<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
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		<submissionType>NPORT-P</submissionType>
		<isConfidential>false</isConfidential>
		<filerInfo>

			<filer>
				<issuerCredentials>
					<cik>0000778206</cik>
					<ccc>XXXXXXXX</ccc>
				</issuerCredentials>
			</filer>

			<seriesClassInfo>
				<seriesId>S000011273</seriesId>
				<classId>C000031070</classId>
			</seriesClassInfo>


		</filerInfo>
	</headerData>
	<formData>
		<genInfo>
			<regName>SHELTON FUNDS</regName>
			<regFileNumber>811-04417</regFileNumber>
			<regCik>0000778206</regCik>
			<regLei>254900S73SCF59AAL583</regLei>
			<regStreet1>1875 Lawrence Street, Suite 300</regStreet1>
			<regCity>Denver</regCity>
			<regStateConditional regCountry="US" regState="US-CO"/>
			<regZipOrPostalCode>80202-1805</regZipOrPostalCode>
			<regPhone>800-955-9888</regPhone>
			<seriesName>Green California Tax-Free Income Fund</seriesName>
			<seriesId>S000011273</seriesId>
			<seriesLei>254900Z435OFZQSCFD48</seriesLei>
			<repPdEnd>2022-08-31</repPdEnd>
			<repPdDate>2022-05-31</repPdDate>
			<isFinalFiling>N</isFinalFiling>
		</genInfo>
		<fundInfo>
			<totAssets>49520293.64</totAssets>
			<totLiabs>182244.32</totLiabs>
			<netAssets>49338049.32</netAssets>
			<assetsAttrMiscSec>0</assetsAttrMiscSec>
			<assetsInvested>0</assetsInvested>
			<amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
			<amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
			<amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
			<amtPayOneYrOther>0</amtPayOneYrOther>
			<amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
			<amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
			<amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
			<amtPayAftOneYrOther>0</amtPayAftOneYrOther>
			<delayDeliv>0</delayDeliv>
			<standByCommit>0</standByCommit>
			<liquidPref>0</liquidPref>
			<cshNotRptdInCorD>308895.89</cshNotRptdInCorD>
			<curMetrics>
				<curMetric>
					<curCd>USD</curCd>
					<intrstRtRiskdv01 period10Yr="4567.69" period1Yr="2542.59" period30Yr="214.34" period3Mon="70.04" period5Yr="9263.09"/>
					<intrstRtRiskdv100 period10Yr="486267.9" period1Yr="269007.2" period30Yr="19892.23" period3Mon="9696.43" period5Yr="1044308.99"/>
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			</curMetrics>
			<creditSprdRiskInvstGrade period10Yr="4839.68" period1Yr="2688.16" period30Yr="199.35" period3Mon="61.92" period5Yr="10306.93"/>
			<creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
			<isNonCashCollateral>N</isNonCashCollateral>
			<returnInfo>
				<monthlyTotReturns>
					<monthlyTotReturn classId="C000031070" rtn1="1.27" rtn2="-2.16" rtn3="-2.25"/>
				</monthlyTotReturns>
				<monthlyReturnCats/>
				<othMon1 netRealizedGain="-62.34" netUnrealizedAppr="555115.25"/>
				<othMon2 netRealizedGain="51712.58" netUnrealizedAppr="-1196857.47"/>
				<othMon3 netRealizedGain="-62.7" netUnrealizedAppr="-1258294.53"/>
			</returnInfo>
			<mon1Flow redemption="147549.02" reinvestment="53122.1" sales="7246.37"/>
			<mon2Flow redemption="389317.64" reinvestment="68128.79" sales="32256.29"/>
			<mon3Flow redemption="927803.94" reinvestment="65452.77" sales="62138.7"/>
		</fundInfo>
		<invstOrSecs>
			<invstOrSec>
				<name>BUTTE-GLENN CMNTY COLLEGE DIST CALIF</name>
				<lei>N/A</lei>
				<title>CA BUTHGR 4 08/01/2026</title>
				<cusip>124110CW5</cusip>
				<identifiers>
					<isin value="US124110CW54"/>
					<ticker value="BUTHGR"/>
					<other otherDesc="SEDOL Number" value="BH3C9B5"/>
				</identifiers>
				<balance>1000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1002811.5</valUSD>
				<pctVal>2.032531715</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2026-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA HEALTH FACS FING AUTH</name>
				<lei>5493007RI8BUDOGHZ546</lei>
				<title>CA CASMED 5 11/01/2027</title>
				<cusip>13032UMR6</cusip>
				<identifiers>
					<isin value="US13032UMR67"/>
					<ticker value="CASMED"/>
					<other otherDesc="SEDOL Number" value="BF3MGN2"/>
				</identifiers>
				<balance>1700000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1938934.15</valUSD>
