SHELTON FUNDS (Form: N-CSR, Received: 11/04/2020 06:03:46)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4417

Shelton Funds

(Exact name of registrant as specified in charter)

1875 Lawrence Street, Suite 300, Denver, CO 80202

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Registrant's telephone number, including area code: (415) 398-2727

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ANNUAL REPORT

August 31, 2020

Green California Tax-Free Income Fund

U.S. Government Securities Fund

The United States Treasury Trust

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Shelton Core Value Fund

Nasdaq-100 Index Fund

Shelton Green Alpha Fund

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of beneficial interest of the Shelton Funds (referred to collectively as the “Funds” or individually the “Fund”) which contains information about the management fee and other costs. Investments in shares of the funds of the Shelton Funds are neither insured nor guaranteed by the U.S. Government, and there is no assurance that any Fund, which is designated a Money Market Fund, will be able to maintain a stable net asset value of $1.00 per share.

Beginning on May 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website at www.sheltoncap.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800-955-9988 to let the Funds know you wish to continue receiving paper copies of your shareholder reports.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.sheltoncap.com.

Table of Contents

August 31, 2020


Historical Performance and Manager’s Discussion	1
About Your Fund’s Expenses	6
Top Holdings and Sector Breakdowns	8
Portfolio of Investments	11
Statements of Assets & Liabilities	28
Statements of Operations	30
Statements of Changes in Net Assets	32
Financial Highlights	35
Notes to Financial Statements	43
Fund Holdings	50
About this Report	50
Proxy Voting Policies, Procedures and Voting Records	50
Report of Independent Registered Public Accounting Firm	51
Board of Trustees and Executive Officers	52

Historical Performance and Manager’s Discussion (Unaudited)

August 31, 2020

Bond Funds (Written by Portfolio Manager Bill Mock)

The last fiscal year can easily be broken in to two distinct periods, with the first being from September 2019 through mid-February 2020. During this first half of the fiscal year, the biggest change in the bond markets was the reduction of the inversion in the short end of the yield curve as the Federal Reserve solidified their shift from hawkish to dovish by easing the Fed Funds target rate by 25 basis points (bp) at both the September and October 2019 meetings. The market focus during this period, as in the prior fiscal year, continued to be on Federal Reserve policy and trade disputes with China. The labor market showed continued strength with the US unemployment rate reported to be 3.5% in February 2020, inflation was showing some signs of picking up with the US Consumer Price Index (CPI) over 2% for four consecutive months from November 2019 to February 2020 and the GDP, while not stellar, showed growth of 2.6% and 2.4% respectively for the 3rd and 4th quarters of 2019.

The second period of the fiscal year from mid-February to August 2020 was dominated by the impact of the global Covid-19 pandemic. The initial economic concerns regarded supply chain disruptions as China imposed lockdowns to try to stop the spread, followed by imposition of travel bans and then the first case in the mainland US in January 2020. In February, the first cases of community spreading of Covid-19 were reported and the markets shifted to a “risk-off stance,” or a shift away from equities to fixed income. March brought the imposition of lockdowns across the United States, resulting in sharp declines in equities and both corporate and municipal debt markets, with US Treasuries yields falling to historical lows as a safe-haven during this period. The lockdowns spurred massive unemployment, with the US unemployment rate jumping to 14.7% in April 2020. Economic activity contracted dramatically, with US GDP being reported at -5.0% for Q1 2020 and -31.4% for Q2 2020. The federal government responded rapidly to the economic chaos with the $2.2 trillion stimulus package, the CARES Act, and the Federal Reserve introduced an array of initiatives that included dropping the Fed Funds rate twice in March 2020 by a total of 150 bp to a target rate of 0-25 bp, purchasing $2.2 trillion in US Treasuries and mortgage backed securities between mid-March and mid-June 2020, and establishing facilities to seek to ensure the liquidity of corporate and municipal bond markets.

The markets responded to the combination of fiscal and monetary stimulus with rallies that left the major equity indices, the Bloomberg Barclays US Aggregate and the Bloomberg Barclays Municipal Bond index all with positive returns for the fiscal year. We believe that the actual economy will be much slower to recover and will be fragile until there is widespread implementation of a vaccine or improvements in therapeutic treatment that alleviate the impact of Covid-19. The US unemployment rate has improved, but still stands at 8.4% at fiscal year end.

In response to the Federal Reserve easing, 3 month T-bill rates fell ~50 bp over the first two months of the Funds’ fiscal year and were then range bound just above 1.50% until the impact of Covid-19 on the markets, at which point they dropped rapidly in March, before stabilizing and trading in a range of 0.07% to 0.17% from mid-April through the end of the fiscal year, ending the year at 0.09%. The yield on the two-year note started at was range bound, or consistently trading, near 1.50% from the start of the fiscal year through mid-February when it fell rapidly through the end of March, then traded in a range between 0.11% and 0.23% for the remainder of the fiscal year, ending at 0.13%.

Intermediate and longer dated US Treasuries followed the same pattern as the two year notes, with a range bound trade from the beginning of the fiscal year until mid-February, a sharp drop in yield through the end of March, and then a range bound trade for the remainder of the fiscal year. The 5 year note traded in a range around 1.60% until mid-February, falling through March, and range bound from mid-April to fiscal year end between 0.19% and 0.46%, ending the year at 0.27%. The 10 year bond traded in a range around 1.70% until mid-February, falling through March, and range bound from mid-April to fiscal year end between 0.50% and 0.90%, ending the year at 0.71%. The 30 year bond traded in a range around 2.20% until mid-February, falling to an all time low of 0.997% on March 9, 2020, before resuming a range bound trade from mid-April to fiscal year end between 1.16% and 1.66%, ending the year at 1.48%.

The U.S. Government Securities Fund (CAUSX) ended the fiscal year on August 31, 2020 with a weighted average duration of 4.59 years and a total return of the Direct Shares for the period of 4.78%. CAUSX returns fell between the returns for the bothe the primary and secondary benchmarks, the Bloomberg Barclays US Treasury Index and the Bloomberg Barclays GNMA index, which returned 6.98% and 3.88% respectively over the period of the fiscal year. CAUSX demonstrated high levels of correlation to both benchmarks over the course of the year as all were subject to the macroeconomic impact of the Federal Reserve and Covid-19, with correlation coefficients of 0.98 and 0.58 to the Bloomberg Barclays US Treasury Index and Bloomberg Barclays GNMA index respectively. All the securities in CAUSX are backed by the full faith and credit of the United States.

The United States Treasury Trust (UTSXX) ended the fiscal year on August 31, 2020 with a total return of 0.67%. As a US government money market fund, the underlying market yields are largely dictated by the actions of the Federal Reserve Bank, primarily the previously discussed cuts to the Federal Funds rate. US Treasury Bill yields approached zero when the Federal Funds target rate was cut to 0-25 bp in March 2020, and no dividend payments were made to UTSXX shareholders between April 30, 2020 and the August 31, 2020 fiscal year end. This will probably remain the case until the Federal Reserve begins to raise the Federal Funds target

Historical Performance and Manager’s Discussion (Unaudited) (Continued)

August 31, 2020

rate, which we believe is unlikely to happen until Covid-19 can be effectively treated therapeutically or a vaccine has been widely administered and inflation exceeds the 2% target rate for several consecutive months.

The Green California Tax-Free Income Fund’s (CFNTX) total return for the fiscal year ended August 31, 2020 was 2.31%, and the duration was 4.25 years at fiscal year-end. The benchmark Bloomberg Barclays Municipal Bond Index total return for the fiscal year was 3.24%. Most investment grade municipal bonds exhibited very high levels of correlation to the broader market, resulting in CFNTX having a 0.97 correlation coefficient to the benchmark index over the course of the fiscal year. While the performance of the fund was highly correlated to the benchmark, the longer weighted average duration of the benchmark (4.80 years at fiscal year-end) resulted in CFNTX underperforming relative to the index when municipal yields were falling and outperforming when yields were rising. CFNTX maintained an average credit rating of AA during the fiscal year.

