0001398344-13-000182.txt : 20130115 0001398344-13-000182.hdr.sgml : 20130115 20130115144810 ACCESSION NUMBER: 0001398344-13-000182 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130115 DATE AS OF CHANGE: 20130115 EFFECTIVENESS DATE: 20130115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELTON FUNDS CENTRAL INDEX KEY: 0000778206 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-00499 FILM NUMBER: 13530278 BUSINESS ADDRESS: STREET 1: 44 MONTGOMERY ST STE 2100 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4153982727 MAIL ADDRESS: STREET 1: 44 MONTGOMERY ST STREET 2: STE 2100 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA INVESTMENT TRUST I DATE OF NAME CHANGE: 19870115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHELTON FUNDS CENTRAL INDEX KEY: 0000778206 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04417 FILM NUMBER: 13530279 BUSINESS ADDRESS: STREET 1: 44 MONTGOMERY ST STE 2100 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4153982727 MAIL ADDRESS: STREET 1: 44 MONTGOMERY ST STREET 2: STE 2100 CITY: SAN FRANCISCO STATE: CA ZIP: 94104 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA INVESTMENT TRUST I DATE OF NAME CHANGE: 19870115 0000778206 S000011273 California Tax-Free Income Fund C000031070 California Tax-Free Income Fund CFNTX 0000778206 S000011274 California Insured Intermediate Fund C000031071 California Insured Intermediate Fund CATFX 0000778206 S000011275 California Tax-Free Money Market Fund C000031072 California Tax-Free Money Market Fund CAXXX 0000778206 S000016022 S&P 500 Index Fund C000044029 Direct Shares SPFIX C000044030 K Shares SPXKX 0000778206 S000016023 S&P MidCap Index Fund C000044031 Direct Shares SPMIX C000044032 K Shares MIDKX 0000778206 S000016024 S&P SmallCap Index Fund C000044033 Direct Shares SMCIX C000044034 K Shares SMLKX 0000778206 S000016025 Shelton Core Value Fund C000044035 Direct Shares EQTIX C000044036 K Shares EQTKX C000088543 Class A EQTAX 0000778206 S000016026 Nasdaq-100 Index Fund C000044037 K Shares NDXKX C000044038 Direct Shares NASDX 0000778206 S000016027 European Growth & Income Fund C000044039 Direct Shares EUGIX C000044040 K Shares EUGKX 0000778206 S000016028 U.S. Government Securities Fund C000044041 Direct Shares CAUSX C000044042 K Shares CAUKX C000088545 Class A CAUAX 0000778206 S000016029 Short-Term U.S Government Bond Fund C000044043 Direct Shares STUSX C000044044 K Shares STUKX 0000778206 S000016030 The United States Treasury Trust C000044045 Direct Shares UTSXX C000044046 K Shares UTKXX 485BPOS 1 fp0006055_485bpos-xbrl.htm fp0006055_485bpos-xbrl.htm
 
As filed with the Securities and Exchange Commission on January __, 2013
File Nos. 33-499 and 811-4417

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A
Registration Statement Under the Securities Act of 1933
Post-Effective Amendment No. 44
and
Registration Statement Under the Investment Company Act of 1940
Amendment No. 45
 

 
SHELTON FUNDS
(Exact Name of Registrant as Specified in its Charter)

44 Montgomery Street, Suite 2100, San Francisco, California 94104
(Address of Principal Executive Office)

Registrant's Telephone Number: (415) 398-2727

STEPHEN C. ROGERS
44 Montgomery Street, Suite 2100, San Francisco, California 94104
(Name and Address of Agent for Service)
 

 
It is proposed that this filing will become effective:
|X|
immediately upon filing pursuant to Rule 485(b)
|_|
on (date) pursuant to Rule 485(b)
|_|
60 days after filing pursuant to Rule 485(a)(1)
|_|
75 days after filing pursuant to Rule 485(a)(2)
|_|
on (date) pursuant to Rule 485(a)


 
Please Send Copy of Communications to:

Timothy Johnson, Esq.
Reed Smith LLP
225 Fifth Avenue
Pittsburgh, Pennsylvania  15222
Telephone: (412) 288-1484
 
 
 

 
 
EXPLANATORY NOTE
 
This Post-Effective Amendment No. 44 to the Trust's Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 43 filed December 28, 2012 and incorporates Parts A, B and C from said amendment.
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, the State of California, on January __, 2013.

SHELTON FUNDS
(Registrant)

By /s/ Stephen C. Rogers
Stephen C. Rogers, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registrant's Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

/s/ Stephen C. Rogers
Principal Executive Officer,
January __, 2013
Stephen C. Rogers
Secretary and Trustee
 
 
 
 
/s/ James W. Miller, Jr.*
Trustee
January __, 2013
James W. Miller, Jr.
 
 
 
 
 
/s/ Kevin T. Kogler*
Trustee
January __, 2013
Kevin T. Kogler
 
 
 
 
 
/s/ Stephen H. Sutro*
Trustee
January __, 2013
Stephen H. Sutro
 
 
 
 
 
* By: /s/ Stephen C. Rogers
 
 

Stephen C. Rogers, Attorney-in-Fact Pursuant to Power of Attorney is incorporated by reference to Post-Effective Amendment No. 34 to the Registration Statement as filed on October 31, 2006.
 
 
 

 
 
