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