# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0001999371-25-017275
**Filing Date:** 2025-11
**Character Count:** 411473
**Document Hash:** e1b094e5c3c57e0b3b765d6e3f5f7f9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017275.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001999371-25-017275

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHELTON FUNDS
- **CENTRAL INDEX KEY:** 0000778206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04417
- **FILM NUMBER:** 251463419

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 4153982727

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST I
- **DATE OF NAME CHANGE:** 19870115

## Series and Classes Contracts Data

### Green California Tax-Free Income Fund (Series ID: S000011273)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000031070 | Investor Shares | CFNTX           |

### S&P 500 Index Fund (Series ID: S000016022)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044029 | Investor Shares | SPFIX           |
| C000044030 | K Shares        | SPXKX           |

### S&P MidCap Index Fund (Series ID: S000016023)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044031 | Investor Shares | SPMIX           |
| C000044032 | K Shares        | MIDKX           |

### S&P SmallCap Index Fund (Series ID: S000016024)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044033 | Investor Shares | SMCIX           |
| C000044034 | K Shares        | SMLKX           |

### Shelton Equity Income Fund (Series ID: S000016025)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044035 | Investor Shares | EQTIX           |
| C000044036 | K Shares        | EQTKX           |

### Nasdaq-100 Index Fund (Series ID: S000016026)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000044037 | K Shares             | NDXKX           |
| C000044038 | Investor Shares      | NASDX           |
| C000234798 | Institutional Shares | NQQQX           |

### U.S. Government Securities Fund (Series ID: S000016028)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044041 | Investor Shares | CAUSX           |
| C000044042 | K Shares        | CAUKX           |

### The United States Treasury Trust (Series ID: S000016030)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044045 | Investor Shares | UTSXX           |

### Shelton Sustainable Equity Fund (Series ID: S000039758)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000123237 | Investor Shares      | NEXTX           |
| C000238256 | Institutional Shares | NEXIX           |

?xml version='1.0' encoding='ASCII'? Shelton_tsr

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**811-04417**

(Investment Company Act file number)

**<u>Shelton Funds</u>**

(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**

**Shelton Funds**

**1125 17th St, Suite 2250**

**Denver, CO 80202**

(Name and address of agent for service)

**(800) 955-9988**

(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>August 31</u>**

Date of reporting period: **<u>September 1, 2024 - August 31, 2025</u>**

**Item 1. Reports to Stockholders.**

(a) **Green California Tax-Free Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **Annual Shareholder ReportAugust 31, 2025**<br> **Green California Tax-Free Income Fund**<br> **Investor Class Shares**<br> Ticker: CFNTX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Green California Tax-Free Income Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Green California**<br> **Tax-Free Income Fund, Investor Class** | $82 | 0.81% |

---

#### What affected the Fund's performance this period?
• The 0.08% return on the Fund's broad-based securities market index, the Bloomberg US Municipal Index (Ticker: LMBITR), for the year ended 8/31/25 underperformed The Bloomberg US Treasury Index (Ticker: LUATTRUU) return of 2.42%.

• Municipal bond ("Muni") index yields largely tracked the trajectory of the yields on the U.S. 10-Year Treasury ("UST") bond from the beginning of the fiscal year through to April 1, 2025, with more modest peaks and troughs.

• The Muni market was widely disrupted after Liberation Day. After briefly benefiting from the UST market's flight to safety, Muni bond yields rose rapidly and ultimately converged with UST yields. The month of April showed 81 basis points of index losses alone.

• After the April volatility, risk markets recovered.Steady positive Fund performance followed suit through to the end of the fiscal year. Although positive, the broader Municipal Bond Index returns were also affected by heavy supply and weaker seasonal patterns, limiting the strength of the recovery vs other risk assets.

• The Green CA Tax-free Income Fund's returns trailed the Bloomberg US Municipal Index due primarily to the Fund being shorter duration, which hurt returns after the volatile April period, and a higher credit quality portfolio which didn't participate in the risk-on rebound across most asset classes.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc1fsb5.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Green California Tax-Free Income Fund, Investor Class** | -1.41% | -0.43% | 1.03% |
| **Bloomberg U.S. Municipal Index** | 0.08% | 0.40% | 2.18%<br>|

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Green California Tax-Free Income Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes1mn21mg88bldn.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **California Educational**<br> **Facilities Authority** | 4.7% |
| **San Jose Financing Authority** | 4.6% |
| **San Diego Public Facilities Financing Authority** | 4.6% |
| **City of Los Angeles CA Wastewater System Revenue** | 4.6% |
| **Milpitas Unified School District** | 4.4% |
| **William S Hart Union**<br> **High School District** | 4.3% |
| **Foothill-De Anza Community College District** | 4.3% |
| **San Mateo Foster City Public Financing Authority** | 4.1% |
| **Santa Maria Joint Union High School District** | 4.1% |
| **San Francisco Bay Area Rapid Transit District** | 4.0% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $33562336 |
| **Total Number of Portfolio Holdings** | 40 |
| **Total Advisory Fees Paid** | $175786 |
| **Portfolio Turnover Rate** | 40% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**U.S. Government Securities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **U.S. Government Securities Fund**<br> **Investor Class Shares**<br> Ticker: CAUSX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the U.S. Government Securities Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **U.S. Government Securities Fund, Investor Class** | $77 | 0.76% |

---

#### What affected the Fund's performance this period?
• The US Government Bond market continued its volatile trend since the spike in inflation during 2022.This fiscal year was no exception. Diverging sentiments and evolving positioning based on predicting possible Federal Open Market Committee ("FOMC") Federal Fund cuts, understanding GDP growth drivers and digesting the new Administration's policies and their effects on employment and inflation, caused the US 10-Year to rise +33bps from 3.90% at 8/30/24 to 4.23% on 8/31/25.

• The start of the fiscal year began with a steady decline in yields down to a trough of 3.62% on 9/16/24 - one day prior to the September FOMC meeting. The market priced-in the start of the Fed's rate cutting cycle, which began with a-50 basis point cut at the FOMC meeting on September 17th.Despite the Fed cutting again during both of their November and December meetings for a total of-100bps in cuts, to a range of 4.25-4.50%, yields moved rapidly higher, culminating with the annual peak of yields at 4.79% on1/14/25.This re-pricing was in response to the incoming Administration's proposed policies with market participants debating their impacts on growth, employment and inflation.

• Another pivotal point for volatility was around Liberation Day. The announcement of proposed tariffs sparked an immediate flight to safety with US 10-Year Treasuries falling from 4.17% at the close on April 1, 2025 to 4.00% on April 4th. As the implementation was delayed and bartering amongst countries began, yields climbed +49bps over the course of the following week before changing course to end the month of April at 4.16%, essentially unchanged.

• The shape of the US Treasury curve changed quite dramatically over the course of the fiscal year. The 5-year point remained unchanged, whilst the short-end of the curve plummeted, and the long-end of the curve rose.

o 3-Month UST Bill yields fell -97bps

o 30-Year UST Bond yields rose +73bps

• The result of this volatility produced coupon-less type of returns for the Bloomberg US Treasury Index (Ticker: LUATTRUU) of +2.42% for the year ending 8/31/25.

• The Fund returned +0.79% for the period. The portfolio's higher yield vs. the Bloomberg US Treasury Index was not enough to compensate for the greater term premium investors demanded for buying the long end of the curve. Since longer dated bonds are more sensitive to interest rate moves than short-dated bonds, the Fund's overweight positioning, concentrated on 20- and 30-year as longer dated bonds, was a drag on returns, causing underperformance for the fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc2ijmx.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **U.S. Government Securities Fund,**<br> **Investor Class** | 0.79% | -1.16% | 0.63% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |
| **Bloomberg U.S. Treasury Index**  | 2.42% | -1.47% | 1.18% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**U.S. Government Securities Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes763ul11mg87qacz.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Note/Bond, 03/15/2028** | 13.6% |
| **United States Treasury Note/Bond, 11/15/2041** | 10.3% |
| **United States Treasury Note/Bond, 04/30/2032** | 9.1% |
| **United States Treasury Note/Bond, 11/15/2054** | 8.8% |
| **United States Treasury Note/Bond, 09/30/2029** | 7.5% |
| **United States Treasury Note/Bond, 08/15/2034** | 7.4% |
| **United States Treasury Note/Bond, 05/18/2041** | 6.5% |
| **United States Treasury Note/Bond, 03/31/2027** | 6.5% |
| **United States Treasury Note/Bond, 10/31/2030** | 6.3% |
| **United States Treasury Note/Bond, 02/15/2026** | 6.1% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $13324404 |
| **Total Number of Portfolio Holdings** | 19 |
| **Total Advisory Fees Paid** | $15277 |
| **Portfolio Turnover Rate** | 52% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**U.S. Government Securities Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **U.S. Government Securities Fund**<br> **K Class Shares**<br> Ticker: CAUKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the U.S. Government Securities Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **U.S. Government Securities Fund,** <br> **K Class** | $128 | 1.26% |

---

#### What affected the Fund's performance this period?
• The US Government Bond market continued its volatile trend since the spike in inflation during 2022.This fiscal year was no exception. Diverging sentiments and evolving positioning based on predicting possible Federal Open Market Committee ("FOMC") Federal Fund cuts, understanding GDP growth drivers and digesting the new Administration's policies and their effects on employment and inflation, caused the US 10-Year to rise +33bps from 3.90% at 8/30/24 to 4.23% on 8/31/25.

• The start of the fiscal year began with a steady decline in yields down to a trough of 3.62% on 9/16/24 - one day prior to the September FOMC meeting. The market priced-in the start of the Fed's rate cutting cycle, which began with a-50 basis point cut at the FOMC meeting on September 17th.Despite the Fed cutting again during both of their November and December meetings for a total of-100bps in cuts, to a range of 4.25-4.50%, yields moved rapidly higher, culminating with the annual peak of yields at 4.79% on1/14/25.This re-pricing was in response to the incoming Administration's proposed policies with market participants debating their impacts on growth, employment and inflation.

• Another pivotal point for volatility was around Liberation Day. The announcement of proposed tariffs sparked an immediate flight to safety with US 10-Year Treasuries falling from 4.17% at the close on April 1, 2025 to 4.00% on April 4th. As the implementation was delayed and bartering amongst countries began, yields climbed +49bps over the course of the following week before changing course to end the month of April at 4.16%, essentially unchanged.

• The shape of the US Treasury curve changed quite dramatically over the course of the fiscal year. The 5-year point remained unchanged, whilst the short-end of the curve plummeted, and the long-end of the curve rose.

o 3-Month UST Bill yields fell -97bps

o 30-Year UST Bond yields rose +73bps

• The result of this volatility produced coupon-less type of returns for the Bloomberg US Treasury Index (Ticker: LUATTRUU) of +2.42% for the year ending 8/31/25.

• The Fund returned +0.27% for the period. The portfolio's higher yield vs. the Bloomberg US Treasury Index was not enough to compensate for the greater term premium investors demanded for buying the long end of the curve. Since longer dated bonds are more sensitive to interest rate moves than short-dated bonds, the Fund's overweight positioning, concentrated on 20- and 30-year as longer dated bonds, was a drag on returns, causing underperformance for the fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc2gyol.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 years** | **10 Years** |
| **U.S. Government Securities Fund,**<br> **K Class** | 0.27% | -1.65% | 0.11% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |
| **Bloomberg U.S. Treasury Index**  | 2.42% | -1.47% | 1.18% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**U.S. Government Securities Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes763ul11mg87qacz.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Note/Bond, 03/15/2028** | 13.6% |
| **United States Treasury Note/Bond, 11/15/2041** | 10.3% |
| **United States Treasury Note/Bond, 04/30/2032** | 9.1% |
| **United States Treasury Note/Bond, 11/15/2054** | 8.8% |
| **United States Treasury Note/Bond, 09/30/2029** | 7.5% |
| **United States Treasury Note/Bond, 08/15/2034** | 7.4% |
| **United States Treasury Note/Bond, 05/18/2041** | 6.5% |
| **United States Treasury Note/Bond, 03/31/2027** | 6.5% |
| **United States Treasury Note/Bond, 10/31/2030** | 6.3% |
| **United States Treasury Note/Bond, 02/15/2026** | 6.1% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $142004 |
| **Total Number of Portfolio Holdings** | 19 |
| **Total Advisory Fees Paid** | $152 |
| **Portfolio Turnover Rate** | 52% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**The United States Treasury Trust** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **The United States Treasury Trust**<br> **Investor Class Shares**<br> Ticker: UTSXX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the The United States Treasury Trust for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **The United States Treasury Trust, Investor Class** | $90 | 0.88% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $25970927 |
| **Total Number of Portfolio Holdings** | 9 |
| **Total Advisory Fees Paid** | $128103 |

---

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg88j5b5.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Bill, 10/02/25** | 19.2% |
| **United States Treasury Bill, 09/04/25** | 17.7% |
| **United States Treasury Bill, 11/20/25** | 13.7% |
| **United States Treasury Bill, 10/21/25** | 10.3% |
| **United States Treasury Bill, 10/28/25** | 8.4% |
| **United States Treasury Bill, 09/09/25** | 8.1% |
| **United States Treasury Bill, 10/16/25** | 7.7% |
| **United States Treasury Bill, 12/11/25** | 7.6% |
| **United States Treasury Bill, 11/04/25** | 7.3% |

---

**S&P 500 Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P 500 Index Fund**<br> **Investor Class Shares**<br> Ticker: SPFIX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P 500 Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P 500 Index Fund,**<br> **Investor Class** | $43 | 0.42% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P 500 Index.

• The Information Technology sector contributed the most to the fund's total return, gaining over 22%. Within this sector, the Semiconductors & Semiconductor Equipment industry drove most of the returns, gaining over 37% for the fiscal year. Additionally, the Communication Services sector was the second largest contributor, returning over 34%, led by the Media & Entertainment industry which returned over 35%.

• Contrarily, the GICS Health Care sector, detracted the most from the fund's total return, down more than 11%. Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 12% for the year. Additionally, the Materials industry, within the Materials sector, had a positive return of less than 1%, which lagged behind the other sectors with positive returns.

• In terms of specific stock holdings, Nvidia, Microsoft, Broadcom, and Meta were the top four contributors to the total return of the fund, gaining over 45%, 22%, 84%, and 42%, respectively. Conversely, the top four detractors were Unitedhealthcare Group, Eli Lilly & Co, Adobe, and Merck & Co, which lost more than 46%, 23%, 37%, and 26%, respectively for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc2a09d.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P 500 Index Fund, Investor Class** | 15.40% | 14.27% | 14.19% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P 500 Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg870ymp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **NVIDIA Corp** | 7.7% |
| **Microsoft Corp** | 6.8% |
| **Apple Inc** | 6.3% |
| **Amazon.com Inc** | 3.9% |
| **Meta Platforms Inc** | 2.9% |
| **Broadcom Inc** | 2.5% |
| **Alphabet Inc - Class A** | 2.2% |
| **Alphabet Inc - Class C** | 1.8% |
| **Tesla Inc** | 1.7% |
| **Berkshire Hathaway Inc** | 1.7% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $297934113 |
| **Total Number of Portfolio Holdings** | 502 |
| **Total Advisory Fees Paid** | $705307 |
| **Portfolio Turnover Rate** | 10% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**S&P 500 Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P 500 Index Fund**<br> **K Class Shares**<br> Ticker: SPXKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P 500 Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P 500 Index Fund,**<br> **K Class** | $94 | 0.92% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P 500 Index.

• The Information Technology sector contributed the most to the fund's total return, gaining over 22%. Within this sector, the Semiconductors & Semiconductor Equipment industry drove most of the returns, gaining over 37% for the fiscal year. Additionally, the Communication Services sector was the second largest contributor, returning over 34%, led by the Media & Entertainment industry which returned over 35%.

• Contrarily, the GICS Health Care sector, detracted the most from the fund's total return, down more than 11%. Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 12% for the year. Additionally, the Materials industry, within the Materials sector, had a positive return of less than 1%, which lagged behind the other sectors with positive returns.

• In terms of specific stock holdings, Nvidia, Microsoft, Broadcom, and Meta were the top four contributors to the total return of the fund, gaining over 45%, 22%, 84%, and 42%, respectively. Conversely, the top four detractors were Unitedhealthcare Group, Eli Lilly & Co, Adobe, and Merck & Co, which lost more than 46%, 23%, 37%, and 26%, respectively for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc28wqn.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P 500 Index Fund, K Class** | 14.82% | 13.70% | 13.62% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P 500 Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg870ymp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **NVIDIA Corp** | 7.7% |
| **Microsoft Corp** | 6.8% |
| **Apple Inc** | 6.3% |
| **Amazon.com Inc** | 3.9% |
| **Meta Platforms Inc** | 2.9% |
| **Broadcom Inc** | 2.5% |
| **Alphabet Inc - Class A** | 2.2% |
| **Alphabet Inc - Class C** | 1.8% |
| **Tesla Inc** | 1.7% |
| **Berkshire Hathaway Inc** | 1.7% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $2421630 |
| **Total Number of Portfolio Holdings** | 502 |
| **Total Advisory Fees Paid** | $5156 |
| **Portfolio Turnover Rate** | 10% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**S&P MidCap Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P MidCap Index Fund**<br> **Investor Class Shares**<br> Ticker: SPMIX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P MidCap Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P MidCap**<br> **Index Fund, Investor Class**  | $64 | 0.63% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ending August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P MidCap 400 Index.

• The Industrials sector contributed the most to the fund's total return, gaining over 11%. Within this sector, the Capital Goods industry drove most of the returns, gaining over 19% for the fiscal year. Additionally, the Financials sector was the second largest contributor, returning over 15%, led by the Financial Services industry which returned over 21%.

• Contrarily, the GICS Health Care sector detracted the most from the fund's toral return, down more than 12%. Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 20%. Additionally, the Real Estate Sector also detracted from performance, gaining less than 1% for the year, led by REITS, which lost less than 1%.

• In terms of specific stock holdings, Texas Pacific Land Corp, Interactive Brokers, Comfort Systems USA, and Emcor Group were the top four contributors to the total return of the fund, gaining over 7%, 94%, 99%, and 58%, respectively. Conversely, the top four detractors were Sarepta Therapeutics, Avantor, Biomarin Pharmaceutical, and Acadia Healthcare which lost over 86%, 47%, 36%, and 71%, respectively, for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc2cizn.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P MidCap Index Fund,**<br> **Investor Class** | 6.06% | 12.15% | 10.03% |
| **S&P 1500 Index** | 15.06% | 14.57% | 14.21% |
| **S&P MidCap 400 Index**  | 6.84% | 12.73% | 10.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P MidCap Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes1mn21mg825n4s.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Bill** | 1.8% |
| **EMCOR Group Inc** | 0.9% |
| **Interactive Brokers Group Inc** | 0.9% |
| **Comfort Systems USA Inc** | 0.8% |
| **Pure Storage Inc** | 0.8% |
| **RB Global Inc** | 0.7% |
| **Flex Ltd** | 0.7% |
| **Casey's General Stores Inc** | 0.6% |
| **Burlington Stores Inc** | 0.6% |
| **Guidewire Software Inc** | 0.6% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $107678457 |
| **Total Number of Portfolio Holdings** | 393 |
| **Total Advisory Fees Paid** | $426865 |
| **Portfolio Turnover Rate** | 12% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**S&P MidCap Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P MidCap Index Fund**<br> **K Class Shares**<br> Ticker: MIDKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P MidCap Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P MidCap Index Fund,**<br> **K Class** | $115 | 1.13% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ending August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P MidCap 400 Index.

• The Industrials sector contributed the most to the fund's total return, gaining over 11%. Within this sector, the Capital Goods industry drove most of the returns, gaining over 19% for the fiscal year. Additionally, the Financials sector was the second largest contributor, returning over 15%, led by the Financial Services industry which returned over 21%.

• Contrarily, the GICS Health Care sector detracted the most from the fund's toral return, down more than 12%. Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 20%. Additionally, the Real Estate Sector also detracted from performance, gaining less than 1% for the year, led by REITS, which lost less than 1%.

• In terms of specific stock holdings, Texas Pacific Land Corp, Interactive Brokers, Comfort Systems USA, and Emcor Group were the top four contributors to the total return of the fund, gaining over 7%, 94%, 99%, and 58%, respectively. Conversely, the top four detractors were Sarepta Therapeutics, Avantor, Biomarin Pharmaceutical, and Acadia Healthcare which lost over 86%, 47%, 36%, and 71%, respectively, for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc2b54r.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P MidCap Index Fund,**<br> **K Class**  | 5.54% | 11.59% | 9.35% |
| **S&P 1500 Index** | 15.06% | 14.57% | 14.21% |
| **S&P MidCap 400 Index**  | 6.84% | 12.73% | 10.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P MidCap Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes1mn21mg825n4s.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Bill** | 1.8% |
| **EMCOR Group Inc** | 0.9% |
| **Interactive Brokers Group Inc** | 0.9% |
| **Comfort Systems USA Inc** | 0.8% |
| **Pure Storage Inc** | 0.8% |
| **RB Global Inc** | 0.7% |
| **Flex Ltd** | 0.7% |
| **Casey's General Stores Inc** | 0.6% |
| **Burlington Stores Inc** | 0.6% |
| **Guidewire Software Inc** | 0.6% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $421668 |
| **Total Number of Portfolio Holdings** | 393 |
| **Total Advisory Fees Paid** | $1805 |
| **Portfolio Turnover Rate** | 12% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Equity Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Shelton Equity Income Fund**<br> **Investor Class Shares**<br> Ticker: EQTIX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Equity Income Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Shelton Equity Income Fund, Investor Class** | $65 | 0.64% |

---

#### What affected the Fund's performance this period?
• Performance from Key Holdings: Significant contributions from holdings such as Netflix (NFLX), Broadcom (AVGO), and Goldman Sachs (GS) enhanced the Fund's total return. These names benefited from strong earnings and favorable sector tailwinds, helping the Fund outperform the CBOE S&P 500 BuyWrite Monthly Index (BXM).

• Use of Covered Call Strategy: The Fund's active strategy of writing covered calls on individual large-cap equities like NVIDIA (NVDA) and Oracle (ORCL) generated premiums that supported cash flow and helped buffer volatility during periods of market rotation.

• Sector Weighting Adjustments: Strategic allocations to sectors such as technology, financials, and energy aligned well with broader market trends. These tilts provided exposure to momentum areas while avoiding over-concentration in underperforming sectors like healthcare.

• Market Dynamics and Economic Factors: The portfolio navigated a complex backdrop of moderating inflation, interest rate pauses, and renewed AI enthusiasm. The Fund's focus on quality businesses with durable earnings supported resilient performance during macro uncertainty.

• Diversification Across Strong Companies: A balanced portfolio of dividend-payers and growth leaders—such as Arista Networks (ANET), Constellation Energy (CEG), and Johnson & Johnson (JNJ)—reduced downside risk and contributed to overall gains during the fiscal year. This diversification helped offset weakness in holdings like UnitedHealth (UNH), Chipotle (CMG), and PayPal (PYPL).

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc1sot0.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **1 Years** |
| **Shelton Equity Income Fund, Investor Class** | 9.38% | 12.27% | 9.94% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |
| **CBOE S&P 500 BuyWrite Index**  | 7.72% | 9.15% | 6.84% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Equity Income Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg8084d0.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total investments** |
| **United States Treasury Bill** | 7.2% |
| **Apple Inc** | 3.1% |
| **Alphabet Inc** | 2.4% |
| **NVIDIA Corp** | 2.4% |
| **Broadcom Inc** | 1.9% |
| **Microsoft Corp** | 1.9% |
| **The Walt Disney Co** | 1.8% |
| **Citigroup Inc** | 1.8% |
| **Johnson & Johnson** | 1.8% |
| **Arista Networks Inc** | 1.8% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $986961083 |
| **Total Number of Portfolio Holdings** | 252 |
| **Total Advisory Fees Paid** | $4122228 |
| **Portfolio Turnover Rate** | 48% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Equity Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Shelton Equity Income Fund**<br> **K Class Shares**<br> Ticker: EQTKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Equity Income Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Shelton Equity Income Fund,** <br> **K Class** | $116 | 1.14% |

---

#### What affected the Fund's performance this period?
• Performance from Key Holdings: Significant contributions from holdings such as Netflix (NFLX), Broadcom (AVGO), and Goldman Sachs (GS) enhanced the Fund's total return. These names benefited from strong earnings and favorable sector tailwinds, helping the Fund outperform the CBOE S&P 500 BuyWrite Monthly Index (BXM).

• Use of Covered Call Strategy: The Fund's active strategy of writing covered calls on individual large-cap equities like NVIDIA (NVDA) and Oracle (ORCL) generated premiums that supported cash flow and helped buffer volatility during periods of market rotation.

• Sector Weighting Adjustments: Strategic allocations to sectors such as technology, financials, and energy aligned well with broader market trends. These tilts provided exposure to momentum areas while avoiding over-concentration in underperforming sectors like healthcare.

• Market Dynamics and Economic Factors: The portfolio navigated a complex backdrop of moderating inflation, interest rate pauses, and renewed AI enthusiasm. The Fund's focus on quality businesses with durable earnings supported resilient performance during macro uncertainty.

• Diversification Across Strong Companies: A balanced portfolio of dividend-payers and growth leaders—such as Arista Networks (ANET), Constellation Energy (CEG), and Johnson & Johnson (JNJ)—reduced downside risk and contributed to overall gains during the fiscal year. This diversification helped offset weakness in holdings like UnitedHealth (UNH), Chipotle (CMG), and PayPal (PYPL).

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc1qe6c.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Shelton Equity Income Fund, K Class** | 8.84% | 11.71% | 9.39% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |
| **CBOE S&P 500 BuyWrite Index**  | 7.72% | 9.15% | 6.84% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Equity Income Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg8084d0.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total investments** |
| **United States Treasury Bill** | 7.2% |
| **Apple Inc** | 3.1% |
| **Alphabet Inc** | 2.4% |
| **NVIDIA Corp** | 2.4% |
| **Broadcom Inc** | 1.9% |
| **Microsoft Corp** | 1.9% |
| **The Walt Disney Co** | 1.8% |
| **Citigroup Inc** | 1.8% |
| **Johnson & Johnson** | 1.8% |
| **Arista Networks Inc** | 1.8% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $175854 |
| **Total Number of Portfolio Holdings** | 252 |
| **Total Advisory Fees Paid** | $773 |
| **Portfolio Turnover Rate** | 48% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**S&P SmallCap Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P SmallCap Index Fund**<br> **Investor Class Shares**<br> Ticker: SMCIX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P SmallCap Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P SmallCap Index Fund, Investor Class** | $88 | 0.86% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P SmallCap 600 Index.

• The Industrials sector contributed the most to the fund's total return, gaining over 14%. Within this sector, the Capital Goods industry drove most of the returns, gaining over 19% for the fiscal year. Additionally, the Financials sector was the second largest contributor, returning over 13%, led by the Financial Services industry which returned over 14%.

• Contrarily, the Health Care sector detracted the most to the fund's total return, losing more than 10% for the year. Within the sector, the Health Care Equipment & Services industry decreased the most with a loss of more than 14%. Additionally, the Energy sector lost more than 21% for the fiscal year.

• In terms of specific stock holdings, MP Materials Corp, MR Cooper Group, Kratos Defense & Security, and Sterling Infrastructure were the top four contributors to the total return of the fund, gaining over 451%, 100%, 187%, and 133%, respectively. Conversely, the top four detractors were Inspire Medical Systems, Organon & Co, SPS Commerce, and Insight Enterprises which lost over 47%, 56%, 44%, and 40% respectively for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc2fi31.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P SmallCap Index Fund,**<br> **Investor Class** | 2.51% | 11.11% | 8.92% |
| **S&P 1500 Index** | 15.85% | 14.73% | 14.58% |
| **S&P SmallCap 600 Index**  | 3.46% | 11.57% | 9.47% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P SmallCap Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg81981a.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Bill** | 1.0% |
| **Mr Cooper Group Inc** | 0.8% |
| **Kratos Defense & Security Solutions Inc** | 0.7% |
| **BorgWarner Inc** | 0.7% |
| **MP Materials Corp** | 0.6% |
| **SPX Technologies Inc** | 0.6% |
| **Qorvo Inc** | 0.6% |
| **Armstrong World Industries Inc** | 0.6% |
| **Sterling Infrastructure Inc** | 0.6% |
| **Federal Signal Corp** | 0.5% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $51093721 |
| **Total Number of Portfolio Holdings** | 571 |
| **Total Advisory Fees Paid** | $253372 |
| **Portfolio Turnover Rate** | 20% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**S&P SmallCap Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **S&P SmallCap Index Fund**<br> **K Class Shares**<br> Ticker: SMLKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the S&P SmallCap Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **S&P SmallCap Index Fund,**<br> **K Class** | $138 | 1.36% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the S&P SmallCap 600 Index.

• The Industrials sector contributed the most to the fund's total return, gaining over 14%. Within this sector, the Capital Goods industry drove most of the returns, gaining over 19% for the fiscal year. Additionally, the Financials sector was the second largest contributor, returning over 13%, led by the Financial Services industry which returned over 14%.

• Contrarily, the Health Care sector detracted the most to the fund's total return, losing more than 10% for the year. Within the sector, the Health Care Equipment & Services industry decreased the most with a loss of more than 14%. Additionally, the Energy sector lost more than 21% for the fiscal year.

• In terms of specific stock holdings, MP Materials Corp, MR Cooper Group, Kratos Defense & Security, and Sterling Infrastructure were the top four contributors to the total return of the fund, gaining over 451%, 100%, 187%, and 133%, respectively. Conversely, the top four detractors were Inspire Medical Systems, Organon & Co, SPS Commerce, and Insight Enterprises which lost over 47%, 56%, 44%, and 40% respectively for the fund's fiscal year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc2dys6.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **S&P SmallCap Index Fund, K Class** | 2.00% | 10.56% | 8.37% |
| **S&P 1500 Index** | 15.85% | 14.73% | 14.58% |
| **S&P SmallCap 600 Index**  | 3.46% | 11.57% | 9.47% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**S&P SmallCap Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg81981a.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **United States Treasury Bill** | 1.0% |
| **Mr Cooper Group Inc** | 0.8% |
| **Kratos Defense & Security Solutions Inc** | 0.7% |
| **BorgWarner Inc** | 0.7% |
| **MP Materials Corp** | 0.6% |
| **SPX Technologies Inc** | 0.6% |
| **Qorvo Inc** | 0.6% |
| **Armstrong World Industries Inc** | 0.6% |
| **Sterling Infrastructure Inc** | 0.6% |
| **Federal Signal Corp** | 0.5% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $609768 |
| **Total Number of Portfolio Holdings** | 571 |
| **Total Advisory Fees Paid** | $3562 |
| **Portfolio Turnover Rate** | 20% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Nasdaq-100 Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Nasdaq-100 Index Fund**<br> **Investor Class Shares**<br> Ticker: NASDX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Nasdaq-100 Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Nasdaq-100 Index Fund, Investor Class** | $53 | 0.52% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the Nasdaq-100 Index.

• The Information Technology sector contributed the most to the fund's total return, gaining 22%. Within this sector, the Semiconductors & Semiconductor Equipment industry drove most of the returns, gaining over 31% for the fiscal year. Additionally, the Communication Services sector was the second largest contributor, returning over 32%, led by the Media & Entertainment industry which returned over 33%.

• Contrarily, the Health Care sectordetracted the most from the fund's total return, down more than 9%.Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 13% for the year. Additionally, the Consumer Staples sector was the second largest detractor to total return, down by more than 1% for the fiscal year, being brought down the most by the Food, Beverage & Tobacco industry, which lost more than 6%.

• In terms of specific stock holdings, Broadcom, Nvidia, Microsoft, and Tesla were the top four contributors to the total return of the fund, gaining over 84%, 45%, 22%, and 55%, respectively. Conversely, the top four detractors were Adobe, Regeneron Pharmaceuticals, Apple, and Pepsico, where Adobe, Regeneron, and Pepsico lost more than 37%, 50%, and 10%, respectively and Apple, while up almost 2% for the year, was still a drag on performance due to its large weight and being down for much of the year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc1on1s.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 years** | **10 years** |
| **Nasdaq-100 Index Fund,**<br> **Investor Class** | 19.90% | 14.58% | 18.92% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |
| **Nasdaq-100 Index**  | 20.52% | 15.01% | 19.67% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Nasdaq-100 Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg85i0bu.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **NVIDIA Corp** | 9.7% |
| **Microsoft Corp** | 8.6% |
| **Apple Inc** | 7.9% |
| **Amazon.com Inc** | 5.5% |
| **Broadcom Inc** | 5.3% |
| **Meta Platforms Inc** | 3.6% |
| **Netflix Inc** | 2.9% |
| **Alphabet Inc** | 2.8% |
| **Tesla Inc** | 2.7% |
| **United States Treasury Bill** | 2.7% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $1889700438 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Advisory Fees Paid** | $2283262 |
| **Portfolio Turnover Rate** | 15% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Nasdaq-100 Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Nasdaq-100 Index Fund**<br> **K Class Shares**<br> Ticker: NDXKX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Nasdaq-100 Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Nasdaq-100 Index Fund,**<br> **K Class** | $78 | 0.77% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the Nasdaq-100 Index.

• The Information Technology sector contributed the most to the fund's total return, gaining 22%. Within this sector, the Semiconductors & Semiconductor Equipment industry drove most of the returns, gaining over 31% for the fiscal year. Additionally, the Communication Services sector was the second largest contributor, returning over 32%, led by the Media & Entertainment industry which returned over 33%.

