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: September 30, 2015

SHELTON GREATER CHINA FUND
           
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / September 30, 2015 
 
 
Security Description
 
Shares
   
Value
 
Common Stock (96.94%)
       
         
Basic Materials (2.33%)
       
Chemicals (1.05%)
       
Kingboard Chemical Holdings Ltd
   
7,000
     
8,481
 
Sinopec Shanghai Petrochemical Co Ltd
   
186,000
     
70,800
 
             
79,281
 
                 
Iron/Steel (0.88%)
               
Fosun International Ltd
   
39,000
     
66,929
 
                 
Mining (0.40%)
               
Zijin Mining Group Co Ltd
   
116,000
     
30,235
 
                 
Total Basic Materials
           
176,445
 
                 
Communications (16.07%)
               
Internet (6.96%)
               
Tencent Holdings Ltd
   
31,600
     
527,210
 
                 
Telecommunications (9.11%)
               
China Mobile Ltd
   
30,400
     
360,093
 
Chunghwa Telecom Co Ltd
   
100,000
     
299,467
 
PCCW Ltd
   
59,000
     
30,223
 
             
689,783
 
                 
Total Communications
           
1,216,993
 
                 
Consumer, Cyclical (3.97%)
               
Auto Manufacturers (0.48%)
               
Great Wall Motor Co Ltd
   
33,000
     
36,449
 
                 
Home Furnishings (1.87%)
               
Haier Electronics Group Co Ltd
   
85,000
     
141,703
 
 

Lodging (1.33%)
               
Formosa International Hotels Corp
   
5,073
     
33,829
 
Galaxy Entertainment Group Ltd
   
4,000
     
10,168
 
Sands China Ltd
   
18,800
     
56,521
 
             
100,518
 
                 
Retail (0.29%)
               
Intime Retail Group Co Ltd
   
21,000
     
21,677
 
                 
Total Consumer, Cyclical
           
300,347
 
                 
Consumer, Non-Cyclical (5.36%)
               
Food (2.37%)
               
China Mengniu Dairy Co Ltd
   
16,000
     
56,155
 
Uni-President Enterprises Corp
   
57,375
     
99,126
 
Want Want China Holdings Ltd
   
29,000
     
23,799
 
             
179,080
 
                 
Pharmaceuticals (2.99%)
               
Sihuan Pharmaceutical Holdings Group Ltd
   
284,000
     
138,885
 
Sinopharm Group Co Ltd
   
13,500
     
47,206
 
TTY Biopharm Co Ltd
   
13,943
     
40,487
 
             
226,578
 
                 
Total Consumer, Non-Cyclical
           
405,658
 
                 
Energy (2.92%)
               
Oil & Gas Producers (2.92%)
               
China Petroleum & Chemical Corp
   
78,000
     
47,404
 
CNOOC Ltd
   
56,000
     
57,301
 
PetroChina Co Ltd
   
70,000
     
48,503
 
             
153,208
 
                 
Energy-Alternate Sources (0.89%)
               
China Longyuan Power Group Corp Ltd
   
52,000
     
55,825
 
GCL-Poly Energy Holdings Ltd
   
61,000
     
11,728
 
             
67,553
 
                 
Total Energy
           
220,761
 
                 
Financial (40.90%)
               
Banks (19.01%)
               
Bank of China Ltd
   
616,000
     
264,681
 
BOC Hong Kong Holdings Ltd
   
70,000
     
205,484
 
China CITIC Bank Corp Ltd
   
135,000
     
78,213
 
China Construction Bank Corp
   
422,000
     
280,426
 
China Minsheng Banking Corp Ltd
   
33,000
     
30,403
 
Chongqing Rural Commercial Bank Co Ltd
   
223,000
     
125,743
 
Hang Seng Bank Ltd
   
10,000
     
179,613
 
Industrial & Commercial Bank of China Ltd
   
476,000
     
273,930
 
             
1,438,493
 
 

Diversified Financial Services (6.12%)
               
China Everbright Ltd
   
20,000
     
45,523
 
Fubon Financial Holding Co Ltd
   
167,713
     
260,781
 
Hong Kong Exchanges and Clearing Ltd
   
6,700
     
152,846
 
Mega Financial Holding Co Ltd
   
6,477
     
4,476
 
             
463,626
 
                 
Insurance (7.61%)
               
