<?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">
  <headerData>
    <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>1125 17th Street, Ste. 2550</regStreet1>
      <regCity>Denver</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80202-1805</regZipOrPostalCode>
      <regPhone>800-955-9888</regPhone>
      <seriesName>GREEN CA TAX-FREE INC FND</seriesName>
      <seriesId>S000011273</seriesId>
      <seriesLei>254900Z435OFZQSCFD48</seriesLei>
      <repPdEnd>2026-08-31</repPdEnd>
      <repPdDate>2025-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>34083479.13</totAssets>
      <totLiabs>83329.02</totLiabs>
      <netAssets>34000150.11</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>99548.87</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="6361.262" period1Yr="1370.104" period30Yr="5059.951" period3Mon="69.185" period5Yr="5166.176"/>
          <intrstRtRiskdv100 period10Yr="849776.526" period1Yr="201011.363" period30Yr="491465.047" period3Mon="16191.807" period5Yr="750812.166"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="8336.458" period1Yr="1909.127" period30Yr="4657.881" period3Mon="89.407" period5Yr="7419.259"/>
      <creditSprdRiskNonInvstGrade period10Yr="8.816" period1Yr="7.452" period30Yr="2.673" period3Mon="7.44" period5Yr="12.62"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000031070" rtn1="0.17" rtn2="0.76" rtn3="2.41"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-53.11" netUnrealizedAppr="9844.33"/>
        <othMon2 netRealizedGain="-53.09" netUnrealizedAppr="185399.2"/>
        <othMon3 netRealizedGain="-53.39" netUnrealizedAppr="727721.76"/>
      </returnInfo>
      <mon1Flow redemption="75611.58" reinvestment="53457.15" sales="277637.35"/>
      <mon2Flow redemption="0" reinvestment="0" sales="0"/>
      <mon3Flow redemption="0" reinvestment="0" sales="0"/>
    </fundInfo>
    <invstOrSecs>
      <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>
          <ticker value="FOOHGR"/>
          <other otherDesc="SEDOL Number" value="BGRPG01"/>
          <isin value="US345102FH51"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1437805.95</valUSD>
        <pctVal>4.2288223592</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>SANTA MARIA CALIF JT UN HIGH SCH DIST</name>
        <lei>5493006E0NB791MBEL10</lei>
        <title>CA SMASCD 0 08/01/2029</title>
        <cusip>802309JV7</cusip>
        <identifiers>
          <ticker value="SMASCD"/>
          <other otherDesc="SEDOL Number" value="BGR0HL4"/>
          <isin value="US802309JV76"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1353533.7</valUSD>
        <pctVal>3.9809638946</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>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>
          <ticker value="WSHSCD"/>
          <other otherDesc="SEDOL Number" value="BGS6205"/>
          <isin value="US969275PS96"/>
        </identifiers>
        <balance>1595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1431659.72</valUSD>
        <pctVal>4.2107452919</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>
      <invstOrSec>
        <name>UNIVERSITY CALIF</name>
        <lei>RRR42I7GG51DB5HDQR14</lei>
        <title>CA UNVHGR 05/15/2048</title>
        <cusip>91412GSG1</cusip>
        <identifiers>
          <ticker value="UNVHGR"/>
          <other otherDesc="SEDOL Number" value="BJ1S1P7"/>
          <isin value="US91412GSG19"/>
        </identifiers>
        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900000</valUSD>
        <pctVal>2.6470471368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.4</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 CITY &amp; CNTY PUB UTILS COMMN</name>
        <lei>N/A</lei>
        <title>CA SFOPWR 5 11/01/2030</title>
        <cusip>79771KAE6</cusip>
        <identifiers>
          <ticker value="SFOPWR"/>
          <other otherDesc="SEDOL Number" value="BGCS348"/>
          <isin value="US79771KAE64"/>
        </identifiers>
        <balance>180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180535.05</valUSD>
        <pctVal>0.5309830969</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>
          <ticker value="SFOPWR"/>
          <other otherDesc="SEDOL Number" value="BGW6YG1"/>
          <isin value="US79771KAL08"/>
        </identifiers>
        <balance>170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>170363.39</valUSD>
        <pctVal>0.5010665819</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>LOS ANGELES CNTY CALIF MET TRANSN AUTH</name>
        <lei>54930051IHTXE1N9RB42</lei>
        <title>CA LOSTRN 4 07/01/2028</title>
        <cusip>54466HCF1</cusip>
        <identifiers>
          <ticker value="LOSTRN"/>
