SHELTON INTERNATIONAL SELECT EQUITY FUND FORMERLY WHV INTERNATIONAL EQUITY FUND CLASS A (WHVAX) Exchange: NMFQS

DELISTED - The Fund primarily invests in a combination of equity securities of foreign (i.e., non-U.S.) companies with a suitable potential for earnings growth. The Fund invests its assets in equity securities of non-U.S. companies located in countries with developed markets, but may also invest in companies domiciled in emerging markets. The Fund's investments in equity and equity-related securities include common and preferred stock, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), exchange-traded funds, convertible preferred stock, warrants and rights. Under normal market conditions, the Fund seeks to achieve its investment objective by investing in a universe of stocks listed within the MSCI ACWI ex USA index, as well as those in other developed, emerging, and frontier markets with a market capitalization of $2.5 billion or higher. The Adviser anticipates that the percentage of the Fund's investable universe not included in the MSCI ACWI ex USA index will be approximately 20%. The Fund ordinarily invests in no fewer than three different countries outside the U.S. Under normal market conditions, the Fund will invest at least 40% of its net assets, plus any borrowings for investment purposes, in securities of non-U.S. companies. However, the Fund may invest a lesser amount of its assets in securities of non-U.S. companies when market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its net assets, plus any borrowings for investment purposes, in securities of non-U.S. companies. The Fund will normally invest in the securities of approximately 30 to 50 issuers. The Fund has a policy to invest, under normal conditions, at least 80% of its net assets (plus borrowings for investment purposes) at the time of initial purchase, in equity or equity-related securities. This non-fundamental policy may be changed by the Board of Trustees of the Trust without shareholder approval upon sixty (60) days' written notice to shareholders. The Adviser implements its investment strategy by first using a proprietary global "life-cycle" screen to narrow the Fund's investable universe. The Adviser then uses a fundamental, "bottom-up" research selection and disciplined portfolio construction process which is focused on identifying stocks that the Adviser believes have the ability to generate sustainable returns, regardless of sector or country. The Adviser's "life-cycle" screen classifies companies according to their cash flow returns and asset growth into one of the following five categories, which are independent of sector, industry or region classification: •  Innovation: Companies characterized as having high level of capital investment and below the cost of capital returns. •  Expansion: Companies characterized by aggressive investment to compound their high and rising returns, achieving a peak in both growth and cash flow returns. •  Deceleration: Companies characterized as having very high returns, combined with good, but slowing growth prospects. •  Maturity: Companies characterized as earning a small positive spread above the cost of capital. •  Distress: Companies characterized as having returns driven down below the cost of capital. The Adviser's investment team actively invests across all five stages of the "life-cycle", building a diversified portfolio of high-growth, high-return, income-oriented and distressed investments. Once the "life-cycle" screen has been applied, the Adviser uses a fundamental, bottom-up stock selection process. The team's initial analysis includes researching a company's business model, competitive landscape, management and financial statements. The Adviser's investment team generally seeks companies which it believes have an attractive investment thesis and are, in the Adviser's opinion, mispriced by the market. In constructing and maintaining the portfolio, the investment team seeks to balance the portfolio's risk and return by maximizing stock specific risk (risk from security selection) while at the same time minimizing systematic factor risks (which includes, but is not limited to, sector selection, country selection, currency management). The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy. The Adviser will sell or reallocate a Fund's securities if the Adviser believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if it believes that more attractive opportunities are available. The team strives to preserve capital as part of its investment process.