UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05617

Shelton Greater China Fund
(Exact name of registrant as specified in charter)

1050 17th Street, Suite 1710
Denver, Colorado 80265-2077
(Address of principal executive offices)     (Zip code)

Teresa Axelson
1050 17th Street, Suite 1710
Denver, Colorado 80265-2077
 (Name and address of agent for service)

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

Date of fiscal year end: December 31
Date of reporting period: March 31, 2015
 
ITEM 1. SCHEDULE OF INVESTMENTS
 
SHELTON GREATER CHINA FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / March 31, 2015
Security Description
  
Shares
    
Value
  
Common Stock (98.80%)
        
         
Basic Materials (2.00%)
        
Chemicals (0.78%)
        
Kingboard Chemical Holdings Ltd.
    
7,000
      
11,087
  
Sinopec Shanghai Petrochemical Co. Ltd.
    
186,000
      
69,334
  
             
80,421
  
                 
Iron/Steel (0.86%)
                
Angang Steel Co. Ltd.
    
18,000
      
13,257
  
Fosun International Ltd.
    
39,000
      
75,556
  
             
88,813
  
                 
Mining (0.36%)
                
Zijin Mining Group Co. Ltd.
    
116,000
      
36,807
  
                 
Total Basic Materials
            
206,041
  
                 
Communications (14.54%)
                
Internet (6.20%)
                
Tencent Holdings Ltd.
    
33,600
      
637,942
  
                 
Telecommunications (8.34%)
                
China Mobile Ltd.
    
35,900
      
468,609
  
Chunghwa Telecom Co. Ltd.
    
100,000
      
317,800
  
PCCW Ltd.
    
118,000
      
71,991
  
             
858,400
  
                 
Total Communications
            
1,496,342
  
                 
Consumer, Cyclical (5.99%)
                
Auto Manufacturers (1.00%)
                
Great Wall Motor Co. Ltd.
    
14,500
      
102,491
  
                 
Home Furnishings (2.88%)
                
Haier Electronics Group Co. Ltd.
    
113,000
      
295,876
  
SHELTON GREATER CHINA FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / March 31, 2015 (continued) 
 
Lodging (1.97%)
                
Formosa International Hotels Corp.
    
9,680
      
102,183
  
Galaxy Entertainment Group Ltd.
    
5,000
      
22,766
  
Sands China Ltd.
    
18,800
      
77,839
  
             
202,788
  
               
Retail (0.14%)
                
Intime Retail Group Co. Ltd.
    
21,000
      
14,600
  
                 
Total Consumer, Cyclical
            
615,755
  
                 
Consumer, Non-Cyclical (6.48%)
                
Food (4.10%)
                
China Mengniu Dairy Co. Ltd.
    
22,000
      
116,911
  
Uni-President Enterprises Corp.
    
55,168
      
92,331
  
Want Want China Holdings Ltd.
    
200,000
      
212,308
  
             
421,550
  
                 
Pharmaceuticals (2.38%)
                
Sihaun Pharmaceutical Holdings Group Ltd.
    
284,000
      
161,545
  
Sinopharm Group Co. Ltd.
    
13,500
      
55,112
  
TTY Biopharm Co. Ltd.
    
13,943
      
28,546
  
             
245,203
  
                 
Total Consumer, Non-Cyclical
            
666,753
  
                 
Energy (2.13%)
                
Oil & Gas Producers (2.13%)
                
China Petroleum & Chemical Corp.
    
78,000
      
62,075
  
CNOOC Ltd.
    
56,000
      
79,165
  
PetroChina Co. Ltd.
    
70,000
      
77,468
  
Total Energy
            
218,708
  
                 
Financial (38.23%)
                
Banks (19.83%)
                
Bank of China Ltd.
    
770,000
      
444,943
  
BOC Hong Kong Holdings Ltd.
    
70,000
      
249,649
  
China CITIC Bank Ltd.
    
135,000
      
101,691
  
China Construction Bank Corp.
    
528,000
      
438,587
  
China Minsheng Banking Corp.
    
33,000
      
40,309
  
Chongqing Rural Commercial Bank Co. Ltd.
    
223,000
      
144,680
  
Hang Seng Bank Ltd.
    
10,000
      
181,223
  
Industrial and Commercial Bank of China Ltd.
    
595,000
      
438,984
  
             
2,040,066
  
SHELTON GREATER CHINA FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / March 31, 2015 (continued) 
 
Diversified Financial Services (5.08%)
                
China Everbright Ltd.
    
20,000
      
52,110
  
Fubon Financial Holding Co. Ltd.
    
167,713
      
301,047
  
Hong Kong Exchanges & Clearing Ltd.
    
6,700
      
164,197
  
Mega Financial Holding Co. Ltd.
    
6,477
      
5,368
  
             
522,722
  
                 
Insurance (6.41%)
                
AIA Group Ltd.
    