• Contrarily, the Health Care sectordetracted the most from the fund's total return, down more than 9%.Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 13% for the year. Additionally, the Consumer Staples sector was the second largest detractor to total return, down by more than 1% for the fiscal year, being brought down the most by the Food, Beverage & Tobacco industry, which lost more than 6%.

• In terms of specific stock holdings, Broadcom, Nvidia, Microsoft, and Tesla were the top four contributors to the total return of the fund, gaining over 84%, 45%, 22%, and 55%, respectively. Conversely, the top four detractors were Adobe, Regeneron Pharmaceuticals, Apple, and Pepsico, where Adobe, Regeneron, and Pepsico lost more than 37%, 50%, and 10%, respectively and Apple, while up almost 2% for the year, was still a drag on performance due to its large weight and being down for much of the year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes16oc0pz1mhc1edm7.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Nasdaq-100 Index Fund, K Class** | 19.62% | 14.13% | 18.40% |
| **S&P 500 Index** | 15.85% | 14.73% | 14.58% |
| **Nasdaq-100 Index**  | 20.52% | 15.01% | 19.67% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Nasdaq-100 Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg85i0bu.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **NVIDIA Corp** | 9.7% |
| **Microsoft Corp** | 8.6% |
| **Apple Inc** | 7.9% |
| **Amazon.com Inc** | 5.5% |
| **Broadcom Inc** | 5.3% |
| **Meta Platforms Inc** | 3.6% |
| **Netflix Inc** | 2.9% |
| **Alphabet Inc** | 2.8% |
| **Tesla Inc** | 2.7% |
| **United States Treasury Bill** | 2.7% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $41024286 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Advisory Fees Paid** | $48419 |
| **Portfolio Turnover Rate** | 15% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Nasdaq-100 Index Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Nasdaq-100 Index Fund**<br> **Institutional Class Shares**<br> Ticker: NQQQX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Nasdaq-100 Index Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Nasdaq-100 Index Fund, Institutional Class** | $28 | 0.27% |

---

#### What affected the Fund's performance this period?
• For the fiscal year ended August 31, 2025, U.S. trade policy developments contributed to market volatility, while inflation fluctuated within a range of 2.3% to 3.0% year-over-year. During the same period, the Federal Reserve reduced the federal funds rate from 5.5% at the start of the fiscal year to 4.5% by year-end. While the rate reduction is broadly considered supportive of financial markets, its impacts varied across asset classes. According to Bloomberg, LLC, the fund's returns exhibited a correlation of 1.00 to the Nasdaq-100 Index.

• The Information Technology sector contributed the most to the fund's total return, gaining 22%. Within this sector, the Semiconductors & Semiconductor Equipment industry drove most of the returns, gaining over 31% for the fiscal year. Additionally, the Communication Services sector was the second largest contributor, returning over 32%, led by the Media & Entertainment industry which returned over 33%.

• Contrarily, the Health Care sectordetracted the most from the fund's total return, down more than 9%.Within this sector, the Pharmaceuticals, Biotechnology & Life Sciences industry detracted the most, losing over 13% for the year. Additionally, the Consumer Staples sector was the second largest detractor to total return, down by more than 1% for the fiscal year, being brought down the most by the Food, Beverage & Tobacco industry, which lost more than 6%.

• In terms of specific stock holdings, Broadcom, Nvidia, Microsoft, and Tesla were the top four contributors to the total return of the fund, gaining over 84%, 45%, 22%, and 55%, respectively. Conversely, the top four detractors were Adobe, Regeneron Pharmaceuticals, Apple, and Pepsico, where Adobe, Regeneron, and Pepsico lost more than 37%, 50%, and 10%, respectively and Apple, while up almost 2% for the year, was still a drag on performance due to its large weight and being down for much of the year.

#### Cumulative Performance
(based on a hypothetical $10,000,000 investment)

![line](qes3rl2g1mhc1f4i2.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> **(3/7/22)** |
| **Nasdaq-100 Index Fund, Institutional Class** | 20.22% | 18.22% |
| **S&P 500 Index** | 15.85% | 14.86% |
| **Nasdaq-100 Index**  | 20.52% | 18.56% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Nasdaq-100 Index Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes43zec1mg85i0bu.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **NVIDIA Corp** | 9.7% |
| **Microsoft Corp** | 8.6% |
| **Apple Inc** | 7.9% |
| **Amazon.com Inc** | 5.5% |
| **Broadcom Inc** | 5.3% |
| **Meta Platforms Inc** | 3.6% |
| **Netflix Inc** | 2.9% |
| **Alphabet Inc** | 2.8% |
| **Tesla Inc** | 2.7% |
| **United States Treasury Bill** | 2.7% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $58146502  |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Advisory Fees Paid** | $54800 |
| **Portfolio Turnover Rate** | 15% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Sustainable Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Shelton Sustainable Equity Fund**<br> **Investor Class Shares**<br> Ticker: NEXTX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Sustainable Equity Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Shelton Sustainable** <br> **Equity Fund,** <br> **Investor Class** | $128 | 1.26% |

---

#### What affected the Fund's performance this period?
Mid-cap stocks underperformed the broader market over the fiscal year, delivering a 6.84% total return, compared to the 15.85% total return of the S&P 500 Index, still largely driven by Tech stocks and the euphoria over the promise of Artificial Intelligence.

Sustainability stocks were out of favor during most of this time period, but with a reversal in the Q2 2025 of the Sustainability thematics, the fund regained returns delivering a 5.67% total return for the period, largely attributed to changes in interest rates and easing of regulatory pressure.

With a continued focus on Industrials, Energy and Utilities, the hype around data centers and the energy demand required for such data centers started to materialize in corporate earnings and stock prices, resulting in fund performance catching up to the S&P MidCap 400 Index during the fiscal year. Additional sectors adding to performance were Health Care and Consumer Discretionary. The Financials, IT, Communications and Consumer Staples sectors detracted from returns.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes3rl2g1mhc27ljl.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Shelton Sustainable Equity Fund,**<br> **Investor Class** | 5.67% | 4.30% | 10.85% |
| **S&P 1500 Index** | 15.06% | 14.57% | 14.21% |
| **S&P MidCap 400 Index**  | 6.84% | 12.73% | 10.38% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Sustainable Equity Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes1mn21mg7z7ylj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **Ormat Technologies Inc** | 4.1% |
| **Gaztransport Et Technigaz SA** | 3.7% |
| **Siemens AG** | 3.6% |
| **Deere & Co** | 3.5% |
| **First Solar Inc** | 3.4% |
| **Aramark** | 3.4% |
| **HA Sustainable Infrastructure Capital Inc** | 3.3% |
| **Bunge Global SA** | 3.3% |
| **CF Industries Holdings Inc** | 3.3% |
| **Schneider Electric SE** | 3.2% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $66641568 |
| **Total Number of Portfolio Holdings** | 47 |
| **Total Advisory Fees Paid** | $594752 |
| **Portfolio Turnover Rate** | 21% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Sustainable Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report August 31, 2025**<br> **Shelton Sustainable Equity Fund**<br> **Institutional Class Shares**<br> Ticker: NEXIX<br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Sustainable Equity Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Shelton Sustainable Equity Fund, Institutional Class** | $103 | 1.01% |

---

#### What affected the Fund's performance this period?
Mid-cap stocks underperformed the broader market over the fiscal year, delivering a 6.84% total return, compared to the 15.85% total return of the S&P 500 Index, still largely driven by Tech stocks and the euphoria over the promise of Artificial Intelligence.

Sustainability stocks were out of favor during most of this time period, but with a reversal in the Q2 2025 of the Sustainability thematics, the fund regained returns delivering a 5.93% total return for the period, largely attributed to changes in interest rates and easing of regulatory pressure.

With a continued focus on Industrials, Energy and Utilities, the hype around data centers and the energy demand required for such data centers started to materialize in corporate earnings and stock prices, resulting in fund performance catching up to the S&P MidCap 400 Index during the fiscal year. Additional sectors adding to performance were Health Care and Consumer Discretionary. The Financials, IT, Communications and Consumer Staples sectors detracted from returns.

#### Cumulative Performance
(based on a hypothetical $500,000 investment) ![line](qes16oc0pz1mhc1upwa.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> **(10/10/22)** |
| **Shelton Sustainable Equity Fund, Institutional Class** | 5.93% | 5.81% |
| **S&P 1500 Index** | 15.06% | 23.28% |
| **S&P MidCap 400 Index**  | 6.84% | 15.24% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Sustainable Equity Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of August 31, 2025)

#### Sector Breakdown
![bar](qes1mn21mg7z7ylj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **Percentage of**<br> **Total Investments** |
| **Ormat Technologies Inc** | 4.1% |
| **Gaztransport Et Technigaz SA** | 3.7% |
| **Siemens AG** | 3.6% |
| **Deere & Co** | 3.5% |
| **First Solar Inc** | 3.4% |
| **Aramark** | 3.4% |
| **HA Sustainable Infrastructure Capital Inc** | 3.3% |
| **Bunge Global SA** | 3.3% |
| **CF Industries Holdings Inc** | 3.3% |
| **Schneider Electric SE** | 3.2% |

---

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $9377429 |
| **Total Number of Portfolio Holdings** | 47 |
| **Total Advisory Fees Paid** | $67665 |
| **Portfolio Turnover Rate** | 21% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

(f) Pursuant to Item 19(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988

**Item 3. Audit Committee Financial Expert.**

(a)(1) Registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $145,000 for the fiscal year ended August 31, 2025 and $132,125 for the fiscal year ended August 31, 2024.

(b) Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.

(c) Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $27,300 for the fiscal year ended August 31, 2025 and $26,000 for the fiscal year ended August 31, 2024.

(d) All Other Fees

There were no other fees paid to the principal accountant for services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraphs (a)-(c) of Item 4.

(e)(1) The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including:

(i) pre-approval of all audit and audit-related services;

(ii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors; and

(iii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant's investment adviser or to any entity that controls, is controlled by or is under common control with the Registrant's investment adviser and that provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the Registrant.

(e)(2) All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee.

(f) Not applicable.

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $0 for the fiscal year ended August 31, 2025 and $0 for the fiscal year ended August 31, 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not Applicable to the Registrant.

**Item 6. Investments.**

(a) The Schedule of Investments is included in the financial statements filed under Item 7 of this Report.

(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](shelton-ncsrimg001.gif)

**ANNUAL FINANCIAL STATEMENTS**

------

August 31, 2025

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

---

| | |
|:---|:---|
| **Table of Contents** | **August** **31, 2025** |

---

---

| | |
|:---|:---|
| Portfolio of Investments  | 2 |
| Statements of Assets & Liabilities  | 23 |
| Statements of Operations  | 25 |
| Statements of Changes in Net Assets  | 27 |
| Financial Highlights  | 32 |
| Notes to Financial Statements  | 41 |
| Additional Information  | 49 |
| Statement Regarding Basis for Approval of Investment Advisory Contract  | 50 |
| Report of Independent Registered Public Accounting Firm  | 52 |

---

**See accompanying notes to financial statements.**

**Green California Tax-Free Income Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| **Municipal Bonds (94.11%)** |  |  |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, 5.000%, 04/01/2051  | $1500000 <br>| $1573453 <br>|
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, 5.000%, 11/01/2027  | 1200000  | 1270210  |
| CALIFORNIA HOUSING FINANCE AGENCY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, 4.000%, 03/20/2033  | 322538  | 326941  |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, 5.000%, 10/01/2031  | 300000  | 312399  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, 5.000%, 10/01/2033  | 1200000  | 1213463  |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, 5.000%, 05/15/2038  | 800000  | 811103  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, 5.000%, 10/01/2044  | 480000  | 487918  |
| CALIFORNIA STATE PUBLIC WORKS BOARD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, 4.000%, 05/01/2036  | 540000  | 553371  |
| CHAFFEY COMMUNITY COLLEGE DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chaffey Community College District, 5.500%, 06/01/2049  | 500000  | 539210  |
| CITY OF LOS ANGELES CA WASTEWATER SYSTEM REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles CA Wastewater System Revenue, 5.250%, 06/01/2047  | 1500000  | 1517513  |
| DESERT COMMUNITY COLLEGE DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Desert Community College District, 4.000%, 08/01/2051  | 750000  | 650550  |
| EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, 5.000%, 06/01/2032  | 150000  | 155897  |
| &nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, 5.000%, 06/01/2050  | 1000000  | 1038474  |
| FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, 0.000%, 08/01/2027  | 1500000  | 1436168  |
| LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 4.000%, 07/01/2028  | 500000  | 500328  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 5.000%, 06/01/2033  | 590000  | 651912  |
| LOS ANGELES UNIFIED SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, 5.000%, 07/01/2026  | 600000  | 614853  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, 5.000%, 07/01/2045  | 750000  | 780622  |
| MILPITAS UNIFIED SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Milpitas Unified School District, 3.000%, 08/01/2034  | 1500000  | 1454926  |
| PENINSULA CORRIDOR JOINT POWERS BOARD MEASURE RR SALES TAX REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, 5.000%, 06/01/2036  | 200000  | 219721  |
| SACRAMENTO MUNICIPAL UTILITY DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, 5.000%, 11/15/2033  | 500000  | 586572  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, 5.000%, 11/15/2054  | 565000  | 578020  |
| SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Transportation Commission, 5.000%, 04/01/2037  | 500000  | 560353  |
| SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, 5.000%, 05/15/2052  | 1500000  | 1521031  |
| SAN DIEGO UNIFIED SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, 4.000%, 07/01/2054  | 1300000  | 1121692  |
| SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, 5.000%, 08/01/2036  | 1300000  | 1341078  |
| SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION POWER REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/01/2030  | 180000  | 180310  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/01/2036  | 170000  | 170182  |
| SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION WASTEWATER REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.000%, 10/01/2049  | 1000000  | 1024528  |
| SAN JOSE FINANCING AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jose Financing Authority, 5.000%, 11/01/2052  | 1500000  | 1534983  |

---

**See accompanying notes to financial statements.**

**Green California Tax-Free Income Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, 4.000%, 08/01/2044  | $1500000 <br>| $1376922 <br>|
| SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Santa Maria Joint Union High School District, 0.000%, 08/01/2029  | 1500000 | 1352694  |
| STATE OF CALIFORNIA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, 3.000%, 10/01/2028  | 900000  | 900225  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, 5.250%, 10/01/2045  | 500000  | 528330  |
| TURLOCK IRRIGATION DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turlock Irrigation District, 5.000%, 01/01/2036  | 300000  | 322429  |
| WALNUT VALLEY UNIFIED SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walnut Valley Unified School District, 5.000%, 08/01/2036  | 835000  | 934280  |
| WILLIAM S HART UNION HIGH SCHOOL DISTRICT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; William S Hart Union High School District, 0.000%, 09/01/2029  | 1595000  | 1442614  |
| **Total Municipal Bonds (Cost $32,956,662)** |  | 31585275  |
| **Variable Rate Demand Notes\* (4.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, 3.40%, 05/15/2045\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 300000  | 300000  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, 3.40%, 05/15/2048\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 300000  | 300000  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, 3.45%, 05/15/2048\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 1000000  | 1000000  |
| **Total Variable Rate Demand Notes (Cost $1,600,000)** |  | 1600000  |
| **Total Investments (Cost $34,556,662) (98.88%)** |  | $33185275 <br>|
| **Other Net Assets (1.12%)** |  | 377061 |
| **Net Assets (100.00%)** |  | $33562336 <br>|

---

\*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 August 31, 2025.

**See accompanying notes to financial statements.**

**U.S. Government Securities Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| **Government National Mortgage Association (1.48%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/20/2044  | $79498 <br>| $74147 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/2038  | 68347  | 69468  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/2036  | 40353  | 41241  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/15/2026  | 3503  | 3505  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/2038  | 10473  | 10939  |
| **Total Government National Mortgage Association (Cost $204,118)** |  | 199300  |
| **United States Treasury Bonds (40.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/2041  | 2000000  | 1371758  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/2041  | 1200000  | 869672  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2045  | 800000  | 591844  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/2052  | 800000  | 687281  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/2054  | 1250000  | 1167920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/2026  | 800000  | 806933  |
| **Total United States Treasury Bonds (Cost $6,024,519)** |  | 5495408 |
| **United States Treasury Notes (55.60%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 03/31/2027  | 900000  | 858129  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/30/2029  | 1000000  | 994590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2028  | 1800000  | 1812796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2034  | 1000000  | 980293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/30/2032  | 1200000  | 1206867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 04/30/2026  | 800000  | 791622  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2030  | 800000  | 842625  |
| **Total United States Treasury Notes (Cost $7,438,211)** |  | 7486922 |
| **United States Treasury Bills (0.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 09/16/2025 (Cost $99,823) | 100000  | 99835 |
| **Total Investments (Cost $13,766,671) (98.63%)** |  | $13281465 <br>|
| **Other Net Assets (1.37%)** |  | 184943 |
| **Net Assets (100.00%)** |  | $13466408 <br>|

---

**The United States Treasury Trust** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| **United States Treasury Bills, DN<sup>(a)</sup>** **(99.99%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 09/04/2025 | $4600000 <br>| $4598384 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 09/09/2025 | 2100000 | 2098012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/02/2025 | 5000000 | 4981872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/16/2025 | 2000000 | 1989654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/28/2025 | 2200000 | 2185604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/21/2025 | 2700000 | 2684152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11/04/2025 | 1900000 | 1886086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11/20/2025 | 3600000 | 3566992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/11/2025 | 2000000 | 1977003 |
| **Total United States Treasury Bills DN(Cost $25,967,759)** |  | 25967759 |
| **Total Investments (Cost $25,967,759) (99.99%)** |  | $25967759 <br>|
| **Other Net Assets (0.01%)** |  | 3168 |
| **Net Assets (100.00%)** |  | $25970927 <br>|

---

(a)Discount Note. Yield to maturity is between 2.84% - 4.15%

**See accompanying notes to financial statements.**

**S&P 500 Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (98.97%)** |  |  |
| **Basic Materials (1.48%)** |  |  |
| Air Products and <br>Chemicals Inc | 1230 <br>| $361755 <br>|
| Albemarle Corp<sup>#</sup> | 650  | 55198  |
| CF Industries Holdings Inc | 889  | 77014  |
| Dow Inc | 3918  | 96500  |
| DuPont de Nemours Inc | 2313  | 177916  |
| Eastman Chemical Co | 637  | 44807  |
| Ecolab Inc | 1384  | 383423  |
| Freeport-McMoRan Inc | 7951  | 353024  |
| International Flavors & Fragrances Inc | 1414  | 95459  |
| International Paper Co | 2047  | 101695  |
| Linde PLC | 2551  | 1220118  |
| LyondellBasell Industries NV | 1434  | 80806  |
| The Mosaic Co | 1777  | 59352  |
| Newmont Corp | 6111  | 454658  |
| Nucor Corp | 1250  | 185913  |
| PPG Industries Inc | 1246  | 138593  |
| The Sherwin-Williams Co | 1265  | 462775  |
| Steel Dynamics Inc | 810  | 106045  |
| **Total Basic Materials** |  | 4455051  |
| **Communications (16.04%)** |  |  |
| Airbnb Inc\* | 2395  | 312619  |
| Alphabet Inc - Class A | 31541  | 6715394  |
| Alphabet Inc - Class C | 25443  | 5432844  |
| Amazon.com Inc\* | 51206  | 11726174  |
| Arista Networks Inc\* | 5581  | 762086  |
| AT&T Inc | 38996  | 1142193  |
| Booking Holdings Inc | 176  | 985433  |
| CDW Corp | 745  | 122746  |
| Charter <br>Communications Inc\*<sup>,#</sup> | 534  | 141820  |
| Cisco Systems Inc | 21560  | 1489580  |
| Comcast Corp | 20183  | 685617  |
| Corning Inc | 4177  | 279984  |
| DoorDash Inc\* | 1885  | 462296  |
| eBay Inc | 2531  | 229334  |
| Expedia Group Inc | 659  | 141553  |
| F5 Inc\* | 325  | 101771  |
| FactSet Research Systems Inc | 214  | 79890  |
| Fox Corp - Class A | 1250  | 74625  |
| Fox Corp - Class B | 739  | 40312  |
| Gen Digital Inc | 3034  | 91627  |
| GoDaddy Inc\* | 793  | 117610  |
| The Interpublic Group of Cos Inc | 2061  | 55317  |
| Match Group Inc | 1419  | 52985  |
| Meta Platforms Inc | 11766  | 8691544  |
| Motorola Solutions Inc | 904  | 427104  |
| Netflix Inc\* | 2306  | 2786225  |
| News Corp - Class A | 2235  | 65731  |
| News Corp - Class B<sup>#</sup> | 632  | 21406  |
| Omnicom Group Inc<sup>#</sup> | 1091  | 85458  |
| Palo Alto Networks Inc\* | 3588  | 683586  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Paramount Skydance Corp<sup>#</sup> | 1680 <br>| $24696 <br>|
| T-Mobile US Inc | 2584  | 651142  |
| Uber Technologies Inc\* | 11333  | 1062469  |
| VeriSign Inc | 450  | 123017  |
| Verizon Communications Inc | 22848  | 1010567  |
| The Walt Disney Co | 9742  | 1153258  |
| Warner Bros Discovery Inc\* | 12604  | 146711  |
| **Total Communications** |  | 48176724  |
| **Consumer, Cyclical (8.07%)** | **Consumer, Cyclical (8.07%)** |  |
| Aptiv PLC\* | 1195  | 95038  |
| AutoZone Inc\* | 91  | 382066  |
| Best Buy Co Inc | 1135  | 83581  |
| Caesars Entertainment Inc\* | 945  | 25298  |
| CarMax Inc\* | 881  | 54049  |
| Carnival Corp\* | 5174  | 164999  |
| Chipotle Mexican Grill Inc\* | 7398  | 311752  |
| Copart Inc\* | 4851  | 236777  |
| Costco Wholesale Corp | 2404  | 2267741  |
| Cummins Inc | 746  | 297236  |
| Darden Restaurants Inc | 648  | 134097  |
| Deckers Outdoor Corp\* | 850  | 101686  |
| Delta Air Lines Inc | 3624  | 223891  |
| Dollar General Corp | 1222  | 132905  |
| Dollar Tree Inc\* | 1070  | 116812  |
| Domino's Pizza Inc | 191  | 87535  |
| DR Horton Inc | 1518  | 257271  |
| Fastenal Co | 6344  | 315043  |
| Ford Motor Co | 21538  | 253502  |
| General Motors Co | 5279  | 309297  |
| Genuine Parts Co | 769  | 107145  |
| Hasbro Inc | 771  | 62582  |
| Hilton Worldwide <br>Holdings Inc | 1305  | 360258  |
| The Home Depot Inc | 5386  | 2190863  |
| Las Vegas Sands Corp | 1947  | 112206  |
| Lennar Corp | 1292  | 172017  |
| Live Nation <br>Entertainment Inc\* | 839  | 139685  |
| LKQ Corp | 1454  | 47429  |
| Lowe's Cos Inc | 3033  | 782696  |
| Lululemon Athletica Inc\* | 632  | 127790  |
| Marriott International Inc | 1232  | 330004  |
| McDonald's Corp | 3875  | 1214968  |
| MGM Resorts International\* | 1279  | 50764  |
| NIKE Inc | 6384  | 493930  |
| Norwegian Cruise Line Holdings Ltd\* | 2490  | 61852  |
| NVR Inc\* | 16  | 129882  |
| O'Reilly Automotive Inc\* | 4693  | 486570  |
| PACCAR Inc | 2901  | 290042  |
| Pool Corp | 212  | 65871  |
| PulteGroup Inc | 1125  | 148523  |
| Ralph Lauren Corp | 230  | 68294  |
| Ross Stores Inc | 1825  | 268567  |
| Royal Caribbean Cruises Ltd | 1341  | 487078  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Southwest Airlines Co<sup>#</sup> | 3129 <br>| $102944 <br>|
| Starbucks Corp | 6158  | 543074  |
| Tapestry Inc | 1150  | 117093  |
| Target Corp | 2535  | 243309  |
| Tesla Inc\* | 15186  | 5070150  |
| The TJX Cos Inc | 6050  | 826491  |
| Tractor Supply Co | 2873  | 177436  |
| Ulta Beauty Inc\* | 247  | 121704  |
| United Airlines Holdings Inc\* | 1732  | 181860  |
| Walmart Inc | 23415  | 2270787  |
| WW Grainger Inc | 236  | 239186  |
| Wynn Resorts Ltd | 526  | 66671  |
| Yum! Brands Inc | 1544  | 226922  |
| **Total Consumer, Cyclical** |  | 24237219  |
| **Consumer, Non-Cyclical (14.06%)** | **Consumer, Non-Cyclical (14.06%)** |  |
| Abbott Laboratories | 9429  | 1250851  |
| AbbVie Inc | 9573  | 2014159  |
| Agilent Technologies Inc | 1578  | 198291  |
| Align Technology Inc\* | 388  | 55080  |
| Altria Group Inc | 9128  | 613493  |
| Amgen Inc | 2914  | 838387  |
| Archer-Daniels-<br>Midland Co | 2702  | 169253  |
| Automatic Data <br>Processing Inc | 2199  | 668606  |
| Avery Dennison Corp | 463  | 79474  |
| Baxter International Inc | 2886  | 71255  |
| Becton Dickinson & Co | 1588  | 306452  |
| Biogen Inc\* | 815  | 107759  |
| Bio-Techne Corp<sup>#</sup> | 889  | 48566  |
| Block Inc\* | 3010  | 239716  |
| Boston Scientific Corp\* | 8094  | 853917  |
| Bristol-Myers Squibb Co | 11029  | 520348  |
| Brown-Forman Corp<sup>#</sup> | 1007  | 30150  |
| Bunge Global SA | 781  | 65776  |
| Cardinal Health Inc | 1336  | 198770  |
| Cencora Inc | 952  | 277613  |
| Centene Corp\* | 2743  | 79657  |
| Charles River Laboratories International Inc\* | 286  | 46707  |
| Church & Dwight Co Inc | 1371  | 127722  |
| The Cigna Group | 1466  | 441075  |
| Cintas Corp | 1860  | 390656  |
| The Clorox Co | 681  | 80494  |
| The Coca-Cola Co | 20993  | 1448307  |
| Colgate-Palmolive Co | 4392  | 369235  |
| Conagra Brands Inc | 2697  | 51594  |
| Constellation Brands Inc | 863  | 139754  |
| The Cooper Cos Inc\* | 1104  | 74404  |
| Corpay Inc\* | 392  | 127663  |
| Corteva Inc | 3793  | 281403  |
| CVS Health Corp | 6976  | 510294  |
| Danaher Corp | 3451  | 710285  |
| DaVita Inc\* | 254  | 34991  |
| Dexcom Inc\* | 2186  | 164693  |
| Edwards Lifesciences Corp\* | 3179  | 258580  |
| Elevance Health Inc | 1240  | 395126  |

---

**See accompanying notes to financial statements.**

**S&P 500 Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Eli Lilly & Co | 4263 <br>| $3122989 <br>|
| Equifax Inc | 693  | 170686  |
| The Estee Lauder Cos Inc | 1319  | 120992  |
| GE HealthCare Technologies Inc | 2588  | 190813  |
| General Mills Inc | 3107  | 153268  |
| Gilead Sciences Inc | 6741  | 761531  |
| Global Payments Inc | 1321  | 117331  |
| HCA Healthcare Inc | 951  | 384166  |
| Henry Schein Inc\* | 704  | 48984  |
| The Hershey Co | 826  | 151778  |
| Hologic Inc\* | 1313  | 88129  |
| Hormel Foods Corp | 1626  | 41365  |
| Humana Inc | 667  | 202541  |
| IDEXX Laboratories Inc\* | 435  | 281484  |
| Incyte Corp\* | 937  | 79280  |
| Insulet Corp\* | 396  | 134592  |
| Intuitive Surgical Inc\* | 1958  | 926712  |
| IQVIA Holdings Inc\* | 925  | 176499  |
| The J M Smucker Co | 588  | 64980  |
| Johnson & Johnson | 13039  | 2310120  |
| Kellanova | 1519  | 120761  |
| Kenvue Inc | 10198  | 211201  |
| Keurig Dr Pepper Inc | 6378  | 185536  |
| Kimberly-Clark Corp | 1843  | 238005  |
| The Kraft Heinz Co<sup>#</sup> | 4826  | 134983  |
| The Kroger Co | 3363  | 228146  |
| Labcorp Holdings Inc | 468  | 130099  |
| Lamb Weston Holdings Inc | 806  | 46369  |
| MarketAxess Holdings Inc | 217  | 39893  |
| McCormick & Co Inc | 1450  | 102037  |
| McKesson Corp | 678  | 465542  |
| Medtronic PLC | 6950  | 645030  |
| Merck & Co Inc | 13608  | 1144705  |
| Moderna Inc\* | 1873  | 45121  |
| Molina Healthcare Inc\* | 320  | 57866  |
| Molson Coors Beverage Co<sup>#</sup> | 992  | 50086  |
| Mondelez International Inc | 7017  | 431124  |
| Monster Beverage Corp\* | 3919  | 244585  |
| Moody's Corp | 838  | 427179  |
| PayPal Holdings Inc\* | 5340  | 374815  |
| PepsiCo Inc | 7430  | 1104470  |
| Pfizer Inc | 30812  | 762905  |
| Philip Morris <br>International Inc | 8435  | 1409742  |
| The Procter & Gamble Co | 12706  | 1995350  |
| Quanta Services Inc | 816  | 308415  |
| Quest Diagnostics Inc | 624  | 113343  |
| Regeneron <br>Pharmaceuticals Inc | 570  | 330999  |
| ResMed Inc | 794  | 217961  |
| Revvity Inc | 687  | 61906  |
| Rollins Inc<sup>#</sup> | 1591  | 89955  |
| S&P Global Inc | 1701  | 932896  |
| Solventum Corp\* | 817  | 59715  |
| STERIS PLC | 557  | 136498  |
| Stryker Corp | 1864  | 729588  |
| Sysco Corp | 2627  | 211395  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| The Campbell's Company | 1162 <br>| $37103 <br>|
| Thermo Fisher Scientific Inc | 2045  | 1007612  |
| Tyson Foods Inc<sup>#</sup> | 1599  | 90791  |
| United Rentals Inc | 352  | 336632  |
| UnitedHealth Group Inc | 4916  | 1523321  |
| Universal Health <br>Services Inc | 324  | 58832  |
| Verisk Analytics Inc | 781  | 209402  |
| Vertex Pharmaceuticals Inc\* | 1410  | 551338  |
| Viatris Inc | 6761  | 71329  |
| Waters Corp\* | 332  | 100198  |
| West Pharmaceutical Services Inc | 409  | 101003  |
| Zimmer Biomet <br>Holdings Inc<sup>#</sup> | 1125  | 119363  |
| Zoetis Inc | 2412  | 377237  |
| **Total Consumer, <br>Non-Cyclical** |  | 42241178  |
| **Energy (3.05%)** |  |  |
| APA Corp<sup>#</sup> | 1815  | 42144  |
| Baker Hughes Co | 5478  | 248701  |
| Chevron Corp | 10393  | 1669116  |
| ConocoPhillips | 6841  | 677054  |
| Coterra Energy Inc | 4122  | 100742  |
| Devon Energy Corp | 3603  | 130068  |
| Diamondback Energy Inc | 1031  | 153372  |
| Enphase Energy Inc\* | 825  | 31103  |
| EOG Resources Inc | 2996  | 373961  |
| EQT Corp | 3365  | 174442  |
| Expand Energy Corp | 1168  | 113039  |
| Exxon Mobil Corp | 23358  | 2669586  |
| First Solar Inc\* | 610  | 119066  |
| Halliburton Co | 4966  | 112877  |
| Kinder Morgan Inc | 10696  | 288578  |
| Marathon Petroleum Corp | 1686  | 302991  |
| Occidental Petroleum Corp | 3819  | 181823  |
| ONEOK Inc | 3308  | 252665  |
| Phillips 66 | 2208  | 294945  |
| Schlumberger NV | 7468  | 275121  |
| Targa Resources Corp | 1206  | 202319  |
| Texas Pacific Land Corp | 106  | 98949  |
| Valero Energy Corp | 1719  | 261305  |
| The Williams Cos Inc | 6744  | 390343  |
| **Total Energy** |  | 9164310  |
| **Financial (14.67%)** |  |  |
| Aflac Inc | 2637  | 281790  |
| Alexandria Real Estate Equities Inc | 870  | 71723  |
| The Allstate Corp | 1466  | 298258  |
| American Express Co | 2999  | 993509  |
| American International Group Inc | 3164  | 257296  |
| American Tower Corp | 2537  | 517167  |
| Ameriprise Financial Inc | 516  | 265642  |
| Aon PLC | 1170  | 429390  |
| Apollo Global <br>Management Inc | 2488  | 338940  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Arch Capital Group Ltd | 2083 <br>| $190657 <br>|
| Arthur J Gallagher & Co | 1256  | 380254  |
| Assurant Inc | 289  | 62311  |
| AvalonBay Communities Inc | 786  | 153938  |
| Bank of America Corp | 35512  | 1801879  |
| The Bank of New York Mellon Corp | 3877  | 409411  |
| Berkshire Hathaway Inc\* | 9938  | 4998615  |
| Blackrock Inc<sup>#</sup> | 786  | 885932  |
| Blackstone Inc | 3954  | 677716  |
| Brown & Brown Inc | 1313  | 127295  |
| BXP Inc | 814  | 59023  |
| Camden Property Trust | 597  | 66852  |
| Capital One Financial Corp | 3466  | 787545  |
| Cboe Global Markets Inc | 585  | 138031  |
| CBRE Group Inc\* | 1642  | 266201  |
| The Charles Schwab Corp | 8439  | 808794  |
| Chubb Ltd<sup>#</sup> | 2046  | 562793  |
| Cincinnati Financial Corp | 874  | 134246  |
| Citigroup Inc | 10122  | 977482  |
| Citizens Financial Group Inc | 2491  | 130229  |
| CME Group Inc | 1952  | 520228  |
| Coinbase Global Inc\* | 1160  | 353266  |
| CoStar Group Inc\* | 2358  | 211017  |
| Crown Castle Inc | 2404  | 238333  |
| Digital Realty Trust Inc | 1745  | 292532  |
| Equinix Inc | 536  | 421398  |
| Equity Residential | 1910  | 126289  |
| Erie Indemnity Co | 143  | 50676  |
| Essex Property Trust Inc | 359  | 97005  |
| Everest Group Ltd | 249  | 85128  |
| Extra Space Storage Inc | 1200  | 172296  |
| Federal Realty Investment Trust | 449  | 45147  |
| Fifth Third Bancorp | 3790  | 173468  |
| Franklin Resources Inc | 1715  | 44007  |
| Globe Life Inc | 464  | 64937  |
| The Goldman Sachs <br>Group Inc | 1662  | 1238606  |
| The Hartford Insurance Group Inc | 1559  | 206271  |
| Healthpeak Properties Inc | 3987  | 71527  |
| Host Hotels & Resorts Inc | 3951  | 67997  |
| Huntington Bancshares Inc | 8228  | 146541  |
| Intercontinental <br>Exchange Inc | 3108  | 548873  |
| Invesco Ltd | 2486  | 54419  |
| Invitation Homes Inc | 3188  | 99753  |
| Iron Mountain Inc | 1661  | 153360  |
| JPMorgan Chase & Co | 15059  | 4539084  |
| KeyCorp | 5341  | 103402  |
| Kimco Realty Corp | 3818  | 85867  |
| KKR & Co Inc | 3668  | 511649  |
| Loews Corp | 1011  | 97865  |
| M&T Bank Corp | 881  | 177662  |
| Marsh & McLennan Cos Inc | 2670  | 549513  |
| Mastercard Inc | 4395  | 2616300  |
| MetLife Inc | 3096  | 251891  |

