UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05617
SCM Trust
(Exact name of registrant as specified in charter)
1050 17th Street, Suite 1710
Denver, CO 80265
(Address of principal executive offices) (Zip code)
Steve Rogers
1050 17th Street, Suite 1710
Denver, CO 80265
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 955-9988.
Date of fiscal year end: December 31
Date of reporting period: June 30, 2018
SEMI-ANNUAL REPORT
June 30, 2018
Shelton Greater China Fund
Shelton BDC Income Fund
Shelton Real Estate Income Fund
Shelton Tactical Credit Fund
Shelton International Select 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 SCM Trust which contains information about the management fee and other costs. Investments in shares of The SCM Trust are neither insured nor guaranteed by the U.S. Government.
Table of Contents |
June 30, 2018 |
About Your Fund's Expenses |
2 |
Top Holdings and Sector Breakdown |
4 |
Portfolio of Investments |
6 |
Statements of Assets & Liabilities |
12 |
Statements of Operations |
13 |
Statements of Changes in Net Assets |
14 |
Financial Highlights |
19 |
Notes to Financial Statements |
26 |
Additional Information |
31 |
Board of Trustees and Executive Officers |
32 |
Board Approval of the Investment Advisory Agreement |
33 |
1
About Your Fund’s Expenses (Unaudited) |
June 30, 2018 |
The Funds’ advisor, Shelton Capital Management (“Shelton Capital”), believes it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. 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. Operating expenses, which are deducted from the Funds’ gross income, directly reduce the investment return of the Funds. The Funds’ expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. 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 January 1, 2018 to June 30, 2018.
Actual Expenses
The first line of the tables below provide 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. There is a redemption fee of 2% for shares of the Greater China Fund purchased that are held for 90 days or less from the date of purchase.
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. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
More information about the Funds’ expenses can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Funds’ prospectus.
2
About Your Fund’s Expenses (Unaudited) (Continued) |
June 30, 2018 |
Beginning |
Ending |
Expenses Paid |
Net Annual |
|||||||
Greater China Fund |
||||||||||
Direct Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 956 | $ 9.60 | 1.98% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,015 | $ 9.89 | 1.98% | ||||||
BDC Income Fund |
||||||||||
Institutional Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,019 | $ 52.01 | 10.39% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 973 | $ 50.83 | 10.39% | ||||||
Investor Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,017 | $ 53.21 | 10.64% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 972 | $ 52.02 | 10.64% | ||||||
Real Estate Income Fund |
||||||||||
Institutional Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 985 | $ 5.76 | 1.17% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,019 | $ 5.86 | 1.17% | ||||||
Investor Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 984 | $ 6.99 | 1.42% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,018 | $ 7.11 | 1.42% | ||||||
Tactical Credit Fund |
||||||||||
Institutional Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,029 | $ 7.24 | 1.44% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,018 | $ 7.21 | 1.44% | ||||||
Investor Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,028 | $ 8.50 | 1.69% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,017 | $ 8.45 | 1.69% | ||||||
International Select Equity Fund |
||||||||||
Institutional Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,006 | $ 4.92 | 0.99% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,020 | $ 4.96 | 0.99% | ||||||
Investor Shares |
||||||||||
Based on Actual Fund Return |
$ 1,000 | $ 1,005 | $ 6.16 | 1.24% | ||||||
Based on Hypothetical 5% Return before expenses |
$ 1,000 | $ 1,019 | $ 6.21 | 1.24% |
|
* |
Expenses are equal to the Fund’s expense ratio annualized. |
3
Top Holdings and Sector Breakdowns (Unaudited) |
June 30, 2018 |
Shelton Greater China
| Security | Market Value (in U.S. Dollars) | Percentage of Total Investment | ||||||||
| 1 | Tencent Holdings Ltd | $ | 1,089,225 | 13.48 | % | |||||
| 2 | Taiwan Semiconductor Manufacturing Co Ltd | 484,887 | 6.00 | % | ||||||
| 3 | AIA Group Ltd | 398,723 | 4.94 | % | ||||||
| 4 | Alibaba Group Holding Ltd | 381,264 | 4.72 | % | ||||||
| 5 | China Construction Bank Corp | 346,538 | 4.29 | % | ||||||
| 6 | Ping An Insurance Group Co of China Ltd | 276,084 | 3.42 | % | ||||||
| 7 | Haier Electronics Group Co Ltd | 256,677 | 3.18 | % | ||||||
| 8 | Sun Hung Kai Properties Ltd | 228,878 | 2.83 | % | ||||||
| 9 | Daikin Industries Ltd | 215,646 | 2.67 | % | ||||||
| 10 | China State Construction International Holdings Ltd | 207,780 | 2.57 | % | ||||||
Shelton BDC Income Fund
| Security | Market Value (in U.S. Dollars) | Percentage of Total Investment | ||||||||
| 1 | Ares Capital Corp | $ | 2,313,215 | 19.77 | % | |||||
| 2 | Solar Capital Ltd | 1,883,934 | 16.11 | % | ||||||
| 3 | Hercules Capital Inc | 1,101,183 | 9.41 | % | ||||||
| 4 | PennantPark Floating Rate Capital Ltd | 942,540 | 8.06 | % | ||||||
| 5 | TCP Capital Corp | 903,125 | 7.72 | % | ||||||
| 6 | TriplePoint Venture Growth BDC Corp | 858,640 | 7.34 | % | ||||||
| 7 | TPG Specialty Lending Inc | 611,754 | 5.23 | % | ||||||
| 8 | Saratoga Investment Corp | 570,305 | 4.88 | % | ||||||
| 9 | Oaktree Strategic Income Corp | 563,236 | 4.81 | % | ||||||
| 10 | Apollo Investment Corp | 509,822 | 4.36 | % | ||||||
 |
 |
Shelton Real Estate Income Fund
| Security | Market Value (in U.S. Dollars) | Percentage of Total Investment | ||||||||
| 1 | DDR Corp | $ | 508,635 | 7.29 | % | |||||
| 2 | Blackstone Mortgage Trust Inc | 433,388 | 6.21 | % | ||||||
| 3 | Starwood Property Trust Inc | 423,475 | 6.07 | % | ||||||
| 4 | Apollo Commercial Real Estate Finance Inc | 410,605 | 5.88 | % | ||||||
| 5 | GGP Inc | 408,000 | 5.85 | % | ||||||
| 6 | AvalonBay Communities Inc | 340,858 | 4.88 | % | ||||||
| 7 | Duke Realty Corp | 317,879 | 4.55 | % | ||||||
| 8 | QTS Realty Trust Inc | 225,150 | 3.23 | % | ||||||
| 9 | CBL & Associates Properties Inc | 214,065 | 3.07 | % | ||||||
| 10 | Brixmor Property Group Inc | 206,546 | 2.96 | % | ||||||
 |
 |
4
Top Holdings and Sector Breakdowns (Unaudited) (Continued) |
June 30, 2018 |
Shelton Tactical Credit Fund
| Security | Market Value (in U.S. Dollars) | Percentage Investment | ||||||||
| 1 | Golden Nugget Inc | $ | 2,054,420 | 7.09 | % | |||||
| 2 | BlueLine Rental Finance Corp / BlueLine Rental LLC | 1,595,850 | 5.51 | % | ||||||
| 3 | McDermott Technology Americas Inc / McDermott Technology US Inc | 1,563,750 | 5.40 | % | ||||||
