale Corp

12,199,796

1.9

%

6

Microsoft Corp

11,664,648

1.9

%

7

Broadcom Inc

11,574,361

1.8

%

8

Comcast Corp

11,115,290

1.8

%

9

Alphabet Inc - Class A

10,702,958

1.7

%

10

Apple Inc

10,700,400

1.7

%

 

Nasdaq-100 Index Fund

Security

 

Market
Value

 

Percentage
of Total
Investment

1

Microsoft Corp

$141,738,297

8.3

%

2

Apple Inc

129,607,330

7.6

%

3

NVIDIA Corp

90,091,163

5.3

%

4

Amazon.com Inc

84,216,595

4.9

%

5

Meta Platforms Inc

79,794,144

4.7

%

6

Broadcom Inc

72,338,455

4.2

%

7

Tesla Inc

44,786,270

2.6

%

8

Costco Wholesale Corp

39,219,369

2.3

%

9

Alphabet Inc - Class A

37,778,396

2.2

%

10

Advanced Micro Devices Inc

37,038,151

2.2

%

 

Shelton Sustainable Equity Fund

Security

 

Market Value

 

Percentage of Total Investment

1

Bunge Global SA

$5,095,980

3.8

%

2

H&E Equipment Services Inc

5,084,100

3.8

%

3

First Solar Inc

4,974,033

3.7

%

4

Darling Ingredients Inc

4,865,650

3.6

%

5

Hannon Armstrong Sustainable Infrastructure Capital Inc

4,845,225

3.6

%

6

Xylem Inc

4,764,375

3.6

%

7

Ormat Technologies Inc

4,690,800

3.5

%

8

United States Treasury Bill

4,682,734

3.5

%

9

AECOM

4,663,575

3.5

%

10

Clean Harbors Inc

4,552,500

3.4

%

See accompanying notes to financial statements.

7

Green California Tax-Free Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

Green California Tax-Free Income FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Par Value

 

Value

 

Municipal Bonds (91.34%)

 

CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY

California Educational Facilities Authority, 5.000%, 4/1/2051 

$1,500,000

$1,828,882

CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY

California Health Facilities Financing Authority, 5.000%, 11/1/2027 

1,700,000

1,855,594

CALIFORNIA HOUSING FINANCE AGENCY

California Housing Finance Agency, 4.000%, 3/20/2033 

349,480

350,039

CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK

California Infrastructure & Economic Development Bank, 5.000%, 10/1/2033 

1,200,000

1,256,270

CALIFORNIA MUNICIPAL FINANCE AUTHORITY

California Municipal Finance Authority, 5.000%, 5/15/2038 

800,000

839,245

California Municipal Finance Authority, 5.000%, 10/1/2044 

480,000

509,007

CITY OF LOS ANGELES CA WASTEWATER SYSTEM REVENUE

City of Los Angeles CA Wastewater System Revenue, 5.250%, 6/1/2047 

1,500,000

1,588,145

CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE

City of San Francisco CA Public Utilities Commission Water Revenue, 5.000%, 11/1/2034 

1,000,000

1,079,969

EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE

East Bay Municipal Utility District Water System Revenue, 5.000%, 6/1/2026 

1,050,000

1,078,197

East Bay Municipal Utility District Water System Revenue, 5.000%, 6/1/2032 

150,000

162,619

FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT

Foothill-De Anza Community College District, 0.000%, 8/1/2027 

2,000,000

1,811,937

LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 4.000%, 7/1/2028 

500,000

506,220

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 5.000%, 6/1/2033 

590,000

683,868

LOS RIOS COMMUNITY COLLEGE DISTRICT

Los Rios Community College District, 5.000%, 8/1/2032 

2,500,000

2,502,945

MILPITAS UNIFIED SCHOOL DISTRICT/CA

Milpitas Unified School District, 3.000%, 8/1/2034 

2,000,000

1,972,493

PENINSULA CORRIDOR JOINT POWERS BOARD MEASURE RR SALES TAX REVENUE

Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, 5.000%, 6/1/2036 

200,000

233,503

SACRAMENTO MUNICIPAL UTILITY DISTRICT

Sacramento Municipal Utility District, 5.250%, 7/1/2024 

270,000

271,979

SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION

San Diego County Regional Transportation Commission, 5.000%, 4/1/2037 

500,000

598,876

SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY

San Diego Public Facilities Financing Authority, 5.000%, 5/15/2052 

1,500,000

1,662,965

SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT

San Francisco Bay Area Rapid Transit District, 5.000%, 8/1/2036 

2,300,000

2,458,602

SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION POWER REVENUE

San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/1/2030 

680,000

698,131

San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/1/2036 

1,170,000

1,195,950

SAN JOSE FINANCING AUTHORITY

San Jose Financing Authority, 5.000%, 11/1/2052 

1,500,000

1,677,822

SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY

San Mateo Foster City Public Financing Authority, 4.000%, 8/1/2044 

2,000,000

2,018,217

SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT

Santa Maria Joint Union High School District, 0.000%, 8/1/2029 

2,500,000

2,109,987

STATE OF CALIFORNIA

State of California, 3.000%, 10/1/2028 

900,000

900,575

State of California, 5.250%, 10/1/2045 

500,000

578,224

TURLOCK IRRIGATION DISTRICT

Turlock Irrigation District, 5.000%, 1/1/2036 

300,000

340,558

UNIVERSITY OF CALIFORNIA

University of California, 5.000%, 5/15/2029 

925,000

928,360

8

See accompanying notes to financial statements.

Green California Tax-Free Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

Security Description

Par Value

 

Value

WALNUT VALLEY UNIFIED SCHOOL DISTRICT

Walnut Valley Unified School District, 5.000%, 8/1/2036 

$835,000

$992,311

WILLIAM S HART UNION HIGH SCHOOL DISTRICT

William S Hart Union High School District, 0.000%, 9/1/2029 

1,595,000

1,340,320

 

Total Municipal Bonds (Cost $36,188,073)

37,631,810

 

Variable Rate Demand Notes* (7.77%)

IRVINE RANCH WATER DISTRICT WATER SERVICE CORP

Irvine Ranch Water District Water Service Corp, 2.900%, 10/1/2041 

1,200,000

1,200,000

LOS ANGELES DEPARTMENT OF WATER & POWER WATER SYSTEM REVENUE

Los Angeles Department of Water & Power Water System Revenue, 3.030%, 7/1/2045 

300,000

300,000

ORANGE COUNTY WATER DISTRICT

Orange County Water District, 2.400%, 8/1/2042 

1,700,000

1,700,000

REGENTS OF THE UNIVERSITY OF CALIFORNIA MEDICAL CENTER POOLED REVENUE

Regents of the University of California Medical Center Pooled Revenue, 3.200%, 5/15/2045 

1,600,000

1,600,000

Total Variable Rate Demand Notes (Cost $4,800,000)

3,200,000

 

Total Investments (Cost $40,988,073) (99.11%)

$40,831,810

Other Net Assets (0.89%)

366,360

Net Assets (100.00%)

$41,198,170

*Stated maturity reflects next reset date.

**In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents.

***Rate Effective as of February 29, 2024

U.S. Government Securities FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Par Value

 

Value

 

Government National Mortgage Association (1.83%)

3.500%, 11/20/2044

$92,515

$85,044

5.000%, 03/15/2038

76,903

76,785

5.500%, 01/15/2025

2,982

2,976

5.500%, 04/15/2036

49,335

49,619

6.000%, 01/15/2026

24,912

25,063

6.000%, 06/15/2038

21,848

22,667

Total Government National Mortgage Association (Cost $270,970)

262,154

 

United States Treasury Bonds (41.31%)

2.000%, 11/15/2041 

2,000,000

1,384,492

2.250%, 05/15/2041 

1,200,000

875,789

2.875%, 08/15/2045 

800,000

617,609

3.125%, 08/15/2044 

1,600,000

1,297,563

4.000%, 11/15/2052 

1,000,000

934,961

6.000%, 02/15/2026 

800,000

821,031

Total United States Treasury Bonds (Cost $6,371,504)

5,931,445

 

United States Treasury Notes (53.80%)

0.375%, 08/15/2024 

500,000

489,015

0.625%, 03/31/2027 

900,000

803,039

2.000%, 02/15/2025 

2,100,000

2,039,474

2.125%, 05/15/2025 

1,200,000

1,161,094

2.375%, 04/30/2026 

800,000

763,875

3.875%, 03/31/2025 

2,500,000

2,470,557

Total United States Treasury Notes (Cost $7,868,412)

7,727,054

 

See accompanying notes to financial statements.

9

U.S. Government Securities FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

Security Description

Par Value

 

Value

United States Treasury Bills (2.06%)

0.000%, 6/11/2024 

$300,000

$295,546

Total United States Treasury Bills (Cost $295,562)

295,546

 

Total Investments (Cost $14,806,448) (99.00%)

$14,216,199

Other Net Assets (1.00%)

142,945

Net Assets (100.00%)

$14,359,144

The United States Treasury TrustPortfolio of Investments (Unaudited)  2/29/24

Security Description

Par Value

 

Value

 

United States Treasury Bills, DN(a) (100.18%)

03/07/2024

$2,000,000

$1,998,237

03/14/2024

1,500,000

1,497,163

03/19/2024

1,500,000

1,496,065

03/21/2024

2,500,000

2,492,739

04/04/2024

3,000,000

2,985,065

04/18/2024

2,800,000

2,780,385

04/25/2024

1,700,000

1,686,440

05/02/2024

3,100,000

3,072,319

05/16/2024

2,200,000

2,175,633

06/06/2024

2,400,000

2,367,135

06/18/2024

2,000,000

1,968,388

Total United States Treasury Bills, DN (Cost $24,519,569)

24,519,569

 

Total Investments (Cost $24,519,569) (100.18%)

$24,519,569

Liabilities in Excess of Other Assets (-0.18%)

(43,947

)

Net Assets (100.00%)

$24,475,622

(a)Discount Note. Yield to maturity is between 5.35% - 5.41%.

S&P 500 Index FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Shares

 

Value

 

Common Stock (99.39%)

 

Basic Materials (1.84%)

Air Products and Chemicals Inc

1,314

$307,529

Albemarle Corp#

729

100,493

Celanese Corp

614

93,310

CF Industries Holdings Inc

1,130

91,214

Dow Inc

4,150

231,902

DuPont de Nemours Inc#

2,544

176,019

Eastman Chemical Co

701

61,506

Ecolab Inc

1,501

337,485

FMC Corp

795

44,830

Freeport-McMoRan Inc

8,485

320,818

International Flavors & Fragrances Inc#

1,613

121,782

International Paper Co

2,339

82,707

Linde PLC

2,869

1,287,662

LyondellBasell Industries NV

1,516

152,024

The Mosaic Co

2,068

64,439

Newmont Corp#

5,010

156,563

Security Description

Shares

 

Value

Nucor Corp

1,454

$279,604

PPG Industries Inc

1,395

197,532

The Sherwin-Williams Co

1,393

462,518

Steel Dynamics Inc#

900

120,438

Total Basic Materials

4,690,375

 

Communications (14.64%)

Airbnb Inc*,#

2,571

404,855

Alphabet Inc* Class - A

35,020

4,848,869

Alphabet Inc* Class - C

29,474

4,119,876

Amazon.com Inc*,(a) 

53,814

9,512,162

Arista Networks Inc*

1,464

406,319

AT&T Inc

42,310

716,308

Booking Holdings Inc*

206

714,579

CDW Corp

792

194,998

Charter Communications Inc*,#

591

173,713

Cisco Systems Inc

23,969

1,159,381

Comcast Corp

23,762

1,018,202

Corning Inc

4,543

146,466

eBay Inc

3,071

145,197

Etsy Inc*,#

797

57,137

Security Description

Shares

 

Value

Expedia Group Inc*

788

$107,814

F5 Inc*

353

66,089

FactSet Research Systems Inc#

239

110,557

Fox Corp Class - A#

1,462

43,553

Fox Corp Class - B

913

24,998

Gen Digital Inc#

3,336

71,691

The Interpublic Group of Cos Inc

2,266

71,152

Juniper Networks Inc

1,886

69,839

Match Group Inc*

1,756

63,286

Meta Platforms Inc(a) 

13,134

6,437,367

Motorola Solutions Inc

982

324,443

Netflix Inc*

2,590

1,561,563

News Corp Class - A

2,672

71,823

News Corp Class - B

910

25,471

Omnicom Group Inc

1,171

103,505

Palo Alto Networks Inc*

1,869

580,418

Paramount Global#

3,111

34,345

T-Mobile US Inc

3,011

491,696

Uber Technologies Inc*

12,177

968,072

VeriSign Inc*

525

102,527

10

S&P 500 Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Verizon Communications Inc

24,878

$995,618

The Walt Disney Co

10,839

1,209,416

Warner Bros Discovery Inc*

13,955

122,664

Total Communications

37,275,969

 

Consumer, Cyclical (8.65%)

American Airlines Group Inc*

3,057

47,934

Aptiv PLC*,#

1,715

136,325

AutoZone Inc*

104

312,626

Bath & Body Works Inc

1,525

69,693

Best Buy Co Inc#

1,278

103,365

BorgWarner Inc

1,412

43,956

Caesars Entertainment Inc*

945

41,079

CarMax Inc*,#

1,034

81,686

Carnival Corp*

5,174

82,060

Chipotle Mexican Grill Inc*

162

435,581

Copart Inc*

5,170

274,786

Costco Wholesale Corp

2,619

1,948,248

Cummins Inc

838

225,095

Darden Restaurants Inc#

749

127,862

Delta Air Lines Inc

3,807

160,922

Dollar General Corp

1,298

188,612

Dollar Tree Inc*,#

1,280

187,750

Domino’s Pizza Inc

233

104,466

DR Horton Inc

1,783

266,452

Fastenal Co

3,381

246,847

Ford Motor Co

23,268

289,454

General Motors Co

8,104

332,102

Genuine Parts Co

908

135,528

Hasbro Inc

771

38,774

Hilton Worldwide Holdings Inc

1,517

309,953

The Home Depot Inc

5,933

2,258,156

Las Vegas Sands Corp#

2,145

116,945

Lennar Corp

1,480

234,595

Live Nation Entertainment Inc*

839

81,366

LKQ Corp

1,642

85,860

Lowe’s Cos Inc

3,415

821,888

Lululemon Athletica Inc*

697

325,562

Marriott International Inc

1,459

364,560

McDonald’s Corp

4,292

1,254,466

MGM Resorts International*

1,617

69,984

NIKE Inc#

7,310

759,728

Norwegian Cruise Line Holdings Ltd*,#

1,599

31,005

NVR Inc*

18

137,260

O’Reilly Automotive Inc*

350

380,597

PACCAR Inc

3,095

343,205

Pool Corp

228

90,771

PulteGroup Inc

1,275

138,185

Ralph Lauren Corp

314

58,379

Ross Stores Inc

2,003

298,367

Royal Caribbean Cruises Ltd*,#

1,236

152,461

Southwest Airlines Co

3,416

117,066

Starbucks Corp

6,761

641,619

Security Description

Shares

 

Value

Tapestry Inc#

1,454

$69,109

Target Corp

2,731

417,625

Tesla Inc*

16,366

3,303,968

The TJX Cos Inc

6,770

671,178

Tractor Supply Co#

639

162,510

Ulta Beauty Inc*

291

159,631

United Airlines Holdings Inc*

1,732

78,789

VF Corp

2,109

34,461

Walgreens Boots Alliance Inc

4,694

99,794

Walmart Inc

25,323

1,484,181

Whirlpool Corp

354

38,016

WW Grainger Inc

261

254,073

Wynn Resorts Ltd

526

55,335

Yum! Brands Inc

1,658

229,500

Total Consumer, Cyclical

22,011,351

 

Consumer, Non-Cyclical (18.48%)

Abbott Laboratories

10,269

1,218,314

AbbVie Inc

10,447

1,839,194

Agilent Technologies Inc

1,731

237,770

Align Technology Inc*

421

127,319

Altria Group Inc

10,466

428,164

Amgen Inc

3,166

866,946

Archer-Daniels-Midland Co

3,156

167,615

Automatic Data Processing Inc

2,433

610,999

Avery Dennison Corp

514

111,296

Baxter International Inc

3,172

129,798

Becton Dickinson & Co

1,716

404,204

Biogen Inc*

857

185,960

Bio-Rad Laboratories Inc*

147

47,904

Bio-Techne Corp

984

72,393

Boston Scientific Corp*

8,664

573,643

Bristol-Myers Squibb Co

12,040

611,030

Brown-Forman Corp#

1,153

69,445

Bunge Global SA

859

81,064

Campbell Soup Co

1,162

49,548

Cardinal Health Inc

1,458

163,267

Catalent Inc*

1,096

62,845

Cencora Inc

952

224,291

Centene Corp*

3,161

247,917

Charles River Laboratories International Inc*

322

81,849

Church & Dwight Co Inc#

1,558

155,987

Cintas Corp

512

321,848

The Clorox Co

779

119,428

The Coca-Cola Co

23,025

1,381,961

Colgate-Palmolive Co

4,872

421,525

Conagra Brands Inc

3,029

85,054

Constellation Brands Inc

956

237,585

The Cooper Cos Inc#

1,172

109,699

Corteva Inc

4,170

223,178

CoStar Group Inc*

2,529

220,099

CVS Health Corp#

7,600

565,212

Danaher Corp

3,891

984,968

DaVita Inc*

318

40,376

Security Description

Shares

 

Value

DENTSPLY SIRONA Inc

1,160

$37,909

Dexcom Inc*

2,286

263,050

Edwards Lifesciences Corp*

3,589

304,598

Elevance Health Inc

1,390

696,738

Eli Lilly & Co

4,718

3,555,862

Equifax Inc#

729

199,447

The Estee Lauder Cos Inc

1,427

212,024

FleetCor Technologies Inc*

427

119,248

Gartner Inc*

461

214,623

GE HealthCare Technologies Inc

2,309

210,766

General Mills Inc

3,439

220,715

Gilead Sciences Inc

7,373

531,593

Global Payments Inc

1,620

210,114

HCA Healthcare Inc

1,172

365,312

Henry Schein Inc*

871

66,605

The Hershey Co

941

176,833

Hologic Inc*

1,449

106,936

Hormel Foods Corp

1,912

67,532

Humana Inc

728

255,033

IDEXX Laboratories Inc*

491

282,438

Illumina Inc*

953

133,258

Incyte Corp*

1,229

71,724

Insulet Corp*

427

70,028

Intuitive Surgical Inc*

2,090

805,904

IQVIA Holdings Inc*

1,083

267,674

The J M Smucker Co

628

75,467

Johnson & Johnson

14,245

2,298,858

Kellanova

1,661

91,604

Kenvue Inc

10,198

193,762

Keurig Dr Pepper Inc

4,656

139,261

Kimberly-Clark Corp

1,999

242,219

The Kraft Heinz Co

4,282

151,069

The Kroger Co

4,012

199,035

Laboratory Corp of America Holdings

502

108,347

Lamb Weston Holdings Inc

955

97,611

MarketAxess Holdings Inc

260

55,487

McCormick & Co Inc

1,581

108,868

McKesson Corp

787

410,350

Medtronic PLC

7,873

656,293

Merck & Co Inc

14,995

1,906,614

Moderna Inc*

2,052

189,276

Molina Healthcare Inc*

371

146,141

Molson Coors Beverage Co

1,200

74,904

Mondelez International Inc#

8,050

588,214

Monster Beverage Corp*

4,371

258,326

Moody’s Corp

931

353,240

PayPal Holdings Inc*

6,379

384,909

PepsiCo Inc

8,135

1,345,041

Pfizer Inc

33,673

894,355

Philip Morris International Inc

9,186

826,373

The Procter & Gamble Co

13,992

2,223,888

Quanta Services Inc

883

213,253

Quest Diagnostics Inc

665

83,052

Regeneron Pharmaceuticals Inc*

633

611,535

11

S&P 500 Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Marsh & McLennan Cos Inc

2,917

$590,022

Mastercard Inc

4,900

2,326,324

MetLife Inc

3,679

256,573

Mid-America Apartment Communities Inc

732

91,998

Morgan Stanley

7,547

649,344

Nasdaq Inc

2,014

113,187

Northern Trust Corp

1,225

100,609

The PNC Financial Services Group Inc

2,357

346,950

Principal Financial Group Inc#

1,297

104,875

The Progressive Corp

3,462

656,257

Prologis Inc

5,467

728,587

Prudential Financial Inc

1,136

123,813

Public Storage

964

273,651

Raymond James Financial Inc

1,112

133,796

Realty Income Corp

3,496

182,177

Regency Centers Corp

1,109

68,703

Regions Financial Corp

5,503

102,521

SBA Communications Corp

680

142,276

The Charles Schwab Corp

8,791

587,063

Simon Property Group Inc

1,930

285,910

State Street Corp

1,826

134,631

Synchrony Financial

2,448

101,102

T Rowe Price Group Inc

1,322

149,849

The Travelers Cos Inc

1,351

298,517

Truist Financial Corp

7,892

276,062

UDR Inc

1,770

62,835

US Bancorp

8,502

356,744

Ventas Inc

2,564

108,432

VICI Properties Inc

6,079

181,944

Visa Inc#

9,432

2,665,860

Wells Fargo & Co

21,490

1,194,629

Welltower Inc

2,792

257,311

Weyerhaeuser Co

4,319

148,487

Willis Towers Watson PLC

611

166,565

W R Berkley Corp

1,335

111,606

Zions Bancorp NA

1,054

41,559

Total Financial

35,173,247

 

Industrial (7.53%)

3M Co

3,268

301,048

A O Smith Corp

726

60,185

Allegion plc

601

76,850

Amcor PLC

9,487

85,952

AMETEK Inc

1,365

245,946

Amphenol Corp

3,540

386,710

Axon Enterprise Inc*

416

127,866

Ball Corp#

1,865

119,397

The Boeing Co*,#

3,365

685,518

Builders FirstSource Inc*

730

142,481

Carrier Global Corp

4,965

275,955

Caterpillar Inc

3,018

1,007,891

CH Robinson Worldwide Inc

690

51,115

CSX Corp

11,993

455,014

Security Description

Shares

 

Value

American Express Co

3,406

$747,345

American International Group Inc

4,154

302,785

American Tower Corp

2,758

548,456

Ameriprise Financial Inc

598

243,601

Aon PLC

1,184

374,132

Arch Capital Group Ltd*

2,278

199,530

Arthur J Gallagher & Co

1,256

306,376

Assurant Inc

341

61,874

AvalonBay Communities Inc

882

156,140

The Bank of New York Mellon Corp

4,700

263,623

Bank of America Corp

40,742

1,406,414

Berkshire Hathaway Inc*,(a) 

10,766

4,407,601

BlackRock Inc

827

670,978

Blackstone Inc#

4,204

537,355

Boston Properties Inc

925

59,866

Brown & Brown Inc

1,483

124,883

Camden Property Trust

649

61,318

Capital One Financial Corp#

2,253

310,035

Cboe Global Markets Inc

624

119,808

CBRE Group Inc*

1,803

165,678

Chubb Ltd

2,414

607,531

Cincinnati Financial Corp

941

107,274

Citigroup Inc#

11,404

632,808

Citizens Financial Group Inc

2,789

87,547

CME Group Inc

2,130

469,346

Comerica Inc

908

44,837

Crown Castle Inc

2,568

282,326

Digital Realty Trust Inc

1,797

263,818

Discover Financial Services

1,479

178,515

Equinix Inc

555

493,295

Equity Residential

2,044

123,069

Essex Property Trust Inc

425

98,345

Everest Group Ltd

280

103,286

Extra Space Storage Inc

844

118,979

Federal Realty Investment Trust

449

45,282

Fifth Third Bancorp

4,030

138,390

Franklin Resources Inc

1,991

54,653

Globe Life Inc

506

64,227

The Goldman Sachs Group Inc

1,951

759,037

The Hartford Financial Services Group Inc

1,779

170,499

Healthpeak Properties Inc*

3,020

50,585

Host Hotels & Resorts Inc

4,539

94,139

Huntington Bancshares Inc

7,104

92,636

Intercontinental Exchange Inc

3,387

468,829

Invesco Ltd

2,486

38,309

Invitation Homes Inc

3,404

115,974

Iron Mountain Inc

1,369

107,658

JPMorgan Chase & Co

17,107

3,182,928

KeyCorp

6,069

86,605

Kimco Realty Corp

2,994

59,161

Loews Corp

1,083

81,366

M&T Bank Corp

1,042

145,609

Security Description

Shares

 

Value

ResMed Inc

870

$151,136

Revvity Inc#

796

87,234

Robert Half Inc

626

50,330

Rollins Inc

693

30,541

S&P Global Inc

1,917

821,204

STERIS PLC

603

140,445

Stryker Corp

2,000

698,140

Sysco Corp

2,983

241,534

Teleflex Inc

318

70,847

The Cigna Group

1,731

581,858

Thermo Fisher Scientific Inc

2,286

1,303,431

Tyson Foods Inc

1,687

91,503

United Rentals Inc

401

278,001

UnitedHealth Group Inc

5,473

2,701,477

Universal Health Services Inc

423

70,666

Verisk Analytics Inc

858

207,550

Vertex Pharmaceuticals Inc*

1,524

641,208

Viatris Inc

4,634

57,323

Waters Corp*,#

349

117,760

West Pharmaceutical Services Inc

437

156,603

Zimmer Biomet Holdings Inc

1,236

153,709

Zoetis Inc#

2,716

538,664

Total Consumer, Non-Cyclical

47,044,174

 

