<?xml version="1.0" encoding="UTF-8"?>
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    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000778206</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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      <investmentCompanyType>N-1A</investmentCompanyType>
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    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000039758</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: Shelton Green Alpha Fund-->
          <classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Shelton Green Alpha Fund-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Green California Tax%2DFree Income Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Green California Tax%2DFree Income Fund-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
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          <!--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-->
          </classInfo>
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000016023</seriesId>
          <!--Field: Pseudo-Tag; ID: Series Name; Data: S&P MidCap Index Fund-->
          <classInfo>
            <classId>C000044032</classId>
            <!--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>
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          <!--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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            <!--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: 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>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Nasdaq%2D100 Index Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: K Shares-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: U.S. Government Securities Fund-->
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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>
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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-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Direct Shares-->
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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: Direct Shares-->
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        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
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    <generalInfo reportEndingPeriod="2020-08-31" isReportPeriodLt12="N"/>
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      <registrantstreet1>1875 LAWRENCE STREET</registrantstreet1>
      <registrantstreet2>SUITE 300</registrantstreet2>
      <registrantcity>DENVER</registrantcity>
      <registrantzipCode>80202-1805</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
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      <locationBooksRecords>
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          <officeName>Shelton Capital Management</officeName>
          <officeAddress1>1875 Lawrence Street</officeAddress1>
          <officeAddress2>Ste 300</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeState="US-CO" officeCountry="US"/>
          <officeRecordsZipCode>80202</officeRecordsZipCode>
          <officePhone>415-398-2727</officePhone>
          <booksRecordsDesc>Investment filings and tax information</booksRecordsDesc>
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      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="SHELTONCAP"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
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      <terminatedSeries>
        <terminatedSeriesInfo seriesName="Short-Term US Government Bond Fund" seriesId="S000016029" terminationDate="12/2019"/>
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          <directorName>Steve Rogers</directorName>
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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>
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          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-CA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
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      <isOpinionOffered>N</isOpinionOffered>
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      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
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        <sharesOutstandings>
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        <fundType>N/A</fundType>
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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>
        <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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          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
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            <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>
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            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
            <shareholderServiceAgentLei>n/a</shareholderServiceAgentLei>
            <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>
            <adminLei>801-25205</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>RFS PARTNERS</brokerDealerName>
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            <brokerDealerCrdNo>000018119</brokerDealerCrdNo>
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            <brokerDealerCommission>0</brokerDealerCommission>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>62757289.61</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
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        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
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          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <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>
            <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>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
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            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>CITIGROUP</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS</brokerName>
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            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY SMITH BARNEY</brokerName>
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            <brokerCrdNo>000149777</brokerCrdNo>
            <brokerLei>7PDDXEMZ0ZV0CEDU4D16</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
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        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
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            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>7166147.67</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>CITIGROUP</principalName>
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            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1507183.54</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
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            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3206688.52</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>7PDDXEMZ0ZV0CEDU4D16</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1929796.89</principalTotalPurchaseSale>
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        <principalAggregatePurchase>30598222.13</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>22867106.11</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>US Treasury Trust Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000016030</mgmtInvSeriesId>
        <mgmtInvLei>254900VYM2FC2O1XO078</mgmtInvLei>
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        <numTerminatedClass>1</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Direct" sharesOutstandingClassId="C000044045" sharesOutstandingTickerSymbol="UTSXX"/>
          <sharesOutstanding sharesOutstandingClassName="K" sharesOutstandingClassId="C000044046" sharesOutstandingTickerSymbol="UTKXX"/>
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        <fundTypes>
          <fundType>Money Market Fund</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <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>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>SHELTON CAPITAL MANAGEMENT</investmentAdviserName>
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            <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>
          </transferAgent>
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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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            <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>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <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>0</brokerDealerCommission>
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        <brokers>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
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            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
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            <grossCommission>0</grossCommission>
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          <broker>
            <brokerName>CITIGROUP</brokerName>
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            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
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          <broker>
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          <broker>
            <brokerName>MORGAN STANLEY SMITH BARNEY</brokerName>
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          <broker>
            <brokerName>NATWEST SECURITIES CORP</brokerName>
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            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
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        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
