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<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:sccom="http://www.sec.gov/edgar/sccommon" xmlns:ncom="http://www.sec.gov/edgar/ncencommon" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:exch="http://www.sec.gov/edgar/iso_exchangelist" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0201</schemaVersion>
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    <submissionType>N-CEN/A</submissionType>
    <accessionNumber>0001398344-19-020027</accessionNumber>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000778206</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000039758</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: Shelton Green Alpha Fund-->
          <classInfo>
            <classId>C000123237</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Shelton Green Alpha Fund-->
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        </rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: The United States Treasury Trust-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Short%2DTerm U.S Government Bond Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
          </classInfo>
          <classInfo>
            <classId>C000044043</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000016028</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: U.S. Government Securities Fund-->
          <classInfo>
            <classId>C000044042</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <classInfo>
            <classId>C000044041</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        <rptSeriesClassInfo>
          <seriesId>S000016026</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: Nasdaq%2D100 Index Fund-->
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            <classId>C000044038</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
          </classInfo>
          <classInfo>
            <classId>C000044037</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000016025</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: Shelton Core Value Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <classInfo>
            <classId>C000044035</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        <rptSeriesClassInfo>
          <seriesId>S000016024</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: S&P SmallCap Index Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        <rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: S&P MidCap Index Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <classInfo>
            <classId>C000044031</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000016022</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: S&P 500 Index Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <classInfo>
            <classId>C000044029</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000011273</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: Green California Tax%2DFree Income Fund-->
          <classInfo>
            <classId>C000031070</classId>
            <!--Field: Pseudo-Tag; ID: Class Name; Data: Green California Tax%2DFree Income Fund-->
          </classInfo>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2019-08-31" isReportPeriodLt12="N"/>
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      <registrantLei>254900S73SCF59AAL583</registrantLei>
      <registrantstreet1>1875 Lawrence Street Ste 300</registrantstreet1>
      <registrantcity>DENVER</registrantcity>
      <registrantzipCode>80202</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>415-398-2727</registrantphoneNumber>
      <websites>
        <website webpage="https://sheltoncap.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Shelton Capital Management</officeName>
          <officeAddress1>1875 Lawrence Street Ste 300</officeAddress1>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeState="US-CO" officeCountry="US"/>
          <officeRecordsZipCode>80202</officeRecordsZipCode>
          <officePhone>415-398-2727</officePhone>
          <booksRecordsDesc>Investment filings and tax information</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="SHELTONCAP"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>10</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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        <director>
          <directorName>Steve Rogers</directorName>
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        <chiefComplianceOfficer>
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          <ccoStreet1>1875 Lawrence Street Ste 300</ccoStreet1>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoState="US-CO" ccoCountry="US"/>
          <ccoZipCode>80202</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
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          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
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        </chiefComplianceOfficer>
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      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>RFS PARTNERS</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-36128</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000018119</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-CA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>TAIT WELLER AND BAKER</publicAccountantName>
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          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
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      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
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    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Green California Tax-Free Income Fund</mgmtInvFundName>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Green California Tax-Free Income Fund" sharesOutstandingClassId="C000031070" sharesOutstandingTickerSymbol="CFNTX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SHELTON CAPITAL MANAGEMENT</investmentAdviserName>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
            <transferAgentFileNo>84-6083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>84-6083</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>RFS PARTNERS</brokerDealerName>
            <brokerDealerFileNo>8-36128</brokerDealerFileNo>
            <brokerDealerCrdNo>000018119</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
            <brokerDealerCommission>180896.51</brokerDealerCommission>
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        <brokers>
          <broker>
            <brokerName>CITIGROUP</brokerName>
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            <brokerCrdNo>000007059</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMORGAN CHASE</brokerName>
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          <broker>
            <brokerName>PIPER JAFFRAY</brokerName>
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            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
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            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
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        <aggregateCommission>0</aggregateCommission>
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          <principalTransaction>
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            <principalStateCountry principalState="US-MN" principalCountry="US"/>
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          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
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            <principalStateCountry principalState="US-NC" principalCountry="US"/>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>65426640.27</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <sharesOutstandings>
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          <sharesOutstanding sharesOutstandingClassName="K" sharesOutstandingClassId="C000044042" sharesOutstandingTickerSymbol="CAUKX"/>
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        <fundType>N/A</fundType>
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        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>RFS PARTNERS</brokerDealerName>
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            <brokerName>CITIGROUP</brokerName>
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          <broker>
            <brokerName>MORGAN STANLEY SMITH BARNEY</brokerName>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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            <custodianName>U.S. BANK, N.A.</custodianName>
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            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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        <admins>
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          <brokerDealer>
