# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0001999371-25-014751
**Filing Date:** 2025-10
**Character Count:** 19436
**Document Hash:** 868ab34ecde020cbbc168f05f82e77ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014751.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001999371-25-014751

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHELTON FUNDS
- **CENTRAL INDEX KEY:** 0000778206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04417
- **FILM NUMBER:** 251377878

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 4153982727

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST I
- **DATE OF NAME CHANGE:** 19870115

## Series and Classes Contracts Data

### The United States Treasury Trust (Series ID: S000016030)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044045 | Investor Shares | UTSXX           |

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0000778206

### General Information

**Report for (YYYY-MM-DD):** 2025-09-30

**Registrant Full Name:** SHELTON FUNDS

**CIK Number of Registrant:** 0000778206

**LEI of Registrant:** 254900S73SCF59AAL583

**Name of Series:** The United States Treasury Trust

**LEI of Series:** 254900VYM2FC2O1XO078

**EDGAR Series Identifier:** S000016030

**Total number of share classes in the series:** 1

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                           | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | Shelton Capital Management                        | 801-25205         |
| Independent Public Accountant | Cohen & Company<br>City: Cleveland<br>State: OH   |  |
| Administrator                 | Shelton Capital Management                        |  |
| Transfer Agent                | Ultimus Fund Solutions, LLC/TA<br>CIK: 0001094887 | 084-05829         |

### Fund Characteristics & Assets

- **Securities Act File Number:** 033-00499

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** No

- **Is this series for insurance company separate accounts?:** No

- **Money Market Fund Category:** Government

- **Is this a Retail Money Market Fund?:** No

- **Is this a Government Money Market Fund?:** Yes

- **WAM:** 33 days

- **WAL:** 33 days

- **Total Value of Portfolio Securities:** $26555290.09

- **Amortized Cost of Portfolio Securities:** $26552042.32

- **Cash:** $57267.55

- **Total Other Assets:** $207.74

- **Total Liabilities:** $94598.88

- **Net Assets of Series:** $26518166.50

- **Number of Shares Outstanding (Series):** 26527650.5200

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-09-02 | $26008306.57              | $26008306.57               | 100.0000%                 | 100.0000%                  |
| 2025-09-03 | $25936882.35              | $25936882.35               | 100.0000%                 | 100.0000%                  |
| 2025-09-04 | $27994533.64              | $27994533.64               | 100.0000%                 | 100.0000%                  |
| 2025-09-05 | $27906949.97              | $27906949.97               | 100.0000%                 | 100.0000%                  |
| 2025-09-08 | $27476687.40              | $27476687.40               | 100.0000%                 | 100.0000%                  |
| 2025-09-09 | $27480006.42              | $27480006.42               | 100.0000%                 | 100.0000%                  |
| 2025-09-10 | $27468912.98              | $27468912.98               | 100.0000%                 | 100.0000%                  |
| 2025-09-11 | $27471843.08              | $27471843.08               | 100.0000%                 | 100.0000%                  |
| 2025-09-12 | $27480526.52              | $27480526.52               | 100.0000%                 | 100.0000%                  |
| 2025-09-15 | $27457505.71              | $27457505.71               | 100.0000%                 | 100.0000%                  |
| 2025-09-16 | $27216193.84              | $27216193.84               | 100.0000%                 | 100.0000%                  |
| 2025-09-17 | $27276345.38              | $27276345.38               | 100.0000%                 | 100.0000%                  |
| 2025-09-18 | $27249256.82              | $27249256.82               | 100.0000%                 | 100.0000%                  |
| 2025-09-19 | $27201102.19              | $27201102.19               | 100.0000%                 | 100.0000%                  |
| 2025-09-22 | $27144329.70              | $27144329.70               | 100.0000%                 | 100.0000%                  |
| 2025-09-23 | $27040616.62              | $27040616.62               | 100.0000%                 | 100.0000%                  |
| 2025-09-24 | $26964650.16              | $26964650.16               | 100.0000%                 | 100.0000%                  |
| 2025-09-25 | $26965812.36              | $26965812.36               | 100.0000%                 | 100.0000%                  |
| 2025-09-26 | $26579371.51              | $26579371.51               | 100.0000%                 | 100.0000%                  |
| 2025-09-29 | $26561495.52              | $26561495.52               | 100.0000%                 | 100.0000%                  |
| 2025-09-30 | $26612557.64              | $26612557.64               | 100.0000%                 | 100.0000%                  |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-09-02 | 4.2600%             |
| 2025-09-03 | 4.2600%             |
| 2025-09-04 | 4.2500%             |
| 2025-09-05 | 4.2500%             |
| 2025-09-08 | 4.2300%             |
| 2025-09-09 | 4.2200%             |
| 2025-09-10 | 4.2200%             |
| 2025-09-11 | 4.2200%             |
| 2025-09-12 | 4.2100%             |
| 2025-09-15 | 4.2100%             |
| 2025-09-16 | 4.2100%             |
| 2025-09-17 | 4.2100%             |
| 2025-09-18 | 4.2100%             |
| 2025-09-19 | 4.2100%             |
| 2025-09-22 | 4.2100%             |
| 2025-09-23 | 4.2100%             |
| 2025-09-24 | 4.2100%             |
| 2025-09-25 | 4.2100%             |
| 2025-09-26 | 4.2100%             |
| 2025-09-29 | 4.2100%             |
| 2025-09-30 | 4.2100%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-09-01 | 0.9996                      |
|  |  |
| 2025-09-02 | 0.9996                      |
|  |  |
| 2025-09-03 | 0.9996                      |
|  |  |
| 2025-09-04 | 0.9997                      |
|  |  |
| 2025-09-05 | 0.9997                      |
|  |  |
| 2025-09-08 | 0.9997                      |
|  |  |
| 2025-09-09 | 0.9997                      |
|  |  |
| 2025-09-10 | 0.9997                      |
|  |  |
| 2025-09-11 | 0.9997                      |
|  |  |
| 2025-09-12 | 0.9997                      |
|  |  |
| 2025-09-15 | 0.9997                      |
|  |  |
| 2025-09-16 | 0.9997                      |
|  |  |
| 2025-09-17 | 0.9997                      |
|  |  |
| 2025-09-18 | 0.9997                      |
|  |  |
| 2025-09-19 | 0.9997                      |
|  |  |
| 2025-09-22 | 0.9997                      |
|  |  |
| 2025-09-23 | 0.9997                      |
|  |  |
| 2025-09-24 | 0.9997                      |
|  |  |
| 2025-09-25 | 0.9997                      |
|  |  |
| 2025-09-26 | 0.9996                      |
|  |  |
| 2025-09-29 | 0.9996                      |
|  |  |
| 2025-09-30 | 0.9996                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: Investor Shares