EXHIBIT INDEX

Exhibit No.
Exhibit
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 sheltonfunds-20120101.xml XBRL INSTANCE DOCUMENT 0000778206 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011273Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011273Member sheltonfunds:C000031070Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011273Member sheltonfunds:C000031070Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011273Member sheltonfunds:C000031070Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011273Member sheltonfunds:bmbidMember 2013-01-01 2013-01-01 iso4217:USD pure shares iso4217:USD shares 0000778206 SHELTON FUNDS 485BPOS false <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>CALIFORNIA TAX-FREE INCOME FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: CFNTX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek high current tax-free income for California residents.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000011273Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000011273Member ~ </div> 0.005 0 0.0022 0.0072 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000011273Member ~ </div> 74 230 401 894 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 10% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Manager invests in municipal bonds issued by the State of California and various municipalities located within California. Generally, these bonds are rated in one of the four highest ratings (investment grade) by an independent rating organization currently Standard &amp; Poor&rsquo;s, Moody&rsquo;s and Fitch. In some cases, securities are not rated by independent agencies. The Manager will generally purchase an unrated security only if it believes the security is of similar quality to an investment-grade issue. Generally, the interest on municipal bonds is not subject to federal and California personal income taxes. Under normal market conditions, it is the Fund&rsquo;s fundamental policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in California municipal bonds, but as a general rule the percentage is much higher. The Fund&rsquo;s duration typically ranges from four to twelve years. Although the Fund is not prevented from doing so, the Manager seeks to invest primarily in non-AMT bonds (bonds that pay interest not subject to federal alternative minimum tax (&ldquo;AMT&rdquo;)). The Fund&rsquo;s manager generally will consider selling fixed income securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund &rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives. Therefore, a change in the rating of a security will not necessarily result in the sale of that security.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. Accordingly, a chance exists that the Fund&rsquo;s performance may be hurt disproportionately by poor performance of a relatively few number of securities or by factors that impact a relatively small number of issuers. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><b>,</b> which is the chance that bond prices over all will decline over short and long-term periods due to rising interest rates. The longer the maturity of a bond, the greater the interest rate risk.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>State-Specific Risk</i></b></font><i>.</i> Since the Fund only invests in issuers in the state of California, it is exposed to economic and political developments in California that negatively impact the issuers.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font>, which is the chance that declining interest rates will reduce the amount of income paid by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><b>,</b> which is the chance that during declining interest rates, a bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Credit Risk</i></b></font>, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, reducing the Fund&rsquo;s return. The Manager attempts to minimize this risk by investing in investment grade bonds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Bankruptcy Risk</i></b></font> is the risk that an issuer seeks protection under bankruptcy laws. In such a circumstance, the principal value of the bond would be expected to decline.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font>, which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000011273Member ~ </div> 0.0946 0.0345 0.0234 0.0157 0.0357 0.0276 -0.0178 0.0862 0.0178 0.0917 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter 6.97% (Q3, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -4.24% (Q4, 2010)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 6.13%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 12/4/85</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000011273Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0917 0.0403 0.0403 0.0770 0.0252 0.0242 0.0592 0.0256 0.0253 0.1069 0.0522 0.0538 CFNTX 0.1 The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. Accordingly, a chance exists that the Fund's performance may be hurt disproportionately by poor performance of a relatively few number of securities or by factors that impact a relatively small number of issuers. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0613 Best Quarter: 2009-09-30 0.0697 Worst Quarter: 2010-12-31 -0.0424 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2013-01-01 2012-12-28 2013-01-01 2012-08-31 Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000011274Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011274Member sheltonfunds:C000031071Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011274Member sheltonfunds:C000031071Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011274Member sheltonfunds:C000031071Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011274Member sheltonfunds:b5mbidMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>CALIFORNIA INSURED INTERMEDIATE FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: CATFX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek high current tax-free income for California residents.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000011274Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000011274Member ~ </div> 0.005 0 0.0046 0.0096 -0.0028 0.0068 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000011274Member ~ </div> 69 278 504 1152 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 27.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Manager invests in municipal bonds issued by the State of California and various municipalities located within California. Generally, these bonds are rated in one of the four highest ratings (investment grade) by an independent rating organization currently Standard &amp; Poor&rsquo;s, Moody&rsquo;s, Fitch and are insured by an independent insurance company. Some securities are not rated by independent agencies but are considered investment grade because of the insurance on the bond. The insurance guarantees the timely principal and interest payments of the bond, but does not insure the Fund. The interest on the municipal bonds is generally not subject to federal and California personal income taxes. Under normal market conditions, it is the Fund&rsquo;s fundamental policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in California municipal bonds, but as a general rule the percentage is much higher. The Fund&rsquo;s duration ranges from two to seven years. Although the Fund is not prevented from doing so, the Manager seeks to invest primarily in non-AMT bonds (bonds that pay interest not subject to federal alternative minimum tax (&ldquo;AMT&rdquo;)). The Fund&rsquo;s manager generally will consider selling fixed income securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund &rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives. Therefore, a change in the rating of a security will not necessarily result in the sale of that security.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. Accordingly, a chance exists that the Fund&rsquo;s performance may be hurt disproportionately by poor performance of a relatively few number of securities or by factors that impact a relatively small number of issuers. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><b>,</b> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates. Interest rate risk is usually moderate for intermediate-term bonds.The longer the maturity of a bond, the greater the interest rate risk.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>State-Specific Risk</i></b></font><i>. </i>Since the Fund only invests in issuers in the state of California, it is exposed to economic and political developments in California that negatively impact the issuers.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font>, which is the chance that declining interest rates will reduce the amount of income paid by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><b>,</b> which is the chance that during declining interest rates, a bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Credit Risk</i></b></font><b>,</b> which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, reducing the Fund&rsquo;s return. This risk is moderated by the bond insurance which guarantees timely payment of principal and interest. It is important to note that the insurance protects the Fund&rsquo;s holdings, not the Fund itself.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Bankruptcy Risk</i></b></font> is the risk that an issuer seeks protection under bankruptcy laws. In such a circumstance, the principal value of the bond would be expected to decline.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>,</b> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000011274Member ~ </div> 0.0894 0.0314 0.0218 0.0072 0.026 0.039 0.0334 0.0468 0.0098 0.0291 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 5.43% (Q3, 2002)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -2.24% (Q2, 2004)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 1.64%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/20/92</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000011274Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0291 0.0316 0.0332 0.0195 0.0210 0.0214 0.0188 0.0208 0.0217 0.0695 0.0572 0.0488 CATFX 2013-01-04 0.27 The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0164 Best Quarter: 2002-09-30 0.0543 Worst Quarter: 2004-06-30 -0.0224 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.68% until January 4, 2013. At the November 8, 2012 Board of Trustees meeting, it was agreed by the Trustees that the contractual expense reimbursement limitation of 0.68 by the Adviser will terminate at the close of business on January 4, 2013. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000011275Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000011275Member sheltonfunds:C000031072Member 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>CALIFORNIA TAX-FREE MONEY MARKET FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: CAXXX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek high current tax-free income for California residents while maintaining a stable net asset value of $1.00 per share.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000011275Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000011275Member ~ </div> 0.005 0 0.0029 0.0079 -0.0026 0.0053 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000011275Member ~ </div> 54 226 416 954 <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Manager invests in high-quality municipal securities whose interest is not subject to federal and California personal income taxes and have a maturity of less than 397 days, such that the fund's weighted average maturity does not exceed the rule 2A-7 requirements, which is currently 60 days. Under normal market conditions, it is the Fund&rsquo;s fundamental policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in California municipal bonds, but as a general rule the percentage is much higher. Although the Fund is not prevented from doing so, the Manager seeks to invest primarily in non-AMT bonds (bonds that pay interest not subject to federal alternative minimum tax (&ldquo;AMT&rdquo;)). The Fund will comply with Rule 2a-7 of the Investment Company Act of 1940 (&quot;Rule 2a-7&quot;) in implementing its investment strategies.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. Accordingly, a chance exists that the Fund&rsquo;s performance may be hurt disproportionately by poor performance of a relatively few number of securities or by factors that impact a relatively small number of issuers. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>State-Specific Risk</i></b></font><i>.</i> Since the Fund only invests in issuers in the state of California, it is exposed to economic and political developments in California that negatively impact the issuers.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><b>,</b> which is the chance that interest rates will decline and the Fund will produce less income. There is a chance that dramatic interest rate movements could lower the share price to a value less than one dollar.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><b>,</b> which is the chance that declining interest rates will reduce the amount of income paid by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Credit Risk</i></b></font><b>,</b> which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, reducing the Fund&rsquo;s return.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Bankruptcy Risk</i></b></font> is the risk that an issuer seeks protection under bankruptcy laws. In such a circumstance, the principal value of the bond would be expected to decline.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>, </b>which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain a net asset value of $1.00 per share, it is possible for you to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000011275Member ~ </div> 0.0099 0.0054 0.0075 0.0183 0.0278 0.0299 0.0194 0.0009 0.0000 0.0000 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 0.77% (Q2 , 2007)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: 0.00% (Q4, 2011)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 0.00%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 12/4/85</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000011275Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0 0.01 0.0118 CAXXX 2013-01-04 The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund is considered non-diversified which means it may invest a large percentage of its assets in the securities of a particular issuer as compared with other types of mutual funds. Accordingly, a chance exists that the Fund's performance may be hurt disproportionately by poor performance of a relatively few number of securities or by factors that impact a relatively small number of issuers. Although the Fund seeks to maintain a net asset value of $1.00 per share, it is possible for you to lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0 Best Quarter: 2007-06-30 0.0077 Worst Quarter: 2011-12-31 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.53% until January 4, 2013. At the November 8, 2012 Board of Trustees meeting, it was agreed by the Trustees that the contractual expense reimbursement limitation of 0.53% by the Adviser will terminate effective the close of business on January 4, 2013. 0000778206 sheltonfunds:S000016022Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016022Member sheltonfunds:C000044029Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016022Member sheltonfunds:C000044029Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016022Member sheltonfunds:C000044029Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016022Member sheltonfunds:snpcspidMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P 500 INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: SPFIX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&amp;P 500 Composite Stock Price Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016022Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016022Member ~ </div> 0.0025 0 0.0029 0.0054 -0.0018 0.0036 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Annual account fee: $10.00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016022Member ~ </div> 37 155 284 660 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 3.