Energy (3.76%)

APA Corp

1,815

54,069

Baker Hughes Co

5,905

174,729

Chevron Corp#

10,388

1,579,080

ConocoPhillips

7,026

790,706

Coterra Energy Inc#

4,451

114,747

Devon Energy Corp

3,875

170,733

Diamondback Energy Inc

1,031

188,178

Enphase Energy Inc*

825

104,783

EOG Resources Inc

3,419

391,339

EQT Corp

2,434

90,423

Exxon Mobil Corp#

23,703

2,477,436

First Solar Inc*

610

93,873

Halliburton Co

5,296

185,731

Hess Corp#

1,635

238,301

Kinder Morgan Inc

11,443

198,994

Marathon Oil Corp

3,463

83,978

Marathon Petroleum Corp

2,246

380,091

Occidental Petroleum Corp#

4,002

242,561

ONEOK Inc

2,916

219,050

Phillips 66

2,603

370,954

Pioneer Natural Resources Co

1,420

333,970

Schlumberger NV

8,453

408,533

Targa Resources Corp

1,319

129,579

Valero Energy Corp

2,014

284,900

The Williams Cos Inc

7,198

258,696

Total Energy

9,565,434

 

Financial (13.82%)

Aflac Inc

3,146

254,008

Alexandria Real Estate Equities Inc

937

116,872

The Allstate Corp

1,548

246,937

12

S&P 500 Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

QUALCOMM Inc#

6,501

$1,025,793

Roper Technologies Inc

632

344,269

Salesforce Inc*

5,757

1,777,877

Seagate Technology Holdings PLC

1,151

107,101

ServiceNow Inc*

1,213

935,635

Skyworks Solutions Inc

943

98,940

Synopsys Inc*

899

515,783

Take-Two Interactive Software Inc*

778

114,312

Teradyne Inc#

1,007

104,315

Texas Instruments Inc

5,343

894,044

Tyler Technologies Inc*,#

246

107,536

Western Digital Corp*

1,916

113,945

Zebra Technologies Corp*,#

303

84,682

Total Technology

72,640,628

 

Utilities (2.14%)

The AES Corp

4,344

66,029

Alliant Energy Corp

1,583

75,588

Ameren Corp

1,682

119,742

American Electric Power Co Inc

3,242

276,186

American Water Works Co Inc

1,183

140,233

Atmos Energy Corp

820

92,586

CenterPoint Energy Inc

2,979

81,923

CMS Energy Corp

1,870

107,282

Consolidated Edison Inc

2,042

178,083

Constellation Energy Corp

1,889

318,202

Dominion Energy Inc

5,130

245,368

DTE Energy Co

1,258

136,304

Duke Energy Corp

4,560

418,745

Edison International

2,268

154,269

Entergy Corp

1,304

132,447

Evergy Inc

1,567

77,629

Eversource Energy

2,170

127,379

Exelon Corp

6,205

222,387

FirstEnergy Corp

3,056

111,880

NextEra Energy Inc

12,241

675,582

NiSource Inc#

2,445

63,717

NRG Energy Inc

1,335

73,852

PG&E Corp

9,918

165,531

Pinnacle West Capital Corp#

806

55,074

PPL Corp

4,645

122,489

Public Service Enterprise Group Inc

2,948

183,955

Sempra

3,724

262,914

The Southern Co

6,453

433,964

WEC Energy Group Inc

1,866

146,462

Xcel Energy Inc

3,432

180,832

Total Utilities

5,446,634

 

Total Common Stock
(Cost $80,065,773)

253,002,373

 

Security Description

Shares

 

Value

Waste Management Inc

2,168

$445,849

Westinghouse Air Brake Technologies Corp

1,060

149,767

Westrock Co

1,715

77,672

Xylem Inc

1,143

145,218

Total Industrial

19,154,561

 

Technology (28.53%)

Accenture PLC

3,713

1,391,558

Adobe Inc*

2,694

1,509,394

Advanced Micro Devices Inc*

9,499

1,828,842

Akamai Technologies Inc*,#

892

98,941

Analog Devices Inc

2,934

562,800

ANSYS Inc*

513

171,429

Apple Inc(a) 

86,512

15,637,044

Applied Materials Inc

4,955

999,027

Autodesk Inc*

1,264

326,327

Broadcom Inc

2,597

3,377,373

Broadridge Financial Solutions Inc

696

141,692

Cadence Design Systems Inc*

1,627

495,226

Cognizant Technology Solutions Corp

2,967

234,452

Dayforce Inc*

855

59,645

Electronic Arts Inc

1,448

201,967

EPAM Systems Inc*

359

109,280

Fair Isaac Corp*

146

185,407

Fidelity National Information Services Inc

3,506

242,580

Fiserv Inc*

3,551

530,058

Fortinet Inc*

3,771

260,614

Hewlett Packard Enterprise Co

7,591

115,611

HP Inc

5,146

145,786

International Business Machines Corp

5,403

999,717

Intel Corp

24,514

1,055,328

Intuit Inc

1,669

1,106,363

Jack Henry & Associates Inc

460

79,934

KLA Corp

810

552,663

Lam Research Corp

779

730,897

Leidos Holdings Inc

915

116,992

Microchip Technology Inc

3,286

276,484

Micron Technology Inc

6,497

588,693

Microsoft Corp(a) 

43,981

18,192,300

Monolithic Power Systems Inc

267

192,251

MSCI Inc

468

262,534

NetApp Inc

1,235

110,063

NVIDIA Corp

14,569

11,525,827

NXP Semiconductors NV

1,526

381,088

ON Semiconductor Corp*

2,548

201,088

Oracle Corp

9,402

1,050,015

Paychex Inc#

1,002

122,865

Paycom Software Inc

305

55,629

PTC Inc*,#

681

124,630

Qorvo Inc*

576

65,981

Security Description

Shares

 

Value

Deere & Co

1,584

$578,239

Dover Corp

827

136,769

Eaton Corp PLC

2,382

688,398

Emerson Electric Co

3,373

360,405

Expeditors International of Washington Inc

860

102,856

FedEx Corp

1,368

340,591

Fortive Corp

2,032

172,984

Garmin Ltd

905

124,302

Generac Holdings Inc*

285

32,065

General Dynamics Corp

1,340

366,155

General Electric Co

6,440

1,010,378

Honeywell International Inc

3,954

785,778

Howmet Aerospace Inc

2,478

164,911

Hubbell Inc

317

120,672

Huntington Ingalls Industries Inc

235

68,531

IDEX Corp

447

105,447

Illinois Tool Works Inc

1,620

424,683

Ingersoll Rand Inc

2,395

218,735

Jabil Inc

757

109,076

Jacobs Solutions Inc

745

109,254

JB Hunt Transport Services Inc

529

109,138

Johnson Controls International plc

4,233

250,890

Keysight Technologies Inc*

1,050

162,015

L3Harris Technologies Inc

1,121

237,271

Lockheed Martin Corp

1,306

559,281

Martin Marietta Materials Inc

365

210,864

Masco Corp

1,328

101,937

Mettler-Toledo International Inc*

128

159,644

Mohawk Industries Inc*

390

46,262

Nordson Corp

343

91,118

Norfolk Southern Corp

1,338

339,022

Northrop Grumman Corp

838

386,335

Old Dominion Freight Line Inc

529

234,072

Otis Worldwide Corp#

2,421

230,721

Packaging Corp of America

530

96,031

Parker-Hannifin Corp

760

406,942

Pentair PLC

978

76,079

Republic Services Inc

1,210

222,156

Rockwell Automation Inc

678

193,284

RTX Corp#

8,634

774,211

Snap-on Inc

312

86,006

Stanley Black & Decker Inc

953

85,093

TE Connectivity Ltd

1,839

264,007

Teledyne Technologies Inc*

279

119,208

Textron Inc

1,159

103,232

Trane Technologies PLC

1,351

380,941

TransDigm Group Inc

326

383,943

Trimble Inc*

1,634

99,984

Union Pacific Corp

3,645

924,700

United Parcel Service Inc

4,279

634,405

Veralto Corp

1,344

116,148

Vulcan Materials Co

786

208,958

13

S&P 500 Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

 

Common Stock (99.85%)

 

Basic Materials (4.57%)

Alcoa Corp

9,686

$263,556

Arcadium Lithium PLC*

43,396

238,244

Ashland Inc

2,252

210,877

Avient Corp

3,926

158,924

Axalta Coating Systems Ltd*

9,297

304,291

Cabot Corp

2,449

208,043

The Chemours Co

6,382

125,534

Cleveland-Cliffs Inc*

21,774

452,899

Commercial Metals Co

5,091

274,914

NewMarket Corp

297

190,576

Olin Corp

5,285

284,333

Reliance Inc

2,427

779,601

Royal Gold Inc

2,831

290,546

RPM International Inc

5,442

627,735

United States Steel Corp

9,619

455,363

Westlake Corp

1,397

193,778

Total Basic Materials

5,059,214

 

Communications (2.02%)

Ciena Corp*

6,376

363,304

Frontier Communications Parent Inc*

9,684

229,317

GoDaddy Inc*

5,949

679,079

Iridium Communications Inc

5,390

156,041

The New York Times Co

7,100

314,388

Nexstar Media Group Inc

1,390

230,976

Security Description

Shares

 

Value

TEGNA Inc

8,823

$123,610

Ziff Davis Inc*

2,035

139,927

Total Communications

2,236,642

 

Consumer, Cyclical (16.46%)

Adient PLC*

4,039

137,084

Aramark

11,298

342,668

Autoliv Inc

3,230

374,777

AutoNation Inc*

1,118

167,476

BJ’s Wholesale Club Holdings Inc*

5,767

421,222

Boyd Gaming Corp

2,996

198,125

Brunswick Corp

2,967

259,316

Burlington Stores Inc*

2,796

573,460

Capri Holdings Ltd*

5,082

234,433

Casey’s General Stores Inc

807

245,723

Choice Hotels International Inc

1,085

121,455

Churchill Downs Inc

2,927

356,713

Columbia Sportswear Co

1,504

124,366

Core & Main Inc*

5,290

252,492

Crocs Inc*

2,612

319,317

Deckers Outdoor Corp*

1,087

973,506

Dick’s Sporting Goods Inc

2,650

471,409

Dolby Laboratories Inc

2,567

207,927

FirstCash Holdings Inc

1,595

182,628

Five Below Inc*

2,401

481,833

Floor & Decor Holdings Inc*

4,596

556,668

Fox Factory Holding Corp*

1,826

92,377

GameStop Corp*,#

11,585

165,318

The Gap Inc

9,050

171,407

Security Description

Shares

 

Value

Gentex Corp

10,083

$368,332

The Goodyear Tire & Rubber Co*

12,122

144,009

Harley-Davidson Inc

5,466

198,252

Hilton Grand Vacations Inc*

3,130

140,474

Hyatt Hotels Corp

1,907

292,896

KB Home

3,378

224,401

Lear Corp

2,512

345,023

Leggett & Platt Inc

5,750

117,415

Light & Wonder Inc*

3,883

390,280

Lithia Motors Inc

1,181

353,190

Macy’s Inc

11,538

201,223

Marriott Vacations Worldwide Corp

1,485

138,387

Mattel Inc*

15,506

305,468

MSC Industrial Direct Co Inc

1,999

201,779

Murphy USA Inc

835

348,203

Ollie’s Bargain Outlet Holdings Inc*

2,658

213,092

Penn Entertainment Inc*

6,404

117,193

Penske Automotive Group Inc

840

128,940

Planet Fitness Inc*

3,685

228,654

Polaris Inc

2,301

213,326

PVH Corp

2,606

356,162

RH*

676

185,494

Skechers USA Inc*,(a) 

5,643

348,794

Taylor Morrison Home Corp*

4,717

267,029

Tempur Sealy International Inc

7,277

396,378

Texas Roadhouse Inc

2,821

421,373

Futures contracts at February 29, 2024:

Contracts - $50 times premium / delivery month / commitment / exchange

S&P 500 E-MINI

Notional Amount

 

Value

 

Unrealized Appreciation

5 / MAR 2024 / Long / CME

$1,265,525

$1,275,938

$10,413

Security Description

Shares

 

Value

United States Treasury Bills (0.47%)

United States Treasury Bill (Cost $1,195,604)

1,200,000

$1,195,592

 

Collateral Received for Securities
on Loan (5.07%)

Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.51%
(Cost $12,893,212)

12,893,212

 

Total Investments
(Cost $94,154,589) (104.93%)

$267,091,177

Liabilities in Excess of Other Assets (-4.93%)

(12,548,347

)

Net Assets (100.00%)

$254,542,830

*Non-income producing security.

#Loaned security; a portion of the security is on loan at February 29, 2024.

(a)A portion of these securities, a total of $19,880,708, have been pledged or segregated in connection with obligations for futures contracts.

S&P MidCap Index FundPortfolio of Investments (Unaudited)  2/29/24

14

S&P MidCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Thor Industries Inc

2,334

$299,172

TKO Group Holdings Inc

2,130

178,345

Toll Brothers Inc

4,635

531,356

Travel + Leisure Co

3,197

142,874

Vail Resorts Inc

1,642

378,169

Visteon Corp*

1,218

137,780

Watsco Inc

1,430

563,592

The Wendy’s Co

7,205

130,483

WESCO International Inc

1,855

277,304

Williams-Sonoma Inc

2,709

638,051

Wingstop Inc

1,268

445,131

Wyndham Hotels & Resorts Inc

3,578

273,896

YETI Holdings Inc*

3,766

154,557

Total Consumer, Cyclical

18,228,177

 

Consumer, Non-Cyclical (14.77%)

Acadia Healthcare Co Inc*

4,932

411,575

Amedisys Inc*

1,428

132,833

Arrowhead Pharmaceuticals Inc*

4,623

148,398

Azenta Inc*

2,633

171,540

BellRing Brands Inc*

5,669

322,850

The Boston Beer Co Inc*

405

124,797

The Brink’s Co

1,943

160,939

Bruker Corp

3,999

346,073

Celsius Holdings Inc*

5,973

487,516

Chemed Corp

649

406,358

Coca-Cola Consolidated Inc

205

172,364

Coty Inc*

15,682

196,966

Darling Ingredients Inc*

6,983

295,451

elf Beauty Inc*

2,331

486,083

Encompass Health Corp

4,381

325,946

Enovis Corp*

2,165

129,489

Envista Holdings Corp*

7,575

156,424

Euronet Worldwide Inc*

1,889

206,732

Exelixis Inc*

13,412

293,723

Flowers Foods Inc

8,419

188,754

FTI Consulting Inc*

1,489

308,044

Globus Medical Inc*

3,944

212,937

Grand Canyon Education Inc*

1,305

175,914

Grocery Outlet Holding Corp*

4,492

115,849

GXO Logistics Inc*

5,025

260,094

H&R Block Inc

6,207

303,833

Haemonetics Corp*

2,220

162,016

Halozyme Therapeutics Inc*

5,735

228,310

HealthEquity Inc*

3,742

309,127

Helen of Troy Ltd*

1,038

129,750

Inari Medical Inc*

1,706

78,681

Ingredion Inc

2,811

330,658

Insperity Inc

1,527

155,433

Integra LifeSciences Holdings Corp*

2,933

108,257

Jazz Pharmaceuticals PLC*

2,659

316,155

Lancaster Colony Corp

881

182,297

Lantheus Holdings Inc*

2,996

195,878

Security Description

Shares

 

Value

LivaNova PLC*

2,203

$120,746

ManpowerGroup Inc

2,170

156,587

Masimo Corp*

1,942

249,625

Medpace Holdings Inc*

1,017

404,278

Morningstar Inc

1,100

328,449

Neogen Corp*

8,616

148,109

Neurocrine Biosciences Inc*

4,150

541,160

Option Care Health Inc*

7,340

236,862

Paylocity Holding Corp*

1,865

314,458

Penumbra Inc*

1,630

382,920

Performance Food Group Co*

6,711

515,202

Perrigo Co PLC

5,844

153,463

Post Holdings Inc*

2,224

231,652

Progyny Inc*,(a) 

3,648

133,225

QuidelOrtho Corp*

2,132

97,219

Repligen Corp*

2,193

425,420

Service Corp International

6,372

466,367

Shockwave Medical Inc*

1,580

412,175

Sprouts Farmers Market Inc*

4,397

274,549

Tenet Healthcare Corp*,(a) 

4,290

398,970

United Therapeutics Corp*

2,024

456,695

US Foods Holding Corp*

9,763

495,863

Valvoline Inc*

6,044

257,716

WEX Inc*

1,843

404,962

Total Consumer, Non-Cyclical

16,344,716

 

Energy (5.15%)

Antero Midstream Corp

14,912

199,821

Antero Resources Corp*

12,184

313,129

ChampionX Corp

8,525

264,787

Chesapeake Energy Corp#

4,805

397,758

Chord Energy Corp

1,780

289,161

Civitas Resources Inc

3,735

256,520

CNX Resources Corp*

6,851

143,528

DT Midstream Inc

4,196

241,815

Equitrans Midstream Corp

18,686

199,753

HF Sinclair Corp

6,167

342,269

Matador Resources Co

4,851

306,341

Murphy Oil Corp

6,331

251,151

NOV Inc

16,641

281,233

Ovintiv Inc

10,928

539,950

PBF Energy Inc

4,594

214,540

Permian Resources Corp

12,157

189,163

Range Resources Corp

10,193

322,303

Southwestern Energy Co*

47,272

329,486

Sunrun Inc*

9,361

112,706

Valaris Ltd*

2,772

174,775

Weatherford International PLC*,(a) 

3,155

323,735

Total Energy

5,693,924

 

Financial (22.11%)

Banks (5.05%)

Associated Banc-Corp

6,505

135,564

Bank OZK

4,532

198,502

Cadence Bank

7,872

217,897

Columbia Banking System Inc

9,132

165,289

Security Description

Shares

 

Value

Commerce Bancshares Inc

5,138

$267,382

Cullen/Frost Bankers Inc

2,755

298,945

East West Bancorp Inc

6,078

442,840

First Financial Bankshares Inc

5,506

170,356

First Horizon Corp

24,100

339,810

FNB Corp

15,711

209,585

Glacier Bancorp Inc

4,761

178,157

Hancock Whitney Corp

3,715

161,974

Home BancShares Inc

8,093

189,862

International Bancshares Corp

2,301

119,399

Old National Bancorp

12,620

207,347

Pinnacle Financial Partners Inc

3,298

272,811

Prosperity Bancshares Inc

4,103

256,068

SouthState Corp

3,273

275,063

Synovus Financial Corp

6,292

238,718

Texas Capital Bancshares Inc*

2,071

121,464

UMB Financial Corp(a) 

1,911

155,957

United Bankshares Inc

5,908

204,949

Valley National Bancorp

18,393

150,639

Webster Financial Corp

7,419

353,441

Wintrust Financial Corp

2,680

258,218

 

5,590,237

Diversified Financial Service (3.34%)

Affiliated Managers Group Inc

1,458

227,900

Ally Financial Inc

11,468

424,201

Evercore Inc

1,526

285,484

Federated Hermes Inc

3,805

134,050

Houlihan Lokey Inc

2,226

286,397

Interactive Brokers Group Inc

4,615

501,744

Janus Henderson Group PLC

5,724

178,360

Jefferies Financial Group Inc

7,260

303,613

SEI Investments Co

4,341

291,932

SLM Corp

9,899

206,196

Stifel Financial Corp

4,399

333,708

Voya Financial Inc

4,505

307,962

The Western Union Co

16,144

216,491

 

3,698,038

Insurance (5.68%)

American Financial
Group Inc

2,818

359,774

Brighthouse Financial Inc*

2,868

133,505

CNO Financial Group Inc

4,936

131,742

Equitable Holdings Inc

13,723

469,876

Erie Indemnity Co

1,053

428,445

Essent Group Ltd

4,618

247,386

Fidelity National Financial Inc

10,922

552,435

First American Financial Corp

4,484

261,910

Hanover Insurance Group Inc

1,565

205,751

Kemper Corp

2,636

151,122

Kinsale Capital Group Inc

948

489,339

MGIC Investment Corp

11,960

237,884

15

S&P MidCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Saia Inc*

1,121

$645,023

Sensata Technologies Holding PLC

6,593

226,931

Silgan Holdings Inc

3,490

153,246

Simpson Manufacturing Co Inc

1,802

376,041

Sonoco Products Co

4,289

243,101

Stericycle Inc*

4,051

220,334

TD SYNNEX Corp

2,068

214,865

Terex Corp

2,893

165,914

Tetra Tech Inc

2,249

398,793

The Timken Co

2,817

236,600

TopBuild Corp*

1,342

539,994

The Toro Co

4,478

413,364

Trex Co Inc*

4,716

432,740

UFP Industries Inc

2,679

307,094

Universal Display Corp

1,840

320,933

Valmont Industries Inc

901

190,949

Vishay Intertechnology Inc

5,558

120,887

Vontier Corp

6,699

288,057

Watts Water Technologies Inc

1,180

240,661

Woodward Inc

2,604

368,440

XPO Inc*

4,998

601,358

Total Industrial

24,749,077

 

Technology (9.18%)

Amkor Technology Inc

4,448

137,977

ASGN Inc*

2,035

202,116

Aspen Technology Inc*

1,208

234,219

Blackbaud Inc*

1,886

130,473

CACI International Inc*

960

359,856

Cirrus Logic Inc*

2,358

216,512

CommVault Systems Inc*

1,888

180,700

Concentrix Corp

1,881

136,278

Dropbox Inc*

11,049

264,624

Dynatrace Inc*

10,073

499,117

ExlService Holdings Inc*

7,256

225,807

Genpact Ltd

7,303

248,302

IPG Photonics Corp*

1,274

110,010

KBR Inc

5,907

354,597

Kyndryl Holdings Inc*

9,501

208,737

Lattice Semiconductor Corp*

5,831

446,713

Lumentum Holdings Inc*

2,957

143,326

MACOM Technology Solutions Holdings Inc*

2,324

205,279

Manhattan Associates Inc*

2,600

658,658

Maximus Inc

2,620

219,189

MKS Instruments Inc

2,711

332,802

Onto Innovation Inc*

2,073

381,764

Power Integrations Inc

2,513

179,579

Pure Storage Inc*

12,412

653,492

Qualys Inc*

1,539

264,493

Rambus Inc*

4,636

274,637

Science Applications International Corp

2,283

319,529

Silicon Laboratories Inc*

1,370

188,430

Super Micro Computer Inc*

1,959

1,696,728

Security Description

Shares

 

Value

Industrial (22.37%)

Acuity Brands Inc

1,347

$338,420

Advanced Drainage Systems Inc

2,896

472,743

AECOM

5,860

520,544

AGCO Corp

2,680

293,996

AptarGroup Inc

2,778

390,198

Arrow Electronics Inc*

2,335

274,363

Avnet Inc

3,902

181,794

Belden Inc

1,826

155,539

Berry Global Group Inc

5,093

296,464

BWX Technologies Inc

3,944

397,674

Carlisle Cos Inc

2,056

719,600

Chart Industries Inc*

1,811

258,719

Clean Harbors Inc*

2,167

394,611

Cognex Corp

7,447

293,784

Coherent Corp*

5,697

338,858

Comfort Systems USA Inc

1,540

470,824

Crane Co

2,137

259,774

Crown Holdings Inc

4,313

330,462

Curtiss-Wright Corp

1,649

389,609

Donaldson Co Inc

5,205

372,782

Eagle Materials Inc

1,473

373,479

EMCOR Group Inc

2,029

636,132

EnerSys

1,777

163,271

Esab Corp

2,165

214,595

Exponent Inc

2,183

176,583

Flowserve Corp

5,655

239,320

Fluor Corp*

6,277

230,994

Fortune Brands
Innovations Inc

5,438

442,327

GATX Corp

1,528

193,812

Graco Inc

7,130

650,684

Graphic Packaging
Holding Co

13,200

342,540

Hexcel Corp

3,671

273,343

ITT Inc(a) 

3,541

446,662

Kirby Corp*

2,605

228,511

Knife River Corp*

2,439

180,706

Knight-Swift Transportation Holdings Inc

6,813

383,844

Landstar System Inc

1,573

299,185

Lennox International Inc

1,351

636,598

Lincoln Electric Holdings Inc

2,416

619,946

Littelfuse Inc

1,089

259,443

Louisiana-Pacific Corp

2,809

207,782

MasTec Inc*

2,605

196,573

MDU Resources Group Inc

8,783

190,415

The Middleby Corp*

2,319

352,859

MSA Safety Inc

1,604

295,377

Novanta Inc*

1,543

266,846

nVent Electric PLC

7,008

471,779

Oshkosh Corp

2,827

313,401

Owens Corning

3,754

562,274

RBC Bearings Inc*

1,228

335,035

Regal Rexnord Corp

2,861

490,633

Ryder System Inc

1,911

218,045

Security Description

Shares

 

Value

Old Republic International Corp

11,246

$325,684

Primerica Inc

1,511

370,588

Reinsurance Group of America Inc

2,842

502,608

RenaissanceRe Holdings Ltd

2,189

492,131

RLI Corp

1,756

257,166

Selective Insurance Group Inc

2,610

272,693

Unum Group

7,907

391,001

 

6,281,040

Private Equity (0.39%)

The Carlyle Group Inc

9,309

426,818

 

Real Estate (7.51%)

Agree Realty Corp

4,353

239,197

Annaly Capital Management Inc

21,569

411,752

Apartment Income REIT Corp

6,339

192,198

Brixmor Property Group Inc

12,945

292,686

Cousins Properties Inc

6,455

147,239

CubeSmart

9,499

414,251

EastGroup Properties Inc

1,987

349,096

EPR Properties

3,298

135,482

Equity LifeStyle Properties Inc

7,874

530,078

First Industrial Realty Trust Inc

5,746

304,538

Gaming and Leisure Properties Inc

11,499

522,975

Healthcare Realty Trust Inc

16,216

223,456

Independence Realty Trust Inc

9,688

141,832

Jones Lang LaSalle Inc*

2,059

391,704

Kilroy Realty Corp

4,601

174,332

Kite Realty Group Trust

9,456

202,453

Lamar Advertising Co

3,789

418,874

Medical Properties Trust Inc

24,786

104,349

National Storage Affiliates Trust

3,332

119,319

NNN REIT Inc

7,928

322,590

Omega Healthcare Investors Inc

10,566

328,814

Park Hotels & Resorts Inc

9,056

150,330

PotlatchDeltic Corp

3,423

154,754

Rayonier Inc

5,972

205,616

Rexford Industrial Realty Inc

8,910

453,341

Sabra Health Care REIT Inc

10,124

140,521

STAG Industrial Inc

7,786

289,172

Starwood Property Trust Inc

13,010

265,274

Vornado Realty Trust

6,685

175,816

WP Carey Inc

9,221

519,419

 

8,321,458

Savings & Loans (0.14%)

New York Community Bancorp Inc

31,633

151,522

 

 

Total Financial

24,469,113

 

16

S&P MidCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Synaptics Inc*

1,730

$173,173

Teradata Corp*

4,218

158,681

Wolfspeed Inc*

5,129

133,457

ZoomInfo Technologies Inc*

12,776

214,126

Total Technology

10,153,381

 

Utilities (3.22%)

ALLETE Inc

2,479

140,411

Black Hills Corp

2,892

150,471

Essential Utilities Inc

10,544

366,720

IDACORP Inc

2,216

195,252

National Fuel Gas Co

3,957

192,864

New Jersey Resources Corp

4,207

175,053

Northwestern Energy Group Inc

2,732

130,917

OGE Energy Corp

8,680

285,659

ONE Gas Inc

2,382

141,967

Ormat Technologies Inc

2,357

153,559

PNM Resources Inc

3,758

137,205

Portland General Electric Co

4,484

180,122

Southwest Gas Holdings Inc

2,628

179,098

Security Description

Shares

 

Value

Spire Inc

2,256

$133,826

UGI Corp

9,172

224,531

Vistra Corp

14,198

774,358

Total Utilities

3,562,013

 

Total Common Stock
(Cost $71,895,826)

110,496,257

 

United States Treasury Bills (0.09%)

United States Treasury Bill
(Cost $99,635)

100,000

99,633

 

Collateral Received for Securities
on Loan (0.51%)

Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.51% (Cost $567,483)

567,483

 

Total Investments
(Cost $72,562,944) (100.45%)

$111,163,373

Security Description

Shares

 

Value

Liabilities in Excess of Other Assets (-0.45%)

$(506,065

)

Net Assets (100.00%)

$110,657,308

*Non-income producing security.