| 4 | DJO Finance LLC / DJO Finance Corp | 1,518,300 | 5.24 | % | ||||||
| 5 | Avantor Inc | 1,511,550 | 5.22 | % | ||||||
| 6 | Rackspace Hosting Inc | 1,507,500 | 5.20 | % | ||||||
| 7 | Hertz Corp/The | 1,440,000 | 4.97 | % | ||||||
| 8 | West Corp | 1,368,750 | 4.72 | % | ||||||
| 9 | First Data Corp | 1,301,975 | 4.49 | % | ||||||
| 10 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 1,259,375 | 4.35 | % | ||||||
Shelton International Select Equity Fund
| Security | Market Value (in U.S. Dollars) | Percentage of Total Investment | ||||||||
| 1 | Ambu A/S | $ | 2,043,582 | 4.64 | % | |||||
| 2 | Wirecard AG | 1,691,168 | 3.84 | % | ||||||
| 3 | AIA Group Ltd | 1,617,626 | 3.67 | % | ||||||
| 4 | L'Oreal SA | 1,481,622 | 3.36 | % | ||||||
| 5 | Alibaba Group Holding Ltd | 1,429,509 | 3.25 | % | ||||||
| 6 | Tencent Holdings Ltd | 1,415,491 | 3.21 | % | ||||||
| 7 | CRH PLC | 1,358,088 | 3.08 | % | ||||||
| 8 | KBC Group NV | 1,326,655 | 3.01 | % | ||||||
| 9 | Unilever NV | 1,326,136 | 3.01 | % | ||||||
| 10 | Beiersdorf AG | 1,322,655 | 3.00 | % | ||||||
5
Shelton Greater China Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 |
Security Description |
Shares |
Value |
||||||
Common Stock (98.28%) |
||||||||
Basic Materials (1.38%) |
||||||||
Sinopec Shanghai Petrochemical |
186,000 | $ | 113,324 | |||||
Total Basic Materials |
113,324 | |||||||
Communications (26.84%) |
||||||||
Internet (23.00%) |
||||||||
Alibaba Group Holding Ltd |
2,055 | 381,264 | ||||||
CyberAgent Inc |
3,000 | 180,382 | ||||||
YY Inc |
800 | 80,376 | ||||||
Start Today Co Ltd |
4,400 | 159,491 | ||||||
Tencent Holdings Ltd |
21,700 | 1,089,225 | ||||||
| 1,890,738 | ||||||||
Telecommunications (3.84%) |
||||||||
China Mobile Ltd |
20,900 | 185,678 | ||||||
Chunghwa Telecom Co Ltd |
36,000 | 129,885 | ||||||
| 315,563 | ||||||||
Total Communications |
2,206,301 | |||||||
Consumer, Cyclical (9.07%) |
||||||||
Galaxy Entertainment Group Ltd |
18,000 | 139,380 | ||||||
ITOCHU Corp |
6,700 | 121,431 | ||||||
Great Wall Motor Co Ltd |
111,000 | 84,890 | ||||||
Haier Electronics Group Co Ltd |
75,000 | 256,677 | ||||||
ANTA Sports Products Ltd |
27,000 | 142,994 | ||||||
Total Consumer, Cyclical |
745,372 | |||||||
Consumer, Non-Cyclical (5.89%) |
||||||||
New Oriental Education & Techn |
1,000 | 94,660 | ||||||
Uni-President Enterprises Corp |
57,374 | 145,653 | ||||||
Sino Biopharmaceutical Ltd |
88,050 | 135,126 | ||||||
China Mengniu Dairy Co Ltd |
32,000 | 108,496 | ||||||
Total Consumer, Non-Cyclical |
483,935 | |||||||
Diversified (1.68%) |
||||||||
CK Hutchison Holdings Ltd |
13,000 | 137,863 | ||||||
Total Diversified |
137,863 | |||||||
Energy (3.03%) |
||||||||
CNOOC Ltd |
56,000 | 96,647 | ||||||
PetroChina Co Ltd |
200,000 | 152,190 | ||||||
Total Energy |
248,837 | |||||||
Financial (28.19%) |
||||||||
Banks (8.73%) |
||||||||
DBS Group Holdings Ltd |
10,300 | 201,014 | ||||||
China Construction Bank Corp |
375,000 | 346,538 | ||||||
Bank of China Ltd |
343,000 | 170,069 | ||||||
| 717,621 | ||||||||
Diversified Financial Services (2.98%) |
||||||||
Fubon Financial Holding Co Ltd |
54,713 | 91,701 | ||||||
Hong Kong Exchanges & Clearing |
5,100 | 153,414 | ||||||
| 245,115 | ||||||||
Insurance (10.33%) |
||||||||
AIA Group Ltd |
45,600 | 398,723 | ||||||
China Taiping Insurance Holdings |
55,764 | 174,497 | ||||||
Ping An Insurance Group Co of |
30,000 | 276,084 | ||||||
| 849,304 | ||||||||
Real Estate (6.15%) |
||||||||
CK Asset Holdings Ltd |
13,000 | 103,232 | ||||||
Hysan Development Co Ltd |
31,000 | 173,068 | ||||||
Sun Hung Kai Properties Ltd |
15,166 | 228,878 | ||||||
| 505,178 | ||||||||
Total Financial |
2,317,218 | |||||||
Industrial (13.27%) |
||||||||
Daikin Industries Ltd |
1,800 | 215,646 | ||||||
Largan Precision Co Ltd |
1,000 | 147,269 | ||||||
Komatsu Ltd |
6,900 | 197,348 | ||||||
Yaskawa Electric Corp |
5,500 | 194,398 | ||||||
China State Construction Inter |
202,500 | 207,780 | ||||||
China Communications Services |
202,000 | 127,965 | ||||||
Total Industrial |
1,090,406 | |||||||
Technology (5.90%) |
||||||||
Taiwan Semiconductor Manufacturing |
68,284 | 484,887 | ||||||
Total Technology |
484,887 | |||||||
Utilities (3.03%) |
||||||||
China Longyuan Power Group Corp |
152,000 | 122,446 | ||||||
China Resources Power Holdings |
72,000 | 126,830 | ||||||
Total Utilities |
249,276 | |||||||
Total Common Stock (Cost $6,195,319) |
8,077,419 | |||||||
Total Investments (Cost $6,195,319) (a) (98.28%) |
$ | 8,077,419 | ||||||
Other Net Assets (1.72%) |
141,742 | |||||||
Net Assets (100.00%) |
$ | 8,219,161 | ||||||
| * | Non-income producing security. |
| (a) | Aggregate cost for federal income tax purpose is $6,548,496 |
At June 30, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation |
$ | 1,768,373 | ||
Unrealized depreciation |
(239,450 | ) | ||
Net unrealized appreciation |
$ | 1,528,923 |
See accompanying notes to financial statements.
6
Shelton BDC Income Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 |
Security Description |
Shares |
Value |
||||||
Common Stock (94.60%) |
||||||||
Financial (94.60%) |
||||||||
Diversified Financial Services (0.42%) |
||||||||
NewStar Financial Inc |
100,410 | $ | 49,402 | |||||
| 49,402 | ||||||||
Investment Company (84.82%) |
||||||||
Apollo Investment Corp |
91,530 | 509,822 | ||||||
Ares Capital Corp |
140,621 | 2,313,215 | ||||||
BlackRock Capital Investment C |
36,000 | 209,880 | ||||||
Goldman Sachs BDC Inc |
23,680 | 484,966 | ||||||
Main Street Capital Corp |
3,000 | 114,180 | ||||||
New Mountain Finance Corp |
26,800 | 364,480 | ||||||
Oaktree Strategic Income Corp |
66,263 | 563,236 | ||||||
PennantPark Floating Rate Capital |
69,000 | 942,540 | ||||||
PennantPark Investment Corp |
31,000 | 217,155 | ||||||
Solar Capital Ltd |
92,169 | 1,883,934 | ||||||
TCP Capital Corp |
62,500 | 903,125 | ||||||
TPG Specialty Lending Inc |
34,100 | 611,754 | ||||||
TriplePoint Venture Growth BDC |
69,078 | 858,640 | ||||||
| 9,976,927 | ||||||||
Private Equity (9.36%) |
||||||||
Hercules Capital Inc |
87,050 | 1,101,183 | ||||||
| 1,101,183 | ||||||||
Total Financial |
11,127,512 | |||||||
Total Common Stock (Cost $11,533,355) |
11,127,512 | |||||||
Preferred Stock (4.85%) |
||||||||
Financial (4.85%) |
||||||||
SARATOGA INVESTMENT CORP* |
22,011 | 570,305 | ||||||
Total Financial |
570,305 | |||||||
Total Preferred Stock (Cost $550,275) |
570,305 | |||||||
Total Investments (Cost $12,083,630) (a) (99.45%) |
$ | 11,697,817 | ||||||
Other Net Assets (0.55%) |
64,206 | |||||||
Net Assets (100.00%) |
$ | 11,762,023 | ||||||
| * | Non-income producing security. |
| (a) | Aggregate cost for federal income tax purpose is $12,127,407 |
At June 30, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation |
$ | 73,134 | ||
Unrealized depreciation |
(502,724 | ) | ||
Net unrealized depreciation |
$ | (429,590 | ) |
See accompanying notes to financial statements.