California municipal market bond yields do not necessarily move in lock step with US Treasury yields, but are subject to the level and shape of the benchmark U.S. Treasury curve, as well as the specific economic circumstances of both the State of California and each specific issue. The relative value of municipal bonds to US Treasuries, as measured by the Bloomberg AAA Muni Yield % of Treasury, which started the year at relatively expensive historical levels, became even more expensive through the first half of the fiscal year. Though usually viewed as a safe haven, investment grade municipal bonds were caught up in the Covid-19 induced market selloff with the Bloomberg AAA Muni Yield % of Treasury 5 Year going from 62% on February 19, 2020 to a peak of 650% on March 23, 2020. While the Covid-19 induced lockdowns have put severe strain on the revenues of many municipal issues, the combination of fiscal and monetary stimulus provided enough confidence in the market that the Bloomberg AAA Muni Yield % of Treasury 5 Year rallied to 201% by April 13, 2020, and 98% by June 5, 2020, ending the fiscal year at 117%. Though the AAA Muni Yield % of Treasury ratio ended the year higher, the strong rally in US Treasuries resulted in a downward shift in yields across the entire CA municipal yield curve. Standard & Poor’s maintained their rating on CA GO bonds at AA-, Moody’s upgraded their rating from Aa3 to Aa2 in October 2019, and Fitch maintained their AA rating.

Green California Tax Free Income Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Green California Tax-Free Income Fund	2.31%	2.51%	2.95%	5.51%
Barclays Municipal Bond Index	3.24%	4.08%	4.02%	6.15%

U.S. Government Securities Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	4.78%	2.44%	1.85%	5.29%
Barclays GNMA Index	3.88%	2.91%	2.89%	6.26%
Barclays Treasury Index	6.98%	3.96%	3.16%	6.21%

U.S. Government Securities Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	4.28%	1.92%	1.34%	2.24%
Barclays GNMA Index	3.88%	2.91%	2.89%	4.08%
Barclays Treasury Index	6.98%	3.96%	3.16%	3.99%

S&P 500 Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	21.44%	14.11%	14.85%	9.85%
S&P 500 Composite Stock Price Index	21.92%	14.45%	15.15%	10.04%

Historical Performance and Manager’s Discussion (Unaudited) (Continued)

August 31, 2020

S&P 500 Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	20.84%	13.54%	14.28%	8.85%
S&P 500 Composite Stock Price Index	21.92%	14.45%	15.15%	9.61%

Stock Funds (Written by Portfolio Manager Steve Rogers)

By definition, the objective for managing the index funds is to match the performance of the funds to their index benchmarks. Each of our index funds tracked their respective benchmarks tightly during this last fiscal year. We measure the index fund performance by using a correlation coefficient. This is a statistical measure that compares the daily performance of a fund against its benchmark index. A measure of 1.000 indicates that the performance is perfectly correlated and a measure of -1.000 implies they are perfectly negatively correlated. According to Bloomberg, LLC, The S&P 500 Index Fund, Nasdaq-100 Index Fund, S&P SmallCap Index Fund and S&P MidCap Index Fund each had a correlation of 1.000 as of the fiscal year ended August 31, 2020.

During the fiscal year, the Direct shares of the S&P 500 Index Fund out-performed the Direct Shares of the S&P MidCap Index Fund and S&P SmallCap Index Fund by posting gains of 21.44%, compared to 4.18% and (0.18)%, respectively. It’s important to note, however, that during the year the relative performance varied substantially. After the new tax bill that went into effect in the beginning of the year, the S&P SmallCap Fund substantially outperformed the S&P 500 and MidCap Index funds. Though the returns of these three funds remained relatively flat for the balance of the fiscal year, the SmallCap fund had a strong rally compared to the other two funds during the last four months.

The Nasdaq-100 Index Fund (Direct Shares) finished up 58.98%, versus a benchmark performance of 59.00%. It is important to note that while this index is a popular and widely tracked investment benchmark, it is constructed in a different way than the S&P indices that we track. As of August 2020, Apple Inc. alone made up 14.28% of the index and the top ten holdings accounted for over 50% of the index. It provides investors a strong technology exposure as well as the related volatility.

The Shelton Core Value Fund is a value fund that focuses on income as well as the potential for capital appreciation. The Direct Shares returned 7.99% for the year. The performance of the fund trailed the U.S. stock market as measured by the S&P 500 Index by 13.93% and beat the LargeCap value market, as measured by the S&P 500 Value Index, by 4.56%. The fund has generated substantial income by writing covered calls and it outperformed the BXM by 13.01% during the fiscal year.

United States equity markets followed a similar market pattern to the fixed income markets during the fiscal year ended August 31, 2020. With unemployment at exceptionally low numbers and a strong consumer market, the equity markets rallied to new highs consistently through February 19, 2020. As rumors and then news of the novel coronavirus spread, the optimism reversed and the markets sold off rapidly. The US Equity market fell by almost 34% in just over a month. In managing the Core Value Fund, we spent much of the year positioned to deliver conservative returns while working to protect some of the fund from macro risks in the market. Because of the relatively conservative position of the fund, we believe the fund performed relatively well during the period of the sell off and then lagged as the markets moved higher through the end of the fiscal year.

In a consumer-based economy, one needs to pay attention to consumer health and in turn this means tracking compensation and employment. Our equity view at the time of writing is that that while the economy is recovering some of the lost jobs, there have been major changes and many of these losses will be permanent and risks are substantial. There are key trends that will impact employment, real estate and real estate financing that require close attention. First, remote work appears to have established itself in numerous companies as a semi-permanent strategy. We continue to explore how this will impact employment, confidence, spending and consumer behavior over the next several quarters. Suburban housing market prices have strengthened against the headwinds of rising unemployment. This seems to indicate a trend that those who can are leaving city centers and taking the economic tax-base out of the major cities and into the suburbs. Commercial office real estate is under pressure because companies have utilized communication technologies and work performance issues and social isolation forced rapid adoption and acceptance. Absent broad liability protections, we believe businesses will continue to have liability exposure from their employees and customers. Finally, at the end of the fiscal year, the broad markets were trading at an exceptionally high 26x earnings. These levels are rarely touched and never sustained. The phrase “TINA” has been introduced into the equity markets and it means “there is no alternative” (to stocks). But market declines in the not-so-distance past assures people that there are alternatives and like Zoom, these alternatives are rapidly embraced when necessary.

We believe that government forced shutdowns have harmed the traditional job-creating small businesses to a much larger extent than their larger, better-financed competitors. Some business models are also better suited to quarantine and we expect those businesses to continue to thrive. We believe there will be winners and losers to the consumer shift we are witnessing. And then there is the question of duration of change.

While we cannot predict what the future holds, we can easily make the case that investors who have continued to invest through troubled markets in the past have been rewarded for their tenacity. We encourage you to maintain a diversified portfolio using both stock and bond funds, in a balance that is appropriate for your particular investment objectives.

Green Alpha Fund (Written by Portfolio Managers Jeremy Deems and Garvin Jabush)

The Shelton Green Alpha Fund (the “Fund”) invests primarily in stocks of companies that are believed by the Sub-Advisor, Green Alpha Advisors, LLC, to be leaders in managing, and providing solutions to, economic and environmental risks and opportunities, have above average growth potential and are reasonably valued relative to their long-term growth potential. For the year ending August 31, 2020, the Fund’s return was 60.93%, outperforming the 16.05% return of the MSCI ACWI IMI (Investable Market Index), the Fund’s primary benchmark, and outperforming the 21.92% return of the S&P 500 Index, the Fund’s secondary benchmark.

The 44.88% performance lead over the Fund’s benchmark for the fiscal year was the result of the Fund’s exposure to the biotechnology and related healthcare services industry groups, the auto manufacturers industry group (electric vehicle manufacturers), and the renewable energy industry group. The Fund’s investments in the technology sector also contributed during the period, primarily from the semiconductors industry group. Gains within these sectors were partially offset by losses in natural and organic foods, and in sustainable office furnishings.

While no sectors detracted from performance during the fiscal year, the sectors contributing the least to performance were utilities, communications, and basic materials.

Within the utilities sector, losses by exposure to water utilities partially offset gains from the renewable electric utilities industry group. Within the communications sector, the Fund experienced only modest gains from the internet and telecom industry groups. Within the basic materials sector, share price declines from investments in recycled steel partially offset significant gains from exposure to upstream polysilicon utilized in the manufacturing of photovoltaic (“PV”) solar panels.

In line with the Fund’s environmental focus, the Fund’s investments throughout the year reflected the Sub-Advisor’s view of a diversified portfolio of companies who are leaders in a number of industries including wind energy, solar PV, energy storage, advanced biotech and health technology, artificial intelligence and machine learning, waste-to-value building materials, efficient indusial machinery and automation, electric transportation, mobile communications, Internet of Things, data infrastructure, energy efficiency and lighting, water desalination, and natural foods, among others.