				<pctVal>3.9298962499</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA HSG FIN AGY</name>
				<lei>549300BOPCVLBA552Z14</lei>
				<title>CA CASHSG 4 03/20/2033</title>
				<cusip>13033DAC9</cusip>
				<identifiers>
					<isin value="US13033DAC92"/>
					<ticker value="CASHSG"/>
					<other otherDesc="SEDOL Number" value="BKTM3Z2"/>
				</identifiers>
				<balance>360818.65</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>360904.49</valUSD>
				<pctVal>0.7314932288</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2033-03-20</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
				<lei>549300C1OG9RDIM8ET06</lei>
				<title>CA CASDEV 5 10/01/2033</title>
				<cusip>13034AJV3</cusip>
				<identifiers>
					<isin value="US13034AJV35"/>
					<ticker value="CASDEV"/>
				</identifiers>
				<balance>1200000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1319915.64</valUSD>
				<pctVal>2.6752489371</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2033-10-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA MUN FIN AUTH</name>
				<lei>5493000UQOV6R4ZWS346</lei>
				<title>CA CASFIN 5 10/01/2044</title>
				<cusip>13048VMH8</cusip>
				<identifiers>
					<isin value="US13048VMH86"/>
					<ticker value="CASFIN"/>
					<other otherDesc="SEDOL Number" value="BKY8TJ1"/>
				</identifiers>
				<balance>480000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>528230.5</valUSD>
				<pctVal>1.0706351534</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2044-10-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA MUN FIN AUTH</name>
				<lei>5493000UQOV6R4ZWS346</lei>
				<title>CA CASFIN 5 05/15/2038</title>
				<cusip>13049YBG5</cusip>
				<identifiers>
					<isin value="US13049YBG52"/>
					<ticker value="CASFIN"/>
				</identifiers>
				<balance>800000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>833672.4</valUSD>
				<pctVal>1.6897149593</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2038-05-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA ST</name>
				<lei>N/A</lei>
				<title>CA CAS 3 10/01/2028</title>
				<cusip>13063CNP1</cusip>
				<identifiers>
					<isin value="US13063CNP13"/>
					<ticker value="CAS"/>
					<other otherDesc="SEDOL Number" value="BRCJ8S7"/>
				</identifiers>
				<balance>900000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>910150.02</valUSD>
				<pctVal>1.8447223442</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2028-10-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>3</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>CALIFORNIA ST UNIV</name>
				<lei>N/A</lei>
				<title>CA CASHGR 4 11/01/2030</title>
				<cusip>13077CYM0</cusip>
				<identifiers>
					<isin value="US13077CYM09"/>
					<ticker value="CASHGR"/>
					<other otherDesc="SEDOL Number" value="BFWK4W2"/>
				</identifiers>
				<balance>1100000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1112462.67</valUSD>
				<pctVal>2.2547763548</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2030-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>EAST BAY CALIF MUN UTIL DIST</name>
				<lei>N/A</lei>
				<title>CA EBYWTR 5 06/01/2032</title>
				<cusip>271014C67</cusip>
				<identifiers>
					<isin value="US271014C675"/>
					<ticker value="EBYWTR"/>
					<other otherDesc="SEDOL Number" value="BDGGH01"/>
				</identifiers>
				<balance>150000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>167597.76</valUSD>
				<pctVal>0.3396927165</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2032-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>EAST BAY CALIF MUN UTIL DIST</name>
				<lei>N/A</lei>
				<title>CA EBYWTR 5 06/01/2026</title>
				<cusip>271014ZN5</cusip>
				<identifiers>
					<isin value="US271014ZN54"/>
					<ticker value="EBYWTR"/>
					<other otherDesc="SEDOL Number" value="BJBDML5"/>
				</identifiers>
				<balance>2050000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2225518.54</valUSD>
				<pctVal>4.5107550272</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2026-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>EAST SIDE UN HIGH SCH DIST CALIF</name>
