# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0001999371-25-012806
**Filing Date:** 2025-9
**Character Count:** 20208
**Document Hash:** 77c2d1d7ceb351a9cd758d8d571a2f7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012806.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001999371-25-012806

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**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:** 251299415

**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):** 2025-08-31

**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:** 47 days

- **WAL:** 47 days

- **Total Value of Portfolio Securities:** $25972395.37

- **Amortized Cost of Portfolio Securities:** $25970788.11

- **Cash:** $48976.82

- **Total Other Assets:** $288.07

- **Total Liabilities:** $110159.26

- **Net Assets of Series:** $25911501.00

- **Number of Shares Outstanding (Series):** 25922865.1800

- **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 (%)   |
|:---|:---|:---|:---|:---|
| 2025-08-01 | $24766266.53              | $24766266.53               | 100.0000%                 | 100.0000%                  |
| 2025-08-04 | $24977649.14              | $24977649.14               | 100.0000%                 | 100.0000%                  |
| 2025-08-05 | $26958104.14              | $26958104.14               | 100.0000%                 | 100.0000%                  |
| 2025-08-06 | $26858288.43              | $26858288.43               | 100.0000%                 | 100.0000%                  |
| 2025-08-07 | $26715561.59              | $26715561.59               | 100.0000%                 | 100.0000%                  |
| 2025-08-08 | $26784540.59              | $26784540.59               | 100.0000%                 | 100.0000%                  |
| 2025-08-11 | $26783869.27              | $26783869.27               | 100.0000%                 | 100.0000%                  |
| 2025-08-12 | $26535269.65              | $26535269.65               | 100.0000%                 | 100.0000%                  |
| 2025-08-13 | $26233035.88              | $26233035.88               | 100.0000%                 | 100.0000%                  |
| 2025-08-14 | $26187393.08              | $26187393.08               | 100.0000%                 | 100.0000%                  |
| 2025-08-15 | $26224218.76              | $26224218.76               | 100.0000%                 | 100.0000%                  |
| 2025-08-18 | $26217244.66              | $26217244.66               | 100.0000%                 | 100.0000%                  |
| 2025-08-19 | $26230163.77              | $26230163.77               | 100.0000%                 | 100.0000%                  |
| 2025-08-20 | $26231658.25              | $26231658.25               | 100.0000%                 | 100.0000%                  |
| 2025-08-21 | $26197585.23              | $26197585.23               | 100.0000%                 | 100.0000%                  |
| 2025-08-22 | $25160614.15              | $25160614.15               | 100.0000%                 | 100.0000%                  |
| 2025-08-25 | $26313682.39              | $26313682.39               | 100.0000%                 | 100.0000%                  |
| 2025-08-26 | $26319968.15              | $26319968.15               | 100.0000%                 | 100.0000%                  |
| 2025-08-27 | $26306503.37              | $26306503.37               | 100.0000%                 | 100.0000%                  |
| 2025-08-28 | $26000836.68              | $26000836.68               | 100.0000%                 | 100.0000%                  |
| 2025-08-29 | $26021372.19              | $26021372.19               | 100.0000%                 | 100.0000%                  |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-08-01 | 4.2900%             |
| 2025-08-04 | 4.2900%             |
| 2025-08-05 | 4.2900%             |
| 2025-08-06 | 4.2800%             |
| 2025-08-07 | 4.2800%             |
| 2025-08-08 | 4.2800%             |
| 2025-08-11 | 4.2800%             |
| 2025-08-12 | 4.2800%             |
| 2025-08-13 | 4.2800%             |
| 2025-08-14 | 4.2800%             |
| 2025-08-15 | 4.2800%             |
| 2025-08-18 | 4.2800%             |
| 2025-08-19 | 4.2800%             |
| 2025-08-20 | 4.2800%             |
| 2025-08-21 | 4.2800%             |
| 2025-08-22 | 4.2800%             |
| 2025-08-25 | 4.2800%             |
| 2025-08-26 | 4.2800%             |
| 2025-08-27 | 4.2800%             |
| 2025-08-28 | 4.2700%             |
| 2025-08-29 | 4.2700%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-08-01 | 0.9995                      |
|  |  |
| 2025-08-04 | 0.9995                      |
|  |  |
| 2025-08-05 | 0.9995                      |
|  |  |
| 2025-08-06 | 0.9995                      |
|  |  |
| 2025-08-07 | 0.9995                      |
|  |  |
| 2025-08-08 | 0.9995                      |
|  |  |
| 2025-08-11 | 0.9995                      |
|  |  |
| 2025-08-12 | 0.9996                      |
|  |  |
| 2025-08-13 | 0.9996                      |
|  |  |
| 2025-08-14 | 0.9996                      |
|  |  |
| 2025-08-15 | 0.9996                      |
|  |  |
| 2025-08-18 | 0.9996                      |
|  |  |
| 2025-08-19 | 0.9996                      |
|  |  |
| 2025-08-20 | 0.9995                      |
|  |  |
| 2025-08-21 | 0.9995                      |
|  |  |
| 2025-08-22 | 0.9995                      |
|  |  |
| 2025-08-25 | 0.9996                      |
|  |  |
| 2025-08-26 | 0.9995                      |
|  |  |
| 2025-08-27 | 0.9995                      |
|  |  |
| 2025-08-28 | 0.9996                      |
|  |  |
| 2025-08-29 | 0.9996                      |
|  |  |