#Loaned security; a portion of the security is on loan at February 29, 2024.

(a)A portion of these securities, a total of $8,076,356, have been pledged or segregated in connection with obligations for futures contracts.

Futures contracts at February 29, 2024:

Contracts - $100 times premium / delivery month / commitment / exchange

S&P MidCap E-MINI

Notional Amount

 

Value

 

Unrealized Depreciation

0 / SEP 2022 / Long / CME

$

$

$

S&P SmallCap Index FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Shares

 

Value

 

Common Stock (99.46%)

 

Basic Materials (4.07%)

AdvanSix Inc

1,501

$41,998

ATI Inc*,(a) 

5,941

292,181

Balchem Corp

1,452

228,240

Carpenter Technology Corp

2,296

148,436

Compass Minerals International Inc

1,858

42,362

Hawkins Inc

913

64,138

Haynes International Inc

687

40,828

HB Fuller Co

2,433

193,496

Ingevity Corp*

1,569

71,672

Innospec Inc

1,120

139,182

Kaiser Aluminum Corp

721

52,287

Koppers Holdings Inc

938

53,110

Mativ Holdings Inc

2,993

51,988

Mercer International Inc

2,519

23,124

Minerals Technologies Inc

1,515

109,625

Quaker Chemical Corp

623

124,912

Rogers Corp*

818

91,673

Sensient Technologies Corp

1,903

127,273

Stepan Co

1,037

92,500

Sylvamo Corp

1,740

105,113

Total Basic Materials

2,094,138

 

 

Security Description

Shares

 

Value

Communications (3.36%)

A10 Networks Inc

3,745

$49,846

ADTRAN Holdings Inc

3,950

22,476

AMC Networks Inc*

1,418

18,349

ATN International Inc

488

16,368

Cargurus Inc*

3,990

88,339

Cars.com Inc*

2,775

50,894

Cogent Communications Holdings Inc

2,015

163,030

Consolidated Communications Holdings Inc*

5,162

22,248

EchoStar Corp*

2,315

30,350

ePlus Inc*

1,254

103,317

The EW Scripps Co*

2,652

10,688

Extreme Networks Inc*

5,839

73,805

Gogo Inc*

2,880

23,501

Harmonic Inc*

5,054

66,359

HealthStream Inc

1,114

30,390

InterDigital Inc

1,158

123,929

Lumen Technologies Inc*

45,455

73,637

Perficient Inc*

1,619

105,025

Scholastic Corp

1,271

50,128

Shenandoah Telecommunications Co

2,264

42,246

Shutterstock Inc

1,114

54,319

TechTarget Inc*

1,202

38,115

Telephone and Data Systems Inc

4,590

70,227

Security Description

Shares

 

Value

Thryv Holdings Inc*

1,075

$22,511

TripAdvisor Inc*

5,034

135,012

Viasat Inc*

3,449

67,497

Viavi Solutions Inc*

10,864

103,751

Yelp Inc*

1,856

71,345

Total Communications

1,727,702

 

Consumer, Cyclical (17.74%)

Abercrombie & Fitch Co*

2,208

282,090

Academy Sports &
Outdoors Inc

3,471

259,353

Advance Auto Parts Inc

2,769

187,018

Alaska Air Group Inc*

5,963

222,957

Allegiant Travel Co

702

51,092

American Axle & Manufacturing
Holdings Inc*

6,241

43,188

American Eagle
Outfitters Inc

7,329

174,064

America’s Car-Mart Inc*

397

26,734

Asbury Automotive
Group Inc*

927

193,585

BJ’s Restaurants Inc*

1,046

36,631

Bloomin’ Brands Inc

4,042

109,862

Boot Barn Holdings Inc*

1,464

135,420

Brinker International Inc*

2,057

95,321

Caleres Inc

1,555

60,039

Cavco Industries Inc*

348

129,654

Century Communities Inc

1,316

113,558

17

S&P SmallCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Corcept Therapeutics Inc*

4,407

$103,565

CoreCivic Inc*

5,290

80,567

CorVel Corp*

439

107,116

Cross Country
Healthcare Inc*

1,488

27,186

Cytek Biosciences Inc*

4,334

33,372

Cytokinetics Inc*,(a) 

4,417

319,084

Deluxe Corp

2,034

39,480

Dynavax Technologies Corp*

5,823

73,777

Edgewell Personal Care Co

2,481

94,749

Embecta Corp

2,581

36,857

The Ensign Group Inc(a) 

2,543

317,672

EVERTEC Inc

3,064

110,702

Forrester Research Inc*

760

15,329

Fortrea Holdings Inc*

4,135

155,228

Fresh Del Monte Produce Inc

1,517

36,302

Fulgent Genetics Inc*

907

20,462

The GEO Group Inc*

6,097

74,810

Glaukos Corp*

2,195

194,455

Green Dot Corp*

2,665

21,880

The Hain Celestial
Group Inc*

2,548

25,480

Harmony Biosciences Holdings Inc*

1,410

45,261

Healthcare Services
Group Inc*

4,036

51,499

Heidrick & Struggles International Inc

937

31,858

ICU Medical Inc*

944

103,113

Innoviva Inc*

2,626

40,125

Integer Holdings Corp*

1,501

165,545

Inter Parfums Inc

806

118,256

Ironwood Pharmaceuticals Inc*

6,398

60,333

J & J Snack Foods Corp

695

100,831

John B Sanfilippo & Son Inc

404

41,357

Kelly Services Inc

1,553

38,095

Korn Ferry

2,454

156,222

LeMaitre Vascular Inc

922

64,540

Ligand Pharmaceuticals Inc*

738

58,560

LiveRamp Holdings Inc*

3,140

109,837

Matthews International Corp

1,418

41,037

Medifast Inc

595

23,854

Merit Medical Systems Inc*

2,601

198,196

MGP Ingredients Inc

782

66,611

ModivCare Inc*

556

15,590

Monro Inc

1,416

47,535

Myriad Genetics Inc*

4,414

92,385

National Beverage Corp*

1,051

55,325

National HealthCare Corp

628

61,958

NeoGenomics Inc*

6,181

96,424

Omnicell Inc*

2,117

55,550

Organon & Co

11,516

200,494

Owens & Minor Inc*

3,656

88,950

Pacira BioSciences Inc*

2,162

64,255

Patterson Cos Inc

3,833

103,836

Payoneer Global Inc*

11,786

57,280

Security Description

Shares

 

Value

Rush Enterprises Inc

2,775

$135,143

Sally Beauty Holdings Inc*

5,018

63,377

ScanSource Inc*

1,162

50,233

Shake Shack Inc*

1,689

179,574

Shoe Carnival Inc

840

27,527

Signet Jewelers Ltd

2,090

212,678

Six Flags Entertainment Corp*

3,345

84,762

SkyWest Inc*

1,906

122,403

Sonic Automotive Inc

692

36,330

Sonos Inc*

6,041

114,537

Standard Motor
Products Inc

1,022

32,459

Steven Madden Ltd

3,159

135,268

The Buckle Inc

1,340

54,860

Titan International Inc*

2,356

30,063

Topgolf Callaway
Brands Corp*

6,616

94,212

Tri Pointe Homes Inc*

4,519

159,882

UniFirst Corp

680

114,730

Urban Outfitters Inc*

2,761

114,720

Victoria’s Secret & Co*

2,043

58,348

Vista Outdoor Inc*

2,704

84,365

Wabash National Corp

2,146

58,543

Winnebago Industries Inc

1,347

96,620

Wolverine World Wide Inc

4,486

45,623

XPEL Inc*

1,041

54,736

Xperi Inc*

2,616

28,671

Total Consumer, Cyclical

9,134,858

 

Consumer, Non-Cyclical (17.28%)

ABM Industries Inc

3,051

126,037

AdaptHealth Corp*

4,522

46,260

Addus HomeCare Corp*

755

69,671

Adtalem Global
Education Inc*

1,854

91,773

Alarm.com Holdings Inc*

2,252

170,454

Alkermes PLC*

7,771

230,721

AMN Healthcare
Services Inc*

1,702

95,772

Amphastar Pharmaceuticals Inc*

1,683

78,377

The Andersons Inc

1,477

81,649

ANI Pharmaceuticals Inc*

753

50,956

Arcus Biosciences Inc*

2,864

54,788

Arlo Technologies Inc*

4,263

44,378

Artivion Inc*

1,816

35,049

Astrana Health Inc*

1,871

84,270

Avanos Medical Inc*

2,108

39,146

B&G Foods Inc

4,291

49,561

BioLife Solutions Inc*

1,847

31,214

Calavo Growers Inc

1,095

31,602

Cal-Maine Foods Inc

1,892

108,771

Catalyst Pharmaceuticals Inc*

4,666

74,796

Central Garden & Pet Co*

2,238

84,350

Certara Inc*

4,987

84,181

The Chefs’ Warehouse Inc*

1,825

69,368

CONMED Corp

1,432

115,018

Security Description

Shares

 

Value

The Cheesecake Factory Inc

2,230

$78,897

Chuy’s Holdings Inc*

1,025

34,676

Cinemark Holdings Inc*

4,940

86,005

Cracker Barrel Old Country Store Inc

1,039

68,709

Dana Inc

3,349

41,863

Dave & Buster’s Entertainment Inc*

1,677

103,538

Designer Brands Inc

2,740

28,934

Dine Brands Global Inc

700

33,957

Dorman Products Inc*

1,276

120,225

Ethan Allen Interiors Inc

1,064

35,570

Foot Locker Inc

3,814

131,316

G-III Apparel Group Ltd*

1,895

63,047

Gentherm Inc*

1,552

88,247

GMS Inc*

1,828

163,259

Golden Entertainment Inc

999

37,023

Green Brick Partners Inc*

1,183

69,206

Group 1 Automotive Inc

643

174,028

Guess? Inc

1,272

32,283

Hanesbrands Inc*

16,301

88,025

Hibbett Inc

577

47,285

HNI Corp

2,169

97,193

Installed Building
Products Inc

1,098

262,345

Interface Inc

2,706

42,538

iRobot Corp*

1,297

14,799

Jack in the Box Inc

936

68,328

JetBlue Airways Corp*

15,521

100,576

Kohl’s Corp

4,710

131,268

Kontoor Brands Inc

2,382

140,800

La-Z-Boy Inc

2,004

76,132

LCI Industries

1,141

143,743

Leslie’s Inc*

8,731

68,975

LGI Homes Inc*

975

111,238

M/I Homes Inc*

1,254

159,245

Madison Square Garden Sports Corp*

751

141,331

MarineMax Inc*

928

30,810

MDC Holdings Inc

2,691

168,726

Meritage Homes Corp(a) 

1,656

261,085

Methode Electronics Inc

1,622

34,549

MillerKnoll Inc

3,310

101,121

Monarch Casino & Resort Inc

723

50,863

Movado Group Inc

729

20,930

National Vision Holdings Inc*

3,715

86,931

Newell Brands Inc

17,168

128,760

Nu Skin Enterprises Inc

2,300

28,750

The ODP Corp*

1,549

87,488

OPENLANE Inc*

5,346

81,633

Oxford Industries Inc

702

71,176

Papa John’s International Inc

1,475

106,038

Patrick Industries Inc

983

117,901

PC Connection Inc

526

34,916

Phinia Inc

2,174

74,394

PriceSmart Inc

1,165

98,023

Resideo Technologies Inc*

6,983

155,930

18

S&P SmallCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Independent Bank Group Inc

1,672

$73,117

Lakeland Financial Corp

1,184

75,421

National Bank Holdings Corp

1,877

63,518

NBT Bancorp Inc

2,334

80,266

OFG Bancorp

2,237

81,024

Park National Corp

682

87,644

Pathward Financial Inc

1,219

61,974

Preferred Bank

622

44,691

Renasant Corp

2,614

82,629

S&T Bancorp Inc

1,780

55,518

Seacoast Banking Corp
of Florida

3,573

86,252

ServisFirst Bancshares Inc

2,207

139,460

Simmons First
National Corp

5,639

108,269

Southside Bancshares Inc

1,335

38,261

Stellar Bancorp Inc

1,704

40,385

Tompkins Financial Corp

581

27,981

Triumph Financial Inc*

1,008

75,600

TrustCo Bank Corp NY

857

23,388

Trustmark Corp

2,844

76,390

United Community Banks Inc

5,540

144,095

Veritex Holdings Inc

2,529

49,644

Walker & Dunlop Inc

1,557

148,507

Westamerica BanCorp

1,301

59,469

 

3,942,866

Diversified Financial Service (3.06%)

Artisan Partners Asset Management Inc

3,189

137,350

B Riley Financial Inc#

1,016

18,623

Bread Financial
Holdings Inc

2,453

93,901

Brightsphere Investment Group Inc

1,760

39,882

Encore Capital Group Inc*

1,060

50,880

Enova International Inc*

1,345

85,071

Moelis & Co

3,003

162,282

Mr Cooper Group Inc*

3,067

218,616

Navient Corp

3,942

64,097

Piper Sandler Cos

700

131,789

PJT Partners Inc

1,038

109,405

PRA Group Inc*

2,123

54,264

Radian Group Inc

7,132

207,826

StoneX Group Inc*

1,249

86,506

Virtus Investment
Partners Inc

314

72,948

WisdomTree Inc

5,142

41,445

 

1,574,885

Insurance (3.29%)

Ambac Financial Group Inc*

2,104

34,421

American Equity Investment Life Holding Co*

2,812

156,178

AMERISAFE Inc

1,043

55,029

Assured Guaranty Ltd

2,531

231,840

Employers Holdings Inc

1,197

54,715

Genworth Financial Inc*

21,003

129,168

Security Description

Shares

 

Value

Helix Energy Solutions Group Inc*

6,597

$59,373

Helmerich & Payne Inc

4,479

171,949

Liberty Energy Inc

6,912

147,779

Nabors Industries Ltd*

420

32,915

Northern Oil & Gas Inc

3,000

107,190

Oceaneering International Inc*

4,922

97,259

Par Pacific Holdings Inc*

2,639

95,321

Patterson-UTI Energy Inc

14,311

165,578

Peabody Energy Corp#

4,959

122,834

ProPetro Holding Corp*

3,952

29,245

REX American Resources Corp*

709

31,182

SM Energy Co

5,416

237,056

SolarEdge Technologies Inc*

2,645

177,665

SunCoke Energy Inc

3,900

41,769

Talos Energy Inc*

1,436

18,941

US Silica Holdings Inc*

3,593

41,320

Vital Energy Inc*

645

32,463

Warrior Met Coal Inc

2,422

137,981

Total Energy

2,675,517

 

Financial (24.42%)

Banks (7.66%)

Ameris Bancorp

3,022

140,005

Atlantic Union Bankshares Corp

3,379

112,386

BancFirst Corp

707

62,032

The Bancorp Inc*

2,417

107,895

Bank of Hawaii Corp

1,851

111,578

BankUnited Inc

3,465

92,931

Banner Corp

1,599

70,100

Cathay General Bancorp

3,273

127,811

Central Pacific
Financial Corp

1,218

22,728

City Holding Co

690

69,331

Community Bank System Inc

2,405

108,947

Customers Bancorp Inc*

1,375

74,676

CVB Financial Corp

6,238

106,171

Dime Community Bancshares Inc

1,639

30,715

Eagle Bancorp Inc

1,393

33,181

FB Financial Corp#

1,636

58,307

First BanCorp/Puerto Rico

8,035

136,434

First Bancorp/Southern Pines NC

1,913

65,272

First Commonwealth Financial Corp

4,755

61,958

First Financial Bancorp

4,429

96,109

First Hawaiian Inc

6,057

126,955

Fulton Financial Corp

7,759

119,489

Hanmi Financial Corp

1,369

20,686

Heritage Financial Corp

1,625

29,819

Hilltop Holdings Inc

2,154

66,516

Hope Bancorp Inc

5,861

64,295

Independent Bank Corp

1,975

103,036

Security Description

Shares

 

Value

Pediatrix Medical
Group Inc*

3,731

$34,139

Perdoceo Education Corp

2,959

52,700

Premier Inc

5,391

112,456

Prestige Consumer Healthcare Inc*

2,235

155,511

PROG Holdings Inc*

2,082

64,271

Quanex Building Products Corp

1,564

54,083

RadNet Inc*

2,656

100,556

REGENXBIO Inc*

1,997

34,828

Resources Connection Inc

1,442

19,943

Sabre Corp*

17,097

45,307

Select Medical
Holdings Corp

4,736

128,961

The Simply Good
Foods Co*

4,221

149,761

SpartanNash Co

1,612

33,965

STAAR Surgical Co*

2,199

68,697

Strategic Education Inc

1,066

118,102

Stride Inc*

1,790

106,953

Supernus Pharmaceuticals Inc*

2,544

75,557

Tandem Diabetes Care Inc*

3,030

80,689

Tootsie Roll Industries Inc

804

26,146

TreeHouse Foods Inc*

2,343

83,856

TrueBlue Inc*

1,403

16,485

UFP Technologies Inc*

327

68,117

United Natural Foods Inc*

2,676

41,772

Universal Corp

1,143

54,875

Upbound Group Inc

2,241

75,656

US Physical Therapy Inc

708

75,239

USANA Health
Sciences Inc*

516

24,902

Varex Imaging Corp*

2,184

37,565

Vector Group Ltd

6,172

68,880

Vericel Corp*

2,222

101,501

Vestis Corp

6,087

114,192

Viad Corp*

974

36,262

Vir Biotechnology Inc*

4,133

46,455

WD-40 Co

631

169,354

John Wiley & Sons Inc

1,978

65,966

Xencor Inc*

2,742

62,929

Total Consumer, Non-Cyclical

8,897,578

 

Energy (5.20%)

Alpha Metallurgical Resources Inc

550

207,488

Archrock Inc

6,395

116,837

Bristow Group Inc*

1,081

29,133

California Resources Corp

2,767

144,354

Callon Petroleum Co*

2,503

77,993

Comstock Resources Inc

2,610

22,316

CONSOL Energy Inc

1,257

107,876

Core Laboratories Inc

2,540

38,024

DNOW Inc*

5,519

78,094

Dril-Quip Inc*

1,932

43,663

Green Plains Inc*

2,907

61,919

19

S&P SmallCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Industrial (18.15%)

AAON Inc

3,140

$263,697

AAR Corp*

1,610

107,516

Advanced Energy
Industries Inc

1,736

175,683

AeroVironment Inc*

1,224

155,191

Alamo Group Inc

490

99,122

Albany International Corp

1,405

131,887

American Woodmark Corp*

764

76,583

Apogee Enterprises Inc

1,027

58,755

Applied Industrial Technologies Inc(a) 

1,746

331,548

ArcBest Corp

1,066

152,289

Arcosa Inc

2,196

182,268

Armstrong World
Industries Inc

2,057

248,095

Astec Industries Inc

1,237

50,222

AZZ Inc

1,221

88,889

Badger Meter Inc

1,322

209,788

Barnes Group Inc

2,472

86,372

Benchmark Electronics Inc

1,661

51,009

Boise Cascade Co(a) 

1,843

250,482

Brady Corp

2,019

117,667

CTS Corp

1,451

64,657

Dorian LPG Ltd

1,593

57,587

DXP Enterprises Inc*

669

23,763

Dycom Industries Inc*

1,366

172,785

Encore Wire Corp

734

176,894

Energizer Holdings Inc

3,247

92,702

Enerpac Tool Group Corp

2,448

82,522

Enpro Inc

998

155,508

Enviri Corp*

4,329

34,026

ESCO Technologies Inc

1,161

118,294

Fabrinet*,(a) 

1,636

352,674

Federal Signal Corp

2,745

224,843

Forward Air Corp

1,195

44,370

Franklin Electric Co Inc

1,787

185,777

Frontdoor Inc*

3,587

112,488

Gibraltar Industries Inc*

1,417

109,747

Granite Construction Inc

2,127

109,604

The Greenbrier Cos Inc

1,448

74,934

Griffon Corp

1,845

131,733

Hayward Holdings Inc*

5,871

86,832

Heartland Express Inc

2,065

26,391

Hillenbrand Inc

3,149

149,735

Hub Group Inc*

2,810

119,509

Ichor Holdings Ltd*

1,323

56,624

Insteel Industries Inc

905

32,951

Itron Inc*

2,049

189,901

John Bean Technologies Corp

1,482

150,393

Kaman Corp

1,314

60,194

Kennametal Inc

3,893

98,259

Knowles Corp*

4,203

68,677

Lindsay Corp

512

61,087

Marten Transport Ltd

2,600

49,010

Masterbrand Inc*

5,903

102,181

Materion Corp

929

124,783

Security Description

Shares

 

Value

JBG SMITH Properties

2,821

$46,772

Kennedy-Wilson
Holdings Inc

5,517

48,439

KKR Real Estate Finance Trust Inc

2,854

27,827

LTC Properties Inc

1,865

58,673

LXP Industrial Trust

13,628

118,018

The Macerich Co

10,033

164,642

Marcus & Millichap Inc

1,072

39,332

New York Mortgage
Trust Inc

5,054

36,439

NexPoint Residential
Trust Inc

1,238

36,162

Outfront Media Inc

6,764

97,199

Pebblebrook Hotel Trust

3,747

59,352

PennyMac Mortgage Investment Trust

4,040

57,085

Phillips Edison & Co Inc

5,569

198,925

Ready Capital Corp

7,374

65,112

Redwood Trust Inc

5,524

33,862

Retail Opportunity Investments Corp

5,867

75,860

Safehold Inc

1,980

39,838

Saul Centers Inc

582

21,063

Service Properties Trust

7,719

52,489

SITE Centers Corp

8,110

110,134

SL Green Realty Corp

2,999

145,392

The St Joe Co

1,658

89,316

Summit Hotel Properties Inc

5,009

32,158

Sunstone Hotel Investors Inc

9,256

103,575

Tanger Inc

4,971

143,215

Two Harbors
Investment Corp

4,333

54,899

Uniti Group Inc

11,564

67,765

Universal Health Realty Income Trust

572

22,182

Urban Edge Properties

5,745

97,722

Veris Residential Inc

3,614

52,764

Whitestone REIT

2,122

26,143

Xenia Hotels & Resorts Inc

4,938

75,749

 