- **Minimum Initial Investment:** $1000.00

- **Net Assets of Class:** $26518166.50

- **Number of Shares Outstanding:** 26527650.5200

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-09-02 | 0.9996          |
|  |  |
| 2025-09-03 | 0.9996          |
|  |  |
| 2025-09-04 | 0.9996          |
|  |  |
| 2025-09-05 | 0.9997          |
|  |  |
| 2025-09-08 | 0.9997          |
|  |  |
| 2025-09-09 | 0.9997          |
|  |  |
| 2025-09-10 | 0.9997          |
|  |  |
| 2025-09-11 | 0.9997          |
|  |  |
| 2025-09-12 | 0.9997          |
|  |  |
| 2025-09-15 | 0.9997          |
|  |  |
| 2025-09-16 | 0.9997          |
|  |  |
| 2025-09-17 | 0.9997          |
|  |  |
| 2025-09-18 | 0.9997          |
|  |  |
| 2025-09-19 | 0.9997          |
|  |  |
| 2025-09-22 | 0.9997          |
|  |  |
| 2025-09-23 | 0.9997          |
|  |  |
| 2025-09-24 | 0.9997          |
|  |  |
| 2025-09-25 | 0.9997          |
|  |  |
| 2025-09-26 | 0.9996          |
|  |  |
| 2025-09-29 | 0.9996          |
|  |  |
| 2025-09-30 | 0.9996          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-09-02 | $78416.42                 | $17383.35               |
| 2025-09-03 | $20130.76                 | $81016.33               |
| 2025-09-04 | $2308750.16               | $254900.54              |
| 2025-09-05 | $955.89                   | $100000.00              |
| 2025-09-08 | $14318.29                 | $447770.24              |
| 2025-09-09 | $2825.51                  | $2301.81                |
| 2025-09-10 | $1518.72                  | $16382.82               |
| 2025-09-11 | $304045.04                | $304323.18              |
| 2025-09-12 | $730.76                   | $190.71                 |
| 2025-09-15 | $490.32                   | $12950.52               |
| 2025-09-16 | $56255.86                 | $301256.16              |
| 2025-09-17 | $58921.90                 | $3011.80                |
| 2025-09-18 | $785.59                   | $30357.65               |
| 2025-09-19 | $556.28                   | $57369.28               |
| 2025-09-22 | $16389.55                 | $88258.88               |
| 2025-09-23 | $3195.81                  | $98004.85               |
| 2025-09-24 | $280.42                   | $79065.73               |
| 2025-09-25 | $21.45                    | $1100.00                |
| 2025-09-26 | $6115.18                  | $401320.27              |
| 2025-09-29 | $0.00                     | $20734.37               |
| 2025-09-30 | $49068.97                 | $1289.05                |