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

### Class: Investor Shares

- **Minimum Initial Investment:** $1000.00

- **Net Assets of Class:** $25911501.00

- **Number of Shares Outstanding:** 25922865.1800

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-08-01 | 0.9995          |
|  |  |
| 2025-08-04 | 0.9995          |
|  |  |
| 2025-08-05 | 0.9995          |
|  |  |
| 2025-08-06 | 0.9995          |
|  |  |
| 2025-08-07 | 0.9995          |
|  |  |
| 2025-08-08 | 0.9995          |
|  |  |
| 2025-08-11 | 0.9995          |
|  |  |
| 2025-08-12 | 0.9996          |
|  |  |
| 2025-08-13 | 0.9996          |
|  |  |
| 2025-08-14 | 0.9996          |
|  |  |
| 2025-08-15 | 0.9996          |
|  |  |
| 2025-08-18 | 0.9996          |
|  |  |
| 2025-08-19 | 0.9996          |
|  |  |
| 2025-08-20 | 0.9995          |
|  |  |
| 2025-08-21 | 0.9995          |
|  |  |
| 2025-08-22 | 0.9995          |
|  |  |
| 2025-08-25 | 0.9996          |
|  |  |
| 2025-08-26 | 0.9995          |
|  |  |
| 2025-08-27 | 0.9995          |
|  |  |
| 2025-08-28 | 0.9996          |
|  |  |
| 2025-08-29 | 0.9996          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-08-01 | $73846.80                 | $60169.44               |
| 2025-08-04 | $309157.94                | $87674.05               |
| 2025-08-05 | $2337774.96               | $360121.31              |
| 2025-08-06 | $2900.57                  | $106377.70              |
| 2025-08-07 | $2843.83                  | $148733.83              |
| 2025-08-08 | $59872.08                 | $0.00                   |
| 2025-08-11 | $1071.08                  | $4000.00                |
| 2025-08-12 | $37319.20                 | $289475.84              |
| 2025-08-13 | $251.36                   | $306397.90              |
| 2025-08-14 | $183.07                   | $49000.00               |
| 2025-08-15 | $33356.95                 | $5427.03                |
| 2025-08-18 | $1251.25                  | $10843.80               |
| 2025-08-19 | $10334.03                 | $400.02                 |
| 2025-08-20 | $1117.24                  | $2000.00                |
| 2025-08-21 | $1256.49                  | $37866.67               |
| 2025-08-22 | $91164.73                 | $5524.88                |
| 2025-08-25 | $85759.68                 | $65380.37               |
| 2025-08-26 | $3515.74                  | $0.00                   |
| 2025-08-27 | $225696.15                | $336941.02              |
| 2025-08-28 | $40524.16                 | $253195.26              |
| 2025-08-29 | $12577.48                 | $4188.52                |