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          <principalTransaction>
            <principalName>CITIGROUP</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>60411824.90</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
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            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>7PDDXEMZ0ZV0CEDU4D16</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>20280217.11</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>NATWEST SECURITIES CORP</principalName>
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            <principalCrdNo>000011707</principalCrdNo>
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            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>199958.59</principalTotalPurchaseSale>
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        <principalAggregatePurchase>324042218.57</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>37635531.02</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P 500 Index Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000016022</mgmtInvSeriesId>
        <mgmtInvLei>254900RZ4OG9RYV7LZ19</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Direct" sharesOutstandingClassId="C000044029" sharesOutstandingTickerSymbol="SPFIX"/>
          <sharesOutstanding sharesOutstandingClassName="K" sharesOutstandingClassId="C000044030" sharesOutstandingTickerSymbol="SPXKX"/>
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        <fundTypes>
          <indexFundInfo fundType="Index Fund">
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            <indexFundReturnDiffBeforeExpense>0.00</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>-0.48</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.01</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.01</indexFundReturnDailyStdevAfterExpense>
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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>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
            <transferAgentFileNo>84-6083</transferAgentFileNo>
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            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <pricingServices>
          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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            <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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            <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>
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        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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            <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>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>ROYAL BANK OF SCOTLAND</brokerName>
            <brokerFileNo>8-37135</brokerFileNo>
            <brokerCrdNo>000011707</brokerCrdNo>
            <brokerLei>ZE2ZWJ5BTIQJ8M0C6K34</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>2027.22</grossCommission>
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          <broker>
            <brokerName>STIFEL NICOLAUS</brokerName>
            <brokerFileNo>8-1447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>535.49</grossCommission>
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          <broker>
            <brokerName>WEXFORD CLEARING SERVICES LLC</brokerName>
            <brokerFileNo>8-37180</brokerFileNo>
            <brokerCrdNo>000019616</brokerCrdNo>
            <brokerLei>88KRVSOEKUGQZJ3DKW55</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>2409.62</grossCommission>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>183940850.16</mnthlyAvgNetAssets>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P Mid Cap Index Fund</mgmtInvFundName>
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            <indexFundReturnDiffAfterExpense>-0.03</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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        <investmentAdvisers>
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            <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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            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
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          <broker>
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          <broker>
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          <broker>
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          <principalTransaction>
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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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          <principalTransaction>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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        <principalAggregatePurchase>596361191.17</principalAggregatePurchase>
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        <mnthlyAvgNetAssets>145916920.84</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>S&amp;P Small Cap Index Fund</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Direct" sharesOutstandingClassId="C000044033" sharesOutstandingTickerSymbol="SMCIX"/>
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        </sharesOutstandings>
        <fundTypes>
          <indexFundInfo fundType="Index Fund">
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            <indexFundReturnDiffBeforeExpense>1.23</indexFundReturnDiffBeforeExpense>
            <indexFundReturnDiffAfterExpense>0.40</indexFundReturnDiffAfterExpense>
            <indexFundReturnDailyStdevBeforeExpense>0.05</indexFundReturnDailyStdevBeforeExpense>
            <indexFundReturnDailyStdevAfterExpense>0.05</indexFundReturnDailyStdevAfterExpense>
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        <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>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <investmentAdviserName>SHELTON CAPITAL MANAGEMENT</investmentAdviserName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
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          <pricingService>
            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. BANK, N.A.</custodianName>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>SHELTON CAPITAL MANAGEMENT</adminName>
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          <brokerDealer>
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          <broker>
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          <broker>
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          <broker>
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          <broker>
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            <principalName>MORGAN STANLEY SMITH BARNEY</principalName>
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          <principalTransaction>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Nasdaq-100 Index Fund</mgmtInvFundName>
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            <indexFundReturnDiffAfterExpense>-0.02</indexFundReturnDiffAfterExpense>
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        <relyOnRuleTypes>
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            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <pricingServiceName>Ultimus FUND SERVICES</pricingServiceName>
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            <shareholderServiceAgentName>Ultimus FUND SERVICES</shareholderServiceAgentName>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Shelton Green Alpha Fund</mgmtInvFundName>
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        <numAuthorizedClass>1</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Shelton Green Alpha Fund" sharesOutstandingClassId="C000123237" sharesOutstandingTickerSymbol="NEXTX"/>
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        <fundType>N/A</fundType>
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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>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>GREEN ALPHA ADVISORS</subAdviserName>
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            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CO" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus FUND SERVICES</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <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>
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            <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>
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            <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>
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            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO BANK</brokerName>
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            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>0</grossCommission>
          </broker>
          <broker>
            <brokerName>WEXFORD CLEARING SERVICES LLC</brokerName>
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            <brokerLei>88KRVSOEKUGQZJ3DKW55</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>15822.00</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>15822.00</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>5140640.97</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEXFORD CLEARING SERVICES LLC</principalName>
            <principalFileNo>8-37180</principalFileNo>
            <principalCrdNo>000019616</principalCrdNo>
            <principalLei>88KRVSOEKUGQZJ3DKW55</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>37757711.96</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>42898352.93</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>66022236.79</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <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="2020-11-10" signature="/s/ Greg Pusch" title="Chief Compliance Officer"/>
  </formData>
</edgarSubmission>
