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        <adviserName>Shelton Capital Management</adviserName>
        <adviserFileNumber>801-25205</adviserFileNumber>
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      <indpPubAccountant>
        <name>Tait Weller and Baker</name>
        <city>Philadelphia</city>
        <stateCountry>PA</stateCountry>
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        <administratorName>Shelton Capital Management</administratorName>
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      <moneyMarketFundCategory>Treasury</moneyMarketFundCategory>
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      <sevenDayNetYield>1.0412</sevenDayNetYield>
      <personPayForFundFlag>Y</personPayForFundFlag>
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    </classLevelInfo>
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      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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      <investmentCategory>U.S. Treasury Debt</investmentCategory>
      <securityEligibilityFlag>Y</securityEligibilityFlag>
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        <rating>N/A</rating>
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      <investmentMaturityDateWAL>2020-02-27</investmentMaturityDateWAL>
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      <excludingValueOfAnySponsorSupport>6593565.00</excludingValueOfAnySponsorSupport>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <CUSIPMember>912796SH3</CUSIPMember>
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      <investmentMaturityDateWAL>2020-03-26</investmentMaturityDateWAL>
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      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <CUSIPMember>912796SM2</CUSIPMember>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
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      <investmentMaturityDateWAL>2020-04-23</investmentMaturityDateWAL>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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        <rating>N/A</rating>
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      <investmentMaturityDateWAL>2020-05-21</investmentMaturityDateWAL>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
        <rating>N/A</rating>
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      <investmentMaturityDateWAL>2020-02-20</investmentMaturityDateWAL>
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      <securityDemandFeatureFlag>N</securityDemandFeatureFlag>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
        <rating>N/A</rating>
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      <investmentMaturityDateWAL>2020-03-05</investmentMaturityDateWAL>
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      <illiquidSecurityFlag>N</illiquidSecurityFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <CUSIPMember>912796TM1</CUSIPMember>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
        <rating>N/A</rating>
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      <investmentMaturityDateWAL>2020-04-02</investmentMaturityDateWAL>
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      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
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      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>Treasury Bill</nameOfIssuer>
      <titleOfIssuer>US TREASURY BILL</titleOfIssuer>
      <CUSIPMember>912796XA2</CUSIPMember>
      <investmentCategory>U.S. Treasury Debt</investmentCategory>
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        <nameOfNRSRO>N/A</nameOfNRSRO>
        <rating>N/A</rating>
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      <investmentMaturityDateWAM>2020-03-10</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2020-03-10</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2020-03-10</finalLegalInvestmentMaturityDate>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
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      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <signature>
      <registrant>Shelton Funds</registrant>
      <signatureDate>2020-02-07</signatureDate>
      <signature>/s/ Gregory T. Pusch</signature>
      <nameOfSigningOfficer>Gregory T. Pusch</nameOfSigningOfficer>
      <titleOfSigningOfficer>Chief Compliance Officer</titleOfSigningOfficer>
    </signature>
  </formData>
</edgarSubmission>
