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SHELTON GREATER CHINA FUND

 

Shelton Greater China Fund: SGCFX

 

SHELTON BDC INCOME FUND

 

Shelton BDC Income Fund – Investor Class: LOANX

 

Shelton BDC Income Fund – Institutional Class: LOAIX

 

SHELTON REAL ESTATE INCOME FUND

 

Shelton Real Estate Income Fund – Investor Class: RENTX

 

Shelton Real Estate Income Fund – Institutional Class: RENIX

 

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1. The paragraph under “Portfolio Turnover” on page 8 is replaced in its entirety with:

 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 137% of the average value of its portfolio.

 

2. The index disclosure at the bottom of the Average Annual Return table in the right column on page 11 is replaced in its entirety with:

 

 

On November 4, 2016, the Fund commenced operations as the successor to a prior fund with the same investment objective and investment strategies. The Fund determined that beginning on November 4, 2016, the S&P U.S. REIT Index would replace the prior index, the FTSE/NAREIT All Equity REITs Index, as a more generally recognized index by U.S. investors.