**Total Gross Subscriptions (Month):** $3331774.79

**Total Gross Redemptions (Month):** $2133717.64

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-08-01 | 3.4200%           |
| 2025-08-04 | 3.4200%           |
| 2025-08-05 | 3.4200%           |
| 2025-08-06 | 3.4300%           |
| 2025-08-07 | 3.4500%           |
| 2025-08-08 | 3.4600%           |
| 2025-08-11 | 3.4900%           |
| 2025-08-12 | 3.5000%           |
| 2025-08-13 | 3.5000%           |
| 2025-08-14 | 3.5000%           |
| 2025-08-15 | 3.5000%           |
| 2025-08-18 | 3.5000%           |
| 2025-08-19 | 3.5000%           |
| 2025-08-20 | 3.5000%           |
| 2025-08-21 | 3.5000%           |
| 2025-08-22 | 3.5000%           |
| 2025-08-25 | 3.5000%           |
| 2025-08-26 | 3.5000%           |
| 2025-08-27 | 3.5000%           |
| 2025-08-28 | 3.5000%           |
| 2025-08-29 | 3.4900%           |

**Beneficial/Record Owner Categories**
| Category        | Other Category   | Record Owner %   | Beneficial Owner %   |
|:---|:---|:---|:---|
| Retail investor |  | 100.0000%        | 15.2900%             |
| Retail investor |  | 100.0000%        | 11.3800%             |
| Retail investor |  | 100.0000%        | 5.8400%              |
| Retail investor |  | 100.0000%        | 5.3200%              |

## 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: 912797MH7, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $4598919.00
- **C.18.a - Value (excl. sponsor support):** $4598919.00
- **C.19 - Percentage of Net Assets:** 17.7500%
- **C.17 - Yield as of Reporting Date:** 3.5600%
- **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 2: 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):** $4982471.25
- **C.18.a - Value (excl. sponsor support):** $4982471.25
- **C.19 - Percentage of Net Assets:** 19.2300%
- **C.17 - Yield as of Reporting Date:** 4.1600%
- **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 3: 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):** $1989843.34
- **C.18.a - Value (excl. sponsor support):** $1989843.34
- **C.19 - Percentage of Net Assets:** 7.6800%
- **C.17 - Yield as of Reporting Date:** 4.1300%
- **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 4: 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):** $3568003.02
- **C.18.a - Value (excl. sponsor support):** $3568003.02
- **C.19 - Percentage of Net Assets:** 13.7700%
- **C.17 - Yield as of Reporting Date:** 4.1700%
- **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 5: Treasury Bill

- **C.1 - Title:** Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QT7, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $2098266.62
- **C.18.a - Value (excl. sponsor support):** $2098266.62
- **C.19 - Percentage of Net Assets:** 8.1000%
- **C.17 - Yield as of Reporting Date:** 3.9300%
- **C.11 - Maturity Date (WAM):** 2025-09-09
- **C.12 - Maturity Date (WAL):** 2025-09-09
- **C.13 - Final Legal Maturity Date:** 2025-09-09
- **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: 912797QY6, C.3 - LEI: N/A
- **C.18 - Value (incl. sponsor support):** $1977820.84
- **C.18.a - Value (excl. sponsor support):** $1977820.84
- **C.19 - Percentage of Net Assets:** 7.6300%
- **C.17 - Yield as of Reporting Date:** 4.1600%
- **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 7: 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):** $2684755.42
- **C.18.a - Value (excl. sponsor support):** $2684755.42
- **C.19 - Percentage of Net Assets:** 10.3600%
- **C.17 - Yield as of Reporting Date:** 4.2300%
- **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 8: 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):** $2185832.00
- **C.18.a - Value (excl. sponsor support):** $2185832.00
- **C.19 - Percentage of Net Assets:** 8.4400%
- **C.17 - Yield as of Reporting Date:** 4.1500%
- **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 9: 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):** $1886483.88
- **C.18.a - Value (excl. sponsor support):** $1886483.88
- **C.19 - Percentage of Net Assets:** 7.2800%
- **C.17 - Yield as of Reporting Date:** 4.1500%
- **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:** 2025-09-08

**By:** Gregory T. Pusch

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

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