				<lei>549300FHNKBG2V8ZLG85</lei>
				<title>CA ESDSCD 5.25 09/01/2023</title>
				<cusip>2752814T7</cusip>
				<identifiers>
					<isin value="US2752814T70"/>
					<ticker value="ESDSCD"/>
					<other otherDesc="SEDOL Number" value="BGHZD77"/>
				</identifiers>
				<balance>975000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1018493.58</valUSD>
				<pctVal>2.0643166766</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2023-09-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.25</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>EASTERN CALIF MUN WTR DIST</name>
				<lei>549300ZCFVRFDIRWK089</lei>
				<title>CA EASWTR 07/01/2046</title>
				<cusip>27627TBV3</cusip>
				<identifiers>
					<isin value="US27627TBV35"/>
					<ticker value="EASWTR"/>
					<other otherDesc="SEDOL Number" value="BJV55V2"/>
				</identifiers>
				<balance>2000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2000000</valUSD>
				<pctVal>4.0536665465</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2046-07-01</maturityDt>
					<couponKind>Variable</couponKind>
					<annualizedRt>0.55</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>FOOTHILL-DE ANZA CALIF CMNTY COLLEGE DIST</name>
				<lei>N/A</lei>
				<title>CA FOOHGR 0 08/01/2027</title>
				<cusip>345102FH5</cusip>
				<identifiers>
					<isin value="US345102FH51"/>
					<ticker value="FOOHGR"/>
					<other otherDesc="SEDOL Number" value="BGRPG01"/>
				</identifiers>
				<balance>2000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1752834.2</valUSD>
				<pctVal>3.5527026791</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-08-01</maturityDt>
					<couponKind>None</couponKind>
					<annualizedRt>0</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LA MIRADA CALIF REDEV AGY</name>
				<lei>N/A</lei>
				<title>CA LMRDEV 5 08/15/2023</title>
				<cusip>50368RAJ0</cusip>
				<identifiers>
					<isin value="US50368RAJ05"/>
					<ticker value="LMRDEV"/>
					<other otherDesc="SEDOL Number" value="BJ12R06"/>
				</identifiers>
				<balance>1000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1038047.3</valUSD>
				<pctVal>2.1039488069</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2023-08-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF</name>
				<lei>549300E7TO710PTXPJ65</lei>
				<title>CA LOSUTL 5 06/01/2044</title>
				<cusip>53945CCR9</cusip>
				<identifiers>
					<isin value="US53945CCR97"/>
					<ticker value="LOSUTL"/>
				</identifiers>
				<balance>500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>531700.9</valUSD>
				<pctVal>1.0776690755</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2044-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF</name>
				<lei>254900NGUPWO7FB6II89</lei>
				<title>CA LOSUTL 5.25 06/01/2047</title>
				<cusip>53945CGT1</cusip>
				<identifiers>
					<isin value="US53945CGT18"/>
					<ticker value="LOSUTL"/>
				</identifiers>
				<balance>1500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1652310.15</valUSD>
				<pctVal>3.3489571898</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2047-06-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.25</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF CMNTY COLLEGE DIST</name>
				<lei>N/A</lei>
				<title>CA LOSHGR 5 08/01/2028</title>
				<cusip>54438CRU8</cusip>
				<identifiers>
					<isin value="US54438CRU89"/>
					<ticker value="LOSHGR"/>
					<other otherDesc="SEDOL Number" value="BTKH995"/>
				</identifiers>
				<balance>865000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>922198.73</valUSD>
				<pctVal>1.8691430705</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2028-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
				<lei>549300S8NXV6YU61GG95</lei>
				<title>CA LOSUTL 5 07/01/2037</title>
				<cusip>544525G77</cusip>
				<identifiers>
					<isin value="US544525G771"/>
					<ticker value="LOSUTL"/>
				</identifiers>
				<balance>995000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>998117.34</valUSD>
				<pctVal>2.0230174353</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2037-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
