# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0001999371-25-007210
**Filing Date:** 2025-6
**Character Count:** 23510
**Document Hash:** e08e1410b4cef3d3bb51fc16eaff4cdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007210.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001999371-25-007210

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**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:** 251026329

**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):** 2025-05-31

**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:** 50 days

- **WAL:** 50 days

- **Total Value of Portfolio Securities:** $24663706.35

- **Amortized Cost of Portfolio Securities:** $24664531.46

- **Cash:** $75862.20

- **Total Other Assets:** $420.32

- **Total Liabilities:** $108771.26

- **Net Assets of Series:** $24631217.61

- **Number of Shares Outstanding (Series):** 24645048.3800

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-05-01 | $25096916.08              | $25096916.08               | 100.0000%                 | 100.0000%                  |
| 2025-05-02 | $24689482.62              | $24689482.62               | 100.0000%                 | 100.0000%                  |
| 2025-05-05 | $26400161.94              | $26400161.94               | 100.0000%                 | 100.0000%                  |
| 2025-05-06 | $25944989.41              | $25944989.41               | 100.0000%                 | 100.0000%                  |
| 2025-05-07 | $25856317.79              | $25856317.79               | 100.0000%                 | 100.0000%                  |
| 2025-05-08 | $25857390.14              | $25857390.14               | 100.0000%                 | 100.0000%                  |
| 2025-05-09 | $25891883.60              | $25891883.60               | 100.0000%                 | 100.0000%                  |
| 2025-05-12 | $25550731.88              | $25550731.88               | 100.0000%                 | 100.0000%                  |
| 2025-05-13 | $25532680.64              | $25532680.64               | 100.0000%                 | 100.0000%                  |
| 2025-05-14 | $25335670.05              | $25335670.05               | 100.0000%                 | 100.0000%                  |
| 2025-05-15 | $25327923.76              | $25327923.76               | 100.0000%                 | 100.0000%                  |
| 2025-05-16 | $25416967.66              | $25416967.66               | 100.0000%                 | 100.0000%                  |
| 2025-05-19 | $25420384.64              | $25420384.64               | 100.0000%                 | 100.0000%                  |
| 2025-05-20 | $25397464.16              | $25397464.16               | 100.0000%                 | 100.0000%                  |
| 2025-05-21 | $25078124.12              | $25078124.12               | 100.0000%                 | 100.0000%                  |
| 2025-05-22 | $25081778.37              | $25081778.37               | 100.0000%                 | 100.0000%                  |
| 2025-05-23 | $24963875.08              | $24963875.08               | 100.0000%                 | 100.0000%                  |
| 2025-05-27 | $24941107.96              | $24941107.96               | 100.0000%                 | 100.0000%                  |
| 2025-05-28 | $24947185.42              | $24947185.42               | 100.0000%                 | 100.0000%                  |
| 2025-05-29 | $24731026.57              | $24731026.57               | 100.0000%                 | 100.0000%                  |
| 2025-05-30 | $24739568.55              | $24739568.55               | 100.0000%                 | 100.0000%                  |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-05-01 | 4.2700%             |
| 2025-05-02 | 4.2700%             |
| 2025-05-05 | 4.2600%             |
| 2025-05-06 | 4.2600%             |
| 2025-05-07 | 4.2600%             |
| 2025-05-08 | 4.2600%             |
| 2025-05-09 | 4.2600%             |
| 2025-05-12 | 4.2500%             |
| 2025-05-13 | 4.2500%             |
| 2025-05-14 | 4.2500%             |
| 2025-05-15 | 4.2500%             |
| 2025-05-16 | 4.2600%             |
| 2025-05-19 | 4.2600%             |
| 2025-05-20 | 4.2500%             |
| 2025-05-21 | 4.2600%             |
| 2025-05-22 | 4.2600%             |
| 2025-05-23 | 4.2600%             |
| 2025-05-27 | 4.2800%             |
| 2025-05-28 | 4.2800%             |
| 2025-05-29 | 4.2800%             |
| 2025-05-30 | 4.2800%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-05-01 | 0.9995                      |
|  |  |
| 2025-05-02 | 0.9994                      |
|  |  |
| 2025-05-05 | 0.9995                      |
|  |  |
| 2025-05-06 | 0.9995                      |
|  |  |
| 2025-05-07 | 0.9995                      |
|  |  |
| 2025-05-08 | 0.9995                      |
|  |  |
| 2025-05-09 | 0.9995                      |
|  |  |
| 2025-05-12 | 0.9994                      |
|  |  |
| 2025-05-13 | 0.9994                      |
|  |  |
| 2025-05-14 | 0.9994                      |
|  |  |
| 2025-05-15 | 0.9994                      |
|  |  |
| 2025-05-16 | 0.9994                      |
|  |  |
| 2025-05-19 | 0.9994                      |
|  |  |
| 2025-05-20 | 0.9994                      |
|  |  |
| 2025-05-21 | 0.9994                      |
|  |  |
| 2025-05-22 | 0.9994                      |
|  |  |
| 2025-05-23 | 0.9994                      |
|  |  |
| 2025-05-27 | 0.9994                      |
|  |  |
| 2025-05-28 | 0.9994                      |
|  |  |
| 2025-05-29 | 0.9994                      |
|  |  |
| 2025-05-30 | 0.9994                      |
|  |  |