---

**See accompanying notes to financial statements.**

**S&P 500 Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Mid-America Apartment Communities Inc | 660 <br>| $96241 <br>|
| Morgan Stanley | 6694  | 1007313  |
| Nasdaq Inc | 2240  | 212218  |
| Northern Trust Corp | 1054  | 138369  |
| The PNC Financial Services Group Inc | 2143  | 444544  |
| Principal Financial<br> Group Inc | 1189  | 95726  |
| The Progressive Corp | 3177  | 784910  |
| Prologis Inc | 5028  | 572086  |
| Prudential Financial Inc | 1958  | 214714  |
| Public Storage | 882  | 259828  |
| Raymond James <br>Financial Inc | 984  | 166729  |
| Realty Income Corp | 4842  | 284516  |
| Regency Centers Corp | 940  | 68150  |
| Regions Financial Corp | 5137  | 140702  |
| SBA Communications Corp | 594  | 121681  |
| Simon Property Group Inc | 1662  | 300257  |
| State Street Corp | 1603  | 184297  |
| Synchrony Financial | 2090  | 159551  |
| T Rowe Price Group Inc | 1243  | 133772  |
| The Travelers Cos Inc | 1227  | 333143  |
| Truist Financial Corp | 7097  | 332282  |
| UDR Inc | 1665  | 65884  |
| US Bancorp | 8443  | 412272  |
| Ventas Inc | 2377  | 161826  |
| VICI Properties Inc | 5900  | 199302  |
| Visa Inc<sup>#</sup> | 9272  | 3261704  |
| W R Berkley Corp | 1684  | 120726  |
| Wells Fargo & Co | 17636  | 1449326  |
| Welltower Inc | 3278  | 551622  |
| Weyerhaeuser Co | 4066  | 105187  |
| Willis Towers Watson PLC | 552  | 180388  |
| **Total Financial** |  | 44048492  |
| **Industrial (7.42%)** |  |  |
| 3M Co | 2955  | 459591  |
| A O Smith Corp<sup>#</sup> | 653  | 46552  |
| Allegion plc<sup>#</sup> | 501  | 85070  |
| Amcor PLC | 8317  | 71776  |
| AMETEK Inc | 1279  | 236359  |
| Amphenol Corp | 6555  | 713577  |
| Axon Enterprise Inc\* | 405  | 302652  |
| Ball Corp | 1523  | 80171  |
| The Boeing Co\* | 4086  | 958902  |
| Builders FirstSource Inc\*<sup>,#</sup> | 606  | 84040  |
| Carrier Global Corp | 4377  | 285380  |
| Caterpillar Inc | 2548  | 1067714  |
| CH Robinson Worldwide Inc | 690  | 88803  |
| CSX Corp | 10314  | 335308  |
| Deere & Co | 1367  | 654301  |
| Dover Corp | 775  | 138617  |
| Eaton Corp PLC | 2120  | 740177  |
| Emerson Electric Co | 3048  | 402336  |
| Expeditors International of Washington Inc | 783  | 94383  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| FedEx Corp | 1226 <br>| $283292 <br>|
| Fortive Corp | 1941  | 92896  |
| Garmin Ltd | 859  | 207723  |
| GE Vernova Inc | 1479  | 906583  |
| Generac Holdings Inc\* | 285  | 52796  |
| General Dynamics Corp | 1383  | 448880  |
| General Electric Co | 5779  | 1590381  |
| Honeywell International Inc | 3483  | 764519  |
| Howmet Aerospace Inc | 2187  | 380757  |
| Hubbell Inc<sup>#</sup> | 300  | 129297  |
| Huntington Ingalls Industries Inc | 235  | 63636  |
| IDEX Corp | 418  | 68761  |
| Illinois Tool Works Inc | 1445  | 382419  |
| Ingersoll Rand Inc | 2278  | 180942  |
| Jabil Inc<sup>#</sup> | 606  | 124127  |
| Jacobs Solutions Inc | 695  | 101630  |
| JB Hunt Transport <br>Services Inc | 463  | 67130  |
| Johnson Controls International plc | 3566  | 381170  |
| Keysight Technologies Inc\* | 981  | 160325  |
| L3Harris Technologies Inc | 1041  | 289002  |
| Lennox International Inc | 182  | 101531  |
| Lockheed Martin Corp | 1130  | 514862  |
| Martin Marietta <br>Materials Inc | 331  | 204028  |
| Masco Corp | 1219  | 89462  |
| Mettler-Toledo International Inc\*<sup>,#</sup> | 115  | 149620  |
| Mohawk Industries Inc\* | 301  | 39940  |
| Nordson Corp | 304  | 68427  |
| Norfolk Southern Corp | 1221  | 341856  |
| Northrop Grumman Corp | 733  | 432499  |
| Old Dominion Freight Line Inc | 1058  | 159726  |
| Otis Worldwide Corp | 2138  | 184680  |
| Packaging Corp of America | 499  | 108762  |
| Parker-Hannifin Corp | 701  | 532304  |
| Pentair PLC | 914  | 98282  |
| Republic Services Inc | 1123  | 262748  |
| Rockwell Automation Inc | 610  | 209492  |
| RTX Corp | 7240  | 1148264  |
| Smurfit WestRock PLC | 2795  | 132371  |
| Snap-on Inc | 293  | 95295  |
| Stanley Black & Decker Inc | 862  | 64038  |
| TE Connectivity PLC | 1607  | 331846  |
| Teledyne Technologies Inc\* | 260  | 139924  |
| Textron Inc | 1038  | 83206  |
| Trane Technologies PLC | 1208  | 502045  |
| TransDigm Group Inc | 304  | 425260  |
| Trimble Inc\* | 1310  | 105874  |
| Union Pacific Corp | 3238  | 723920  |
| United Parcel Service Inc | 4065  | 355444  |
| Veralto Corp | 1344  | 142719  |
| Vulcan Materials Co | 715  | 208179  |
| Waste Management Inc | 1984  | 449158  |
| Westinghouse Air Brake Technologies Corp | 949  | 183632  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Xylem Inc | 1318 <br>| $186576 <br>|
| **Total Industrial** |  | 22297945  |
| **Technology (31.82%)** |  |  |
| Accenture PLC | 3392  | 881818  |
| Adobe Inc\* | 2309  | 823620  |
| Advanced Micro Devices Inc\* | 8787  | 1429030  |
| Akamai Technologies Inc\* | 831  | 65757  |
| Analog Devices Inc | 2687  | 675270  |
| Apple Inc | 80945  | 18790572  |
| Applied Materials Inc | 4403  | 707826  |
| Autodesk Inc\* | 1159  | 364737  |
| Broadcom Inc | 25482  | 7578092  |
| Broadridge Financial Solutions Inc | 660  | 168709  |
| Cadence Design <br>Systems Inc\* | 1479  | 518286  |
| Cognizant Technology Solutions Corp | 2736  | 197676  |
| Crowdstrike Holdings Inc\* | 1302  | 551657  |
| Datadog Inc\* | 1731  | 236593  |
| Dayforce Inc\* | 855  | 59653  |
| Dell Technologies Inc | 1655  | 202158  |
| Electronic Arts Inc | 1252  | 215281  |
| EPAM Systems Inc\* | 320  | 56435  |
| Fair Isaac Corp\* | 135  | 205421  |
| Fidelity National Information Services Inc | 2930  | 204543  |
| Fiserv Inc\* | 3044  | 420620  |
| Fortinet Inc\* | 3519  | 277192  |
| Gartner Inc\* | 421  | 105751  |
| Hewlett Packard Enterprise Co | 7267  | 164016  |
| HP Inc | 5146  | 146867  |
| Intel Corp | 23779  | 579019  |
| International Business Machines Corp | 5036  | 1226216  |
| Intuit Inc | 1515  | 1010505  |
| Jack Henry & Associates Inc | 412  | 67263  |
| KLA Corp | 716  | 624352  |
| Lam Research Corp | 6932  | 694240  |
| Leidos Holdings Inc | 697  | 126101  |
| Microchip Technology Inc | 2975  | 193375  |
| Micron Technology Inc | 6118  | 728103  |
| Microsoft Corp | 40281  | 20409980  |
| Monolithic Power <br>Systems Inc | 267  | 223148  |
| MSCI Inc | 431  | 244687  |
| NetApp Inc | 1157  | 130498  |
| NVIDIA Corp | 132169  | 23021187  |
| NXP Semiconductors NV | 1387  | 325737  |
| ON Semiconductor Corp\* | 2383  | 118173  |
| Oracle Corp | 8814  | 1993110  |
| Palantir Technologies Inc\* | 11257  | 1764084  |
| Paychex Inc | 1773  | 247254  |
| Paycom Software Inc | 272  | 61785  |
| PTC Inc\*<sup>,#</sup> | 681  | 145394  |
| QUALCOMM Inc | 5946  | 955701  |
| Roper Technologies Inc | 593  | 312102  |

---

**See accompanying notes to financial statements.**

**S&P 500 Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Salesforce Inc | 5199 <br>| $1332244 <br>|
| Seagate Technology Holdings PLC | 1151  | 192677  |
| ServiceNow Inc\* | 1121  | 1028473  |
| Skyworks Solutions Inc | 824  | 61751  |
| Super Micro Computer Inc\*<sup>,#</sup> | 2880  | 119635  |
| Synopsys Inc\* | 1002  | 604727  |
| Take-Two Interactive Software Inc\* | 923  | 215308  |
| Teradyne Inc | 920  | 108781  |
| Texas Instruments Inc | 4923  | 996809  |
| Tyler Technologies Inc\* | 236  | 132840  |
| Western Digital Corp | 1916  | 153931  |
| Workday Inc\* | 1184  | 273291  |
| Zebra Technologies Corp\* | 284  | 90054  |
| **Total Technology** |  | 95560115  |
| **Utilities (2.36%)** |  |  |
| The AES Corp | 4344  | 58818  |
| Alliant Energy Corp<sup>#</sup> | 1436  | 93441  |
| Ameren Corp | 1535  | 153162  |
| American Electric Power Co Inc | 2950  | 327509  |
| American Water Works <br>Co Inc | 1101  | 158005  |
| Atmos Energy Corp | 820  | 136227  |
| CenterPoint Energy Inc | 3692  | 139225  |
| CMS Energy Corp | 1687  | 120739  |
| Consolidated Edison Inc | 1938  | 190370  |
| Constellation Energy Corp | 1698  | 522950  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Dominion Energy Inc | 4701 <br>| $281590 <br>|
| DTE Energy Co | 1170  | 159881  |
| Duke Energy Corp<sup>#</sup> | 4261  | 521930  |
| Edison International | 2166  | 121578  |
| Entergy Corp | 2414  | 212649  |
| Evergy Inc | 1272  | 90643  |
| Eversource Energy | 2050  | 131344  |
| Exelon Corp | 5561  | 242904  |
| FirstEnergy Corp | 2870  | 125189  |
| NextEra Energy Inc | 11156  | 803790  |
| NiSource Inc | 2445  | 103350  |
| NRG Energy Inc | 1059  | 154148  |
| PG&E Corp | 12108  | 185010  |
| Pinnacle West Capital Corp | 669  | 59782  |
| PPL Corp<sup>#</sup> | 4085  | 148980  |
| Public Service Enterprise Group Inc | 2756  | 226901  |
| Sempra | 3504  | 289290  |
| The Southern Co | 5956  | 549739  |
| Vistra Corp | 1839  | 347773  |
| WEC Energy Group Inc<sup>#</sup> | 1770  | 188523  |
| Xcel Energy Inc | 3208  | 232227  |
| **Total Utilities** |  | 7077667  |
| **Total Common Stock <br>(Cost $93,724,704)** |  | 297258701  |
| **United States Treasury Bills (0.93%)** | **United States Treasury Bills (0.93%)** | **United States Treasury Bills (0.93%)** |
| United States Treasury Bill, 0.000%, 09/18/25<sup>(a)</sup> (Cost $2,794,400) | 2800000  | 2794705  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Right (0.00%)** |  |  |
| Sycamore Partners LLC\*<sup>,(b)</sup> (Cost $2,128) | 4016 <br>| $2128 <br>|
| **Collateral Received for Securities on Loan (2.37%)** | **Collateral Received for Securities on Loan (2.37%)** | **Collateral Received for Securities on Loan (2.37%)** |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.48% <br>(Cost $7,128,959) | 7128959 | 7128959  |
| **Total Investments <br>(Cost $103,650,192) (102.27%)** | **Total Investments <br>(Cost $103,650,192) (102.27%)** | $307184493 <br>|
| **Liabilities in Excess of Other Assets (-2.27%)** | **Liabilities in Excess of Other Assets (-2.27%)** | (6828750) |
| **Net Assets (100.00%)** |  | $300355743 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at August 31, 2025.

(a)A portion of these securities, a total of $299,432, have been pledged or segregated in connection with obligations for futures contracts.

(b)Level 3 security fair valued under procedures utilized by the valuation designee, represents 0% of net assets. The total value of the fair value securities is $2,128.

---

| | | | |
|:---|:---|:---|:---|
| **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $50 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $50 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $50 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $50 times premium / delivery month / commitment / exchange |
| **S&P 500 <br>E-MINI** | **Notional Amount**  | **Value** | **Unrealized Depreciation** |
| 9 / SEP 2025 / Long / CME | $2916213 <br>| $2912738 <br>| $(3475 ) |

---

**S&P MidCap Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (98.11%)** |  |  |
| **Basic Materials (3.31%)** |  |  |
| Alcoa Corp | 3054 <br>| $98308 <br>|
| Ashland Inc | 1690  | 94894  |
| Avient Corp | 3380  | 126412  |
| Axalta Coating Systems Ltd\* | 7815  | 244297  |
| Cabot Corp | 1942  | 158390  |
| Carpenter Technology Corp | 1790  | 431175  |
| Cleveland-Cliffs Inc\* | 17908  | 192511  |
| Commercial Metals Co | 4145  | 239042  |
| NewMarket Corp | 274  | 226587  |
| Olin Corp | 4313  | 102046  |
| Reliance Inc | 1865  | 551406  |
| Royal Gold Inc | 2356  | 423090  |
| RPM International Inc | 4606  | 577178  |
| Westlake Corp | 1239  | 108809  |
| **Total Basic Materials** |  | 3574145  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Communications (2.23%)** |  |  |
| Chewy Inc\* | 5337 <br>| $218604 <br>|
| Ciena Corp\* | 5041  | 473703  |
| EchoStar Corp\* | 4384  | 270887  |
| Frontier Communications Parent Inc\* | 7861  | 291486  |
| Hims & Hers Health Inc\*<sup>,#</sup> | 6782  | 287218  |
| Iridium Communications Inc | 1970  | 49033  |
| Maplebear Inc\* | 5858  | 254061  |
| The New York Times Co | 5846  | 349825  |
| Nexstar Media Group Inc | 1034  | 211484  |
| **Total Communications** |  | 2406301  |
| **Consumer, Cyclical (14.08%)** | **Consumer, Cyclical (14.08%)** |  |
| Abercrombie & Fitch Co\* | 797  | 74543  |
| Alaska Air Group Inc\* | 4466  | 280375  |
| American Airlines <br>Group Inc\* | 23599  | 315519  |
| Aramark | 9498  | 371467  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Autoliv Inc | 2588 | $321093 <br>|
| AutoNation Inc\* | 882  | 193229  |
| Bath & Body Works Inc | 7682  | 224391  |
| BJ's Wholesale Club Holdings Inc\* | 4685  | 457631  |
| Boyd Gaming Corp | 2165  | 185887  |
| Brunswick Corp | 2441  | 155223  |
| Burlington Stores Inc\* | 2228  | 647635  |
| Capri Holdings Ltd\* | 1091  | 22464  |
| Casey's General Stores Inc | 1320  | 652766  |
| Cava Group Inc\* | 2885  | 194882  |
| Choice Hotels <br>International Inc<sup>#</sup> | 835  | 99849  |
| Churchill Downs Inc | 2644  | 274262  |
| Columbia Sportswear Co | 573  | 31928  |
| Core & Main Inc\* | 6713  | 434465  |
| Crocs Inc\* | 2029  | 176929  |
| Dick's Sporting Goods Inc | 2003  | 426238  |
| Dolby Laboratories Inc | 2207  | 158198  |
| FirstCash Holdings Inc | 1416  | 208534  |

---

**See accompanying notes to financial statements.**

**S&P MidCap Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Five Below Inc\* | 1951 <br>| $283090 <br>|
| Floor & Decor Holdings Inc\* | 3841  | 314655  |
| GameStop Corp\*<sup>,#</sup> | 9124  | 204469  |
| The Gap Inc | 7538  | 165911  |
| Gentex Corp | 8067  | 225957  |
| The Goodyear Tire & Rubber Co\* | 10210  | 86581  |
| Harley-Davidson Inc | 4115  | 119829  |
| Hilton Grand Vacations Inc\* | 2048  | 97321  |
| Hyatt Hotels Corp | 1527  | 220316  |
| KB Home | 2461  | 156397  |
| Lear Corp | 1941  | 213510  |
| Light & Wonder Inc\* | 2992  | 276670  |
| Lithia Motors Inc | 950  | 319846  |
| Macy's Inc | 2565  | 33935  |
| Marriott Vacations Worldwide Corp | 1178  | 92061  |
| Mattel Inc\* | 11453  | 209590  |
| MSC Industrial Direct Co Inc | 1601  | 144458  |
| Murphy USA Inc | 643  | 242090  |
| Ollie's Bargain Outlet Holdings Inc\* | 2218  | 281331  |
| Penske Automotive <br>Group Inc | 691  | 127427  |
| Planet Fitness Inc\* | 3023  | 316810  |
| Polaris Inc | 1939  | 109709  |
| PVH Corp | 1711  | 144272  |
| RH\* | 534  | 120508  |
| The Scotts Miracle-Gro Co | 1544  | 94524  |
| Skechers USA Inc\* | 4725  | 298053  |
| Somnigroup International Inc | 6373  | 535013  |
| Taylor Morrison Home Corp\* | 3670  | 247248  |
| Texas Roadhouse Inc | 2366  | 408253  |
| Thor Industries Inc | 1627  | 178319  |
| Toll Brothers Inc | 3543  | 492477  |
| Travel + Leisure Co | 2426  | 153347  |
| Vail Resorts Inc | 1363  | 223259  |
| VF Corp | 12015  | 181787  |
| Visteon Corp | 1002  | 124208  |
| Warner Music Group Corp | 5238  | 174687  |
| Watsco Inc | 1235  | 496939  |
| The Wendy's Co | 6134  | 65082  |
| WESCO International Inc | 1607  | 353283  |
| Whirlpool Corp<sup>#</sup> | 1984  | 184810  |
| Wingstop Inc | 995  | 326479  |
| Wyndham Hotels & <br>Resorts Inc | 2785  | 241209  |
| YETI Holdings Inc\* | 771  | 27108  |
| **Total Consumer, Cyclical** |  | 15220336  |
| **Consumer, Non-Cyclical (14.49%)** | **Consumer, Non-Cyclical (14.49%)** |  |
| Albertsons Cos Inc | 14477  | 281722  |
| API Group Corp\* | 12900  | 460272  |
| Avantor Inc\* | 16295  | 219494  |
| Avis Budget Group Inc\* | 300  | 47469  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| BellRing Brands Inc\* | 4550 | $186778 <br>|
| BioMarin Pharmaceutical Inc\* | 3380  | 196953  |
| Bio-Rad Laboratories Inc\* | 690  | 205537  |
| The Boston Beer Co Inc\* | 312  | 68980  |
| The Brink's Co | 1548  | 173438  |
| Bruker Corp | 944  | 32077  |
| Celsius Holdings Inc\* | 5523  | 347286  |
| Chemed Corp | 536  | 245461  |
| Coca-Cola Consolidated Inc | 1830  | 214549  |
| Coty Inc\* | 12121  | 51878  |
| Cytokinetics Inc\* | 1997  | 70554  |
| Darling Ingredients Inc\* | 5698  | 193504  |
| elf Beauty Inc\* | 2000  | 250000  |
| Encompass Health Corp | 3609  | 439432  |
| The Ensign Group Inc | 2022  | 347339  |
| Euronet Worldwide Inc\* | 1502  | 139971  |
| Exelixis Inc\* | 9672  | 361926  |
| Flowers Foods Inc | 7245  | 108965  |
| FTI Consulting Inc\* | 1194  | 201356  |
| Globus Medical Inc\* | 3944  | 241649  |
| Graham Holdings Co | 121  | 131412  |
| Grand Canyon Education Inc\* | 1045  | 210641  |
| GXO Logistics Inc\* | 4058  | 213654  |
| H&R Block Inc | 4748  | 239062  |
| Haemonetics Corp\* | 929  | 50668  |
| Halozyme Therapeutics Inc\* | 4513  | 330126  |
| HealthEquity Inc\* | 3104  | 277280  |
| Illumina Inc\* | 5675  | 567273  |
| Ingredion Inc | 2288  | 296388  |
| Jazz Pharmaceuticals PLC\* | 2171  | 277345  |
| Lantheus Holdings Inc\* | 2496  | 137030  |
| LivaNova PLC\* | 2011  | 113360  |
| ManpowerGroup Inc | 1736  | 73606  |
| The Marzetti Company | 691  | 126177  |
| Masimo Corp\* | 1592  | 222418  |
| Medpace Holdings Inc\* | 835  | 397051  |
| Morningstar Inc | 970  | 254547  |
| Neurocrine Biosciences Inc\* | 3572  | 498651  |
| Option Care Health Inc\* | 6097  | 174862  |
| Paylocity Holding Corp\* | 1546  | 277090  |
| Penumbra Inc\* | 1378  | 375698  |
| Performance Food Group Co\* | 5547  | 562466  |
| Perrigo Co PLC | 2419  | 57427  |
| Pilgrim's Pride Corp | 1463  | 65030  |
| Post Holdings Inc\* | 1639  | 185453  |
| RB Global Inc | 6541  | 749206  |
| Repligen Corp\* | 1870  | 228738  |
| Roivant Sciences Ltd\* | 13285  | 158490  |
| Service Corp International | 5115  | 405364  |
| Shift4 Payments Inc\*<sup>,#</sup> | 2456  | 222096  |
| Sotera Health Co\* | 5549  | 90837  |
| Sprouts Farmers Market Inc\* | 3470  | 487674  |
| Tenet Healthcare Corp\* | 3294  | 607183  |
| United Therapeutics Corp\* | 1599  | 487311  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| US Foods Holding Corp\* | 8172 | $634147 <br>|
| Valvoline Inc\* | 4553  | 176565  |
| WEX Inc\* | 1263  | 216415  |
| **Total Consumer, Non-Cyclical** |  | 15665331  |
| **Energy (3.49%)** |  |  |
| Antero Midstream Corp | 11988  | 213267  |
| Antero Resources Corp\* | 10261  | 327531  |
| Chord Energy Corp | 2117  | 232637  |
| CNX Resources Corp\* | 5133  | 149884  |
| DT Midstream Inc | 3565  | 371402  |
| HF Sinclair Corp | 5487  | 279179  |
| Matador Resources Co | 3983  | 200584  |
| Murphy Oil Corp | 4673  | 116171  |
| NEXTracker Inc\* | 4845  | 325875  |
| NOV Inc | 13509  | 179535  |
| Ovintiv Inc | 8899  | 374826  |
| PBF Energy Inc | 1738  | 47482  |
| Permian Resources Corp | 21796  | 311465  |
| Range Resources Corp | 8443  | 289342  |
| Valaris Ltd\* | 2368  | 117619  |
| Viper Energy Inc | 3829  | 152567  |
| Weatherford International PLC | 1343  | 85556  |
| **Total Energy** |  | 3774922  |
| **Financial (23.92%)** |  |  |
| *Banks (6.72%)* |  |  |
| Associated Banc-Corp | 5947  | 160391  |
| Bank OZK | 3742  | 196343  |
| Cadence Bank | 6570  | 247295  |
| Columbia Banking System Inc | 7524  | 201417  |
| Comerica Inc | 4675  | 329962  |
| Commerce Bancshares Inc | 4373  | 270864  |
| Cullen/Frost Bankers Inc | 2278  | 293930  |
| East West Bancorp Inc | 4966  | 522125  |
| First Financial Bankshares Inc | 4562  | 169570  |
| First Horizon Corp | 17991  | 406597  |
| FNB Corp | 12913  | 215518  |
| Glacier Bancorp Inc | 4062  | 199647  |
| Hancock Whitney Corp | 3052  | 192032  |
| Home BancShares Inc | 6616  | 196892  |
| International Bancshares Corp | 1981  | 141721  |
| Old National Bancorp | 11315  | 259000  |
| Pinnacle Financial Partners Inc | 2741  | 266480  |
| Prosperity Bancshares Inc | 3379  | 233590  |
| Southstate Bank Corp | 3482  | 355373  |
| Synovus Financial Corp | 5016  | 258876  |
| Texas Capital <br>Bancshares Inc\* | 1632  | 141282  |
| UMB Financial Corp | 2414  | 294267  |
| United Bankshares Inc | 4844  | 185719  |
| Valley National Bancorp | 16910  | 176879  |
| Webster Financial Corp | 5966  | 371205  |

---

**S&P MidCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Coherent Corp\* | 5552  | $502289 <br>|
| Comfort Systems USA Inc | 1258  | 884852  |
| Crane Co | 1725  | 319643  |
| Crown Holdings Inc | 4152  | 412626  |
| Curtiss-Wright Corp | 1335  | 638330  |
| Donaldson Co Inc | 4300  | 342581  |
| Eagle Materials Inc | 1192  | 275233  |
| EMCOR Group Inc | 1587  | 983932 |
| EnerSys | 1398  | 143505  |
| Esab Corp | 2035  | 234778  |
| Exponent Inc | 1800  | 128484  |
| Fabrinet\* | 1289  | 427033  |
| Flex Ltd\* | 13590  | 728696  |
| Flowserve Corp | 4660  | 250056  |
| Fluor Corp\* | 5840  | 239557  |
| Fortune Brands <br>Innovations Inc | 4265  | 249588  |
| GATX Corp | 1273  | 214259  |
| Graco Inc | 5928  | 506192  |
| Graphic Packaging <br>Holding Co | 10756  | 239536  |
| Hexcel Corp | 2878  | 181746  |
| ITT Inc | 2791  | 475168  |
| Kirby Corp\* | 2036  | 197899  |
| Knife River Corp\* | 2028  | 164268  |
| Knight-Swift Transportation Holdings Inc | 5800  | 254620  |
| Landstar System Inc | 1285  | 170044  |
| Lincoln Electric Holdings Inc | 1980  | 480407  |
| Littelfuse Inc | 880  | 228650  |
| Louisiana-Pacific Corp | 2274  | 216280  |
| MasTec Inc\* | 2205  | 400626  |
| The Middleby Corp\* | 1931  | 264257  |
| MSA Safety Inc | 1406  | 239864  |
| Mueller Industries Inc | 3924  | 376469  |
| Novanta Inc\* | 1274  | 148306  |
| nVent Electric PLC | 5919  | 535018  |
| Oshkosh Corp | 2331  | 324871  |
| Owens Corning | 3073  | 461472  |
| RBC Bearings Inc\* | 1096  | 427396  |
| Regal Rexnord Corp | 2378  | 355107  |
| Ryder System Inc | 1507  | 282593  |
| Saia Inc\* | 933  | 276597  |
| Sensata Technologies Holding PLC | 5188  | 168818  |
| Silgan Holdings Inc | 2879  | 135083  |
| Simpson Manufacturing Co Inc | 1495  | 285724  |
| Sonoco Products Co | 3575  | 168919  |
| TD SYNNEX Corp | 2672  | 395643  |
| Terex Corp | 2474  | 123552  |
| Tetra Tech Inc | 9346  | 340381  |
| The Timken Co | 2291  | 176934  |
| TopBuild Corp\* | 1007  | 423705  |
| The Toro Co | 3569  | 289303  |
| Trex Co Inc\* | 3838  | 236536  |
| UFP Industries Inc | 2175  | 219610  |
| Universal Display Corp | 1581  | 219111  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Brixmor Property Group Inc | 10992  | $307666 <br>|
| COPT Defense Properties | 4160  | 119725  |
| Cousins Properties Inc | 6012  | 177294  |
| CubeSmart | 8022  | 328260  |
| EastGroup Properties Inc | 1774  | 300799  |
| EPR Properties | 1624  | 88102  |
| Equity LifeStyle <br>Properties Inc | 6861  | 413650  |
| First Industrial Realty <br>Trust Inc | 4743  | 249482  |
| Gaming and Leisure Properties Inc | 9830  | 471938  |
| Healthcare Realty Trust Inc | 12127  | 210767  |
| Independence Realty <br>Trust Inc | 8314  | 150567  |
| Jones Lang LaSalle Inc\* | 1699  | 519163  |
| Kilroy Realty Corp | 3417  | 142113  |
| Kite Realty Group Trust | 7870  | 179593  |
| Lamar Advertising Co | 3158  | 401856  |
| National Storage Affiliates Trust | 2552  | 82251  |
| NNN REIT Inc | 6734  | 288956  |
| Omega Healthcare Investors Inc | 9699  | 412886  |
| Park Hotels & Resorts Inc | 1911  | 22473  |
| PotlatchDeltic Corp | 2543  | 106882  |
| Rayonier Inc | 4880  | 128246  |
| Rexford Industrial <br>Realty Inc | 7687  | 318319  |
| Sabra Health Care REIT Inc | 8392  | 160371  |
| STAG Industrial Inc | 6741  | 248406  |
| Starwood Property Trust Inc | 11362  | 230308  |
| Vornado Realty Trust | 5889  | 223959  |
| WP Carey Inc | 7840  | 526064  |
|  |  | 7887686  |
| **Total Financial** |  | 25858819  |
| **Industrial (23.45%)** |  |  |
| AAON Inc | 2393  | 198499  |
| Acuity Inc | 1097  | 358138  |
| Advanced Drainage Systems Inc | 2533  | 364676  |
| AECOM | 4706  | 587732  |
| AeroVironment Inc\* | 1129  | 272484  |
| AGCO Corp | 2219  | 240074  |
| Applied Industrial Technologies Inc | 1374  | 362159  |
| AptarGroup Inc | 2382  | 331741  |
| Arrow Electronics Inc\* | 1888  | 238511  |
| ATI Inc\* | 5060  | 392352  |
| Avnet Inc | 2974  | 162291  |
| Belden Inc | 1428  | 185926  |
| BWX Technologies Inc | 3284  | 532139  |
| Carlisle Cos Inc | 1530  | 590412  |
| Chart Industries Inc\* | 1491  | 297246  |
| Clean Harbors Inc\* | 1811  | 438642  |
| CNH Industrial NV | 31398  | 359507  |
| Cognex Corp | 6085  | 267375  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Western Alliance Bancorp | 3855  | $345215 <br>|
| Wintrust Financial Corp | 2358  | 323730  |
| Zions Bancorp NA | 5297  | 307279  |
|  |  | 7263199  |
| **Diversified Financial Service (4.25%)** | **Diversified Financial Service (4.25%)** | **Diversified Financial Service (4.25%)** |
| Affiliated Managers <br>Group Inc | 1008  | 226619  |
| Ally Financial Inc | 9847  | 404219  |
| Evercore Inc | 1268  | 407725  |
| Federated Hermes Inc | 2676  | 142096  |
| Hamilton Lane Inc | 1529  | 235986  |
| Houlihan Lokey Inc | 1924  | 383357  |
| Interactive Brokers <br>Group Inc | 15448  | 961484  |
| Janus Henderson <br>Group PLC | 4567  | 202409  |
| Jefferies Financial <br>Group Inc | 5830  | 378076  |
| SEI Investments Co | 3419  | 301829  |
| SLM Corp | 7625  | 238510  |
| Stifel Financial Corp | 3675  | 423691  |
| Voya Financial Inc | 3447  | 258835  |
| The Western Union Co | 3124  | 27085  |
|  |  | 4591921  |
| **Insurance (5.21%)** |  |  |
| American Financial <br>Group Inc | 2567  | 348753  |
| Brighthouse Financial Inc\* | 2159  | 102034  |
| CNO Financial Group Inc | 3604  | 142250  |
| Equitable Holdings Inc | 10778  | 574036  |
| Essent Group Ltd | 3596  | 225613  |
| Fidelity National <br>Financial Inc | 9221  | 552061  |
| First American <br>Financial Corp | 3653  | 241098  |
| The Hanover Insurance Group Inc | 1290  | 223789  |
| Kemper Corp | 2130  | 114275  |
| Kinsale Capital Group Inc | 794  | 363215  |
| MGIC Investment Corp | 8421  | 234356  |
| Old Republic International Corp | 8065  | 322358  |
| Primerica Inc | 1198  | 322669  |
| Reinsurance Group of America Inc | 2336  | 455029  |
| RenaissanceRe Holdings Ltd | 1747  | 424504  |
| RLI Corp | 2958  | 200345  |
| Ryan Specialty Holdings Inc | 3774  | 213344  |
| Selective Insurance <br>Group Inc | 2183  | 170776  |
| Unum Group | 5689  | 397434  |
|  |  | 5627939  |
| **Private Equity (0.45%)** |  |  |
| The Carlyle Group Inc | 7560  | 488074  |
| **Real Estate (7.30%)** |  |  |
| Agree Realty Corp | 3709  | 269793  |
| American Homes 4 Rent | 11365  | 407094  |
| Annaly Capital Management Inc | 18910  | 400703  |

---

**S&P MidCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Utilities (2.74%)** |  |  |
| ALLETE Inc | 2053  | $131700 <br>|
| Black Hills Corp | 2592  | 155028  |
| Essential Utilities Inc | 9051  | 357605  |
| IDACORP Inc | 1908  | 238691  |
| National Fuel Gas Co | 3244  | 281385  |
| New Jersey Resources Corp | 3668  | 173460  |
| Northwestern Energy Group Inc | 2175  | 125084  |
| OGE Energy Corp | 7128  | 318336  |
| ONE Gas Inc | 2009  | 153689  |
| Ormat Technologies Inc | 2058  | 189110  |
| Portland General Electric Co | 3906  | 167099  |
| Southwest Gas Holdings Inc | 2137  | 170704  |
| Spire Inc | 2139  | 163847  |
| TXNM Energy Inc | 3231  | 183004  |
| UGI Corp | 4577  | 158547  |
| **Total Utilities** |  | 2967289  |
| **Total Common Stock (Cost $63,933,621)** |  | 106052041 |
| **United States Treasury Bills (1.85%)** | **United States Treasury Bills (1.85%)** | **United States Treasury Bills (1.85%)** |
| United States Treasury Bill, 0.000%, 09/18/25<sup>(a)</sup> (Cost $1,996,008) | 2000000  | 1996218  |
| **Collateral Received for Securities <br>on Loan (4.58%)** | **Collateral Received for Securities <br>on Loan (4.58%)** | **Collateral Received for Securities <br>on Loan (4.58%)** |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.48% <br>(Cost $736,899) | 736899 | 736899  |
| **Total Investments (Cost $66,666,528) (100.64%)** |  | $108785158 <br>|
| **Liabilities in Excess of Other Assets (-0.64%)** |  | (685033) |
| **Net Assets (100.00%)** |  | $108100125 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at August 31, 2025.