          <isin value="US54466HCF10"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500303.05</valUSD>
        <pctVal>1.4714730623</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 CALIF</name>
        <lei>254900NGUPWO7FB6II89</lei>
        <title>CA LOSUTL 5.25 06/01/2047</title>
        <cusip>53945CGT1</cusip>
        <identifiers>
          <ticker value="LOSUTL"/>
          <isin value="US53945CGT18"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1526388.9</valUSD>
        <pctVal>4.4893592971</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>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
        <lei>549300Y3C3QUMLE3FY58</lei>
        <title>CA SFOTRN 5 08/01/2036</title>
        <cusip>797661WW1</cusip>
        <identifiers>
          <ticker value="SFOTRN"/>
          <other otherDesc="SEDOL Number" value="BJ69PB9"/>
          <isin value="US797661WW15"/>
        </identifiers>
        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1347629.53</valUSD>
        <pctVal>3.9635987654</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>EAST BAY CALIF MUN UTIL DIST</name>
        <lei>N/A</lei>
        <title>CA EBYWTR 5 06/01/2032</title>
        <cusip>271014C67</cusip>
        <identifiers>
          <ticker value="EBYWTR"/>
          <other otherDesc="SEDOL Number" value="BDGGH01"/>
          <isin value="US271014C675"/>
        </identifiers>
        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155930.07</valUSD>
        <pctVal>0.4586158282</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>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>
          <ticker value="SMFFAC"/>
          <other otherDesc="SEDOL Number" value="BJLN4T7"/>
          <isin value="US79905VAW19"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1497646.2</valUSD>
        <pctVal>4.4048223174</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>TURLOCK CALIF IRR DIST</name>
        <lei>5493001J7IGC81HEQJ12</lei>
        <title>CA TURWTR 5 01/01/2036</title>
        <cusip>900190KE8</cusip>
        <identifiers>
          <ticker value="TURWTR"/>
          <other otherDesc="SEDOL Number" value="BJVRMT5"/>
          <isin value="US900190KE86"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>327698.61</valUSD>
        <pctVal>0.9638151859</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>LOS ANGELES CNTY CALIF MET TRANSN AUTH</name>
        <lei>54930051IHTXE1N9RB42</lei>
        <title>CA LOSTRN 5 06/01/2033</title>
        <cusip>54466HJW7</cusip>
        <identifiers>
          <ticker value="LOSTRN"/>
          <isin value="US54466HJW79"/>
        </identifiers>
        <balance>590000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>658909.23</valUSD>
        <pctVal>1.9379597674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>MILPITAS CALIF UNI SCH DIST</name>
        <lei>549300BL87026BFAVO38</lei>
        <title>CA MLPSCD 3 08/01/2034</title>
        <cusip>601670NK4</cusip>
        <identifiers>
          <ticker value="MLPSCD"/>
          <isin value="US601670NK47"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1508107.65</valUSD>
        <pctVal>4.4355911522</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>SAN DIEGO CALIF PUB FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>CA SDOUTL 5 05/15/2052</title>
        <cusip>79730AKY3</cusip>
        <identifiers>
          <ticker value="SDOUTL"/>
          <isin value="US79730AKY37"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1571226.15</valUSD>
        <pctVal>4.6212329796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</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>PENINSULA CORRIDOR JT PWRS BRD CALIF</name>
        <lei>549300EWZ3063STMF882</lei>
        <title>CA PECGEN 5 06/01/2036</title>
        <cusip>707121AM1</cusip>
        <identifiers>
          <ticker value="PECGEN"/>
          <isin value="US707121AM16"/>
        </identifiers>
        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225009.04</valUSD>
        <pctVal>0.6617883723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</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>WALNUT VALLEY CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA WVYSCD 5 08/01/2036</title>
        <cusip>932889ZZ4</cusip>
        <identifiers>
          <ticker value="WVYSCD"/>
          <isin value="US932889ZZ42"/>
        </identifiers>
        <balance>835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>960882.76</valUSD>
        <pctVal>2.8261132874</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>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA LOSSCD 5 07/01/2026</title>
        <cusip>544647FL9</cusip>
        <identifiers>
          <ticker value="LOSSCD"/>