7
Shelton Real Estate Income Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 |
Security Description |
Shares |
Value |
||||||
Common Stock (75.18%) |
||||||||
Financial (75.18%) |
||||||||
REITS-Diversified (1.94%) |
||||||||
Liberty Property Trust |
3,080 | $ | 136,536 | |||||
| 136,536 | ||||||||
REITS-Health Care (3.33%) |
||||||||
Healthcare Trust of America Inc |
6,056 | 163,270 | ||||||
Physicians Realty Trust |
4,500 | 71,730 | ||||||
| 235,000 | ||||||||
REIT-Industrial (9.02%) |
||||||||
DCT Industrial Trust Inc |
840 | 56,053 | ||||||
Duke Realty Corp |
10,950 | 317,879 | ||||||
Prologis Inc |
2,650 | 174,079 | ||||||
Rexford Industrial Realty Inc |
2,820 | 88,520 | ||||||
| 636,531 | ||||||||
REIT-Mortgage (17.96%) |
||||||||
Apollo Commercial Real Estate |
22,462 | 410,605 | ||||||
Blackstone Mortgage Trust Inc |
13,789 | 433,388 | ||||||
Starwood Property Trust Inc |
19,506 | 423,475 | ||||||
| 1,267,468 | ||||||||
REIT-Office (7.64%) |
||||||||
Boston Properties Inc |
643 | 80,645 | ||||||
Douglas Emmett Inc |
2,180 | 87,592 | ||||||
Hudson Pacific Properties Inc |
2,750 | 97,433 | ||||||
Kilroy Realty Corp |
1,770 | 133,883 | ||||||
Mack-Cali Realty Corp |
3,220 | 65,302 | ||||||
SL Green Realty Corp |
740 | 74,392 | ||||||
| 539,247 | ||||||||
REIT-Residential (12.15%) |
||||||||
American Homes 4 Rent |
2,178 | 48,308 | ||||||
Apartment Investment & Management |
2,155 | 91,157 | ||||||
AvalonBay Communities Inc |
1,983 | 340,858 | ||||||
Equity Residential |
1,340 | 85,345 | ||||||
Essex Property Trust Inc |
360 | 86,065 | ||||||
Sun Communities Inc |
2,100 | 205,548 | ||||||
| 857,281 | ||||||||
REIT-Retail (8.30%) |
||||||||
Brixmor Property Group Inc |
11,850 | 206,546 | ||||||
DDR Corp |
2,904 | 51,982 | ||||||
GGP Inc |
7,140 | 145,870 | ||||||
Simon Property Group Inc |
1,065 | 181,252 | ||||||
| 585,650 | ||||||||
REIT-Specialized (14.84%) |
||||||||
American Tower Corp |
1,330 | 191,746 | ||||||
Crown Castle International Corp |
1,710 | 184,372 | ||||||
CubeSmart |
3,250 | 104,715 | ||||||
CyrusOne Inc |
2,185 | 127,517 | ||||||
EPR Properties |
1,996 | 129,321 | ||||||
Equinix Inc |
140 | 60,185 | ||||||
QTS Realty Trust Inc |
5,700 | 225,150 | ||||||
Weyerhaeuser Co |
645 | 23,517 | ||||||
| 1,046,523 | ||||||||
Total Financial |
5,304,236 | |||||||
Total Common Stock (Cost $5,078,881) |
5,304,236 | |||||||
Preferred Stock (23.75%) |
||||||||
Financial (23.75%) |
||||||||
REITS-Diversified (0.20%) |
||||||||
PS Business Parks Inc 5.75% |
567 | 14,305 | ||||||
| 14,305 | ||||||||
REIT-Industrial (1.52%) |
||||||||
STAG Industrial Inc 6.625% |
4,280 | 107,171 | ||||||
| 107,171 | ||||||||
REIT-Mortgage (2.78%) |
||||||||
ARMOUR Residential REIT Inc 7.875% |
7,900 | 196,473 | ||||||
| 196,473 | ||||||||
REIT-Retail (18.96%) |
||||||||
CBL & Associates Properties Inc 6.625% |
12,388 | 214,065 | ||||||
Cedar Realty Trust Inc 7.25% |
3,171 | 73,948 | ||||||
DDR Corp 6.25% |
22,250 | 508,634 | ||||||
GGP Inc 6.375% |
17,000 | 408,000 | ||||||
Kimco Realty Corp 6% |
5,306 | 132,755 | ||||||
| 1,337,402 | ||||||||
REIT-Specialized (0.29%) |
||||||||
Digital Realty Trust Inc 5.875% |
800 | 20,328 | ||||||
| 20,328 | ||||||||
Total Financial |
1,675,679 | |||||||
Total Preferred Stock (Cost $1,631,138) |
1,675,679 | |||||||
Total Investments (Cost $6,710,019) (a) (98.93%) |
$ | 6,979,915 | ||||||
Other Net Assets (1.07%) |
75,565 | |||||||
Net Assets (100.00%) |
$ | 7,055,480 | ||||||
| * | Non-income producing security. |
| (a) | Aggregate cost for federal income tax purpose is $6,715,522 |
At June 30, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation |
$ | 605,134 | ||
Unrealized depreciation |
(340,741 | ) | ||
Net unrealized appreciation |
$ | 264,393 |
See accompanying notes to financial statements.
8
Shelton Tactical Credit Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 |
Security Description |
Par Value |
Rate |
Maturity |
Value |
||||||||||||
Corporate Debt (84.87%) |
||||||||||||||||
Communications (12.89%) |
||||||||||||||||
Altice Luxembourg SA |
$ | 1,000,000 | 7.750 | % | 05/15/2022 | $ | 967,500 | |||||||||
Frontier Communications Corp |
1,500,000 | 11.000 | % | 09/15/2025 | 1,199,550 | |||||||||||
Intelsat Luxembourg SA |
1,500,000 | 8.125 | % | 06/01/2023 | 1,215,000 | |||||||||||
Sprint Corp |
1,000,000 | 7.625 | % | 02/15/2025 | 1,020,010 | |||||||||||
Total Communications |
4,402,060 | |||||||||||||||
Consumer, Cyclical (12.26%) |
||||||||||||||||
BCD Acquisition Inc |
1,000,000 | 9.625 | % | 09/15/2023 | 1,065,000 | |||||||||||
Golden Nugget Inc |
2,000,000 | 8.750 | % | 10/01/2025 | 2,054,420 | |||||||||||
Scientific Games International Inc |
1,000,000 | 10.000 | % | 12/01/2022 | 1,066,970 | |||||||||||
Total Consumer, Cyclical |
4,186,390 | |||||||||||||||
Consumer, Non-Cyclical (25.45%) |
||||||||||||||||
Healthcare-Products (15.17%) |
||||||||||||||||
DJO Finance LLC / DJO Finance Corp |
1,500,000 | 8.125 | % | 06/15/2021 | 1,518,300 | |||||||||||
Kinetic Concepts Inc / KCI USA Inc |
1,000,000 | 12.500 | % | 11/01/2021 | 1,105,000 | |||||||||||
Tenet Healthcare Corp |
1,000,000 | 8.125 | % | 04/01/2022 | 1,045,520 | |||||||||||
Avantor Inc |
1,500,000 | 9.000 | % | 10/01/2025 | 1,511,550 | |||||||||||
| 5,180,370 | ||||||||||||||||
Commercial Services (10.28%) |
||||||||||||||||
Herc Rentals Inc |
919,000 | 7.500 | % | 06/01/2022 | 971,843 | |||||||||||
Hertz Corp/The |
1,500,000 | 7.625 | % | 06/01/2022 | 1,440,000 | |||||||||||
Weight Watchers International Inc |
1,000,000 | 8.625 | % | 12/01/2025 | 1,097,450 | |||||||||||
| 3,509,293 | ||||||||||||||||
Total Consumer, Non-Cyclical |
8,689,663 | |||||||||||||||
Energy (7.60%) |
||||||||||||||||
McDermott Technology Americas Inc / McDermott Technology US Inc |
1,500,000 | 10.625 | % | 05/01/2024 | 1,563,750 | |||||||||||
Noble Holding International Ltd |
1,000,000 | 7.875 | % | 02/01/2026 | 1,030,000 | |||||||||||
Total Energy |
2,593,750 | |||||||||||||||
Financial (6.66%) |
||||||||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp |
1,250,000 | 6.750 | % | 02/01/2024 | 1,259,375 | |||||||||||
Jefferies Finance LLC / JFIN Co-Issuer Corp |
1,000,000 | 7.500 | % | 04/15/2021 | 1,015,000 | |||||||||||
Total Financial |
2,274,375 | |||||||||||||||
Industrial (4.67%) |
||||||||||||||||
BlueLine Rental Finance Corp / BlueLine Rental LLC |
1,500,000 | 9.250 | % | 03/15/2024 | 1,595,850 | |||||||||||
Total Industrial |
1,595,850 | |||||||||||||||
See accompanying notes to financial statements.
9
Shelton Tactical Credit Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 (Continued) |
Security Description |
Par Value |
Rate |
Maturity |
Value |
||||||||||||
Technology (15.34%) |
||||||||||||||||
Dell International LLC / EMC Corp |
$ | 1,000,000 | 7.125 | % | 06/15/2024 | $ | 1,059,429 | |||||||||
First Data Corp |
1,250,000 | 7.000 | % | 12/01/2023 | 1,301,975 | |||||||||||
Rackspace Hosting Inc |
1,500,000 | 8.625 | % | 11/15/2024 | 1,507,500 | |||||||||||
West Corp |
1,500,000 | 8.500 | % | 10/15/2025 | 1,368,750 | |||||||||||
Total Technology |
5,237,654 | |||||||||||||||
Total Corporate Debt (Cost $28,496,901) |
28,979,742 | |||||||||||||||
Total Investments (Cost $28,496,901) (a) (84.87%) |
$ | 28,979,742 | ||||||||||||||
Other Net Assets (15.13%) |
5,165,842 | |||||||||||||||
Net Assets (100.00%) |
$ | 34,145,584 | ||||||||||||||
| * | Non-income producing security. |
| (a) | Aggregate cost for federal income tax purpose is $28,958,973 |
At June 30, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation |
$ | 133,547 | ||
Unrealized depreciation |
(112,778 | ) | ||
Net unrealized appreciation |
$ | 20,769 |
Shelton International Select Equity Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 |
Security Description |
Shares |
Value |
||||||
Common Stock (96.61%) |
||||||||
Belgium (2.91%) |
||||||||
KBC Group NV |
17,185 | $ | 1,326,655 | |||||
Total Belgium |
1,326,655 | |||||||
Britain (9.58%) |
||||||||
ASOS PLC |
8,760 | 705,721 | ||||||
Intertek Group PLC |
17,500 | 1,320,647 | ||||||
Rio Tinto PLC |
18,280 | 1,014,174 | ||||||
Unilever NV |
23,800 | 1,326,136 | ||||||
Total Britain |
4,366,678 | |||||||
China (8.15%) |
||||||||
Alibaba Group Holding Ltd |
7,705 | 1,429,509 | ||||||
Ping An Insurance Group Co |
94,300 | 867,823 | ||||||
Tencent Holdings Ltd |
28,200 | 1,415,491 | ||||||
Total China |
3,712,823 | |||||||
Colombia (2.21%) |
||||||||
Bancolombia SA |
21,100 | 1,008,158 | ||||||
Total Colombia |
1,008,158 | |||||||
Denmark (4.48%) |
||||||||
Ambu A/S |
60,600 | 2,043,582 | ||||||
Total Denmark |
2,043,582 | |||||||
France (12.83%) |
||||||||
BNP Paribas SA |
17,930 | 1,113,489 | ||||||
L'Oreal SA |
6,000 | 1,481,622 | ||||||
Thales SA |
8,700 | 1,120,901 | ||||||
TOTAL SA |
21,432 | 1,306,448 | ||||||
Valeo SA |
15,100 | 825,437 | ||||||
Total France |
5,847,897 | |||||||
Germany (9.01%) |
||||||||
adidas AG |
5,000 | 1,091,368 | ||||||
Beiersdorf AG |
11,650 | 1,322,655 | ||||||
Wirecard AG |
10,500 | 1,691,168 | ||||||
Total Germany |
4,105,191 | |||||||
Hong Kong (5.94%) |
||||||||
Sino Biopharmaceutical Ltd |
710,700 | 1,090,674 | ||||||
AIA Group Ltd |
185,000 | 1,617,626 | ||||||
Total Hong Kong |
2,708,300 | |||||||
Indonesia (1.80%) |
||||||||
Bank Rakyat Indonesia Persero |
4,141,150 | 820,716 | ||||||
Total Indonesia |
820,716 | |||||||
Ireland (2.98%) |
||||||||
CRH PLC |
38,326 | 1,358,088 | ||||||
Total Ireland |
1,358,088 | |||||||
See accompanying notes to financial statements.