(a)A portion of these securities, a total of $199,622, have been pledged or segregated in connection with obligations for futures contracts.

---

| | | | |
|:---|:---|:---|:---|
| **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** | **Futures contracts at August 31, 2025:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $100 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $100 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $100 times premium / delivery month / commitment / exchange | &nbsp;&nbsp;&nbsp;&nbsp; Contracts - $100 times premium / delivery month / commitment / exchange |
| **S&P MidCap E-MINI** | **Notional Amount**  | **Value** | **Unrealized Depreciation** |
| 6 / SEP 2025 / Long / CME | $1962940 <br>| $1955100 <br>| $(7840 ) |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Valmont Industries Inc | 710  | $260655 <br>|
| Vontier Corp | 5327  | 228582  |
| Watts Water Technologies Inc | 970  | 268593  |
| Woodward Inc | 2105  | 519556  |
| XPO Inc\* | 4057  | 526193  |
| **Total Industrial** |  | 25349630 |
| **Technology (10.39%)** |  |  |
| Allegro MicroSystems Inc\* | 4884  | 150671  |
| Amkor Technology Inc | 4077  | 98623  |
| Appfolio Inc\* | 824  | 228561  |
| ASGN Inc\* | 1567  | 85010  |
| BILL Holdings Inc\* | 435  | 20193  |
| Blackbaud Inc\* | 1362  | 90859  |
| CACI International Inc\* | 795  | 381377  |
| Cirrus Logic Inc\* | 1904  | 217418  |
| Commvault Systems Inc\* | 1576  | 294153  |
| Concentrix Corp | 1682  | 88742  |
| Crane NXT Co | 1744  | 104169  |
| Docusign Inc\* | 7166  | 549346  |
| Doximity Inc\* | 4662  | 316736  |
| Dropbox Inc\* | 6997  | 203333  |
| Duolingo Inc\* | 1340  | 399132  |
| Dynatrace Inc\* | 10725  | 542685  |
| Entegris Inc | 5422  | 454038  |
| ExlService Holdings Inc\* | 5777  | 252917  |
| Genpact Ltd | 5826  | 264151  |
| Guidewire Software Inc\* | 2962  | 642813  |
| IPG Photonics Corp\* | 957  | 78302  |
| KBR Inc | 4726  | 238474  |
| Kyndryl Holdings Inc\* | 8341  | 265160  |
| Lattice Semiconductor Corp\* | 4954  | 328847  |
| Lumentum Holdings Inc\* | 2454  | 325916  |
| MACOM Technology Solutions Holdings Inc\* | 2107  | 270012  |
| Manhattan Associates Inc\* | 2193  | 472460  |
| Maximus Inc | 2048  | 180060  |
| MKS Inc | 2387  | 246673  |
| Okta Inc\* | 5803  | 538344  |
| Onto Innovation Inc\* | 1752  | 185712  |
| Parsons Corp\* | 1674  | 134087  |
| Pegasystems Inc | 3176  | 172171  |
| Power Integrations Inc | 1051  | 47400  |
| Pure Storage Inc\* | 11103  | 861704  |
| Qualys Inc\* | 1297  | 176146  |
| Rambus Inc\* | 3780  | 278851  |
| Science Applications International Corp | 1672  | 196794  |
| Silicon Laboratories Inc\* | 1151  | 154637  |
| Synaptics Inc\* | 1390  | 97105  |
| Twilio Inc\* | 5369  | 567020  |
| ZoomInfo Technologies Inc\* | 3162  | 34466  |
| **Total Technology** |  | 11235268  |

---

**See accompanying notes to financial statements.**

**S&P SmallCap Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.06%)** | **Common Stock (99.06%)** | **Common Stock (99.06%)** |
| **Basic Materials (4.13%)** | **Basic Materials (4.13%)** | **Basic Materials (4.13%)** |
| AdvanSix Inc | 1043 | $22383 <br>|
| Balchem Corp | 1188 | 192563 |
| Celanese Corp | 4057 | 193235 |
| Century Aluminum Co\* | 2029 | 45308 |
| The Chemours Co<sup>#</sup> | 5552 | 85501 |
| Element Solutions Inc | 5788 | 148867 |
| FMC Corp | 4639 | 181385 |
| Hawkins Inc | 679 | 113617 |
| HB Fuller Co | 2020 | 123321 |
| Ingevity Corp\* | 1383 | 80740 |
| Innospec Inc | 911 | 79794 |
| Kaiser Aluminum Corp | 606 | 47189 |
| Koppers Holdings Inc | 801 | 23213 |
| Minerals Technologies Inc | 1223 | 80045 |
| MP Materials Corp\* | 4488 | 319276 |
| Quaker Chemical Corp | 488 | 70794 |
| Rogers Corp\* | 646 | 50685 |
| Sensient Technologies Corp | 1574 | 178586 |
| Stepan Co | 805 | 40274 |
| Sylvamo Corp | 1246 | 57478 |
| **Total Basic Materials** |  | 2134254 |
| **Communications (4.27%)** | **Communications (4.27%)** | **Communications (4.27%)** |
| A10 Networks Inc | 2694 | 47711 |
| Angi Inc\* | 1449 | 25676 |
| Cable One Inc | 191 | 30843 |
| Calix Inc\* | 2139 | 127164 |
| Cargurus Inc\* | 3039 | 105149 |
| Cars.com Inc\* | 2248 | 29336 |
| Cogent Communications Holdings Inc | 1530 | 58492 |
| ePlus Inc | 994 | 71936 |
| Etsy Inc\* | 3790 | 200908 |
| Extreme Networks Inc\* | 4783 | 102261 |
| Gogo Inc\* | 2174 | 23871 |
| Harmonic Inc\* | 4401 | 42338 |
| HealthStream Inc | 938 | 26339 |
| IAC Inc\* | 2368 | 86716 |
| InterDigital Inc | 931 | 252962 |
| Lumen Technologies Inc\* | 36782 | 182807 |
| QuinStreet Inc\* | 2158 | 33837 |
| Scholastic Corp | 975 | 25019 |
| Shenandoah Telecommunications Co | 1790 | 23718 |
| Sprinklr Inc\* | 4052 | 35009 |
| TEGNA Inc | 5987 | 126924 |
| Telephone and Data Systems Inc | 3624 | 145286 |
| TripAdvisor Inc\* | 4275 | 74471 |
| Viasat Inc\* | 3060 | 98930 |
| Viavi Solutions Inc\* | 8051 | 90815 |
| Yelp Inc\* | 2445 | 77311 |
| Ziff Davis Inc\* | 1562 | 59684 |
| **Total Communications** |  | 2205513 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Consumer, Cyclical (14.69%)** | **Consumer, Cyclical (14.69%)** | **Consumer, Cyclical (14.69%)** |
| Academy Sports & Outdoors Inc | 2389 | $127931 <br>|
| Acushnet Holdings Corp<sup>#</sup> | 949 | 72741 |
| Adient PLC\* | 3042 | 75442 |
| Advance Auto Parts Inc | 2150 | 131129 |
| Allegiant Travel Co\* | 568 | 35591 |
| American Axle & Manufacturing Holdings Inc\* | 4591 | 26720 |
| American Eagle Outfitters Inc | 5730 | 74146 |
| Asbury Automotive Group Inc\* | 716 | 180103 |
| BJ's Restaurants Inc\* | 847 | 28425 |
| Bloomin' Brands Inc | 2953 | 21705 |
| Boot Barn Holdings Inc\* | 1130 | 200880 |
| BorgWarner Inc | 7926 | 338916 |
| Brinker International Inc\* | 1623 | 253156 |
| The Buckle Inc | 1123 | 63551 |
| Caleres Inc | 1555 | 23325 |
| Carter's Inc | 1381 | 39441 |
| Cavco Industries Inc\* | 292 | 154903 |
| Century Communities Inc | 1049 | 69108 |
| Champion Homes Inc\* | 1958 | 147751 |
| The Cheesecake Factory Inc | 1656 | 101778 |
| Cinemark Holdings Inc<sup>#</sup> | 3625 | 93525 |
| Cracker Barrel Old Country Store Inc | 828 | 49531 |
| Dana Inc | 3349 | 67516 |
| Dave & Buster's Entertainment Inc\* | 1126 | 28904 |
| Dorman Products Inc\* | 1009 | 163246 |
| Dream Finders Homes Inc\* | 1080 | 30013 |
| Ethan Allen Interiors Inc | 836 | 24670 |
| Foot Locker Inc\* | 2986 | 73754 |
| Fox Factory Holding Corp\* | 1574 | 45536 |
| Freshpet Inc\* | 1803 | 100643 |
| Gentherm Inc\* | 1122 | 41256 |
| G-III Apparel Group Ltd\* | 1546 | 41742 |
| GMS Inc\* | 1419 | 155991 |
| Golden Entertainment Inc | 829 | 20617 |
| Green Brick Partners Inc\* | 1088 | 75986 |
| Group 1 Automotive Inc | 455 | 211475 |
| Hanesbrands Inc\* | 12701 | 80143 |
| HNI Corp | 1672 | 75140 |
| Installed Building Products Inc | 818 | 214169 |
| Interface Inc | 2276 | 60815 |
| JetBlue Airways Corp\* | 11648 | 62317 |
| Kohl's Corp<sup>#</sup> | 4034 | 60752 |
| Kontoor Brands Inc | 1844 | 142449 |
| La-Z-Boy Inc | 1503 | 55566 |
| LCI Industries | 922 | 97197 |
| Leggett & Platt Inc | 4913 | 47214 |
| LGI Homes Inc\* | 739 | 45751 |
| M/I Homes Inc\* | 962 | 141664 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Madison Square Garden Sports Corp\* | 607 | $120089 <br>|
| MarineMax Inc\* | 678 | 17865 |
| Meritage Homes Corp | 2645 | 205490 |
| MillerKnoll Inc | 2433 | 51361 |
| Monarch Casino & Resort Inc | 483 | 50391 |
| National Vision Holdings Inc\* | 2998 | 68774 |
| Newell Brands Inc | 15586 | 92269 |
| OPENLANE Inc\* | 3872 | 111978 |
| Oxford Industries Inc | 559 | 24624 |
| Papa John's International Inc | 1274 | 62057 |
| Patrick Industries Inc | 1228 | 137352 |
| PC Connection Inc | 428 | 27482 |
| Penn Entertainment Inc\* | 5373 | 108696 |
| Phinia Inc | 1492 | 87252 |
| PriceSmart Inc | 916 | 98250 |
| Pursuit Attractions and Hospitality Inc\* | 790 | 29467 |
| Resideo Technologies Inc\* | 5373 | 182951 |
| Rush Enterprises Inc | 2278 | 130757 |
| Sally Beauty Holdings Inc\* | 4008 | 55551 |
| ScanSource Inc\* | 746 | 32563 |
| Shake Shack Inc\* | 1479 | 156774 |
| Shoe Carnival Inc | 840 | 17556 |
| Signet Jewelers Ltd | 1540 | 135597 |
| Six Flags Entertainment Corp\* | 3446 | 78190 |
| SkyWest Inc\* | 1490 | 180886 |
| Sonic Automotive Inc | 556 | 45698 |
| Sonos Inc\* | 4735 | 65911 |
| Standard Motor Products Inc | 766 | 29728 |
| Steven Madden Ltd | 2616 | 75969 |
| Topgolf Callaway Brands Corp\* | 5130 | 49043 |
| Tri Pointe Homes Inc\* | 3256 | 115034 |
| UniFirst Corp | 548 | 97445 |
| Urban Outfitters Inc\* | 2091 | 140264 |
| Victoria's Secret & Co\* | 3057 | 70372 |
| Winnebago Industries Inc | 1130 | 40657 |
| Wolverine World Wide Inc | 2980 | 95181 |
| XPEL Inc\* | 828 | 30768 |
| **Total Consumer, Cyclical** |  | 7594616 |
| **Consumer, Non-Cyclical (16.63%)** | **Consumer, Non-Cyclical (16.63%)** | **Consumer, Non-Cyclical (16.63%)** |
| ABM Industries Inc | 2311 | 113632 |
| ACADIA Pharmaceuticals Inc\* | 4462 | 115967 |
| AdaptHealth Corp\* | 3607 | 34230 |
| Addus HomeCare Corp\* | 681 | 78431 |
| ADMA Biologics Inc\* | 8568 | 147884 |
| Adtalem Global Education Inc\* | 1290 | 168926 |
| Alarm.com Holdings Inc\* | 1807 | 105944 |

---

**S&P SmallCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Universal Corp | 960 | $53712 <br>|
| Upbound Group Inc | 1962 | 49854 |
| US Physical Therapy Inc | 588 | 48739 |
| Veracyte Inc\* | 2846 | 86348 |
| Vericel Corp\* | 1914 | 69593 |
| Verra Mobility Corp\* | 5726 | 142291 |
| Vir Biotechnology Inc\* | 3582 | 17695 |
| WD-40 Co | 503 | 108668 |
| WillScot Holdings Corp | 5777 | 140034 |
| WK Kellogg Co | 2583 | 59202 |
| Xencor Inc\* | 2742 | 22292 |
| **Total Consumer, Non-Cyclical** |  | 8597643 |
| **Energy (4.17%)** | **Energy (4.17%)** | **Energy (4.17%)** |
| Alpha Metallurgical Resources Inc\* | 426 | 63555 |
| Archrock Inc | 5711 | 141404 |
| Atlas Energy Solutions Inc<sup>#</sup> | 2364 | 27682 |
| Bristow Group Inc\* | 892 | 34351 |
| California Resources Corp | 2605 | 129416 |
| Comstock Resources Inc\* | 3283 | 52955 |
| Core Laboratories Inc | 2054 | 23642 |
| Core Natural Resources Inc | 1839 | 136564 |
| Crescent Energy Co | 5988 | 57126 |
| DNOW Inc\* | 4029 | 64464 |
| Helix Energy Solutions Group Inc\* | 5581 | 36779 |
| Helmerich & Payne Inc | 3561 | 74389 |
| Liberty Energy Inc | 5869 | 66026 |
| Magnolia Oil & Gas Corp | 6714 | 167044 |
| Northern Oil & Gas Inc | 3630 | 94961 |
| Oceaneering International Inc\* | 3663 | 89377 |
| Par Pacific Holdings Inc\* | 1852 | 64153 |
| Patterson-UTI Energy Inc | 12876 | 74810 |
| Peabody Energy Corp | 4440 | 77256 |
| ProPetro Holding Corp\* | 1584 | 8078 |
| REX American Resources Corp\* | 565 | 35352 |
| SM Energy Co | 4242 | 121109 |
| SolarEdge Technologies Inc\*,<sup>#</sup> | 2118 | 71631 |
| SunCoke Energy Inc | 3134 | 24194 |
| Sunrun Inc\* | 8541 | 136400 |
| Talos Energy Inc\* | 4854 | 47958 |
| Tidewater Inc\* | 1654 | 99571 |
| Vital Energy Inc\* | 1053 | 18764 |
| Warrior Met Coal Inc | 1887 | 115371 |
| **Total Energy** |  | 2154382 |
| **Financial (27.20%)** | **Financial (27.20%)** | **Financial (27.20%)** |
| *Banks (7.80%)* |  |  |
| Ameris Bancorp | 2317 | 169790 |
| Atlantic Union Bankshares Corp | 3379 | 120732 |
| BancFirst Corp | 707 | 94010 |
| The Bancorp Inc\* | 1677 | 127854 |
| Bank of Hawaii Corp | 1513 | 103066 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Interparfums Inc | 650 | $74711 <br>|
| J & J Snack Foods Corp | 606 | 67611 |
| John B Sanfilippo & Son Inc | 404 | 26220 |
| John Wiley & Sons Inc | 1609 | 65293 |
| Korn Ferry | 1916 | 142052 |
| Krystal Biotech Inc\* | 940 | 138838 |
| LeMaitre Vascular Inc | 798 | 76101 |
| Ligand Pharmaceuticals Inc\* | 684 | 110610 |
| Matthews International Corp | 1194 | 29337 |
| Merit Medical Systems Inc\* | 2130 | 192850 |
| MGP Ingredients Inc | 549 | 16234 |
| Mister Car Wash Inc\* | 3644 | 20807 |
| Monro Inc | 1416 | 23477 |
| Myriad Genetics Inc\* | 3903 | 24862 |
| National Beverage Corp\* | 883 | 37130 |
| National HealthCare Corp | 481 | 54584 |
| Neogen Corp\* | 7336 | 42182 |
| NeoGenomics Inc\* | 5020 | 44076 |
| Omnicell Inc\* | 1796 | 58532 |
| Organon & Co | 9570 | 90149 |
| Owens & Minor Inc\* | 2885 | 14137 |
| Pacira BioSciences Inc\* | 1566 | 41765 |
| Payoneer Global Inc\* | 9883 | 68687 |
| Pediatrix Medical Group Inc\* | 3218 | 55382 |
| Perdoceo Education Corp | 2410 | 78903 |
| Premier Inc | 2957 | 76586 |
| Prestige Consumer Healthcare Inc\* | 1840 | 125194 |
| Privia Health Group Inc\* | 3773 | 86930 |
| PROG Holdings Inc | 1449 | 51063 |
| Progyny Inc\* | 2753 | 65164 |
| Protagonist Therapeutics Inc\* | 2250 | 132863 |
| Quanex Building Products Corp | 1564 | 33266 |
| QuidelOrtho Corp\* | 2086 | 59847 |
| RadNet Inc\* | 2361 | 169425 |
| Robert Half Inc | 3732 | 139278 |
| Select Medical Holdings Corp | 4113 | 53510 |
| The Simply Good Foods Co\* | 3498 | 100148 |
| SpartanNash Co | 1254 | 33607 |
| STAAR Surgical Co\* | 1830 | 50069 |
| Strategic Education Inc | 889 | 72320 |
| Stride Inc\* | 1541 | 251476 |
| Supernus Pharmaceuticals Inc\* | 2152 | 97098 |
| Tandem Diabetes Care Inc\* | 2401 | 30037 |
| Teleflex Inc | 1606 | 203014 |
| TG Therapeutics Inc\* | 4837 | 141869 |
| TransMedics Group Inc\* | 1227 | 141056 |
| TreeHouse Foods Inc\* | 1740 | 31912 |
| UFP Technologies Inc\* | 284 | 59685 |
| United Natural Foods Inc\* | 2298 | 64987 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Alkermes PLC\* | 5945 | $172227 <br>|
| AMN Healthcare Services Inc\* | 1437 | 29861 |
| Amphastar Pharmaceuticals Inc\* | 1482 | 45379 |
| The Andersons Inc | 1254 | 51289 |
| ANI Pharmaceuticals Inc\* | 626 | 58531 |
| Arcus Biosciences Inc\* | 2383 | 25236 |
| Arlo Technologies Inc\* | 3668 | 63860 |
| Arrowhead Pharmaceuticals Inc\* | 4765 | 104973 |
| Artivion Inc\* | 1472 | 64665 |
| Astrana Health Inc\* | 1622 | 51839 |
| Avanos Medical Inc\* | 2108 | 25170 |
| Azenta Inc\* | 1720 | 52529 |
| BioLife Solutions Inc\* | 1405 | 35195 |
| Cal-Maine Foods Inc | 1512 | 174848 |
| Catalyst Pharmaceuticals Inc\* | 4268 | 87878 |
| Central Garden & Pet Co\* | 1773 | 58562 |
| Certara Inc\* | 4198 | 45506 |
| The Chefs' Warehouse Inc\* | 1338 | 84481 |
| Collegium Pharmaceutical Inc\* | 1258 | 48810 |
| Concentra Group Holdings Parent Inc | 3319 | 78992 |
| CONMED Corp | 1202 | 65341 |
| Corcept Therapeutics Inc\* | 3379 | 235584 |
| CoreCivic Inc\* | 4016 | 81444 |
| CorVel Corp\* | 1005 | 89495 |
| Cytek Biosciences Inc\* | 4159 | 17218 |
| Deluxe Corp | 1636 | 32164 |
| Dynavax Technologies Corp\* | 4011 | 40591 |
| Edgewell Personal Care Co | 1894 | 45494 |
| Embecta Corp | 2125 | 30770 |
| Enovis Corp\* | 2144 | 66250 |
| EVERTEC Inc | 2422 | 86417 |
| Fresh Del Monte Produce Inc | 1267 | 45967 |
| The GEO Group Inc\* | 5057 | 104882 |
| Glaukos Corp\* | 2015 | 193077 |
| Grocery Outlet Holding Corp\* | 3620 | 65558 |
| Harmony Biosciences Holdings Inc\* | 1410 | 52015 |
| Healthcare Services Group Inc\* | 2715 | 42381 |
| Heidrick & Struggles International Inc | 770 | 39124 |
| Helen of Troy Ltd\* | 890 | 21850 |
| Hertz Global Holdings Inc\* | 4505 | 25814 |
| ICU Medical Inc\* | 854 | 109022 |
| Innoviva Inc\* | 2079 | 42474 |
| Inspire Medical Systems Inc\* | 1096 | 102684 |
| Integer Holdings Corp\* | 1246 | 134406 |
| Integra LifeSciences Holdings Corp\* | 2605 | 39414 |

---

**S&P SmallCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Armada Hoffler Properties Inc | 3138 | $22845 <br>|
| ARMOUR Residential REIT Inc | 2976 | 45563 |
| Blackstone Mortgage Trust Inc | 6376 | 124715 |
| Brandywine Realty Trust | 6521 | 27779 |
| CareTrust REIT Inc | 6561 | 225762 |
| Centerspace | 663 | 39449 |
| Curbline Properties Corp | 3500 | 78855 |
| Cushman & Wakefield PLC\* | 7831 | 123495 |
| DiamondRock Hospitality Co | 8094 | 69285 |
| Douglas Emmett Inc | 6121 | 99221 |
| Easterly Government Properties Inc | 1500 | 34335 |
| Ellington Financial Inc | 3507 | 47835 |
| Elme Communities | 3350 | 57218 |
| Essential Properties Realty Trust Inc | 6621 | 207370 |
| eXp World Holdings Inc<sup>#</sup> | 3302 | 35761 |
| Four Corners Property Trust Inc | 3618 | 93670 |
| Franklin BSP Realty Trust Inc | 3116 | 35990 |
| Getty Realty Corp | 1834 | 52434 |
| Global Net Lease Inc | 5985 | 47102 |
| Highwoods Properties Inc | 3934 | 124039 |
| Innovative Industrial Properties Inc | 1070 | 60626 |
| JBG SMITH Properties | 2821 | 60482 |
| Kennedy-Wilson Holdings Inc | 4615 | 40612 |
| KKR Real Estate Finance Trust Inc | 2207 | 21253 |
| LTC Properties Inc | 1681 | 61357 |
| LXP Industrial Trust | 11213 | 101814 |
| The Macerich Co | 8435 | 155204 |
| Marcus & Millichap Inc | 879 | 28647 |
| Medical Properties Trust Inc | 22312 | 100404 |
| Millrose Properties Inc | 4469 | 157800 |
| NexPoint Residential Trust Inc | 954 | 32923 |
| Outfront Media Inc | 4993 | 93269 |
| Pebblebrook Hotel Trust | 3747 | 41742 |
| PennyMac Mortgage Investment Trust | 3307 | 40709 |
| Phillips Edison & Co Inc | 4576 | 161029 |
| Ready Capital Corp | 4920 | 20959 |
| Redwood Trust Inc | 5524 | 33807 |
| Ryman Hospitality Properties Inc | 1873 | 185034 |
| Safehold Inc | 1280 | 21069 |
| SITE Centers Corp | 1910 | 23455 |
| SL Green Realty Corp | 2531 | 143989 |
| The St Joe Co | 1443 | 72814 |
| Summit Hotel Properties Inc | 5009 | 27449 |
| Sunstone Hotel Investors Inc | 7281 | 69024 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Bread Financial Holdings Inc | 1671 | $110603 <br>|
| Cohen & Steers Inc | 1012 | 74746 |
| Enact Holdings Inc | 1038 | 39081 |
| Encore Capital Group Inc\* | 902 | 37740 |
| Enova International Inc\* | 959 | 116327 |
| Moelis & Co | 2623 | 189145 |
| Mr Cooper Group Inc\* | 2305 | 434560 |
| Navient Corp | 2615 | 35852 |
| Piper Sandler Cos | 588 | 196269 |
| PJT Partners Inc | 866 | 155014 |
| PRA Group Inc\* | 1730 | 29566 |
| Radian Group Inc | 4882 | 170284 |
| StepStone Group Inc | 2167 | 134484 |
| StoneX Group Inc\* | 1583 | 161735 |
| Victory Capital Holdings Inc | 1713 | 122103 |
| Virtu Financial Inc | 3002 | 125844 |
| Virtus Investment Partners Inc | 259 | 52170 |
| WisdomTree Inc | 4321 | 58809 |
|  |  | 2780381 |
| *Insurance (3.22%)* |  |  |
| AMERISAFE Inc | 707 | 32649 |
| Assured Guaranty Ltd | 1656 | 136123 |
| Employers Holdings Inc | 969 | 41919 |
| Genworth Financial Inc\* | 14886 | 127573 |
| Goosehead Insurance Inc | 884 | 74884 |
| HCI Group Inc | 329 | 54848 |
| Horace Mann Educators Corp | 1592 | 73200 |
| Jackson Financial Inc | 2596 | 256485 |
| Lincoln National Corp | 6227 | 267325 |
| Mercury General Corp | 954 | 73773 |
| NMI Holdings Inc\* | 2915 | 114705 |
| Palomar Holdings Inc\* | 969 | 119206 |
| ProAssurance Corp\* | 1867 | 44453 |
| Safety Insurance Group Inc | 576 | 42630 |
| SiriusPoint Ltd\* | 3428 | 64172 |
| Stewart Information Services Corp | 1080 | 78667 |
| Trupanion Inc\* | 1300 | 60268 |
|  |  | 1662880 |
| *Investment Companies (0.78%)* | *Investment Companies (0.78%)* | *Investment Companies (0.78%)* |
| Cleanspark Inc\*<sup>,</sup><sup>#</sup> | 10331 | 97835 |
| HA Sustainable Infrastructure Capital Inc | 4311 | 121743 |
| MARA Holdings Inc\* | 11494 | 183674 |
|  |  | 403252 |
| *Real Estate (8.43%)* |  |  |
| Acadia Realty Trust | 4113 | 82301 |
| Alexander & Baldwin Inc | 2836 | 54848 |
| American Assets Trust Inc | 1855 | 38770 |
| Apollo Commercial Real Estate Finance Inc | 4907 | 51965 |
| Apple Hospitality REIT Inc | 8157 | 106530 |
| Arbor Realty Trust Inc | 7181 | 85741 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| BankUnited Inc | 2732 | $107067 <br>|
| Banner Corp | 1249 | 83720 |
| Cathay General Bancorp | 2518 | 125673 |
| Central Pacific Financial Corp | 989 | 30975 |
| City Holding Co | 520 | 66810 |
| Community Financial System Inc | 1925 | 115288 |
| Customers Bancorp Inc\* | 1055 | 75633 |
| CVB Financial Corp | 4652 | 93645 |
| Dime Community Bancshares Inc | 1423 | 43771 |
| Eagle Bancorp Inc | 1094 | 21245 |
| FB Financial Corp | 1366 | 73327 |
| First BanCorp/Puerto Rico | 6018 | 133780 |
| First Bancorp/Southern Pines NC | 1487 | 81175 |
| First Commonwealth Financial Corp | 3985 | 70734 |
| First Financial Bancorp | 3491 | 92442 |
| First Hawaiian Inc | 4698 | 121913 |
| Fulton Financial Corp | 6729 | 132292 |
| Hanmi Financial Corp | 1174 | 29538 |
| Heritage Financial Corp | 1300 | 31772 |
| Hilltop Holdings Inc | 1801 | 63179 |
| Hope Bancorp Inc | 4715 | 52478 |
| Independent Bank Corp | 1553 | 111055 |
| Lakeland Financial Corp | 996 | 68176 |
| National Bank Holdings Corp | 1406 | 55143 |
| NBT Bancorp Inc | 1842 | 81545 |
| OFG Bancorp | 1678 | 75091 |
| Park National Corp | 553 | 94989 |
| Pathward Financial Inc | 886 | 70410 |
| Preferred Bank | 415 | 39176 |
| Renasant Corp | 2400 | 93912 |
| S&T Bancorp Inc | 1494 | 59028 |
| Seacoast Banking Corp of Florida | 3224 | 100299 |
| ServisFirst Bancshares Inc | 1865 | 164400 |
| Simmons First National Corp | 4593 | 95443 |
| Southside Bancshares Inc | 1075 | 33583 |
| Stellar Bancorp Inc | 1704 | 52688 |
| Tompkins Financial Corp | 472 | 33106 |
| Triumph Financial Inc\* | 855 | 52574 |
| TrustCo Bank Corp NY | 742 | 29524 |
| Trustmark Corp | 2211 | 89037 |
| United Community Banks Inc | 4411 | 147327 |
| Veritex Holdings Inc | 2123 | 72925 |
| Walker & Dunlop Inc | 1172 | 99679 |
| Westamerica BanCorp | 1042 | 52110 |
|  |  | 4033129 |
| *Diversified Financial Service (5.38%)* | *Diversified Financial Service (5.38%)* | *Diversified Financial Service (5.38%)* |
| Acadian Asset Management Inc | 1085 | 55302 |
| Air Lease Corp | 3733 | 224764 |
| Artisan Partners Asset Management Inc | 2539 | 118800 |
| BGC Group Inc | 13984 | 137183 |