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P 500 Index includes the common stocks of 500 leading U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value. The Fund is passively managed. It invests primarily in the stocks that make up the index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P 500 Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks of the index. The S&amp;P 500 is a well-known stock market index that includes common stocks of companies representing approximately 88.3% of the total market Index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the Index range from $1,210 million to $493 billion in market capitalization. The Manager believes that the performance of the S&amp;P 500 is representative of the performance of publicly traded common stocks in general. The median market capitalization of the stocks in the S&amp;P 500 Index is approximately $11.95 billion.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk: </i></b>The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the large cap sector. In an attempt to accurately track the performance of the S&amp;P 500 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which cold cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Large Company Investing Risk: </i></b> The Fund invests in large companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as mid cap stocks, small cap stocks, bonds and money market instruments outperform large cap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The S&amp;P 500 Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016022Member ~ </div> -0.2174 0.2849 0.1064 0.0469 0.1535 0.051 -0.3653 0.2622 0.1461 0.0230 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 15.73% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -21.58% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 15.94%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 4/20/92</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016022Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0230 -0.0025 0.0287 0.0167 -0.0089 0.0225 0.0149 -0.0060 0.0209 0.0209 -0.0025 0.0292 SPFIX 2014-01-03 0.03 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1594 Best Quarter: 2009-06-30 0.1573 Worst Quarter: 2008-12-31 -0.2158 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.36% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016023Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016023Member sheltonfunds:C000044031Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016023Member sheltonfunds:C000044031Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016023Member sheltonfunds:C000044031Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016023Member sheltonfunds:snp400dMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P MIDCAP INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: SPMIX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of medium-sized U.S. companies as measured by the S&amp;P MidCap 400 Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016023Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016023Member ~ </div> 0.004 0 0.0025 0.0065 -0.0007 0.0058 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Annual Account fee: $10.00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016023Member ~ </div> 59 201 355 804 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 11.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P MidCap Index includes the common stocks of 400 medium-sized U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is passively managed. It invests primarily in the stocks that make up the S&amp;P MidCap Index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P MidCap Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks of the index. The MidCap Index is a well-known stock market index that includes common stocks of companies representing approximately 8.2% of the total market index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the MidCap Index range from $300 million to $14 billion in market capitalization. The median market capitalization of the stocks in the MidCap Index is approximately $2.65 billion.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk: </i></b>The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the mid cap sector. In an attempt to accurately track the performance of the S&amp;P MidCap 400 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks</i></b>: The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Medium Company Investing Risk:</i></b> The Fund invests in medium-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as large cap stocks, small cap stocks, bonds and money market instruments out-perform mid cap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The S&amp;P MidCap Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest of these medium sized companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016023Member ~ </div> -0.1422 0.3455 0.1592 0.1203 0.0955 0.073 -0.3677 0.3688 0.2565 -0.0178 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.39% (Q3, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -25.56% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 12.93%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 4/20/92</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016023Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0178 0.0277 0.0653 -0.0266 0.0186 0.0572 -0.0030 0.0211 0.0548 -0.0175 0.0331 0.0703 SPMIX 2014-01-03 0.11 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1293 Best Quarter: 2009-09-30 0.1939 Worst Quarter: 2008-12-31 -0.2556 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.58% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016024Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016024Member sheltonfunds:C000044033Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016024Member sheltonfunds:C000044033Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016024Member sheltonfunds:C000044033Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016024Member sheltonfunds:snp600dMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P SMALLCAP INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: SMCIX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of small-sized U.S. companies as measured by the S&amp;P SmallCap 600 Stock Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016024Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016024Member ~ </div> 0.005 0 0.0042 0.0092 -0.0018 0.0074 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016024Member ~ </div> 76 275 492 1115 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 0% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P SmallCap 600 Index includes common stocks of 600 small U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is passively managed. It invests primarily in the stocks that make up the S&amp;P SmallCap 600 Index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P SmallCap 600 Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks. The SmallCap Index is a well-known stock market index that includes common stocks of companies representing approximately 3.5% of the total market index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the SmallCap Index range from $50 million to $3.7 billion in market capitalization. The median market capitalization of the stocks in the SmallCap Index is approximately $710 million.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the small cap sector. In an attempt to accurately track the performance of the S&amp;P SmallCap 600 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that lasts for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Small Company Investing Risk:</i></b> The Fund invests in small-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as large cap stocks, mid cap stocks, bonds and money market instruments outperform small cap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The S&amp;P SmallCap 600 Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest of these small sized companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016024Member ~ </div> -0.1465 0.3763 0.2199 0.0729 0.146 -0.0089 -0.3161 0.2415 0.2647 0.0074 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.63% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -25.47% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 14.14%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/2/96</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016024Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0074 0.0140 0.0657 -0.0060 0.0011 0.0550 0.0195 0.0084 0.0547 0.01 0.0194 0.0709 SMCIX 2014-01-03 0 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1414 Best Quarter: 2009-06-30 0.1963 Worst Quarter: 2008-12-31 -0.2547 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.74% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016025Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016025Member sheltonfunds:C000044035Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016025Member sheltonfunds:C000044035Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016025Member sheltonfunds:C000044035Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016025Member sheltonfunds:snpcitidMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016025Member sheltonfunds:snpcspiedMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>SHELTON CORE VALUE FUND</b></td></tr> <tr style="vertical-align: top; background-color: gainsboro"> <td style="background-color: gainsboro"> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0">Ticker Symbol: EQTIX</p></td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to achieve a high level of income and capital appreciation (when consistent with high income).</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016025Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016025Member ~ </div> 0.005 0 0.0038 0.0088 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016025Member ~ </div> 90 281 488 1084 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 4.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objectives the Fund invests primarily in U.S. equity securities which generate a relatively high level of dividend income (relative to other equities in the same industry) and have potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. It is the Fund&rsquo;s policy that under normal market conditions it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase equity securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities have income producing potential, a potential for capital appreciation or value potential. The Fund&rsquo;s manager generally will consider selling equity securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in US Treasury bills and money market instruments to meet redemption requests and other liquidity needs.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in stock futures contracts when the Manager wants to keep the net assets of the fund fully invested in the equity markets but is holding some treasury bills or money market instruments in the portfolio. Utilizing futures allows the Manager to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Market Risks:</i></b></font><i> </i>The stock market goes up and down every day. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, an investment in this Fund would lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Economic and Political Events Risks:</i></b></font> Many factors will affect the performance of the stock market. Two major factors are economic and political events. The impact of positive or negative events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Sector Risks:</i></b></font> The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as potential for capital appreciation. At times the Fund may hold a concentrated position in the banking and financial sector, therefore the Funds&rsquo; performance may be significantly impacted by the performance of this sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Large and Medium-Sized Company Risks and Value Investing Risks:</i></b></font><i> </i>The Fund invests in large and medium-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company&rsquo;s stock or a single economic sector. However, during periods where alternative investments such as growth stocks, small cap stocks, bonds and money market instruments outperform value stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Futures Risk:</i></b></font><i> </i>The Fund&rsquo;s primary risks are associated with changes in the stock market, however, there are other risks associated with the Fund. For example, the Fund may invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts owned by the Fund do not perform well, the Fund&rsquo;s performance will be impacted.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016025Member ~ </div> -0.1263 0.275 0.1544 0.054 0.1656 0.0136 -0.3156 0.2671 0.1882 0.0185 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 18.63% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -20.02% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 11.45%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 9/4/96</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016025Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0185 0.0124 0.0533 0.0124 0.0059 0.0463 0.0120 0.0069 0.0427 -0.0050 -0.0294 0.0289 0.0209 -0.0025 0.0292 EQTIX 0.04 The Fund is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1145 Best Quarter: 2009-06-30 0.1863 Worst Quarter: 2008-12-31 -0.2002 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016026Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016026Member sheltonfunds:C000044038Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016026Member sheltonfunds:C000044038Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016026Member sheltonfunds:C000044038Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016026Member sheltonfunds:n100dMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>NASDAQ-100 INDEX FUND</b></td></tr> <tr style="vertical-align: top; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: NASDX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index&reg;.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016026Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016026Member ~ </div> 0.005 0 0.0038 0.0088 -0.0039 0.0049 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016026Member ~ </div> 50 242 449 1048 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 24.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is managed passively in that the Manager is seeking to replicate the performance of the Nasdaq-100 Index&reg;. To do this, the Fund invests primarily in the stocks comprising this index. The Fund will attempt to buy stocks so that the holdings in the portfolio approximate those of the Nasdaq-100 Index&reg;. The Manager&rsquo;s goal is to maintain a return correlation of at least 0.95 to the Nasdaq100 Index&reg; (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the stocks comprising the index.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in securities issued by other investment companies if those companies invest in securities consistent with the Fund&rsquo;s investment objective and policies. Companies included in The Nasdaq-100 Stock Index range from $2.3 billion to $485 billion in market capitalization as of December 19, 2012. The majority of portfolio transactions in the Fund (other than those made in response to shareholder activity) will be made to adjust the Fund's portfolio to track the Index or to reflect occasional changes in the Index's composition.