4,597,057

Savings & Loans (1.48%)

Axos Financial Inc*

2,314

120,606

Banc of California Inc

5,416

79,236

Berkshire Hills Bancorp Inc

1,996

42,894

Brookline Bancorp Inc

4,138

40,428

Capitol Federal
Financial Inc

5,887

34,086

Northfield Bancorp Inc

1,782

17,998

Northwest Bancshares Inc

5,919

67,832

Pacific Premier Bancorp Inc

4,466

102,093

Provident Financial
Services Inc

3,517

53,036

WaFd Inc

3,136

85,425

WSFS Financial Corp

2,736

115,979

 

759,613

 

 

Total Financial

12,570,862

 

Security Description

Shares

 

Value

Goosehead Insurance Inc*

1,138

$86,090

Horace Mann
Educators Corp

1,901

68,797

Jackson Financial Inc

3,018

166,141

Lincoln National Corp

7,901

217,594

NMI Holdings Inc*

3,653

109,882

Palomar Holdings Inc*

1,114

84,820

ProAssurance Corp

2,940

36,250

Safety Insurance Group Inc

688

56,526

SiriusPoint Ltd*

4,628

56,786

Stewart Information
Services Corp

1,274

80,237

Trupanion Inc*,#

1,663

44,485

United Fire Group Inc

1,180

27,482

 

1,696,441

Real Estate (8.93%)

Acadia Realty Trust

4,649

76,197

Alexander & Baldwin Inc

3,378

54,926

American Assets Trust Inc

2,372

51,164

Anywhere Real Estate Inc*

5,964

37,394

Apollo Commercial Real Estate Finance Inc

6,056

67,888

Apple Hospitality REIT Inc

9,587

154,255

Arbor Realty Trust Inc#

8,778

117,625

Armada Hoffler
Properties Inc

3,138

31,945

ARMOUR Residential
REIT Inc
#

843

16,691

Blackstone Mortgage
Trust Inc
#

7,762

158,114

Brandywine Realty Trust

8,014

34,460

CareTrust REIT Inc

5,421

122,298

Centerspace

832

46,251

Chatham Lodging Trust

2,275

23,205

Community Healthcare Trust Inc

1,456

39,516

Cushman & Wakefield PLC*

7,831

78,232

DiamondRock
Hospitality Co

9,911

93,163

Douglas Emmett Inc

7,512

99,309

Easterly Government Properties Inc

4,433

52,309

Ellington Financial Inc

3,507

39,734

Elme Communities

3,957

50,966

Essential Properties Realty Trust Inc

7,266

173,585

eXp World Holdings Inc#

894

11,711

Four Corners Property Trust Inc

4,080

98,654

Franklin BSP Realty
Trust Inc

3,736

48,232

Getty Realty Corp

2,449

64,556

Global Net Lease Inc

5,985

43,152

Hannon Armstrong Sustainable Infrastructure Capital Inc

5,232

131,689

Highwoods Properties Inc

4,761

116,406

Hudson Pacific
Properties Inc

5,907

37,450

Innovative Industrial Properties Inc

1,305

127,877

20

S&P SmallCap Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Matson Inc

1,573

$174,682

Mercury Systems Inc*

2,501

74,705

Mesa Laboratories Inc

287

31,338

Metallus Inc*

1,730

37,628

Moog Inc

1,338

200,633

Mueller Industries Inc(a) 

5,287

271,646

Myers Industries Inc

1,988

38,229

MYR Group Inc*

752

122,170

NV5 Global Inc*

592

60,212

O-I Glass Inc*

7,221

122,179

OSI Systems Inc*

751

98,516

PGT Innovations Inc*

2,570

107,349

Plexus Corp*

1,238

116,867

Proto Labs Inc*

1,200

43,716

RXO Inc*

5,000

107,600

Sanmina Corp*

2,578

162,930

Sealed Air Corp

6,726

234,536

SPX Technologies Inc*

2,056

240,943

Standex International Corp

574

99,302

Sturm Ruger & Co Inc

962

41,674

Tennant Co

869

98,362

Trinity Industries Inc

3,812

96,749

TTM Technologies Inc*

4,761

70,701

World Kinect Corp

2,803

68,281

Worthington Enterprises Inc

1,419

88,148

Total Industrial

9,347,594

 

Technology (7.41%)

3D Systems Corp*

7,145

29,580

ACI Worldwide Inc*

4,898

161,193

Adeia Inc

4,991

56,598

Agilysys Inc*

945

73,521

Alpha & Omega Semiconductor Ltd*

1,334

29,215

Axcelis Technologies Inc*

1,525

171,822

Cerence Inc*

1,817

27,073

CEVA Inc*

1,061

24,021

Cohu Inc*

2,324

74,670

Consensus Cloud
Solutions Inc*

1,021

16,254

Corsair Gaming Inc*

2,073

26,845

CSG Systems
International Inc

1,322

72,128

Digi International Inc*

1,620

47,887

Digital Turbine Inc*

5,553

17,603

Diodes Inc*

2,069

140,651

Donnelley Financial Solutions Inc*

1,151

74,309

Security Description

Shares

 

Value

DoubleVerify
Holdings Inc*
,(a) 

6,491

$200,507

DXC Technology Co*

9,018

197,133

Envestnet Inc*

2,316

119,343

FormFactor Inc*

3,507

150,906

Insight Enterprises Inc*

1,289

242,332

Kulicke & Soffa
Industries Inc

2,544

121,145

MaxLinear Inc*

3,456

67,185

NCR Atleos Corp*

3,115

67,782

NCR Voyix Corp*

6,043

88,288

NetScout Systems Inc*

3,198

69,237

PDF Solutions Inc*

1,379

46,872

Photronics Inc*

2,912

83,836

Pitney Bowes Inc

7,144

28,790

Privia Health Group Inc*

4,783

106,757

Progress Software Corp

2,118

113,016

Schrodinger Inc*

2,104

53,568

Semtech Corp*

3,123

66,208

Simulations Plus Inc

871

36,147

SiTime Corp*

646

59,755

SMART Global Holdings Inc*

2,339

49,751

SPS Commerce Inc*,(a) 

1,653

306,071

TTEC Holdings Inc

1,178

20,556

Ultra Clean Holdings Inc*

2,087

90,158

Veeco Instruments Inc*

2,623

94,979

Veradigm Inc*

5,293

31,705

Verra Mobility Corp*

7,493

161,999

Xerox Holdings Corp

5,265

98,192

Total Technology

3,815,588

 

Utilities (1.83%)

American States Water Co

1,722

122,968

Avista Corp

3,485

115,702

California Water Service Group

2,687

123,306

Chesapeake Utilities Corp

1,010

103,050

Clearway Energy Inc

3,836

83,625

Middlesex Water Co

802

40,814

Northwest Natural
Holding Co

1,712

62,899

Otter Tail Corp

1,879

169,975

SJW Group

1,353

74,496

Unitil Corp

873

44,488

Total Utilities

941,323

 

Total Common Stock
(Cost $37,326,229)

51,205,160

 

Security Description

Shares

 

Value

United States Treasury Bills (0.77%)

United States Treasury Bill
(Cost $398,541)

400,000

$398,531

 

Right (0.00%)

Omniab Inc - 12.5*,(b) 

401

Omniab Inc - 15*,(b) 

401

 

Collateral Received for Securities on Loan (0.99%)

Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.51% (Cost $513,768)

513,768

 

Total Investments
(Cost $38,238,538) (101.22%)

$52,117,459

Liabilities in Excess of
Other Assets (-1.22%)

(623,666

)

Net Assets (100.00%)

$51,493,793

*Non-income producing security.

#Loaned security; a portion of the security is on loan at February 29, 2024.

(a)A portion of these securities, a total of $2,902,944, have been pledged or segregated in connection with obligations for futures contracts.

(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 securities is $0.

Futures contracts at February 29, 2024:

Contracts - $50 times premium / delivery month / commitment / exchange

Russell
2000 MINI

Notional Amount

 

Value

 

Unrealized Appreciation

2 / MAR 2024 / Long / CME

$201,685

$205,730

$4,045

21

See accompanying notes to financial statements.

Shelton Equity Income FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Shares

 

Value

 

Common Stock (94.86%)

 

Basic Materials (1.97%)

CF Industries Holdings Inc(a) 

65,500

$5,287,160

Linde PLC(a) 

13,500

6,059,070

Newmont Corp(a) 

29,200

912,500

Total Basic Materials

12,258,730

 

Communications (14.80%)

Alphabet Inc Class - A*,(a) 

77,300

10,702,958

Alphabet Inc Class - C*,(a) 

7,100

992,438

Amazon.com Inc*,(a) 

80,400

14,211,504

Arista Networks Inc*,(a) 

29,500

8,187,430

AT&T Inc(a) 

141,900

2,402,367

Booking Holdings Inc*,(a) 

1,700

5,897,011

Cisco Systems Inc(a) 

81,200

3,927,644

Comcast Corp(a) 

259,400

11,115,290

Meta Platforms Inc(a) 

37,200

18,232,836

Netflix Inc*,(a) 

5,400

3,255,768

Palo Alto Networks Inc*,(a) 

10,400

3,229,720

T-Mobile US Inc(a) 

7,800

1,273,740

Uber Technologies Inc*,(a) 

29,000

2,305,500

Verizon Communications Inc(a) 

47,300

1,892,946

The Walt Disney Co(a) 

37,500

4,184,250

Warner Bros Discovery Inc*,(a) 

30,191

265,379

Total Communications

92,076,781

 

Consumer, Cyclical (9.88%)

Amerityre Corp*

20,000,000

800,000

AutoZone Inc*,(a) 

1,400

4,208,428

Chipotle Mexican Grill Inc*,(a) 

1,500

4,033,155

Costco Wholesale Corp(a) 

16,400

12,199,796

Domino’s Pizza Inc(a) 

5,400

2,421,090

Hilton Worldwide Holdings Inc(a) 

19,200

3,922,944

The Home Depot Inc(a) 

11,000

4,186,710

Lennar Corp(a) 

15,000

2,377,650

Lowe’s Cos Inc(a) 

19,600

4,717,132

Marriott International Inc(a) 

15,400

3,847,998

NIKE Inc(a) 

10,100

1,049,693

O’Reilly Automotive Inc*,(a) 

800

869,936

PulteGroup Inc(a) 

10,000

1,083,800

Starbucks Corp(a) 

18,800

1,784,120

Target Corp(a) 

6,400

978,688

The TJX Cos Inc(a) 

22,500

2,230,650

Ulta Beauty Inc*,(a) 

10,900

5,979,304

Walmart Inc(a) 

81,000

4,747,410

Total Consumer, Cyclical

61,438,504

 

Consumer, Non-Cyclical (17.44%)

Abbott Laboratories(a) 

11,700

1,388,088

AbbVie Inc(a) 

60,200

10,598,210

Security Description

Shares

 

Value

Amgen Inc(a) 

8,600

$2,354,938

Archer-Daniels-Midland Co(a) 

11,000

584,210

Biogen Inc*,(a) 

3,000

650,970

Bristol-Myers Squibb Co(a) 

77,100

3,912,825

Cardinal Health Inc(a) 

22,600

2,530,748

Centene Corp*,(a) 

30,000

2,352,900

The Coca-Cola Co(a) 

45,100

2,706,902

Colgate-Palmolive Co(a) 

25,000

2,163,000

Conagra Brands Inc(a) 

62,200

1,746,576

Constellation Brands Inc(a) 

3,600

894,672

CVS Health Corp(a) 

48,700

3,621,819

Eli Lilly & Co(a) 

12,500

9,421,000

Gartner Inc*,(a) 

5,300

2,467,468

Gilead Sciences Inc(a) 

1,700

122,570

Global Payments Inc(a) 

19,500

2,529,150

HCA Healthcare Inc(a) 

11,500

3,584,550

The Hershey Co(a) 

7,800

1,465,776

Humana Inc(a) 

4,100

1,436,312

Intuitive Surgical Inc*,(a) 

10,500

4,048,800

Johnson & Johnson(a) 

34,100

5,503,058

McKesson Corp(a) 

6,600

3,441,306

Merck & Co Inc(a) 

9,300

1,182,495

Molson Coors Beverage Co(a) 

17,200

1,073,624

Monster Beverage Corp*,(a) 

69,600

4,113,360

PayPal Holdings Inc*,(a) 

30,100

1,816,234

Pfizer Inc(a) 

169,900

4,512,544

The Procter & Gamble Co(a) 

47,400

7,533,756

Regeneron Pharmaceuticals Inc*,(a) 

6,500

6,279,585

S&P Global Inc(a) 

5,300

2,270,414

UnitedHealth Group Inc(a) 

8,700

4,294,320

Vertex Pharmaceuticals Inc*,(a) 

14,000

5,890,360

Total Consumer, Non-Cyclical

108,492,540

 

Energy (3.94%)

Chevron Corp(a) 

23,000

3,496,230

ConocoPhillips(a) 

46,400

5,221,856

Devon Energy Corp(a) 

81,000

3,568,860

Exxon Mobil Corp(a) 

67,200

7,023,744

Marathon Petroleum Corp(a) 

20,600

3,486,138

Schlumberger NV(a) 

35,700

1,725,381

Total Energy

24,522,209

 

Financial (13.07%)

Banks (3.28%)

Bank of America Corp(a) 

91,500

3,158,580

Citigroup Inc(a) 

6,800

377,332

JPMorgan Chase & Co(a) 

35,000

6,512,100

Morgan Stanley(a) 

24,300

2,090,772

Truist Financial Corp(a) 

53,000

1,853,940

US Bancorp(a) 

45,600

1,913,376

Wells Fargo & Co(a) 

80,400

4,469,436

 

20,375,536

Security Description

Shares

 

Value

Diversified Financial Service (3.14%)

American Express Co(a) 

13,700

$3,006,054

CME Group Inc(a) 

14,200

3,128,970

Intercontinental Exchange Inc(a) 

34,100

4,720,122

Mastercard Inc(a) 

8,900

4,225,364

The Charles Schwab Corp(a) 

67,000

4,474,260

 

19,554,770

Insurance (4.22%)

Aon PLC(a) 

16,300

5,150,637

Berkshire Hathaway Inc*,(a) 

15,100

6,181,940

Marsh & McLennan Cos Inc(a) 

21,400

4,328,578

The Progressive Corp(a) 

45,000

8,530,200

The Travelers Cos Inc(a) 

9,400

2,077,024

 

26,268,379

Real Estate (2.43%)

American Tower Corp(a) 

5,800

1,153,388

CBRE Group Inc*,(a) 

16,900

1,552,941

Digital Realty Trust Inc(a) 

23,100

3,391,311

Equinix Inc(a) 

2,400

2,133,168

Extra Space Storage Inc(a) 

10,500

1,480,185

Iron Mountain Inc(a) 

43,400

3,412,976

Prologis Inc(a) 

15,000

1,999,050

 

15,123,019

 

 

Total Financial

81,321,704

 

Industrial (8.12%)

The Boeing Co*,(a) 

10,800

2,200,176

Caterpillar Inc(a) 

19,100

6,378,636

Deere & Co(a) 

3,800

1,387,190

Eaton Corp PLC(a) 

22,400

6,473,600

General Dynamics Corp(a) 

17,500

4,781,875

Lockheed Martin Corp(a) 

23,000

9,849,520

Packaging Corp of America(a) 

2,100

380,499

RTX Corp(a) 

47,500

4,259,325

Trane Technologies PLC(a) 

8,200

2,312,154

Union Pacific Corp(a) 

20,300

5,149,907

United Parcel Service Inc(a) 

49,500

7,338,870

Total Industrial

50,511,752

 

Technology (23.50%)

Accenture PLC(a) 

12,700

4,759,706

Adobe Inc*,(a) 

21,800

12,214,104

Apple Inc(a) 

59,200

10,700,400

Applied Materials Inc(a) 

25,000

5,040,500

Broadcom Inc(a) 

8,900

11,574,361

Cadence Design Systems Inc*,(a) 

27,900

8,492,202

Cognizant Technology Solutions Corp(a) 

22,900

1,809,558

Fidelity National Information Services Inc(a) 

37,500

2,594,625

22

Shelton Equity Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Fortinet Inc*,(a) 

58,700

$4,056,757

Hewlett Packard Enterprise Co(a) 

138,100

2,103,263

International Business Machines Corp(a) 

21,200

3,922,636

Intel Corp(a) 

30,600

1,317,330

Intuit Inc(a) 

15,600

10,341,084

Jack Henry & Associates Inc(a) 

10,500

1,824,585

Microchip Technology Inc(a) 

26,300

2,212,882

Microsoft Corp(a) 

28,200

11,664,648

MSCI Inc(a) 

7,100

3,982,887

NetApp Inc(a) 

32,300

2,878,576

NVIDIA Corp(a) 

12,200

9,651,664

NXP Semiconductors NV(a) 

17,000

4,245,410

ON Semiconductor Corp*,(a) 

14,300

1,128,556

Oracle Corp(a) 

24,000

2,680,320

QUALCOMM Inc(a) 

20,300

3,203,137

Security Description

Shares

 

Value

Salesforce Inc*,(a) 

24,700

$7,627,854

Seagate Technology Holdings PLC(a) 

5,300

493,165

ServiceNow Inc*,(a) 

10,000

7,713,400

Skyworks Solutions Inc(a) 

10,100

1,059,692

Synopsys Inc*,(a) 

3,500

2,008,055

Texas Instruments Inc(a) 

28,200

4,718,706

Total Technology

146,020,063

 

Utilities (2.14%)

American Water Works Co Inc(a) 

18,700

2,216,698

Constellation Energy Corp(a) 

35,700

6,013,665

NextEra Energy Inc(a) 

39,000

2,152,410

Public Service Enterprise Group Inc(a) 

15,800

985,920

The Southern Co(a) 

28,700

1,930,075

Total Utilities

13,298,768

 

Security Description

Shares

 

Value

Total Common Stock (Cost $554,193,287)

$589,941,051

 

United States Treasury Bills (6.12%)

United States Treasury Bill
(Cost $38,060,663)

38,200,000

38,059,668

 

Total Investments
(Cost $592,253,950) (100.98%)

$628,000,719

Liabilities in Excess of Other Assets (-0.98%)

(6,065,979

)

Net Assets (100.00%)

$621,934,740

*Non-income producing security.

(a)A portion of these securities, a total of $587,697,981, have been pledged or segregated in connection with written call options.

Written Call Options

 

Expiration Date

 

Contracts

 

Strike
Price

 

Notional Amount

 

Value

 

Abbott Laboratories

03/15/2024

(76

)

$115.00

$874,000

$(34,580

)

AbbVie Inc

03/15/2024

(130

)

165.00

2,145,000

(147,680

)

AbbVie Inc

03/15/2024

(60

)

180.00

1,080,000

(5,820

)

AbbVie Inc

04/19/2024

(170

)

175.00

2,975,000

(79,900

)

Accenture PLC

03/15/2024

(50

)

375.00

1,875,000

(29,000

)

Accenture PLC

03/15/2024

(27

)

380.00

1,026,000

(9,369

)

Adobe Inc

03/15/2024

(35

)

640.00

2,240,000

(12,075

)

Adobe Inc

03/15/2024

(16

)

660.00

1,056,000

(3,328

)

Alphabet Inc - Class A

03/15/2024

(66

)

155.00

1,023,000

(396

)

Alphabet Inc - Class A

04/19/2024

(90

)

140.00

1,260,000

(41,760

)

Alphabet Inc - Class C

04/05/2024

(71

)

140.00

994,000

(30,530

)

Amazon.com Inc

03/15/2024

(132

)

175.00

2,310,000

(57,420

)

Amazon.com Inc

04/19/2024

(190

)

170.00

3,230,000

(214,700

)

American Express Co

04/05/2024

(45

)

215.00

967,500

(39,600

)

American Tower Corp

03/15/2024

(17

)

200.00

340,000

(6,375

)

American Water Works Co Inc

03/15/2024

(55

)

125.00

687,500

(1,375

)

Amgen Inc

03/15/2024

(45

)

300.00

1,350,000

(675

)

Aon PLC

03/15/2024

(50

)

320.00

1,600,000

(16,750

)

Apple Inc

04/05/2024

(260

)

185.00

4,810,000

(72,020

)

Applied Materials Inc

03/15/2024

(110

)

190.00

2,090,000

(142,450

)

Applied Materials Inc

04/19/2024

(110

)

185.00

2,035,000

(233,310

)

Archer-Daniels-Midland Co

03/15/2024

(20

)

55.00

110,000

(1,400

)

Arista Networks Inc

03/15/2024

(295

)

260.00

7,670,000

(572,300

)

AT&T Inc

03/15/2024

(220

)

17.00

374,000

(5,500

)

AT&T Inc

04/19/2024

(400

)

18.00

720,000

(5,200

)

AutoZone Inc

03/15/2024

(3

)

2950.00

885,000

(26,547

)

Bank of America Corp

04/19/2024

(800

)

34.00

2,720,000

(136,000

)

Berkshire Hathaway Inc

03/15/2024

(26

)

410.00

1,066,000

(11,700

)

Biogen Inc

03/15/2024

(6

)

230.00

138,000

(630

)

The Boeing Co

03/15/2024

(18

)

210.00

378,000

(3,960

)

Booking Holdings Inc

03/15/2024

(7

)

3750.00

2,625,000

(4,011

)

Booking Holdings Inc

03/15/2024

(2

)

3950.00

790,000

(1,040

)

Bristol-Myers Squibb Co

03/15/2024

(275

)

50.00

1,375,000

(39,875

)

Broadcom Inc

03/15/2024

(29

)

1260.00

3,654,000

(215,760

)

Cadence Design Systems Inc

03/15/2024

(60

)

300.00

1,800,000

(61,800

)

See accompanying notes to financial statements.

23

Shelton Equity Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

Written Call Options

 

Expiration Date

 

Contracts

 

Strike
Price

 

Notional Amount

 

Value

 

Cardinal Health Inc

03/15/2024

(108

)

$110.00

$1,188,000

$(27,000

)

Caterpillar Inc

04/19/2024

(50

)

340.00

1,700,000

(49,650

)

CBRE Group Inc

03/15/2024

(30

)

90.00

270,000

(10,800

)

CBRE Group Inc

03/15/2024

(100

)

95.00

950,000

(5,500

)

Centene Corp

03/15/2024

(125

)

80.00

1,000,000

(11,500

)

CF Industries Holdings Inc

03/15/2024

(200

)

82.50

1,650,000

(23,600

)

The Charles Schwab Corp

03/15/2024

(220

)

67.50

1,485,000

(25,740

)

The Charles Schwab Corp

03/15/2024

(125

)

65.00

812,500

(33,125

)

Chevron Corp

03/15/2024

(150

)

155.00

2,325,000

(18,900

)

Chipotle Mexican Grill Inc

03/15/2024

(4

)

2800.00

1,120,000

(2,800

)

Cisco Systems Inc

04/19/2024

(400

)

50.00

2,000,000

(18,400

)

Citigroup Inc

03/15/2024

(30

)

57.50

172,500

(1,170

)

CME Group Inc

03/15/2024

(70

)

220.00

1,540,000

(21,000

)

The Coca-Cola Co

03/15/2024

(430

)

60.00

2,580,000

(24,940

)

Cognizant Technology Solutions Corp

03/15/2024

(150

)

77.50

1,162,500

(29,700

)

Colgate-Palmolive Co

03/15/2024

(150

)

85.00

1,275,000

(31,800

)

Comcast Corp

03/15/2024

(480

)

42.50

2,040,000

(50,400

)

Comcast Corp

04/19/2024

(200

)

47.50

950,000

(3,400

)

Conagra Brands Inc

03/15/2024

(110

)

27.00

297,000

(12,650

)

ConocoPhillips

03/15/2024

(100

)

115.00

1,150,000

(11,800

)

Constellation Brands Inc

03/15/2024

(10

)

250.00

250,000

(2,900

)

Constellation Energy Corp

03/15/2024

(175

)

130.00

2,275,000

(604,975

)

Costco Wholesale Corp

03/15/2024

(80

)

725.00

5,800,000

(235,760

)

Costco Wholesale Corp

03/15/2024

(15

)

750.00

1,125,000

(21,840

)

CVS Health Corp

03/15/2024

(220

)

80.00

1,760,000

(2,640

)

Deere & Co

04/19/2024

(10

)

370.00

370,000

(9,290

)

Devon Energy Corp

03/15/2024

(90

)

42.50

382,500

(16,740

)

Devon Energy Corp

04/19/2024

(140

)

45.00

630,000

(17,920

)

Digital Realty Trust Inc

03/15/2024

(100

)

150.00

1,500,000

(15,000

)

Domino’s Pizza Inc

03/15/2024

(28

)

450.00

1,260,000

(17,080

)

Eaton Corp PLC

04/19/2024

(130

)

270.00

3,510,000

(300,300

)

Eli Lilly & Co

03/15/2024

(15

)

770.00

1,155,000

(16,200

)

Equinix Inc

03/15/2024

(12

)

860.00

1,032,000

(43,200

)

Extra Space Storage Inc

03/15/2024

(15

)

145.00

217,500

(1,860

)

Exxon Mobil Corp

04/19/2024

(328

)

105.00

3,444,000

(114,472

)

Fidelity National Information Services Inc

03/15/2024

(100

)

65.00

650,000

(44,000

)

Fortinet Inc

03/15/2024

(317

)

65.00

2,060,500

(144,235

)

Gartner Inc

04/19/2024

(17

)

480.00

816,000

(16,320

)

General Dynamics Corp

03/15/2024

(25

)

270.00

675,000

(13,750

)

General Dynamics Corp

03/15/2024

(150

)

280.00

4,200,000

(15,900

)

Gilead Sciences Inc

03/15/2024

(17

)

82.50

140,250

(34

)

Global Payments Inc

03/15/2024

(195

)

135.00

2,632,500

(16,575

)

HCA Healthcare Inc

04/19/2024

(25

)

320.00

800,000

(16,500

)

The Hershey Co

03/15/2024

(30

)

200.00

600,000

(1,050

)

Hewlett Packard Enterprise Co

03/15/2024

(230

)

16.00

368,000

(9,200

)

Hilton Worldwide Holdings Inc

04/19/2024

(150

)

195.00

2,925,000

(199,500

)

The Home Depot Inc

03/15/2024

(28

)

375.00

1,050,000

(22,540

)

Humana Inc

03/15/2024

(10

)

380.00

380,000

(900

)

Intel Corp

03/15/2024

(35

)

45.00

157,500

(1,575

)

Intercontinental Exchange Inc

03/15/2024

(50

)

135.00

675,000

(22,750

)

International Business Machines Corp

03/15/2024

(30

)

190.00

570,000

(3,390

)

Intuit Inc

03/15/2024

(15

)

680.00

1,020,000

(12,000

)

Intuit Inc

04/19/2024

(70

)

660.00

4,620,000

(206,500

)

Intuitive Surgical Inc

03/15/2024

(27

)

410.00

1,107,000

(3,024

)

Iron Mountain Inc

03/15/2024

(174

)

67.50

1,174,500

(205,494

)

Jack Henry & Associates Inc

03/15/2024

(50

)

175.00

875,000

(9,500

)

Johnson & Johnson

03/15/2024

(270

)

160.00

4,320,000

(79,380

)

24

See accompanying notes to financial statements.