---

**S&P SmallCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Technology (7.55%)** |  |  |
| ACI Worldwide Inc\* | 3893 | $192120 <br>|
| Adeia Inc | 4253 | 63965 |
| Agilysys Inc\* | 839 | 91552 |
| Alpha & Omega Semiconductor Ltd\* | 927 | 26670 |
| Amentum Holdings Inc\* | 4826 | 120409 |
| Axcelis Technologies Inc\* | 1227 | 98209 |
| BlackLine Inc\* | 1896 | 103086 |
| Box Inc\* | 5208 | 169937 |
| Clear Secure Inc | 3313 | 120295 |
| Cohu Inc\* | 1950 | 38805 |
| CSG Systems International Inc | 1009 | 64737 |
| Digi International Inc\* | 1375 | 47740 |
| DigitalOcean Holdings Inc\* | 2256 | 73591 |
| Diodes Inc\* | 1764 | 96023 |
| Donnelley Financial Solutions Inc\* | 986 | 55975 |
| DoubleVerify Holdings Inc\* | 5089 | 82798 |
| DXC Technology Co\* | 6562 | 94821 |
| FormFactor Inc\* | 2911 | 84972 |
| Grid Dynamics Holdings Inc\* | 2423 | 20087 |
| Impinj Inc\* | 845 | 158412 |
| Insight Enterprises Inc\* | 1029 | 133935 |
| Kulicke & Soffa Industries Inc | 1895 | 71063 |
| LiveRamp Holdings Inc\* | 2484 | 69353 |
| MaxLinear Inc\* | 2880 | 45274 |
| N-able Inc\* | 2748 | 22149 |
| NCR Atleos Corp\* | 2638 | 104518 |
| NCR Voyix Corp\* | 5336 | 70328 |
| NetScout Systems Inc\* | 2758 | 68647 |
| PDF Solutions Inc\* | 1379 | 28201 |
| Penguin Solutions Inc\* | 1860 | 44882 |
| Photronics Inc\* | 2474 | 56086 |
| Pitney Bowes Inc | 6063 | 73484 |
| Progress Software Corp | 1571 | 72722 |
| Qorvo Inc\* | 3385 | 307015 |
| Sandisk Corp\* | 4213 | 221056 |
| Schrodinger Inc/United States\* | 2104 | 41049 |
| Semtech Corp\* | 3113 | 180834 |
| SiTime Corp\* | 646 | 156119 |
| SPS Commerce Inc\* | 1402 | 154641 |
| Teradata Corp\* | 3556 | 74605 |
| Ultra Clean Holdings Inc\* | 1855 | 44557 |
| Veeco Instruments Inc\* | 2331 | 57156 |
| **Total Technology** |  | 3901878 |
| **Utilities (2.13%)** |  |  |
| American States Water Co | 1381 | 102926 |
| Avista Corp | 2926 | 106916 |
| California Water Service Group | 2246 | 105405 |
| Chesapeake Utilities Corp | 832 | 102819 |
| Clearway Energy Inc - Class C | 3128 | 93246 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Forward Air Corp\* | 746 | $22402 <br>|
| Franklin Electric Co Inc | 1460 | 142876 |
| Frontdoor Inc\* | 2643 | 160562 |
| Gates Industrial Corp PLC\* | 7814 | 199726 |
| Gibraltar Industries Inc\* | 1145 | 71666 |
| Granite Construction Inc | 1614 | 173909 |
| The Greenbrier Cos Inc | 1215 | 56655 |
| Griffon Corp | 1442 | 109823 |
| Hayward Holdings Inc\* | 5369 | 86334 |
| Hillenbrand Inc | 2742 | 69619 |
| Hub Group Inc | 2220 | 83072 |
| Ichor Holdings Ltd\* | 1323 | 22293 |
| International Seaways Inc | 737 | 33475 |
| Itron Inc\* | 1675 | 205925 |
| JBT Marel Corp | 1688 | 241874 |
| Kadant Inc<sup>#</sup> | 425 | 137394 |
| Kennametal Inc | 2738 | 58675 |
| Knowles Corp\* | 3123 | 66676 |
| Kratos Defense & Security Solutions Inc\* | 5539 | 364688 |
| Lindsay Corp | 425 | 58323 |
| Marten Transport Ltd | 2137 | 25302 |
| Masterbrand Inc\* | 4962 | 63067 |
| Materion Corp | 747 | 82768 |
| Matson Inc | 1203 | 125172 |
| Mercury Systems Inc\* | 1838 | 124157 |
| Mesa Laboratories Inc | 196 | 13279 |
| Moog Inc | 1016 | 198984 |
| Mueller Water Products Inc | 4316 | 113770 |
| MYR Group Inc\* | 589 | 110302 |
| O-I Glass Inc\* | 5632 | 73160 |
| OSI Systems Inc\* | 566 | 130208 |
| Plexus Corp\* | 1004 | 137558 |
| Powell Industries Inc | 338 | 89962 |
| Proto Labs Inc\* | 949 | 47270 |
| Ralliant Corp\* | 4094 | 171170 |
| RXO Inc\* | 5000 | 81650 |
| Sanmina Corp\* | 1943 | 228341 |
| Schneider National Inc | 1836 | 45386 |
| Sealed Air Corp | 5414 | 175793 |
| SPX Technologies Inc\* | 1694 | 316964 |
| Standex International Corp | 462 | 94280 |
| Sterling Infrastructure Inc\* | 1092 | 304151 |
| Sturm Ruger & Co Inc | 623 | 21599 |
| Tennant Co | 738 | 60546 |
| Trinity Industries Inc | 3084 | 87647 |
| TTM Technologies Inc\* | 3695 | 164686 |
| Uniti Group Inc\* | 5748 | 36212 |
| Vicor Corp\* | 898 | 45897 |
| Vishay Intertechnology Inc | 4316 | 66725 |
| Werner Enterprises Inc | 2413 | 69615 |
| World Kinect Corp | 2105 | 56435 |
| Worthington Enterprises Inc | 1172 | 77118 |
| Worthington Steel Inc | 1357 | 45188 |
| Zurn Elkay Water Solutions Corp | 5076 | 230247 |
| **Total Industrial** |  | 9468222 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Tanger Inc | 4012 | $137130 <br>|
| Terreno Realty Corp | 3647 | 210687 |
| Two Harbors Investment Corp | 3852 | 38520 |
| Urban Edge Properties | 4738 | 98029 |
| Veris Residential Inc | 3077 | 48401 |
| Xenia Hotels & Resorts Inc | 3982 | 56266 |
|  |  | 4357382 |
| *Savings&Loans (1.59%)* |  |  |
| Axos Financial Inc\* | 1923 | 175397 |
| Banc of California Inc | 4597 | 77781 |
| Beacon Financial Corp | 1648 | 43062 |
| Brookline Bancorp Inc | 3392 | 37142 |
| Capitol Federal Financial Inc | 4612 | 29886 |
| Northwest Bancshares Inc | 4974 | 62921 |
| Pacific Premier Bancorp Inc | 3495 | 85593 |
| Provident Financial Services Inc | 4968 | 98565 |
| WaFd Inc | 2879 | 90545 |
| WSFS Financial Corp | 2039 | 118853 |
|  |  | 819745 |
| **Total Financial** |  | 14056769 |
| **Industrial (18.31%)** |  |  |
| AAR Corp\* | 1316 | 99569 |
| Advanced Energy Industries Inc | 1352 | 202367 |
| Alamo Group Inc | 375 | 79298 |
| Albany International Corp | 1134 | 72020 |
| American Woodmark Corp\* | 608 | 39259 |
| Apogee Enterprises Inc | 856 | 37643 |
| ArcBest Corp | 822 | 60631 |
| Arcosa Inc | 1812 | 179297 |
| Armstrong World Industries Inc | 1559 | 305205 |
| Astec Industries Inc | 833 | 38560 |
| AZZ Inc | 1105 | 124743 |
| Badger Meter Inc | 1075 | 196639 |
| Benchmark Electronics Inc | 1410 | 57232 |
| Boise Cascade Co | 1351 | 117537 |
| Brady Corp | 1616 | 126177 |
| Cactus Inc | 2436 | 102190 |
| CSW Industrials Inc | 623 | 170415 |
| CTS Corp | 1185 | 50351 |
| Dorian LPG Ltd | 1330 | 42533 |
| DXP Enterprises Inc\* | 499 | 62315 |
| Dycom Industries Inc\* | 1033 | 260802 |
| Energizer Holdings Inc | 2551 | 70306 |
| Enerpac Tool Group Corp | 1988 | 84172 |
| Enpro Inc | 775 | 169547 |
| Enviri Corp\*<sup>,#</sup> | 3023 | 34160 |
| ESCO Technologies Inc | 927 | 186244 |
| Everus Construction Group Inc\* | 1863 | 146134 |
| Federal Signal Corp | 2214 | 272300 |

---

**S&P SmallCap Index Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

**Futures contracts at August 31, 2025:** Contracts - $50 times premium / delivery month / commitment / exchange

---

| | | | |
|:---|:---|:---|:---|
| **Russell 2000 E-MINI** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| 4 / SEP 2025 / Long / CME | $461275 <br>| $473960 <br>| $12685 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at August 31, 2025.

(a)A portion of these securities, a total of $99,811, have been pledged or segregated in connection with obligations for futures contracts.

(b)Level 3 security fair valued under procedures utilized by the valuation designee, represents 0% of net assets.

The total value of the fair value securities is $0.

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Clearway Energy Inc - Class A | 1351 | $38085 <br>|
| H2O America | 1162 | 58530 |
| MDU Resources Group Inc | 7700 | 125433 |
| MGE Energy Inc | 1345 | 114527 |
| Middlesex Water Co | 674 | 36086 |
| Northwest Natural Holding Co | 1515 | 62918 |
| Otter Tail Corp | 1529 | 128421 |
| Unitil Corp | 603 | 28317 |
| **Total Utilities** |  | 1103629 |
| **Total Common Stock (Cost $36,303,338)** |  | 51216906 |
| **United States Treasury Bills (0.97%)** | **United States Treasury Bills (0.97%)** | **United States Treasury Bills (0.97%)** |
| United States <br>Treasury Bill, 0.000%, 09/18/25<sup>(a)</sup> (Cost $498,999) | 500000 | 499054 |
| **Right (0.00%)** |  |  |
| OmniAb Inc -15\*<sup>,</sup><sup>(b)</sup>  | 401 |  |
| OmniAb Inc -12.5\*<sup>,</sup><sup>(b)</sup>  | 401 |  |
| **Total Right (Cost $0)** |  |  |
| **Collateral Received for Securities on Loan (1.04%)** | **Collateral Received for Securities on Loan (1.04%)** | **Collateral Received for Securities on Loan (1.04%)** |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.48% (Cost $726,346) | 726346 | 726346 |
| **Total Investments (Cost $37,528,683) (101.43%)** | **Total Investments (Cost $37,528,683) (101.43%)** | $52442306 <br>|
| **Liabilities in Excess of Other Assets (-1.43%)** | **Liabilities in Excess of Other Assets (-1.43%)** | (738817) |
| **Net Assets (100.00%)** | **Net Assets (100.00%)** | $51703489 <br>|

---

**See accompanying notes to financial statements.**

**Shelton Equity Income Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (93.62%)** |  |  |
| **Basic Materials (1.95%)** |  |  |
| CF Industries Holdings Inc<sup>(a)</sup>  | 67800 | $5873514 <br>|
| Linde PLC<sup>(a)</sup>  | 20600 | 9852774 |
| Newmont Corp<sup>(a)</sup>  | 47100 | 3504240 |
| **Total Basic Materials** |  | 19230528 |
| **Communications (18.49%)** | **Communications (18.49%)** | **Communications (18.49%)** |
| Alphabet Inc<sup>(a)</sup>  | 113000 | 24058830 |
| Amazon.com Inc\*<sup>,</sup><sup>(a)</sup>  | 63800 | 14610200 |
| Arista Networks Inc\*<sup>,</sup><sup>(a)</sup>  | 127900 | 17464745 |
| AT&T Inc<sup>(a)</sup>  | 388400 | 11376236 |
| Booking Holdings Inc<sup>(a)</sup>  | 1600 | 8958480 |
| Cisco Systems Inc<sup>(a)</sup>  | 210900 | 14571081 |
| Comcast Corp<sup>(a)</sup>  | 334400 | 11359568 |
| Corning Inc<sup>(a)</sup>  | 76600 | 5134498 |
| eBay Inc<sup>(a)</sup>  | 79900 | 7239739 |
| Meta Platforms Inc<sup>(a)</sup>  | 19400 | 14330780 |
| Netflix Inc\*<sup>,</sup><sup>(a)</sup>  | 11600 | 14015700 |
| Palo Alto Networks Inc\*<sup>,</sup><sup>(a)</sup>  | 67400 | 12841048 |
| Uber Technologies Inc\*<sup>,</sup><sup>(a)</sup>  | 56800 | 5325000 |
| Verizon Communications Inc<sup>(a)</sup>  | 69900 | 3091677 |
| The Walt Disney Co<sup>(a)</sup>  | 153100 | 18123978 |
| **Total Communications** |  | 182501560 |
| **Consumer, Cyclical (10.12%)** | **Consumer, Cyclical (10.12%)** | **Consumer, Cyclical (10.12%)** |
| Amerityre Corp\*<sup>,</sup><sup>#</sup> | 20000000 | 820000 |
| AutoZone Inc\*<sup>,</sup><sup>(a)</sup>  | 2200 | 9236766 |
| Chipotle Mexican Grill Inc\*<sup>,</sup><sup>(a)</sup>  | 154000 | 6489560 |
| Costco Wholesale Corp<sup>(a)</sup>  | 8800 | 8301216 |
| Deckers Outdoor Corp\*<sup>,</sup><sup>(a)</sup>  | 29400 | 3517122 |
| Domino's Pizza Inc<sup>(a)</sup>  | 1900 | 870770 |
| Fastenal Co<sup>(a)</sup>  | 61400 | 3049124 |
| Hilton Worldwide Holdings Inc<sup>(a)</sup>  | 15400 | 4251324 |
| The Home Depot Inc<sup>(a)</sup>  | 37700 | 15335229 |
| NIKE Inc<sup>(a)</sup>  | 22100 | 1709877 |
| O'Reilly Automotive Inc\*,<sup>(a)</sup>  | 48000 | 4976640 |
| Starbucks Corp<sup>(a)</sup>  | 29100 | 2566329 |
| Target Corp<sup>(a)</sup>  | 12700 | 1218946 |
| Tesla Inc\*<sup>,</sup><sup>(a)</sup>  | 24400 | 8146428 |
| The TJX Cos Inc<sup>(a)</sup>  | 10000 | 1366100 |
| Ulta Beauty Inc\*<sup>,</sup><sup>(a)</sup>  | 18600 | 9164778 |
| Walmart Inc<sup>(a)</sup>  | 162800 | 15788344 |
| Yum! Brands Inc<sup>(a)</sup>  | 21200 | 3115764 |
| **Total Consumer, Cyclical** |  | 99924317 |
| **Consumer, Non-Cyclical (13.64%)** | **Consumer, Non-Cyclical (13.64%)** | **Consumer, Non-Cyclical (13.64%)** |
| Abbott Laboratories<sup>(a)</sup>  | 46300 | 6142158 |
| AbbVie Inc<sup>(a)</sup>  | 12200 | 2566880 |
| Amgen Inc<sup>(a)</sup>  | 16100 | 4632131 |
| Automatic Data Processing Inc<sup>(a)</sup>  | 6500 | 1976325 |
| Bristol-Myers Squibb Co<sup>(a)</sup>  | 157200 | 7416696 |
| Centene Corp\*<sup>,</sup><sup>(a)</sup>  | 42800 | 1242912 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| The Coca-Cola Co<sup>(a)</sup>  | 30100 | $2076599 <br>|
| Colgate-Palmolive Co<sup>(a)</sup>  | 75600 | 6355692 |
| Constellation Brands Inc<sup>(a)</sup>  | 15100 | 2445294 |
| CVS Health Corp<sup>(a)</sup>  | 94100 | 6883415 |
| Eli Lilly & Co<sup>(a)</sup>  | 8000 | 5860640 |
| Global Payments Inc<sup>(a)</sup>  | 19500 | 1731990 |
| The Hershey Co<sup>(a)</sup>  | 7800 | 1433250 |
| Humana Inc<sup>(a)</sup>  | 11200 | 3400992 |
| Intuitive Surgical Inc\*<sup>,(a)</sup>  | 20600 | 9749877 |
| Johnson & Johnson<sup>(a)</sup>  | 100100 | 17734717 |
| McKesson Corp<sup>(a)</sup>  | 1600 | 1098624 |
| Merck & Co Inc<sup>(a)</sup>  | 24500 | 2060940 |
| Molson Coors Beverage Co<sup>(a)</sup>  | 34100 | 1721709 |
| Monster Beverage Corp\*<sup>,(a)</sup>  | 130300 | 8132023 |
| PayPal Holdings Inc\*<sup>,(a)</sup>  | 113300 | 7952527 |
| Pfizer Inc<sup>(a)</sup>  | 119900 | 2968724 |
| The Procter & Gamble Co<sup>(a)</sup>  | 40100 | 6297304 |
| Regeneron Pharmaceuticals Inc<sup>(a)</sup>  | 5500 | 3193850 |
| S&P Global Inc<sup>(a)</sup>  | 1000 | 548440 |
| Stryker Corp<sup>(a)</sup>  | 8900 | 3483549 |
| Thermo Fisher Scientific Inc<sup>(a)</sup>  | 1700 | 837624 |
| UnitedHealth Group Inc<sup>(a)</sup>  | 20600 | 6383322 |
| Vertex Pharmaceuticals Inc\*<sup>,(a)</sup>  | 21400 | 8367828 |
| **Total Consumer, <br>Non-Cyclical** |  | 134696032 |
| **Energy (3.09%)** |  |  |
| Chevron Corp<sup>(a)</sup>  | 55400 | 8897240 |
| ConocoPhillips<sup>(a)</sup>  | 61800 | 6116346 |
| Devon Energy Corp<sup>(a)</sup>  | 78500 | 2833850 |
| Exxon Mobil Corp<sup>(a)</sup>  | 81100 | 9268919 |
| Schlumberger NV<sup>(a)</sup>  | 35700 | 1315188 |
| The Williams Cos Inc<sup>(a)</sup>  | 35100 | 2031588 |
| **Total Energy** |  | 30463131 |
| **Financial (14.94%)** |  |  |
| *Banks (5.17%)* |  |  |
| Bank of America Corp<sup>(a)</sup>  | 134900 | 6844826 |
| Citigroup Inc<sup>(a)</sup>  | 184800 | 17846136 |
| The Goldman Sachs Group Inc<sup>(a)</sup>  | 13000 | 9688250 |
| JPMorgan Chase & Co<sup>(a)</sup>  | 26700 | 8047914 |
| Truist Financial Corp<sup>(a)</sup>  | 123700 | 5791634 |
| Wells Fargo & Co<sup>(a)</sup>  | 33800 | 2777684 |
|  |  | 50996444 |
| *Diversified Financial Service (4.00%)* | *Diversified Financial Service (4.00%)* | *Diversified Financial Service (4.00%)* |
| American Express Co<sup>(a)</sup>  | 27900 | 9242712 |
| The Charles Schwab Corp<sup>(a)</sup>  | 139300 | 13350512 |
| Mastercard Inc<sup>(a)</sup>  | 25000 | 14882250 |
| Nasdaq Inc<sup>(a)</sup>  | 21000 | 1989540 |
|  |  | 39465014 |
| *Insurance (3.72%)* |  |  |
| Berkshire Hathaway Inc\*<sup>,(a)</sup>  | 32900 | 16548042 |
| The Progressive Corp<sup>(a)</sup>  | 23400 | 5781204 |
| The Travelers Cos Inc<sup>(a)</sup>  | 53000 | 14390030 |
|  |  | 36719276 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| *Real Estate (2.05%)* |  |  |
| American Tower Corp<sup>(a)</sup>  | 7400 | $1508490 <br>|
| CBRE Group Inc\*<sup>,(a)</sup>  | 85800 | 13909896 |
| Iron Mountain Inc<sup>(a)</sup>  | 24000 | 2215920 |
| Prologis Inc<sup>(a)</sup>  | 23100 | 2628318 |
|  |  | 20262624 |
| **Total Financial** |  | 147443358 |
| **Industrial (7.73%)** |  |  |
| Amphenol Corp<sup>(a)</sup>  | 18100 | 1970366 |
| The Boeing Co\*<sup>,(a)</sup>  | 13300 | 3121244 |
| Carrier Global Corp<sup>(a)</sup>  | 87800 | 5724560 |
| Caterpillar Inc<sup>(a)</sup>  | 30300 | 12696912 |
| Deere & Co<sup>(a)</sup>  | 26000 | 12444640 |
| Ingersoll Rand Inc<sup>(a)</sup>  | 39200 | 3113656 |
| RTX Corp<sup>(a)</sup>  | 26900 | 4266340 |
| Trane Technologies PLC<sup>(a)</sup>  | 38900 | 16166840 |
| Union Pacific Corp<sup>(a)</sup>  | 26800 | 5991676 |
| United Parcel Service Inc<sup>(a)</sup>  | 49500 | 4328280 |
| Waste Management Inc<sup>(a)</sup>  | 28600 | 6474754 |
| **Total Industrial** |  | 76299268 |
| **Technology (21.32%)** |  |  |
| Accenture PLC<sup>(a)</sup>  | 28100 | 7305157 |
| Adobe Inc\*<sup>,(a)</sup>  | 15100 | 5386170 |
| Advanced Micro Devices Inc\*<sup>,(a)</sup>  | 30100 | 4895163 |
| Apple Inc<sup>(a)</sup>  | 131300 | 30479982 |
| Broadcom Inc<sup>(a)</sup>  | 64100 | 19062699 |
| Cadence Design Systems Inc\*<sup>,(a)</sup>  | 33700 | 11809491 |
| Crowdstrike Holdings Inc\*<sup>,(a)</sup>  | 7200 | 3050640 |
| Fidelity National Information Services Inc<sup>(a)</sup>  | 17900 | 1249599 |
| Gartner Inc\*<sup>,(a)</sup>  | 7900 | 1984401 |
| Hewlett Packard Enterprise Co<sup>(a)</sup>  | 284000 | 6409880 |
| International Business Machines Corp<sup>(a)</sup>  | 41400 | 10080486 |
| Intuit Inc<sup>(a)</sup>  | 12100 | 8070700 |
| Jack Henry & Associates Inc<sup>(a)</sup>  | 3000 | 489780 |
| Microsoft Corp<sup>(a)</sup>  | 36600 | 18544854 |
| MSCI Inc<sup>(a)</sup>  | 3300 | 1873476 |
| NetApp Inc<sup>(a)</sup>  | 64800 | 7308792 |
| NVIDIA Corp<sup>(a)</sup>  | 134700 | 23462046 |
| NXP Semiconductors NV<sup>(a)</sup>  | 52400 | 12306140 |
| Oracle Corp<sup>(a)</sup>  | 31600 | 7145708 |
| Salesforce Inc<sup>(a)</sup>  | 37800 | 9686250 |
| ServiceNow Inc\*<sup>,(a)</sup>  | 8000 | 7339680 |
| Skyworks Solutions Inc<sup>(a)</sup>  | 16900 | 1266486 |
| Synopsys Inc\*<sup>,(a)</sup>  | 12800 | 7725056 |
| Texas Instruments Inc<sup>(a)</sup>  | 17400 | 3523152 |
| **Total Technology** |  | 210455788 |
| **Utilities (2.34%)** |  |  |
| American Water Works Co Inc<sup>(a)</sup>  | 40100 | 5754751 |

---

**Shelton Equity Income Fund** **Portfolio of Investments (Continued)** **8/31/25** <br>

**See accompanying notes to financial statements.**

\*Non-income producing security.

#Security is illiquid. Aggregate value of illiquid securities is $820,000.

(a)A portion of these securities, a total of $923,297,045, have been pledged or segregated in connection with obligations for written call options.

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **United States Treasury Bills (7.23%)** | **United States Treasury Bills (7.23%)** | **United States Treasury Bills (7.23%)** |
| United States Treasury Bill, 0.000%, 09/18/25 (Cost $71,357,225) | 71500000 | $71364786 <br>|
| **Total Investments (Cost $978,002,327) (100.85%)** | **Total Investments (Cost $978,002,327) (100.85%)** | $995481831 <br>|
| **Liabilities in Excess of Other Assets (-0.85%)** | **Liabilities in Excess of Other Assets (-0.85%)** | (8344894) |
| **Net Assets (100.00%)** | **Net Assets (100.00%)** | $987136937 <br>|

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Constellation Energy Corp<sup>(a)</sup>  | 33100 | $10194138 <br>|
| NextEra Energy Inc<sup>(a)</sup>  | 51000 | 3674550 |
| Vistra Corp<sup>(a)</sup>  | 18400 | 3479624 |
| **Total Utilities** |  | 23103063 |
| **Total Common Stock (Cost $906,645,102)** |  | 924117045 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options** | **Expiration Date** | **Contracts** | **Strike <br>Price** | **Notional Amount** | **Value** |
| Abbott Laboratories | 09/19/2025 | (200) | $130.00 <br>| $2600000 <br>| $(81600 ) |
| AbbVie Inc | 09/19/2025 | (40) | 200.00 | 800000  | (47240) |
| Accenture PLC | 09/19/2025 | (60) | 270.00 | 1620000  | (15300) |
| Adobe Inc | 09/19/2025 | (20) | 370.00 | 740000  | (26600) |
| Advanced Micro Devices Inc | 09/19/2025 | (80) | 180.00 | 1440000  | (10160) |
| Alphabet Inc | 10/17/2025 | (450) | 205.00 | 9225000  | (650250) |
| Amazon.com Inc | 09/19/2025 | (120) | 230.00 | 2760000  | (56400) |
| American Express Co | 09/19/2025 | (90) | 320.00 | 2880000  | (136620) |
| American Tower Corp | 09/19/2025 | (20) | 230.00 | 460000  | (140) |
| American Water Works Co Inc | 09/19/2025 | (149) | 145.00 | 2160500  | (30545) |
| Amgen Inc | 09/19/2025 | (70) | 300.00 | 2100000  | (10570) |
| Amphenol Corp | 09/19/2025 | (35) | 110.00 | 385000  | (8400) |
| Apple Inc | 10/17/2025 | (600) | 235.00 | 14100000  | (405000) |
| Arista Networks Inc | 10/17/2025 | (270) | 140.00 | 3780000  | (170640) |
| AT&T Inc | 09/19/2025 | (1200) | 28.00 | 3360000  | (178800) |
| Automatic Data Processing Inc | 09/19/2025 | (20) | 310.00 | 620000  | (3480) |
| AutoZone Inc | 09/19/2025 | (8) | 3700.00 | 2960000  | (411960) |
| Bank of America Corp | 10/17/2025 | (900) | 48.00 | 4320000  | (328500) |
| Berkshire Hathaway Inc | 09/19/2025 | (100) | 500.00 | 5000000  | (83200) |
| The Boeing Co | 09/19/2025 | (60) | 230.00 | 1380000  | (55200) |
| Booking Holdings Inc | 09/19/2025 | (3) | 5600.00 | 1680000  | (33000) |
| Bristol-Myers Squibb Co | 09/19/2025 | (390) | 50.00 | 1950000  | (11700) |
| Broadcom Inc | 10/17/2025 | (260) | 310.00 | 8060000  | (362700) |
| Cadence Design Systems Inc | 09/19/2025 | (100) | 350.00 | 3500000  | (84700) |
| Carrier Global Corp | 09/19/2025 | (400) | 70.00 | 2800000  | (10800) |
| Caterpillar Inc | 10/17/2025 | (175) | 420.00 | 7350000  | (270375) |
| CBRE Group Inc | 09/19/2025 | (240) | 160.00 | 3840000  | (122400) |
| Centene Corp | 10/17/2025 | (100) | 35.00 | 350000  | (5000) |
| CF Industries Holdings Inc | 09/19/2025 | (280) | 90.00 | 2520000  | (30800) |
| The Charles Schwab Corp | 09/19/2025 | (525) | 90.00 | 4725000  | (338625) |
| Chevron Corp | 10/17/2025 | (150) | 155.00 | 2325000  | (132750) |
| Chipotle Mexican Grill Inc | 09/19/2025 | (350) | 45.00 | 1575000  | (9450) |
| Cisco Systems Inc | 10/17/2025 | (1000) | 70.00 | 7000000  | (147000) |
| Citigroup Inc | 09/19/2025 | (1000) | 80.00 | 8000000  | (1685000) |
| The Coca-Cola Co | 10/17/2025 | (150) | 72.50 | 1087500  | (6750) |
| Colgate-Palmolive Co | 10/17/2025 | (300) | 90.00 | 2700000  | (13500) |
| Comcast Corp | 10/17/2025 | (1200) | 35.00 | 4200000  | (80400) |
| ConocoPhillips | 09/19/2025 | (175) | 100.00 | 1750000  | (33950) |
| Constellation Brands Inc | 09/19/2025 | (30) | 170.00 | 510000  | (5400) |
| Constellation Energy Corp | 09/19/2025 | (200) | 330.00 | 6600000  | (79000) |
| Corning Inc | 09/19/2025 | (396) | 65.00 | 2574000  | (110088) |
| Costco Wholesale Corp | 09/19/2025 | (20) | 950.00 | 1900000  | (29900) |
| Crowdstrike Holdings Inc | 09/19/2025 | (11) | 490.00 | 539000  | (1111) |
| CVS Health Corp | 09/19/2025 | (440) | 75.00 | 3300000  | (41360) |
| Deckers Outdoor Corp | 10/17/2025 | (100) | 125.00 | 1250000  | (40500) |
| Deere & Co | 09/19/2025 | (150) | 520.00 | 7800000  | (7500) |
| Devon Energy Corp | 10/17/2025 | (300) | 37.50 | 1125000  | (28800) |