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts. The Fund generally maintains some short-term securities and cash equivalents in the portfolio to meet redemptions and needs for liquidity. The Manager will typically buy futures contracts so that the market value of the futures contracts is as close to the cash balance as possible. This helps minimize the tracking error of the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund primarily invests in U.S. stocks and is designed to track the overall performance of the Nasdaq-100 Index<font style="font-size: 11pt">&reg;</font>. In an attempt to accurately represent the Index, the Fund will typically not take steps to reduce its market exposure so that in a declining market, the Manager will not take steps to minimize the exposure of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks</i></b>: These effects may be short-term by causing a change in the market that is corrected in a year or less; or they may have long-term impacts which may cause changes in the market that may last for many years. Some factors may affect changes in one sector of the economy or one stock, but don't have an impact on the overall market. The particular sector of the economy or the individual stock may be affected for a short or long-term.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The Fund invests in the largest, non-financial companies that are traded on the Nasdaq Stock Market. They may comprise various sectors of the economy, but are currently concentrated in the technology sector. During periods in which the Nasdaq-100 Index underperform alternative investments such as bond, money market and alternative stock sectors, the Manager expects the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Concentration Risk:</i></b> The Nasdaq-100 Index is subject to concentration risk. First, it is a modified-capitalization weighted index, meaning that except for some modifications, companies are weighted based on their size. Thus, poor performance of the largest companies within the index could result in negative performance of the index and the Fund. Additionally, the significant concentration of technology stocks makes the Fund's performance particularly sensitive to this specific sector. Negative performance in the technology sector will result in negative fund performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Other Investment Company Investing Risk:</i></b> To the extent the Fund invests in securities issued by other investment companies, the Fund, as a shareholder in another investment company, bears its ratable share of that investment company's expenses, including advisory and administration fees, resulting in an additional layer of management fees and expenses for Fund shareholders.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016026Member ~ </div> -0.3741 0.4821 0.1009 0.0123 0.0681 0.1818 -0.4151 0.5467 0.1963 0.0367 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.87% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -28.11% (Q2, 2002)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 23.06%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 1/18/00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016026Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0367 0.0580 0.0389 0.0351 0.0574 0.0383 0.0239 0.0497 0.0334 0.0367 0.0606 0.0426 NASDX 2014-01-03 0.24 If the Fund's value drops during the period in which you hold the Fund, you could lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.2306 Best Quarter: 2009-06-30 0.1987 Worst Quarter: 2002-06-30 -0.2811 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.49% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016027Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016027Member sheltonfunds:C000044039Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016027Member sheltonfunds:C000044039Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016027Member sheltonfunds:C000044039Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016027Member sheltonfunds:dje50dMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>EUROPEAN GROWTH &amp; INCOME FUND</b></td></tr> <tr style="vertical-align: top; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: EUGIX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to provide long-term capital appreciation and income by investing in large-sized European companies.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016027Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016027Member ~ </div> 0.0085 0 0.0058 0.0143 -0.0043 0.01 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016027Member ~ </div> 102 410 741 1676 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 0% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund seeks to invest primarily in the sponsored and non-sponsored ADRs stocks of large-sized companies located in Europe. In selecting securities, the Fund attempts to use the Dow Jones European STOXX 50 Index as a target portfolio and a basis for selecting investments. Most companies considered for the Fund will have market capitalizations of at least $10 billion (U.S. dollars).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund invests principally using sponsored and non-sponsored American Depository Receipts, commonly referred to as ADRs. ADRs are traded on U.S. stock exchanges and are available for some, but not all, securities that make up the target portfolio. If a company that is in the target portfolio does not have an ADR available on a U.S. exchange or if, in the Manager&rsquo;s opinion, the Fund is better served, the Manager will invest in ADRs of other companies that the Manager believes best serve the Fund and its investors.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is not considered an index fund because it will not attempt to precisely track the performance or invest in securities that make up the Dow Jones European STOXX 50 Index. However, similar to index funds, the Fund will generally remain fully invested and its performance will track the Dow Jones European STOXX 50 Index to the extent that the Fund is successful in investing in the companies that make up the index. Additionally, the Manager will attempt to minimize portfolio turnover.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, it is the Fund&rsquo;s policy to invest 80% of its total assets (which includes the amount of any borrowings for investment purposes) in ADRs of companies located in Europe. The Manager may elect to purchase futures contracts and/or options to attempt to remain fully invested in the markets. This percentage of futures held in the portfolio will typically not exceed the cash (or cash equivalents) balance of the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk: </i></b> The stock markets go up and down every day. As with any investment whose performance is linked to these markets, the value of your investment in the Fund will fluctuate. If the Fund's value drops during the period in which you hold the Fund, you could lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Foreign Investment Risk</i></b>: Although the Fund principally invests in ADRs which are traded in U.S. denominations on U.S. stock markets, there is still some underlying foreign investment risk. For example, because foreign companies operate differently than U.S. companies, the Fund may encounter risks not typically associated with those of U.S. companies. For instance, foreign companies are not subject to the same accounting, auditing, and financial reporting standards and procedures as required from U.S. companies; and their stocks may not be as liquid as the stocks of similar U.S. companies. In addition, foreign stock exchanges, brokers, and companies generally have less government supervision and regulation than their counterparts in the United States. These factors, among others, could negatively impact the return of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Country Risk:</i></b> When investing in an international fund such as this Fund, there is always country risk, which is the chance that a country's economy will be hurt by political troubles, financial problems, or natural disasters.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Currency Risk:</i></b> There is also currency risk which is the chance that returns will be hurt by a rise in the value of one currency against the value of another.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Liquidity Risk:</i></b> There is also liquidity risk with ADRs, some of which may have a low daily trading volume. In the event the Fund is forced to liquidate its holdings of an ADR with limited trading volume, it is likely that the Fund would be forced to sell the ADR at a price lower than what it might otherwise receive.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016027Member ~ </div> -0.2055 0.3522 0.1427 0.0699 0.2378 0.1454 -0.3867 0.2761 -0.0212 -0.1110 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 23.71% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -23.16% (Q3, 2011)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 8.56%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 1/18/00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016027Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.1110 -0.0485 0.0240 -0.1192 -0.0572 0.0160 -0.0724 -0.0449 0.0162 -0.0818 -0.0564 0.0244 EUGIX 2014-01-03 0 If the Fund's value drops during the period in which you hold the Fund, you could lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0856 Best Quarter: 2009-06-30 0.2371 Worst Quarter: 2011-09-30 -0.2316 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.00% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016028Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016028Member sheltonfunds:C000044041Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016028Member sheltonfunds:C000044041Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016028Member sheltonfunds:C000044041Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016028Member sheltonfunds:bgnmadMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016028Member sheltonfunds:btidMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td colspan="2" style="background-color: gainsboro; font-weight: bold"><b>U.S. GOVERNMENT SECURITIES FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 63%; background-color: gainsboro">Ticker Symbol: CAUSX</td> <td style="width: 37%; background-color: gainsboro">&nbsp;</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek liquidity, safety from credit risk and as high a level of income as is consistent with these objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016028Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016028Member ~ </div> 0.005 0 0.0037 0.0087 -0.0013 0.0074 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016028Member ~ </div> 76 265 469 1061 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 9.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objective, the Fund invests primarily in high-quality bonds whose interest is guaranteed by the full faith and credit of the United States government and its agencies or instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The government securities in which the Fund invests primarily include U.S. Treasury Securities and Government National Mortgage Association (GNMA) Certificates. Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in securities issued by the U.S. government and its agencies and instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund invests in intermediate and long-term fixed income securities. While the Fund is not limited to any duration, the Fund&rsquo;s manager generally seeks to target the Fund&rsquo;s dollar weighted average portfolio duration in a range between three to twelve years. During periods where alternative investments such as stocks and money market instruments out perform bonds, the Fund&rsquo;s manager expects the performance of the Fund to underperform other mutual funds that invest in these alternative strategies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities will provide the best balance between risk and return within the Fund&rsquo;s range of allowable investments. Generally, the manager selects a balance between U.S. Treasury bonds and GNMA pass-through securities in an attempt to maximize the overall performance of the Fund. The Fund&rsquo;s manager generally will consider selling such securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objective, when altering the duration of the fund or the balance or investments among treasuries and GNMAs to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objective.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><i>,</i> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates. This is the primary risk of this Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><i>, </i>which is the chance that declining interest rates will reduce the amount of income paid by the Fund over long periods of time.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><i>, </i>which is the chance that during declining interest rates, the bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Prepayment Risk</i></b></font> is similar to call risk. In the case of GNMA securities, payments to the Fund are based on payments from the underlying mortgages. During periods where homeowners refinance their mortgages, these securities are paid off and the Fund may have to reinvest the principal in lower yielding securities. This would reduce the income generated from the portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><i>,</i> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016028Member ~ </div> 0.0897 0.0174 0.0349 0.0188 0.0365 0.0619 0.0867 -0.0495 0.0608 0.0698 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 5.45% (Q2, 2010)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -5.07% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 1.15%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 12/4/85</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016028Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0698 0.0448 0.0419 0.0628 0.0335 0.0285 0.0452 0.0316 0.0279 0.0789 0.0692 0.0582 0.0982 0.0681 0.0568 CAUSX 2014-01-03 0.09 The Fund is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0115 Best Quarter: 2010-06-30 0.0545 Worst Quarter: 2009-06-30 -0.0507 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.74% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016029Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016029Member sheltonfunds:C000044043Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016029Member sheltonfunds:C000044043Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016029Member sheltonfunds:C000044043Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016029Member sheltonfunds:b13tidMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>SHORT-TERM U.S. GOVERNMENT BOND FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: STUSX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek liquidity, safety from credit risk, preservation of investors principal and as high a level of income as is consistent with these objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016029Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016029Member ~ </div> 0.005 0 0.0048 0.0098 -0.0039 0.0059 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016029Member ~ </div> 60 273 505 1166 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 13.