50,000
      
314,721
  
China Taiping Insurance Holdings Co. Ltd.*
    
82,764
      
282,360
  
PICC Property & Casualty Co. Ltd.
    
31,457
      
62,160
  
             
659,241
  
                 
Real Estate (6.91%)
                
CK Hutchison Holdings Ltd.
    
13,000
      
266,275
  
Hysan Development Co. Ltd.
    
40,000
      
175,418
  
New World Development Co. Ltd.
    
30,666
      
35,559
  
Sun Hung Kai Properties Ltd.
    
15,166
      
233,958
  
             
711,210
  
                 
Total Financial
            
3,933,239
  
                 
Industrial (8.93%)
                
Building Materials (0.13%)
                
BBMG Corp.
    
14,500
      
13,372
  
                 
Electrical Components & Equipment (0.29%)
                
Tianneng Power International Ltd.
    
90,000
      
30,182
  
                 
Electronics (0.55%)
                
Hon Hai Precision Industry Co. Ltd.
    
19,265
      
56,363
  
                 
Engineering & Construction (3.30%)
                
China State Construction International Holdings Ltd.
    
244,000
      
339,899
  
                 
Environmental Control (4.66%)
                
China Everbright International Ltd.
    
286,200
      
479,160
  
                 
Total Industrial
            
918,976
  
                 
Technology (13.49%)
                
Computers (3.29%)
                
Asustek Computer, Inc.
    
20,000
      
201,220
  
Lenovo Group Ltd.
    
94,000
      
137,249
  
             
338,469
  
SHELTON GREATER CHINA FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / March 31, 2015 (continued) 
 
Semiconductors (10.20%)
                
Chipbond Technology Corp.
    
116,000
      
244,901
  
Media Tek, Inc.
    
25,000
      
338,162
  
Taiwan Semiconductor Manufacturing Co. Ltd.
    
100,284
      
466,042
  
             
1,049,105
  
                 
Total Technology
            
1,387,574
  
                 
Utilities (7.01%)
                
Electric (5.12%)
                
China Resources Power Holding Co. Ltd.
    
94,000
      
235,943
  
HK Electric Investments & HK Electric Investments Ltd.
    
4,375
      
3,002
  
Huaneng Power International, Inc.
    
92,000
      
108,935
  
Power Assets Holdings Ltd.
    
17,500
      
178,998
  
             
526,878
  
                 
Energy-Alternate Sources (1.07%)
                
China Longyuan Power Group Corp. Ltd.
    
52,000
      
56,541
  
China Shenhua Energy Co. Ltd.
    
12,500
      
31,924
  
GCL-Poly Energy Holdings Ltd.*
    
81,000
      
21,418
  
             
109,883
  
                 
Gas (0.82%)
                
Hong Kong and China Gas Co. Ltd.
    
36,300
      
83,997
  
                 
Total Utilities
            
720,758
  
                 
Total Common Stock (Cost $7,432,072)
            
10,164,146
  
                 
Total Investments (Cost $7,432,072) (a) (98.80%)
            
10,164,146
  
Other Net Assets (1.20%)
            
123,569
  
Net Assets (100.00%)
            
10,287,715
  
 
*
Non-income producing security.
(a)
Aggregate cost for federal income tax purpose is $7,889,619
 
At March 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
 
Unrealized appreciation
          
$
2,498,884
  
Unrealized depreciation
            
(224,357
)
Net unrealized appreciation
          
$
2,274,527
  
 
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.
Fair Value Measurements
The Fund utilizes various methods to measure the fair value of most of its 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 company 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 of the Trust's securities at March 31, 2015 using fair value hierarchy:
   
Level 1(a)
    
Level 2(a)
    
Level 3(a)
    
Total
  
Investments, in securities
                
  Common stocks (b)
  
$
10,164,146
    
$
-
    
$
-
     $
10,164,146
  
  Rights and warrants
    
-
      
-
      
-
     $
-
  
  Short term securities
    
-
      
-
      
-
     $
-
  
Total investments in securities
  
$
10,164,146
    
$
-
    
$
-
     $
10,164,146
  
 
(a)
 It is the Fund's policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level as of March 31, 2015.
(b) For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments.
ITEM 2. CONTROLS AND PROCEDURES.

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), the disclosure controls and procedures as of a date within 90 days prior to the filing date of this Form N-Q (the "Report"), are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer. Based on such evaluation, the Registrant's Principal Executive Officer and Principal Financial Officer have determined that the disclosure controls and procedures are effective.

(b) There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, in connection with the preparations of this Quarterly Schedule of Portfolio of Investments.

ITEM 3. EXHIBITS.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.
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 Greater China Fund

By /s/ Stephen C. Rogers
Stephen C. Rogers,
Chairman (as Principal Executive Officer)
Date: May 26, 2015

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,
Chairman (as Principal Executive Officer)
Date: May 26, 2015
 
By /s/ William P. Mock
William P. Mock
Treasurer (as Principal Financial Officer)
Date: May 26, 2015