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

### Class: Investor Shares

- **Minimum Initial Investment:** $1000.00

- **Net Assets of Class:** $24631217.61

- **Number of Shares Outstanding:** 24645048.3800

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 0.9995          |
|  |  |
| 2025-05-02 | 0.9994          |
|  |  |
| 2025-05-05 | 0.9995          |
|  |  |
| 2025-05-06 | 0.9995          |
|  |  |
| 2025-05-07 | 0.9995          |
|  |  |
| 2025-05-08 | 0.9995          |
|  |  |
| 2025-05-09 | 0.9995          |
|  |  |
| 2025-05-12 | 0.9994          |
|  |  |
| 2025-05-13 | 0.9994          |
|  |  |
| 2025-05-14 | 0.9994          |
|  |  |
| 2025-05-15 | 0.9994          |
|  |  |
| 2025-05-16 | 0.9994          |
|  |  |
| 2025-05-19 | 0.9994          |
|  |  |
| 2025-05-20 | 0.9994          |
|  |  |
| 2025-05-21 | 0.9994          |
|  |  |
| 2025-05-22 | 0.9994          |
|  |  |
| 2025-05-23 | 0.9994          |
|  |  |
| 2025-05-27 | 0.9994          |
|  |  |
| 2025-05-28 | 0.9994          |
|  |  |
| 2025-05-29 | 0.9994          |
|  |  |
| 2025-05-30 | 0.9994          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $71696.13                 | $68280.07               |
| 2025-05-02 | $0.00                     | $402881.95              |
| 2025-05-05 | $1923646.80               | $268538.50              |
| 2025-05-06 | $3557.31                  | $409186.22              |
| 2025-05-07 | $11308.72                 | $102987.73              |
| 2025-05-08 | $2606.36                  | $1500.00                |
| 2025-05-09 | $26305.82                 | $800.00                 |
| 2025-05-12 | $7603.51                  | $350735.19              |
| 2025-05-13 | $36847.47                 | $57913.61               |
| 2025-05-14 | $13098.32                 | $213085.38              |
| 2025-05-15 | $0.00                     | $10795.94               |
| 2025-05-16 | $80746.74                 | $907.49                 |
| 2025-05-19 | $45350.54                 | $44741.21               |
| 2025-05-20 | $15799.80                 | $41812.94               |
| 2025-05-21 | $19.00                    | $322554.32              |
| 2025-05-22 | $652.92                   | $0.00                   |
| 2025-05-23 | $436.68                   | $129953.62              |
| 2025-05-27 | $790.51                   | $26777.83               |
| 2025-05-28 | $3353.21                  | $197.49                 |
| 2025-05-29 | $10395.37                 | $229427.75              |
| 2025-05-30 | $13.23                    | $0.00                   |

**Total Gross Subscriptions (Month):** $2254228.44

**Total Gross Redemptions (Month):** $2683077.23

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 3.5000%           |
| 2025-05-02 | 3.5000%           |
| 2025-05-05 | 3.5000%           |
| 2025-05-06 | 3.4900%           |
| 2025-05-07 | 3.4900%           |
| 2025-05-08 | 3.4900%           |
| 2025-05-09 | 3.4900%           |
| 2025-05-12 | 3.4800%           |
| 2025-05-13 | 3.4800%           |
| 2025-05-14 | 3.4800%           |
| 2025-05-15 | 3.4800%           |
| 2025-05-16 | 3.4900%           |
| 2025-05-19 | 3.4900%           |
| 2025-05-20 | 3.4900%           |
| 2025-05-21 | 3.4900%           |
| 2025-05-22 | 3.4900%           |
| 2025-05-23 | 3.4900%           |
| 2025-05-27 | 3.5100%           |
| 2025-05-28 | 3.5100%           |
| 2025-05-29 | 3.5100%           |
| 2025-05-30 | 3.5100%           |

**Beneficial/Record Owner Categories**
| Category        | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Retail investor |  | 100.0000%        | 11.6400%             |
| Retail investor |  | 100.0000%        | 8.7300%              |
| Retail investor |  | 100.0000%        | 5.7900%              |
| Retail investor |  | 100.0000%        | 5.0400%              |