Shelton Equity Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

Written Call Options

 

Expiration Date

 

Contracts

 

Strike
Price

 

Notional Amount

 

Value

 

JPMorgan Chase & Co

03/15/2024

(30

)

$185.00

$555,000

$(9,300

)

JPMorgan Chase & Co

04/19/2024

(80

)

185.00

1,480,000

(48,960

)

Lennar Corp

03/15/2024

(90

)

160.00

1,440,000

(44,100

)

Linde PLC

03/15/2024

(135

)

430.00

5,805,000

(276,075

)

Lockheed Martin Corp

03/15/2024

(90

)

430.00

3,870,000

(47,250

)

Lowe’s Cos Inc

03/15/2024

(110

)

230.00

2,530,000

(132,550

)

Marathon Petroleum Corp

03/15/2024

(90

)

170.00

1,530,000

(32,490

)

Marriott International Inc

03/15/2024

(17

)

240.00

408,000

(17,000

)

Marriott International Inc

04/19/2024

(50

)

260.00

1,300,000

(20,250

)

Marsh & McLennan Cos Inc

03/15/2024

(70

)

200.00

1,400,000

(25,200

)

Marsh & McLennan Cos Inc

04/19/2024

(90

)

210.00

1,890,000

(17,550

)

Mastercard Inc

03/15/2024

(22

)

475.00

1,045,000

(14,190

)

McKesson Corp

03/15/2024

(40

)

500.00

2,000,000

(98,800

)

Merck & Co Inc

04/19/2024

(60

)

130.00

780,000

(12,360

)

Meta Platforms Inc

03/15/2024

(25

)

495.00

1,237,500

(23,500

)

Meta Platforms Inc

04/19/2024

(125

)

485.00

6,062,500

(318,750

)

Microchip Technology Inc

03/15/2024

(70

)

85.00

595,000

(11,900

)

Microsoft Corp

03/15/2024

(148

)

410.00

6,068,000

(128,020

)

Microsoft Corp

04/19/2024

(25

)

445.00

1,112,500

(6,550

)

Molson Coors Beverage Co

03/15/2024

(30

)

62.50

187,500

(3,000

)

Monster Beverage Corp

03/15/2024

(140

)

57.50

805,000

(28,700

)

Morgan Stanley

03/15/2024

(30

)

87.50

262,500

(2,820

)

MSCI Inc

03/15/2024

(15

)

570.00

855,000

(13,575

)

NetApp Inc

03/15/2024

(45

)

90.00

405,000

(14,895

)

Netflix Inc

04/19/2024

(6

)

620.00

372,000

(15,150

)

Newmont Corp

03/15/2024

(80

)

35.00

280,000

(640

)

NextEra Energy Inc

03/15/2024

(120

)

60.00

720,000

(1,440

)

NIKE Inc

03/15/2024

(40

)

110.00

440,000

(1,200

)

NVIDIA Corp

04/19/2024

(10

)

810.00

810,000

(44,510

)

NXP Semiconductors NV

04/19/2024

(30

)

260.00

780,000

(18,990

)

ON Semiconductor Corp

03/15/2024

(30

)

85.00

255,000

(2,220

)

Oracle Corp

04/05/2024

(69

)

110.00

759,000

(40,848

)

O’Reilly Automotive Inc

03/15/2024

(8

)

1070.00

856,000

(24,416

)

Packaging Corp of America

03/15/2024

(8

)

170.00

136,000

(9,800

)

Palo Alto Networks Inc

03/15/2024

(40

)

330.00

1,320,000

(15,200

)

PayPal Holdings Inc

03/15/2024

(70

)

62.50

437,500

(5,390

)

Pfizer Inc

03/15/2024

(300

)

27.50

825,000

(6,300

)

The Procter & Gamble Co

03/15/2024

(250

)

160.00

4,000,000

(31,750

)

The Progressive Corp

03/15/2024

(55

)

185.00

1,017,500

(37,400

)

The Progressive Corp

03/15/2024

(181

)

190.00

3,439,000

(62,445

)

Prologis Inc

03/15/2024

(47

)

135.00

634,500

(7,285

)

Public Service Enterprise Group Inc

03/15/2024

(40

)

60.00

240,000

(10,600

)

PulteGroup Inc

04/19/2024

(15

)

110.00

165,000

(6,750

)

QUALCOMM Inc

03/15/2024

(203

)

155.00

3,146,500

(106,575

)

Regeneron Pharmaceuticals Inc

03/15/2024

(10

)

990.00

990,000

(10,600

)

RTX Corp

04/19/2024

(300

)

95.00

2,850,000

(17,700

)

S&P Global Inc

04/19/2024

(10

)

430.00

430,000

(13,800

)

Salesforce Inc

03/15/2024

(25

)

300.00

750,000

(32,975

)

Schlumberger NV

03/15/2024

(80

)

50.00

400,000

(4,000

)

Seagate Technology Holdings PLC

03/15/2024

(10

)

90.00

90,000

(4,550

)

ServiceNow Inc

03/15/2024

(35

)

780.00

2,730,000

(49,735

)

ServiceNow Inc

03/15/2024

(13

)

830.00

1,079,000

(4,095

)

Skyworks Solutions Inc

03/15/2024

(27

)

110.00

297,000

(2,025

)

The Southern Co

03/15/2024

(192

)

70.00

1,344,000

(2,496

)

Starbucks Corp

03/15/2024

(153

)

100.00

1,530,000

(2,754

)

Target Corp

03/15/2024

(35

)

155.00

542,500

(17,500

)

Texas Instruments Inc

04/19/2024

(60

)

170.00

1,020,000

(30,420

)

25

Shelton Equity Income FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Written Call Options

 

Expiration Date

 

Contracts

 

Strike
Price

 

Notional Amount

 

Value

 

The TJX Cos Inc

03/15/2024

(120

)

$100.00

$1,200,000

$(12,360

)

T-Mobile US Inc

03/15/2024

(35

)

165.00

577,500

(4,095

)

Trane Technologies PLC

03/15/2024

(82

)

270.00

2,214,000

(118,080

)

The Travelers Cos Inc

03/15/2024

(47

)

220.00

1,034,000

(12,690

)

Truist Financial Corp

04/19/2024

(200

)

40.00

800,000

(5,000

)

Uber Technologies Inc

03/15/2024

(100

)

85.00

850,000

(5,200

)

Ulta Beauty Inc

03/15/2024

(45

)

550.00

2,475,000

(88,065

)

Union Pacific Corp

03/15/2024

(30

)

250.00

750,000

(18,570

)

United Parcel Service Inc

03/15/2024

(164

)

150.00

2,460,000

(25,584

)

UnitedHealth Group Inc

03/15/2024

(23

)

520.00

1,196,000

(2,323

)

US Bancorp

03/15/2024

(100

)

42.50

425,000

(8,700

)

Verizon Communications Inc

03/15/2024

(400

)

41.00

1,640,000

(11,600

)

Vertex Pharmaceuticals Inc

03/15/2024

(40

)

430.00

1,720,000

(21,520

)

Vertex Pharmaceuticals Inc

03/15/2024

(23

)

440.00

1,012,000

(5,290

)

Walmart Inc

03/15/2024

(810

)

56.67

4,590,270

(183,870

)

The Walt Disney Co

04/19/2024

(125

)

115.00

1,437,500

(34,125

)

Warner Bros Discovery Inc

03/15/2024

(20

)

10.00

20,000

(80

)

Wells Fargo & Co

03/15/2024

(120

)

50.00

600,000

(69,600

)

Wells Fargo & Co

03/15/2024

(300

)

52.50

1,575,000

(102,000

)

Total Written Call Options
(Premiums Received $6,169,503)

$247,353,020

$(7,861,101

)

Nasdaq 100 Index FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Shares

 

Value

 

Common Stock (98.22%)

 

Communications (25.33%)

Advertising (0.27%)

The Trade Desk Inc*,#

52,302

$4,468,160

 

4,468,160

Internet (20.40%)

Airbnb Inc*,#

51,770

8,152,222

Alphabet Inc - Class A*

272,847

37,778,396

Alphabet Inc - Class C*

263,949

36,894,791

Amazon.com Inc*,(a) 

476,446

84,216,595

Booking Holdings Inc*

4,154

14,409,520

CDW Corp

15,700

3,865,497

DoorDash Inc*,#

43,451

5,412,691

MercadoLibre Inc*

5,984

9,546,275

Meta Platforms Inc(a) 

162,802

79,794,144

Netflix Inc*

52,119

31,423,587

Palo Alto Networks Inc*,#

37,546

11,659,910

PDD Holdings Inc*

79,057

9,845,759

 

332,999,387

Media (1.85%)

Charter Communications Inc*,#

17,614

5,177,283

Comcast Corp

478,189

20,490,399

Sirius XM Holdings Inc#

454,388

2,008,395

Warner Bros Discovery Inc*,#

285,803

2,512,208

 

30,188,285

Telecommunications (2.81%)

Cisco Systems Inc

483,886

23,405,566

Security Description

Shares

 

Value

T-Mobile US Inc#

137,715

$22,488,860

 

45,894,426

 

 

Total Communications

413,550,258

 

Consumer, Cyclical (9.18%)

Copart Inc*

114,346

6,077,490

Costco Wholesale Corp

52,722

39,219,369

Dollar Tree Inc*,#

25,788

3,782,584

Fastenal Co

68,044

4,967,892

Lululemon Athletica Inc*

14,459

6,753,654

Marriott International Inc

34,973

8,738,704

O’Reilly Automotive Inc*,#

7,002

7,614,115

PACCAR Inc

62,288

6,907,116

Ross Stores Inc

40,325

6,006,812

Starbucks Corp

135,360

12,845,664

Tesla Inc*

221,846

44,786,270

Walgreens Boots Alliance Inc#

101,251

2,152,596

Total Consumer, Cyclical

149,852,266

 

Consumer, Non-Cyclical (12.01%)

Amgen Inc

63,730

17,451,184

AstraZeneca PLC#

69,341

4,448,919

Automatic Data Processing Inc

48,683

12,225,762

Biogen Inc*

16,982

3,684,924

Cintas Corp

12,128

7,623,782

Coca-Cola Europacific Partners PLC

53,536

3,674,176

CoStar Group Inc*,#

47,860

4,165,256

Security Description

Shares

 

Value

Dexcom Inc*

46,010

$5,294,371

GE HealthCare Technologies Inc#

53,355

4,870,244

Gilead Sciences Inc

147,485

10,633,669

IDEXX Laboratories Inc*

9,889

5,688,449

Illumina Inc*

18,611

2,602,376

Intuitive Surgical Inc*

41,925

16,166,280

Keurig Dr Pepper Inc

166,516

4,980,494

The Kraft Heinz Co

146,058

5,152,926

Moderna Inc*

45,129

4,162,699

Mondelez International Inc#

162,058

11,841,578

Monster Beverage Corp*

123,897

7,322,313

PayPal Holdings Inc*

128,387

7,746,872

PepsiCo Inc

163,721

27,069,630

Regeneron Pharmaceuticals Inc*

12,680

12,250,021

Verisk Analytics Inc

17,161

4,151,246

Vertex Pharmaceuticals Inc*

30,685

12,910,407

Total Consumer, Non-Cyclical

196,117,578

 

Energy (0.45%)

Baker Hughes Co

119,100

3,524,169

Diamondback Energy Inc

20,977

3,828,722

Total Energy

7,352,891

 

Industrial (1.85%)

CSX Corp

235,321

8,928,079

Honeywell International Inc

78,504

15,601,099

26

Nasdaq 100 Index FundPortfolio of Investments (Unaudited) (Continued)  2/29/24

See accompanying notes to financial statements.

Security Description

Shares

 

Value

Old Dominion Freight Line Inc

12,993

$5,749,143

Total Industrial

30,278,321

 

Technology (48.22%)

Computers (9.41%)

Apple Inc(a) 

717,053

129,607,330

Cognizant Technology Solutions Corp

59,348

4,689,679

Crowdstrike Holdings Inc*

27,106

8,786,410

Fortinet Inc*

90,892

6,281,546

Zscaler Inc*

17,383

4,206,165

 

153,571,130

Semiconductors (22.48%)

Advanced Micro Devices Inc*

192,376

37,038,151

Analog Devices Inc

58,739

11,267,315

Applied Materials Inc

99,616

20,084,578

ASML Holding NV

10,453

9,947,911

Broadcom Inc

55,624

72,338,455

GLOBALFOUNDRIES Inc*,#

64,834

3,544,475

Intel Corp#

502,049

21,613,209

KLA Corp

16,187

11,044,390

Lam Research Corp

15,694

14,724,896

Marvell Technology Inc

102,743

7,362,563

Microchip Technology Inc

64,428

5,420,972

Micron Technology Inc

130,641

11,837,381

NVIDIA Corp

113,878

90,091,163

NXP Semiconductors NV#

30,694

7,665,213

ON Semiconductor Corp*

50,478

3,983,724

QUALCOMM Inc#

132,538

20,913,171

Texas Instruments Inc

108,150

18,096,740

 

366,974,307

Security Description

Shares

 

Value

Software (16.33%)

Adobe Inc*

54,218

$30,377,261

ANSYS Inc*

10,181

3,402,185

Atlassian Corp*

18,167

3,768,199

Autodesk Inc*

25,455

6,571,717

Cadence Design Systems Inc*

32,397

9,860,999

Datadog Inc*

35,414

4,655,524

Electronic Arts Inc

31,855

4,443,135

Intuit Inc

33,335

22,097,438

Microsoft Corp

342,661

141,738,297

MongoDB Inc*,#

8,361

3,742,216

Paychex Inc#

43,016

5,274,622

Roper Technologies Inc

12,720

6,928,966

Splunk Inc*

19,748

3,085,033

Synopsys Inc*

18,110

10,390,250

Take-Two Interactive Software Inc*

19,932

2,928,609

Workday Inc*

24,888

7,333,498

 

266,597,949

 

 

Total Technology

787,143,386

 

Utilities (1.18%)

American Electric Power Co Inc

62,622

5,334,768

Constellation Energy Corp

37,802

6,367,748

Exelon Corp

116,666

4,181,309

Xcel Energy Inc

64,673

3,407,620

Total Utilities

19,291,445

 

Total Common Stock (Cost $726,320,693)

1,603,586,145

 

Security Description

Shares

 

Value

United States Treasury Bills (1.61%)

United States Treasury Bill
(Cost $26,204,009)

26,300,000

$26,203,384

 

Collateral Received for Securities on Loan (4.72%)

Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.51% (Cost $77,104,005)

77,104,005

 

Total Investments
(Cost $829,628,707) (104.55%)

$1,706,893,534

Liabilities in Excess of
Other Assets (-4.55%)

(74,449,451

)

Net Assets (100.00%)

$1,632,444,083

*Non-income producing security.

#Loaned security; a portion of the security is on loan at February 29, 2024.

(a)A portion of these securities, a total of $106,304,716, have been pledged or segregated in connection with obligations for futures contracts.

Futures contracts at February 29, 2024:

Contracts - $20 times premium / delivery month / commitment / exchange

Nasdaq 100 E-MINI

Notional Amount

 

Value

Unrealized Appreciation

75 / MAR 2024 / Long / CME

$26,510,840

$27,124,125

$613,285

27

See accompanying notes to financial statements.

Shelton Sustainable Equity FundPortfolio of Investments (Unaudited)  2/29/24

Security Description

Shares

 

Value

Common Stock (96.39%)

 

Basic Materials (5.81%)

Cabot Corp

53,272

$4,525,456

CF Industries Holdings Inc

40,000

3,228,800

Total Basic Materials

7,754,256

 

Consumer, Cyclical (6.76%)

Aramark

130,000

3,942,900

H&E Equipment Services Inc

90,000

5,084,100

Total Consumer, Cyclical

9,027,000

 

Consumer, Non-Cyclical (14.52%)

Bunge Global SA

54,000

5,095,980

Darling Ingredients Inc*

115,000

4,865,650

Moderna Inc*

16,720

1,542,253

R1 RCM Inc

210,000

2,950,500

Vestis Corp

65,000

1,219,400

Viatris Inc

300,000

3,711,000

Total Consumer, Non-Cyclical

19,384,783

 

Energy (10.88%)

Enphase Energy Inc*

33,200

4,216,732

First Solar Inc*

32,322

4,974,033

Green Plains Inc*

120,000

2,556,000

Shoals Technologies Group Inc

100,000

1,283,000

SolarEdge Technologies Inc

13,135

882,278

SunPower Corp

200,268

622,833

Total Energy

14,534,876

 

Security Description

Shares

 

Value

Financial (6.09%)

Alexandria Real Estate Equities Inc

26,400

$3,292,872

Hannon Armstrong Sustainable Infrastructure Capital Inc

192,500

4,845,225

Total Financial

8,138,097

 

Industrial (42.51%)

Accelleron Industries AG

4,875

163,516

Advanced Energy Industries Inc

44,700

4,523,640

AECOM

52,500

4,663,575

Ag Growth International Inc

84,900

3,538,790

Clean Harbors Inc*

25,000

4,552,500

Deere & Co

12,000

4,380,600

Energy Recovery Inc*

135,000

2,110,050

Gibraltar Industries Inc*

55,000

4,259,750

Johnson Controls International plc

70,000

4,148,900

Net Power Inc*

100,000

817,000

Ryerson Holding Corp

100,000

3,158,000

Schneider Electric SE

20,000

4,535,236

Siemens AG

20,000

3,954,604

The Timken Co

38,000

3,191,620

Valmont Industries Inc

15,500

3,284,915

Veralto Corp

8,333

720,138

Xylem Inc

37,500

4,764,375

Total Industrial

56,767,209

 

Security Description

Shares

 

Value

Utilities (9.82%)

Brookfield Renewable Corp

186,700

$4,428,524

Essential Utilities Inc

115,000

3,999,700

Ormat Technologies Inc

72,000

4,690,800

Total Utilities 

13,119,024

 

Total Common Stock (Cost $125,252,731)

128,725,245

 

United States Treasury Bills (3.51%)

United States Treasury Bill

4,700,000

4,682,734

Total United States Treasury Bills (Cost $4,682,785)

 

Total Investments
(Cost $129,935,516) (99.90%)

$133,407,979

Other Net Assets (0.10%)

137,790

Net Assets (100.00%)

$133,545,769

*Non-income producing security.

28

See accompanying notes to financial statements.

Statement of Assets & Liabilities
February 29, 2024 (Unaudited)

Green California Tax-Free Income Fund

U.S. Government Securities Fund

The
United States Treasury Trust

S&P 500 Index Fund

S&P
Midcap
Index Fund

Assets

Investments in securities

Cost of investments

$40,988,073

$14,806,448

$24,519,569

$94,154,589

$72,562,944

Market value of investments (Note 1)

40,831,810

14,216,199

24,519,569

267,091,177

111,163,373

Cash

80,127

46,700

84,947

64,168

66,121

Cash held at broker

Interest receivable

343,199

96,024

Dividend receivable

353,546

84,692

Variation margin receivable

4,747

Receivable from investment advisor

4,646

Receivable for fund shares sold

864

10,428

4,002

52,966

3,634

Securities Lending income receivable

1,214

355

Prepaid expenses

2,884

22,718

3,362

3,503

1,289

Total assets

$41,258,884

$14,396,715

$24,611,880

$267,571,321

$111,319,464

 

Liabilities

Written options, at value (premiums 6,169,503)

Variation margin payable

Cash due to Broker

Collateral for securities loaned

12,893,212

567,483

Payable to investment advisor

16,358

5,706

9,794

49,386

34,243

Payable for investments purchased

Payable for fund shares purchased

4,224

2,032

98,825

7,083

8,045

Distributions payable

12,176

990

463

Accrued 12b-1 fees

32

381

103

Accrued shareholder service fees

303

70

Accrued administration fees

2,309

806

1,379

13,944

6,043

Accrued CCO fees

404

273

4,458

1,735

Accrued custody fees

504

566

959

2,122

1,123

Accrued fund accounting fees

7,875

6,165

17,185

13,488

Accrued printing fees

2,794

841

2,490

1,564

Accrued state registration fees

5,227

18,405

4,888

3,440

5,656

Accrued transfer agent fees

5,702

8,193

6,886

9,666

5,801

Accrued trustee fees

97

138

771

508

Accrued expenses

3,044

3,998

26,540

16,294

Total liabilities

60,714

37,571

136,258

13,028,491

662,156

 

Net assets

$41,198,170

$14,359,144

$24,475,622

$254,542,830

$110,657,308

 

Net assets at February 29, 2024 consist of

Paid-in capital

$41,427,008

$15,761,489

$24,481,675

$74,088,908

$67,490,430

Distributable earnings/(loss)

(228,838

)

(1,402,345

)

(6,053

)

180,453,922

43,166,878

Total net assets

$41,198,170

$14,359,144

$24,475,622

$254,542,830

$110,657,308

 

Net assets

Investor Shares

$41,198,170

$14,196,115

$24,475,622

$252,585,419

$110,130,104

K Shares

$163,029

$1,957,411

$527,204

Institutional Shares

Shares outstanding

Investor Shares (no par value, unlimited shares authorized)

3,842,384

1,519,083

24,488,370

3,490,307

4,267,858

K Shares (no par value, unlimited shares authorized)

17,442

27,139

21,398

Institutional Shares (no par value, unlimited shares authorized)

Net asset value per share

Investor Shares

$10.72

$9.35

$1.00

$72.37

$25.80

K Shares

$9.35

$72.12

$24.64

Insitutional Shares 

See accompanying notes to financial statements.