Historical Performance and Manager’s Discussion (Unaudited) (Continued)

August 31, 2020

S&P MidCap Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	4.18%	7.95%	11.73%	10.98%
S&P MidCap 400 Index	4.21%	8.09%	12.03%	11.29%

S&P MidCap Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	2.37%	7.15%	11.04%	8.35%
S&P MidCap 400 Index	4.21%	8.09%	12.03%	9.38%

S&P SmallCap Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	-0.18%	6.77%	12.05%	8.70%
S&P SmallCap 600 Index	-0.58%	7.40%	12.27%	9.34%

S&P SmallCap Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	-0.74%	6.22%	11.49%	8.10%
S&P SmallCap 600 Index	-0.58%	7.40%	12.27%	9.05%

Shelton Core Value Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Core Value Fund	7.99%	7.66%	10.96%	7.83%
S&P / Citigroup Value Index	3.43%	8.73%	11.44%	7.69%
S&P 500 Composite Stock Price Index	21.92%	14.45%	15.15%	9.30%

Historical Performance and Manager’s Discussion (Unaudited) (Continued)

August 31, 2020

Shelton Core Value Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Core Value Fund	7.40%	7.12%	10.40%	7.49%
S&P / Citigroup Value Index	3.43%	8.73%	11.44%	7.55%
S&P 500 Composite Stock Price Index	21.92%	14.45%	15.15%	9.61%

Nasdaq-100 Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	58.98%	23.43%	22.00%	6.07%
Nasdaq-100 Index	59.00%	24.53%	22.63%	6.70%

Nasdaq-100 Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	58.17%	22.83%	21.38%	13.45%
Nasdaq-100 Index	59.00%	24.53%	22.63%	14.53%

Shelton Green Alpha Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/20

Fund/Benchmark	One Year	Five Year (Annualized)	Since Inception (Annualized)
Shelton Green Alpha Fund**	60.93%	17.81%	16.36%
MSCI ACWI IMI	16.05%	10.45%	9.31%
S&P 500 Composite Stock Price Index	21.92%	14.45%	14.17%

*	Past performance does not predict future performance.The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

**	Shelton Green Alpha Fund commencement of operations was March 12, 2013.

About Your Fund’s Expenses (Unaudited)

August 31, 2020

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. Operating expenses, which are deducted from the Funds’ gross income, directly reduce the investment return of the Funds. The Funds’ expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2020 to August 31, 2020.

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you have paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds do not charge any sales charges. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period.

	Beginning Account Value March 1, 2020	Ending Account Value August 31, 2020	Expenses Paid During Period*	Net Annual Expense Ratio
Green California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,005	$ 3.77	0.75%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.80	0.75%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,024	$ 3.81	0.75%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.80	0.75%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,021	$ 6.38	1.26%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.38	1.26%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,001	$ 2.26	0.45%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.28	0.45%
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,194	$ 2.64	0.48%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.43	0.48%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,191	$ 5.38	0.98%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 4.96	0.98%
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,069	$ 3.42	0.66%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.35	0.66%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,054	$ 6.02	1.17%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.92	1.17%
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,029	$ 4.22	0.83%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.21	0.83%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,025	$ 6.75	1.33%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.73	1.33%

About Your Fund’s Expenses (Unaudited)

August 31, 2020 (Continued)

	Beginning Account Value March 1, 2020	Ending Account Value August 31, 2020	Expenses Paid During Period*	Net Annual Expense Ratio
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,086	$ 4.39	0.84%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.26	0.84%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,061	$ 6.92	1.34%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.78	1.34%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,438	$ 3.06	0.50%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.53	0.50%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,434	$ 6.10	1.00%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.06	1.00%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,449	$ 7.80	1.27%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.43	1.27%

*	Expenses are equal to the Fund’s expense ratio annualized

Top Holdings and Sector Breakdowns (Unaudited)

August 31, 2020

Green California Tax-Free Income Fund

Security		Description	Market Value	Percentage of Total Investment
1	East Side Union High School District	General Obligation Refunding Bonds (2012 Crossover); 2006	$ 3,417,561	5.6%
2	William S Hart Union High School District	General Obligation Bonds; 2001 Election, Series B	3,171,689	5.2%
3	San Francisco Bay Area Rapid Transit District	San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)	2,907,982	4.8%
4	Los Rios Community College District	General Obligation Bonds; 2008 Election, Series B	2,818,700	4.6%
5	Mount San Antonio Community College District	General Obligation Bonds; Election of 2008, Series 2013A	2,672,597	4.4%
6	East Bay Municipal Utility District Water System Revenue	Water System Revenue Bonds; 2015 Series B	2,506,699	4.1%
7	San Mateo Foster City Public Financing Authority	City of San Mateo Sewer Revenue Bonds	2,381,180	3.9%
8	Santa Maria Joint Union High School District	General Obligation Bonds; Election of 2004, Series 2005	2,207,575	3.6%
9	California Health Facilities Financing Authority	Kaiser Permanente Revenue Bonds, Series 2017A-1	2,194,989	3.6%
10	Los Angeles Department of Water	Water System Revenue Bonds, 2012 Series A	2,147,929	3.5%

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	08/15/2027	$ 4,262,680	18.2%
2	United States Treasury Note/Bond	02/15/2022	2,978,107	12.7%
3	United States Treasury Note/Bond	08/15/2023	2,780,578	11.9%
4	United States Treasury Note/Bond	05/15/2025	2,392,844	10.2%
5	United States Treasury Note/Bond	02/15/2021	2,336,762	10.0%
6	United States Treasury Note/Bond	11/15/2028	1,445,461	6.2%
7	United States Treasury Note/Bond	02/29/2024	1,388,410	5.9%
8	United States Treasury Note/Bond	08/15/2021	1,222,616	5.2%
9	United States Treasury Note/Bond	02/15/2026	1,045,844	4.5%
10	United States Treasury Note/Bond	05/15/2037	810,137	3.5%

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	11/05/2020	$ 4,598,784	12.5%
2	United States Treasury Bill	09/03/2020	4,099,974	11.2%
3	United States Treasury Bill	09/10/2020	3,999,901	10.9%
4	United States Treasury Bill	10/15/2020	3,899,605	10.6%
5	United States Treasury Bill	09/24/2020	3,799,778	10.4%
6	United States Treasury Bill	11/19/2020	3,798,891	10.4%
7	United States Treasury Bill	10/01/2020	3,599,677	9.8%
8	United States Treasury Bill	11/12/2020	3,299,473	9.0%
9	United States Treasury Bill	10/08/2020	2,496,804	6.8%
10	United States Treasury Bill	09/29/2020	1,799,873	4.9%

Top Holdings and Sector Breakdowns (Unaudited) (Continued)

August 31, 2020

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 14,480,353	7.3%
2	Microsoft Corp	11,776,500	5.9%
3	Amazon.com Inc	9,893,902	5.0%
4	Facebook Inc	4,857,738	2.4%
5	Alphabet Inc - Class A	3,360,091	1.7%
6	Alphabet Inc - Class C	3,289,604	1.7%
7	Berkshire Hathaway Inc	2,918,683	1.5%
8	Johnson & Johnson	2,779,789	1.4%
9	Visa Inc	2,462,688	1.2%
10	Procter & Gamble Co/The	2,357,973	1.2%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	United States Treasury Bill	$ 1,099,484	1.1%
2	Catalent Inc	834,073	0.8%
3	Teradyne Inc	829,647	0.8%
4	Etsy Inc	826,409	0.8%
5	Tyler Technologies Inc	784,199	0.8%
6	FactSet Research Systems Inc	774,384	0.8%
7	Pool Corp	764,523	0.8%
8	Trimble Inc	760,784	0.8%
9	Fair Isaac Corp	709,873	0.7%
10	Generac Holdings Inc	692,287	0.7%

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Momenta Pharmaceuticals Inc	$ 424,246	0.9%
2	Lithia Motors Inc	403,813	0.8%
3	Emergent BioSolutions Inc	358,459	0.7%
4	Wingstop Inc	344,611	0.7%
5	Sunrun Inc	324,399	0.7%
6	Kinsale Capital Group Inc	305,871	0.6%
7	Exponent Inc	298,649	0.6%
8	NeoGenomics Inc	291,268	0.6%
9	Stamps.com Inc	289,484	0.6%
10	Neogen Corp	286,131	0.6%

Top Holdings and Sector Breakdowns (Unaudited) (Continued)

August 31, 2020

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	United States Treasury Bill	$ 16,292,359	10.8%
2	JPMorgan Chase & Co	4,109,794	2.7%
3	Microsoft Corp	3,999,323	2.6%
4	Mastercard Inc	3,581,900	2.4%
5	Sprouts Farmers Market Inc	3,311,030	2.2%
6	Amazon.com Inc	3,105,864	2.0%
7	Caterpillar Inc	2,909,101	1.9%
8	Target Corp	2,676,417	1.8%
9	Netflix Inc	2,541,888	1.7%
10	Chevron Corp	2,461,163	1.6%