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund typically invests in short and intermediate-term fixed income securities whose principal and interest are backed by the full faith and credit of the U.S. Federal Government and its agencies or instrumentalities. The Manager will invest at least 80% of the Fund&rsquo;s assets in securities issued by the U.S. government and its agencies or instrumentalities. In addition, the Manager may invest in higher yielding securities which are not backed by the full faith and credit of the U.S. Federal Government. The Fund intends to maintain an average duration between 0 and 3 years in an effort to reduce share price volatility. The Fund&rsquo;s manager generally will consider selling fixed income securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This Fund tends to be conservative in nature. However, it is subject to several risks, any of which could cause the Fund to lose money. These include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><b>,</b> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><b>,</b> which is the chance that declining interest rates will reduce the amount of income paid by the Fund. Income risk is generally moderate for short and intermediate-term bonds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><b>,</b> which is the chance that during declining interest rates, the bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Prepayment Risk</i></b></font> is similar to call risk. In the case of GNMA securities, payments to the Fund are based on payments from the underlying mortgages. During periods where homeowners refinance their mortgages, these securities are paid off and the Fund may have to reinvest the principal in lower yielding securities. This would reduce the income generated from the portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>,</b> which is the chance that the Manager&rsquo;s security selection strategy may cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016029Member ~ </div> 0.0299 0.01 0.0021 0.0128 0.0352 0.0637 0.0582 0.0041 0.0214 0.0026 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 2.80% (Q1, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -0.96% (Q2, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: -0.17%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 1/18/00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016029Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0026 0.0297 0.0238 0.00 0.0224 0.0160 0.0021 0.0212 0.0157 0.0154 0.0371 0.0327 STUSX 2014-01-03 0.13 However, it is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 -0.0017 Best Quarter: 2008-03-31 0.028 Worst Quarter: 2008-06-30 -0.0096 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.59% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:S000016030Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:S000016030Member sheltonfunds:C000044045Member 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>THE UNITED STATES TREASURY TRUST</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: UTSXX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_S000016030Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_S000016030Member ~ </div> 0.005 0 0.0028 0.0078 -0.0025 0.0053 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_S000016030Member ~ </div> 54 224 409 943 <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund primarily invests its assets in high-quality, short-term Treasury bills whose interest is guaranteed by the full faith and credit of the United States government. The Fund generally buys only securities that have a maturity of less than 397 days, such that the fund's weighted average maturity does not exceed the rule 2A-7 requirements, which is currently 60 days. Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in securities issued by the U.S. government, but as a general rule the percentage is much higher. The Fund will comply with Rule 2a-7 of the Investment Company Act of 1940 (&quot;Rule 2a-7&quot;) in implementing its investment strategies.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to some risks which could cause the Fund to lose money. It is important to remember that this Fund is not a FDIC-insured money market account. The risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font>, which is the chance that short-term security prices overall will decline due to rising interest rates. In an extreme case, a short-term movement could potentially change the Fund&rsquo;s share price to something other than the $1.00 target.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><b>,</b> which is the chance that declining interest rates will reduce the amount of income paid by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>,</b> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The securities that the Fund holds are backed by the full faith and credit of the United States federal government and are those that the Manager believes do not represent credit risk to the Fund. It is important to note that the U.S. government backs the securities held by the Fund, but not the Fund itself.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the $1.00 per share price, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Seven-day yield as of 12/31/11: 0.00%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">To obtain a current 7-day yield for the Fund call toll-free 1-800-955-9988 ..</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_S000016030Member ~ </div> 0.0129 0.0067 0.0086 0.0247 0.0429 0.0414 0.0118 0.0000 0.0000 0.0000 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 1.15% (Q4, 2006)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: 0.00% (Q4, 2011)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 0.00%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 4/26/89</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_S000016030Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0 0.0105 0.0148 UTSXX 2014-01-03 The Fund is subject to some risks which could cause the Fund to lose money. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0 Best Quarter: 2006-12-31 0.0115 Worst Quarter: 2011-12-31 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Seven-day yield as of 12/31/10 1-800-955-9988 0 The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.53% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. 0000778206 sheltonfunds:SK00016022Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016022Member sheltonfunds:C000044030Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016022Member sheltonfunds:C000044030Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016022Member sheltonfunds:C000044030Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016022Member sheltonfunds:snpcspikMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P 500 INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: SPXKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&amp;P 500 Composite Stock Price Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016022Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016022Member ~ </div> 0.0025 0.0025 0.0054 0.0104 -0.0018 0.0086 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Annual account fee: $10.00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016022Member ~ </div> 98 323 586 1330 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 3.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P 500 Index includes the common stocks of 500 leading U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value. The Fund is passively managed. It invests primarily in the stocks that make up the index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P 500 Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks of the index. The S&amp;P 500 is a well-known stock market index that includes common stocks of companies representing approximately 88.3% of the total market Index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the Index range from $1,210 million to $493 billion in market capitalization. The Manager believes that the performance of the S&amp;P 500 is representative of the performance of publicly traded common stocks in general. The median market capitalization of the stocks in the S&amp;P 500 Index is approximately $11.95 billion.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the large cap sector. In an attempt to accurately track the performance of the S&amp;P 500 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Large Company Investing Risk: </i></b>The Fund invests in large companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as midcap stocks, smallcap stocks, bonds and money market instruments outperform largecap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The S&amp;P 500 Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016022Member ~ </div> 0.0616 0.1006 0.0415 0.1479 0.0461 -0.3678 0.2562 0.1403 0.0177 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 15.52% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -21.68% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 15.54%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016022Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0177 -0.0073 0.0369 0.0132 -0.0121 0.0326 0.0115 -0.0091 0.0292 0.0209 -0.0025 0.0430 SPXKX 2014-01-03 0.03 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1554 Best Quarter: 2009-06-30 0.1552 Worst Quarter: 2008-12-31 -0.2168 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.86% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016023Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016023Member sheltonfunds:C000044032Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016023Member sheltonfunds:C000044032Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016023Member sheltonfunds:C000044032Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016023Member sheltonfunds:snp400kMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P MIDCAP INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: MIDKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of medium-sized U.S. companies as measured by the S&amp;P MidCap 400 Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016023Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016023Member ~ </div> 0.004 0.0025 0.005 0.0115 -0.0007 0.0108 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Annual account fee: $10.00</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016023Member ~ </div> 110 351 619 1384 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 11.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P MidCap Index includes the common stocks of 400 medium-sized U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is passively managed. It invests primarily in the stocks that make up the S&amp;P MidCap Index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P MidCap Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks of the index. The MidCap Index is a well-known stock market index that includes common stocks of companies representing approximately 8.2% of the total market index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the MidCap Index range from $300 million to $14 billion in market capitalization. The median market capitalization of the stocks in the MidCap Index is approximately $2.65 billion.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the midcap sector. In an attempt to accurately track the performance of the S&amp;P MidCap 400 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Medium Company Investing Risk:</i></b> The Fund invests in medium-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as large cap stocks, small cap stocks, bonds and money market instruments out-perform mid cap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The S&amp;P MidCap Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest of these medium sized companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016023Member ~ </div> 0.0639 0.1527 0.1148 0.0901 0.0677 -0.3698 0.3616 0.2497 -0.0221 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.24% (Q3, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -25.63% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 12.50%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016023Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0221 0.0228 0.0644 -0.0293 0.0152 0.0567 -0.0058 0.0178 0.0546 -0.0175 0.0331 0.0748 MIDKX 2014-01-03 0.11 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1250 Best Quarter: 2009-09-30 0.1924 Worst Quarter: 2008-12-31 -0.2563 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.08% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016024Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016024Member sheltonfunds:C000044034Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016024Member sheltonfunds:C000044034Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016024Member sheltonfunds:C000044034Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016024Member sheltonfunds:snp600kMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>S&amp;P SMALLCAP INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: SMLKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of small-sized U.S. companies as measured by the S&amp;P SmallCap 600 Stock Index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016024Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016024Member ~ </div> 0.005 0.0025 0.0067 0.0142 -0.0018 0.0124 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016024Member ~ </div> 126 432 759 1686 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 0% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P SmallCap 600 Index includes common stocks of 600 small U.S. companies from a broad range of industries. Standard &amp; Poor&rsquo;s, the company that maintains the index, makes all determinations regarding the inclusion of stocks in the index. Each stock is weighted in proportion to its total market value.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is passively managed. It invests primarily in the stocks that make up the S&amp;P SmallCap 600 Index so that the weighting of each stock in the portfolio approximates the index. The Manager&rsquo;s goal is to maintain a return correlation of at least .95 to the S&amp;P SmallCap 600 Index (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the underlying stocks. The SmallCap Index is a well-known stock market index that includes common stocks of companies representing approximately 3.5% of the total market index as measured by the S&amp;P Composite 1500. As of December 19, 2012, companies included in the SmallCap Index range from $50 million to $3.7 billion in market capitalization. The median market capitalization of the stocks in the SmallCap Index is approximately $710 million.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts in an attempt to minimize the performance variation between the Fund and the index. This performance gap occurs because, unlike the index, the Fund must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Manager expects the Fund&rsquo;s performance to closely represent the index, the Fund will generally underperform the index.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund is primarily invested in the U.S. stock market and is designed to passively track the performance of the smallcap sector. In an attempt to accurately track the performance of the S&amp;P SmallCap 600 Index, the Fund does not intend to take steps to reduce its market exposure in any market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which coulde cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that lasts for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Small Company Investing Risk:</i></b> The Fund invests in small-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company's stock or a single economic sector. However, during periods where alternative investments such as large cap stocks, mid cap stocks, bonds and money market instruments outperform small cap stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The S&amp;P SmallCap 600 Index is a capitalization weighted index, meaning companies are weighted based on their size. Thus, poor performance of the largest of these small sized companies could result in negative performance of the index and the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Futures Risk:</i></b> Although the Fund's primary risks are associated with changes in the stock market, there are other risks associated with the Fund. These risks generally apply to how well the Fund tracks the index. For example, the Fund invests in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund's performance relative to the index will change.