---

**See accompanying notes to financial statements.**

**Shelton Equity Income Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options** | **Expiration Date** | **Contracts** | **Strike <br>Price** | **Notional Amount** | **Value** |
| Domino's Pizza Inc | 10/17/2025 | (8) | $520.00 <br>| $416000 <br>| $(2820 ) |
| eBay Inc | 10/17/2025 | (500) | 97.50 | 4875000  | (53750) |
| Eli Lilly & Co | 09/19/2025 | (20) | 820.00 | 1640000  | (2500) |
| Exxon Mobil Corp | 09/19/2025 | (375) | 120.00 | 4500000  | (11625) |
| Fastenal Co | 09/19/2025 | (150) | 50.00 | 750000  | (14700) |
| Fidelity National Information Services Inc | 09/19/2025 | (100) | 85.00 | 850000  | (1250) |
| Gartner Inc | 09/19/2025 | (20) | 260.00 | 520000  | (8400) |
| Global Payments Inc | 09/19/2025 | (40) | 90.00 | 360000  | (7920) |
| The Goldman Sachs Group Inc | 10/17/2025 | (60) | 750.00 | 4500000  | (180600) |
| The Hershey Co | 11/21/2025 | (25) | 180.00 | 450000  | (30125) |
| Hewlett Packard Enterprise Co | 09/19/2025 | (400) | 22.00 | 880000  | (57200) |
| Hilton Worldwide Holdings Inc | 09/19/2025 | (130) | 280.00 | 3640000  | (41860) |
| The Home Depot Inc | 09/19/2025 | (311) | 375.00 | 11662500  | (995200) |
| Humana Inc | 09/19/2025 | (71) | 300.00 | 2130000  | (77390) |
| Ingersoll Rand Inc | 09/19/2025 | (150) | 85.00 | 1275000  | (4950) |
| International Business Machines Corp | 09/19/2025 | (135) | 260.00 | 3510000  | (8775) |
| Intuit Inc | 09/19/2025 | (20) | 820.00 | 1640000  | (50) |
| Intuitive Surgical Inc | 09/19/2025 | (60) | 500.00 | 3000000  | (16200) |
| Iron Mountain Inc | 09/19/2025 | (60) | 100.00 | 600000  | (600) |
| Jack Henry & Associates Inc | 09/19/2025 | (30) | 180.00 | 540000  | (1500) |
| Johnson & Johnson | 10/17/2025 | (784) | 175.00 | 13720000  | (470400) |
| JPMorgan Chase & Co | 09/19/2025 | (60) | 300.00 | 1800000  | (40920) |
| Linde PLC | 09/19/2025 | (100) | 480.00 | 4800000  | (60000) |
| Mastercard Inc | 09/19/2025 | (50) | 580.00 | 2900000  | (106000) |
| McKesson Corp | 09/19/2025 | (6) | 720.00 | 432000  | (1230) |
| Merck & Co Inc | 10/17/2025 | (100) | 95.00 | 950000  | (4600) |
| Meta Platforms Inc | 10/17/2025 | (60) | 780.00 | 4680000  | (80400) |
| Microsoft Corp | 09/19/2025 | (238) | 500.00 | 11900000  | (315826) |
| Molson Coors Beverage Co | 10/17/2025 | (100) | 52.50 | 525000  | (8400) |
| Monster Beverage Corp | 09/19/2025 | (400) | 62.50 | 2500000  | (48000) |
| MSCI Inc | 09/19/2025 | (17) | 590.00 | 1003000  | (5100) |
| Nasdaq Inc | 10/17/2025 | (100) | 100.00 | 1000000  | (8250) |
| NetApp Inc | 10/17/2025 | (220) | 115.00 | 2530000  | (68640) |
| Netflix Inc | 09/19/2025 | (25) | 1250.00 | 3125000  | (33125) |
| Newmont Corp | 10/17/2025 | (400) | 67.50 | 2700000  | (322000) |
| NextEra Energy Inc | 10/17/2025 | (200) | 82.50 | 1650000  | (2000) |
| NIKE Inc | 10/17/2025 | (100) | 87.50 | 875000  | (11300) |
| NVIDIA Corp | 09/19/2025 | (250) | 190.00 | 4750000  | (25750) |
| NXP Semiconductors NV | 09/19/2025 | (160) | 240.00 | 3840000  | (75200) |
| Oracle Corp | 09/19/2025 | (60) | 240.00 | 1440000  | (42420) |
| O'Reilly Automotive Inc | 09/19/2025 | (150) | 96.00 | 1440000  | (124500) |
| Palo Alto Networks Inc | 09/19/2025 | (300) | 200.00 | 6000000  | (45300) |
| PayPal Holdings Inc | 10/17/2025 | (400) | 75.00 | 3000000  | (49600) |
| Pfizer Inc | 09/19/2025 | (300) | 26.00 | 780000  | (3000) |
| The Procter & Gamble Co | 09/19/2025 | (100) | 160.00 | 1600000  | (14200) |
| The Progressive Corp | 09/19/2025 | (75) | 260.00 | 1950000  | (8400) |
| Prologis Inc | 09/19/2025 | (100) | 115.00 | 1150000  | (17000) |
| Regeneron Pharmaceuticals Inc | 09/19/2025 | (15) | 630.00 | 945000  | (5888) |
| RTX Corp | 11/21/2025 | (70) | 160.00 | 1120000  | (48090) |
| S&P Global Inc | 09/19/2025 | (10) | 540.00 | 540000  | (13700) |
| Salesforce Inc | 09/19/2025 | (60) | 260.00 | 1560000  | (62640) |
| Schlumberger NV | 10/17/2025 | (120) | 37.50 | 450000  | (16080) |
| ServiceNow Inc | 09/19/2025 | (14) | 920.00 | 1288000  | (38710) |
| Skyworks Solutions Inc | 09/19/2025 | (70) | 80.00 | 560000  | (4410) |
| Starbucks Corp | 09/19/2025 | (100) | 95.00 | 950000  | (4000) |
| Stryker Corp | 09/19/2025 | (30) | 400.00 | 1200000  | (9870) |
| Synopsys Inc | 09/19/2025 | (80) | 620.00 | 4960000  | (147200) |
| Target Corp | 10/17/2025 | (40) | 115.00 | 460000  | (960) |
| Tesla Inc | 09/19/2025 | (50) | 350.00 | 1750000  | (36500) |

---

**See accompanying notes to financial statements.**

**Shelton Equity Income Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options** | **Expiration Date** | **Contracts** | **Strike <br>Price** | **Notional Amount** | **Value** |
| Texas Instruments Inc | 09/19/2025 | (27) | $200.00 <br>| $540000 <br>| $(17847 ) |
| Thermo Fisher Scientific Inc | 09/19/2025 | (5) | 510.00 | 255000  | (2865) |
| Trane Technologies PLC | 09/19/2025 | (339) | 440.00 | 14916000  | (49155) |
| The Travelers Cos Inc | 09/19/2025 | (127) | 270.00 | 3429000  | (65405) |
| Truist Financial Corp | 09/19/2025 | (450) | 45.00 | 2025000  | (112050) |
| Uber Technologies Inc | 09/19/2025 | (100) | 95.00 | 950000  | (23900) |
| Ulta Beauty Inc | 09/19/2025 | (121) | 520.00 | 6292000  | (39930) |
| Union Pacific Corp | 10/17/2025 | (100) | 245.00 | 2450000  | (6500) |
| United Parcel Service Inc | 10/17/2025 | (100) | 95.00 | 950000  | (11100) |
| UnitedHealth Group Inc | 10/17/2025 | (56) | 400.00 | 2240000  | (8792) |
| Verizon Communications Inc | 10/17/2025 | (100) | 46.00 | 460000  | (3500) |
| Vertex Pharmaceuticals Inc | 10/17/2025 | (60) | 440.00 | 2640000  | (10800) |
| Walmart Inc | 10/17/2025 | (356) | 105.00 | 3738000  | (17088) |
| The Walt Disney Co | 09/19/2025 | (725) | 120.00 | 8700000  | (118900) |
| Waste Management Inc | 09/19/2025 | (75) | 230.00 | 1725000  | (13125) |
| Wells Fargo & Co | 09/19/2025 | (200) | 77.50 | 1550000  | (110000) |
| The Williams Cos Inc | 09/19/2025 | (150) | 60.00 | 900000  | (4500) |
| Yum! Brands Inc | 09/19/2025 | (100) | 150.00 | 1500000  | (11300) |
| **Total Written Call Options**  |  |  |  | $355522500 <br>| $(10956945 ) |
| **(Premiums Received $11,242,963)** |  |  |  |  |  |

---

**See accompanying notes to financial statements.**

**NASDAQ 100 Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (97.21%)** | **Common Stock (97.21%)** | **Common Stock (97.21%)** |
| **Basic Materials (1.25%)** | **Basic Materials (1.25%)** | **Basic Materials (1.25%)** |
| Linde PLC | 52002  | $24872037 <br>|
| **Communications (26.70%)** | **Communications (26.70%)** | **Communications (26.70%)** |
| *Advertising (0.12%)* |  |  |
| TheTrade Desk Inc\* | 43376  | 2370932  |
| *Internet (22.10%)* |  |  |
| Airbnb Inc\* | 33334  | 4351087  |
| Alphabet Inc - Class A | 261335  | 55640835  |
| Alphabet Inc - Class C | 245125  | 52341541  |
| Amazon.com Inc\* | 479731  | 109858399  |
| Booking Holdings Inc | 3594  | 20122986  |
| CDW Corp | 14442  | 2379464  |
| DoorDash Inc\* | 44043  | 10801546  |
| MercadoLibre Inc\* | 5600  | 13848296  |
| Meta Platforms Inc | 97491  | 72016602  |
| Netflix Inc\* | 47014  | 56804666  |
| Palo Alto Networks Inc\* | 73663  | 14034275  |
| PDD Holdings Inc\* | 69280  | 8328842  |
| Shopify Inc\* | 134571  | 19012191  |
|  |  | 439540730  |
| *Media (1.37%)* |  |  |
| Charter Communications Inc\*<sup>,#</sup> | 12561  | 3335950  |
| Comcast Corp | 350625  | 11910731  |
| Thomson Reuters Corp | 49723  | 8831302  |
| Warner Bros Discovery Inc\* | 277613  | 3231415  |
|  |  | 27309398  |
| *Telecommunications (3.11%)* | *Telecommunications (3.11%)* | *Telecommunications (3.11%)* |
| Cisco Systems Inc | 437472  | 30224940  |
| T-Mobile US Inc | 125436  | 31608618  |
|  |  | 61833558  |
| **Total Communications** |  | 531054618  |
| **Consumer, Cyclical (7.67%)** | **Consumer, Cyclical (7.67%)** | **Consumer, Cyclical (7.67%)** |
| Copart Inc\* | 106727  | 5209345  |
| Costco Wholesale Corp | 49015  | 46236830  |
| Fastenal Co | 128063  | 6359609  |
| Lululemon Athletica Inc\* | 9208  | 1861858  |
| Marriott International Inc | 30574  | 8189552  |
| O'Reilly Automotive Inc\* | 94437  | 9791228  |
| PACCAR Inc | 58599  | 5858728  |
| Ross Stores Inc | 36327  | 5345881  |
| Starbucks Corp | 104475  | 9213650  |
| Tesla Inc\* | 163432  | 54565042  |
| **Total Consumer, Cyclical** |  | 152631723  |
| **Consumer, Non-Cyclical (8.23%)** | **Consumer, Non-Cyclical (8.23%)** | **Consumer, Non-Cyclical (8.23%)** |
| Amgen Inc | 59402  | 17090549  |
| AstraZeneca PLC | 66251  | 5293455  |
| Automatic Data Processing Inc | 44843  | 13634514  |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Biogen Inc\* | 8629  | $1140926 <br>|
| Cintas Corp | 44607  | 9368808 |
| Coca-Cola Europacific Partners PLC | 50734  | 4508223 |
| Dexcom Inc\* | 27882  | 2100630 |
| GE HealthCare Technologies Inc | 42397  | 3125931 |
| Gilead Sciences Inc | 137420  | 15524337 |
| IDEXX Laboratories Inc\* | 8977  | 5808927 |
| Intuitive Surgical Inc\* | 39595  | 18740116 |
| Keurig Dr Pepper Inc | 124173  | 3612193 |
| The Kraft Heinz Co<sup>#</sup> | 81071  | 2267556 |
| Mondelez International Inc | 124187  | 7630049 |
| Monster Beverage Corp\* | 107738  | 6723929 |
| PayPal Holdings Inc\* | 93516  | 6563888 |
| PepsiCo Inc | 135535  | 20147278 |
| Regeneron Pharmaceuticals Inc | 8917  | 5178102 |
| Verisk Analytics Inc | 15453  | 4143258 |
| Vertex Pharmaceuticals Inc\* | 28369  | 11092846 |
| **Total Consumer, Non-Cyclical** |  | 163695515 |
| **Energy (0.41%)** |  |  |
| Baker Hughes Co | 109451  | 4969075 |
| Diamondback Energy Inc | 20977  | 3120539 |
| **Total Energy** |  | 8089614 |
| **Financial (0.21%)** |  |  |
| CoStar Group Inc\* | 46405  | 4152783 |
| **Industrial (1.59%)** |  |  |
| Axon Enterprise Inc\* | 8665  | 6475268 |
| CSX Corp | 209697  | 6817249 |
| Honeywell International Inc | 70999  | 15584281 |
| Old Dominion Freight Line Inc | 18516  | 2795361 |
| **Total Industrial** |  | 31672159 |
| **Technology (49.80%)** |  |  |
| *Computers (9.22%)* |  |  |
| Apple Inc | 674919  | 156675697 |
| Cognizant Technology Solutions Corp | 54456  | 3934446 |
| Crowdstrike Holdings Inc\* | 26596  | 11268725 |
| Fortinet Inc\* | 84557  | 6660555 |
| Zscaler Inc\* | 17352  | 4807372 |
|  |  | 183346795 |
| *Semiconductors (23.83%)* | *Semiconductors (23.83%)* | *Semiconductors (23.83%)* |
| Advanced Micro Devices Inc\* | 179121  | 29130448 |
| Analog Devices Inc | 54822  | 13777317 |
| Applied Materials Inc | 88654  | 14252017 |
| ARM Holdings PLC\*<sup>,#</sup> | 14889  | 2059298 |
| ASML Holding NV<sup>#</sup> | 9655  | 7169996 |
| Broadcom Inc | 351407  | 104504928 |
| GLOBALFOUNDRIES Inc\* | 62500  | 2086875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| Intel Corp | 410258  | $9989782 <br>|
| KLA Corp | 14609  | 12739048 |
| Lam Research Corp | 141308  | 14151996 |
| Marvell Technology Inc | 96245  | 6050442  |
| Microchip Technology Inc | 46093  | 2996045  |
| Micron Technology Inc | 123461  | 14693094  |
| NVIDIA Corp | 1102586  | 192048427 |
| NXP Semiconductors NV | 28200  | 6622770  |
| ON Semiconductor Corp\* | 36073  | 1788860  |
| QUALCOMM Inc | 121299  | 19496388  |
| Texas Instruments Inc | 100361  | 20321095  |
|  |  | 473878826 |
| *Software (16.76%)* |  |  |
| Adobe Inc\* | 40890  | 14585463  |
| AppLovin Corp\* | 33992  | 16268231  |
| Atlassian Corp\* | 8067  | 1434151  |
| Autodesk Inc\* | 23888  | 7517554  |
| Cadence Design Systems Inc\* | 30163  | 10570020  |
| Datadog Inc\* | 35879  | 4903942  |
| Electronic Arts Inc | 27702  | 4763359  |
| Intuit Inc | 30816  | 20554272  |
| Microsoft Corp | 335861  | 170177410  |
| Palantir Technologies Inc\* | 249990  | 39175933  |
| Paychex Inc | 39791  | 5549054  |
| Roper Technologies Inc | 12001  | 6316246  |
| Strategy Inc\*<sup>,#</sup> | 27035  | 9040774  |
| Synopsys Inc\* | 20442  | 12337156  |
| Take-Two Interactive Software Inc\* | 19960  | 4656069  |
| Workday Inc\*<sup>,#</sup> | 23369  | 5394033  |
|  |  | 333243667  |
| **Total Technology** |  | 990469288  |
| **Utilities (1.34%)** |  |  |
| American Electric Power Co Inc | 59014  | 6551734  |
| Constellation Energy Corp | 34624  | 10663500  |
| Exelon Corp | 111526  | 4871456  |
| Xcel Energy Inc | 63716  | 4612401  |
| **Total Utilities** |  | 26699091  |
| **Total Common Stock (Cost $786,591,496)** |  | 1933336828  |
| **United States Treasury Bills (2.74%)** | **United States Treasury Bills (2.74%)** | **United States Treasury Bills (2.74%)** |
| United States Treasury Bill, 0.000%, 09/18/25<sup>(a)</sup> (Cost $54,491,010) | 54600000  | 54496745  |
| **Collateral Received for Securities on Loan (1.03%)** | **Collateral Received for Securities on Loan (1.03%)** | **Collateral Received for Securities on Loan (1.03%)** |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.48% (Cost $11,369,209) | 11369209 | 11369209  |

---

**See accompanying notes to financial statements.**

**NASDAQ 100 Index Fund** **Portfolio of Investments** **8/31/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (96.97%)** | **Common Stock (96.97%)** | **Common Stock (96.97%)** |
| **Basic Materials (9.73%)** |  |  |
| Cabot Corp | 14272 | $1164024 <br>|
| Centrus Energy Corp\* | 11200 | 2259376 |
| CF Industries Holdings Inc | 29000 | 2512270 |
| The Chemours Co | 95100 | 1464540 |
| **Total Basic Materials** |  | 7400210 |
| **Communications (1.45%)** |  |  |
| Pinterest Inc\* | 30000 | 1098900 |
| **Consumer, Cyclical (8.04%)** | **Consumer, Cyclical (8.04%)** | **Consumer, Cyclical (8.04%)** |
| Aramark | 65700 | 2569527 |
| Freshpet Inc\* | 8000 | 446560 |
| On Holding AG\* | 50000 | 2254000 |
| Warby Parker Inc\* | 32000 | 838400 |
| **Total Consumer, Cyclical** |  | 6108487 |
| **Consumer, Non-Cyclical (17.23%)** | **Consumer, Non-Cyclical (17.23%)** | **Consumer, Non-Cyclical (17.23%)** |
| Bunge Global SA | 30000 | 2526600 |
| Corteva Inc | 20000 | 1483800 |
| Darling Ingredients Inc\* | 60000 | 2037600 |
| Dexcom Inc\* | 16000 | 1205440 |
| elf Beauty Inc\* | 14400 | 1800000 |
| Moderna Inc\* | 6720 | 161885 |
| Siemens Healthineers AG (144A) | 40000 | 2213592 |
| The Simply Good Foods Co\* | 19000 | 543970 |
| Vital Farms Inc\* | 22000 | 1123980 |
| **Total Consumer, Non-Cyclical** |  | 13096867 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Total Investments (Cost $852,451,715) (100.52%)** | **Total Investments (Cost $852,451,715) (100.52%)** | $1999202782 <br>|
| **Liabilities in Excess of Other Assets (-0.52%)** | **Liabilities in Excess of Other Assets (-0.52%)** | (10331556) |
| **Net Assets (100.00%)** | **Net Assets (100.00%)** | $1988871226 <br>|

---

\*Non-income

**Shelton Sustainable Equity Fund** **Portfolio of Investments** **8/31/25** <br>

producing security.

#Loaned security; a portion of the security is on loan at August 31, 2025.

(a)A portion of these securities, a total of $3,792,814, have been pledged or segregated in connection with obligations for futures contracts.

**Futures contracts at August 31, 2025:**

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

---

| | | | |
|:---|:---|:---|:---|
| **Nasdaq 100 E-MINI** | **Notional Amount** | **Value** | **Unrealized Depreciation** |
| 117 / SEP 2025 / Long / CME | $55279685 <br>| $54900495 <br>| $(379190 ) |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Energy (7.85%)** |  |  |
| First Solar Inc\* | 13222 | $2580802 <br>|
| Gaztransport Et <br>Technigaz SA | 15000 | 2796818 |
| Shoals Technologies <br>Group Inc\* | 90000 | 585900 |
| **Total Energy** |  | 5963520 |
| **Financial (3.32%)** |  |  |
| HA Sustainable Infrastructure Capital Inc | 89500 | 2527480 |
| **Industrial (37.99%)** |  |  |
| AECOM | 16850 | 2104397 |
| Ag Growth International Inc | 54900 | 1683357 |
| Clean Harbors Inc\* | 6000 | 1453260 |
| Deere & Co | 5500 | 2632520 |
| Energy Recovery Inc\* | 46000 | 653660 |
| EnerSys | 10000 | 1026500 |
| Gibraltar Industries Inc\* | 24000 | 1502160 |
| Itron Inc\* | 7000 | 860580 |
| Johnson Controls International plc | 18000 | 1924020 |
| Net Power Inc\* | 200000 | 510000 |
| Ryerson Holding Corp | 46266 | 1054865 |
| Schneider Electric SE | 10000 | 2457013 |
| Siemens AG | 10000 | 2767575 |
| Teledyne Technologies Inc\* | 4500 | 2421765 |
| Trane Technologies PLC | 3000 | 1246800 |
| Valmont Industries Inc | 4000 | 1468480 |
| Vertiv Holdings Co | 10000 | 1275500 |
| Xylem Inc | 13000 | 1840280 |
| **Total Industrial** |  | 28882732 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Technology (4.67%)** |  |  |
| Box Inc\* | 40000 | $1305200 <br>|
| KBR Inc | 23000 | 1160580 |
| Samsara Inc\* | 30000 | 1084200 |
|  |  | 3549980 |
| **Utilities (6.69%)** |  |  |
| Clearway Energy Inc | 15000 | 447150 |
| Essential Utilities Inc | 38400 | 1517184 |
| Ormat Technologies Inc | 34000 | 3124261 |
|  |  | 5088595 |
| **Total Common Stock (Cost $65,827,813)** | **Total Common Stock (Cost $65,827,813)** | 73716771 |
| **United States Treasury Bills (3.15%)** | **United States Treasury Bills (3.15%)** |  |
| United States Treasury Bill, 0.000%, 09/18/25 (Cost $2,395,194) | 2400000 | 2395461 |
| **Total Investments (Cost $68,223,007) (100.12%)** | **Total Investments (Cost $68,223,007) (100.12%)** | 76112232 |
| **Liabilities in Excess of Other Assets (-0.12%)** | **Liabilities in Excess of Other Assets (-0.12%)** | (93235) |
| **Net Assets (100.00%)** |  | $76018997 <br>|

---

\*Non-income producing security.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of August 31, 2025, these securities had a total aggregate market value of $2,213,592 which represented approximately 2.91% of net assets.

**See accompanying notes to financial statements.**

**Statements of Assets & Liabilities<br>August 31, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Green California Tax-Free Income Fund** | **U.S. Government Securities Fund** | **The <br>United States Treasury Trust** | **S&P 500 Index Fund** | **S&P <br>Midcap <br>Index Fund** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $34556662 <br>| $13766671 <br>| $25967759 <br>| $103650192 <br>| $66666528 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1) | 33185275 | 13281465 | 25967759 | 307184493<br> <sup>(a)</sup>  | 108785158<br> <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 77874 | 59186 | 48977 | 64319 | 67530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker |  |  |  |  | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 349954 | 136858 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable |  |  |  | 294879 | 70216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable |  |  |  | 586 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  | 2597 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 970 | 2455 | 1980 | 80229 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable |  |  |  | 6103 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8308 | 27364 | 11157 | 30793 | 14917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $33622381 <br>| $13509925 <br>| $26029873 <br>| $307661402 <br>| $108942311 <br>|
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value (proceeds $-, $-, $-, $-, $- , respectively) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable |  |  |  | 20138 | 11443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned |  |  |  | 7128959 | 736899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 14246 | 27179 | 11084 | 63335 | 36053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased | 5527 | 1425 | 17383 | 27346 | 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 11903 | 1101 | 819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees |  | 30 |  | 511 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder service fees |  |  |  | 436 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 1949 | 783 | 1510 | 17329 | 6165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees |  |  |  | 1937 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees | 591 | 735 | 1301 | 5909 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 756 |  | 1364 | 7822 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued printing fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued state registration fees | 4531 |  | 5889 | 4122 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 9900 | 12264 | 10563 | 5121 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 10642 |  | 9033 | 22694 | 14811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 60045 | 43517 | 58946 | 7305659 | 842186 |
| **Commitments And Contingencies (Note 2)** |  |  |  |  |  |
| **Net assets** | $33562336 <br>| $13466408 <br>| $25970927 <br>| $300355743 <br>| $108100125 <br>|
| **Net assets at August 31, 2025 consist of** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $35008422 <br>| $14920797 <br>| $25977204 <br>| $88206901 <br>| $62420653 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | (1446086) | (1454389) | (6277) | 212148842 | 45679472 |
| **Total net assets** | $33562336 <br>| $13466408 <br>| $25970927 <br>| $300355743 <br>| $108100125 <br>|
| **Net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $33562336 <br>| $13324404 <br>| $25970927 <br>| $297934113 <br>| $107678457 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares |  | $142004 <br>|  | $2421630 <br>| $421668 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  |  |  |
| **Shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 3241656 | 1430616 | 25983898 | 3666168 | 4054258 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares (no par value, unlimited shares authorized) |  | 15244 |  | 29918 | 16702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) |  |  |  |  |  |
| **Net asset value per share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $10.35 <br>| $9.31 <br>| $1.00 <br>| $81.27 <br>| $26.56 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares |  | $9.31 <br>\* |  | $80.95 <br>\* | $25.25 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Insitutional Shares  |  |  |  |  |  |

---

------

\*Calculated NAV may not equal actual NAV shown due to rounding of the net assets and shares.

(a)Includes securities on loan of $6,994,183.

(b)Includes securities on loan of $708,443.

**See accompanying notes to financial statements.**

**Statements of Assets & Liabilities<br>August 31, 2025 (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P Smallcap Index Fund** | **Shelton Equity Income <br>Fund** | **Nasdaq-100 Index Fund** | **Shelton Sustainable Equity Fund** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $37528683 <br>| $978002327 <br>| $852451715 <br>| $68223007 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1) | 52442306<br> <sup>(a)</sup>  | 995481831 | 1999202782<br> <sup>(b)</sup>  | 76112232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2535 | 103543 | 1281098 | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker |  | 1420786 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 47177 | 1025024 | 1020078 | 67928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable |  |  | 2959 | 119993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  |  | 151732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 9370 | 719485 | 1069575 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 172 |  | 2057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 10704 | 94066 | 186314 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $52512264 <br>| $998844735 <br>| $2002916595 <br>| $76313570 <br>|
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value (proceeds $-, $11,242,963, <br>$-, $-, respectively) |  | 10956945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable | 2513 |  | 721318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker | 6204 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 726346 |  | 11369209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 21365 | 393972 | 422766 | 48247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased | 10057 | 234879 | 739951 | 160216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 131 | 37 | 8728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder service fees | 84 | 20 | 410446 | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 2923 | 56659 | 115675 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees |  | 1960 | 23877 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees | 2239 | 4413 | 28687 | 4787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 2343 | 13073 | 65836 | 10814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued printing fees |  |  |  | 8190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued state registration fees | 5985 |  |  | 11932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 9164 | 13678 | 49857 | 8777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees |  |  | 296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 19421 | 32162 | 88723 | 21539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 808775 | 11707798 | 14045369 | 294573 |
| **Commitments And Contingencies (Note 2)** |  |  |  |  |
| **Net assets** | $51703489 <br>| $987136937 <br>| $1988871226 <br>| $76018997 <br>|
| **Net assets at August 31, 2025 consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $34943991 <br>| $935349917 <br>| $779837703 <br>| $91519108 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 16759498 | 51787020 | 1209033523 | (15500111) |
| **Total net assets** | $51703489 <br>| $987136937 <br>| $1988871226 <br>| $76018997 <br>|
| **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $51093721 <br>| $986961083 <br>| $1889700438 <br>| $66641568 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares | $609768 <br>| $175854 <br>| $41024286 <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | $58146502 <br>| $9377429 <br>|
| **Shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 2293235 | 56405759 | 43521886 | 1937787 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares (no par value, unlimited shares authorized) | 28612 | 10792 | 990231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) |  |  | 1335590 | 271164 |
| **Net asset value per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $22.28 <br>| $17.50 <br>| $43.42 <br>| $34.39 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; K Shares | $21.31 <br>| $16.30\* <br>| $41.43 <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insitutional Shares  |  |  | $43.54 <br>| $34.58 <br>|

---

------

\*Calculated NAV may not equal actual NAV shown due to rounding of the net assets and shares.

(a)Includes securities on loan of $709,435.

(b)Includes securities on loan of $11,139,089.

**See accompanying notes to financial statements.**

**Statements of Operations <br>For the year ended August 31, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Green California Tax-Free Income Fund** | **U.S. Government Securities Fund** | **The <br>United States Treasury Trust** | **S&P 500 Index Fund** | **S&P <br>Midcap <br>Index Fund** |
| **Investment income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1082512 <br>| $543948 <br>| $1146563 <br>| $116699 <br>| $34055 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (tax withheld: $-, $-, $-, $922, $1,201, respectively) |  |  |  | 3682858 | 1585170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  | 16722 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 1082512 | 543948 | 1146563 | 3816279 | 1622561 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 175786 | 70411 | 128103 | 710749 | 428670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 24270 | 9720 | 17678 | 196181 | 73955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 13438 | 11997 | 13906 | 30743 | 20276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 24868 | 19049 | 19332 | 55438 | 34683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1623 | 1107 | 2056 | 18630 | 11096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broker fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 16971 | 16069 | 15861 | 40496 | 31148 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 2751 | 1105 | 1973 | 22817 | 8482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5967 | 5954 | 6055 | 6188 | 6095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 891 | 357 | 641 | 7556 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 14977 | 14647 | 12880 | 27323 | 19369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 4399 | 11261 | 6246 | 25451 | 15022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees Class K (Note 2) |  | 322 |  | 5440 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees Class K (Note 2) |  | 322 |  | 5440 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees Investor Class (Note 2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fee |  |  |  | 55113 | 22117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 285941 | 162321 | 224731 | 1207565 | 675908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less class specific expenses waived |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from manager (Note 2) |  | (54982) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 285941 | 107339 | 224731 | 1207565 | 675908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 796571 | 436609 | 921832 | 2608714 | 946653 |
| **Realized and unrealized gain/(loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 8141 | (136327) | 308 | 33693004 | 3658694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts |  |  |  | 224274 | (68193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (1273464) | (198745) |  | 4275889 | 1684369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures |  |  |  | (36063) | (15960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written options contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | (1265323) | (335072) | 308 | 38157104 | 5258910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $(468752 ) | $101537 <br>| $922140 <br>| $40765818 <br>| $6205563 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Operations <br>For the year ended August 31, 2025 (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P Smallcap Index Fund** | **Shelton Equity Income <br>Fund** | **Nasdaq-100 Index Fund** | **Shelton Sustainable Equity Fund** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $19645 <br>| $3470333 <br>| $803582 <br>| $62548 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (tax withheld: $858, $24,701, $37,780, $52,499, respectively) | 755414 | 11428659 | 14017419 | 1164710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3736 |  | 39442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 778795 | 14898992 | 14860443 | 1227258 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 255934 | 4123002 | 4667233 | 662418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 35325 | 593873 | 1288278 | 60967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14175 | 264380 | 150263 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 33801 | 108184 | 211773 | 27011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 8315 | 33346 | 76246 | 13613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broker fees |  | 192 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 28810 | 68907 | 111954 | 28079 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 3949 | 68337 | 155391 | 7582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5915 | 6205 | 6597 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1287 | 23398 | 49053 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 19958 | 145925 | 47402 | 20238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 14362 | 82458 | 149665 | 26354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees Class K (Note 2) | 1782 | 403 | 94556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees Class K (Note 2) | 1782 | 403 | 94556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees Investor Class (Note 2) |  |  | 4466374 | 198278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fee | 16634 |  | 378467 | 14808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 442029 | 5519013 | 11947808 | 1092579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less class specific expenses waived |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from manager (Note 2) |  |  | (2280752) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 442029 | 5519013 | 9667056 | 1092579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 336766 | 9379979 | 5193387 | 134679 |
| **Realized and unrealized gain/(loss) on investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 2195641 | 86534414 | 204349966 | 2553366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (65755) |  | 5177455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  | 6529944 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (1331176) | (26398958) | 124375780 | 210476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures | 1415 |  | (554485) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written options contracts |  | 1176639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 800125 | 67842039 | 333348716 | 2763842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $1136891 <br>| $77222018 <br>| $338542103 <br>| $2898521 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Green California Tax-Free Income Fund**  | **Green California Tax-Free Income Fund**  | **U.S. Government <br>Securities Fund**  | **U.S. Government <br>Securities Fund**  | **The United States <br>Treasury Trust**  | **The United States <br>Treasury Trust**  |
|  | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $796571 <br>| $893317 <br>| $436609 <br>| $421458 <br>| $921832 <br>| $1107145 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 8141 | 70427 | (136327) | (13392) | 308 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of investments | (1273464) | 847724 | (198745) | 281636 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of futures |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) <br>of written options contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting <br>from operations | (468752) | 1811468 | 101537 | 689702 | 922140 | 1107176 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor shares | (795302) | (913877) | (435351) | (416691) | (922302) | (1107197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K shares |  |  | (3380) | (7185) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional shares |  |  |  |  |  |  |
| **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (3853325) | (4172253) | (961624) | (212806) | 1507514 | (409277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (5117379) | (3274662) | (1298818) | 53020 | 1507352 | (409298) |
| **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 38679715 | 41954377 | 14765226 | 14712206 | 24463575 | 24872873 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $33562336 <br>| $38679715 <br>| $13466408 <br>| $14765226 <br>| $25970927 <br>| $24463575 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>(Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **S&P 500 Index Fund**  | **S&P 500 Index Fund**  | **S&P Midcap Index Fund**  | **S&P Midcap Index Fund**  | **S&P Smallcap Index Fund**  | **S&P Smallcap Index Fund**  |
|  | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2608714 <br>| $2640021 <br>| $946653 <br>| $1025515 <br>| $336766 <br>| $430961 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 33693004 | 17239894 | 3658694 | 10089860 | 2195641 | 4699326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 224274 | 196882 | (68193) | (57073) | (65755) | 120928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of investments | 4275889 | 39535956 | 1684369 | 6453316 | (1331176) | 2666975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of futures | (36063) | 24951 | (15960) | 2670 | 1415 | 10100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) <br>of written options contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting <br>from operations | 40765818 | 59637704 | 6205563 | 17514288 | 1136891 | 7928290 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor shares | (36362919) | (18392440) | (10987371) | (6157844) | (5119928) | (1757977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K shares | (251071) | (175595) | (50976) | (38281) | (70685) | (53696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional shares |  |  |  |  |  |  |
| **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | 15596346 | 9082407 | 1078898 | (8209632) | 793932 | (3293267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | 19748174 | 50152076 | (3753886) | 3108531 | (3259790) | 2823350 |
| **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 280607569 | 230455493 | 111854011 | 108745480 | 54963279 | 52139929 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $300355743 <br>| $280607569 <br>| $108100125 <br>| $111854011 <br>| 51703489 | $54963279 <br>|

---

------

\*Calculated NAV may not equal actual NAV shown due to rounding of the net assets and shares

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>(Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shelton Equity Income Fund**  | **Shelton Equity Income Fund**  | **Nasdaq-100 Index Fund**  | **Nasdaq-100 Index Fund**  | **Shelton Sustainable <br>Equity Fund**  | **Shelton Sustainable <br>Equity Fund**  |
|  | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** | **Year <br>Ended <br>August 31, 2025** | **Year <br>Ended <br>August 31, 2024** | **Year <br>Ended August 31, 2025** | **Year <br>Ended August 31, 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $9379979 <br>| $8001304 <br>| $5193387 <br>| $6865558 <br>| $134679 <br>| $366056 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 86534414 | 55434926 | 204349966 | 54169231 | 2553366 | 9680498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts |  |  | 5177455 | 3107012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts | 6529944 | 5917660 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of investments | (26398958) | 47889196 | 124375780 | 308592098 | 210476 | (10163933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation)<br> of futures |  |  | (554485) | (110395) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) <br>of written options contracts | 1176639 | (913287) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting <br>from operations | 77222018 | 116329799 | 338542103 | 372623504 | 2898521 | (117379) |
| **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor shares | (78460112) | (63462687) | (147641587) | (102124713) | (160815) | (292642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K shares | (15682) | (43674) | (3101431) | (2358401) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional shares |  |  | (3490960) | (672203) | (33272) | (36916) |
| **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | 240887799 | 169934879 | (13976114) | 226595063 | (39924308) | (74431391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | 239634023 | 222758317 | 170332011 | 494063250 | (37219875) | (74878328) |
| **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 747502914 | 524744597 | 1818539215 | 1324475965 | 113238872 | 188117200 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $987136937 <br>| $747502914 <br>| $1988871226 <br>| $1818539215 <br>| $76018997 <br>| $113238872 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>August 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Green California Tax-Free Income Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 73082 | $766602 <br>| 79589 | $844748 <br>|
| Shares issued in reinvestment of distributions  | 62495 | 656799 | 71360 | 754025 |
| Shares repurchased  | (496431) | (5276726) | (542187) | (5771026) |
| Net increase/(decrease)  | (360854) | $(3853325 ) | (391238) | $(4172253 ) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Government Securities Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares** | **K Shares** | **K Shares** | **K Shares** |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 280672 | $2622457 <br>| 493758 | $4625636 <br>| 2074 | $19277 <br>| 1497 | $13854 <br>|
| Shares issued in reinvestment of distributions  | 45141 | 420871 | 43473 | 403584 | 362 | 3380 | 780 | 7185 |
| Shares repurchased  | (431752) | (4025933) | (508808) | (4755724) | (178) | (1676) | (53561) | (507341) |
| Net increase/(decrease)  | (105939) | $(982605 ) | 28423 | $273496 <br>| 2258 | $20981 <br>| (51284) | $(486302 ) |

---

---

| | | |
|:---|:---|:---|
| **US Treasury Trust Fund**  | **Investor Shares** | **Investor Shares** |
|  | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** |
|  | **Shares <br>and <br>Value\***  | **Shares <br>and <br>Value\*** |
| Shares sold  | $41224569 <br>| $26317098 <br>|
| Shares issued in reinvestment of distributions  | 909433 | 1095811 |
| Shares repurchased  | (40626488) | (27822186) |
| Net increase/(decrease)  | $1507514 <br>| $(409277 ) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **S&P 500 Index Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares**  | **K Shares**  | **K Shares**  | **K Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold | 341676 | $26147757 <br>| 310148 | $22220188 <br>| 2933 | $220636 <br>| 1095 | $76705 <br>|
| Shares issued in reinvestment of distributions | 380504 | 28891488 | 231603 | 15196287 | 3318 | 250952 | 2700 | 175461 |
| Shares repurchased | (530272) | (39766301) | (386736) | (27723731) | (1869) | (148186) | (12612) | (862503) |
| Net increase/(decrease)  | 191908 | $15272944 <br>| 155015 | $9692744 <br>| 4382 | $323402 <br>| (8817) | $(610337 ) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **S&P MidCap Index Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares**  | **K Shares**  | **K Shares**  | **K Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 112188 | $2925816 <br>| 108378 | $2740696 <br>| 437 | $10729 <br>| 454 | $10682 <br>|
| Shares issued in reinvestment of distributions  | 383003 | 10453814 | 254118 | 5891135 | 1955 | 50930 | 1744 | 38218 |
| Shares repurchased  | (475948) | (12234868) | (661502) | (16590043) | (5156) | (127523) | (12663) | (300320) |
| Net increase/(decrease)  | 19243 | $1144762 <br>| (299006) | $(7958212 ) | (2764) | $(65864 ) | (10465) | $(251420 ) |

---

------

\*Each Share of this fund is worth $1.00.