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 130,047,544	14.1%
2	Amazon.com Inc	98,921,768	10.7%
3	Microsoft Corp	98,776,953	10.7%
4	Facebook Inc	40,644,557	4.4%
5	Tesla Inc	33,693,907	3.7%
6	Alphabet Inc - Class A	32,269,583	3.5%
7	Alphabet Inc - Class C	32,085,490	3.5%
8	NVIDIA Corp	24,058,051	2.6%
9	United States Treasury Bill	22,289,547	2.4%
10	Adobe Inc	18,261,282	2.0%

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Tesla Inc	$ 8,471,440	9.4%
2	Vestas Wind Systems A/S	6,296,250	7.0%
3	Moderna Inc	4,672,080	5.2%
4	Brookfield Renewable Corp	4,462,120	4.9%
5	First Solar Inc	3,615,048	4.0%
6	Invitae Corp	3,321,200	3.7%
7	CRISPR Therapeutics AG	2,990,720	3.3%
8	Applied Materials Inc	2,987,600	3.3%
9	JinkoSolar Holding Co Ltd	2,740,800	3.0%
10	Hannon Armstrong Sustainable Infrastructure Capital Inc	2,717,440	3.0%

Green California Tax-Free Income Fund

Portfolio of Investments

8/31/20

Security Description	Par Value		Value (Note 1)
Municipal Bonds (96.76%)

BUTTE-GLENN COMMUNITY COLLEGE DISTRICT
Lease Revenue Bonds; 2009 Series I-1, 4.000%, 08/01/2026	$	1,000,000	$	1,069,890
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Kaiser Permanente Revenue Bonds, Series 2017A-1, 5.000%, 11/01/2027		1,700,000		2,194,988
CALIFORNIA HOUSING FINANCE AGENCY
State Multi Family Housing Bonds; 2019, 4.000%, 03/20/2033		371,249		409,570
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds), 5.000%, 10/01/2033		1,200,000		1,473,084
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
University of San Diego Revenue Bonds, 2019, 5.000%, 10/01/2044		480,000		597,130
General Revenue Bonds; 2018, 5.000%, 05/15/2038		800,000		924,800
TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY
Systemwide Revenue Bonds; Series 2012A, 4.000%, 11/01/2030		1,100,000		1,176,615
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
General Revenue Bonds; 2016, 4.000%, 08/15/2046		500,000		548,840
CITY AND COUNTY OF SAN FRANCISCO
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A, 4.000%, 06/01/2033		1,000,000		1,023,760
CITY OF LOS ANGELES
General Obligation Bonds; 2012, 5.000%, 09/01/2021		2,000,000		2,097,240
CITY OF LOS ANGELES WASTEWATER SYSTEM REVENUE
Los Angeles CA Wstwter System Revenue Bond, 5.000%, 06/01/2044		500,000		589,100
Los Angeles CA Wstwter System Revenue Bond, 5.250%, 06/01/2047		1,500,000		1,859,970
CITY OF ROSEVILLE FINANCE AUTHORITY ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013, 5.000%, 02/01/2025		750,000		854,513
CITY OF SAN FRANCISCO PUBLIC UTILITIES COMMISSION WATER REVENUE
San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.000%, 11/01/2034		1,000,000		1,273,610
San Francisco City and Green Bond Series A, 5.000%, 11/01/2030		680,000		818,210
City of San Francisco CA Public Utilities Commission Water Revenue, 5.000%, 11/01/2036		1,170,000		1,391,153
EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE
Water System Revenue Bonds; 2015 Series B, 5.000%, 06/01/2026		2,050,000		2,506,699
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006, 5.250%, 09/01/2023		2,975,000		3,417,560
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C, 0%, 08/01/2027		2,000,000		1,867,520
LA MIRADA REDEVELOPMENT AGENCY SUCCESSOR AGENCY
Subordinate Tax Allocation Refunding Bonds; 2014 Series A, 5.000%, 08/01/2023		1,000,000		1,133,230
LOS ANGELES COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series G, 5.000%, 08/01/2028		865,000		1,018,927
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Propositin A First Tier Los Angeles County Met Transport, 4.000%, 07/01/2028		500,000		581,400
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A, 5.000%, 07/01/2021		1,000,000		1,040,580
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A, 5.000%, 07/01/2023		1,500,000		1,704,555
LOS ANGELES DEPARTMENT OF WATER
Water System Revenue Bonds, 2012 Series A, 5.000%, 07/01/2037		1,985,000		2,147,929
Power System Revenue Bonds, 2001, 0.020%, 07/01/2034		300,000		300,000
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B, 5.000%, 08/01/2032		2,500,000		2,818,700
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District, 4.000%, 09/01/2021		200,000		207,732
MOUNT SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2008, Series 2013A, 5.000%, 08/01/2034		2,345,000		2,672,597
PORT OF LOS ANGELES
Revenue Bonds; 2014 Series C, 4.000%, 08/01/2023		290,000		318,870
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012, 4.000%, 09/01/2020		1,380,000		1,380,000
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K, 5.250%, 07/01/2024		1,000,000		1,121,240
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013, 5.000%, 08/01/2027		1,175,000		1,339,148

See accompanying notes to financial statements.

Green California Tax-Free Income Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Par Value		Value (Note 1)
SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT
San Francisco BART District GO Bonds 2017 Series A-1 (Green Bonds), 4.000%, 08/01/2034	$	645,000	$	764,686
San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds), 5.000%, 08/01/2036		2,300,000		2,907,981
SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION WASTEWATER REVENUE
San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.000%, 10/01/2021		700,000		729,085
SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY
City of San Mateo Sewer Revenue Bonds, 4.000%, 08/01/2044		2,000,000		2,381,180
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A, 5.000%, 04/01/2034		1,000,000		1,176,670
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005, 0%, 08/01/2029		2,500,000		2,207,575
STATE OF CALIFORNIA
Tax-Exempt Various Purpose General Obligation Bonds, 3.000%, 10/01/2028		900,000		981,540
TURLOCK IRRIGATION DISTRICT
General Revenue Bonds; 2019, 5.000%, 01/01/2036		300,000		393,663
UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM, 5.000%, 05/01/2029		925,000		1,080,289
WILLIAM S HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; 2001 Election, Series B, 0, 09/01/2029		3,595,000		3,171,689

Total Municipal Bonds (Cost $54,542,082)				59,373,518

*Variable Rate Demand Notes (2.44%)**
LOS ANGELES DEPARTMENT OF WATER
Power System Revenue Bonds, 2001, 0.020%, 07/01/2034,*		300,000		300,000

METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA, 0.020%, 07/01/2047,*		800,000		800,000

STATE OF CALIFORNIA
Tax-Exempt Various Purpose General Obligation Bonds, 0.010%, 05/01/2034,*		200,000		200,000
Tax-Exempt Various Purpose General Obligation Bonds, 0.010%, 05/01/2034,*		200,000		200,000

Total Variable Rate Demand Notes (Cost $1,500,000)				1,500,000

Total Investments (Cost $56,042,082)^(a) (99.20%)			$	60,873,518
Other Net Assets (0.80%)				483,045
Net Assets (100.00%)			$	61,356,563

(a) Aggregate cost for federal income tax purposes is $56,040,287.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	4,871,535
Unrealized depreciation		(38,304	)
Net unrealized appreciation	$	4,833,231

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

Stated maturity reflects next reset date.

In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents.

***

Rate Effective as of August 31, 2020

See accompanying notes to financial statements.

U.S. Government Securities Fund

Portfolio of Investments

8/31/20

Security Description	Par Value		Value (Note 1)
Government National Mortgage Association (3.01%)
3.500% 11/20/2044	$	258,039	$	275,634
5.000% 03/15/2038		128,762		147,763
5.500% 01/15/2025		25,343		27,977
5.500% 04/15/2036		109,841		129,078
6.000% 01/15/2026		73,111		82,195
6.000% 06/15/2038		43,307		49,740
Total Government National Mortgage Association (Cost $647,614)				712,387

United States Treasury Bonds (14.35%)
2.250% 08/15/2046		400,000		471,469
2.750% 08/15/2042		400,000		511,344
5.000% 05/15/2037		500,000		810,137
6.000% 02/15/2026		800,000		1,045,844
6.375% 08/15/2027		400,000		562,391
Total United States Treasury Bonds (Cost $2,911,610)				3,401,185

United States Treasury Notes (81.46%)
0.375% 03/31/2022		500,000		501,875
2.000% 02/15/2022		2,900,000		2,978,107
2.125% 02/29/2024		1,300,000		1,388,410
2.125% 05/15/2025		2,200,000		2,392,844
2.125% 08/15/2021		1,200,000		1,222,616
2.250% 08/15/2027		3,800,000		4,262,680
2.500% 08/15/2023		2,600,000		2,780,578
3.125% 11/15/2028		1,200,000		1,445,461
3.625% 02/15/2021		2,300,000		2,336,760
Total United States Treasury Notes (Cost $18,334,720)				19,309,331

Total Investments (Cost $21,893,944)^(a) (98.81%)				23,422,903
Other Net Assets (1.19%)				282,467
Net Assets (100.00%)				23,705,370

(a) Aggregate cost for federal income tax purposes is $21,894,704.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	1,528,959
Unrealized depreciation		(760	)
Net unrealized appreciation	$	1,528,199

See accompanying notes to financial statements.