29

Statement of Assets & Liabilities
February 29, 2024 (Unaudited) (Continued)

S&P
Smallcap Index Fund

Shelton Equity
Income
Fund

Nasdaq-100 Index Fund

Shelton Sustainable Equity Fund

Assets

Investments in securities

Cost of investments

$38,238,538

$592,253,950

$829,628,707

$129,935,516

Market value of investments (Note 1)

52,117,459

628,000,719

1,706,893,534

133,407,979

Cash

100,581

100,462

13,214

77,524

Cash held at broker

607,220

Interest receivable

Dividend receivable

56,200

812,344

1,360,445

304,646

Variation margin receivable

1,620

242,946

Receivable from investment advisor

111,941

Receivable for fund shares sold

12,011

848,450

2,077,321

19,194

Securities Lending income receivable

759

54,929

Prepaid expenses

4,884

17,392

104,038

6,855

Total assets

$52,293,514

$630,386,587

$1,710,858,368

$133,816,198

 

Liabilities

Written options, at value (premiums 6,169,503)

7,861,101

Variation margin payable

Cash due to Broker

1,910

Collateral for securities loaned

513,768

77,104,005

Payable to investment advisor

20,229

236,227

317,084

81,553

Payable for investments purchased

Payable for fund shares purchased

222,084

191,522

385,569

100,185

Distributions payable

1,387

Accrued 12b-1 fees

145

37

6,675

Accrued shareholder service fees

313,944

25,238

Accrued administration fees

2,856

33,947

89,547

7,676

Accrued CCO fees

493

8,413

20,238

1,820

Accrued custody fees

1,192

1,655

16,213

3,156

Accrued fund accounting fees

11,011

21,933

76,374

18,420

Accrued printing fees

25,021

6,248

15,696

Accrued state registration fees

3,067

7,734

1,518

Accrued transfer agent fees

5,381

53,522

34,339

10,936

Accrued trustee fees

88

910

388

552

Accrued expenses

17,497

9,825

42,274

3,679

Total liabilities

799,721

8,451,847

78,414,285

270,429

 

Net assets

$51,493,793

$621,934,740

$1,632,444,083

$133,545,769

 

Net assets at February 29, 2024 consist of

Paid-in capital

$35,095,426

$591,736,414

$746,610,288

$159,832,591

Distributable earnings/(loss)

16,398,367

30,198,326

885,833,795

(26,286,822

)

Total net assets

$51,493,793

$621,934,740

$1,632,444,083

$133,545,769

 

Net assets

Investor Shares

$50,760,246

$621,746,906

$1,581,036,958

$124,091,404

K Shares

$733,547

$187,834

$34,244,874

Institutional Shares

$17,162,251

$9,454,365

Shares outstanding

Investor Shares (no par value, unlimited shares authorized)

2,313,230

36,575,155

43,585,901

4,054,874

K Shares (no par value, unlimited shares authorized)

34,834

11,631

985,716

Institutional Shares (no par value, unlimited shares authorized)

472,380

307,900

Net asset value per share

Investor Shares

$21.94

$17.00

$36.27

$30.60

K Shares

$21.06

$16.15

$34.74

Insitutional Shares 

$36.33

$30.71

30

See accompanying notes to financial statements.

Statement of Operations
February 29, 2024 (Unaudited)

Green California Tax-Free Income Fund

U.S. Government Securities Fund

The United States Treasury Trust

S&P 500 Index Fund

Investment income

Interest income

$610,810

$259,378

$662,016

$40,094

Dividend income (tax withheld: -, -, -, $464)

1,835,587

Securities Lending Income

3,959

Total

610,810

259,378

662,016

1,879,640

 

Expenses

Management fees (Note 2)

103,003

36,375

61,591

288,885

Administration fees (Note 2)

14,756

5,211

8,823

82,740

Transfer agent fees

6,592

6,386

7,485

14,874

Accounting services

17,732

13,710

12,770

28,601

Custodian fees

1,131

782

1,308

7,677

Broker Fees

Legal and audit fees

12,111

10,927

11,519

25,584

CCO fees (Note 2)

2,713

1,234

1,619

14,413

Trustees fees

4,125

4,126

4,016

3,993

Insurance

843

298

439

3,675

Printing

10,162

10,131

10,206

19,285

Registration and dues

33

532

455

10,236

12b-1 fees Class K (Note 2)

563

2,715

Shareholder service fees Class K (Note 2)

563

2,715

Shareholder service fees Investor Class (Note 2)

Licensing fee

10,325

Total expenses

173,201

90,838

120,231

515,718

Less class specific expenses waived

Less reimbursement from manager (Note 2)

(33,931

)

Net expenses

173,201

56,907

120,231

515,718

Net investment income

437,609

202,471

541,785

1,363,922

 

Realized and unrealized gain/(loss) on investments

Net realized gain/(loss) from security transactions and foreign currency

90,028

(135

)

46

16,145,538

Net realized gain/(loss) from futures contracts

7,579

Net realized gain/(loss) from written options contracts

Change in unrealized appreciation/(depreciation) of investments

789,384

(22,153

)

13,292,713

Change in unrealized appreciation/(depreciation) of futures

2,776

Change in unrealized appreciation/(depreciation) of written options contracts

Net realized and unrealized gain/(loss) on investments

879,412

(22,288

)

46

29,448,605

Net increase/(decrease) in net assets resulting from operations

$1,317,021

$180,183

$541,831

$30,812,527

See accompanying notes to financial statements.

31

Statement of Operations
February 29, 2024 (Unaudited) (Continued)

S&P Midcap Index Fund

S&P Smallcap Index Fund

Shelton Equity Income Fund

Nasdaq-100 Index Fund

Shelton Sustainable Equity Fund

Investment income

Interest income

$13,051

$10,932

$1,391,937

$673,485

$40,340

Dividend income (tax withheld: -, $445, -, $16,188, $49,117, respectively)

876,878

466,870

4,507,814

6,848,168

1,177,684

Securities Lending Income

1,630

2,631

196,747

Total

891,559

480,433

5,899,751

7,718,400

1,218,024

 

Expenses

Management fees (Note 2)

206,235

123,873

1,353,385

1,759,516

585,104

Administration fees (Note 2)

36,926

17,741

195,533

503,771

55,913

Transfer agent fees

11,565

8,289

85,320

49,173

13,809

Accounting services

22,994

23,206

39,811

102,784

22,188

Custodian fees

6,036

4,720

13,330

37,440

7,788

Broker Fees

108

Legal and audit fees

22,777

20,904

40,370

70,135

18,856

CCO fees (Note 2)

6,648

3,298

32,348

77,944

7,616

Trustees fees

3,964

4,018

4,094

3,485

3,643

Insurance

1,836

983

7,528

17,957

2,780

Printing

16,051

14,392

114,216

16,467

28,870

Registration and dues

2,144

2,073

30,076

41,898

31,586

12b-1 fees Class K (Note 2)

781

1,725

585

39,404

Shareholder service fees Class K (Note 2)

781

1,725

585

39,404

Shareholder service fees Investor Class (Note 2)

1,709,791

179,983

Licensing fee

9,879

8,453

107,709

7,851

Total expenses

348,617

235,400

1,917,289

4,576,878

965,987

Less class specific expenses waived

Less reimbursement from manager (Note 2)

(952,296

)

Net expenses

348,617

235,400

1,917,289

3,624,582

965,987

Net investment income

542,942

245,033

3,982,462

4,093,818

252,037

 

Realized and unrealized gain/(loss) on investments

Net realized gain/(loss) from security transactions and foreign currency

4,311,679

2,443,447

16,841,590

59,781,635

5,414,702

Net realized gain/(loss) from futures contracts

(42,633

)

72,202

2,698,925

Net realized gain/(loss) from written options contracts

3,360,963

Change in unrealized appreciation/(depreciation) of investments

4,856,155

512,214

39,757,505

163,481,640

(13,726,434

)

Change in unrealized appreciation/(depreciation) of futures

(5,450

)

2,875

327,595

Change in unrealized appreciation/(depreciation) of written options contracts

(1,714,265

)

Net realized and unrealized gain/(loss) on investments

9,119,751

3,030,738

58,245,793

226,289,795

(8,311,732

)

Net increase/(decrease) in net assets resulting from operations

$9,662,693

$3,275,771

$62,228,255

$230,383,613

$(8,059,695

)

32

See accompanying notes to financial statements.

Statements of Changes in Net Assets

Green California Tax-Free Income Fund

U.S. Government
Securities Fund

The United States
Treasury Trust

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31, 2023

Six Months Ended February 29, 2024 (Unaudited)

Year Ended August 31, 2023

Six Months Ended February 29, 2024 (Unaudited)

Year Ended August 31, 2023

Operations

Net investment income/(loss)

$437,609

$984,429

$202,471

$275,671

$541,785

$849,875

Net realized gain/(loss) from security transactions and foreign currency

90,028

(39,708

)

(135

)

(693,808

)

46

58,265

Net realized gain/(loss) from futures contracts

Net realized gain/(loss) from written options contracts

Net realized gain/(loss) from purchased option contracts

Change in unrealized appreciation/(depreciation) of investments

789,384

(545,561

)

(22,153

)

228,416

Change in unrealized appreciation/(depreciation) of futures

Change in unrealized appreciation/(depreciation) of written options contracts

Net increase/(decrease) in net assets resulting from operations

1,317,021

399,160

180,183

(189,721

)

541,831

908,140

 

Distributions to shareholders

Distributions

Investor shares

(460,188

)

(997,532

)

(194,141

)

(274,619

)

(541,791

)

(912,637

)

K shares

(5,369

)

(9,492

)

(a) 

Institutional Shares

 

Capital share transactions

Increase/(decrease) in net assets resulting from capital share transactions

(1,613,040

)

(4,026,899

)

(333,735

)

(606,912

)

(397,291

)

(6,456,937

)

Total increase/(decrease)

(756,207

)

(4,625,271

)

(353,062

)

(1,080,744

)

(397,251

)

(6,461,434

)

 

Net assets

Beginning of year

$41,954,377

$46,579,648

$14,712,206

$15,792,950

$24,872,873

$31,334,307

End of year

$41,198,170

$41,954,377

$14,359,144

$14,712,206

$24,475,622

$24,872,873

See accompanying notes to financial statements.

33

Statements of Changes in Net Assets
(Continued)

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31, 2023

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31, 2023

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31, 2023

Operations

Net investment income/(loss)

$1,363,922

$2,800,799

$542,942

$1,148,509

$245,033

$553,070

Net realized gain/(loss) from security transactions and foreign currency

16,145,538

7,160,260

4,311,679

5,424,322

2,443,447

1,317,555

Net realized gain/(loss) from futures contracts

7,579

210,702

(42,633

)

48,369

72,202

17,631

Net realized gain/(loss) from written options contracts

Net realized gain/(loss) from purchased option contracts

Change in unrealized appreciation/(depreciation) of investments

13,292,713

21,355,945

4,856,155

4,057,419

512,214

703,019

Change in unrealized appreciation/(depreciation) of futures

2,776

50,750

(5,450

)

30,940

2,875

21,145

Change in unrealized appreciation/(depreciation) of written options contracts

Net increase/(decrease) in net assets resulting from operations

30,812,527

31,578,456

9,662,693

10,709,559

3,275,771

2,612,420

 

Distributions to shareholders

Distributions

Investor shares

(17,114,007

)

(10,026,468

)

(5,670,941

)

(9,140,199

)

(1,531,415

)

(4,996,603

)

K shares

(170,751

)

(94,123

)

(37,298

)

(60,038

)

(52,509

)

(176,479

)

Institutional Shares

 

Capital share transactions

Increase/(decrease) in net assets resulting from capital share transactions

10,559,568

(1,499,579

)

(2,042,626

)

(1,990,679

)

(2,337,983

)

(1,165,248

)

Total increase/(decrease)

24,087,337

19,958,287

1,911,828

(481,357

)

(646,136

)

(3,725,910

)

 

Net assets

Beginning of year

$230,455,493

$210,497,207

$108,745,480

$109,226,837

$52,139,929

$55,865,839

End of year

$254,542,830

$230,455,493

$110,657,308

$108,745,480

$51,493,793

$52,139,929

34

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

Shelton Equity
Income Fund

Nasdaq-100 Index Fund

Shelton Sustainable
Equity Fund

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31,
2023

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31,
2023

Six Months Ended February 29,
2024 (Unaudited)

Year Ended August 31,
2023

Operations

Net investment income/(loss)

$3,982,462

$6,305,977

$4,093,818

$4,645,236

$252,037

$321,852

Net realized gain/(loss) from security transactions and foreign currency

16,841,590

18,974,188

59,781,635

47,062,503

5,414,702

(18,508,878

)

Net realized gain/(loss) from futures contracts

2,698,925

3,131,838

Net realized gain/(loss) from written options contracts

3,360,963

12,764,772

Net realized gain/(loss) from purchased option contracts

(13,052

)

Change in unrealized appreciation/(depreciation) of investments

39,757,505

19,089,492

163,481,640

209,863,230

(13,726,434

)

(5,512,618

)

Change in unrealized appreciation/(depreciation) of futures

327,595

1,118,215

Change in unrealized appreciation/(depreciation) of written options contracts

(1,714,265

)

(1,281,030

)

Net increase/(decrease) in net assets resulting from operations

62,228,255

55,840,347

230,383,613

265,821,022

(8,059,695

)

(23,699,644

)

 

Distributions to shareholders

Distributions

Investor shares

(32,211,736

)

(38,955,568

)

(98,872,067

)

(31,496,166

)

(292,642

)

(695,270

)

K shares

(35,833

)

(61,931

)

(2,331,265

)

(803,787

)

Institutional Shares

(603,697

)

(4,663

)

(36,916

)

(4,404

)

 

Capital share transactions

Increase/(decrease) in net assets resulting from capital share transactions

67,209,457

147,071,588

179,391,534

91,874,862

(46,182,178

)

(67,152,825

)

Total increase/(decrease)

97,190,143

163,894,436

307,968,118

325,391,268

(54,571,431

)

(91,552,143

)

 

Net assets

Beginning of year

524,744,597

360,850,161

1,324,475,965

999,084,697

188,117,200

279,669,343

End of year

$621,934,740

$524,744,597

$1,632,444,083

$1,324,475,965

$133,545,769

$188,117,200

See accompanying notes to financial statements.

35

Statements of Changes in Net Assets
(Continued)

Green California Tax-Free Income Fund 

Investor Shares*

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares sold 

61,135

$647,922

104,243

$1,102,309

Shares issued in reinvestment of distributions 

36,250

380,944

78,624

832,248

Shares repurchased 

(248,749

)

(2,641,906

)

(559,982

)

(5,961,456

)

Net increase/(decrease) 

(151,364

)

$(1,613,040

)

(377,115

)

$(4,026,899

)

 

U.S. Government Securities Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

181,049

$1,702,099

305,876

$2,918,725

1,042

$9,603

6,646

$63,163

Shares issued in reinvestment of distributions 

20,413

188,131

28,081

266,080

585

5,370

1,000

9,492

Shares repurchased 

(190,511

)

(1,779,337

)

(380,894

)

(3,626,483

)

(48,455

)

(459,601

)

(24,773

)

(237,889

)

Net increase/(decrease) 

10,951

$110,893

(46,937

)

$(441,678

)

(46,828

)

$(444,628

)

(17,127

)

$(165,234

)

 

US Treasury Trust Fund 

Investor Shares*

 

Six Months
Ended
February 29,
2024
(Unaudited)

Year Ended
August 31,
2023

 

Shares and
Value

Shares and
Value

Shares sold 

$9,001,399

$25,808,166

Shares issued in reinvestment of distributions 

538,259

893,051

Shares repurchased 

(9,936,949

)

(33,158,154

)

Net increase/(decrease) 

$(397,291

)

$(6,456,937

)

 

S&P 500 Index Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold

137,753

$9,299,211

225,780

$14,190,506

666

$43,796

3,647

$228,408

Shares issued in reinvestment of distributions

218,092

14,171,085

135,642

8,397,350

2,637

170,676

1,520

93,979

Shares repurchased

(184,783

)

(12,420,285

)

(381,374

)

(24,088,196

)

(10,517

)

(704,915

)

(5,063

)

(321,626

)

Net increase/(decrease) 

171,062

$11,050,011

(19,952

)

$(1,500,340

)

(7,214

)

$(490,443

)

104

$761

 

S&P Midcap Index Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

46,012

$1,108,704

122,137

$2,942,471

298

$6,797

1,317

$30,207

Shares issued in reinvestment of distributions 

236,914

5,431,671

363,088

8,766,052

1,707

37,260

2,587

59,936

Shares repurchased 

(349,089

)

(8,380,767

)

(568,874

)

(13,648,533

)

(10,538

)

(246,291

)

(6,277

)

(140,812

)

Net increase/(decrease) 

(66,163

)

$(1,840,392

)

(83,649

)

$(1,940,010

)

(8,533

)

$(202,234

)

(2,373

)

$(50,669

)

 

*Direct share class changed to Investor on January 3, 2023.

36

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

S&P Smallcap Index Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

49,417

$1,024,357

152,687

$3,184,200

1,065

$21,321

2,563

$51,543

Shares issued in reinvestment of distributions 

74,219

1,471,267

224,686

4,788,470

2,773

52,509

8,596

176,478

Shares repurchased 

(181,795

)

(3,743,166

)

(441,232

)

(9,139,749

)

(55,114

)

(1,164,271

)

(11,822

)

(226,190

)

Net increase/(decrease) 

(58,159

)

$(1,247,542

)

(63,859

)

$(1,167,079

)

(51,276

)

$(1,090,441

)

(663

)

$1,831

 

Shelton Equity Income Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

6,842,742

$109,905,519

13,598,720

$212,349,221

275

$4,138

2,193

$32,551

Shares issued in reinvestment of distributions 

1,870,903

29,363,420

2,273,036

34,889,745

2,401

35,832

4,240

61,931

Shares repurchased 

(4,495,981

)

(71,623,554

)

(6,422,864

)

(100,114,867

)

(31,208

)

(475,898

)

(9,813

)

(146,993

)

Net increase/(decrease) 

4,217,664

$67,645,385

9,448,892

$147,124,099

(28,532

)

$(435,928

)

(3,380

)

$(52,511

)

 

 

 

Nasdaq-100 Index Fund 

Investor Shares*

K Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

6,926,593

$232,547,451

8,621,446

$252,630,019

52,584

$1,726,229

64,892

$1,731,599

Shares issued in reinvestment of distributions 

2,923,936

93,871,317

1,146,747

29,884,754

75,781

2,328,371

32,228

803,787

Shares repurchased 

(4,693,756

)

(157,855,880

)

(6,965,265

)

(194,001,352

)

(138,548

)

(4,405,221

)

(140,875

)

(3,745,589

)

Net increase/(decrease) 

5,156,773

$168,562,888

2,802,928

$88,513,421

(10,183

)

$(350,621

)

(43,755

)

$(1,210,203

)

 

Nasdaq-100 Index Fund 

Institutional Shares

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares sold 

347,765

$12,090,901

161,110

$4,910,544

Shares issued in reinvestment of distributions 

18,778

603,697

149

4,663

Shares repurchased 

(43,916

)

(1,515,331

)

(11,507

)

(343,563

)

Net increase/(decrease) 

322,627

$11,179,267

149,752

$4,571,644

 

Shelton Sustainable Equity Fund**

Investor Shares*

Institutional Shares***

 

Six Months Ended
February 29, 2024
(Unaudited)

Year Ended
August 31, 2023

Six Months Ended
February 29, 2024
(Unaudited)

Period Ended
August 31, 2023

 

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Shares sold 

219,634

$6,380,551

1,433,261

$46,385,505

99,321

$2,831,331

484,963

$15,539,364

Shares issued in reinvestment of distributions 

8,646

272,009

21,136

652,458

1,128

35,602

142

4,404

Shares repurchased 

(1,675,694

)

(49,578,638

)

(3,945,281

)

(127,404,271

)

(205,306

)

(6,123,033

)

(72,348

)

(2,330,285

)

Net increase/(decrease) 

(1,447,414

)

$(42,926,078

)

(2,490,884

)

$(80,366,308

)

(104,857

)

$(3,256,100

)

412,757

$13,213,483

*Direct shares changed to investor on January 3, 2023.

**Formally known as the Shelton Green Alpha Fund.

***Class commenced operations on October 10, 2022.

See accompanying notes to financial statements.

37

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period)

Green California Tax-Free Income Fund
Investor Shares

Six Months
Ended
February 29,
2024
(Unaudited)

Year Ended
August 31,
2023

Year Ended
August 31,
2022

Year Ended
August 31,
2021

Year Ended
August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$10.51

$10.66

$11.65

$11.76

$11.72

$11.29

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.11

0.23

0.21

0.21

0.21

0.23

Net gain/(loss) on securities (both realized and unrealized)

0.22

(0.14

)

(0.98

)

(0.10

)

0.06

0.45

Total from investment operations

0.33

0.09

(0.77

)

0.11

0.27

0.68

LESS DISTRIBUTIONS

Dividends from net investment income

(0.12

)

(0.24

)

(0.22

)

(0.22

)

(0.21

)

(0.23

)

Distributions from capital gains

(0.02

)

(0.02

)

Total distributions

(0.12

)

(0.24

)

(0.22

)

(0.22

)

(0.23

)

(0.25

)

Net asset value, end of year or period

$10.72

$10.51

$10.66

$11.65

$11.76

$11.72

 

Total return

(0.11

)%

0.81

%

(6.68

)%

0.96

%

2.31

%

6.10

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$41,198

$41,954

$46,580

$56,902

$61,357

$66,144

Ratio of expenses to average net assets

0.85

%(b) 

0.70

%

0.76

%

0.74

%

0.75

%

0.77

%

Ratio of net investment income/(loss) to average net assets

2.14

%(b) 

2.18

%

1.86

%

1.82

%

1.82

%

2.01

%

Portfolio turnover

6

%

26

%

15

%

7

%

9

%

4

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

38

See accompanying notes to financial statements.

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

U.S. Government Securities Fund
Investor Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$9.36

$9.65

$10.59

$10.94

$10.57

$9.98

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.13

0.17

0.11

0.12

0.13

0.15

Net gain/(loss) on securities (both realized and unrealized)

(0.01

)

(0.28

)

(0.92

)

(0.35

)

0.37

0.59

Total from investment operations

0.12

(0.11

)

(0.81

)

(0.23

)

0.50

0.74

LESS DISTRIBUTIONS

Dividends from net investment income

(0.13

)

(0.18

)

(0.13

)

(0.12

)

(0.13

)

(0.15

)

Total distributions

(0.13

)

(0.18

)

(0.13

)

(0.12

)

(0.13

)

(0.15

)

Net asset value, end of year or period

$9.35

$9.36

$9.65

$10.59

$10.94

$10.57

 

Total return

(1.31

)%

(1.17

)%

(7.72

)%

(2.14

)%

4.78

%

7.48

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$14,196

$14,110

$15,006

$18,846

$22,034

$17,263

Ratio of expenses to average net assets:

Before expense reimbursements

0.83

%(b) 

0.87

%

1.08

%

1.00

%

0.93

%

0.99

%

After expense reimbursements

0.77

%(b),(c) 

0.73

%(c) 

0.75

%(c) 

0.75

%(c) 

0.75

%(c) 

0.76

%(c) 

Ratio of net investment income/(loss) to average
net assets

Before expense reimbursements

2.74

%(b) 

1.68

%

0.80

%

0.84

%

1.07

%

1.23

%

After expense reimbursements

2.80

%(b) 

1.81

%

1.12

%

1.10

%

1.25

%

1.47

%

Portfolio turnover

26

%

46

%

9

%

15

%

10

%

8

%

U.S. Government Securities Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$9.37

$9.67

$10.61

$10.96

$10.59

$10.01

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.11

0.12

0.06

0.06

0.08

0.10

Net gain/(loss) on securities (both realized and unrealized)

(0.01

)

(0.29

)

(0.92

)

(0.35

)

0.37

0.58

Total from investment operations

0.10

(0.17

)

(0.86

)

(0.29

)

0.45

0.68

LESS DISTRIBUTIONS

Dividends from net investment income

(0.12

)

(0.13

)

(0.08

)

(0.06

)

(0.08

)

(0.10

)

Total distributions

(0.12

)

(0.13

)

(0.08

)

(0.06

)

(0.08

)

(0.10

)

Net asset value, end of year or period

$9.35

$9.37

$9.67

$10.61

$10.96

$10.59

 

Total return

(1.44

)%

(1.76

)%

(8.14

)%

(2.61

)%

4.28

%

6.87

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$163

$602

$787

$1,385

$1,672

$2,250

Ratio of expenses to average net assets:

Before expense reimbursements

1.29

%(b) 

1.38

%

1.58

%

1.51

%

1.44

%

1.49

%

After expense reimbursements

1.27

%(b),(c) 

1.23

%(c) 

1.25

%(c) 

1.25

%(c) 

1.26

%(c) 

1.26

%(c) 

Ratio of net investment income/(loss) to average
net assets

Before expense reimbursements

2.33

%(b) 

1.11

%

0.28

%

0.33

%

0.58

%

0.75

%

After expense reimbursements

2.35

%(b) 

1.25

%

0.62

%

0.60

%

0.76

%

0.98

%

Portfolio turnover

26

%

46

%

9

%

15

%

10

%

8

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

(c)CCO fees are not included in the expense limitation.

See accompanying notes to financial statements.

39

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

The United States Treasury Trust
Investor Shares

Six Months
Ended
February 29,
2024
(Unaudited)

Year Ended
August 31,
2023

Year Ended
August 31,
2022

Year Ended
August 31,
2021

Year Ended
August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.02

0.03

(b) 

0.01

0.02

Net gain/(loss) on securities (both realized and unrealized)

(0.02

)

0.01

Total from investment operations

0.04

0.01

0.02

LESS DISTRIBUTIONS

Dividends from net investment income

(0.04

)

(0.01

)

(0.02

)

Distributions from capital gains

(b) 

Total distributions

(0.04

)

(0.01

)

(0.02

)

Net asset value, end of year or period

$1.00

$1.00

$1.00

$1.00

$1.00

$1.00

 

Total return

0.72

%

3.73

%

0.20

%

0.00

%

0.67

%

1.75

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$24,476

$24,873

$31,334

$37,276

$36,917

$37,479

Ratio of expenses to average net assets:

Before expense reimbursements

0.99

%(c) 

0.87

%

0.81

%

0.77

%

0.78

%

0.77

%

After expense reimbursements

0.99

%(c),(d) 

0.73

%(d) 

0.24

%(d) 

0.07

%(d) 

0.45

%(d) 

0.55

%(d) 

Ratio of net investment income/(loss) to average
net assets

Before expense reimbursements

4.43

%(c) 

3.23

%

(0.37

)%

(0.70

)%

0.35

%

1.51

%

After expense reimbursements

4.43

%(c) 

3.37

%

0.19

%

0.00

%

0.68

%

1.73

%

 

(a)Calculated based upon average shares outstanding.