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016024Member ~ </div> 0.058 0.2131 0.0679 0.1404 -0.014 -0.3187 0.2348 0.2582 0.0028 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.43% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -25.55% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 13.77%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016024Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0028 0.0091 0.0618 -0.0095 -0.0026 0.0494 0.0167 0.0050 0.0503 0.01 0.0194 0.0724 SMLKX 2014-01-03 0 During a declining stock market, an investment in this Fund would lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1377 Best Quarter: 2009-06-30 0.1943 Worst Quarter: 2008-12-31 -0.2555 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.24% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016025Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016025Member sheltonfunds:C000044036Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016025Member sheltonfunds:C000044036Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016025Member sheltonfunds:C000044036Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016025Member sheltonfunds:snpcitikMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016025Member sheltonfunds:snpcspiekMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><font style="font: 18pt Times New Roman, Times, Serif"><b>SHELTON CORE VALUE FUND </b></font><b><font style="font-size: 11pt"> </font><font style="font-size: 18pt"> </font></b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: EQTKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to achieve a high level of income and capital appreciation (when consistent with high income).</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016025Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016025Member ~ </div> 0.005 0.0025 0.0063 0.0138 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016025Member ~ </div> 140 437 755 1657 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 4.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objectives the Fund invests primarily in U.S. equity securities which generate a relatively high level of dividend income (relative to other equities in the same industry) and have potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. It is the Fund&rsquo;s policy that under normal market conditions it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase equity securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities have income producing potential, a potential for capital appreciation or value potential. The Fund&rsquo;s manager generally will consider selling equity securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in US Treasury bills and money market instruments to meet redemption requests and other liquidity needs.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in stock futures contracts when the Manager wants to keep the net assets of the fund fully invested in the equity markets but is holding some treasury bills or money market instruments in the portfolio. Utilizing futures allows the Manager to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Market Risks:</i></b></font><i> </i>The stock market goes up and down every day. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, an investment in this Fund would lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Economic and Political Events Risks:</i></b></font> Many factors will affect the performance of the stock market. Two major factors are economic and political events. The impact of positive or negative events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Sector Risks:</i></b></font> The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as potential for capital appreciation. At times the Fund may hold a concentrated position in the banking and financial sector, therefore the Funds&rsquo; performance may be significantly impacted by the performance of this sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Large and Medium-Sized Company Risks and Value Investing Risks:</i></b></font><i> </i>The Fund invests in large and medium-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company&rsquo;s stock or a single economic sector. However, during periods where alternative investments such as growth stocks, small cap stocks, bonds and money market instruments outperform value stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Futures Risk:</i></b></font><i> </i>The Fund&rsquo;s primary risks are associated with changes in the stock market, however, there are other risks associated with the Fund. For example, the Fund may invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts owned by the Fund do not perform well, the Fund&rsquo;s performance will be impacted.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016025Member ~ </div> 0.0586 0.1477 0.0493 0.1531 0.0084 -0.3174 0.26 0.1825 0.0142 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 18.52% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -20.09% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 11.04%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016025Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0142 0.0079 0.0531 0.0097 0.0028 0.0473 0.0092 0.0038 0.0434 -0.0050 -0.0294 0.0391 0.0209 -0.0025 0.0430 EQTKX 0.04 The Fund is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.1104 Best Quarter: 2009-06-30 0.1852 Worst Quarter: 2008-12-31 -0.2009 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016026Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016026Member sheltonfunds:C000044037Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016026Member sheltonfunds:C000044037Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016026Member sheltonfunds:C000044037Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016026Member sheltonfunds:n100kMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>NASDAQ-100 INDEX FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: NDXKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to attempt to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index&reg;.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016026Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016026Member ~ </div> 0.005 0.0025 0.0063 0.0138 -0.0039 0.0099 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016026Member ~ </div> 101 399 718 1624 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 24.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is managed passively in that the Manager is seeking to replicate the performance of the Nasdaq-100 Index&reg;. To do this, the Fund invests primarily in the stocks comprising this index. The Fund will attempt to buy stocks so that the holdings in the portfolio approximate those of the Nasdaq-100 Index&reg;. The Manager&rsquo;s goal is to maintain a return correlation of at least 0.95 to the Nasdaq100 Index&reg; (a return correlation of 1.0 is perfect). Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in the stocks comprising the index.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in securities issued by other investment companies if those companies invest in securities consistent with the Fund&rsquo;s investment objective and policies. Companies included in The Nasdaq-100 Stock Index range from $2.3 billion to $485 billion in market capitalization as of December 19, 2012. The majority of portfolio transactions in the Fund (other than those made in response to shareholder activity) will be made to adjust the Fund's portfolio to track the Index or to reflect occasional changes in the Index's composition.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in futures contracts. The Fund generally maintains some short-term securities and cash equivalents in the portfolio to meet redemptions and needs for liquidity. The Manager will typically buy futures contracts so that the market value of the futures contracts is as close to the cash balance as possible. This helps minimize the tracking error of the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Market Exposure Risk:</i></b> The Fund primarily invests in U.S. stocks and is designed to track the overall performance of the Nasdaq-100 Index<font style="font-size: 11pt">&reg;</font>. In an attempt to accurately represent the Index, the Fund will typically not take steps to reduce its market exposure including in a declining market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk</i></b>, which is the chance that stock prices overall will decline. The Fund's target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause the Fund to underperform the overall stock market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Economic and Political Risks:</i></b> The impact of positive or negative economic and political events could be short-term by causing a change in the market that is corrected in a year or less; or they may have long-term impacts which may cause changes in the market that may last for many years. Some factors may affect changes in one sector of the economy or one stock, but don't have an impact on the overall market. The particular sector of the economy or the individual stock may be affected for a short or long-term.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Investment Style Risk:</i></b> The Fund invests in the largest, non-financial companies that are traded on the Nasdaq Stock Market. They may comprise various sectors of the economy, but are currently concentrated in the technology sector. During periods in which the Nasdaq-100 Index underperforms alternative investments such as bond, money market and alternative stock sectors, the Manager expects the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Concentration Risk: </i></b> The Nasdaq-100 Index is a modified-capitalization weighted index, meaning that except for some modifications, companies are weighted based on their size. Thus, poor performance of the largest companies within the index could result in negative performance of the index and the Fund. Additionally, the significant concentration of technology stocks makes the Fund's performance particularly sensitive to this specific sector. Negative performance in the technology sector will result in negative fund performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Other Investment Companies Investment Risk:</i></b> To the extent the Fund invests in securities issued by other investment companies, the Fund, as a shareholder in another investment company, bears its ratable share of that investment company's expenses, including advisory and administration fees, resulting in an additional layer of management fees and expenses for Fund shareholders.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016026Member ~ </div> 0.0276 0.0947 0.0123 0.0608 0.1766 -0.4172 0.5385 0.1899 0.0298 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 19.22% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -23.72% (Q4, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 22.92%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016026Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0298 0.0527 0.0558 0.0296 0.0526 0.0557 0.0194 0.0454 0.0486 0.0367 0.0606 0.0647 NDXKX 2014-01-03 0.24 If the Fund's value drops during the period in which you hold the Fund, you could lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.2292 Best Quarter: 2009-06-30 0.1922 Worst Quarter: 2008-12-31 -0.2372 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 0.99% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016027Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016027Member sheltonfunds:C000044040Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016027Member sheltonfunds:C000044040Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016027Member sheltonfunds:C000044040Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016027Member sheltonfunds:dje50kMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>EUROPEAN GROWTH &amp; INCOME FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: EUGKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to provide long-term capital appreciation and income by investing in large-sized European companies.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016027Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016027Member ~ </div> 0.0085 0.0025 0.0083 0.0193 -0.0043 0.015 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016027Member ~ </div> 153 564 1002 2219 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 0% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund seeks to invest primarily in the sponsored and non-sponsored ADRs stocks of large-sized companies located in Europe. In selecting securities, the Fund attempts to use the Dow Jones European STOXX 50 Index as a target portfolio and a basis for selecting investments. Most companies considered for the Fund will have market capitalizations of at least $10 billion (U.S. dollars).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund invests principally using sponsored and non-sponsored American Depository Receipts, commonly referred to as ADRs. ADRs are traded on U.S. stock exchanges and are available for some, but not all, securities that make up the target portfolio. If a company that is in the target portfolio does not have an ADR available on a U.S. exchange or if, in the Manager&rsquo;s opinion, the Fund is better served, the Manager will invest in ADRs of other companies that the Manager believes best serve the Fund and its investors.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is not considered an index fund because it will not attempt to precisely track the performance or invest in securities that make up the Dow Jones European STOXX 50 Index. However, similar to index funds, the Fund will generally remain fully invested and its performance will track the Dow Jones European STOXX 50 Index to the extent that the Fund is successful in investing in the companies that make up the index. Additionally, the Manager will attempt to minimize portfolio turnover.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, it is the Fund&rsquo;s policy to invest 80% of its total assets (which includes the amount of any borrowings for investment purposes) in ADRs of companies located in Europe. The Manager may elect to purchase futures contracts and/or options to attempt to remain fully invested in the markets. This percentage of futures held in the portfolio will typically not exceed the cash (or cash equivalents) balance of the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Stock Market Risk:</i></b> The stock markets go up and down every day. As with any investment whose performance is linked to these markets, the value of your investment in the Fund will fluctuate. If the Fund's value drops during the period in which you hold the Fund, you could lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Foreign Investment Risk:</i></b> Although the Fund principally invests in ADRs which are traded in U.S. denominations on U.S. stock markets, there is still some underlying foreign investment risk. For example, because foreign companies operate differently than U.S. companies, the Fund may encounter risks not typically associated with those of U.S. companies. For instance, foreign companies are not subject to the same accounting, auditing, and financial reporting standards and procedures as required from U.S. companies; and their stocks may not be as liquid as the stocks of similar U.S. companies. In addition, foreign stock exchanges, brokers, and companies generally have less government supervision and regulation than their counterparts in the United States. These factors, among others, could negatively impact the return of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Country Risk,</i></b> which is the chance that a country's economy will be hurt by political troubles, financial problems, or natural disasters.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Currency Risk,</i></b> which is the chance that returns will be hurt by a rise in the value of one currency against the value of another.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b><i>Liquidity Risk:</i></b> There is also liquidity risk with ADRs, some of which may have a low daily trading volume. In the event the Fund is forced to liquidate its holdings of an ADR with limited trading volume, it is likely that the Fund would be forced to sell the ADR at a price lower than what it might otherwise receive.