10
Shelton International Select Equity Fund Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) June 30, 2018 (Continued) |
Security Description |
Shares |
Value |
||||||
Japan (12.91%) |
||||||||
CyberAgent Inc |
19,500 | $ | 1,172,482 | |||||
Daikin Industries Ltd |
7,700 | 922,485 | ||||||
ITOCHU Corp |
53,200 | 964,194 | ||||||
Komatsu Ltd |
31,000 | 886,634 | ||||||
Start Today Co Ltd |
30,850 | 1,118,248 | ||||||
Yaskawa Electric Corp |
23,200 | 820,006 | ||||||
Total Japan |
5,884,049 | |||||||
Luxembourg (1.92%) |
||||||||
ArcelorMittal |
29,828 | 874,473 | ||||||
Total Luxembourg |
874,473 | |||||||
Netherlands (4.84%) |
||||||||
ING Groep NV |
76,700 | 1,103,986 | ||||||
Royal Dutch Shell PLC |
31,800 | 1,103,759 | ||||||
Total Netherlands |
2,207,745 | |||||||
Norway (1.93%) |
||||||||
Norsk Hydro ASA |
146,600 | 877,578 | ||||||
Total Norway |
877,578 | |||||||
Singapore (2.53%) |
||||||||
DBS Group Holdings Ltd |
59,050 | 1,152,417 | ||||||
Total Singapore |
1,152,417 | |||||||
Switzerland (6.89%) |
||||||||
dormakaba Holding AG |
1,151 | 805,045 | ||||||
Givaudan SA |
517 | 1,172,550 | ||||||
Nestle SA |
15,000 | 1,161,450 | ||||||
Total Switzerland |
3,139,045 | |||||||
Taiwan (2.84%) |
||||||||
Taiwan Semiconductor Manufacturing |
35,400 | 1,294,224 | ||||||
Total Taiwan |
1,294,224 | |||||||
Thailand (2.86%) |
||||||||
Bangkok Bank PCL |
218,200 | 1,307,357 | ||||||
Total Thailand |
1,307,357 | |||||||
Total Common Stock (Cost $33,106,330) |
44,034,976 | |||||||
Total Investments (Cost $33,106,330) (a) (96.61%) |
$ | 44,034,976 | ||||||
Other Net Assets (3.39%) |
1,546,328 | |||||||
Net Assets (100.00%) |
$ | 45,581,304 | ||||||
| * | Non-income producing security. |
| (a) | Aggregate cost for federal income tax purpose is $33,116,336 |
At June 30, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation |
$ | 11,643,987 | ||
Unrealized depreciation |
(725,347 | ) | ||
Net unrealized appreciation |
$ | 10,918,640 |
See accompanying notes to financial statements.
11
Statements of Assets and Liabilities (Unaudited) June 30, 2018 |
Shelton |
Shelton |
Shelton |
Shelton Tactical |
Shelton |
||||||||||||||||
Assets |
||||||||||||||||||||
Investments in securities |
||||||||||||||||||||
Cost of investments |
$ | 6,195,319 | $ | 12,083,630 | $ | 6,710,019 | $ | 28,496,901 | $ | 33,106,330 | ||||||||||
Market value of investments (Note 1) |
8,077,419 | 11,697,817 | 6,979,915 | 28,979,742 | 44,034,976 | |||||||||||||||
Cash |
148,286 | 206,127 | 75,518 | 5,042,383 | 1,344,649 | |||||||||||||||
Foreign Cash (Cost $5,465, $0, $0, $0 and $4,415 respectively) |
5,413 | — | — | — | 4,415 | |||||||||||||||
Dividend and interest receivable |
60,371 | 94,659 | 70,123 | 539,526 | 54,687 | |||||||||||||||
Receivable from investment advisor |
1,649 | 5,023 | 2,869 | 6,335 | 7,664 | |||||||||||||||
Receivable for securities sold |
— | — | — | 1,522,500 | 312,749 | |||||||||||||||
Reclaim Receivable |
— | — | 2,944 | — | 270,118 | |||||||||||||||
Prepaid expenses |
1,942 | 15,480 | 17,794 | 26,871 | 30,343 | |||||||||||||||
Total assets |
$ | 8,295,080 | $ | 12,019,106 | $ | 7,149,163 | $ | 36,117,357 | $ | 46,059,601 | ||||||||||
Liabilities |
||||||||||||||||||||
Payables and other liabilities |
||||||||||||||||||||
Securities Purchased |
— | — | — | 1,438,125 | — | |||||||||||||||
Investment advisor |
8,938 | 9,227 | 6,467 | 32,770 | 58,179 | |||||||||||||||
Distributions payable |
47,802 | 235,931 | 76,673 | 468,761 | 372,875 | |||||||||||||||
12b-1 fees |
— | 1,499 | 710 | 6,683 | 2,423 | |||||||||||||||
Administration fees |
623 | 896 | 522 | 2,801 | 3,899 | |||||||||||||||
Printing fees |
3,291 | — | — | — | — | |||||||||||||||
Audit fees |
— | — | — | 11,206 | 23,700 | |||||||||||||||
Custody fees |
6,857 | 1,337 | 2,714 | 1,138 | 9,504 | |||||||||||||||
Fund accounting fees |
2,700 | 2,103 | 2,576 | 2,261 | — | |||||||||||||||
Legal fees |
637 | 268 | 125 | 895 | — | |||||||||||||||
Transfer agent fees |
3,218 | 4,188 | 2,370 | 2,398 | 4,890 | |||||||||||||||
CCO fees |
113 | 620 | 141 | 693 | 727 | |||||||||||||||
Trustee Fees |
1,452 | 302 | 845 | 427 | 543 | |||||||||||||||
Expenses |
288 | 712 | 540 | 3,615 | 1,557 | |||||||||||||||
Total liabilities |
75,919 | 257,083 | 93,683 | 1,971,773 | 478,297 | |||||||||||||||
Net assets |
$ | 8,219,161 | $ | 11,762,023 | $ | 7,055,480 | $ | 34,145,584 | $ | 45,581,304 | ||||||||||
Net assets at June 30, 2018 consist of |
||||||||||||||||||||
Paid-in capital |
6,764,645 | 15,637,512 | 8,402,322 | 35,299,888 | 92,125,880 | |||||||||||||||
Undistributed net investment income |
(149,262 | ) | (1,601 | ) | (1,270 | ) | 10,719 | 223 | ||||||||||||
Accumulated net realized gain (loss) |
(277,598 | ) | (3,488,075 | ) | (1,615,618 | ) | (1,647,864 | ) | (57,477,504 | ) | ||||||||||
Unrealized appreciation (depreciation) |
1,881,376 | (385,813 | ) | 270,046 | 482,841 | 10,932,705 | ||||||||||||||
Total net assets |
$ | 8,219,161 | $ | 11,762,023 | $ | 7,055,480 | $ | 34,145,584 | $ | 45,581,304 | ||||||||||
Net assets |
||||||||||||||||||||
Direct Shares |
$ | 8,219,161 | ||||||||||||||||||
Institutional Shares |
$ | 1,500,378 | $ | 121,989 | $ | 19,049,967 | $ | 42,306,958 | ||||||||||||
Investor Shares |
$ | 10,261,645 | $ | 6,933,491 | $ | 15,095,617 | $ | 3,274,346 | ||||||||||||
Shares outstanding |
||||||||||||||||||||
Direct Shares (no par value, unlimited |
946,567 | |||||||||||||||||||
Institutional Shares (no par value, unlimited |
— | 172,863 | 14,627 | 1,837,552 | 1,989,458 | |||||||||||||||
Investor Shares (no par value, unlimited |
— | 1,171,066 | 809,119 | 1,458,894 | 154,288 | |||||||||||||||
Net asset value per share |
||||||||||||||||||||
Direct or Institutional Shares |
$ | 8.68 | $ | 8.68 | $ | 8.34 | $ | 10.37 | $ | 21.27 | ||||||||||
Investor Shares |
$ | — | $ | 8.76 | $ | 8.57 | $ | 10.35 | $ | 21.22 | ||||||||||
See accompanying notes to financial statements.