The United States Treasury Trust

Portfolio of Investments

8/31/20

Security Description	Par Value		Value (Note 1)
United States Treasury Bills, DN^(a) (99.39%)
09/03/2020	$	4,100,000	$	4,099,975
09/10/2020		4,000,000		3,999,901
09/17/2020		1,100,000		1,099,959
09/24/2020		3,800,000		3,799,778
09/29/2020		1,800,000		1,799,873
10/01/2020		3,600,000		3,599,677
10/08/2020		2,500,000		2,496,804
10/15/2020		3,900,000		3,899,605
11/05/2020		4,600,000		4,598,784
11/12/2020		3,300,000		3,299,473
11/19/2020		3,800,000		3,798,891
12/17/2020		200,000		199,944
Total United States Treasury Bills, DN (Cost $36,692,664)				36,692,664

Total Investments (Cost $36,692,664)^(b) (99.39%)			$	36,692,664
Other Net Assets (0.61%)				223,916
Net Assets (100.00%)			$	36,916,580

(a)	Discount Note. Yield to maturity is between 0.00% - 1.59%.

(b)	Aggregate cost for federal income tax purposes is $36,692,664.

S&P 500 Index Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (99.52%)

Basic Materials (2.06%)
Air Products and Chemicals Inc		1,516	$	443,066
Albemarle Corp		729		66,346
Celanese Corp		831		84,056
CF Industries Holdings Inc		1,795		58,571
Dow Inc		5,248		236,790
DuPont de Nemours Inc		5,052		281,700
Eastman Chemical Co		1,048		76,619
Ecolab Inc		1,701		335,233
FMC Corp		891		95,212
Freeport-McMoRan Inc		9,980		155,788
International Flavors & Fragrances Inc		683		84,549
International Paper Co		2,697		97,820
Linde PLC		3,616		903,059
LyondellBasell Industries NV		1,766		115,638
The Mosaic Co		2,068		37,700
Newmont Corp		5,526		371,789
Nucor Corp		2,085		94,784
PPG Industries Inc		1,668		200,827
The Sherwin-Williams Co		556		373,104
Total Basic Materials				4,112,651

Communications (17.12%)
AT&T Inc		49,061		1,462,508
Alphabet Inc - Class A*		2,062		3,360,091
Alphabet Inc - Class C*		2,013		3,289,604
Amazon.com Inc*^,(a)		2,867		9,893,901
Arista Networks Inc*		415		92,732
Booking Holdings Inc*		287		548,299
CDW Corp		988		112,286
CenturyLink Inc		7,576		81,442
Charter Communications Inc*		1,037		638,388
Cisco Systems Inc		29,133		1,229,995
Comcast Corp		31,177		1,397,041
Corning Inc		5,290		171,713
The Walt Disney Co		12,409	$	1,636,375
Discovery Inc - Class A*		1,116		24,625
Discovery Inc - Class C*		1,878		37,504
DISH Network Corp*		1,784		63,368
E*TRADE Financial Corp		1,181		63,892
eBay Inc		4,548		249,139
Expedia Group Inc		961		94,322
Facebook Inc*^,(a)		16,568		4,857,738
F5 Networks Inc*		424		56,108
Fox Corp - Class A		2,714		75,612
Fox Corp - Class B		1,242		34,528
The Interpublic Group of Cos Inc		2,667		47,366
Juniper Networks Inc		2,302		57,550
Motorola Solutions Inc		669		103,528
Netflix Inc*		3,009		1,593,446
News Corp - Class A		2,672		40,401
News Corp - Class B		910		13,714
NortonLifeLock Inc		4,015		94,433
Omnicom Group Inc		1,536		83,082
T-Mobile US Inc*		3,944		460,186
Twitter Inc*		5,110		207,364
VeriSign Inc*		689		147,997
Verizon Communications Inc		28,475		1,687,713
ViacomCBS Inc		3,816		106,276
Total Communications				34,114,267

Consumer, Cyclical (7.82%)
Advance Auto Parts Inc		476		74,404
Alaska Air Group Inc		963		37,509
American Airlines Group Inc		3,057		39,894
AutoZone Inc*		163		194,999
Best Buy Co Inc		1,638		181,671
BorgWarner Inc		1,664		67,542
CarMax Inc*		1,131		120,938
Carnival Corp		2,827		46,589
Chipotle Mexican Grill Inc*		175		229,299
Copart Inc*		1,407		145,371
Costco Wholesale Corp		3,039	$	1,056,539
Cummins Inc		1,053		218,234
DR Horton Inc		2,306		164,579
Darden Restaurants Inc		933		80,863
Delta Air Lines Inc		4,086		126,053
Dollar General Corp		1,748		352,886
Dollar Tree Inc*		1,671		160,867
Domino’s Pizza Inc		266		108,783
Fastenal Co		4,028		196,808
Ford Motor Co		27,615		188,334
The Gap Inc		2,194		38,154
General Motors Co		8,873		262,907
Genuine Parts Co		999		94,346
WW Grainger Inc		300		109,629
Hanesbrands Inc		3,007		45,977
Hasbro Inc		950		74,993
Hilton Worldwide Holdings Inc		2,025		182,979
The Home Depot Inc		7,405		2,110,720
Kohl’s Corp		1,123		23,987
L Brands Inc		1,787		52,538
LKQ Corp*		2,347		74,494
Las Vegas Sands Corp		2,324		117,850
Leggett & Platt Inc		1,017		41,697
Lennar Corp		1,925		144,029
Live Nation Entertainment Inc*		1,003		56,970
Lowe’s Cos Inc		4,072		670,618
MGM Resorts International		3,542		79,695
Marriott International Inc		1,930		198,616
McDonald’s Corp		5,171		1,104,112
Mohawk Industries Inc*		459		42,379
NVR Inc*		23		95,872
Newell Brands Inc		2,691		43,002
NIKE Inc		8,571		959,009
O’Reilly Automotive Inc*		511		237,937
PVH Corp		574		32,006
PACCAR Inc		2,379		204,213
PulteGroup Inc		1,988		88,645
Ralph Lauren Corp		449		30,905

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
Ross Stores Inc		1,475	$	134,343
Southwest Airlines Co		3,416		128,373
Starbucks Corp		8,124		686,234
The TJX Cos Inc		8,342		457,058
Tapestry Inc		2,156		31,758
Target Corp		3,485		526,967
Tiffany & Co		767		93,958
Tractor Supply Co		842		125,315
Ulta Beauty Inc*		393		91,247
Under Armour Inc - Class A*		1,210		11,870
Under Armour Inc - Class C*		1,218		10,779
United Airlines Holdings Inc*		1,732		62,352
VF Corp		2,305		151,554
Walmart Inc		9,742		1,352,677
Walgreens Boots Alliance Inc		5,357		203,673
Whirlpool Corp		434		77,130
Wynn Resorts Ltd		526		45,999
Yum! Brands Inc		2,149		205,982
Aptiv PLC		709		61,059
Norwegian Cruise Line Holdings Ltd*		1,599		27,359
Royal Caribbean Cruises Ltd		1,236		85,086
Total Consumer, Cyclical				15,581,214