**Total Gross Subscriptions (Month):** $2923772.88

**Total Gross Redemptions (Month):** $2318987.54

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-09-02 | 3.4900%           |
| 2025-09-03 | 3.4600%           |
| 2025-09-04 | 3.4300%           |
| 2025-09-05 | 3.3900%           |
| 2025-09-08 | 3.3900%           |
| 2025-09-09 | 3.2600%           |
| 2025-09-10 | 3.2500%           |
| 2025-09-11 | 3.2500%           |
| 2025-09-12 | 3.2500%           |
| 2025-09-15 | 3.2400%           |
| 2025-09-16 | 3.2400%           |
| 2025-09-17 | 3.2400%           |
| 2025-09-18 | 3.2400%           |
| 2025-09-19 | 3.2400%           |
| 2025-09-22 | 3.2400%           |
| 2025-09-23 | 3.2400%           |
| 2025-09-24 | 3.2400%           |
| 2025-09-25 | 3.2400%           |
| 2025-09-26 | 3.2400%           |
| 2025-09-29 | 3.2400%           |
| 2025-09-30 | 3.2400%           |

**Beneficial/Record Owner Categories**
| Category        | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Retail investor |  | 100.0000%        | 16.1300%             |
| Retail investor |  | 100.0000%        | 11.7600%             |
| Retail investor |  | 100.0000%        | 6.0800%              |
| Retail investor |  | 100.0000%        | 5.1700%              |

## Part C: Schedule of Portfolio Securities

### Security 1: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797MS3, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3999554.72
- **C.18.a - Value (excl. sponsor support):** $3999554.72
- **C.19 - Percentage of Net Assets:** 15.0800%
- **C.17 - Yield as of Reporting Date:** 2.1300%
- **C.11 - Maturity Date (WAM):** 2025-10-02
- **C.12 - Maturity Date (WAL):** 2025-10-02
- **C.13 - Final Legal Maturity Date:** 2025-10-02
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 2: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QF7, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1996625.66
- **C.18.a - Value (excl. sponsor support):** $1996625.66
- **C.19 - Percentage of Net Assets:** 7.5300%
- **C.17 - Yield as of Reporting Date:** 3.9400%
- **C.11 - Maturity Date (WAM):** 2025-10-16
- **C.12 - Maturity Date (WAL):** 2025-10-16
- **C.13 - Final Legal Maturity Date:** 2025-10-16
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 3: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QR1, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3082923.09
- **C.18.a - Value (excl. sponsor support):** $3082923.09
- **C.19 - Percentage of Net Assets:** 11.6300%
- **C.17 - Yield as of Reporting Date:** 4.1300%
- **C.11 - Maturity Date (WAM):** 2025-11-20
- **C.12 - Maturity Date (WAL):** 2025-11-20
- **C.13 - Final Legal Maturity Date:** 2025-11-20
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 4: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QY6, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1984853.34
- **C.18.a - Value (excl. sponsor support):** $1984853.34
- **C.19 - Percentage of Net Assets:** 7.4800%
- **C.17 - Yield as of Reporting Date:** 4.1300%
- **C.11 - Maturity Date (WAM):** 2025-12-11
- **C.12 - Maturity Date (WAL):** 2025-12-11
- **C.13 - Final Legal Maturity Date:** 2025-12-11
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 5: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QZ3, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1983274.06
- **C.18.a - Value (excl. sponsor support):** $1983274.06
- **C.19 - Percentage of Net Assets:** 7.4800%
- **C.17 - Yield as of Reporting Date:** 3.9900%
- **C.11 - Maturity Date (WAM):** 2025-12-18
- **C.12 - Maturity Date (WAL):** 2025-12-18
- **C.13 - Final Legal Maturity Date:** 2025-12-18
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RD1, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2693941.88
- **C.18.a - Value (excl. sponsor support):** $2693941.88
- **C.19 - Percentage of Net Assets:** 10.1600%
- **C.17 - Yield as of Reporting Date:** 4.0900%
- **C.11 - Maturity Date (WAM):** 2025-10-21
- **C.12 - Maturity Date (WAL):** 2025-10-21
- **C.13 - Final Legal Maturity Date:** 2025-10-21
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RE9, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $6829244.50
- **C.18.a - Value (excl. sponsor support):** $6829244.50
- **C.19 - Percentage of Net Assets:** 25.7500%
- **C.17 - Yield as of Reporting Date:** 4.0400%
- **C.11 - Maturity Date (WAM):** 2025-10-28
- **C.12 - Maturity Date (WAL):** 2025-10-28
- **C.13 - Final Legal Maturity Date:** 2025-10-28
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797RM1, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $3984872.84
- **C.18.a - Value (excl. sponsor support):** $3984872.84
- **C.19 - Percentage of Net Assets:** 15.0300%
- **C.17 - Yield as of Reporting Date:** 4.0500%
- **C.11 - Maturity Date (WAM):** 2025-11-04
- **C.12 - Maturity Date (WAL):** 2025-11-04
- **C.13 - Final Legal Maturity Date:** 2025-11-04
- **C.10 - Ratings:** N/A: N/A
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

## N-MFP: Signatures

**Registrant:** Shelton Funds

**Date:** 2025-10-06

**By:** Gregory T. Pusch

**Name of Signing Officer:** Gregory T. Pusch

**Title of Signing Officer:** Chief Compliance Officer