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, 2016
SHELTON GREATER CHINA FUND
    
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / March 31, 2016
  
 
Security Description
  
Shares
    
Value
  
Common Stock (95.39%)
            
             
Communications (9.42%)
            
Telecom (9.42%)
            
China Mobile Ltd.
    
27,400
      
305,384
  
Chunghwa Telecom Co. Ltd.
    
100,000
      
340,231
  
PCCW Ltd.
    
59,000
      
38,185
  
Total Communications
            
683,800
  
                 
Consumer Discretionary (4.09%)
                
Automotive (0.37%)
                
Great Wall Motor Company Ltd.
    
33,000
      
26,803
  
                 
Distributors - Discretionary (1.80%)
                
Haier Electronics Group Co. Ltd.
    
75,000
      
130,728
  
                 
Gaming, Lodging & Restaurants (1.68%)
                
Formosa International Hotels
    
5,073
      
30,580
  
Galaxy Entertainment Group Ltd.
    
4,000
      
15,007
  
Sands China Ltd.
    
18,800
      
76,591
  
             
122,178
  
                 
Retail - Discretionary (0.24%)
                
Intime Retail (Group) Company Ltd.
    
21,000
      
17,084
  
                 
Total Consumer Discretionary
            
296,793
  
                 
Consumer Staples (4.71%)
                
Consumer Products (2.39%)
                
China Mengniu Dairy Company Ltd.
    
32,000
      
50,909
  
Uni-President Enterprises Corp.
    
57,375
      
100,723
  
Want Want China Holdings Ltd.
    
29,000
      
21,498
  
             
173,130
  
Retail - Consumer Staples (2.32%)
                
CK Hutchison Holdings Ltd.
    
13,000
      
168,773
  
                 
Total Consumer Staples
            
341,903
  
                 
Energy (3.50%)
                
Oil, Gas & Coal (2.25%)
                
China Petroleum & Chemical Corp.
    
78,000
      
51,185
  
CNOOC Ltd.
    
56,000
      
66,133
  
PetroChina Company Ltd.
    
70,000
      
46,567
  
             
163,885
  
Renewable Energy (1.25%)
                
GCL-Poly Energy Holdings Ltd.
    
61,000
      
10,066
  
 
Tianneng Power International Ltd.*
    
90,000
      
80,410
  
             
90,476
  
                 
Total Energy
            
254,361
  
                 
Financials (35.69%)
                
Asset Management (0.58%)
                
China Everbright Ltd.
    
20,000
      
41,977
  
                 
Banking (17.93%)
                
Bank of China Ltd.
    
431,000
      
178,922
  
BOC Hong Kong (Holdings) Ltd.
    
70,000
      
208,920
  
China CITIC Bank Corporation Ltd.*
    
135,000
      
82,672
  
China Construction Bank Corp.
    
395,000
      
252,077
  
China Minsheng Banking Corp. Ltd.
    
33,000
      
30,802
  
Chongqing Rural Commercial Bank Co. Ltd.
    
191,000
      
100,960
  
Hang Seng Bank Ltd.
    
10,000
      
176,754
  
Industrial And Commercial Bank of China Ltd.
    
476,000
      
266,336
  
Mega Financial Holding Co. Ltd.
    
7,002
      
4,982
  
             
1,302,425
  
                 
Institutional Financial Svcs (1.69%)
                
Hong Kong Exchanges & Clearing Ltd.
    
5,100
      
122,823
  
                 
Insurance (9.56%)
                
AIA Group Ltd.
    
50,000
      
283,309
  
China Taiping Insurance Holdings Company Ltd.*
    
82,764
      
181,820
  
Fubon Financial Holding Co. Ltd.
    
134,713
      
171,614
  
PICC Property and Casualty Company Ltd.
    
31,457
      
57,670
  
             
694,413
  
                 
Real Estate (5.93%)
                
Cheung Kong Property Holdings Ltd.
    
13,000
      
83,716
  
Hysan Development Company Ltd.
    
31,000
      
132,088
  
New World Development Company Ltd.
    
30,666
      
29,217
  
Sun Hung Kai Properties Ltd.
    
15,166
      
185,456
  
             
430,477
  
                 
Total Financials
            
2,592,115
  
                 
Health Care (2.62%)
                
Biotech & Pharma (1.78%)
                
Sihuan Pharmaceutical Holdings Group Ltd.
    