## 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: 912797LN5, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2097531.68
- **C.18.a - Value (excl. sponsor support):** $2097531.68
- **C.19 - Percentage of Net Assets:** 8.5200%
- **C.17 - Yield as of Reporting Date:** 3.9200%
- **C.11 - Maturity Date (WAM):** 2025-06-12
- **C.12 - Maturity Date (WAL):** 2025-06-12
- **C.13 - Final Legal Maturity Date:** 2025-06-12
- **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: 912797LW5, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1592881.33
- **C.18.a - Value (excl. sponsor support):** $1592881.33
- **C.19 - Percentage of Net Assets:** 6.4700%
- **C.17 - Yield as of Reporting Date:** 4.0700%
- **C.11 - Maturity Date (WAM):** 2025-07-10
- **C.12 - Maturity Date (WAL):** 2025-07-10
- **C.13 - Final Legal Maturity Date:** 2025-07-10
- **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: 912797MG9, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1885282.92
- **C.18.a - Value (excl. sponsor support):** $1885282.92
- **C.19 - Percentage of Net Assets:** 7.6500%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **C.11 - Maturity Date (WAM):** 2025-08-07
- **C.12 - Maturity Date (WAL):** 2025-08-07
- **C.13 - Final Legal Maturity Date:** 2025-08-07
- **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: 912797MH7, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1780201.24
- **C.18.a - Value (excl. sponsor support):** $1780201.24
- **C.19 - Percentage of Net Assets:** 7.2300%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **C.11 - Maturity Date (WAM):** 2025-09-04
- **C.12 - Maturity Date (WAL):** 2025-09-04
- **C.13 - Final Legal Maturity Date:** 2025-09-04
- **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

### Security 5: 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):** $1182962.70
- **C.18.a - Value (excl. sponsor support):** $1182962.70
- **C.19 - Percentage of Net Assets:** 4.8000%
- **C.17 - Yield as of Reporting Date:** 4.2700%
- **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 6: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NW3, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1495790.00
- **C.18.a - Value (excl. sponsor support):** $1495790.00
- **C.19 - Percentage of Net Assets:** 6.0700%
- **C.17 - Yield as of Reporting Date:** 4.0700%
- **C.11 - Maturity Date (WAM):** 2025-06-26
- **C.12 - Maturity Date (WAL):** 2025-06-26
- **C.13 - Final Legal Maturity Date:** 2025-06-26
- **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: 912797NX1, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1992745.14
- **C.18.a - Value (excl. sponsor support):** $1992745.14
- **C.19 - Percentage of Net Assets:** 8.0900%
- **C.17 - Yield as of Reporting Date:** 4.1400%
- **C.11 - Maturity Date (WAM):** 2025-07-03
- **C.12 - Maturity Date (WAL):** 2025-07-03
- **C.13 - Final Legal Maturity Date:** 2025-07-03
- **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: 912797PG6, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1489613.54
- **C.18.a - Value (excl. sponsor support):** $1489613.54
- **C.19 - Percentage of Net Assets:** 6.0500%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-07-31
- **C.12 - Maturity Date (WAL):** 2025-07-31
- **C.13 - Final Legal Maturity Date:** 2025-07-31
- **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 9: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PL5, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1899776.94
- **C.18.a - Value (excl. sponsor support):** $1899776.94
- **C.19 - Percentage of Net Assets:** 7.7100%
- **C.17 - Yield as of Reporting Date:** 3.2000%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2025-06-03
- **C.13 - Final Legal Maturity Date:** 2025-06-03
- **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 10: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PP6, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2080271.68
- **C.18.a - Value (excl. sponsor support):** $2080271.68
- **C.19 - Percentage of Net Assets:** 8.4500%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-08-21
- **C.12 - Maturity Date (WAL):** 2025-08-21
- **C.13 - Final Legal Maturity Date:** 2025-08-21
- **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 11: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PS0, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1597175.33
- **C.18.a - Value (excl. sponsor support):** $1597175.33
- **C.19 - Percentage of Net Assets:** 6.4800%
- **C.17 - Yield as of Reporting Date:** 4.0100%
- **C.11 - Maturity Date (WAM):** 2025-06-17
- **C.12 - Maturity Date (WAL):** 2025-06-17
- **C.13 - Final Legal Maturity Date:** 2025-06-17
- **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 12: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QA8, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2686430.80
- **C.18.a - Value (excl. sponsor support):** $2686430.80
- **C.19 - Percentage of Net Assets:** 10.9100%
- **C.17 - Yield as of Reporting Date:** 4.2100%
- **C.11 - Maturity Date (WAM):** 2025-07-15
- **C.12 - Maturity Date (WAL):** 2025-07-15
- **C.13 - Final Legal Maturity Date:** 2025-07-15
- **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 13: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QB6, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2883043.06
- **C.18.a - Value (excl. sponsor support):** $2883043.06
- **C.19 - Percentage of Net Assets:** 11.7000%
- **C.17 - Yield as of Reporting Date:** 4.1900%
- **C.11 - Maturity Date (WAM):** 2025-07-22
- **C.12 - Maturity Date (WAL):** 2025-07-22
- **C.13 - Final Legal Maturity Date:** 2025-07-22
- **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:** 2025-06-05

**By:** Gregory T. Pusch

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

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