				<lei>549300S8NXV6YU61GG95</lei>
				<title>CA LOSUTL 5 07/01/2037</title>
				<cusip>544525H43</cusip>
				<identifiers>
					<isin value="US544525H431"/>
					<ticker value="LOSUTL"/>
				</identifiers>
				<balance>990000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>992351.55</valUSD>
				<pctVal>2.0113311403</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2037-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CALIF HBR DEPT</name>
				<lei>N/A</lei>
				<title>CA LOSTRN 4 08/01/2023</title>
				<cusip>544552XW7</cusip>
				<identifiers>
					<isin value="US544552XW79"/>
					<ticker value="LOSTRN"/>
					<other otherDesc="SEDOL Number" value="BHLYFS2"/>
				</identifiers>
				<balance>290000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>297707.24</valUSD>
				<pctVal>0.6034029397</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2023-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CNTY CALIF MET TRANSN AUTH</name>
				<lei>54930051IHTXE1N9RB42</lei>
				<title>CA LOSTRN 4 07/01/2028</title>
				<cusip>54466HCF1</cusip>
				<identifiers>
					<isin value="US54466HCF10"/>
					<ticker value="LOSTRN"/>
				</identifiers>
				<balance>500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>524812.05</valUSD>
				<pctVal>1.0637065252</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2028-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS ANGELES CNTY CALIF MET TRANSN AUTH</name>
				<lei>54930051IHTXE1N9RB42</lei>
				<title>CA LOSTRN 5 07/01/2023</title>
				<cusip>5447125H1</cusip>
				<identifiers>
					<isin value="US5447125H15"/>
					<ticker value="LOSTRN"/>
				</identifiers>
				<balance>1500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1553324.4</valUSD>
				<pctVal>3.1483295781</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2023-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>LOS RIOS CALIF CMNTY COLLEGE DIST</name>
				<lei>549300POMNL5W7FEFO13</lei>
				<title>CA LRSHGR 5 08/01/2032</title>
				<cusip>545624NG9</cusip>
				<identifiers>
					<isin value="US545624NG98"/>
					<ticker value="LRSHGR"/>
					<other otherDesc="SEDOL Number" value="BG7H3B7"/>
				</identifiers>
				<balance>2500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2593945</valUSD>
				<pctVal>5.257494035</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2032-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>METROPOLITAN WTR DIST SOUTHN CALIF CALIF</name>
				<lei>5493003GD0S0P56RLT45</lei>
				<title>CA METWTR 07/01/2035</title>
				<cusip>592663XH6</cusip>
				<identifiers>
					<isin value="US592663XH65"/>
					<ticker value="METWTR"/>
					<other otherDesc="SEDOL Number" value="BF2JBV7"/>
				</identifiers>
				<balance>1600000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1600000</valUSD>
				<pctVal>3.2429332372</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2035-07-01</maturityDt>
					<couponKind>Variable</couponKind>
					<annualizedRt>0.55</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MILPITAS CALIF UNI SCH DIST</name>
				<lei>549300BL87026BFAVO38</lei>
				<title>CA MLPSCD 3 08/01/2034</title>
				<cusip>601670NK4</cusip>
				<identifiers>
					<isin value="US601670NK47"/>
					<ticker value="MLPSCD"/>
				</identifiers>
				<balance>2000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1970879.2</valUSD>
				<pctVal>3.9946435402</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2034-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>3</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>MOUNT SAN ANTONIO CALIF CMNTY COLLEGE DIST</name>
				<lei>N/A</lei>
				<title>CA MSAHGR 5 08/01/2034</title>
				<cusip>623040FF4</cusip>
				<identifiers>
					<isin value="US623040FF41"/>
					<ticker value="MSAHGR"/>
				</identifiers>
				<balance>345000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>358575.65</valUSD>
				<pctVal>0.7267730584</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2034-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>ROSEVILLE CALIF FIN AUTH</name>
				<lei>N/A</lei>
				<title>CA ROSPWR 5 02/01/2025</title>