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>August 31, 2025 (Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **S&P SmallCap Index Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares**  | **K Shares**  | **K Shares**  | **K Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 145081 | $3146289 <br>| 182954 | $3945367 <br>| 1033 | $21328 <br>| 1561 | $31967 <br>|
| Shares issued in reinvestment of distributions  | 206301 | 4853470 | 84028 | 1689395 | 3124 | 70685 | 2830 | 53697 |
| Shares repurchased  | (331184) | (7140108) | (365334) | (7784777) | (7879) | (157732) | (58167) | (1228916) |
| Net increase/(decrease)  | 20198 | $859651 <br>| (98352) | $(2150015 ) | (3722) | $(65719 ) | (53776) | $(1143252 ) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Equity Income Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares**  | **K Shares**  | **K Shares**  | **K Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 22302987 | $383056572 <br>| 16937375 | $281627435 <br>| 527 | $8450 <br>| 374 | $5731 <br>|
| Shares issued in reinvestment of distributions  | 4171638 | 70766958 | 3532739 | 57560667 | 987 | 15682 | 2891 | 43674 |
| Shares repurchased  | (12628623) | (212958927) | (10267848) | (168779742) | (59) | (936) | (34091) | (522886) |
| Net increase/(decrease)  | 13846002 | $240864603 <br>| 10202266 | $170408360 <br>| 1455 | $23196 <br>| (30826) | $(473481 ) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq-100 Index Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **K Shares**  | **K Shares**  | **K Shares**  | **K Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 8967118 | $354803913 <br>| 11983790 | $424507608 <br>| 46129 | $1744620 <br>| 83771 | $2840372 <br>|
| Shares issued in reinvestment of distributions | 3604613 | 140005946 | 3005258 | 96952536 | 83571 | 3096527 | 76514 | 2355465 |
| Shares repurchased  | (13403526) | (526825142) | (9064495) | (322402961) | (103356) | (3815625) | (192297) | (6373241) |
| Net increase/(decrease)  | (831795) | $(32015283 ) | 5924553 | $199057183 <br>| 26344 | $1025522 <br>| (32012) | $(1177404 ) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq-100 Index Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 653470 | $26939976 <br>| 911867 | $33281466 <br>|
| Shares issued in reinvestment of distributions  | 76604 | 2984265 | 20437 | 667391 |
| Shares repurchased  | (334581) | (12910594) | (141960) | (5233573) |
| Net increase/(decrease)  | 395493 | $17013647 <br>| 790344 | $28715284 <br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Sustainable Equity Fund**  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Institutional Shares\*\*** | **Institutional Shares\*\*** | **Institutional Shares\*\*** | **Institutional Shares\*\*** |
|  | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** | **Year Ended<br>August 31, 2025** | **Year Ended<br>August 31, 2025** | **Year Ended <br>August 31, 2024** | **Year Ended <br>August 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 145594 | $4610417 <br>| 315984 | $9422603 <br>| 143788 | $4663603 <br>| 189768 | $5716235 <br>|
| Shares issued in reinvestment of distributions  | 4820 | 147499 | 8646 | 272009 | 1049 | 32236 | 1128 | 35602 |
| Shares repurchased  | (1407324) | (44631446) | (2632221) | (79855316) | (149959) | (4746617) | (327367) | (10022524) |
| Net increase/(decrease)  | (1256910) | $(39873530 ) | (2307591) | $(70160704 ) | (5122) | $(50778 ) | (136471) | $(4270687 ) |

---

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Green California Tax-Free Income Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $10.74 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.51 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.66 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.65 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.76 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $10.35 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.74 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.51 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.66 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.65 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (1.41)% | &nbsp;&nbsp;&nbsp;&nbsp; 4.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; (6.68)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $33562 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $38680 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $41954 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $46580 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $56902 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 2.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

------

(a)Calculated based upon average shares outstanding.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Securities Fund <br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $9.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.36 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.65 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.59 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.94 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $9.31 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.36 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.65 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.59 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; (1.17)% | &nbsp;&nbsp;&nbsp;&nbsp; (7.72)% | &nbsp;&nbsp;&nbsp;&nbsp; (2.14)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $13324 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $14641 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $14110 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15006 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18846 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 2.72% | &nbsp;&nbsp;&nbsp;&nbsp; 2.56% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 3.11% | &nbsp;&nbsp;&nbsp;&nbsp; 2.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Securities Fund <br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $9.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.37 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.67 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.61 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.96 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp; (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $9.31 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.37 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.67 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.61 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp;&nbsp; (1.76)% | &nbsp;&nbsp;&nbsp;&nbsp; (8.14)% | &nbsp;&nbsp;&nbsp;&nbsp; (2.61)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $142 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $124 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $602 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $787 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1385 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 2.61% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

------

(a)Calculated based upon average shares outstanding.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The United States Treasury Trust<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.00 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $25971 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24464 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24873 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $31334 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $37276 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

------

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

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

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P 500 Index Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $80.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.72 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.40 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.67 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.19 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 10.80 | &nbsp;&nbsp;&nbsp;&nbsp; 16.25 | &nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;&nbsp;&nbsp; (8.86) | &nbsp;&nbsp;&nbsp;&nbsp; 16.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 11.51 | &nbsp;&nbsp;&nbsp;&nbsp; 17.01 | &nbsp;&nbsp;&nbsp;&nbsp; 9.33 | &nbsp;&nbsp;&nbsp;&nbsp; (8.13) | &nbsp;&nbsp;&nbsp;&nbsp; 17.66 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (0.89) | &nbsp;&nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (9.67) | &nbsp;&nbsp;&nbsp;&nbsp; (4.81) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp;&nbsp; (4.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (10.42) | &nbsp;&nbsp;&nbsp;&nbsp; (5.55) | &nbsp;&nbsp;&nbsp;&nbsp; (3.01) | &nbsp;&nbsp;&nbsp;&nbsp; (4.14) | &nbsp;&nbsp;&nbsp;&nbsp; (5.18) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $81.27 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $80.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.72 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.40 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.67 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 15.40% | &nbsp;&nbsp;&nbsp;&nbsp; 26.64% | &nbsp;&nbsp;&nbsp;&nbsp; 15.54% | &nbsp;&nbsp;&nbsp;&nbsp; (11.54)% | &nbsp;&nbsp;&nbsp;&nbsp; 30.46% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $297934 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $278567 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $228102 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $208367 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $243580 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P 500 Index Fund<br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $79.90 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.50 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.20 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.45 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.02 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 10.76 | &nbsp;&nbsp;&nbsp;&nbsp; 16.20 | &nbsp;&nbsp;&nbsp;&nbsp; 8.49 | &nbsp;&nbsp;&nbsp;&nbsp; (8.83) | &nbsp;&nbsp;&nbsp;&nbsp; 16.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 11.08 | &nbsp;&nbsp;&nbsp;&nbsp; 16.61 | &nbsp;&nbsp;&nbsp;&nbsp; 9.00 | &nbsp;&nbsp;&nbsp;&nbsp; (8.46) | &nbsp;&nbsp;&nbsp;&nbsp; 17.29 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (9.67) | &nbsp;&nbsp;&nbsp;&nbsp; (4.81) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp;&nbsp; (4.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (10.03) | &nbsp;&nbsp;&nbsp;&nbsp; (5.21) | &nbsp;&nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp; (3.79) | &nbsp;&nbsp;&nbsp;&nbsp; (4.86) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $80.95 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.90 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.50 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $62.20 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $74.45 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% | &nbsp;&nbsp;&nbsp;&nbsp; 26.02% | &nbsp;&nbsp;&nbsp;&nbsp; 14.97% | &nbsp;&nbsp;&nbsp;&nbsp; (11.99)% | &nbsp;&nbsp;&nbsp;&nbsp; 29.82% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $2422 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2040 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2353 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2130 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $3899 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

------

(a)Calculated based upon average shares outstanding.

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P MidCap Index Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $27.59 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.93 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.55 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.45 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.07 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 3.89 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 | &nbsp;&nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp;&nbsp; 9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.72 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.48 | &nbsp;&nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp;&nbsp; 9.59 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp;&nbsp; (2.51) | &nbsp;&nbsp;&nbsp;&nbsp; (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.75) | &nbsp;&nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp;&nbsp;&nbsp; (2.21) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $26.56 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.59 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.93 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $24.55 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.45 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 6.06% | &nbsp;&nbsp;&nbsp;&nbsp; 17.73% | &nbsp;&nbsp;&nbsp;&nbsp; 10.50% | &nbsp;&nbsp;&nbsp;&nbsp; (10.66)% | &nbsp;&nbsp;&nbsp;&nbsp; 44.10% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $107678 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $111341 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $108031 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $108466 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $132128 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P MidCap Index Fund<br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $26.34 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.85 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.57 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.32 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.29 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.44 | &nbsp;&nbsp;&nbsp;&nbsp; 3.71 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp;&nbsp; (3.12) | &nbsp;&nbsp;&nbsp;&nbsp; 8.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp;&nbsp; 9.11 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp;&nbsp; (2.51) | &nbsp;&nbsp;&nbsp;&nbsp; (1.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.62) | &nbsp;&nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp; (2.73) | &nbsp;&nbsp;&nbsp;&nbsp; (2.08) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $25.25 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.34 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.85 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.57 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.32 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 5.54% | &nbsp;&nbsp;&nbsp;&nbsp; 17.19% | &nbsp;&nbsp;&nbsp;&nbsp; 9.88% | &nbsp;&nbsp;&nbsp;&nbsp; (11.05)% | &nbsp;&nbsp;&nbsp;&nbsp; 43.33% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $422 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $513 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $714 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $761 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1338 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 19% |

---

------

(a)Calculated based upon average shares outstanding.

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P SmallCap Index Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $23.86 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.25 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.78 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.03 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp; 3.20 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp;&nbsp; 9.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp;&nbsp; 9.76 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (1.01) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $22.28 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $23.86 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.25 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.78 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp;&nbsp; 16.58% | &nbsp;&nbsp;&nbsp;&nbsp; 5.47% | &nbsp;&nbsp;&nbsp;&nbsp; (12.15)% | &nbsp;&nbsp;&nbsp;&nbsp; 52.93% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $51094 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $54223 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $50383 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $54011 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $64461 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S&P SmallCap Index Fund<br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $22.90 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.41 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.37 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.85 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.43 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (3.17) | &nbsp;&nbsp;&nbsp;&nbsp; 9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 3.14 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp; (3.11) | &nbsp;&nbsp;&nbsp;&nbsp; 9.33 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp;&nbsp; (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp;&nbsp; (2.37) | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $21.31 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.90 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.41 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.37 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.85 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 16.02% | &nbsp;&nbsp;&nbsp;&nbsp; 4.94% | &nbsp;&nbsp;&nbsp;&nbsp; (12.60)% | &nbsp;&nbsp;&nbsp;&nbsp; 52.18% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $610 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $740 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1757 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1854 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $3569 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

------

(a)Calculated based upon average shares outstanding.

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton Equity Income Fund <br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $17.56 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.20 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.72 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.31 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.68 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 2.89 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 | &nbsp;&nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp; 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp; (1.55) | &nbsp;&nbsp;&nbsp;&nbsp; 4.80 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp;&nbsp; (1.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp; (2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp; (1.74) | &nbsp;&nbsp;&nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp;&nbsp; (2.04) | &nbsp;&nbsp;&nbsp;&nbsp; (4.17) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $17.50 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.56 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.20 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.72 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $19.31 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 9.38% | &nbsp;&nbsp;&nbsp;&nbsp; 20.53% | &nbsp;&nbsp;&nbsp;&nbsp; 13.65% | &nbsp;&nbsp;&nbsp;&nbsp; (8.72)% | &nbsp;&nbsp;&nbsp;&nbsp; 30.38% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $986961 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $747349 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $524125 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $360196 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $226412 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 48% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 79% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 108% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton Equity Income Fund <br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $16.54 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.42 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.01 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.69 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.21 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp;&nbsp; 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 2.87 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp;&nbsp; 4.57 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp;&nbsp; (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp; (2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp;&nbsp; (2.11) | &nbsp;&nbsp;&nbsp;&nbsp; (4.09) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $16.30 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.54 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.42 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.01 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.69 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 8.84% | &nbsp;&nbsp;&nbsp;&nbsp; 19.97% | &nbsp;&nbsp;&nbsp;&nbsp; 13.07% | &nbsp;&nbsp;&nbsp;&nbsp; (9.17)% | &nbsp;&nbsp;&nbsp;&nbsp; 29.73% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $176 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $154 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $619 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $654 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1391 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 48% | &nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp; 79% | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 108% |

---

------

(a)Calculated based upon average shares outstanding.

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nasdaq-100 Index Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp; $39.35 <br>| &nbsp;&nbsp; $33.50 <br>| &nbsp;&nbsp; $27.28 <br>| &nbsp;&nbsp; $35.45 <br>| &nbsp;&nbsp; $27.78 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp; 7.31 | &nbsp;&nbsp; 8.25 | &nbsp;&nbsp; 6.99 | &nbsp;&nbsp; (7.31) | &nbsp;&nbsp; 7.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; 7.42 | &nbsp;&nbsp; 8.41 | &nbsp;&nbsp; 7.12 | &nbsp;&nbsp; (7.22) | &nbsp;&nbsp; 8.05 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp; (3.23) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (3.35) | &nbsp;&nbsp; (2.56) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.38) |
| Net asset value, end of year or period | &nbsp;&nbsp; $43.42 <br>| &nbsp;&nbsp; $39.35 <br>| &nbsp;&nbsp; $33.50 <br>| &nbsp;&nbsp; $27.28 <br>| &nbsp;&nbsp; $35.45 <br>|
| Total return | &nbsp;&nbsp; 19.90% | &nbsp;&nbsp; 26.82% | &nbsp;&nbsp; 27.05% | &nbsp;&nbsp; (20.95)% | &nbsp;&nbsp; 29.31% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| Net assets, end of year (000s) | &nbsp;&nbsp; $1889700 <br>| &nbsp;&nbsp; $1745142 <br>| &nbsp;&nbsp; $1287407 <br>| &nbsp;&nbsp; $971812 <br>| &nbsp;&nbsp; $1188238 <br>|
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp; 0.52<br> %<sup>(b)</sup>  | &nbsp;&nbsp; 0.51<br> %<sup>(b)</sup>  | &nbsp;&nbsp; 0.50<br> %<sup>(b)</sup>  | &nbsp;&nbsp; 0.50<br> %<sup>(b)</sup>  | &nbsp;&nbsp; 0.50<br> %<sup>(b)</sup>  |
| Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.24% |
| Portfolio turnover | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nasdaq-100 Index Fund<br>K Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $37.68 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.23 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.21 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.88 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 6.99 | &nbsp;&nbsp;&nbsp;&nbsp; 7.90 | &nbsp;&nbsp;&nbsp;&nbsp; 6.73 | &nbsp;&nbsp;&nbsp;&nbsp; (7.03) | &nbsp;&nbsp;&nbsp;&nbsp; 7.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp;&nbsp;&nbsp; 7.95 | &nbsp;&nbsp;&nbsp;&nbsp; 6.74 | &nbsp;&nbsp;&nbsp;&nbsp; (7.10) | &nbsp;&nbsp;&nbsp;&nbsp; 7.63 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.23) | &nbsp;&nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $41.43 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $37.68 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.18 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $26.23 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.21 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 19.62% | &nbsp;&nbsp;&nbsp;&nbsp; 26.41% | &nbsp;&nbsp;&nbsp;&nbsp; 26.56% | &nbsp;&nbsp;&nbsp;&nbsp; (21.36)% | &nbsp;&nbsp;&nbsp;&nbsp; 28.66% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $41024 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $36321 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $32048 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27273 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $38457 <br>|
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<sup>(b)</sup>  |
| Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq-100 Index Fund<br>Institutional Shares<sup>(</sup>**<sup>**c**</sup><sup>**)**</sup>  | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Period Ended <br>August 31, <br>2022** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $39.44 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.28 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.61 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 7.34 | &nbsp;&nbsp;&nbsp;&nbsp; 8.27 | &nbsp;&nbsp;&nbsp;&nbsp; 6.93 | &nbsp;&nbsp;&nbsp;&nbsp; (2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 7.55 | &nbsp;&nbsp;&nbsp;&nbsp; 8.51 | &nbsp;&nbsp;&nbsp;&nbsp; 7.15 | &nbsp;&nbsp;&nbsp;&nbsp; (2.31 |
| LESS DISTRIBUTIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.23) | &nbsp;&nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp;&nbsp; (2.60) | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02 |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $43.54 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.44 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.53 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $27.28 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 20.22% | &nbsp;&nbsp;&nbsp;&nbsp; 27.14% | &nbsp;&nbsp;&nbsp;&nbsp; 27.15% | &nbsp;&nbsp;&nbsp;&nbsp; (7.80 |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |
| Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $58147 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $37076 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $5022 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $0 <br>|
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| Ratio of net investment income/(loss) to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

------

(a)Calculated based upon average shares outstanding.

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

(c)Class commenced operations on March 7, 2022.

(d)Not Annualized.

(e)Annualized.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton Sustainable Equity Fund<br>Investor Shares** | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Year Ended August 31, <br>2023** | **Year Ended August 31, <br>2022** | **Year Ended August 31, <br>2021** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $32.61 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.80 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.99 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.07 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.65 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (3.13)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (12.49)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 19.95<br> <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.84 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp;&nbsp; (12.12) | &nbsp;&nbsp;&nbsp;&nbsp; 19.87 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $34.39 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.61 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.80 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.99 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.07 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 5.67% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp;&nbsp; (8.80)% | &nbsp;&nbsp;&nbsp;&nbsp; (25.52)% | &nbsp;&nbsp;&nbsp;&nbsp; 67.36% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $66642 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $104187 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $174955 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $279669 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $343542 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 105% | &nbsp;&nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp;&nbsp; 12% |

---

**See accompanying notes to financial statements.**

**Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Shelton Sustainable Equity Fund<br>Institutional Shares<sup>(</sup>**<sup>**d**</sup><sup>**)**</sup>  | **Year Ended August 31, <br>2025** | **Year Ended August 31, <br>2024** | **Period Ended August 31, <br>2023** |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $32.76 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.89 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.64 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34 |
| LESS DISTRIBUTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| Net asset value, end of year or period | &nbsp;&nbsp;&nbsp;&nbsp; $34.58 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.76 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $31.89 <br>|
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp;&nbsp; 7.90<br> %<sup>(e)</sup>  |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;&nbsp; $9377 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $9052 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13162 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<sup>(f)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<sup>(f)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp; 105% |

---

------

(a)Calculated based upon average shares outstanding.

(b)Net realized and unrealized gain/(loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the statement of changes due to share transactions for the period.

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

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

(e)Not Annualized.

(f)Annualized.

**Shelton Funds** **Notes to Financial Statements** **August 3** **1,** **2025** <br>

**Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Each fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each fund is the information utilized for the day-to-day management of the funds. Each fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

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 Sustainable 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<sup>®</sup>.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

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. See respective Portfolio of Investments for such concentrations as of year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 (2021-2023), or expected to be taken in the Fund's 2025 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 August 31, 2025 using a fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Green California Tax-Free Income Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $— | $33185275 | $— | $33185275 |
| Total | $— | $33185275 | $— | $33185275 |
| **U.S. Government Securities Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $— | $13281465 | $— | $13281465 |
| Total | $— | $13281465 | $— | $13281465 |
| **The United States Treasury Trust Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $— | $25967759 | $— | $25967759 |
| Total | $— | $25967759 | $— | $25967759 |
| **S&P 500 Index Fund**  | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $297258701 | $2794705 | $2128 | $300055534 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 7128959 |
| Total | $297258701 | $2794705 | $2128 | $307184493 |
| **S&P 500 Index Fund - Future Contracts Liabilities** | **Level 1<sup>(a),(e)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $3475 | $— | $— | $3475 |
| Total | $3475 | $— | $— | $3475 |
| **S&P MidCap Index Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $106052041 | $1996218 | $— | $108048259 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 736899 |
| Total | $106052041 | $1996218 | $— | $108785158 |

---

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **S&P MidCap Index Fund - Future Contracts Liabilities** | **Level 1<sup>(a),(e)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $7840 | $— | $— | $7840 |
| Total | $7840 | $— | $— | $7840 |
| **S&P SmallCap Index Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $51216906 | $499054 | $0 | $51715960 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 726346 |
| Total | $51216906 | $499054 | $— | $52442306 |
| **S&P SmallCap Index Fund - Future Contracts Assets** | **Level 1<sup>(a),(e)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $12685 | $— | $— | $12685 |
| Total | $12685 | $— | $— | $12685 |
| **Shelton Equity Income Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $924117045 | $71364786 | $— | $995481831 |
| Total | $924117045 | $71364786 | $— | $995481831 |
| **Shelton Equity Income Fund - Written Option Liabilities** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $10956945 | $— | $— | $10956945 |
| Total | $10956945 | $— | $— | $10956945 |
| **Nasdaq-100 Index Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $1933336828 | $54496745 | $— | $1987833573 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 11369209 |
| Total | $1933336828 | $54496745 | $— | $1999202782 |
| **Nasdaq-100 Index Fund - Future Contracts Liabilities** | **Level 1<sup>(a),(e)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $379190 | $— | $— | $379190 |
| Total | $379190 | $— | $— | $379190 |
| **Shelton Sustainable Equity Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $73716771 | $2395461 | $— | $76112232 |
| Total | $73716771 | $2395461 | $— | $76112232 |

---

------

(a)It is the Funds' policy to recognize transfers between levels on the last day of the fiscal reporting period. See following table for Level 3 reconciliation for applicable Funds.

(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)Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

---

| | | |
|:---|:---|:---|
| **Level 3 Securities**  | **Level 3 Securities**  | **Level 3 Securities**  |
|  | **S&P 500 <br>Index Fund** | **S&P SmallCap Index Fund** |
| Beginning Balance | $— | $0<br> \*  |
| Net Purchases |  |  |
| Net Sales |  |  |
| Total Realized Gain/(Loss) |  |  |
| Change in Unrealized Appreciation (Depreciation) |  |  |
| Accrued Interest |  |  |
| Transfers into Level 3 | 2168 |  |
| Transfers out of Level 3 |  |  |
| Ending Balance | $2168 | $0<br> \*  |

---

------

\*Includes rights valued at $0 as of August 31, 2024 and 2025.

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

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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. Refer to the Funds' prospectus and statement of additional for information regarding the risks associated with an investment in the Funds.

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.

As of August 31, 2025, 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 9, 6, 4, and 117, respectively. The Shelton Equity Income Fund and Shelton Sustainable Equity Fund held no futures contracts as of August 31, 2025. 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.

The effect of futures contracts on the Statements of Assets & Liabilities as of August 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Variation Margin<br>Payable** | **Variation Margin<br>Receivable** |
| S&P 500 Index Fund - Equity contracts | $20138 | $— |
| S&P MidCap Index Fund - Equity contracts | 11443 |  |
| S&P SmallCap Index Fund - Equity contracts | 2513 |  |
| Nasdaq-100 Index Fund - Equity contracts | 721318 |  |

---

The effect of futures contracts on the Statements of Operations for the year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Realized Gain/(Loss)<br> on Futures** | **Changes in Unrealized<br>Appreciation/<br>(Depreciation)<br>on Futures** |
| S&P 500 Index Fund - Equity contracts | $224274 | $(36063) |
| S&P MidCap Index Fund - Equity contracts | (68193) | (15960) |
| S&P SmallCap Index Fund - Equity contracts | (65755) | 1415 |
| Nasdaq-100 Index Fund - Equity contracts | 5177455 | (554485) |

---

The previously disclosed derivative instruments outstanding as of August 31, 2025, and their effect on the Statement of Operations for the year ending August 31, 2025, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3030764 <br>|
| S&P MidCap Index Fund - Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898253 |
| S&P SmallCap Index Fund - Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486537 |
| Nasdaq-100 Index Fund - Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22928477 |

---

**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<br>in net assets** | **$100 million to<br>$500 million in<br>net assets** | **$500 million to<br>$1 billion in net<br>assets** | **In excess of<br>$1 billion in net<br>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% |

---

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

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, 2025 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 the lesser of the expense cap at the time of waiver or the expense cap in effect at the time of recoupment, 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** | **Contractual Expense Limitation** | **Contractual Expense Limitation** | **Contractual Expense Limitation** |
| **Fund** | **Investor Shares** | **K Shares** | **Institutional<br>Shares** | **Expiration** |
| U.S. Government Securities Fund | 0.75% | 1.25% | N/A | 1/1/26 |
| Nasdaq-100 Index Fund | 0.51% | 0.76% | 0.26% | 1/1/26 |

---

As of August 31, 2025, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be recouped is $5,941,150. 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 8/31/26** | **Expires 8/31/27** | **Expires 8/31/28** | **Total** |
| U.S. Government Securities Fund | $20185 | $55574 | $54982 | $130741 |
| The United States Treasury Trust Fund | 35013 |  |  | 35013 |
| Nasdaq-100 Index Fund | 1561495 | 1933149 | 2280752 | 5775396 |
| **Total** | $1616693 | $1988723 | $2335734 | $5941150 |

---

Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods.

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 August 31, 2025, the following were incurred by the Class K Shares (and Investor Shares for the Nasdaq-100 Fund and Sustainable Equity Fund) of each Fund of the Trust:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class K<br>12b-1 Fees** | **Class K<br>Shareholder<br>Service Fees** | **Class Investor<br>Shareholder<br>Service Fees** |
| U.S. Government Securities Fund | $322 | $322 | $— |
| S&P 500 Index Fund | 5440 | 5440 |  |
| S&P MidCap Index Fund | 1129 | 1129 |  |
| S&P SmallCap Index Fund | 1782 | 1782 |  |
| Shelton Equity Income Fund | 403 | 403 |  |
| Nasdaq-100 Index Fund | 94556 | 94556 | 4466374 |
| Sustainable Equity Fund | *—* | *—* | 198278 |

---

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.

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

**NOTE 3 - PURCHASES AND SALES OF SECURITIES**

Purchases and sales of securities other than short-term instruments for the year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Purchases<br>(Excluding U.S. Government<br>Obligations)** | **Sales<br>(Excluding U.S. Government<br>Obligations)** |
| Green California Tax-Free Income Fund | $13145453 | $16779053 | $13145453 | $16778053 |
| U.S. Government Securities Fund | 7060684 | 7759137 |  |  |
| S&P 500 Index Fund | 28172636 | 48502397 | 28172626 | 48502397 |
| S&P MidCap Index Fund | 12908658 | 23307336 | 12908658 | 23307336 |
| S&P SmallCap Index Fund | 10386071 | 14437615 | 10386071 | 14437615 |
| Equity Income Fund | 565381031 | 385969486 | 565381031 | 385969486 |
| Nasdaq-100 Index Fund | 281043269 | 482196617 | 281043269 | 482196617 |
| Sustainable Equity Fund | 17788340 | 57003996 | 17788340 | 57003996 |

---

**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.

As of August 31, 2025, the Shelton Equity Income Fund had written option contracts outstanding:

---

| | | |
|:---|:---|:---|
| **Derivatives not Accounted for as<br>Hedging Instruments** | **Liability Derivatives Statement of Assets<br>and Liabilities Location** | **Fair Value** |
| **Equity Contracts**<br> (written option contracts) | Written options, at value | $(10956945) |

---

The effect of written options on the Fund's Statement of Operations for the year ended August 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not Accounted<br>for as Hedging Instruments** | **Location of Gains/(Loss) on Derivatives Recognized in Income** | **Realized Gain/<br>(Loss) on Derivatives** | **Change in Unrealized<br>Gain/(Loss) on<br>Derivatives** |
| **Equity Contracts**<br> (written option contracts) | Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) of written option contracts | $6529944 | $1176639 |

---

Volume of derivative instruments held by the Funds during the year ended August 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Average** |
| **Written Option Contracts** | Dollars | $(9845103) |

---

**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 including derivatives on August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Unrealized Appreciation** | **Gross<br>Unrealized Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Green California Tax-Free Income Fund | $34556662 <br>| $314030 <br>| $(1685418 ) | $(1371388 ) |
| U.S. Government Securities Fund | 13766671 | 71462 | (556665) | (485203) |
| The United States Treasury Trust Fund | 25967759 |  | (1) | (1) |
| S&P 500 Index Fund | 103653028 | 208826074 | (5286647) | 203539427 |
| S&P MidCap Index Fund | 66689723 | 45294497 | (3199057) | 42095440 |
| S&P SmallCap Index Fund | 37645515 | 19605306 | (4808518) | 14796788 |
| Shelton Equity Income Fund | 978462158 | 85695948 | (68390252) | 17305696 |
| Nasdaq-100 Index Fund | 855281398 | 1156825225 | (12903838) | 1143921387 |
| Shelton Sustainable Equity Fund | 70064829 | 14185140 | (8132198) | 6052942 |

---

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

**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, 2025, the amounts reclassified were due to return of capital distributions, and were reported as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Distributable<br>Earnings** | **Increase/<br>(Decrease)<br>Paid-In Capital** |
| Green California Tax-Free Income Fund | $6048 <br>| $(6048 ) |
| 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 |  |  |
| Equity Income Fund |  |  |
| Nasdaq-100 Index Fund |  |  |
| Sustainable Equity Fund | 48679 | (48679) |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at August 31, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions<br>Payable** | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Capital Gains<br>(Losses)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Other<br>Accumulated<br>Gains/Losses** | **Total<br>Distributable<br>Earnings** |
| Green California Tax-Free Income Fund | $(65709 ) | $— <br>| $— <br>| $— <br>| $(1371388 ) | $(8989 ) | $(1446086 ) |
| U.S. Government <br>Securities Fund | (33689) |  | 4779 |  | (485203) | (940276) | (1454389) |
| The United States <br>Treasury Trust | (77255) |  | 70979 |  | (1) |  | (6277) |
| S&P 500 Index Fund |  |  |  | 8609416 | 203539427 |  | 212148843 |
| S&P MidCap Index Fund |  |  | 440237 | 3143795 | 42095440 |  | 45679472 |
| S&P SmallCap Index Fund |  |  | 77029 | 1885680 | 14796789 |  | 16759498 |
| Equity Income Fund |  |  | 34566423 | 2511233 | 17305696 | (2596332) | 51787020 |
| Nasdaq-100 Index Fund |  |  |  | 65112136 | 1143921387 |  | 1209033523 |
| Sustainable Equity Fund |  |  |  |  | 6052942 | (21553053) | (15500111) |

---

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 dividend payable. The other accumulated gains/losses are mainly attributable to capital loss carry forwards, straddle loss deferrals, and post-October year loss deferrals.