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            <principalName>CITIGROUP</principalName>
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          <principalTransaction>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P 500 Index Fund</mgmtInvFundName>
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            <indexFundReturnDiffAfterExpense>-0.52</indexFundReturnDiffAfterExpense>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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            <custodianName>U.S. BANK, N.A.</custodianName>
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            <brokerName>STIFEL NICOLAUS</brokerName>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
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          <principalTransaction>
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            <principalName>WELLS FARGO BANK</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>185224188.70</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P Mid Cap Index Fund</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Direct" sharesOutstandingClassId="C000044031" sharesOutstandingTickerSymbol="SPMIX"/>
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        <fundTypes>
          <indexFundInfo fundType="Index Fund">
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            <indexFundReturnDiffAfterExpense>-0.40</indexFundReturnDiffAfterExpense>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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          <broker>
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          <broker>
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          <principalTransaction>
            <principalName>ROYAL BANK OF SCOTLAND</principalName>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Shelton Core Value Fund</mgmtInvFundName>
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          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <investmentAdvisers>
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            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P Small Cap Index Fund</mgmtInvFundName>
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        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SHELTON CAPITAL MANAGEMENT</investmentAdviserName>
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            <investmentAdviserLei>254900WSISW90KIISU10</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CO" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
            <transferAgentFileNo>84-6083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>84-6083</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
            <adminLei>801-25205</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>RFS PARTNERS</brokerDealerName>
            <brokerDealerFileNo>8-36128</brokerDealerFileNo>
            <brokerDealerCrdNo>000018119</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
            <brokerDealerCommission>180896.51</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>WEXFORD CLEARING SERVICES LLC</brokerName>
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            <brokerLei>88KRVSOEKUGQZJ3DKW55</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>3463.2</grossCommission>
          </broker>
          <broker>
            <brokerName>ROYAL BANK OF SCOTLAND</brokerName>
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            <brokerLei>ZE2ZWJ5BTIQJ8M0C6K34</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>1402.16</grossCommission>
          </broker>
          <broker>
            <brokerName>STIFEL NICOLAUS</brokerName>
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            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>2116.45</grossCommission>
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          <broker>
            <brokerName>GOLDMAN SACHS</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY SMITH BARNEY</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
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            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>6981.81</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WEXFORD CLEARING SERVICES LLC</principalName>
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            <principalCrdNo>000019616</principalCrdNo>
            <principalLei>88KRVSOEKUGQZJ3DKW55</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>18673191.4399</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ROYAL BANK OF SCOTLAND</principalName>
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            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>29848430</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>STIFEL NICOLAUS</principalName>
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            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>5508343.7895</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1696583.054</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
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            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>6282402.246</principalTotalPurchaseSale>
          </principalTransaction>
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        <principalAggregatePurchase>63404495.81</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>72349256.58</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Nasdaq-100 Index Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000016026</mgmtInvSeriesId>
        <mgmtInvLei>2549005MCC0WV388D103</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Direct" sharesOutstandingClassId="C000044038" sharesOutstandingTickerSymbol="NASDX"/>
          <sharesOutstanding sharesOutstandingClassName="K" sharesOutstandingClassId="C000044037" sharesOutstandingTickerSymbol="NDXKX"/>
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        <fundTypes>
          <indexFundInfo fundType="Index Fund">
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            <isIndexFundExclusive>N</isIndexFundExclusive>
            <indexFundReturnDiffBeforeExpense>0.62</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.12</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.0008</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.0008</indexFundReturnDailyStdevAfterExpense>
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        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SHELTON CAPITAL MANAGEMENT</investmentAdviserName>
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            <investmentAdviserStateCountry investmentAdviserState="US-CO" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
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            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
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            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
            <brokerDealerCommission>180896.51</brokerDealerCommission>
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            <brokerName>STIFEL NICOLAUS</brokerName>
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          <broker>
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          <broker>
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          <broker>
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            <principalName>ROYAL BANK OF SCOTLAND</principalName>
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          <principalTransaction>
            <principalName>STIFEL NICOLAUS</principalName>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>613347771.78</mnthlyAvgNetAssets>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Short-Term US Government Bond Fund</mgmtInvFundName>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
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        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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        <transferAgents>
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      <managementInvestmentQuestion>
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        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 10f-3 (17 CFR 270.10f-3)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
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        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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          <subAdviser>
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        <principalAggregatePurchase>14033785.13</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>48779204.88</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Shelton Funds" signedDate="2019-12-04" signature="/s/ Gregory T. Pusch" title="Chief Compliance Officer"/>
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</edgarSubmission>