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016027Member ~ </div> 0.1256 0.1348 0.0658 0.2316 0.1406 -0.3882 0.2684 -0.0259 -0.1152 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 23.55% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -23.25% (Q3, 2011)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 8.13%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016027Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.1152 -0.0527 0.0305 -0.1218 -0.0600 0.0237 -0.0742 -0.0477 0.0226 -0.0818 -0.0564 0.0370 EUGKX 2014-01-03 0 If the Fund's value drops during the period in which you hold the Fund, you could lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0813 Best Quarter: 2009-06-30 0.2355 Worst Quarter: 2011-09-30 -0.2325 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.50% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016028Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016028Member sheltonfunds:C000044042Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016028Member sheltonfunds:C000044042Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016028Member sheltonfunds:C000044042Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016028Member sheltonfunds:bgnmakMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016028Member sheltonfunds:btikMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>U.S. GOVERNMENT SECURITIES FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: CAUKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek liquidity, safety from credit risk and as high a level of income as is consistent with these objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016028Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016028Member ~ </div> 0.005 0.0025 0.0062 0.0137 -0.0013 0.0124 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016028Member ~ </div> 126 421 730 1635 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 9.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objective, the Fund invests primarily in high-quality bonds whose interest is guaranteed by the full faith and credit of the United States government and its agencies or instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The government securities in which the Fund invests primarily include U.S. Treasury Securities and Government National Mortgage Association (GNMA) Certificates. Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in securities issued by the U.S. government and its agencies and instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund invests in intermediate and long-term fixed income securities. While the Fund is not limited to any duration, the Fund&rsquo;s manager generally seeks to target the Fund&rsquo;s dollar weighted average portfolio duration in a range between three to twelve years. During periods where alternative investments such as stocks and money market instruments out perform bonds, the Fund&rsquo;s manager expects the performance of the Fund to underperform other mutual funds that invest in these alternative strategies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities will provide the best balance between risk and return within the Fund&rsquo;s range of allowable investments. Generally, the manager selects a balance between U.S. Treasury bonds and GNMA pass-through securities in an attempt to maximize the overall performance of the Fund. The Fund&rsquo;s manager generally will consider selling such securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objective, when altering the duration of the fund or the balance or investments among treasuries and GNMAs to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objective.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><i>,</i> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates. This is the primary risk of this Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><i>, </i>which is the chance that declining interest rates will reduce the amount of income paid by the Fund over long periods of time.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><i>, </i>which is the chance that during declining interest rates, the bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Prepayment Risk</i></b></font> is similar to call risk. In the case of GNMA securities, payments to the Fund are based on payments from the underlying mortgages. During periods where homeowners refinance their mortgages, these securities are paid off and the Fund may have to reinvest the principal in lower yielding securities. This would reduce the income generated from the portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><i>,</i> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016028Member ~ </div> 0.0143 0.0296 0.014 0.0308 0.0573 0.0802 -0.0534 0.0564 0.0629 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 5.44% (Q2, 2010)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -5.17% (Q2, 2009)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 0.77%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016028Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0629 0.0395 0.0349 0.0584 0.0310 0.0254 0.0410 0.0291 0.0245 0.0789 0.0692 0.0582 0.0982 0.0681 0.0521 CAUKX 2014-01-03 0.09 The Fund is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0.0077 Best Quarter: 2010-06-30 0.0544 Worst Quarter: 2009-06-30 -0.0517 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.24% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016029Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016029Member sheltonfunds:C000044044Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016029Member sheltonfunds:C000044044Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016029Member sheltonfunds:C000044044Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016029Member sheltonfunds:b13tikMember 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>SHORT-TERM U.S. GOVERNMENT BOND FUND</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: STUKX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek liquidity, safety from credit risk, preservation of investors principal and as high a level of income as is consistent with these objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016029Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016029Member ~ </div> 0.005 0.0025 0.0073 0.0148 -0.0039 0.0109 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016029Member ~ </div> 111 430 771 1735 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 13.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund typically invests in short and intermediate-term fixed income securities whose principal and interest are backed by the full faith and credit of the U.S. Federal Government and its agencies or instrumentalities. The Manager will invest at least 80% of the Fund&rsquo;s assets in securities issued by the U.S. government and its agencies or instrumentalities. In addition, the Manager may invest in higher yielding securities which are not backed by the full faith and credit of the U.S. Federal Government. The Fund intends to maintain an average duration between 0 and 3 years in an effort to reduce share price volatility. The Fund&rsquo;s manager generally will consider selling fixed income securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This Fund tends to be conservative in nature. However, it is subject to several risks, any of which could cause the Fund to lose money. These include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><b>,</b> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><b>,</b> which is the chance that declining interest rates will reduce the amount of income paid by the Fund. Income risk is generally moderate for short and intermediate-term bonds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><b>,</b> which is the chance that during declining interest rates, the bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Prepayment Risk</i></b></font> is similar to call risk. In the case of GNMA securities, payments to the Fund are based on payments from the underlying mortgages. During periods where homeowners refinance their mortgages, these securities are paid off and the Fund may have to reinvest the principal in lower yielding securities. This would reduce the income generated from the portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>,</b> which is the chance that the Manager&rsquo;s security selection strategy may cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016029Member ~ </div> 0.0036 -0.0035 0.0074 0.0296 0.0591 0.0531 -0.0007 0.0155 -0.0015 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 2.65% (Q1, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: -1.09% (Q2, 2008)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: -0.58%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016029Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0015 0.0248 0.0196 -0.0023 0.0194 0.0136 -0.0006 0.0181 0.0133 0.0154 0.0371 0.0306 STUKX 2014-01-03 0.13 However, it is subject to several risks, any of which could cause the Fund to lose money. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 -0.0058 Best Quarter: 2008-03-31 0.0265 Worst Quarter: 2008-06-30 -0.0109 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.09% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SK00016030Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SK00016030Member sheltonfunds:C000044046Member 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: gainsboro"> <td style="width: 100%; background-color: gainsboro; font-weight: bold"><b>THE UNITED STATES TREASURY TRUST</b></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="background-color: gainsboro">Ticker Symbol: UTKXX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SK00016030Member ~ </div> 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SK00016030Member ~ </div> 0.005 0.0 0.0053 0.0128 -0.0025 0.0103 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A $10 account fee may be charged to accounts with a balance of less than $10,000.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example of Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SK00016030Member ~ </div> 105 355 652 1497 <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund primarily invests its assets in high-quality, short-term Treasury bills whose interest is guaranteed by the full faith and credit of the United States government. The Fund generally buys only securities that have a maturity of less than 397 days, such that the fund's weighted average maturity does not exceed the rule 2A-7 requirements, which is currently 60 days. Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in securities issued by the U.S. government, but as a general rule the percentage is much higher. The Fund will comply with Rule 2a-7 of the Investment Company Act of 1940 (&quot;Rule 2a-7&quot;) in implementing its investment strategies.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to some risks which could cause the Fund to lose money. It is important to remember that this Fund is not a FDIC-insured money market account. The risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font>, which is the chance that short-term security prices overall will decline due to rising interest rates. In an extreme case, a short-term movement could potentially change the Fund&rsquo;s share price to something other than the $1.00 target.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><b>,</b> which is the chance that declining interest rates will reduce the amount of income paid by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><b>,</b> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The securities that the Fund holds are backed by the full faith and credit of the United States federal government and are those that the Manager believes do not represent credit risk to the Fund. It is important to note that the U.S. government backs the securities held by the Fund, but not the Fund itself.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the $1.00 per share price, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website <u>www.sheltoncap.com</u> or by calling 1-800-955-9988.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Seven-day yield as of 12/31/11: 0.00%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">To obtain a current 7-day yield for the Fund call toll-free 1-800-955-9988 ..</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SK00016030Member ~ </div> 0.0002 0.0038 0.0191 0.0377 0.0363 0.0075 0.0000 0.0000 0.0000 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><i>'03: Not annualized</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Best Quarter: 1.02% (Q4, 2006)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Worst Quarter: 0.00% (Q4, 2011)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Year to date performance as of 9/30/12: 0.00%</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of inception: 10/16/03</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SK00016030Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0 0.0087 0.0126 UTKXX 2014-01-03 The Fund is subject to some risks which could cause the Fund to lose money. It is important to remember that this Fund is not a FDIC-insured money market account. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. It is important to remember that this Fund is not a FDIC-insured money market account. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Year to date performance 2012-09-30 0 Best Quarter: 2006-12-31 0.0102 Worst Quarter: 2011-12-31 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Seven-day yield as of 12/31/10 1-800-955-9988 0 The Fund's investment manager, Shelton Capital Management, has voluntarily waived the 12b-1 and shareholder servicing fees for the Fund and the Adviser may reinstate the fee at any time it deems appropriate. Additionally, Shelton Capital Management has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses exceed 1.03% until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. 0000778206 sheltonfunds:SA00016025Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016025Member sheltonfunds:C000088543Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016025Member sheltonfunds:C000088543Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016025Member sheltonfunds:C000088543Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016025Member sheltonfunds:index1Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016025Member sheltonfunds:index2Member 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 70%; background-color: gainsboro; font-weight: bold"><font style="font: 18pt Times New Roman, Times, Serif"><b>SHELTON CORE VALUE FUND </b></font></td> <td style="width: 30%; background-color: gainsboro; text-align: right">Class A Ticker Symbol: EQTAX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to achieve a high level of income and capital appreciation (when consistent with high income).</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Shelton Funds. More information about these and other discounts is available from your financial professional and in the &ldquo;Sales Charge Reductions and Waivers&rdquo; section of this Prospectus on page 8 and in the &ldquo;Investment Management and Other Services&rdquo; section on page 23 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member ~ </div> 0.05 0 -20.00 10.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member ~ </div> 0.005 0.0025 0.0038 0.0113 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member ~ </div> 609 841 1091 1806 609 841 1091 1806 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 4.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objectives the Fund invests primarily in U.S. equity securities which generate a relatively high level of dividend income (relative to other equities in the same industry) and have potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. It is the Fund&rsquo;s policy that under normal market conditions it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase equity securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities have income producing potential, a potential for capital appreciation or value potential. The Fund&rsquo;s manager generally will consider selling equity securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objectives, other securities appear to offer more compelling opportunities, to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in US Treasury bills and money market instruments to meet redemption requests and other liquidity needs.