284,000
      
81,284
  
TTY Biopharm Company Ltd.
    
13,943
      
48,088
  
             
129,372
  
Health Care Facilities & Svcs (0.84%)
                
Sinopharm Group Co. Ltd.
    
13,500
      
61,003
  
                 
Total Health Care
            
190,375
  
                 
Industrials (8.35%)
                
Electrical Equipment (0.05%)
                
 
HK Electric Investments and HK Electric Investment
    
4,375
      
3,852
  
                 
Engineering & Construction Svcs (4.27%)
                
China State Construction International Holding Ltd.
    
208,000
      
309,993
  
                 
Waste & Environ Svs & Equip (4.03%)
                
China Everbright International Ltd.
    
262,200
      
292,740
  
                 
Total Industrials
            
606,585
  
                 
Materials (2.96%)
                
Chemicals (1.47%)
                
Kingboard Chemical Holdings Ltd.
    
7,000
      
12,075
  
Sinopec Shanghai Petrochemical Company Ltd.*
    
186,000
      
94,240
  
             
106,315
  
                 
Construction Materials (0.15%)
                
BBMG Corp.
    
14,500
      
11,198
  
                 
Iron & Steel (0.85%)
                
Fosun International Ltd.
    
43,368
      
61,726
  
                 
Metals & Mining (0.49%)
                
Zijin Mining Group Company Ltd.
    
116,000
      
35,892
  
                 
Total Materials
            
215,131
  
                 
Technology (17.33%)
                
Design, MFG & Distribution (0.73%)
                
Hon Hai Precision Industry Co. Ltd.
    
20,228
      
53,298
  
                 
Hardware (1.30%)
                
ASUSTeK Computer Inc.
    
6,000
      
53,878
  
Lenovo Group Ltd.
    
52,000
      
40,492
  
             
94,370
  
                 
Semiconductors (6.83%)
                
Chipbond Technology Corp.
    
58,000
      
93,711
  
MediaTek, Inc.
    
3,000
      
23,024
  
Taiwan Semiconductor Manufacturing Company Ltd.
    
75,284
      
378,946
  
             
495,681
  
Software (8.47%)
                
Tencent Holdings Ltd.
    
30,100
      
614,689
  
                 
Total Technology
            
1,258,038
  
                 
Utilities (6.72%)
                
Utilities (6.72%)
                
China Longyuan Power Group Corp.
    
52,000
      
38,481
  
China Resources Power Holdings Company Ltd.
    
72,000
      
134,596
  
The Hong Kong and China Gas Company Ltd.
    
39,930
      
74,645
  
Huaneng Power International, Inc.
    
68,000
      
60,841
  
 
Power Assets Holdings Ltd.
    
17,500
      
179,026
  
Total Utilities
            
487,589
  
                 
Total Common Stock (Cost $5,838,775)
            
6,926,690
  
                 
Rights/Warrants (0.00%)
                
FUBON FINANCIAL RIGHTS SUB PRICE 60
    
5,923
      
-
  
Total Rights/Warrants (Cost $0)
            
-
  
                 
Total Investments (Cost $5,838,775) (a) (95.39%)
            
6,926,690
  
Other Net Assets (4.61%)
            
334,380
  
Net Assets (100.00%)
            
7,261,070
  
 
* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $6,247,869

At March 31, 2016, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
 
Unrealized appreciation
  
$
1,196,755
  
Unrealized depreciation
    
(517,934
)
Net unrealized appreciation
  
$
678,821
  
 
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, 2016 using fair value hierarchy:
 
   
Level 1(a)
    
Level 2(a)
    
Level 3(a)
    
Total
  
Investments, in securities
                        
 Common stocks(b)
  
$
6,926,690
    
$
-
    
$
-
    
$
6,926,690
  
 Rights and warrants
    
-
      
-
      
-
    
$
-
  
 Short term securities
    
-
      
-
      
-
    
$
-
  
Total investments in securities
  
$
6,926,690
    
$
-
    
$
-
    
$
6,926,690
  
 
(a) It is the Fund's policy to recognize transfers between levels on the last day of the fiscal reporting period.
(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: May 16, 2016

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: May 16, 2016
 
By /s/ William P. Mock
William P. Mock
Treasurer (as Principal Financial Officer)
Date: May 16, 2016