Consumer, Non-Cyclical (21.57%)
Abbott Laboratories		12,137		1,328,637
AbbVie Inc		12,127		1,161,403
ABIOMED Inc*		310		95,362
Alexion Pharmaceuticals Inc*		1,522		173,843
Align Technology Inc*		513		152,351
Altria Group Inc		12,850		562,059
AmerisourceBergen Corp		1,034		100,329
Amgen Inc		4,080		1,033,546
Anthem Inc		1,744		490,971
Archer-Daniels-Midland Co		3,933		176,041
Automatic Data Processing Inc		2,976		413,932
Avery Dennison Corp		649		74,888
Baxter International Inc		3,605		313,887
Becton Dickinson and Co		1,860		451,552
Biogen Inc*		1,123		323,020
Bio-Rad Laboratories Inc*		147		74,763
Boston Scientific Corp*		9,837		403,514
Bristol-Myers Squibb Co		15,580		969,076
Brown-Forman Corp		1,285		94,023
Campbell Soup Co		1,162		61,133
Cardinal Health Inc		2,105		106,850
Centene Corp*		3,919		240,313
Church & Dwight Co Inc		1,688		161,761
Cigna Corp		2,568		455,486
Cintas Corp		576		191,946
The Clorox Co		863		192,881
The Coca-Cola Co		26,481		1,311,604
Colgate-Palmolive Co		5,895		467,238
Conagra Brands Inc		2,987		114,581
Constellation Brands Inc		1,181		217,871
The Cooper Cos Inc		341		107,204
Corteva Inc		5,148		146,975
Coty Inc		2,033		7,278
CVS Health Corp		8,949		555,912
Danaher Corp		3,328		687,132
DaVita Inc*		616		53,444
DENTSPLY SIRONA Inc		1,160		52,049
DexCom Inc*		627		266,732
Edwards Lifesciences Corp*		4,404		378,039
Eli Lilly and Co		5,812		862,443
Equifax Inc		870		146,395
The Estee Lauder Cos Inc		1,562	$	346,327
FleetCor Technologies Inc*		611		153,636
Gartner Inc*		615		79,839
General Mills Inc		4,262		272,555
Gilead Sciences Inc		8,703		580,925
Global Payments Inc		2,067		365,074
H&R Block Inc		1,343		19,474
HCA Healthcare Inc		1,878		254,882
Henry Schein Inc*		1,009		67,038
The Hershey Co		1,020		151,613
Hologic Inc*		1,844		110,124
Hormel Foods Corp		1,912		97,474
Humana Inc		910		377,805
IDEXX Laboratories Inc*		608		237,764
IHS Markit Ltd		2,832		226,333
Illumina Inc*		1,038		370,794
Incyte Corp*		1,229		118,414
Intuitive Surgical Inc*		795		581,018
IQVIA Holdings Inc*		1,146		187,658
The J M Smucker Co		823		98,908
Johnson & Johnson		18,120		2,779,788
Kellogg Co		1,816		128,773
Kimberly-Clark Corp		2,344		369,789
The Kraft Heinz Co		4,282		150,041
The Kroger Co		5,516		196,811
Laboratory Corp of America Holdings*		705		123,904
Lamb Weston Holdings Inc		1,124		70,643
MarketAxess Holdings Inc		260		126,344
McCormick & Co Inc		850		175,270
McKesson Corp		1,110		170,318
Medtronic PLC		9,220		990,873
Merck & Co Inc		17,529		1,494,698
Molson Coors Beverage Co		1,200		45,168
Mondelez International Inc		9,904		578,592
Monster Beverage Corp*		2,574		215,856
Moody’s Corp		1,149		338,541
Mylan NV*		3,101		50,794
Nielsen Holdings PLC		1,879		28,711
PayPal Holdings Inc*		8,077		1,648,839
PepsiCo Inc		9,600		1,344,576
Perrigo Co PLC		677		35,407
Pfizer Inc		38,005		1,436,209
Philip Morris International Inc		10,702		853,913
The Procter & Gamble Co		17,046		2,357,973
Quanta Services Inc		1,004		51,455
Quest Diagnostics Inc		951		105,789
Regeneron Pharmaceuticals Inc*		562		348,401
ResMed Inc		989		178,791
Robert Half International Inc		808		42,986
Rollins Inc		462		25,475
S&P Global Inc		1,681		615,952
STERIS PLC		603		96,263
Stryker Corp		2,215		438,924
Sysco Corp		3,509		211,031
Teleflex Inc		318		124,958
Thermo Fisher Scientific Inc		2,719		1,166,397
Tyson Foods Inc		2,081		130,687
United Rentals Inc*		544		96,315
UnitedHealth Group Inc		6,523		2,038,764
Universal Health Services Inc		552		60,913
Varian Medical Systems Inc*		643		111,670
Verisk Analytics Inc		1,127		210,377
Vertex Pharmaceuticals Inc*		1,768		493,484
West Pharmaceutical Services Inc		509		144,536
Zimmer Biomet Holdings Inc		1,338		188,497
Zoetis Inc		3,276	$	524,488
Total Consumer, Non-Cyclical				42,994,103

Energy (2.33%)
Apache Corp		2,792		41,322
Baker Hughes Co		3,384		48,324
Cabot Oil & Gas Corp		3,164		60,021
Chevron Corp		12,855		1,078,920
Concho Resources Inc		1,114		57,906
ConocoPhillips		7,548		285,994
Devon Energy Corp		2,767		30,077
Diamondback Energy Inc		1,217		47,414
EOG Resources Inc		4,098		185,803
Exxon Mobil Corp		29,057		1,160,536
Halliburton Co		6,038		97,695
Hess Corp		1,823		83,931
HollyFrontier Corp		508		12,126
Kinder Morgan Inc		13,749		190,011
Marathon Oil Corp		5,187		27,387
Marathon Petroleum Corp		4,649		164,854
National Oilwell Varco Inc		3,192		38,304
Noble Energy Inc		2,616		26,029
Occidental Petroleum Corp		6,317		80,479
ONEOK Inc		2,916		80,132
Phillips 66		3,167		185,174
Pioneer Natural Resources Co		1,139		118,376
Schlumberger NV		9,767		185,671
Valero Energy Corp		2,926		153,878
The Williams Cos Inc		8,559		177,685
TechnipFMC PLC		3,637		28,005
Total Energy				4,646,054

Financial (13.92%)
Aflac Inc		5,228		189,881
Alexandria Real Estate Equities Inc		700		117,866
The Allstate Corp		2,228		207,204
American Express Co		4,615		468,838
American International Group Inc		6,143		179,007
American Tower Corp		3,047		759,160
Ameriprise Financial Inc		842		132,026
Aon PLC		1,610		321,984
Apartment Investment and Management Co		1,069		38,516
Arthur J Gallagher & Co		1,374		144,682
Assurant Inc		431		52,392
AvalonBay Communities Inc		960		151,738
Bank of America Corp		53,764		1,383,885
The Bank of New York Mellon Corp		5,772		213,449
Berkshire Hathaway Inc*^,(a)		13,386		2,918,683
BlackRock Inc		1,048		622,711
Boston Properties Inc		1,078		93,646
Capital One Financial Corp		3,135		216,409
Cboe Global Markets Inc		706		64,804
CBRE Group Inc*		2,058		96,788
The Charles Schwab Corp		7,864		279,408
Chubb Ltd		3,117		389,625
Cincinnati Financial Corp		1,038		82,428
Citigroup Inc		14,334		732,754
Citizens Financial Group Inc		3,157		81,672
CME Group Inc		2,465		433,520
Comerica Inc		1,054		41,665
Crown Castle International Corp		2,860		466,895
Digital Realty Trust Inc		1,471		228,961

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
Discover Financial Services		2,247	$	119,271
Duke Realty Corp		2,792		107,632
Equinix Inc		599		473,078
Equity Residential		2,461		138,923
Essex Property Trust Inc		463		100,244
Everest Re Group Ltd		280		61,622
Extra Space Storage Inc		949		101,116
Federal Realty Investment Trust		548		43,424
Fifth Third Bancorp		4,882		100,862
First Republic Bank/CA		1,159		130,863
Franklin Resources Inc		1,991		41,930
Globe Life Inc		774		63,840
The Goldman Sachs Group Inc		2,131		436,578
The Hartford Financial Services Group Inc		2,553		103,269
Healthpeak Properties Inc		3,020		83,473
Host Hotels & Resorts Inc		5,173		58,093
Huntington Bancshares Inc		7,104		66,849
Intercontinental Exchange Inc		3,830		406,861
Invesco Ltd		3,410		34,782
Iron Mountain Inc		1,369		41,193
JPMorgan Chase & Co		20,981		2,102,086
KeyCorp		6,704		82,593
Kimco Realty Corp		2,994		35,898
Lincoln National Corp		1,364		49,172
Loews Corp		1,836		65,839
M&T Bank Corp		944		97,477
Marsh & McLennan Cos Inc		3,471		398,853
Mastercard Inc		6,112		2,189,257
MetLife Inc		5,377		206,799
Mid-America Apartment Communities Inc		858		100,489
Morgan Stanley		8,011		418,655
Nasdaq Inc		814		109,418
Northern Trust Corp		1,457		119,314
People’s United Financial Inc		2,887		30,544
The PNC Financial Services Group Inc		3,014		335,157
Principal Financial Group Inc		1,776		74,787
The Progressive Corp		4,123		391,850
Prologis Inc		4,457		453,990
Prudential Financial Inc		2,839		192,399
Public Storage		1,035		219,834
Raymond James Financial Inc		849		64,286
Realty Income Corp		2,475		153,524
Regency Centers Corp		1,109		44,038
Regions Financial Corp		7,046		81,452
SBA Communications Corp		798		244,244
Simon Property Group Inc		2,175		147,574
SL Green Realty Corp		560		26,186
State Street Corp		2,423		164,982
SVB Financial Group*		354		90,405
Synchrony Financial		3,882		96,312
T Rowe Price Group Inc		1,566		218,003
The Travelers Cos Inc		1,740		201,910
Truist Financial Corp		9,225		358,022
UDR Inc		2,033		70,769
Unum Group		1,473		27,221
US Bancorp		9,438		343,543
Ventas Inc		2,564		105,662
Visa Inc		11,617		2,462,687
Vornado Realty Trust		1,244		44,573
W R Berkley Corp		1,033		64,098
Wells Fargo & Co		25,690		620,414
Welltower Inc		2,792		160,596
The Western Union Co		3,270		77,139
Weyerhaeuser Co		5,125	$	155,339
Willis Towers Watson PLC		884		181,689
Zions Bancorp NA		1,054		33,897
Total Financial				27,737,476