12
Statements of Operations (Unaudited) |
Shelton |
Shelton |
Shelton |
Shelton |
Shelton |
||||||||||||||||
Investment income |
||||||||||||||||||||
Interest income |
$ | — | $ | 2,563 | $ | 6,757 | $ | 1,072,894 | $ | 101 | ||||||||||
Dividend income (net of foreign tax witheld: $8,407, $—, $—, $—, and $94,261 respectively) |
110,386 | 615,977 | 205,205 | 20,610 | 685,089 | |||||||||||||||
Total |
110,386 | 618,540 | 211,962 | 1,093,504 | 685,190 | |||||||||||||||
Expenses |
||||||||||||||||||||
Management fees (Note 2) |
55,786 | 61,756 | 31,824 | 178,595 | 175,629 | |||||||||||||||
Administration fees (Note 2) |
3,873 | 5,992 | 3,471 | 15,265 | 23,734 | |||||||||||||||
Transfer agent fees |
3,374 | 8,455 | 5,340 | 2,653 | 5,535 | |||||||||||||||
Accounting services |
13,515 | 11,731 | 9,527 | 14,674 | 18,111 | |||||||||||||||
Custodian fees |
11,766 | 1,350 | 1,535 | 2,874 | 18,774 | |||||||||||||||
Legal and audit fees |
5,733 | 6,963 | 4,137 | 14,043 | 21,363 | |||||||||||||||
CCO fees (Note 2) |
632 | 962 | 557 | 2,191 | 3,316 | |||||||||||||||
Trustees fees |
2,297 | 2,442 | 2,320 | 2,348 | 2,347 | |||||||||||||||
Insurance |
281 | 621 | 433 | 755 | 1,471 | |||||||||||||||
Printing |
1,339 | 2,483 | 1,460 | 3,942 | 6,924 | |||||||||||||||
Registration and dues |
913 | 9,620 | 5,698 | 16,073 | 7,967 | |||||||||||||||
12b-1 fees Investor Shares (Note 2) |
— | 15,285 | 9,798 | 15,784 | 4,425 | |||||||||||||||
Other expenses |
2,064 | 730 | — | — | 1,137 | |||||||||||||||
Total expenses |
101,573 | 128,390 | 76,100 | 269,197 | 290,733 | |||||||||||||||
Less reimbursement from manager (Note 2) |
(10,547 | ) | (26,494 | ) | (20,111 | ) | (34,092 | ) | (46,923 | ) | ||||||||||
Net expenses |
91,026 | 101,896 | 55,989 | 235,105 | 243,810 | |||||||||||||||
Net investment income |
19,360 | 516,644 | 155,973 | 858,399 | 441,380 | |||||||||||||||
Realized and unrealized gain (loss) on investments |
||||||||||||||||||||
Net realized gain (loss) from security transactions |
547,556 | (369,820 | ) | (200,734 | ) | 229,417 | 2,220,577 | |||||||||||||
Change in unrealized appreciation |
(844,588 | ) | 34,504 | (229,488 | ) | (285,784 | ) | (2,279,329 | ) | |||||||||||
Net realized and unrealized gain (loss) |
(297,032 | ) | (335,316 | ) | (430,222 | ) | (56,367 | ) | (58,752 | ) | ||||||||||
Net increase (decrease) in net assets resulting |
$ | (277,672 | ) | $ | 181,328 | $ | (274,249 | ) | $ | 802,032 | $ | 382,628 | ||||||||
See accompanying notes to financial statements.
13
Statements of Changes in Net Assets |
Shelton Greater |
Shelton BDC |
|||||||||||||||
Six Months |
Year Ended |
Six Months |
Year Ended |
|||||||||||||
Operations |
||||||||||||||||
Net investment income (loss) |
$ | 19,360 | $ | 108,839 | $ | 516,644 | $ | 901,875 | ||||||||
Net realized gain (loss) on investments and foreign currency |
547,556 | 811,633 | (369,820 | ) | 1,082,001 | |||||||||||
Change in unrealized appreciation (depreciation) of investments |
(844,588 | ) | 1,507,773 | 34,504 | (1,501,151 | ) | ||||||||||
Net increase (decrease) in net assets resulting from |
(277,672 | ) | 2,428,245 | 181,328 | 482,725 | |||||||||||
Distributions to shareholders |
||||||||||||||||
Distributions from net investment income |
||||||||||||||||
Direct shares |
(58,846 | ) | (187,315 | ) | — | — | ||||||||||
Institutional Shares (Advisor Class I Shares) |
— | — | (67,806 | ) | (81,809 | ) | ||||||||||
Investor Shares (Class A Shares) |
— | — | (511,692 | ) | (823,864 | ) | ||||||||||
Class C Shares |
— | — | — | |||||||||||||
Distributions from return of capital |
||||||||||||||||
Institutional shares |
— | — | — | — | ||||||||||||
Investor shares (Class A) |
— | — | — | — | ||||||||||||
Class C |
— | — | — | — | ||||||||||||
Distributions from realized capital gains on investments |
||||||||||||||||
Institutional shares |
— | — | — | — | ||||||||||||
Investor shares (Class A) |
— | — | — | — | ||||||||||||
Class C |
— | — | — | — | ||||||||||||
Total Distributions |
(58,846 | ) | (187,315 | ) | (579,498 | ) | (905,673 | ) | ||||||||
Capital share transactions |
||||||||||||||||
Increase (decrease) in net assets resulting from capital share |
(329,657 | ) | (555,928 | ) | (2,935,467 | ) | 1,484,333 | |||||||||
Total increase (decrease) |
(666,175 | ) | 1,685,002 | (3,333,637 | ) | 1,061,385 | ||||||||||
Net assets |
||||||||||||||||
Beginning of year |
8,885,336 | 7,200,334 | 15,095,660 | 14,034,275 | ||||||||||||
End of year |
8,219,161 | 8,885,336 | 11,762,023 | 15,095,660 | ||||||||||||
Including undistributed net investment income (loss) of: |
$ | (149,262 | ) | $ | (109,776 | ) | $ | (1,601 | ) | $ | 61,253 | |||||
See accompanying notes to financial statements.
14
Statements of Changes in Net Assets (Continued) |
Shelton Real Estate |
Shelton International |
|||||||||||||||
Six Months |
Year Ended |
Six Months |
Year Ended (a) |
|||||||||||||
Operations |
||||||||||||||||
Net investment income (loss) |
$ | 155,973 | $ | 421,013 | $ | 441,380 | $ | 220,091 | ||||||||
Net realized gain (loss) on investments and |
(200,734 | ) | 86,842 | 2,220,577 | 3,419,712 | |||||||||||
Change in unrealized appreciation (depreciation) of investments |
(229,488 | ) | (44,486 | ) | (2,279,329 | ) | 4,873,836 | |||||||||
Net increase (decrease) in net assets resulting from |
(274,249 | ) | 463,369 | 382,628 | 8,513,639 | |||||||||||
Distributions to shareholders |
||||||||||||||||
Distributions from net investment income |
||||||||||||||||
Direct shares |
— | — | — | — | ||||||||||||
Institutional Shares (Advisor Class I Shares) |
(2,388 | ) | (12,436 | ) | (412,083 | ) | (808,165 | ) | ||||||||
Investor Shares (Class A Shares) |
(141,819 | ) | (378,226 | ) | (27,801 | ) | (72,892 | ) | ||||||||
Class C Shares |
— | — | ||||||||||||||
Distributions from return of capital |
||||||||||||||||
Institutional shares |
— | (23,185 | ) | |||||||||||||
Investor shares (Class A) |
— | (2,091 | ) | |||||||||||||
Class C |
— | — | ||||||||||||||
Distributions from realized capital gains on investments |
||||||||||||||||
Institutional shares |
— | — | — | |||||||||||||
Investor shares (Class A) |
— | — | — | |||||||||||||
Class C |
— | — | — | |||||||||||||
Total Distributions |
(144,207 | ) | (390,662 | ) | (439,884 | ) | (906,333 | ) | ||||||||
Capital share transactions |
||||||||||||||||
Increase (decrease) in net assets resulting from capital share |
(2,573,191 | ) | (5,831,563 | ) | (969,959 | ) | (4,223,528 | ) | ||||||||
Total increase (decrease) |
(2,991,647 | ) | (5,758,856 | ) | (1,027,215 | ) | 3,383,778 | |||||||||
Net assets |
||||||||||||||||
Beginning of year |
10,047,127 | 15,805,983 | 46,608,519 | 43,224,741 | ||||||||||||
End of year |
7,055,480 | 10,047,127 | 45,581,304 | 46,608,519 | ||||||||||||
Including undistributed net investment income (loss) of: |
$ | (1,270 | ) | $ | (13,036 | ) | $ | 223 | $ | (1,273 | ) | |||||
|
(a) |
For the eight month period ending December 31, 2017. |
See accompanying notes to financial statements.