AIA Group Ltd
   
50,000
     
258,387
 
China Taiping Insurance Holdings Co Ltd
   
82,764
     
256,835
 
PICC Property & Casualty Co Ltd
   
31,457
     
61,128
 
             
576,350
 
                 
Investment Companies (2.22%)
               
CK Hutchison Holdings Ltd
   
13,000
     
168,077
 
             
168,077
 
                 
Real Estate (5.94%)
               
Cheung Kong Property Holdings Ltd
   
13,000
     
94,523
 
Hysan Development Co Ltd
   
31,000
     
128,800
 
New World Development Co Ltd
   
30,666
     
29,677
 
Sun Hung Kai Properties Ltd
   
15,166
     
196,669
 
             
449,669
 
                 
Total Financial
           
3,096,215
 
                 
Industrial (10.99%)
               
Building Materials (0.13%)
               
BBMG Corp
   
14,500
     
9,935
 
                 
Electrical Components & Equipment (0.72%)
               
Tianneng Power International Ltd
   
90,000
     
54,581
 
                 
Electronics (0.69%)
               
Hon Hai Precision Industry Co Ltd
   
20,228
     
52,484
 
                 
Engineering & Construction (4.61%)
               
China State Construction International Holdings Ltd
   
244,000
     
348,841
 
                 
Environmental Control (4.84%)
               
China Everbright International Ltd
   
262,200
     
366,065
 
                 
Total Industrial
           
831,906
 
                 
Technology (7.41%)
               
Computers (1.26%)
               
Asustek Computer Inc
   
6,000
     
51,376
 
Lenovo Group Ltd
   
52,000
     
43,814
 
             
95,190
 
 

Semiconductors (6.15%)
               
Chipbond Technology Corp
   
58,000
     
83,857
 
MediaTek Inc
   
3,000
     
22,142
 
Taiwan Semiconductor Manufacturing Co Ltd
   
91,284
     
359,691
 
             
465,690
 
                 
Total Technology
           
560,880
 
                 
Utilities (7.01%)
               
Electric (6.02%)
               
China Resources Power Holdings Co Ltd
   
94,000
     
214,441
 
HK Electric Investments & HK Electric Investments Ltd
   
4,375
     
3,116
 
Huaneng Power International Inc
   
68,000
     
73,089
 
Power Assets Holdings Ltd
   
17,500
     
165,065
 
             
455,711
 
                 
Gas (0.99%)
               
Hong Kong & China Gas Co Ltd
   
39,930
     
74,811
 
                 
Total Utilities
           
530,522
 
                 
Total Common Stock (Cost $6,178,222)
           
7,339,727
 
                 
Rights/Warrants (0.00%)
               
Fosun International Ltd Rights @ 13.42
   
4,368
     
-
 
Total Rights/Warrants (Cost $0)
           
-
 
                 
Total Investments (Cost $6,178,222) (a) (96.94%)
           
7,339,727
 
Other Net Assets (3.06%)
           
231,939
 
Net Assets (100.00%)
           
7,571,666
 
 
* Non-income producing security.
(a) Aggregate cost for federal income tax purpose is $6,635,769

At September 30, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
 
Unrealized appreciation
 
$
1,276,235
 
Unrealized depreciation
   
(572,277
)
Net unrealized appreciation
 
$
703,958
 

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 September 30, 2015 using fair value hierarchy:
 
 
   
Level 1(a)
   
Level 2(a)
   
Level 3(a)
   
Total
 
Investments, in securities
               
 Common stocks (b)
 
$
7,200,842
   
$
-
   
$
138,885
   
$
7,339,727
 
 Rights and warrants
   
-
     
-
     
-
   
$
-
 
 Short term securities
   
-
     
-
     
-
   
$
-
 
Total investments in securities
 
$
7,200,842
   
$
-
   
$
138,885
   
$
7,339,727
 
 
(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 September 30, 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
Date: November 20, 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
Date: November 20, 2015
 
By /s/ William P. Mock
William P. Mock
Treasurer (as Principal Financial Officer)
Date: November 20, 2015