          <isin value="US544647FL97"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609499.74</valUSD>
        <pctVal>1.7926383796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</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>SAN JOSE CALIF FING AUTH</name>
        <lei>N/A</lei>
        <title>CA SJSUTL 5 11/01/2052</title>
        <cusip>79816NBA4</cusip>
        <identifiers>
          <ticker value="SJSUTL"/>
          <other otherDesc="SEDOL Number" value="BPLL2L1"/>
          <isin value="US79816NBA46"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1585748.7</valUSD>
        <pctVal>4.6639461734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</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 DIEGO CNTY CALIF REGL TRANSN COMMN</name>
        <lei>W4FR340A6EQ2SSI17B56</lei>
        <title>CA SDGTRN 5 04/01/2037</title>
        <cusip>797400PS1</cusip>
        <identifiers>
          <ticker value="SDGTRN"/>
          <isin value="US797400PS16"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>579814.35</valUSD>
        <pctVal>1.7053287945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</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>DESERT CALIF CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>CA DESHGR 4 08/01/2051</title>
        <cusip>250375NC2</cusip>
        <identifiers>
          <ticker value="DESHGR"/>
          <other otherDesc="SEDOL Number" value="BNM23M7"/>
          <isin value="US250375NC25"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>718184.03</valUSD>
        <pctVal>2.1122966448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-01</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>SACRAMENTO CALIF MUN UTIL DIST</name>
        <lei>E3GSVR6ZOU1MX2V7HF33</lei>
        <title>CA SACPWR 5 11/15/2054</title>
        <cusip>786005K64</cusip>
        <identifiers>
          <ticker value="SACPWR"/>
          <isin value="US786005K641"/>
        </identifiers>
        <balance>565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600459.8</valUSD>
        <pctVal>1.7660504382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</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>SACRAMENTO CALIF MUN UTIL DIST</name>
        <lei>E3GSVR6ZOU1MX2V7HF33</lei>
        <title>CA SACPWR 5 11/15/2033</title>
        <cusip>786005L30</cusip>
        <identifiers>
          <ticker value="SACPWR"/>
          <isin value="US786005L300"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>599142.2</valUSD>
        <pctVal>1.7621751612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</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>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>CA SFOUTL 5 10/01/2049</title>
        <cusip>79768HKN7</cusip>
        <identifiers>
          <ticker value="SFOUTL"/>
          <other otherDesc="SEDOL Number" value="BQWQ397"/>
          <isin value="US79768HKN79"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1067556.7</valUSD>
        <pctVal>3.1398587846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</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>LOS ANGELES CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA LOSSCD 5 07/01/2045</title>
        <cusip>544647JK7</cusip>
        <identifiers>
          <ticker value="LOSSCD"/>
          <isin value="US544647JK78"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>818279.03</valUSD>
        <pctVal>2.4066924039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</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>SAN DIEGO CALIF UNI SCH DIST</name>
        <lei>N/A</lei>
        <title>CA SDGEDU 4 07/01/2054</title>
        <cusip>797356MV1</cusip>
        <identifiers>
          <ticker value="SDGEDU"/>
          <isin value="US797356MV18"/>
        </identifiers>
        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1237505.23</valUSD>
        <pctVal>3.6397051954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</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>CHAFFEY CMNTY COLLEGE DIST CALIF</name>
        <lei>N/A</lei>
        <title>CA CHFHGR 5.5 06/01/2049</title>
        <cusip>157432LU7</cusip>
        <identifiers>
          <ticker value="CHFHGR"/>
          <isin value="US157432LU72"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558597.25</valUSD>
        <pctVal>1.6429258347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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 06/01/2050</title>
        <cusip>271014T36</cusip>
        <identifiers>
          <ticker value="EBYWTR"/>
          <isin value="US271014T364"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1077967.1</valUSD>