**Capital Losses:** Capital loss carry forwards, as of August 31, 2025, available to offset future capital gains, if any, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Green<br>California<br>Tax-Free<br>Income Fund** | **U.S.<br>Government<br>Securities<br>Fund** | **Sustainable Equity Fund** |
| Long Term with No Expiration | $(8989) | $(911713) | $(9226533) |
| Short Term with No Expiration |  | (28563) | (12326519) |
| Total | $— | $(940276) | $(21553052) |
| Capital Loss Carry Forwards Utilized During the Fiscal Year Ending August 31, 2025. |  |  | 3350091 |

---

**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.

**Shelton Funds** **Notes to Financial Statements (Continued)** **August 3** **1,** **2025** <br>

The tax character of distributions paid during the years ended August 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year** | **Ordinary Income** | **Nontaxable Distribution** | **Long-Term Capital<br>Gains**<sup>(a)</sup>  | **Exempt-Interest Dividends** | **Total Distributions** |
| Green California Tax-Free Income Fund | 2025 | $— <br>| $6048 <br>| $— <br>| $789254 <br>| $795302 <br>|
|  | 2024 |  |  | 42418 | 871459 | 913877 |
| U.S. Government Securities Fund | 2025 | 438731 |  |  |  | 438731 |
|  | 2024 | 423876 |  |  |  | 423876 |
| The United States Treasury Trust | 2025 | 922302 |  |  |  | 922302 |
|  | 2024 | 1107197 |  |  |  | 1107197 |
| S&P 500 Index Fund | 2025 | 2913510 |  | 33700480 |  | 36613990 |
|  | 2024 | 2568035 |  | 16000000 |  | 18568035 |
| S&P MidCap Index Fund | 2025 | 2485049 |  | 8553298 |  | 11038347 |
|  | 2024 | 919703 |  | 5276422 |  | 6196125 |
| S&P SmallCap Index Fund | 2025 | 675844 |  | 4514770 |  | 5190614 |
|  | 2024 | 411671 |  | 1400002 |  | 1811673 |
| Shelton Equity Income Fund | 2025 | 78475796 |  |  |  | 78475796 |
|  | 2024 | 58117646 |  | 5388715 |  | 63506361 |
| Nasdaq-100 Index Fund | 2025 | 8796028 |  | 145437951 |  | 154233979 |
|  | 2024 | 26229319 |  | 78925998 |  | 105155317 |
| Sustainable Equity Fund | 2025 | 194086 |  |  |  | 194086 |
|  | 2024 | 329558 |  |  |  | 329558 |

---

**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 a securities lending credit.

As of August 31, 2025, the value of the securities on loan and payable for collateral were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of<br>Securities<br>on Loan** | **Fund<br>Collateral<br>Received\*** |
| S&P 500 Index Fund | $6994183 <br>| $7128959 <br>|
| S&P MidCap Index Fund | 708443 | 736899 |
| S&P SmallCap Index Fund | 709435 | 726346 |
| Nasdaq-100 Index Fund | 11139089 | 11369209 |

---

------

\*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- Control Ownership and Principal Holders**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumptions of control of the Fund under section 2(a)(9) of the 1940 Act. As of August 31, 2025, the Funds had individual shareholder accounts owning more than 25% of the total shares outstanding of the Fund as detailed below.

---

| | | |
|:---|:---|:---|
| **Fund** | **Control Ownership** | **Percentage of Ownership** |
| U.S. Government Securities Fund | JAE Properties | 39.25% |

---

**NOTE 8 - SUBSEQUENT EVENTS**

In preparing the financial statements as of August 31, 2025, 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.

**Additional Information (Unaudited)**<br>

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable to the period covered by this report.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the Statements of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)**<br>

The Investment Company Act of 1940 (the "1940 Act") requires that the full board of trustees (the "Board") of Shelton Funds (the "Trust") and a majority of the Independent Trustees of the Board (the "Independent Trustees") annually approve the continuation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement dated January 1, 2007, as amended, between the Shelton Funds, on behalf of the funds listed below, and CCM Partners d/b/a Shelton Capital Management ("SCM" or "Shelton Capital") (the "Shelton Advisory Agreement (Main)");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Green California Tax Free Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nasdaq-100 Index Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•S&P 500 Index Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•S&P MidCap Index Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•S&P SmallCap Index Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shelton Equity Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Government Securities Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The United States Treasury Trust;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement, effective as of March 8, 2013, between Shelton Funds, on behalf of the Shelton Sustainable Equity Fund, and SCM (the "Sustainable Equity Fund Advisory Agreement," and together with the Shelton Advisory Agreement (Main), the "Advisory Agreements").

At a meeting held on March 6-7, 2025 (the "Meeting"), the Board, including a majority of the Independent Trustees, considered and approved the continuation of each Advisory Agreement for the maximum period allowed under the 1940 Act.

Prior to the Meeting, the Independent Trustees requested information from SCM and third-party sources. This information, together with other information provided by SCM, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board's subsequent approval are described below.

**Information Received**

*Materials Received.* During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by Shelton Capital, including reports on each applicable Fund's investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; compliance; and other information relating to the nature, extent and quality of services provided by Shelton Capital to the Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund's investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding Shelton Capital, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund.

*Review Process.* The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees and fund counsel. The Board discussed the renewal of the Advisory Agreements with Shelton Capital representatives, and in a private session with independent legal counsel at which representatives of Shelton Capital were not present. In deciding to approve the renewal of the Advisory Agreements, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

**Nature, Extent and Quality of Services**

*SCM, its personnel and its resources.* The Board considered the depth and quality of Shelton Capital's investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance; and the overall financial strength and stability of its organization. The Board also considered that Shelton Capital made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered Shelton Capital's continuing need to attract and retain qualified personnel and determined that Shelton Capital was adequately managing matters related to the Funds.

*Other Services.* The Board considered, in connection with the performance of its investment management services to the Funds: Shelton Capital's policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; Shelton Capital's efforts to keep the Trustees informed; and its attention to matters that may involve conflicts of interest with the Funds. The Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by Shelton Capital to the Funds under the administration servicing agreements.

The Board concluded that Shelton Capital had the quality and depth of personnel and investment methods necessary to performing its duties under the Advisory Agreements, and that the nature, extent and overall quality of such services provided by Shelton Capital were satisfactory and reliable.

**Investment Performance**

The Board considered each Fund's investment results in comparison to its stated investment objectives. The Trustees also reviewed performance rankings for each Fund as provided by an independent third-party service provider. In assessing performance of the Nasdaq-100 Index Fund, S&P 500 Index Fund, S&P MidCap Index Fund, and S&P SmallCap Index Fund, the Trustees took into consideration the fact that Fund performance is expected to mirror the appropriate benchmarks as closely as possible given certain practical constraints imposed by the 1940 Act, the Fund's investment restrictions, the Fund's size, and similar factors. The Trustees also considered supplemental peer category performance information provided by SCM. Among the factors considered in this regard, were the following for the periods ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Green California Tax-Free Income Fund, it was noted that the Fund was in the second lowest performing quartile over the 3-year period and the lowest performing quartile over the 1-year, 5-year, and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the highest performing quartile relative to its peer category over the 3-year, 5-year and 10-year periods and in the second lowest performing quartile over the one-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the S&P 500 Index Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 10-year period and the second highest performing quartile over the 1-year, 3-year, and 5-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the S&P MidCap Index Fund, it was noted that the performance of the Fund relative to its peer category was in the second highest performing quartile over the 3-year and 10-year periods and the second lowest performing quartile for the 1-year and 5-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the S&P SmallCap Index Fund, it was noted that the performance of the Fund relative to its peer category was in the second highest performing quartile over the 10-year period, in the second lowest performing quartile over the 3-year and 5-year periods and in the lowest performing quartile over the 1-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Shelton Sustainable Equity Fund, it was noted that the performance of the Fund relative to its peer category was in the second highest performing quartile over the 5-year period and in the lowest performing quartile over the 1-year, 3-year, and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Shelton Equity Income Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 3-year, 5-year, and 10-year periods and in the second highest performing quartile over the 1-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For The United States Treasury Trust, it was noted that the Fund's total return performance continued to increase during the one-year period ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the U.S. Government Securities Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 3-year period, the second highest performing quartile over the 5-year period, the second lowest performing quartile over the 10-year period; and the lowest performing quartile over the 1-year period.

The Board ultimately concluded that SCM's performance records in managing the Funds was satisfactory, and in some cases excellent, supporting the determination that SCM's continued management under the Advisory Agreements would be consistent with the best interests of each Fund and its shareholders.

**Management Fees and Total Annual Operating Expense Ratios**

The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category as defined by a third-party independent service provider. The Board considered the asset size, advisory fees and total fees and expenses of each Fund in comparison to the asset size, advisory fees and other fees and expenses of other funds in each Fund's relevant category. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by Shelton Capital after taking into consideration the expense limitation arrangements on certain Funds.

The Board noted that except for the U.S. Government Securities Fund, the Green California Tax-Free Income Fund, and The United States Treasury Trust which were higher than their respective peer category medians, and the Shelton Sustainable Equity Fund, which was equal to its peer category median, the maximum management fee charged to each Fund was generally lower than the Funds' respective peer category medians.

The Board also observed that each Fund's total annual operating expense ratios, after taking into account the expense limitations and waivers applicable to certain Funds, were generally higher than the category median for other comparable funds, with the exception of each class of the Nasdaq-100 Fund, the Institutional Class of the Shelton Sustainable Equity Fund, the Investor Classes of the Shelton Equity Income Fund, SmallCap Index Fund, MidCap Index Fund, S&P 500 Index Fund, and S&P 500 Index Fund, which were below their respective category medians for comparable funds.

**Comparable Accounts**

The Board noted certain information provided by Shelton Capital regarding fees charged to other clients utilizing a strategy similar to that employed by an applicable Fund. The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Shelton Capital's other clients employing a comparable strategy to each Fund was not indicative of any unreasonableness with respect to the advisory fee payable by such Fund.

**Cost Structure, Level of Profits, Economies of Scale and Ancillary Benefits**

The Board reviewed information regarding Shelton Capital's costs of providing services to the applicable Funds. The Board also reviewed the resulting level of profits to Shelton Capital, including the cost allocation methodologies used to calculate such profits. The Independent Trustees received financial and other information from Shelton Capital.

The Board noted its intention to continue to monitor assets under management, and the resulting impact on Shelton Capital's profitability, in order to ensure that it has sufficient resources to continue to provide the services that shareholders in the Funds require. The Board further considered that breakpoints in the advisory fee structure of certain Funds provide for reductions in the level of fees charged by Shelton Capital to such Fund as Fund assets increase, reflecting the fact that economies of scale in the cost of operations will be shared with such Fund's shareholders. The Trustees also noted that currently, Shelton Capital has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations and may extend those limits in the future.

The Board also considered whether Shelton Capital receives any material indirect benefits from managing the Funds, noting the soft dollars benefits accrued to Shelton Capital.

Based on the foregoing, together with the other information provided to it at the Meeting and throughout the year, the Board concluded that each applicable Fund's cost structure and level of profits for Shelton Capital were reasonable and that economies of scale and material indirect benefits, to the extent present with respect to a Fund, were of value to the Fund.

**Conclusions**

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the renewal of each Advisory Agreement. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to each Advisory Agreement, the Board had received sufficient information to renew and approve the applicable Advisory Agreement.

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to Shelton Capital by the Funds and that the renewal of each Advisory Agreement was in the best interests of each Fund and its shareholders.

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (Continued)**<br>

**Report of Independent Registered Public Accounting Firm**<br>

**To the Shareholders and Board of Trustees of Shelton Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Shelton Funds, comprising 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 (the "Funds"), as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](shelton-ncsrimg002.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

![](shelton-ncsrimg003.gif)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The renumeration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The statement regarding basis for approval of investment advisory contract is included as part of the report to stockholders filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not applicable.

(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

No changes have occurred.

**Item 16. Controls and Procedures.**

(a) Based on an evaluation of the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the Fund's internal control over financial reporting that occurred during the Fund's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1)](ex99-coe.htm) [Code of Ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.](ex99-coe.htm)

---

| | |
|:---|:---|
| (a)(2) | Not applicable |
| [(a)(3)](ex99-cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.](ex99-cert.htm) |
| [(b)](ex99-906cert.htm) | [Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT.](ex99-906cert.htm) |

---

**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 (Principal Executive Officer) |
| Date: | November 7, 2025 |

---

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 (Principal Executive Officer) |
| Date: | November 7, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Trevor Shippee |
|  | Trevor Shippee |
|  | Treasurer (Principal Financial Officer) |
| Date: | November 7, 2025 |

---

## Ex-99.Code

[Shelton Funds N-CSR](shelton-ncsr_083125.htm)

**Exhibit 19(a)(1)**

**Code of Ethics**

**Policy** 

This Code of Ethics (the "Code") is adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") by the Boards of Trustees of Shelton Funds and SCM Trust (the "Trusts"), RFS Partners (the "Distributor"), and by Shelton Capital Management (the "Advisor"), which additionally adopts the Code pursuant to the requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act").

**Introduction** 

Section 17(j) under the 1940 Act makes it unlawful for persons affiliated with investment companies, their principal underwriters, or their investment advisers to engage in fraudulent personal securities transactions. Rule 17j-1 and Rule 204A-1 under the Advisers Act (the "Rules") require each fund, investment adviser and principal underwriter to adopt a code of ethics that contains provisions reasonably necessary to prevent an employee from engaging in conduct prohibited by the principles of the Rules. The Rules also require that reasonable diligence be used and procedures be instituted that are reasonably necessary to prevent violations of the code of ethics.

Rule 17j-1 requires Board oversight of personal trading practices, reporting of employee securities trading and preclearance of employee purchases of initial public offerings and private placements. Under Rule 17j-1, the Advisor and the Trusts each provide to the Boards annually a written report that:

1. describes issues that arose during the previous year under the Code, including information about material Code violations and sanctions imposed, and

2. certifies to the Board that it has adopted procedures reasonably necessary to prevent access persons from violating the Code.

Rule 204A-1 requires that an investment adviser registered under the Advisers Act must establish, maintain and enforce a written code of ethics that at a minimum includes:

1. A standard (or standards) of business conduct that the advisor requires of its supervised persons, which standard must reflect the advisor's fiduciary obligations and those of its supervised persons;

2. Provisions requiring the advisor's supervised persons to comply with applicable federal securities laws;

3. Provisions that require the advisor's access persons to report, and the advisor to review, their personal securities transactions and holdings periodically as provided under Rule 204A-1;

4. Provisions requiring the advisor's supervised persons to report any violations of the advisor's code of ethics promptly to the chief compliance officer or, provided the chief compliance officer also receives reports of all violations, to other persons who the advisor designates in its code of ethics; and

5. Provisions requiring the advisor to provide each of its supervised persons with a copy of the advisor's code of ethics and any amendments, and requiring its supervised persons to provide the advisor with a written acknowledgement of their receipt of the code and any amendments.

The Code is designed to provide a program for detecting and preventing insider trading and other violations of fiduciary duties by requiring Access Persons, as defined herein, to report personal holdings and securities transactions of securities of the types, which any series Fund of the Trusts (each a "Fund") and other clients of the Advisor may purchase. The reason underlying this reporting requirement is the potential for insiders who have knowledge of what a Fund or other client is doing to take advantage of this information to trade in advance of a Fund or other client. If the Security involved is thinly traded or if the Fund or other client buys or sells in big enough blocks to move the market, this type of insider trading could disadvantage the Fund or unfairly benefit the insider. The Code is also aimed at minimizing conflicts of interest and the appearance of such conflicts.

**Statement of General Fiduciary Principles** 

Fiduciary Standards. The Code is based on the fundamental principle that the Trusts and the Advisor must put clients' interest first. As an investment adviser, the Advisor has fiduciary responsibilities to clients, including the Trusts and each Fund for which it serves as investment adviser. Among the Advisor's fiduciary responsibilities is the responsibility to ensure that its employees conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any Fund or client transactions or otherwise take unfair advantage of their relationship to the Funds or other clients. All Advisor employees must adhere to this fundamental principle as well as comply with the specific provisions set forth herein. It bears emphasis that technical compliance with such provisions will not insulate from scrutiny transactions that show a pattern of compromise or abuse of an employee's fiduciary responsibilities to the Funds or other clients. Accordingly, all Advisor employees must seek to avoid any actual or potential conflicts between their personal interests and the interest of the Funds. In sum, all Advisor employees shall place the interest of the Funds and other clients before personal interests.

Compliance with Applicable Federal Securities Laws. In particular, Rule 204A-1 requires that all Advisor employees must comply with all applicable federal securities laws ("Federal Securities Laws").

**General Anti-Fraud and Other Obligations** 

Under Rule 17j-1 and this Code, no Access Person shall:

1. employ any device, scheme or artifice to defraud the Trusts or any Fund of the Trusts.

2. make to the Trusts any untrue statement of a material fact or omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

3. engage in any act, practice or course of business that would operate as a fraud or deceit upon any Fund of the Trusts; or

4. engage in any manipulative act or practice with respect to the Trusts or any Fund of the Trusts, including, but not limited to, intentionally inducing or causing the Trusts to take action or to fail to take action, for the purpose of achieving a personal benefit rather than to benefit the Fund, shall be a violation of this Code.

Examples of this violation include:

1. causing any Fund of the Trusts to purchase a Covered Security owned by the individual for the purpose of supporting or increasing the price of the Covered Security;

2. causing any Fund of the Trusts to refrain from selling a Covered Security in an attempt to protect the value of the individual's investment, such as an outstanding option; and

3. using actual knowledge of transactions for any Fund of the Trusts to profit by the market effect of such transactions shall be a violation of this Code.

This Code is not intended to cover all possible areas of potential liability under the 1940 Act or under the federal securities laws in general. For example, other provisions of Section 17 of the 1940 Act prohibit various transactions between a registered investment company and affiliated persons, including the knowing sale or purchase of property to or from a registered investment company on a principal basis, and joint transactions (e.g., combining to achieve a substantial position in a Covered Security or commingling of funds) between an investment company and an affiliated person. Persons covered by this Code are advised to seek advice before engaging in any transactions involving securities held or under consideration for purchase or sale by a Fund or other client.

In addition, the Securities Exchange Act of 1934, as amended (the "1934 Act") may impose fiduciary obligations and trading restrictions on Access Persons in certain situations. It is expected that Access Persons will be sensitive to these areas of potential conflict, even though this Code does not address specifically these other areas of fiduciary responsibility.

**Standard of Conduct and Reporting of Violations** 

As stated above, the core ethical standard of conduct of the Advisor is that as a fiduciary we put clients' interests first in the conduct of our business.

Each employee or other Supervised Person of the Advisor must report any violation or suspected violation of this Code or any other compliance policy of the Advisor, RFS Partners (or any of their affiliates) to his or her supervisor or to the CCO immediately upon identifying any violation. In making such a report you are protected against any form of retaliation, even if it turns out after inquiry and investigation there was no violation of the Code or other compliance policies so long as you acted in good faith.

A violation or suspected violation of this Code or any other joint compliance policy of the Funds, Advisor, RFS Partners (or any of their affiliates) relating to the Funds may also be reported to the Board of Trustees of the Funds. Further, any violation or suspected violation relating to accounting or auditing matters, or the financial statements generally of the Funds, may be confidentially reported to the Audit Committee of the Board of Trustees of the Funds.

The obligation to report violations or suspected violations of this Code or other compliance policies does not preclude your ability to voluntarily communicate with the Securities and Exchange Commission ("SEC") under the provisions of the whistleblowers rules of the SEC.

**Implementation** 

In order to implement this Code, a compliance officer and an alternate should be designated. For the purpose of this Code, these individuals are: Greg Pusch, CCO.

The compliance officer shall create a list of Advisory Persons and other Access Persons and update the list with reasonable frequency. The compliance officer shall circulate a copy of this Code to each Access Person, together with an acknowledgment of receipt, which shall be signed and returned to the compliance officer by each Access Person, except Independent Trustees. The compliance officer is charged with responsibility for insuring that the reporting requirements of this Code under the *Reporting* section are adhered to by all Access Persons. The compliance officer shall be responsible for ensuring that the review requirements of this Code set forth in the *Review* section are performed in a prompt manner. The compliance officer shall also be responsible for giving special prior approval to transactions that would otherwise be prohibited under the *Prohibited Purchases and Sales* section of this Code.

Independent Trustees who do not have day-to-day contact with the Funds and who do not have specific knowledge of the Funds' intended investments are not required to file any reports, and there is no restriction on their personal securities trading activities except as provided for under the Exceptions to Reporting Requirements section of this Code.

**Additional Definitions** 

*You should pay particular attention to the following definitions to correctly understand your obligations under the Code, including "Beneficial ownership", "Security" and "Covered Security".* 

"Access persons" means any Trustee, Director or General Partner, Officer or Advisory person of a Fund, Trust or the Advisor. Spouses, children and "immediate family members" sharing the household of such persons may also be considered an "Access Person" under this Code to the extent provided in the definition of "Beneficial ownership" below.

"Advisory person" means (1) any employee of (a) the Trusts, (b) the Advisor or (c) any company in control relationship to the Trusts, who, in connection with his or her regular functions or duties:

i. makes, participates in, or has access to nonpublic information regarding, the purchase or sale of a Security by a Fund or other client of the Advisor, or whose functions relate to the making of any recommendations with respect to such purchases or sales;

ii. has access to nonpublic information regarding the portfolio holdings of any Fund; and (2) any natural person in a control relationship to the Trusts or the Advisor who has access to nonpublic information concerning recommendations made to the Trusts with regard to the purchase or sale of a Security.

A Security is "being considered for purchase or sale" when a recommendation to purchase or sell a Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

"Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the 1934 Act, and the rules and regulations thereunder, with the exception that the determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires. The rules promulgated under Section 16 of the 1934 Act provide that persons are presumed to have an indirect pecuniary interest, and therefore "Beneficial ownership" of, securities that are held by members of a person's "immediate family" sharing the same household, and that "immediate family" includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

"Control" has the same meaning as in Section 2(a) (9) of the 1940 Act, which states that "control" means "the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company." Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

"Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of Treasury.

"Independent Trustee" means a member of the Boards of Trustees of the Trusts who is not an "interested person" of the Trusts within the meaning of Section 2(a)(19) of the 1940 Act.

"IPO" means an offering of securities registered under the Securities Act of 1933, the issuer or which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act.

"Limited Offering" means an offering exempt from the registration under the Securities Act of 1933 pursuant to Section 4(2), 4(6) or Rule 504, 505 or 506 under the Securities Act of 1933.

"Purchase or sale of a Security" includes the writing of an option to purchase or sell a Security.

"Security" means: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; and it shall include derivative instruments that may not otherwise be defined as securities.

"Covered Security" means any Security, other than: (1) shares of open-end mutual funds other than the Funds; (2) securities issued by the Government of the United States (including Government agencies or instrumentalities); (3) short term debt securities which are "government securities" issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or (4) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, repurchase agreements and other money market instruments.

**Prohibited Purchases and Sales** 

Access Persons (other than Independent Trustees) are required to obtain prior written approval from the CCO before making any investment in an Initial Public Offering ("IPO") or Limited Offering. Before approval of any such investment, the transaction will be carefully reviewed for any immediate or future potential conflicts of interest.

No Access Person (except Independent Trustees, who are presumed to have no actual knowledge of the following matters described in sub-clauses (1) and (2) below) shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transactions acquires, any direct or indirect beneficial ownership, which Covered Security to his or her actual knowledge at the time of such purchase or sale:

1. is being considered for purchase or sale by a Fund (with the exception of Index Funds which are defined as funds that seek to match or track the components of a market index) or other client account;

2. has been purchased or sold by a Fund or other client account within the most recent 7 days if such person participated in the recommendation to, or the decision with respect to the purchase or sale of such Covered Security (with the exception of Index Funds).

These restrictions shall continue to apply until the recommendation has been rejected or any trade instruction to buy or sell has been completed or canceled.

Exempted Transactions/Securities

The prohibitions under the *Prohibited Purchases and Sales* section of this Code shall not apply to:

1. Purchases or sales of Covered Securities effected in any account over which the Access Person has no direct or indirect influence or control.

2. Purchases or sales of Covered Securities, which fall below $2,000 (except IPOs and Limited Offerings).

3. Purchases or sales of Covered Securities, which are non-volitional on the part of the Access Person (except IPOs and Limited Offerings) (e.g., receipt of gifts).

4. Purchases of Covered Securities which are part of an automatic dividend reinvestment plan.

5. Purchases effected of Covered Securities upon the exercise of rights issued by an issuer made pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

6. Purchases and sales of Covered Securities, which have received the prior approval in writing (including email) of the compliance officer. Such prior approval may be granted, based on the business judgment of the compliance officer, if the purchase or sale is deemed to pose only a remote potential harm to a Fund or other client, or because the purchase or sale would be unlikely to affect a highly institutional market, or because the purchase or sale are not related economically to the Covered securities to be purchased, sold or held by a Fund or other client

7. Purchases and sales of shares issued by an Index Fund.

Notwithstanding the foregoing, no exception or exemption applies to any transaction which would violate the *General Anti-Fraud Obligations* of this Code.

**Confidentiality** 

No Access Person shall reveal to any other person (except in the normal course of his or her duties) any information regarding Securities transactions in respect of the Trusts or other clients, or consideration any such Securities transaction.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**Reporting** 

Subject to the exceptions set forth below, all Access Persons, with the exception of the Independent Trustees who meet the requirements under the *Exceptions to Reporting Requirements* section, shall report to the Trusts or the Advisor the information described in this section with respect to transactions in any Security or Covered Security, as applicable, in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership.

Quarterly Reporting: Every report shall be made not later than thirty (30) days after the end of each calendar quarter and shall contain the following information:

1. The date of the transaction, the title and the number of shares, the interest rate and maturity date (if applicable), and the principal amount of each Covered Security involved;

2. The nature of the transaction (i.e., purchase, sale, or any other type of acquisition of disposition);

3. The price at which the transaction was effected;

4. The name of the broker, dealer, or bank with or through whom the transaction was effected; and

5. The date that the report is being submitted.

Copies of statements or confirmations containing the information specified above when practicable are received directly by the CCO by mail or electronically, or such information may be provided through the SCT system.

For periods in which no reportable transactions were effected, the report shall contain a representation that no transactions subject to the reporting requirements were effected during the relevant time period.

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

Initial and Annual Reporting. Each Access Person (with the exception of the Independent Trustees) must make an Initial Holdings Report within 10 days of becoming an Access Person and, at least once every 12 months or as otherwise determined by the CCO, an Annual Holdings Report. The information may be provided in paper format or through the SCT system as directed by the CCO. Each of these reports must contain the following information current within 30 days before the report is submitted:

1. the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

2. the name of any broker, dealer or bank with whom the Access Person maintained an account where any Security was held; and

3. the date that the report is being submitted.

Receipt and Acknowledgment of Code

Each Access Person is provided with a copy of the Code and all amendments by the common access to the most up to date version of the Code and other compliance policies in the F: drive, and is required to acknowledge of their effective ongoing receipt of the Code as amended through quarterly certification in the SCT system.

Exceptions to Reporting Requirements

An Independent Trustee of the Trusts, is not required to file a report on a transaction in a Covered Security; provided, however, that such Trustee neither knew nor, in the ordinary course of fulfilling his or her official duties as a Trustee of the Trusts, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee, such Covered Security is or was purchased or sold by the Trusts or is or was being considered for purchase by its investment adviser.

An Independent Trustee is not required to furnish the Initial Holdings Report or the Annual Holdings Report specified under the *Reporting* section of this Code.

**Review** 

The compliance officer (or the alternate, as appropriate) shall compare all reports of personal securities transactions contained in the Initial, Quarterly and Annual Reports described above with completed and contemplated portfolio transactions of each Fund to determine whether a violation of the Code may have occurred (except the Exempted Transactions/Securities described above). If a pattern emerges that indicates abusive trading of Access Persons in relation to the Funds, the matter will be referred to the Boards of Trustees as outlined below.

If the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of the Funds or the Trusts, he or she shall, following consultation with counsel to the Trusts, submit his or her written determination, together with the transaction report, if any, and any additional explanatory material provided by the individual(s) concerned, to the Boards of the Trusts, which may elect to make an independent determination of whether a violation has occurred, or undertake further review and inquiry, or take further action, if determined necessary.

The compliance officer (or the alternate, as appropriate) may, in his or her discretion, compare reports of personal securities transactions with completed and contemplated portfolio transactions of other client accounts. If a pattern emerges that indicates abusive trading of Access Persons in relation to investments of clients other than the Funds, or the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of clients other than the Funds, or otherwise, senior management of the Advisor will undertake further review, inquiry and take further action, if determined necessary, including making a report to the Boards of the Trustees.

No person shall review his or her own report. Before making any determination that a violation has been committed by any person, the compliance officer shall give such person an opportunity to supply additional explanatory material. If a Covered Securities transaction of the compliance officer is under consideration, the Chairman shall act in all respects in the manner prescribed herein for the compliance officer.

The compliance officer shall take steps to ensure that all reporting Access Persons, except Independent Trustees, have submitted reports in a timely manner. Repeated failure to submit timely reports will be communicated to the Boards of Trustees.

**Board Oversight** 

The Boards of Trustees must initially approve the Code for the Trusts and the Advisor, and the Boards of Trustees must approve any material changes to the Code within six (6) months of such change. The compliance officer shall (1) promptly notify the Boards of any material violation of the Code; (2) provide to the Boards a written report summarizing any and all material issues that arose during the previous year, and (3) annually certify that the Advisor has adopted procedures in compliance with the Code and Rule 17j-1 under the 1940 Act.

**Records** 

The Trusts and the Advisor shall maintain records for a period of not less than five years from the end of the fiscal year in which the record was created, unless noted otherwise, as follows:

1. A copy of the applicable Code and any amendments thereto shall be retained on the F drive. (including for five (5) years after the Code or the amendment, as applicable, is no longer in effect).

2. A record of any violation of the Code and of any action taken as a result of such violation shall be retained on the F drive, if any.

3. A record of all written acknowledgements from all Access Persons, as required by this Code, shall be retained on the F drive.

4. A copy of each report, including any information provided in lieu of the report, made by an Access Person pursuant to the Code shall be retained in the CCO's office.

5. A list of all Access Persons who are, or within the past five (5) years have been, required to make reports pursuant to the Code and all persons who are, or within the past five (5) years have been, responsible for reviewing the reports shall be retained on the F drive.

6. A copy of each report of the Trusts or the Advisor detailing any violations of its code of ethics, or certifying that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics shall be part of the CCO Report maintained in the board materials which are retained on the F drive.

7. A copy of any decisions, and reasons supporting the decisions, to approve the purchase of private placement securities or public offerings by investment personnel shall be retained on the F drive (from the end of the fiscal year in which the approval is granted, if any).

**Sanctions** 

If a material violation of this Code occurs or a preliminary determination is made that a violation may have occurred, a report of the alleged violation shall be made to the Boards of Trustees in accordance with the process outlined under "Review" above. The Boards of Trustees or the Advisor may impose such sanctions as they or it deem(s) appropriate, including, a letter of censure, suspension, or termination of the employment of the violator, and/or a disgorging of any profits made by the violator.

## Ex-99.Cert

[Shelton Funds N-CSR](shelton-ncsr_083125.htm)

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Stephen C. Rogers, President and Principal Executive Officer of the Shelton Funds, (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 Registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
 and the audit committee of the Registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the Registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7 , 2025 | /s/ Stephen C. Rogers |
| | | Stephen C. Rogers<br> President (Principal Executive Officer) |

---

**Exhibit 99.CERT**

I, Trevor Shippee, Treasurer and Chief Financial Officer of the Shelton Funds, (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 Registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
 and the audit committee of the Registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the Registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ Trevor Shippee |
| | | Trevor Shippee<br> Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

[Shelton Funds N-CSR](shelton-ncsr_083125.htm)

**Exhibit 99.906CERT**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

Stephen C. Rogers, President and Principal Executive Officer and Trevor Shippee, Treasurer and Chief Financial Officer, of the Shelton Funds (the "Registrant"), each certify to the best of their knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the fiscal year ended August 31, 2025
 (the "Form N-CSR") fully complies with the requirements of sections 13(a) or
 15(d) of the Securities and Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Stephen C. Rogers | By: | /s/ Trevor Shippee |
|  | Stephen C. Rogers |  | Trevor Shippee |
|  | President (Principal Executive Officer) |  | Treasurer (Principal Financial Officer) |
| Date: | November 7, 2025 | Date: | November 7, 2025 |

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