15
Statements of Changes in Net Assets (Continued) |
Shelton Tactical |
||||||||
Six Months |
Year Ended (a) |
|||||||
Operations |
||||||||
Net investment income (loss) |
$ | 858,399 | $ | 1,067,722 | ||||
Net realized gain (loss) on investments and foreign currency transactions |
229,417 | 37,752 | ||||||
Total net realized gain (loss) |
229,417 | 37,752 | ||||||
Change in unrealized appreciation (depreciation) of investments |
(285,784 | ) | (637,943 | ) | ||||
Total net change in unrealized appreciation (depreciation) of investments |
(285,784 | ) | (637,943 | ) | ||||
Net increase (decrease) in net assets resulting from operations |
802,032 | 467,531 | ||||||
Distributions to shareholders |
||||||||
Distributions from net investment income |
||||||||
Institutional Shares (Advisor Class I Shares) |
(513,272 | ) | (748,463 | ) | ||||
Investor Shares (Class A Shares) |
(346,980 | ) | (475,435 | ) | ||||
Class C Shares |
— | |||||||
Distributions from realized capital gains on investments |
||||||||
Institutional shares |
— | |||||||
Investor shares (Class A) |
— | |||||||
Class C |
— | |||||||
Total Distributions |
(860,252 | ) | (1,223,898 | ) | ||||
Capital share transactions |
||||||||
Increase (decrease) in net assets resulting from capital share transactions |
8,501,085 | (9,262,057 | ) | |||||
Total increase (decrease) |
8,442,865 | (10,018,424 | ) | |||||
Net assets |
||||||||
Beginning of year |
25,702,719 | 35,721,143 | ||||||
End of year |
34,145,584 | 25,702,719 | ||||||
Including undistributed net investment income (loss) of: |
$ | 10,719 | $ | 12,572 | ||||
|
(a) |
For the eight month period ending December 31, 2017. |
See accompanying notes to financial statements.
16
Statements of Changes in Net Assets (Continued) |
Shelton Greater China Fund |
Direct Shares |
|||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
9,075 | $ | 84,761 | 8,082 | $ | 64,143 | ||||||||||
Shares issued in reinvestment of distributions |
986 | 8,950 | 17,789 | 152,102 | ||||||||||||
Shares repurchased |
(45,321 | ) | (423,368 | ) | (93,080 | ) | (772,173 | ) | ||||||||
Net increase (decrease) |
(35,260 | ) | $ | (329,657 | ) | (67,209 | ) | $ | (555,928 | ) | ||||||
Shelton BDC Income Fund (See Note 5) |
Institutional Shares |
|||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
27,965 | $ | 242,672 | 163,416 | $ | 1,540,708 | ||||||||||
Shares issued in reinvestment of distributions |
475 | 4,001 | 1,926 | 17,810 | ||||||||||||
Shares repurchased |
(36,008 | ) | (311,611 | ) | (31,072 | ) | (289,683 | ) | ||||||||
Net increase (decrease) |
(7,568 | ) | $ | (64,938 | ) | 134,270 | $ | 1,268,835 | ||||||||
Investor Shares |
||||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
135,592 | $ | 1,218,666 | 518,679 | $ | 4,933,025 | ||||||||||
Shares issued in reinvestment of distributions |
18,241 | 155,234 | 46,680 | 437,007 | ||||||||||||
Shares repurchased |
(479,381 | ) | (4,244,429 | ) | (546,388 | ) | (5,154,534 | ) | ||||||||
Net increase (decrease) |
(325,548 | ) | $ | (2,870,529 | ) | 18,971 | $ | 215,498 | ||||||||
Shelton Real Estate Income Fund (See Note 5) |
Institutional Shares |
|||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
755 | $ | 6,186 | 14,323 | $ | 126,012 | ||||||||||
Shares issued in reinvestment of distributions |
131 | 1,044 | 1,420 | 12,436 | ||||||||||||
Shares repurchased |
(1,457 | ) | (12,010 | ) | (103,476 | ) | (927,519 | ) | ||||||||
Net increase (decrease) |
(571 | ) | $ | (4,780 | ) | (87,733 | ) | $ | (789,071 | ) | ||||||
Investor Shares |
||||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
6,041 | $ | 50,200 | 122,004 | $ | 1,084,989 | ||||||||||
Shares issued in reinvestment of distributions |
6,648 | 54,577 | 36,235 | 320,416 | ||||||||||||
Shares repurchased |
(320,207 | ) | (2,673,188 | ) | (724,943 | ) | (6,447,897 | ) | ||||||||
Net increase (decrease) |
(307,518 | ) | $ | (2,568,411 | ) | (566,704 | ) | $ | (5,042,492 | ) | ||||||
See accompanying notes to financial statements.
17
Statements of Changes in Net Assets (Continued) |
Shelton Tactical Credit Fund |
Institutional Shares |
|||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
472,618 | $ | 4,958,195 | 422,690 | $ | 4,457,159 | ||||||||||
Shares issued in reinvestment of distributions |
23,513 | 241,008 | 69,814 | 727,118 | ||||||||||||
Shares repurchased |
(324,383 | ) | (3,382,069 | ) | (673,568 | ) | (7,116,851 | ) | ||||||||
Net increase (decrease) |
171,748 | $ | 1,817,134 | (181,064 | ) | $ | (1,932,574 | ) | ||||||||
Investor Shares |
||||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
824,948 | $ | 8,607,772 | 237,943 | $ | 2,492,290 | ||||||||||
Shares issued in reinvestment of distributions |
14,195 | 145,215 | 45,543 | 473,115 | ||||||||||||
Shares repurchased |
(199,263 | ) | (2,069,036 | ) | (985,625 | ) | (10,294,888 | ) | ||||||||
Net increase (decrease) |
639,880 | $ | 6,683,951 | (702,139 | ) | $ | (7,329,483 | ) | ||||||||
Shelton International Select Equity Fund |
Institutional Shares |
|||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
177,971 | $ | 3,797,833 | 131,505 | $ | 2,520,264 | ||||||||||
Shares issued in reinvestment of distributions |
2,923 | 62,347 | 40,564 | 807,223 | ||||||||||||
Shares repurchased |
(198,258 | ) | (4,320,143 | ) | (313,889 | ) | (6,169,368 | ) | ||||||||
Net increase (decrease) |
(17,364 | ) | $ | (459,963 | ) | (141,820 | ) | $ | (2,841,881 | ) | ||||||
Investor Shares |
||||||||||||||||
Six Months Ended |
Year Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
7,546 | $ | 166,585 | 2,971 | $ | 60,349 | ||||||||||
Shares issued in reinvestment of distributions |
98 | 2,084 | 3,118 | 61,964 | ||||||||||||
Shares repurchased |
(31,078 | ) | (678,665 | ) | (77,447 | ) | (1,503,960 | ) | ||||||||
Net increase (decrease) |
(23,434 | ) | $ | (509,996 | ) | (71,358 | ) | $ | (1,381,647 | ) | ||||||
See accompanying notes to financial statements.