Industrial (7.80%)
3M Co		3,955		644,744
A O Smith Corp		942		46,130
Agilent Technologies Inc		2,185		219,418
Allegion plc		703		72,683
Amcor PLC		11,145		123,264
AMETEK Inc		1,612		162,328
Amphenol Corp		2,100		230,580
Ball Corp		2,268		182,279
The Boeing Co		3,677		631,782
Carrier Global Corp		5,728		170,981
Caterpillar Inc		3,801		540,920
CH Robinson Worldwide Inc		956		93,975
CSX Corp		5,349		408,985
Deere & Co		2,154		452,469
Dover Corp		1,027		112,806
Eaton Corp PLC		2,843		290,270
Emerson Electric Co		4,190		291,079
Expeditors International of Washington Inc		1,205		106,510
FedEx Corp		1,694		372,409
FLIR Systems Inc		922		34,022
Flowserve Corp		1,128		33,479
Fortive Corp		2,032		146,528
Fortune Brands Home & Security Inc		957		80,465
Garmin Ltd		806		83,510
General Dynamics Corp		1,652		246,726
General Electric Co		60,078		380,895
Honeywell International Inc		4,832		799,937
Howmet Aerospace Inc		2,478		43,415
Huntington Ingalls Industries Inc		281		42,577
IDEX Corp		523		94,260
Illinois Tool Works Inc		2,011		397,273
Ingersoll Rand Inc*		1,505		52,765
Jacobs Engineering Group Inc		962		86,840
JB Hunt Transport Services Inc		586		82,356
Johnson Controls International plc		5,306		216,113
Kansas City Southern		681		123,969
Keysight Technologies Inc*		1,290		127,091
L3Harris Technologies Inc		1,520		274,725
Lockheed Martin Corp		1,707		666,174
Martin Marietta Materials Inc		463		93,929
Masco Corp		1,816		105,873
Mettler-Toledo International Inc*		173		167,945
Norfolk Southern Corp		1,793		381,066
Northrop Grumman Corp		1,078		369,334
Old Dominion Freight Line Inc		681		137,685
Otis Worldwide Corp		2,864		180,146
Packaging Corp of America		651		65,907
Parker-Hannifin Corp		907		186,851
Pentair PLC		1,156		52,182
PerkinElmer Inc		784		92,292
Raytheon Technologies Corp		10,097		615,917
Republic Services Inc		1,448		134,259
Rockwell Automation Inc		794		183,041
Roper Technologies Inc		734		313,557
Sealed Air Corp		1,091		42,876
Snap-on Inc		424		62,866
Stanley Black & Decker Inc		1,071		172,752
TE Connectivity Ltd		2,372	$	229,135
Teledyne Technologies Inc*		252		79,030
Textron Inc		1,625		64,074
Trane Technologies PLC		1,706		201,973
TransDigm Group Inc		342		170,887
Union Pacific Corp		3,672		706,640
United Parcel Service Inc		4,820		788,648
Vulcan Materials Co		956		114,720
Waste Management Inc		2,756		314,184
Waters Corp*		443		95,803
Westinghouse Air Brake Technologies Corp		1,272		84,652
Westrock Co		1,985		60,205
Xylem Inc/NY		1,238		99,263
Total Industrial				15,534,424

Technology (24.16%)
Accenture PLC		4,368		1,048,014
Activision Blizzard Inc		5,269		440,067
Adobe Inc*		3,324		1,706,508
Advanced Micro Devices Inc*		7,666		696,226
Akamai Technologies Inc*		1,165		135,641
Analog Devices Inc		2,533		296,057
ANSYS Inc*		593		201,033
Apple Inc^(a)		112,216		14,480,352
Applied Materials Inc		6,354		391,406
Autodesk Inc*		1,550		380,835
Broadcom Inc		2,728		947,025
Broadridge Financial Solutions Inc		788		108,271
Cadence Design Systems Inc*		1,930		214,056
Cerner Corp		2,120		155,544
Citrix Systems Inc		791		114,853
Cognizant Technology Solutions Corp		3,900		260,754
DXC Technology Co		2,234		44,635
Electronic Arts Inc*		787		109,763
Fidelity National Information Services Inc		4,227		637,643
Fiserv Inc*		3,928		391,150
Fortinet Inc*		976		128,837
Hewlett Packard Enterprise Co		9,220		89,157
HP Inc		10,465		204,591
Intel Corp		28,986		1,476,837
International Business Machines Corp		6,092		751,205
Intuit Inc		1,790		618,248
IPG Photonics Corp*		299		48,357
Jack Henry & Associates Inc		529		87,507
KLA Corp		1,085		222,577
Lam Research Corp		720		242,165
Leidos Holdings Inc		915		82,798
Maxim Integrated Products Inc		1,861		127,367
Microchip Technology Inc		1,643		180,237
Micron Technology Inc*		7,795		354,750
Microsoft Corp		52,217		11,776,500
MSCI Inc		598		223,215
NetApp Inc		1,569		74,355
NVIDIA Corp		4,209		2,251,731
Oracle Corp		14,331		820,020
Paychex Inc		2,191		167,546
Paycom Software Inc*		337		100,918
Qorvo Inc*		831		106,592
QUALCOMM Inc		7,854		935,411
salesforce.com Inc*		6,101		1,663,438
Seagate Technology PLC		1,590		76,304

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
ServiceNow Inc*		1,297	$	625,180
Skyworks Solutions Inc		1,212		175,558
Synopsys Inc*		1,034		228,824
Take-Two Interactive Software Inc*		778		133,186
Texas Instruments Inc		6,319		898,246
Tyler Technologies Inc*		273		94,270
Western Digital Corp		2,052		78,838
Xerox Holdings Corp		1,468		27,686
Xilinx Inc		1,784		185,821
Zebra Technologies Corp*		383		109,741
Total Technology				48,127,846

Utilities (2.73%)
The AES Corp		4,674		82,964
Alliant Energy Corp		1,758		95,196
Ameren Corp		1,808		143,031
American Electric Power Co Inc		3,397		267,786
American Water Works Co Inc		1,243		175,686
Atmos Energy Corp		820		81,852
CenterPoint Energy Inc		2,979		59,789
CMS Energy Corp		2,062		124,730
Consolidated Edison Inc		2,227		158,874
Dominion Energy Inc		5,662		444,127
DTE Energy Co		1,258		149,287
Duke Energy Corp		5,015		402,905
Edison International		2,433		127,684
Entergy Corp		1,304		129,279
Evergy Inc		1,567		83,396
Eversource Energy		2,274		194,905
Exelon Corp		6,861		253,240
FirstEnergy Corp		3,716		106,240
NextEra Energy Inc		2,662	$	743,150
NiSource Inc		2,050		45,428
NRG Energy Inc		1,956		67,306
Pinnacle West Capital Corp		806		59,120
PPL Corp		5,573		153,982
Public Service Enterprise Group Inc		3,478		181,691
Sempra Energy		1,939		239,757
The Southern Co		7,214		376,427
WEC Energy Group Inc		2,169		204,060
Xcel Energy Inc		3,728		259,003
Total Utilities				5,410,895

Total Common Stock (Cost $66,096,215)				198,258,930

Warrant (0.00%)
Occidental Petroleum		790		2,329

United States Treasury Bills (0.06%)
0.130% 01/14/21^(a) (Cost $99,960)		100,000		99,953

Total Investments (Cost $66,196,175)⁽^b⁾ (99.57%)			$	198,361,212
Other Net Assets (0.43%)				856,759
Net Assets (100.00%)			$	199,217,971

Non-income producing security.