(b)Less than $0.01 per share.

(c)Annualized.

(d)CCO Fees are not included in the expense limitation.

S&P 500 Index Fund
Investor Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$68.72

$62.40

$74.67

$62.19

$56.00

$56.03

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.40

0.82

0.73

0.73

0.81

0.82

Net gain/(loss) on securities (both realized and unrealized)

8.44

8.51

(8.86

)

16.93

10.49

0.44

Total from investment operations

8.84

9.33

(8.13

)

17.66

11.30

1.26

LESS DISTRIBUTIONS

Dividends from net investment income

(0.38

)

(0.89

)

(0.79

)

(0.77

)

(0.85

)

(0.88

)

Distributions from capital gains

(4.81

)

(2.12

)

(3.35

)

(4.41

)

(4.26

)

(0.41

)

Total distributions

(5.19

)

(3.01

)

(4.14

)

(5.18

)

(5.11

)

(1.29

)

Net asset value, end of year or period

$72.37

$68.72

$62.40

$74.67

$62.19

$56.00

 

Total return

7.04

%

15.54

%

(11.54

)%

30.46

%

21.44

%

2.40

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$252,585

$228,102

$208,367

$243,580

$196,133

$185,170

Ratio of expenses to average net assets

0.44

%(b) 

0.41

%

0.43

%

0.43

%

0.48

%

0.50

%

Ratio of net investment income/(loss) to average

net assets

1.19

%(b) 

1.33

%

1.06

%

1.09

%

1.46

%

1.52

%

Portfolio turnover

7

%

1

%

3

%

9

%

8

%

3

%

40

See accompanying notes to financial statements.

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P 500 Index Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$68.50

$62.20

$74.45

$62.02

$55.92

$55.96

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.23

0.51

0.37

0.40

0.53

0.54

Net gain/(loss) on securities (both realized and unrealized)

8.41

8.49

(8.83

)

16.89

10.47

0.45

Total from investment operations

8.64

9.00

(8.46

)

17.29

11.00

0.99

LESS DISTRIBUTIONS

Dividends from net investment income

(0.21

)

(0.58

)

(0.44

)

(0.45

)

(0.64

)

(0.62

)

Distributions from capital gains

(4.81

)

(2.12

)

(3.35

)

(4.41

)

(4.26

)

(0.41

)

Total distributions

(5.02

)

(2.70

)

(3.79

)

(4.86

)

(4.90

)

(1.03

)

Net asset value, end of year or period

$72.12

$68.50

$62.20

$74.45

$62.02

$55.92

 

Total return

6.94

%

14.97

%

(11.99

)%

29.82

%

20.84

%

1.88

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$1,957

$2,353

$2,130

$3,899

$3,085

$6,165

Ratio of expenses to average net assets

0.95

%(b) 

0.91

%

0.93

%

0.93

%

0.98

%

0.99

%

Ratio of net investment income/(loss) to average

net assets

0.69

%(b) 

0.83

%

0.53

%

0.59

%

0.96

%

1.02

%

Portfolio turnover

7

%

1

%

3

%

9

%

8

%

3

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

S&P Midcap Index Fund
Investor Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$24.93

$24.55

$30.45

$23.07

$23.85

$28.77

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.13

0.26

0.24

0.29

0.22

0.23

Net gain/(loss) on securities (both realized and unrealized)

2.09

2.22

(3.26

)

9.30

0.80

(2.23

)

Total from investment operations

2.22

2.48

(3.02

)

9.59

1.02

(2.00

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.10

)

(0.31

)

(0.37

)

(0.22

)

(0.24

)

(0.24

)

Distributions from capital gains

(1.25

)

(1.79

)

(2.51

)

(1.99

)

(1.56

)

(2.68

)

Total distributions

(1.35

)

(2.10

)

(2.88

)

(2.21

)

(1.80

)

(2.92

)

Net asset value, end of year or period

$25.80

$24.93

$24.55

$30.45

$23.07

$23.85

 

Total return

4.07

%

10.50

%

(10.66

)%

44.10

%

4.18

%

(6.85

)%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$110,130

$108,031

$108,466

$132,128

$98,496

$107,054

Ratio of expenses to average net assets

0.67

%(b) 

0.58

%

0.62

%

0.62

%

0.66

%

0.67

%

Ratio of net investment income/(loss) to average
net assets

1.05

%(b) 

1.06

%

0.88

%

0.99

%

0.97

%

0.95

%

Portfolio turnover

10

%

13

%

12

%

19

%

13

%

13

%

See accompanying notes to financial statements.

41

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P Midcap Index Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$23.85

$23.57

$29.32

$22.29

$23.47

$28.37

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.07

0.13

0.10

0.14

0.11

0.11

Net gain/(loss) on securities (both realized and unrealized)

2.01

2.12

(3.12

)

8.97

0.50

(2.19

)

Total from investment operations

2.08

2.25

(3.02

)

9.11

0.61

(2.08

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.04

)

(0.18

)

(0.22

)

(0.09

)

(0.23

)

(0.14

)

Distributions from capital gains

(1.25

)

(1.79

)

(2.51

)

(1.99

)

(1.56

)

(2.68

)

Total distributions

(1.29

)

(1.97

)

(2.73

)

(2.08

)

(1.79

)

(2.82

)

Net asset value, end of year or period

$24.64

$23.85

$23.57

$29.32

$22.29

$23.47

 

Total return

4.01

%

9.88

%

(11.05

)%

43.33

%

2.37

%

(7.27

)%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$527

$714

$761

$1,338

$1,059

$3,077

Ratio of expenses to average net assets

1.17

%(b) 

1.08

%

1.12

%

1.12

%

1.16

%

1.17

%

Ratio of net investment income/(loss) to average
net assets

0.61

%(b) 

0.56

%

0.37

%

0.48

%

0.49

%

0.45

%

Portfolio turnover

10

%

13

%

12

%

19

%

13

%

13

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

S&P SmallCap Index Fund
Investor Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$21.25

$22.18

$27.78

$19.03

$20.52

$26.43

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.10

0.22

0.19

0.15

0.12

0.15

Net gain/(loss) on securities (both realized and unrealized)

1.26

0.97

(3.29

)

9.61

(0.05

)

(4.27

)

Total from investment operations

1.36

1.19

(3.10

)

9.76

0.07

(4.12

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.08

)

(0.26

)

(0.25

)

(0.12

)

(0.15

)

(0.15

)

Distributions from capital gains

(0.59

)

(1.86

)

(2.25

)

(0.89

)

(1.41

)

(1.64

)

Total distributions

(0.67

)

(2.12

)

(2.50

)

(1.01

)

(1.56

)

(1.79

)

Net asset value, end of year or period

$21.94

$21.25

$22.18

$27.78

$19.03

$20.52

 

Total return

(0.95

)%

5.47

%

(12.15

)%

52.93

%

(0.18

)%

(15.82

)%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$50,760

$50,383

$54,011

$64,461

$46,948

$61,412

Ratio of expenses to average net assets

0.95

%(b) 

0.72

%

0.80

%

0.81

%

0.83

%

0.81

%

Ratio of net investment income/(loss) to average
net assets

1.01

%(b) 

1.06

%

0.76

%

0.59

%

0.60

%

0.70

%

Portfolio turnover

17

%

12

%

14

%

14

%

20

%

14

%

42

See accompanying notes to financial statements.

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P SmallCap Index Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$20.41

$21.37

$26.85

$18.43

$19.96

$25.77

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.06

0.11

0.06

0.03

0.02

0.05

Net gain/(loss) on securities (both realized and unrealized)

1.20

0.94

(3.17

)

9.30

(0.05

)

(4.16

)

Total from investment operations

1.26

1.05

(3.11

)

9.33

(0.03

)

(4.11

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.02

)

(0.15

)

(0.12

)

(0.02

)

(0.09

)

(0.06

)

Distributions from capital gains

(0.59

)

(1.86

)

(2.25

)

(0.89

)

(1.41

)

(1.64

)

Total distributions

(0.61

)

(2.01

)

(2.37

)

(0.91

)

(1.50

)

(1.70

)

Net asset value, end of year or period

$21.06

$20.41

$21.37

$26.85

$18.43

$19.96

 

Total return

(0.99

)%

4.94

%

(12.60

)%

52.18

%

(0.74

)%

(16.22

)%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$734

$1,757

$1,854

$3,569

$2,306

$4,908

Ratio of expenses to average net assets

1.46

%(b) 

1.22

%

1.31

%

1.31

%

1.33

%

1.31

%

Ratio of net investment income/(loss) to average
net assets

0.57

%(b) 

0.56

%

0.27

%

0.10

%

0.12

%

0.21

%

Portfolio turnover

17

%

12

%

14

%

14

%

20

%

14

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

Shelton Equity Income Fund
Investor Shares

Six Months
Ended
February 29,
2024
(Unaudited)

Year Ended
August 31,
2023

Year Ended
August 31,
2022

Year Ended
August 31,
2021

Year Ended
August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$16.20

$15.72

$19.31

$18.68

$20.05

$24.53

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.12

0.23

0.16

0.18

0.25

0.36

Net gain/(loss) on securities (both realized and unrealized)

1.64

1.77

(1.71

)

4.62

1.22

(0.51

)

Total from investment operations

1.76

2.00

(1.55

)

4.80

1.47

(0.15

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.69

)

(1.30

)

(1.61

)

(1.64

)

(1.50

)

(0.68

)

Distributions from capital gains

(0.27

)

(0.22

)

(0.43

)

(2.53

)

(1.34

)

(3.65

)

Total distributions

(0.96

)

(1.52

)

(2.04

)

(4.17

)

(2.84

)

(4.33

)

Net asset value, end of year or period

$17.00

$16.20

$15.72

$19.31

$18.68

$20.05

 

Total return

5.66

%

13.65

%

(8.72

)%

30.38

%

7.99

%

0.41

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$621,747

$524,125

$360,196

$226,412

$150,038

$148,997

Ratio of expenses to average net assets

0.71

%(b) 

0.69

%

0.72

%

0.74

%

0.84

%

0.82

%

Ratio of net investment income/(loss) to average
net assets

1.46

%(b) 

1.51

%

0.91

%

0.99

%

1.33

%

1.77

%

Portfolio turnover

52

%

79

%

49

%

108

%

113

%

21

%

See accompanying notes to financial statements.

43

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

Shelton Equity Income Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$15.42

$15.01

$18.69

$18.21

$19.74

$24.22

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.07

0.15

0.05

0.09

0.16

0.26

Net gain/(loss) on securities (both realized and unrealized)

1.57

1.68

(1.62

)

4.48

1.19

(0.50

)

Total from investment operations

1.64

1.83

(1.57

)

4.57

1.35

(0.24

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.64

)

(1.20

)

(1.68

)

(1.56

)

(1.54

)

(0.59

)

Distributions from capital gains

(0.27

)

(0.22

)

(0.43

)

(2.53

)

(1.34

)

(3.65

)

Total distributions

(0.91

)

(1.42

)

(2.11

)

(4.09

)

(2.88

)

(4.24

)

Net asset value, end of year or period

$16.15

$15.42

$15.01

$18.69

$18.21

$19.74

 

Total return

5.56

%

13.07

%

(9.17

)%

29.73

%

7.40

%

(0.08

)%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year or period (000s)

$188

$619

$654

$1,391

$1,382

$2,601

Ratio of expenses to average net assets

1.21

%(b) 

1.19

%

1.23

%

1.24

%

1.34

%

1.32

%

Ratio of net investment income/(loss) to average
net assets

0.95

%(b) 

0.99

%

0.30

%

0.49

%

0.85

%

1.27

%

Portfolio turnover

52

%

79

%

49

%

108

%

113

%

21

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

Nasdaq-100 Index Fund
Investor Shares

Six
Months Ended February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$33.50

$27.28

$35.45

$27.78

$18.78

$18.85

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.10

0.13

0.09

0.07

0.10

0.11

Net gain/(loss) on securities (both realized and unrealized)

5.16

6.99

(7.31

)

7.98

10.32

0.18

Total from investment operations

5.26

7.12

(7.22

)

8.05

10.42

0.29

LESS DISTRIBUTIONS

Dividends from net investment income

(0.09

)

(0.13

)

(0.07

)

(0.11

)

(0.10

)

(0.12

)

Distributions from capital gains

(2.40

)

(0.77

)

(0.88

)

(0.27

)

(1.32

)

(0.24

)

Total distributions

(2.49

)

(0.90

)

(0.95

)

(0.38

)

(1.42

)

(0.36

)

Net asset value, end of year or period

$36.27

$33.50

$27.28

$35.45

$27.78

$18.78

 

Total return

7.34

%

27.05

%

(20.95

)%

29.31

%

58.98

%

1.72

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year (000s)

$1,581,084

$1,287,407

$971,812

$1,188,238

$889,163

$607,521

Ratio of expenses to average net assets:

Before expense reimbursements

0.65

%(b) 

0.66

%

0.63

%

0.63

%

0.70

%

0.74

%

After expense reimbursements

0.51

%(b),(c) 

0.50

%(c) 

0.50

%(c) 

0.50

%(c) 

0.50

%(c) 

0.50

%(c) 

Ratio of net investment income/(loss) to average
net assets

Before expense reimbursements

0.44

%(b) 

0.30

%

0.16

%

0.11

%

0.27

%

0.40

%

After expense reimbursements

0.59

%(b) 

0.46

%

0.29

%

0.24

%

0.47

%

0.64

%

Portfolio turnover

16

%

22

%

6

%

7

%

12

%

18

%

44

See accompanying notes to financial statements.

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

Nasdaq-100 Index Fund
K Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$32.18

$26.23

$34.21

$26.88

$18.23

$18.31

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.04

0.01

(0.07

)

(0.07

)

(0.01

)

0.02

Net gain/(loss) on securities (both realized and unrealized)

4.94

6.73

(7.03

)

7.70

10.01

0.18

Total from investment operations

4.98

6.74

(7.10

)

7.63

10.00

0.20

LESS DISTRIBUTIONS

Dividends from net investment income

(0.02

)

(0.02

)

(0.03

)

(0.03

)

(0.04

)

Distributions from capital gains

(2.40

)

(0.77

)

(0.88

)

(0.27

)

(1.32

)

(0.24

)

Total distributions

(2.42

)

(0.79

)

(0.88

)

(0.30

)

(1.35

)

(0.28

)

Net asset value, end of year or period

$34.74

$32.18

$26.23

$34.21

$26.88

$18.23

 

Total return

7.26

%

26.56

%

(21.36

)%

28.66

%

58.17

%

1.24

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year (000s)

$34,239

$32,048

$27,273

$38,457

$31,064

$24,755

Ratio of expenses to average net assets:

Before expense reimbursements

0.91

%(b) 

0.91

%

1.02

%

1.13

%

1.20

%

1.24

%

After expense reimbursements

0.87

%(b),(c) 

0.91

%(c) 

1.00

%(c) 

1.00

%(c) 

1.00

%(c) 

1.00

%(c) 

Ratio of net investment income/(loss) to average
net assets

Before expense reimbursements

0.20

%(b) 

0.05

%

(0.24

)%

(0.38

)%

(0.23

)%

(0.10

)%

After expense reimbursements

0.22

%(b) 

0.05

%

(0.22

)%

(0.25

)%

(0.03

)%

0.14

%

Portfolio turnover

16

%

22

%

6

%

7

%

12

%

18

%

 

(a)Calculated based upon average shares outstanding.

(b)Annualized.

(c) CCO Fees are not included in the expense limitation.

Nasdaq-100 Index Fund
Institutional Shares

Six Months Ended
February 29, 2024 (Unaudited)

Year Ended August 31,
2023

Period Ended August 31, 2022(a) 

Net asset value, beginning of year

$33.53

$27.28

$29.61

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(b) 

0.15

0.22

0.07

Net gain/(loss) on securities (both realized and unrealized)

5.16

6.93

(2.38

)

Total from investment operations

5.31

7.15

(2.31

)

LESS DISTRIBUTIONS

Dividends from net investment income

(0.11

)

(0.13

)

(0.02

)

Distributions from capital gains

(2.40

)

(0.77

)

Total distributions

(2.51

)

(0.90

)

(0.02

)

Net asset value, end of year or period

$36.33

$33.53

$27.28

 

Total return

7.36

%

27.15

%

(7.80

)%(c) 

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year (000s)

$17,162

$5,022

$0

Ratio of expenses to average net assets:

Before expense reimbursements

0.38

%(d) 

0.38

%

0.39

%(d) 

After expense reimbursements

0.26

%(b),(d) 

0.26

%

0.39

%(d),(e) 

Ratio of net investment income/(loss) to average net assets

Before expense reimbursements

0.77

%(d) 

0.58

%

0.49

%(d) 

After expense reimbursements

0.89

%(d) 

0.71

%

0.49

%(d) 

Portfolio turnover

16

%

22

%

6

%

 

(a)Calculated based upon average shares outstanding.

(b)CCO Fees are not included in the expense limitation.

(c)Not annualized.

(d)Annualized.

(e)See Note 2 for reference to expenses excluded.

See accompanying notes to financial statements.

45

Financial Highlights
(For a Share Outstanding Throughout Each Year or Period) (Continued)

Shelton Sustainable Equity Fund
Investor Shares

Six Months Ended
February 29,
2024
(Unaudited)

Year Ended August 31,
2023

Year Ended August 31,
2022

Year Ended August 31,
2021

Year Ended August 31,
2020

Year Ended
August 31,
2019

Net asset value, beginning of year

$31.80

$34.99

$49.07

$29.65

$18.44

$17.20

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.04

0.05

0.37

(0.08

)

(0.01

)

0.03

Net gain/(loss) on securities (both realized and unrealized)

(1.18

)

(3.13

)

(12.49

)

19.95

11.24

1.47

Total from investment operations

(1.14

)

(3.08

)

(12.12

)

19.87

11.23

1.50

LESS DISTRIBUTIONS

Dividends from net investment income

(0.06

)

(0.11

)(b) 

(0.36

)

(0.02

)

(0.02

)

Distributions from capital gains

(1.60

)

(0.45

)

(0.24

)

Total distributions

(0.06

)

(0.11

)

(1.96

)

(0.45

)

(0.02

)

(0.26

)

Net asset value, end of year or period

$30.60

$31.80

$34.99

$49.07

$29.65

$18.44

 

Total return

(2.73

)%

(8.80

)%

(25.52

)%

67.36

%

60.93

%

8.91

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year (000s)

$124,091

$174,955

$279,669

$343,542

$91,607

$56,567

Ratio of expenses to average net assets

1.27

%(c) 

1.23

%

1.16

%

1.16

%

1.28

%

1.34

%

Ratio of net investment income/(loss) to average
net assets

0.30

%(c) 

0.15

%

0.94

%

(0.35

)%

(0.05

)%

0.15

%

Portfolio turnover

11

%

105

%

5

%

12

%

27

%

12

%

Shelton Sustainable Equity Fund
Institutional Shares
(d) 

Six Months Ended
February 29, 2024 (Unaudited)

Period Ended August 31,
2023

Net asset value, beginning of year

$31.89

$29.64

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)(a) 

0.08

0.12

Net gain/(loss) on securities (both realized and unrealized)

(1.17

)

2.22

Total from investment operations

(1.09

)

2.34

LESS DISTRIBUTIONS

Dividends from net investment income

(0.09

)

(0.09

)

Distributions from capital gains

Total distributions

(0.09

)

(0.09

)(b) 

Net asset value, end of year or period

$30.71

$31.89

 

Total return(e) 

(2.66

)%

7.90

%

 

RATIOS / SUPPLEMENTAL DATA

Net assets, end of year (000s)

$9,454

$13,162

Ratio of expenses to average net assets:

Ratio of expenses to average net assets

1.03

%(c) 

0.97

%(c) 

Ratio of net investment income/(loss) to average net assets

Ratio of net investment income/(loss) to average net assets

0.55

%(c) 

0.43

%(c) 

Portfolio turnover

11

%

105

%

 

(a)Calculated based upon average shares outstanding.

(b)$0.02 of this distribution was return of capital.

(c)Annualized.

(d)Class commenced operations on October 10, 2022.

(e)Not Annualized.

46

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Green California Tax-Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Nasdaq-100 Index Fund, and Shelton Sustainable Equity Fund (formerly known as Shelton Green Alpha Fund) (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: Green California Tax-Free Income Fund seeks high current tax-free income for California residents. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives. The United States Treasury Trust seeks high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share. S&P 500 Index Fund’s objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&P 500 Composite Stock Price Index. S&P MidCap Index Fund attempts to replicate the performance of medium-sized U.S. companies as measured by the S&P MidCap 400 Index. S&P SmallCap Index Fund attempts to replicate the performance of small-sized U.S. companies as measured by the S&P SmallCap 600 Stock Index. The Shelton Equity Income Fund’s objective is to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. The Shelton Equity Income Fund changed its name from the Shelton Core Value Fund effective May 19, 2021. Shelton Sustainable Equity Fund seeks to achieve long-term capital appreciation by investing in stocks in the Green Economy, as defined in the Fund’s Prospectus. Shelton Sustainable Equity Fund changed its name from the Shelton Green Alpha Fund effective December 20, 2022. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index®.

U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, and Nasdaq-100 Index Fund each offer Investor Shares and Class K Shares. Shelton Sustainable Equity Fund offers Investor Shares and effective October 10, 2022, Shelton Sustainable Equity Fund also offers Institutional Shares. Effective March 7, 2022, Nasdaq-100 Index Fund also offers Institutional Shares. Shares of each Fund represent equal proportionate interest in the assets of that Fund only, and have identical voting, dividend, redemption, liquidation and other rights. Income, expenses (other than the expenses attributable to a specific class), and realized and unrealized gains or losses on investments of the Funds are allocated proportionately to each class of shares offered based on the daily net assets, except for Rule 12b-1 distribution fees and shareholder service fees, which are charged only to K Shares. The following is a summary of significant accounting policies followed by the Funds.

(a) Security Valuation – Equity securities listed on a national exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Fund’s valuation designee appointed by the Board of Trustees (the “Board”) and which the valuation designee has determined in good faith reflects the market-based net asset value per share. The Fund receives options pricing data from the Trust’s third party pricing service who use the last traded price to quote options positions.

Securities for which market quotes are not readily available from the Trust’s third party pricing service are valued at fair value, determined in good faith and in accordance with procedures established established by the Pricing Committee of the Advisor, the Funds’ valuation designee pursuant to Rule 2a-5. The Board has delegated to the valuation designee the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings.

(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of cash or U.S. treasury bills, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Shelton Sustainable Equity Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.

(c) Options – The Shelton Equity Income Fund may write call options. When an option is written, the Fund receives a premium and becomes obligated to sell the underlying security at a fixed price, upon exercise of the option. Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as the Options Clearing Corporation). The difference between the premium received or paid, and the market value of the option, is recorded as unrealized appreciation or depreciation. When an option is exercised, the proceeds of the security sold are adjusted by the amount of premium received. Upon the expiration of the option, a gain or loss is reported in the Statement of Operations. The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or give up the opportunity for profit.

(d) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders.

(e) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. The specific identification method is used for determining realized gains and losses. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for Green California Tax-Free Income Fund, U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Shelton Sustainable Equity Fund and Nasdaq-100 Index Fund. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for futures contracts, redemptions-in-kind and post-October capital losses. For The United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The U.S. Treasury Trust intends to maintain a continuous net asset value per share of $1.00. If net asset value per share using available market information deviates from $1.00 by $.005 or more, the Board of Trustees would consider what steps, if any, should be taken to restore net asset value per share to $1.00. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method.

(f) Concentration – Green California Tax-Free Income Fund invests in debt instruments of municipal issuers. The issuers’ abilities to meet their obligations may be affected by economic developments in the state of California.

47

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, and Nasdaq-100 Index Fund seek to replicate the performance of their respective index. From time to time this replication may lead a Fund to concentrate in stocks of a particular sector, category or group of companies, which could cause each Fund to underperform the overall stock market.

(g) Use of Estimates in Financial Statements – In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

(h) Share Valuations – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund’s shares will not be priced on the days on which the NYSE is closed for trading. Bond and money market funds are closed on Columbus Day (observed) and Veteran’s Day (observed). The offering and redemption price per share of each Fund is equal to a Fund’s NAV per share.