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund may invest in stock futures contracts when the Manager wants to keep the net assets of the fund fully invested in the equity markets but is holding some treasury bills or money market instruments in the portfolio. Utilizing futures allows the Manager to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Market Risks:</i></b></font><i> </i>The stock market goes up and down every day. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, an investment in this Fund would lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Economic and Political Events Risks:</i></b></font> Many factors will affect the performance of the stock market. Two major factors are economic and political events. The impact of positive or negative events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Sector Risks:</i></b></font> The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as potential for capital appreciation. At times the Fund may hold a concentrated position in the banking and financial sector, therefore the Funds&rsquo; performance may be significantly impacted by the performance of this sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Large and Medium-Sized Company Risks and Value Investing Risks:</i></b></font><i> </i>The Fund invests in large and medium-sized companies from many sectors. In doing so, the Fund is not as sensitive to the movements of a single company&rsquo;s stock or a single economic sector. However, during periods where alternative investments such as growth stocks, small cap stocks, bonds and money market instruments outperform value stocks, we expect the performance of the Fund to underperform other mutual funds that invest in these alternative categories.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Stock Futures Risk:</i></b></font><i> </i>The Fund&rsquo;s primary risks are associated with changes in the stock market, however, there are other risks associated with the Fund. For example, the Fund may invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts owned by the Fund do not perform well, the Fund&rsquo;s performance will be impacted.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website www.sheltoncap.com or by calling 1-800-955-9988.</p> <p style="text-align: left; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Best Quarter 11.92% (Q3, 2010)</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Worst Quarter: -14.18% (Q4, 2011)</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Year to date performance as of 9/30/12: 11.25%</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Date of inception: 5/7/10</p> <p style="text-align: justify; text-indent: 0pt; margin: 0">&nbsp;</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member ~ </div> 0.0166 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SA00016025Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0166 0.1057 0.0114 0.0998 0.0107 0.0868 -0.0050 0.0685 0.0209 0.0995 EQTAX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Shelton Funds. 50000 0.04 The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com Year to date performance 2012-09-30 0.1125 Best Quarter: 2010-09-30 0.1192 Worst Quarter: 2011-12-31 -0.1418 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. 0000778206 sheltonfunds:SA00016028Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016028Member sheltonfunds:C000088545Member 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016028Member sheltonfunds:C000088545Member rr:AfterTaxesOnDistributionsMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016028Member sheltonfunds:C000088545Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-01 2013-01-01 0000778206 sheltonfunds:SA00016028Member sheltonfunds:index3Member 2013-01-01 2013-01-01 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 61%; background-color: gainsboro; font-weight: bold; font: 14pt Times New Roman, Times, Serif"><b>U.S. GOVERNMENT SECURITIES FUND</b></td> <td style="width: 39%; background-color: gainsboro; text-align: right">Class A Ticker Symbol: CAUAX</td></tr> </table> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s investment objective is to seek liquidity, safety from credit risk and as high a level of income as is consistent with these objectives.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay when you buy and hold Class A shares of the Fund.</p> <p style="text-align: justify; text-indent: 0pt; margin: 0">&nbsp;</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay when you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Shelton Funds. More information about these and other discounts is available from your financial professional and in the &ldquo;Sales Charge Reductions and Waivers&rdquo; section of this Prospectus on page 8 and in the &ldquo;Investment Management and Other Services&rdquo; section on page&nbsp;23 of the Fund&rsquo;s statement of additional information.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(fee paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member ~ </div> 0.0475 0 0 0 0.00 10.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member ~ </div> 0.005 0.0025 0.0037 0.0112 -0.0013 0.0099 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member ~ </div> 571 802 1051 1762 571 802 1051 1762 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 9.00% of the average value of its portfolio.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In order to meet its investment objective, the Fund invests primarily in high-quality bonds whose interest is guaranteed by the full faith and credit of the United States government and its agencies or instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The government securities in which the Fund invests primarily include U.S. Treasury Securities and Government National Mortgage Association (GNMA) Certificates. Under normal market conditions, it is the Fund&rsquo;s policy to invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in securities issued by the U.S. government and its agencies and instrumentalities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund invests in intermediate and long-term fixed income securities. While the Fund is not limited to any duration, the Fund&rsquo;s manager generally seeks to target the Fund&rsquo;s dollar weighted average portfolio duration in a range between three to twelve years. During periods where alternative investments such as stocks and money market instruments out perform bonds, the Fund&rsquo;s manager expects the performance of the Fund to underperform other mutual funds that invest in these alternative strategies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund&rsquo;s manager seeks to purchase securities for the Fund&rsquo;s portfolio consistent with the Fund&rsquo;s investment objectives, such as when the manager believes such securities will provide the best balance between risk and return within the Fund&rsquo;s range of allowable investments. Generally, the manager selects a balance between U.S. Treasury bonds and GNMA pass-through securities in an attempt to maximize the overall performance of the Fund. The Fund&rsquo;s manager generally will consider selling such securities from the Fund&rsquo;s portfolio when the manager believes that such securities are no longer consistent with the Fund&rsquo;s investment objective, when altering the duration of the fund or the balance or investments among treasuries and GNMAs to meet redemption requests and in other circumstances that the manager deems appropriate consistent with the Fund&rsquo;s investment objective.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund is subject to several risks, any of which could cause the Fund to lose money. The principal risks include:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Interest Rate Risk</i></b></font><i>,</i> which is the chance that bond prices overall will decline over short and long-term periods due to rising interest rates. This is the primary risk of this Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Income Risk</i></b></font><i>, </i>which is the chance that declining interest rates will reduce the amount of income paid by the Fund over long periods of time.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Call Risk</i></b></font><i>, </i>which is the chance that during declining interest rates, the bond issuer will call or prepay a high-yielding bond before the bond&rsquo;s maturity date. This would force the Fund to purchase lower yielding bonds which would reduce the income generated from the portfolio and could potentially result in capital gains paid out by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Prepayment Risk</i></b></font> is similar to call risk. In the case of GNMA securities, payments to the Fund are based on payments from the underlying mortgages. During periods where homeowners refinance their mortgages, these securities are paid off and the Fund may have to reinvest the principal in lower yielding securities. This would reduce the income generated from the portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b><i>Management Risk</i></b></font><i>,</i> which is the chance that poor security selection will cause the Fund to underperform other mutual funds with similar investment objectives.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">All mutual funds take investment risk. Therefore, it is possible to lose money by investing in the Fund.</p> <p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b>Bar Chart and Performance Table</b></p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. These figures assume that all distributions are reinvested. <i>The Fund&rsquo;s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. </i>Updated performance information may be obtained on our website www.sheltoncap.com or by calling 1-800-955-9988.</p> <p style="text-align: left; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Best Quarter 4.28% (Q3, 2011)</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Worst Quarter: -1.82% (Q4, 2010)</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Year to date performance as of 9/30/12: 0.96%</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">Date of inception: 5/7/10</p> <p style="text-align: justify; text-indent: 0pt; margin: 0">&nbsp;</p> <p style="text-align: justify; text-indent: 0pt; margin: 0; font: 11pt Times New Roman, Times, Serif">After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member ~ </div> 0.0658 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Average Annual Total Return (for the period ended 12/31/11)</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact sheltonfunds_SA00016028Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0658 0.0479 0.0599 0.0414 0.0427 0.0370 0.0789 0.0688 CAUAX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Shelton Funds. 50000 2014-01-03 0.09 The Fund is subject to several risks, any of which could cause the Fund to lose money. The Fund's performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-955-9988 www.sheltoncap.com Year to date performance 2012-09-30 0.0096 Best Quarter: 2011-09-30 0.0428 Worst Quarter: 2010-12-31 -0.0182 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund's investment manager, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Class A Shares of the Fund to the extent that total annual fund operating expenses exceed 0.99% for the Class A Shares until January 3, 2014. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton Capital Management may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund's Board of Trustees. Reflects no deductions for sales charges, commissions, expenses or taxes. It is not possible to invest directly in an index. EX-101.SCH 3 sheltonfunds-20120101.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.DEF 4 sheltonfunds-20120101_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 sheltonfunds-20120101_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Fee Footnote Performance Heading Share Class [Axis] Performance Measure [Axis] Prospectus [Table] All Classes Average Annual Return, Column Name Series [Axis] All Series All Prospectus Prospectus [Axis] Creation Date Effective Date Period End Date Trading Symbol Expense Example, 1 YEAR Expense Example, No Redemption, 1 YEAR Expense Example, 3 YEARS Expense Example, No Redemption, 3 YEARS Expense Example, 5 YEARS Expense Example, No Redemption, 5 YEARS Expense Example, 10 YEARS Expense Example, No Redemption, 10 YEARS Expense Example, Note 1 Year 1 Year 3 Years 3 Years 5 Years 5 Years 10 Years 10 Years CIK Registrant Name Document Type Amendment Am.Description Prospectus Date California Tax-Free Income Fund California Insured Intermediate Fund California Tax-Free Money Market Fund S&P 500 Index Fund S&P MidCap Index Fund S&P SmallCap Index Fund Shelton Core Value Fund Nasdaq-100 Index Fund European Growth & Income Fund U.S. Government Securities Fund Short-Term U.S Government Bond Fund The United States Treasury Trust S&P 500 Index Fund - Class K S&P MidCap Index Fund - Class K S&P SmallCap Index Fund - Class K Shelton Core Value Fund - Class K Nasdaq-100 Index Fund - Class K European Growth & Income Fund - Class K U.S. Government Securities Fund - Class K Short-Term U.S Government Bond Fund - Class K The United States Treasury Trust - Class K Shelton Core Value Fund - Class A U.S. Government Securities Fund - Class A Direct Shares C000031070Member Direct Shares C000031071Member Direct Shares C000031072Member Direct Shares C000044029Member Direct Shares C000044031Member Direct Shares C000044033Member Direct Shares C000044035Member Direct Shares C000044038Member Direct Shares C000044039Member Direct Shares C000044041Member Direct Shares C000044043Member Direct Shares C000044045Member K Shares C000044030Member K Shares C000044032Member K Shares C000044034Member K Shares C000044036Member K Shares C000044037Member K Shares C000044040Member K Shares C000044042Member K Shares C000044044Member K Shares C000044046Member Class A C000088543Member Class A C000088544Member Class A C000088545Member Class A C000088546Member Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of purchase price) Maximum Deferred Sales Charge (Load) (as a percentage of purchase price) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of purchase price) Redemption Fee (as a percentage of amount redeemed, if applicable) Redemption Fee (as a percentage of amount redeemed, if applicable) Redemption Fee (as a percentage of amount redeemed, if applicable) Wire Redemption Fees on Redemptions less than $10,000 Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum Account Fee (applies to accounts with balances of less than $10,000) Sales and redemption charges Annual fund operating expenses, heading Annual fund operating expenses, table Management fees Distribution (12b-1) fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other expenses Acquired Fund Fees and Expenses (as a percentage of net assets) Total annual operating expenses Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Nondiversified Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance Barclays Municipal Bond Index bmbidMember Barclays 5 year Municipal Bond Index b5mbidMember S&P 500 Composite Stock Price Index S&P 500 Composite Stock Price Index S&P 500 Composite Stock Price Index S&P 500 Composite Stock Price Index S&P 500 Composite Stock Price Index snpcspidMember snpcspiedMember snpcspikMember snpcspiekMember index2Member S&P MidCap 400 Index S&P MidCap 400 Index snp400dMember snp400kMember S&P SmallCap 600 Index S&P SmallCap 600 Index snp600dMember snp600kMember S&P Citigroup Value Index S&P Citigroup Value Index S&P Citigroup Value Index snpcitidMember snpcitikMember index1Member Nasdaq-100 Index Nasdaq-100 Index n100dMember n100kMember Dow Jones European STOXX 50 Index Dow Jones European STOXX 50 Index dje50dMember dje50kMember Barclays GNMA Index Barclays GNMA Index Barclays GNMA Index bgnmadMember bgnmakMember index3Member Barclays Treasury Index Barclays Treasury Index btidMember btikMember Barclays 1-3 yr. 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