18
Financial Highlights For a Share Outstanding Throughout Each Year or Period |
Shelton Greater China Fund Direct Shares |
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||||
Net asset value, beginning of year |
$ | 9.05 | $ | 6.86 | $ | 6.89 | $ | 7.55 | $ | 7.21 | $ | 7.12 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||||||
Net investment income (loss) (a) |
0.02 | 0.11 | 0.10 | 0.05 | 0.08 | 0.03 | ||||||||||||||||||
Net gain (loss) on securities |
(0.33 | ) | 2.27 | 0.03 | (0.58 | ) | 0.36 | 0.28 | ||||||||||||||||
Total from investment operations |
(0.31 | ) | 2.38 | 0.13 | (0.53 | ) | 0.44 | 0.31 | ||||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||||||
Dividends from net investment income |
(0.06 | ) | (0.19 | ) | (0.16 | ) | (0.13 | ) | (0.10 | ) | (0.22 | ) | ||||||||||||
Distributions from capital gains |
— | — | — | — | — | — | ||||||||||||||||||
Total distributions |
(0.06 | ) | (0.19 | ) | (0.16 | ) | (0.13 | ) | (0.10 | ) | (0.22 | ) | ||||||||||||
Net asset value, end of year |
$ | 8.68 | $ | 9.05 | $ | 6.86 | $ | 6.89 | $ | 7.55 | $ | 7.21 | ||||||||||||
Total return |
(3.41 | )% | 34.85 | % | 1.95 | % | (7.05 | )% | 6.19 | % | 4.34 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||||||
Net assets, end of year (000s) |
$ | 8,219 | $ | 8,885 | $ | 7,200 | $ | 7,726 | $ | 10,332 | $ | 11,415 | ||||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||||||
Before expense reimbursements |
1.13 | % | 2.62 | % | 3.13 | % | 2.60 | % | 2.69 | % | 3.00 | % | ||||||||||||
After expense reimbursements |
1.01 | % | 1.98 | % | 1.97 | % | 1.98 | % | 1.98 | % | 2.36 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets |
||||||||||||||||||||||||
Before expense reimbursements |
0.07 | % | 0.67 | % | 0.43 | % | 0.01 | % | 0.33 | % | (0.22 | )% | ||||||||||||
After expense reimbursements |
0.19 | % | 1.31 | % | 1.47 | % | 0.63 | % | 1.04 | % | 0.42 | % | ||||||||||||
Portfolio turnover |
17 | % | 25 | % | 11 | % | 0 | % | 5 | % | 10 | % | ||||||||||||
Shelton BDC Income Fund (c) |
Institutional Shares |
Formerly |
||||||||||||||||||
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
Net asset value, beginning of year |
$ | 8.92 | $ | 9.11 | $ | 8.40 | $ | 9.65 | $ | 10.00 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||
Net investment income (loss) (a) |
0.35 | 0.59 | 0.44 | 0.80 | 1.55 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
(0.19 | ) | (0.22 | ) | 0.72 | (1.36 | ) | (1.40 | ) | |||||||||||
Total from investment operations |
0.16 | 0.37 | 1.16 | (0.56 | ) | 0.15 | ||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||
Dividends from net investment income |
(0.40 | ) | (0.56 | ) | (0.45 | ) | (0.69 | ) | (0.50 | ) | ||||||||||
Distributions from capital gains |
— | — | — | |||||||||||||||||
Total distributions |
(0.40 | ) | (0.56 | ) | (0.45 | ) | (0.69 | ) | (0.50 | ) | ||||||||||
Net asset value, end of year |
$ | 8.68 | $ | 8.92 | $ | 9.11 | $ | 8.40 | $ | 9.65 | ||||||||||
Total return |
1.87 | % | 3.94 | % | 14.07 | % | (5.76 | )%(e) | 1.59 | %(e) | ||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||
Net assets, end of year (000s) |
$ | 1,500 | $ | 1,610 | $ | 420 | $ | 443 | $ | 106 | ||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||
Before expense reimbursements |
0.82 | % | 1.78 | % | 2.53 | % | 2.47 | % | 10.23 | %(f) | ||||||||||
After expense reimbursements |
0.62 | % | 1.25 | % | 1.24 | % | 1.25 | % | 1.25 | %(f) | ||||||||||
Ratio of net investment income (loss) to average net assets (h) |
9.30 | % | 17.58 | %(f) | ||||||||||||||||
Before expense reimbursements |
3.77 | % | 5.82 | % | 5.26 | % | ||||||||||||||
After expense reimbursements |
3.96 | % | 6.34 | % | 6.55 | % | ||||||||||||||
Portfolio turnover |
18 | % | 118 | % | 38 | % | 166 | % | 33 | %(g) | ||||||||||
|
(a) |
Calculated based upon average shares outstanding. |
|
(b) |
For the nine months ended December 31, 2016. See Note 5. |
|
(c) |
Following the acquisition on November 4, 2016, advisor class and class A were renamed Institutional and Investor Class. |
|
(d) |
The inception date of Shelton BDC Income Fund is April 22, 2014; the commencement of operations and start of performance for Institutional Class and Investor Class is May 2, 2014. The inception date of Shelton Real Estate Income Fund is August 7, 2014; the commencement of operations and start of performance is August 11, 2014. |
|
(e) |
Total returns shown exclude the effect of applicable sales loads/redemption fees. If the Adviser did not reimburse/waive a portion of the Fund’s expenses, total return would have been lower. Returns are not annualized |
|
(f) |
Annualized |
|
(g) |
Not annualized |
|
(h) |
Net realized and unrealized gain on investments per share does not correlate within the financial highlights for the periods ended March 31, 2016 and March 31, 2014, due to the timing of shareholder subscriptions and redemptions. |
|
(i) |
Audited by other independent registered public accounting firm. |
See accompanying notes to financial statements.
19
Financial Highlights For a Share Outstanding Throughout Each Year or Period |
Shelton BDC Income Fund |
Investor Shares |
Formerly |
||||||||||||||||||
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
||||||||||||||||
Net asset value, beginning of year |
$ | 9.01 | $ | 9.21 | $ | 8.51 | $ | 9.66 | $ | 10.00 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||
Net investment income (loss) (a) |
0.33 | 0.54 | 0.55 | 0.70 | 0.77 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
(0.19 | ) | (0.19 | ) | 0.60 | (1.17 | ) | (0.62 | ) | |||||||||||
Total from investment operations |
0.14 | 0.35 | 1.15 | (0.47 | ) | 0.15 | ||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||
Dividends from net investment income |
(0.39 | ) | (0.55 | ) | (0.45 | ) | (0.68 | ) | (0.49 | ) | ||||||||||
Distributions from capital gains |
— | — | — | |||||||||||||||||
Total distributions |
(0.39 | ) | (0.55 | ) | (0.45 | ) | (0.68 | ) | (0.49 | ) | ||||||||||
Net asset value, end of year |
$ | 8.76 | $ | 9.01 | $ | 9.21 | $ | 8.51 | $ | 9.66 | ||||||||||
Total return |
1.69 | % | 3.73 | % | 16.98 | % | (4.83 | )%(e) | 1.56 | %(e) | ||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||
Net assets, end of year (000s) |
$ | 10,262 | $ | 13,486 | $ | 13,614 | $ | 12,853 | $ | 11,658 | ||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||
Before expense reimbursements |
0.94 | % | 2.04 | % | 2.82 | % | 2.66 | % | 7.61 | %(f) | ||||||||||
After expense reimbursements |
0.74 | % | 1.50 | % | 1.50 | % | 1.45 | % | 1.50 | %(f) | ||||||||||
Ratio of net investment income (loss) to average net assets (h) |
7.89 | % | 8.94 | %(f) | ||||||||||||||||
Before expense reimbursements |
3.52 | % | 5.21 | % | 5.16 | % | ||||||||||||||
After expense reimbursements |
3.71 | % | 5.73 | % | 6.48 | % | ||||||||||||||
Portfolio turnover |
18 | % | 118 | % | 38 | % | 166 | % | 33 | %(g) | ||||||||||
|
(a) |
Calculated based upon average shares outstanding. |
|
(b) |
For the nine months ended December 31, 2016. See Note 5. |
|
(c) |
Following the acquisition on November 4, 2016, advisor class and class A were renamed Institutional and Investor Class. |
|
(d) |
The inception date of Shelton BDC Income Fund is April 22, 2014; the commencement of operations and start of performance for Institutional Class and Investor Class is May 2, 2014. The inception date of Shelton Real Estate Income Fund is August 7, 2014; the commencement of operations and start of performance is August 11, 2014. |
|
(e) |
Total returns shown exclude the effect of applicable sales loads/redemption fees. If the Adviser did not reimburse/waive a portion of the Fund’s expenses, total return would have been lower. Returns are not annualized |
|
(f) |
Annualized |
|
(g) |
Not annualized |
|
(h) |
Net realized and unrealized gain on investments per share does not correlate within the financial highlights for the periods ended March 31, 2016 and March 31, 2014, due to the timing of shareholder subscriptions and redemptions. |
|
(i) |
Audited by other independent registered public accounting firm. |
See accompanying notes to financial statements.
20
Financial Highlights For a Share Outstanding Throughout Each Year or Period |
Shelton Real Estate Income Fund |
Institutional Shares (c) |
Formerly |
||||||||||||||||||||||
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||
Net asset value, beginning of year |
$ | 8.64 | $ | 8.82 | $ | 10.65 | $ | 11.40 | $ | 10.22 | $ | 10.00 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||||||
Net investment income (loss) (a) |
0.11 | 0.28 | 0.23 | 0.26 | 0.27 | 0.25 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
(0.25 | ) | 0.07 | 0.07 | 0.02 | (h) | 1.58 | 0.23 | (h) | |||||||||||||||
Total from investment operations |
(0.14 | ) | 0.35 | 0.30 | 0.28 | 1.85 | 0.48 | |||||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||||||
Dividends from net investment income |
(0.16 | ) | (0.53 | ) | (0.38 | ) | (0.48 | ) | (0.60 | ) | (0.18 | ) | ||||||||||||
Distributions from return of capital |
— | (0.18 | ) | — | — | — | ||||||||||||||||||
Distributions from capital gains |
— | (1.57 | ) | (0.55 | ) | (0.07 | ) | (0.08 | ) | |||||||||||||||
Total distributions |
(0.16 | ) | (0.53 | ) | (2.13 | ) | (1.03 | ) | (0.67 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of year |
$ | 8.34 | $ | 8.64 | $ | 8.82 | $ | 10.65 | $ | 11.40 | $ | 10.22 | ||||||||||||
Total return |
(1.52 | )% | 3.98 | % | 3.15 | % | 2.90 | %(e) | 18.71 | %(e) | 5.01 | %(e) | ||||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||||||
Net assets, end of year (000s) |
$ | 122 | $ | 131 | $ | 908 | $ | 703 | $ | 15,295 | $ | 17,533 | ||||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||||||
Before expense reimbursements |
0.82 | % | 2.10 | % | 2.49 | %(f) | 2.01 | % | 2.21 | % | 3.97 | %(f) | ||||||||||||
After expense reimbursements |
0.57 | % | 1.17 | % | 1.14 | %(f) | 1.15 | % | 1.15 | % | 1.15 | %(f) | ||||||||||||
Ratio of net investment income (loss) to |
2.40 | % | 2.54 | % | 3.09 | %(f) | ||||||||||||||||||
Before expense reimbursements |
1.93 | % | 2.20 | % | 1.61 | %(f) | ||||||||||||||||||
After expense reimbursements |
1.30 | % | 3.13 | % | 2.96 | %(f) | ||||||||||||||||||
Portfolio turnover |
1 | % | 41 | % | 137 | %(g) | 99 | % | 104 | % | 86 | %(g) | ||||||||||||
|
(a) |
Calculated based upon average shares outstanding. |
|
(b) |
For the nine months ended December 31, 2016. See Note 5. |
|
(c) |
Following the acquisition on November 4, 2016, advisor class and class A were renamed Institutional and Investor Class. |
|
(d) |
The inception date of Shelton BDC Income Fund is April 22, 2014; the commencement of operations and start of performance for Institutional Class and Investor Class is May 2, 2014. The inception date of Shelton Real Estate Income Fund is August 7, 2014; the commencement of operations and start of performance is August 11, 2014. |
|
(e) |
Total returns shown exclude the effect of applicable sales loads/redemption fees. If the Adviser did not reimburse/waive a portion of the Fund’s expenses, total return would have been lower. Returns are not annualized |
|
(f) |
Annualized |
|
(g) |
Not annualized |
|
(h) |
Net realized and unrealized gain on investments per share does not correlate within the financial highlights for the periods ended March 31, 2016 and March 31, 2014, due to the timing of shareholder subscriptions and redemptions. |
|
(i) |
Audited by other independent registered public accounting firm. |
See accompanying notes to financial statements.