(i) Accounting for Uncertainty in Income Taxes – The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2020-2022), or expected to be taken in the Fund’s 2022 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

(j) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation inputs of the Trust’s securities at February 29, 2024 using a fair value hierarchy:

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Level 1(a),(d) 

Level 2(a),(d) 

Level 3(a) 

Fund

Investments
in Securities

Investments
in Securities

Investments
in Securities

Total Investments

Futures
Contracts -
Assets

Futures
Contracts -
Liabilities

Written
Options -
Liabilities

Green California Tax-Free Income Fund

 

 

 

 

 

 

 

Investments in Securities

$

$40,831,810

$

$40,831,810

$

$

$

Investments Purchased With Proceeds From
Securities Lending

Total

$

$40,831,810

$

$40,831,810

$

$

$

 

U.S. Government Securities Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$

$14,216,199

$

$14,216,199

$

$

$

Investments Purchased With Proceeds From Securities Lending

Total

$

$14,216,199

$

$14,216,199

$

$

$

 

The United States Treasury Trust Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$

$24,519,569

$

$24,519,569

$

$

$

Investments Purchased With Proceeds From Securities Lending

Total

$

$24,519,569

$

$24,519,569

$

$

$

 

S&P 500 Index Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$253,002,373

$1,195,592

$

$29,456,234

$10,413

$

$

Investments Purchased With Proceeds From
Securities Lending

905,726

Total

$253,002,373

$1,195,592

$

$30,361,960

$10,413

$

$

 

S&P MidCap Index Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$110,496,257

$99,633

$

$110,595,890

$

$

$

Investments Purchased With Proceeds From
Securities Lending

567,483

Total

$110,496,257

$99,633

$

$111,163,373

$

$

$

 

S&P SmallCap Index Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$51,205,160

$398,531

$0

$29,456,234

$4,045

$

$

Investments Purchased With Proceeds From Securities Lending

513,768

Total

$51,205,160

$398,531

$0

$52,117,459

$4,045

$

$

48

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Level 1(a),(d) 

Level 2(a),(d) 

Level 3(a) 

Fund

Investments
in Securities

Investments
in Securities

Investments
in Securities

Total Investments

Futures
Contracts -
Assets

Futures
Contracts -
Liabilities

Written
Options -
Liabilities

Shelton Equity Income Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$589,941,051

$24,252,391

$

$628,000,719

$

$

$7,861,101

Investments Purchased With Proceeds From Securities Lending

Total

$589,941,051

$24,252,391

$

$628,000,719

$

$

$7,861,101

 

Nasdaq-100 Index Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$1,603,586,145

$26,203,384

$

$1,629,789,529

$612,285

$

$

Investments Purchased With Proceeds From Securities Lending

77,104,005

Total

$1,603,586,145

$26,203,384

$

$1,706,893,534

$612,285

$

$

 

Shelton Sustainable Equity Fund

Level 1(a),(b) 

Level 2(a),(c) 

Level 3(a) 

Total

 

 

 

Investments in Securities

$128,725,245

$4,682,734

$

$133,407,979

$

$

$

Investments Purchased With Proceeds From Securities Lending

Total

$128,725,245

$4,682,734

$

$133,407,979

$

$

$

  

(a)It is the Funds’ policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of year end for all Funds. See following table for Level 3 reconciliation for Shelton S&P SmallCap Index Fund.

(b)All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities. For a detailed break-out of equity securities by major industry classification, please refer to each Portfolio of Investments.

(c)All fixed income securities held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to each Portfolio of Investments.

(d)Represents unrealized appreciation/depreciation on the last day of the reporting period.

Level 3 Securities

S&P SmallCap Index Fund

Beginning Balance

$

0

Net Purchases

Net Sales

Total Realized Gain/(Loss)

Change in Unrealized Appreciation (Depreciation)

Accrued Interest

Transfers into Level 3

Transfers out of Level 3

Ending Balance

$

0

Disclosures surrounding Level 3 inputs have been omitted given that the overall fair value is immaterial to the financial statements.

(k) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Information about the Funds’ use of futures contracts and their impact on the financial statements is presented below. See Note 4 for information on the Funds’ use of options contracts.

S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Nasdaq-100 Index Fund and Shelton Sustainable Equity Fund can use futures contracts and strategies and Shelton Equity Income Fund can use option contracts and strategies for achieving the investment objectives.

Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index funds, these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. For the non-indexed Funds, they may invest in futures contracts to the extent each Fund holds cash in the portfolio. If these futures contracts owned by each Fund do not perform well, the Funds’ performance will be impacted.

Under normal circumstances each Fund may follow a number of investment policies to achieve its objective. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits equal or greater than the total market value of any futures position. The value of all futures and options contracts in which the Funds acquire an interest will not exceed 20% of current total assets.

At February 29, 2024, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund were 5, 5, 3, and 51, respectively. The Shelton Equity Income Fund and Shelton Sustainable Equity Fund held no futures contracts at February 29, 2024. Only current day’s variation margin is reported as an asset or liability within the statements of assets and liabilities. Shelton Capital Management utilizes Wells Fargo Securities as the counterparty for futures transactions.

49

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

The effect of futures contracts on the Statements of Assets & Liabilities as of February 29, 2024:

Derivatives Not Accounted for as Hedging Instruments

Variation Margin
Payable

Variation Margin
Receivable

S&P 500 Index Fund - Equity contracts

$

$

4,747

S&P MidCap Index Fund - Equity contracts

S&P SmallCap Index Fund - Equity contracts

1,620

Nasdaq-100 Index Fund - Equity contracts

242,946

The effect of futures contracts on the Statements of Operations for the year ended February 29, 2024:

Derivatives Not Accounted for as Hedging Instruments

Realized Gain/(Loss)
on Futures

Changes in Unrealized
Appreciation/(Depreciation)
on Futures

S&P 500 Index Fund - Equity contracts

$

7,579

$

2,776

S&P MidCap Index Fund - Equity contracts

(42,633

)

(5,450)

S&P SmallCap Index Fund - Equity contracts

72,202

2,875

Nasdaq-100 Index Fund - Equity contracts

2,698,925

327,595

Offsetting of Financial Assets and Derivative Liabilities

The following table presents the Funds’ liability derivatives available for offset under a master netting arrangement net of collateral pledged for the Funds as of February 29, 2024.

Liabilities:

Gross Amounts
of Recognized
Liabilities-
Futures

Gross Amounts
Offset in the
Statements
of Assets &
Liabilities-
Futures

Net Amounts
Presented
in the Statements
of Assets &
Liabilities -
Futures

Gross Amounts
on Futures Not Offset
in the Statement of
Assets & Liabilities

Net
Amount

Description

Financial
Instruments

Collateral
Pledged/
Received

S&P 500 Index Fund

$

$

$

$

$

$

S&P MidCap Index Fund

S&P SmallCap Index Fund

Total

$

$

$

$

$

$

  

(a)The amount is limited to the derivative liability balance and, accordingly, does not include excess collateral pledged.

The previously disclosed derivative instruments outstanding as of February 29, 2024, and their effect on the Statement of Operations for the year ending February 29, 2024, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the year:

Derivatives Not Accounted for as Hedging Instruments

Average Notional Value

S&P 500 Index Fund - Equity contracts

$1,655,167

S&P MidCap Index Fund - Equity contracts

553,368

S&P SmallCap Index Fund - Equity contracts

488,363

Nasdaq-100 Index Fund - Equity contracts

21,204,527

NOTE 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS

Shelton Capital Management (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:

To $100 million
in net assets

$100 million to
$500 million in
net assets

$500 million to
$1 billion in net
assets

In excess of
$1 billion in net
assets

Green California Tax-Free Income Fund

0.50%

0.45%

0.40%

0.40%

U.S. Government Securities Fund

0.50%

0.45%

0.40%

0.40%

U.S. Treasury Trust

0.50%

0.45%

0.40%

0.40%

S&P 500 Index Fund

0.25%

0.25%

0.25%

0.25%

S&P MidCap Index Fund

0.40%

0.40%

0.40%

0.40%

S&P SmallCap Index Fund

0.50%

0.50%

0.45%

0.40%

Shelton Equity Income Fund

0.50%

0.50%

0.45%

0.40%

Nasdaq-100 Index Fund

0.25%

0.25%

0.25%

0.25%

Shelton Sustainable Equity Fund*

0.75%

0.75%

0.75%

0.75%

  

*Prior to October 10, 2022, the annual rate was 1.0%

50

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

The Fund’s Advisor, Shelton Capital Management (the “Advisor”), has contractually agreed to reimburse expenses incurred by certain Funds to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, certain compliance costs, interest, dividend, and broker expenses relating to investment strategies, taxes, extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed Contractual Expense Limitation noted in the table below. This additional contractual reimbursement is effective until January 1, 2024 for U.S Government Securities Fund and for The Nasdaq-100 Index Fund, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval.

Contractual Expense Limitation

Fund

Investor
Shares

K
Shares

Institutional
Shares

Expiration

U.S. Government Securities Fund

0.75%

1.25%

N/A

1/1/25

Nasdaq-100 Index Fund*

0.51%

0.76%

0.26%

1/1/25

  

*Prior to January 1, 2024, the expense limitation was 0.49% for Investor Shares, 0.99% for K Shares, and 0.25% for Institutional.

At August 31, 2023, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be recouped is $4,645,855. The Advisor may recapture a portion of the above amount no later than the dates as stated below. As of January 2, 2023 the U.S. Treasury Trust Fund was no longer subject to contractual expense limitations.

Fund

Expires
8/31/24

Expires
8/31/25

Expires
8/31/26

Total

U.S. Government Securities Fund

$

54,782

$

58,785

$

20,185

$

133,752

The United States Treasury Trust Fund

89,114

94,360

35,013

218,487

Nasdaq-100 Index Fund

 

1,308,192

 

1,423,929

 

1,561,495

 

4,293,616

Total

$

1,452,088

$

1,577,074

$

1,616,693

$

4,645,855

A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon the Board of Trustees’ review and approval prior to the time the reimbursement is initiated.

As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee. The administration fee is based on assets held, in aggregate, by the Shelton Funds. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. This administration fee is adjusted annually for inflation using the Consumer Price Index (rounded to the nearest $10 million) with a base year of 2004. Administration fees are disclosed on the Statements of Operations.

Certain officers and trustees of the Trust are also partners of Shelton Capital. Stephen Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Advisor. Gregory T. Pusch has served as the Chief Compliance Officer (“CCO”) of the Trust since March 2017. Mr. Pusch is also employed by Shelton Capital, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton Capital is reimbursed by the Trust for this portion of his salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.

Shelton Funds have adopted a Distribution Plan (the “Plan”), as amended August 1, 2012, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Class K Shares of each Fund of the Shelton Funds pays the Distributor for expenses that relate to the promotion and distribution of shares. Under the Plan, the Class K Shares of the Funds will pay RFS Partners, an affiliate of the Advisor, the Funds’ distributor (the “Distributor”) a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund’s Class K Shares.

Shelton Funds adopted a Shareholder Services Plan (the “Services Plan”), whereby the K Shares of each Fund and the Investor Shares of the Nasdaq-100 Fund and Sustainable Equity Fund pay RFS Partners, the Funds’ Distributor or other service providers, an annual rate of 0.25% of the average daily net assets of each applicable share class. Such amounts are compensation for providing certain services to clients owning each applicable class, including processing purchase and redemption transactions, assisting in other administrative details and providing other information with respect to each Fund.

For the year ended February 29, 2024, the following were paid by the Class K Shares (and Investor Shares for the Nasdaq-100 Fund) of each Fund of the Trust:

Fund

Class K
12b-1 Fees

Class K
Shareholder
Service Fees

Class Investor
Shareholder
Service Fees

U.S. Government Securities Fund

$

563

$

563

$

S&P 500 Index Fund

2,715

2,715

S&P MidCap Index Fund

781

781

S&P SmallCap Index Fund

1,725

1,725

Shelton Equity Income Fund

585

585

Nasdaq-100 Index Fund

39,404

39,404

1,709,791

Sustainable Equity Fund

179,983

Management fees, Administration fees, Expense reimbursement from the manager, CCO fees and Trustees fees incurred during the year are included in the Statements of Operations.

51

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

NOTE 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the year ended February 29, 2024 were as follows:

Fund

Purchases

Sales

Purchases
(Excluding U.S.
Government
Obligations)

Sales
(Excluding U.S.
Government
Obligations)

Green California Tax-Free Income Fund

$

2,281,510

$

2,582,216

$

2,281,510

$

2,582,216

U.S. Government Securities Fund

3,278,918

1,321,559

S&P 500 Index Fund

16,087,757

21,633,642

16,087,757

21,633,642

S&P MidCap Index Fund

10,737,354

16,622,281

10,737,354

16,622,281

S&P SmallCap Index Fund

8,443,864

11,934,939

8,443,864

11,934,939

Equity Income Fund

266,300,608

204,150,455

266,300,608

204,150,455

Nasdaq-100 Index Fund

221,878,053

149,498,289

221,878,053

149,498,289

Sustainable Equity Fund

16,119,274

64,572,777

16,119,274

64,572,777

NOTE 4 - OPTION CONTRACTS

Written Options Contracts – Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund. A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

At February 29, 2024, the Shelton Equity Income Fund had written option contracts outstanding:

Derivatives not
Accounted for as
Hedging Instruments

Liability Derivatives
Statement of Assets and Liabilities Location

Fair Value

Equity Contracts
(written option contracts)

Written options, at value

$(7,861,101)

The effect of derivative instruments on the Funds’ Statement of Operations for the year ended February 29, 2024, was as follows:

Derivatives not
Accounted for as
Hedging Instruments

Location of Gains/(Loss) on
Derivatives Recognized in Income

Realized Gain/
(Loss) on Derivatives

Change in Unrealized
Gain/(Loss) on
Derivatives

Equity Contracts
(written option contracts)

Net realized gains (losses) from: Written option contracts /
Net change in unrealized appreciation (depreciation)
of written option contracts

$3,360,963

$(1,714,265)

Equity Contracts
(Purchased option contracts)

Net realized gains(losses) from: Purchased option contracts/
Net change in unrealized appreciation (depreciation)
of purchased option contracts

Volume of derivative instruments held by the Funds during the year ended February 29, 2024, was as follows:

Derivative Type

Unit of Measurement

Average

Written Option Contracts

Dollars

$(3,569,397)

Purchased Options Contracts

Dollars

$0

NOTE 5 - TAX CHARACTER

Tax Basis of Distributable Earnings: For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments on August 31, 2023 were as follows:

Tax Cost

Gross Unrealized Appreciation

Gross
Unrealized Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Green California Tax-Free Income Fund

$41,329,016

$414,855

$(1,360,502

)

$(945,647

)

U.S. Government Securities Fund

15,111,190

1,730

(569,826

)

(568,096

)

The United States Treasury Trust Fund

24,597,996

S&P 500 Index Fund

70,387,782

164,362,727

(4,632,439

)

159,730,288

S&P MidCap Index Fund

74,694,964

40,827,256

(6,891,251

)

33,936,005

S&P SmallCap Index Fund

38,569,207

19,959,892

(6,487,745

)

13,472,147

Shelton Equity Income Fund

533,114,636

32,660,694

(39,562,005

)

(6,901,311

)

Nasdaq-100 Index Fund

609,924,099

737,994,968

(24,882,411

)

713,112,557

Shelton Sustainable Equity Fund

171,958,102

30,768,807

(15,029,656

)

15,739,151

52

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

Reclassifications: Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2023, the amounts reclassified were due to Return of Capital (“ROC”) distributions paid and non-deductible excise tax paid, were reported as follows:

Increase/
(Decrease)
Distributable
Earnings

Increase/
(Decrease)
Paid-In
Capital

Green California Tax-Free Income Fund

$13,922

$(13,922

)

U.S. Government Securities Fund

The United States Treasury Trust

S&P 500 Index Fund

34

(34

)

S&P MidCap Index Fund

S&P SmallCap Index Fund

Equity Income Fund

Nasdaq-100 Index Fund

1,307

(1,307

)

Sustainable Equity Fund

124,929

(124,929

)

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2023 was as follows:

Distributions
Payable

Undistributed
Tax-Exempt
Income

Undistributed
Ordinary
Income

Undistributed
Capital Gains
(Losses)

Unrealized
Appreciation/
(Depreciation)

Other
Accumulated
Gains/Losses

Total
Distributable
Earnings

Green California Tax-Free Income Fund

$(94,884)

$

$

$

$(945,647)

$(45,139)

$(1,085,670)

U.S. Government Securities Fund

(36,731)

12,101

(568,096)

(790,297)

(1,383,023)

The United States Treasury Trust

(95,875)

89,782

(6,093)

S&P 500 Index Fund

7,195,866

159,730,288

166,926,154

S&P MidCap Index Fund

5,276,413

33,936,005

39,212,418

S&P SmallCap Index Fund

1,234,374

13,472,146

14,706,520

Equity Income Fund

3,846,581

5,388,938

(6,901,311)

(2,116,570)

217,638

Nasdaq-100 Index Fund

17,577,729

26,566,922

713,112,557

757,257,208

Sustainable Equity Fund

15,739,151

(33,636,826)

(17,897,675)

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the realization of unrealized gains/(losses) on future contracts for tax purposes, wash sales, and certain other investments. The other accumulated gains/losses are mainly attributable to capital loss carry forwards, straddle loss deferrals, and post-October year loss deferrals.

During the current year, the Sustainable Equity Fund deferred $25,770 of late year losses, which will be recognized on the first day of the following fiscal year.

Capital Losses: Capital loss carry forwards, as of August 31, 2023, available to offset future capital gains, if any, are as follows:

Green
California
Tax-Free
Income Fund

U.S.
Government
Securities
Fund

United States
Treasury

Trust Fund

Sustainable Equity Fund

Long Term with No Expiration

$

(45,139

)

$

(743,732

)

$

$

(20,490,176

)

Short Term with No Expiration

 

 

(46,565

)

 

 

(13,120,880

)

Total

$

(45,139

)

$

(790,297

)

$

 

(33,611,056

)

Capital Loss Carry Forwards Utilized
During the Fiscal Year Ending August 31, 2023.

$

$

$

1,658

$

Distributions to Shareholders: Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

The tax character of distributions paid during the years ended August 31, 2023 and 2022 were as follows:

Fund

Year

Ordinary Income

Nontaxable Distribution

Long-Term Capital
Gains
(a) 

Exempt-Interest Dividends

Total Distributions

Green California Tax-Free Income Fund

2023

$

$13,922

$

$983,610

$997,532

 

2022

2,795

1,013,793

1,016,588

U.S. Government Securities Fund

2023

284,110

284,110

 

2022

218,691

218,691

The United States Treasury Trust

2023

912,637

912,637

 

2022

67,021

67,021

S&P 500 Index Fund

2023

2,925,555

7,195,035

10,120,590

 

2022

2,985,889

10,734,967

13,720,856

S&P MidCap Index Fund

2023

1,200,829

7,999,407

9,200,236

 

2022

3,779,609

8,613,582

12,393,191

53

Shelton FundsNotes to Financial Statements (Unaudited)February 29, 2024

Fund

Year

Ordinary Income

Nontaxable Distribution

Long-Term Capital
Gains
(a) 

Exempt-Interest Dividends

Total Distributions

S&P SmallCap Index Fund

2023

553,651

4,619,433

5,173,084

 

2022

1,180,650

4,979,797

6,160,447

Shelton Equity Income Fund

2023

33,856,072

5,161,429

39,017,501

 

2022

25,339,784

5,581,038

30,920,822

Nasdaq-100 Index Fund

2023

5,754,615

26,550,003

32,304,618

 

2022

5,025,546

28,568,331

33,593,877

Sustainable Equity Fund

2023

574,745

124,929

699,674

 

2022

4,073,523

11,092,775

15,166,298

 

(a)The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the Year ended August 31, 2023.

NOTE 6 - SECURITIES LENDING

The Funds have entered into an agreement with U.S. Bank, N.A. (the “Lending Agent”), dated January 19, 2020 (the “Securities Lending Agreement”), to provide securities lending services to the Funds. Under this program, the Funds may lend securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals). The securities lending agreement requires that loans are collateralized in an amount equal to at least (i) 105% of then current market value of any loaned foreign securities, or (ii) 102% of the then current market value of any other loaned securities at the outset of the loan and at least 100%, at all times thereafter. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. Cash collateral received by the Funds for securities loaned is invested by the Lending Agent in the Mount Vernon Liquid Assets Portfolio, LLC, (“Mount Vernon”). Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00.The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. Such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, and the risk that the investment may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. The Funds are not subject to a master netting arrangement.

Amounts earned from security lending is included in each Fund’s Statement of Operations as securities lending income.

As of February 29, 2024, the value of the securities on loan and payable for collateral were as follows:

Fund

Value of Securities
on Loan

Fund
Collateral Received*

S&P 500 Index Fund

$12,644,146

$12,893,212

S&P MidCap Index Fund

557,364

567,483

S&P SmallCap Index Fund

509,871

513,768

Nasdaq-100 Index Fund

75,793,434

77,104,005

 

*The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, with an overnight and continuous maturity as shown on the Portfolios of Investments.

NOTE 7 - SUBSEQUENT EVENTS

In preparing the financial statements as of February 29, 2024, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements and has determined that there were no subsequent events requiring recognition or disclosure.

54

Additional Information

Fund Holdings

The Fund holdings shown in this report are as of February 29, 2024. Holdings are subject to change at any time, so holdings shown in the report may not reflect current Fund holdings. The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov. The information filed in the Form N-PORT also may be obtained by calling (800) 955-9988.

Proxy Voting Policy

The Fund’s Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds uses to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2023 is available upon request, at no charge, at the phone number above, or on the SEC’s website at www.sec.gov.

About this Report

This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Fund’s website at www.sheltoncap.com. Please read the prospectus carefully before you invest, as it explains the risks, fees and expenses of investing in the Fund.

Board of Trustees and Executive Officers (Unaudited)

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

Name

Address

Year of Birth

Position Held with the Trust

Length of Time Served

Stephen C Rogers

1125 17th Street,

Suite 2550
Denver, CO,
80202

1966

Chairman of the Board,
Trustee,

President

Since August 1999,

Since August 1999,

Since August 1999

Kevin T. Kogler

1125 17th Street,

Suite 2550
Denver, CO,
80202

1966

Trustee

Since May 2006

Marco L. Quazzo

1125 17th Street,

Suite 2550
Denver, CO,
80202

1962

Trustee

Since August 2014

Stephen H. Sutro

1125 17th Street,

Suite 2550
Denver, CO,
80202

1969

Trustee

Since May 2006

William P. Mock

1125 17th Street,

Suite 2550
Denver, CO,
80202

1966

Treasurer

Since February 2010

Gregory T. Pusch

1125 17th Street,

Suite 2550
Denver, CO,
80202

1966

Chief Compliance Officer, Secretary

Since March 2017

Each Trustee oversees the Trust’s nine Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

Stephen C. Rogers*

Chief Executive Officer, Shelton Capital Management, 1999 to present.

Kevin T. Kogler

President & Founder of MicroBiz, LLC, 2012 to present.

Marco L. Quazzo

Principal, Bartko Zankel Bunzel & Miller, March 2015-Present.

Stephen H. Sutro

Managing Partner, Duane Morris, LLP (law firm) 2014 to present; Partner, Duane Morris LLP (law firm), 2003 to present.

William P. Mock

Portfolio Manager, Shelton Capital Management, 2010 to present.

Gregory T. Pusch

General Counsel and Chief Compliance Officer, Shelton Capital Management, 2017 to present.

Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.

  

*Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust’s Advisor and Administrator.

55

Liquidity Risk Management Disclosure (Unaudited)

The Shelton Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”), as consistent with Rule 22e-4 to govern the Trust’s approach to managing liquidity risk for each series of the Trust (each, a “Fund” and collectively, the “Funds”). The Program is overseen by the Liquidity Committee (the “Committee”), which is comprised of investment, operations and legal and compliance professionals from Shelton Capital Management. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on November 9, 2023, the Committee provided a report (the “Report”) to the Board addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period October 1, 2022 through September 30, 2023(“Reporting Period”). The Report concluded that the Trust’s Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the Program during the Reporting Period. The Report further concluded that each Fund’s investment strategy continues to be appropriate given each Fund’s status as an open-end fund.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Trust’s investment portfolios, is found in the Trust’s Prospectus and Statement of Additional Information.

(b) Not Applicable.

 

ITEM 2. CODE OF ETHICS.

 

(a) Not applicable.

 

(b) Not applicable.

 

(c) Not applicable.

 

(d) Not applicable.

 

(e) Not applicable.

 

(f) Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a)Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)Not applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

 

 

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

  (a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

ITEM 13. EXHIBITS.

 

(a)(1) Not applicable

 

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, as amended (“SOX”), are filed as Exhibit 13(a)(2) to this Form N-CSR.

 

(a)(3)Not applicable

 

(a)(4)Not applicable.

 

(b) Certifications required by Rule 30a-2(b) under the 1940 Act, Section 906 of SOX, Rule 13a-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code are furnished as Exhibit 13(b) to this Form N-CSR.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Shelton Funds

 

By /s/ Stephen C. Rogers  
  Stephen C. Rogers, President  
  Date: May 8, 2024  
     
     
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
     
By /s/ Stephen C. Rogers  
  Stephen C. Rogers, President  
  Date: May 8, 2024  
     
By /s/ William P. Mock  
  William P. Mock, Treasurer  
  Date: May 8, 2024