				<cusip>77781RBC6</cusip>
				<identifiers>
					<isin value="US77781RBC60"/>
					<ticker value="ROSPWR"/>
					<other otherDesc="SEDOL Number" value="BFX79J4"/>
				</identifiers>
				<balance>750000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>779068.95</valUSD>
				<pctVal>1.57904287</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2025-02-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SACRAMENTO CALIF MUN UTIL DIST</name>
				<lei>E3GSVR6ZOU1MX2V7HF33</lei>
				<title>CA SACPWR 5.25 07/01/2024</title>
				<cusip>786005PL6</cusip>
				<identifiers>
					<isin value="US786005PL64"/>
					<ticker value="SACPWR"/>
					<other otherDesc="SEDOL Number" value="BHQ73B5"/>
				</identifiers>
				<balance>770000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>797332.31</valUSD>
				<pctVal>1.6160596558</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2024-07-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5.25</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN DIEGO CALIF CMNTY COLLEGE DIST</name>
				<lei>N/A</lei>
				<title>CA SDGHGR 5 08/01/2027</title>
				<cusip>797272MK4</cusip>
				<identifiers>
					<isin value="US797272MK46"/>
					<ticker value="SDGHGR"/>
					<other otherDesc="SEDOL Number" value="BHX8Z37"/>
				</identifiers>
				<balance>1175000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1221235.9</valUSD>
				<pctVal>2.4752415566</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2027-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
				<lei>549300Y3C3QUMLE3FY58</lei>
				<title>CA SFOTRN 4 08/01/2034</title>
				<cusip>797661WL5</cusip>
				<identifiers>
					<isin value="US797661WL59"/>
					<ticker value="SFOTRN"/>
					<other otherDesc="SEDOL Number" value="BFMWHV8"/>
				</identifiers>
				<balance>645000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>679263.17</valUSD>
				<pctVal>1.3767531943</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2034-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
				<lei>549300Y3C3QUMLE3FY58</lei>
				<title>CA SFOTRN 5 08/01/2036</title>
				<cusip>797661WW1</cusip>
				<identifiers>
					<isin value="US797661WW15"/>
					<ticker value="SFOTRN"/>
					<other otherDesc="SEDOL Number" value="BJ69PB9"/>
				</identifiers>
				<balance>2300000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2554286.62</valUSD>
				<pctVal>5.1771131109</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2036-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
				<lei>549300RA28ZEFOB6M782</lei>
				<title>CA SFOWTR 5 11/01/2034</title>
				<cusip>79765R2R9</cusip>
				<identifiers>
					<isin value="US79765R2R97"/>
					<ticker value="SFOWTR"/>
					<other otherDesc="SEDOL Number" value="BDVJK73"/>
				</identifiers>
				<balance>1000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1114580.2</valUSD>
				<pctVal>2.2590682351</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2034-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
				<lei>N/A</lei>
				<title>CA SFOPWR 5 11/01/2030</title>
				<cusip>79771KAE6</cusip>
				<identifiers>
					<isin value="US79771KAE64"/>
					<ticker value="SFOPWR"/>
					<other otherDesc="SEDOL Number" value="BGCS348"/>
				</identifiers>
				<balance>680000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>731021.62</valUSD>
				<pctVal>1.4816589429</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2030-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
				<lei>N/A</lei>
				<title>CA SFOPWR 5 11/01/2036</title>
				<cusip>79771KAL0</cusip>
				<identifiers>
					<isin value="US79771KAL08"/>
					<ticker value="SFOPWR"/>
					<other otherDesc="SEDOL Number" value="BGW6YG1"/>
				</identifiers>
				<balance>1170000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1253342.96</valUSD>
				<pctVal>2.5403172141</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2036-11-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SAN MATEO FOSTER CITY CALIF PUB FING AUTH</name>
				<lei>N/A</lei>
				<title>CA SMFFAC 4 08/01/2044</title>
				<cusip>79905VAW1</cusip>
				<identifiers>
					<isin value="US79905VAW19"/>