21
Financial Highlights For a Share Outstanding Throughout Each Year or Period |
Shelton Real Estate Income Fund |
Investor Shares (c) |
Formerly |
||||||||||||||||||||||
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||
Net asset value, beginning of year |
$ | 8.88 | $ | 8.85 | $ | 10.66 | $ | 11.40 | $ | 10.21 | $ | 10.00 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||||||
Net investment income (loss) (a) |
0.16 | 0.36 | 0.21 | 0.30 | 0.26 | 0.28 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
(0.31 | ) | (0.04 | ) | 0.07 | (0.03 | ) | 1.57 | 0.18 | (h) | ||||||||||||||
Total from investment operations |
(0.15 | ) | 0.32 | 0.28 | 0.27 | 1.83 | 0.46 | |||||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||||||
Dividends from net investment income |
0.84 | (0.29 | ) | (0.35 | ) | (0.46 | ) | (0.57 | ) | (0.17 | ) | |||||||||||||
Distributions from return of capital |
(1.00 | ) | — | (0.17 | ) | — | — | — | ||||||||||||||||
Distributions from capital gains |
— | — | (1.57 | ) | (0.55 | ) | (0.07 | ) | (0.08 | ) | ||||||||||||||
Total distributions |
(0.16 | ) | (0.29 | ) | (2.09 | ) | (1.01 | ) | (0.64 | ) | (0.25 | ) | ||||||||||||
Net asset value, end of year |
$ | 8.57 | $ | 8.88 | $ | 8.85 | $ | 10.66 | $ | 11.40 | $ | 10.21 | ||||||||||||
Total return |
(1.59 | )% | 3.72 | % | 3.02 | % | 2.79 | %(e) | 18.47 | %(e) | 4.83 | %(e) | ||||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||||||
Net assets, end of year (000s) |
$ | 6,933 | $ | 9,916 | $ | 14,898 | $ | 11,396 | $ | 20,677 | $ | 14,362 | ||||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||||||
Before expense reimbursements |
0.95 | % | 2.35 | % | 2.72 | %(f) | 2.22 | % | 2.46 | % | 4.22 | %(f) | ||||||||||||
After expense reimbursements |
0.69 | % | 1.42 | % | 1.39 | %(f) | 1.36 | % | 1.40 | % | 1.40 | %(f) | ||||||||||||
Ratio of net investment income (loss) to |
2.75 | % | 2.41 | % | 3.47 | %(f) | ||||||||||||||||||
Before expense reimbursements |
1.69 | % | 2.53 | % | 1.41 | %(f) | ||||||||||||||||||
After expense reimbursements |
1.93 | % | 3.46 | % | 2.74 | %(f) | ||||||||||||||||||
Portfolio turnover |
1 | % | 41 | % | 137 | %(g) | 99 | % | 104 | % | 86 | %(g) | ||||||||||||
|
(a) |
Calculated based upon average shares outstanding. |
|
(b) |
For the nine months ended December 31, 2016. See Note 5. |
|
(c) |
Following the acquisition on November 4, 2016, advisor class and class A were renamed Institutional and Investor Class. |
|
(d) |
The inception date of Shelton BDC Income Fund is April 22, 2014; the commencement of operations and start of performance for Institutional Class and Investor Class is May 2, 2014. The inception date of Shelton Real Estate Income Fund is August 7, 2014; the commencement of operations and start of performance is August 11, 2014. |
|
(e) |
Total returns shown exclude the effect of applicable sales loads/redemption fees. If the Adviser did not reimburse/waive a portion of the Fund’s expenses, total return would have been lower. Returns are not annualized |
|
(f) |
Annualized |
|
(g) |
Not annualized |
|
(h) |
Net realized and unrealized gain on investments per share does not correlate within the financial highlights for the periods ended March 31, 2016 and March 31, 2014, due to the timing of shareholder subscriptions and redemptions. |
|
(i) |
Audited by other independent registered public accounting firm. |
See accompanying notes to financial statements.
22
Financial Highlights For a Share Outstanding Throughout Each Year or Period |
Shelton Tactical Credit Fund Investor Shares (c) |
Six Months |
For the |
Year Ended |
Year Ended |
For the Period |
|||||||||||||||
Net asset value, beginning of year |
$ | 10.31 | $ | 10.59 | $ | 10.47 | $ | 10.38 | $ | 10.00 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||
Net investment income (loss) (a) |
0.28 | 0.38 | 0.63 | 0.55 | 0.11 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
0.01 | (0.22 | ) | 0.26 | (0.08 | ) | 0.35 | |||||||||||||
Total from investment operations |
0.29 | 0.16 | 0.89 | 0.47 | 0.46 | |||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||
Dividends from net investment income |
(0.25 | ) | (0.44 | ) | (0.77 | ) | (0.35 | ) | (0.08 | ) | ||||||||||
Distributions from capital gains |
— | — | — | (0.03 | ) | |||||||||||||||
Total distributions |
(0.25 | ) | (0.44 | ) | (0.77 | ) | (0.38 | ) | (0.08 | ) | ||||||||||
Net asset value, end of year |
$ | 10.35 | $ | 10.31 | $ | 10.59 | $ | 10.47 | $ | 10.38 | ||||||||||
Total return |
2.81 | % | 1.58 | % | 8.84 | % | 4.66 | % | 4.57 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||
Net assets, end of year (000s) |
$ | 15,096 | $ | 8,447 | $ | 16,112 | $ | 11,392 | $ | 126 | ||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||
Before expense reimbursements |
0.94 | % | 1.91 | % | 2.61 | % | 2.91 | % | 6.60 | % | ||||||||||
After expense reimbursements |
0.84 | % | 1.67 | % | 1.65 | % | 1.86 | % | 1.68 | % | ||||||||||
Ratio of net investment income (loss) to average net assets |
||||||||||||||||||||
Before expense reimbursements |
2.60 | % | 5.10 | % | 4.99 | % | ||||||||||||||
After expense reimbursements |
2.71 | % | 5.34 | % | 5.96 | % | 5.29 | % | 2.97 | % | ||||||||||
Portfolio turnover |
183 | % | 239 | % | 246 | % | 695 | % | 532 | % | ||||||||||
Shelton Tactical Credit Fund Institutional Shares (c) |
Six Months |
For the |
Year Ended |
Year Ended |
For the Period |
|||||||||||||||
Net asset value, beginning of year |
$ | 10.36 | $ | 10.62 | $ | 10.46 | $ | 10.38 | $ | 10.00 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS |
||||||||||||||||||||
Net investment income (loss) (a) |
0.30 | 0.39 | 0.67 | 0.56 | 0.12 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) |
(0.01 | ) | (0.20 | ) | 0.27 | (0.08 | ) | 0.34 | ||||||||||||
Total from investment operations |
0.29 | 0.19 | 0.94 | 0.48 | 0.46 | |||||||||||||||
LESS DISTRIBUTIONS |
||||||||||||||||||||
Dividends from net investment income |
(0.28 | ) | (0.45 | ) | (0.78 | ) | (0.37 | ) | (0.08 | ) | ||||||||||
Distributions from capital gains |
— | — | — | (0.03 | ) | |||||||||||||||
Total distributions |
(0.28 | ) | (0.45 | ) | (0.78 | ) | (0.40 | ) | (0.08 | ) | ||||||||||
Net asset value, end of year |
$ | 10.37 | $ | 10.36 | $ | 10.62 | $ | 10.46 | $ | 10.38 | ||||||||||
Total return |
2.89 | % | 1.79 | % | 9.35 | % | 4.78 | % | 4.60 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA |
||||||||||||||||||||
Net assets, end of year (000s) |
$ | 19,050 | $ | 17,256 | $ | 19,609 | $ | 16,139 | $ | 4,448 | ||||||||||
Ratio of expenses to average net assets: |
||||||||||||||||||||
Before expense reimbursements |
0.82 | % | 1.67 | % | 2.34 | % | 2.66 | % | 6.35 | % | ||||||||||
After expense reimbursements |
0.71 | % | 1.42 | % | 1.39 | % | 1.61 | % | 1.42 | % | ||||||||||
Ratio of net investment income (loss) to average net assets |
||||||||||||||||||||
Before expense reimbursements |
2.72 | % | 5.27 | % | 5.42 | % | ||||||||||||||
After expense reimbursements |
2.84 | % | 5.51 | % | 6.37 | % | 5.54 | % | 3.22 | % | ||||||||||
Portfolio turnover |
183 | % | 239 | % | 246 | % | 695 | % | 532 | |||||||||||