        <pctVal>3.1704774729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</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>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASDEV 08/15/2047</title>
        <cusip>130795VL8</cusip>
        <identifiers>
          <ticker value="CASDEV"/>
          <other otherDesc="SEDOL Number" value="BHHQV62"/>
          <isin value="US130795VL87"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000</valUSD>
        <pctVal>0.8823490456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.25</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>CALIFORNIA ST PUB WKS BRD</name>
        <lei>N/A</lei>
        <title>CA CASFAC 4 05/01/2036</title>
        <cusip>13068XEX3</cusip>
        <identifiers>
          <ticker value="CASFAC"/>
          <isin value="US13068XEX30"/>
        </identifiers>
        <balance>540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>566838.16</valUSD>
        <pctVal>1.6671636983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</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 ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>CA CAS 5.25 10/01/2045</title>
        <cusip>13063D4E5</cusip>
        <identifiers>
          <ticker value="CAS"/>
          <isin value="US13063D4E57"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>545068.95</valUSD>
        <pctVal>1.6031368927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</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>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>CA CAS 3 10/01/2028</title>
        <cusip>13063CNP1</cusip>
        <identifiers>
          <ticker value="CAS"/>
          <other otherDesc="SEDOL Number" value="BRCJ8S7"/>
          <isin value="US13063CNP13"/>
        </identifiers>
        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900079.47</valUSD>
        <pctVal>2.6472808711</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 MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5 05/15/2038</title>
        <cusip>13049YBG5</cusip>
        <identifiers>
          <ticker value="CASFIN"/>
          <isin value="US13049YBG52"/>
        </identifiers>
        <balance>800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>823099.2</valUSD>
        <pctVal>2.4208693119</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 EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>CA CASEDU 5 04/01/2051</title>
        <cusip>130179TN4</cusip>
        <identifiers>
          <ticker value="CASEDU"/>
          <other otherDesc="SEDOL Number" value="BMC1P32"/>
          <isin value="US130179TN44"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1707713.7</valUSD>
        <pctVal>5.0226651779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</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>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CA CASMED 5 11/01/2027</title>
        <cusip>13032UMR6</cusip>
        <identifiers>
          <ticker value="CASMED"/>
          <other otherDesc="SEDOL Number" value="BF3MGN2"/>
          <isin value="US13032UMR67"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1260980.52</valUSD>
        <pctVal>3.7087498612</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 INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CA CASDEV 5 10/01/2031</title>
        <cusip>13034ASE1</cusip>
        <identifiers>
          <ticker value="CASDEV"/>
          <isin value="US13034ASE19"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>310971.39</valUSD>
        <pctVal>0.9146176973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</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>
          <ticker value="CASFIN"/>
          <other otherDesc="SEDOL Number" value="BKY8TJ1"/>
          <isin value="US13048VMH86"/>
        </identifiers>
        <balance>480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495675.41</valUSD>
        <pctVal>1.4578624165</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 HSG FIN AGY</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>CA CASHSG 4 03/20/2033</title>
        <cusip>13033DAC9</cusip>
        <identifiers>
          <ticker value="CASHSG"/>
          <other otherDesc="SEDOL Number" value="BKTM3Z2"/>
          <isin value="US13033DAC92"/>
        </identifiers>
        <balance>320685.91</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328884.89</valUSD>
        <pctVal>0.9673042294</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>
          <ticker value="CASDEV"/>
          <isin value="US13034AJV35"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1209727.8</valUSD>
        <pctVal>3.5580072326</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-29</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>