					<ticker value="SMFFAC"/>
					<other otherDesc="SEDOL Number" value="BJLN4T7"/>
				</identifiers>
				<balance>2000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2058078</valUSD>
				<pctVal>4.1713809694</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2044-08-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>4</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SANTA CLARA VY CALIF TRANSN AUTH</name>
				<lei>549300R6Q7T4MD3V9H68</lei>
				<title>CA SCVTRN 5 04/01/2034</title>
				<cusip>80168NGU7</cusip>
				<identifiers>
					<isin value="US80168NGU72"/>
					<ticker value="SCVTRN"/>
					<other otherDesc="SEDOL Number" value="BJFMYM3"/>
				</identifiers>
				<balance>1000000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>1083515</valUSD>
				<pctVal>2.1961042541</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2034-04-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>SANTA MARIA CALIF JT UN HIGH SCH DIST</name>
				<lei>5493006E0NB791MBEL10</lei>
				<title>CA SMASCD 0 08/01/2029</title>
				<cusip>802309JV7</cusip>
				<identifiers>
					<isin value="US802309JV76"/>
					<ticker value="SMASCD"/>
					<other otherDesc="SEDOL Number" value="BGR0HL4"/>
				</identifiers>
				<balance>2500000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2036307.25</valUSD>
				<pctVal>4.1272552889</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2029-08-01</maturityDt>
					<couponKind>None</couponKind>
					<annualizedRt>0</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>TURLOCK CALIF IRR DIST</name>
				<lei>5493001J7IGC81HEQJ12</lei>
				<title>CA TURWTR 5 01/01/2036</title>
				<cusip>900190KE8</cusip>
				<identifiers>
					<isin value="US900190KE86"/>
					<ticker value="TURWTR"/>
					<other otherDesc="SEDOL Number" value="BJVRMT5"/>
				</identifiers>
				<balance>300000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>344539.17</valUSD>
				<pctVal>0.6983234537</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2036-01-01</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>UNIVERSITY CALIF</name>
				<lei>RRR42I7GG51DB5HDQR14</lei>
				<title>CA UNVHGR 5 05/15/2029</title>
				<cusip>91412GUF0</cusip>
				<identifiers>
					<isin value="US91412GUF08"/>
					<ticker value="UNVHGR"/>
					<other otherDesc="SEDOL Number" value="BGC13S1"/>
				</identifiers>
				<balance>925000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>976528.88</valUSD>
				<pctVal>1.9792612263</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2029-05-15</maturityDt>
					<couponKind>Fixed</couponKind>
					<annualizedRt>5</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
			<invstOrSec>
				<name>WILLIAM S HART CALIF UN HIGH SCH DIST</name>
				<lei>N/A</lei>
				<title>CA WSHSCD 0 09/01/2029</title>
				<cusip>969275PS9</cusip>
				<identifiers>
					<isin value="US969275PS96"/>
					<ticker value="WSHSCD"/>
					<other otherDesc="SEDOL Number" value="BGS6205"/>
				</identifiers>
				<balance>3595000</balance>
				<units>PA</units>
				<curCd>USD</curCd>
				<valUSD>2888947.03</valUSD>
				<pctVal>5.8554139651</pctVal>
				<payoffProfile>Long</payoffProfile>
				<assetCat>DBT</assetCat>
				<issuerCat>MUN</issuerCat>
				<invCountry>US</invCountry>

				<isRestrictedSec>N</isRestrictedSec>

				<fairValLevel>2</fairValLevel>
				<debtSec>
					<maturityDt>2029-09-01</maturityDt>
					<couponKind>None</couponKind>
					<annualizedRt>0</annualizedRt>
					<isDefault>N</isDefault>
					<areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
					<isPaidKind>N</isPaidKind>
				</debtSec>
				<securityLending>
					<isCashCollateral>N</isCashCollateral>
					<isNonCashCollateral>N</isNonCashCollateral>
					<isLoanByFund>N</isLoanByFund>
				</securityLending>
			</invstOrSec>
		</invstOrSecs>
		<signature>
			<ncom:dateSigned>2022-07-21</ncom:dateSigned>
			<ncom:nameOfApplicant>SHELTON FUNDS</ncom:nameOfApplicant>
			<ncom:signature>/s/ Gregory Pusch</ncom:signature>
			<ncom:signerName>Gregory Pusch</ncom:signerName>
			<ncom:title>General Counsel and CCO</ncom:title>
		</signature>
	</formData>
	<documents>XXXX</documents>
</edgarSubmission>