^(a)

A portion of these securities, a total of $17,708,451, have been pledged or segregated in connection with obligations for futures contracts.

^(b)

Aggregate cost for federal income tax purpose is $66,198,076.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	136,166,660
Unrealized depreciation		(4,003,524	)
Net unrealized appreciation	$	132,163,136

Futures contracts at August 31, 2020:

Contracts - $50 times premium / delivery month / commitment / exchange

S&P 500 E-MINI

Notional Amount

Value

Unrealized

Appreciation

5 / SEPT 2020 / Long / CME

859,800

874,725

14,925

S&P MidCap Index Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (98.08%)

Basic Materials (4.14%)
Allegheny Technologies Inc*		7,346	$	61,192
Ashland Global Holdings Inc		3,509		258,578
Avient Corp		5,185		132,321
Cabot Corp		3,433		127,055
Carpenter Technology Corp		2,875		60,461
The Chemours Co		9,851		203,522
Commercial Metals Co		7,149		149,200
Compass Minerals International Inc		2,041		116,194
Domtar Corp		3,578		102,045
Ingevity Corp*		2,436		136,830
Minerals Technologies Inc		2,100		106,575
NewMarket Corp		444		165,386
Olin Corp		9,621		108,236
Reliance Steel & Aluminum Co		3,883		407,210
Royal Gold Inc		3,821		520,879
RPM International Inc		7,556		640,522
Sensient Technologies Corp		2,549		140,756
Steel Dynamics Inc		12,553		370,565
United States Steel Corp		10,245		80,218
Valvoline Inc		11,351		231,560
Total Basic Materials				4,119,305

Communications (4.48%)
AMC Networks Inc*		2,655	$	64,490
Cable One Inc		292		537,376
Ciena Corp*		9,013		511,668
Etsy Inc*		6,904		826,409
FactSet Research Systems Inc^(a)		2,210		774,384
Grubhub Inc*		5,328		385,481
InterDigital Inc		1,875		114,656
The New York Times Co		8,376		362,932
TEGNA Inc		12,638		158,228
Telephone and Data Systems Inc		5,893		136,305
TripAdvisor Inc		6,331		147,955
ViaSat Inc*		3,475		138,166
John Wiley & Sons Inc		2,636		83,429
World Wrestling Entertainment Inc		2,835		124,938
Yelp Inc*		3,849		88,989
Total Communications				4,455,406

Consumer, Cyclical (14.28%)
Adient PLC*		5,245		90,948
American Eagle Outfitters Inc		9,797		123,540
AutoNation Inc*		3,547		201,682
Bed Bath & Beyond Inc		8,029		97,793
BJ’s Wholesale Club Holdings Inc*		7,361		326,902
Boyd Gaming Corp		4,822		129,133
Brinker International Inc		2,374	$	106,925
Brunswick Corp		4,753		294,163
Caesars Entertainment Inc*		3,936		180,269
Carter’s Inc		2,572		204,783
Casey’s General Stores Inc		2,143		381,133
The Cheesecake Factory Inc		2,474		73,057
Choice Hotels International Inc		1,914		190,041
Churchill Downs Inc		2,065		360,879
Cinemark Holdings Inc		6,423		94,097
Columbia Sportswear Co		1,749		149,662
Cracker Barrel Old Country Store Inc		1,449		193,746
Dana Inc		8,386		116,985
Deckers Outdoor Corp*		1,630		332,308
Delphi Technologies PLC*		5,186		90,081
Dick’s Sporting Goods Inc		3,832		207,388
Dillard’s Inc		649		19,606
Dunkin’ Brands Group Inc		4,827		367,238
FirstCash Inc		2,571		153,617
Five Below Inc*		3,243		354,946
Foot Locker Inc		6,449		195,598
The Goodyear Tire & Rubber Co		13,550		130,012
Healthcare Services Group Inc		4,466		92,893
Herman Miller Inc		3,558		84,787
HNI Corp		2,580		82,173
Jack in the Box Inc		1,378		113,533

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
JetBlue Airways Corp*		16,821	$	193,778
KAR Auction Services Inc		7,759		134,541
KB Home		5,162		184,593
Lear Corp		3,206		365,260
Marriott Vacations Worldwide Corp		2,254		213,386
Mattel Inc*		20,891		224,474
MSC Industrial Direct Co Inc		2,714		178,853
NCR Corp*		7,688		157,143
Nu Skin Enterprises Inc		3,347		158,213
Ollie’s Bargain Outlet Holdings Inc*		3,186		304,390
Papa John’s International Inc		1,328		130,529
Penn National Gaming Inc*		6,066		309,973
Polaris Inc		3,350		338,484
Pool Corp		2,332		764,523
Resideo Technologies Inc*		7,802		104,235
RH*		951		314,353
Sally Beauty Holdings Inc*		7,009		78,220
Scientific Games Corp*		3,258		67,392
The Scotts Miracle-Gro Co		2,308		388,967
Six Flags Entertainment Corp		4,580		99,523
Skechers USA Inc*		7,802		232,890
Taylor Morrison Home Corp*		7,969		187,511
Tempur Sealy International Inc*		2,737		234,123
Texas Roadhouse Inc		3,801		239,425
Thor Industries Inc		3,216		303,687
Toll Brothers Inc		7,033		296,933
The Toro Co		6,211		467,564
TRI Pointe Group Inc*		8,389		141,606
Urban Outfitters Inc*		3,844		90,488
Visteon Corp*		1,685		127,100
Watsco Inc		1,930		472,831
The Wendy’s Co		10,723		224,540
Williams-Sonoma Inc		4,522		396,851
World Fuel Services Corp		3,940		104,016
Wyndham Destinations Inc		5,465		158,430
Wyndham Hotels & Resorts Inc		5,545		290,336
Total Consumer, Cyclical				14,219,079

Consumer, Non-Cyclical (17.98%)
ASGN Inc*		3,181		228,300
Aaron’s Inc		4,046		226,131
Acadia Healthcare Co Inc*		5,336		164,936
Adtalem Global Education Inc*		3,253		108,000
Amedisys Inc*		1,879		454,530
Arrowhead Pharmaceuticals Inc*		6,031		254,749
Avanos Medical Inc*		2,887		93,539
Avis Budget Group Inc*		3,312		112,972
Bio-Rad Laboratories Inc*		1,259		640,315
Bio-Techne Corp		2,220		567,121
The Boston Beer Co Inc*		536		472,741
The Brink’s Co		3,014		145,757
Cantel Medical Corp		2,257		118,447
Catalent Inc*^,(a)		9,017		834,073
Charles River Laboratories International Inc*		2,845		622,913
Chemed Corp		932		481,947
CoreLogic Inc		4,791		318,122
Darling Ingredients Inc*		9,539		304,962
Deluxe Corp		2,674		75,942
Edgewell Personal Care Co*		3,158		90,666
Encompass Health Corp		5,745		374,804
Exelixis Inc*		17,704		393,383
FTI Consulting Inc*		2,192		251,554
Flowers Foods Inc		11,215		274,319
Globus Medical Inc*		4,485	$	253,492
Graham Holdings Co		262		112,123
Grand Canyon Education Inc*		2,809		264,158
Haemonetics Corp*		2,953		264,766
The Hain Celestial Group Inc*		4,840		158,704
HealthEquity Inc*		4,129		237,335
Hill-Rom Holdings Inc		3,890		364,843
ICU Medical Inc*		1,078		215,859
Ingredion Inc		3,890		312,912
Insperity Inc		2,265		152,593
Integra LifeSciences Holdings Corp*		4,294		205,210
LHC Group Inc*		1,725		359,559
Lancaster Colony Corp		1,153		204,911
Ligand Pharmaceuticals Inc*		994		101,388
LiveRamp Holdings Inc*		4,079		227,771
ManpowerGroup Inc		3,435		251,820
Masimo Corp*		2,858		640,192
MEDNAX Inc*		5,317		98,790
Molina Healthcare Inc*^,(a)		3,653		675,695
Nektar Therapeutics*		10,250		198,235
NuVasive Inc*		2,872		149,717
PRA Health Sciences Inc*		3,685		393,963
Patterson Cos Inc		5,190		150,562
Paylocity Holding Corp*		2,089		307,605
Penumbra Inc*		1,871		391,320
Pilgrim’s Pride Corp*		3,372		53,952
Post Holdings Inc*		3,872		340,813
Prestige Consumer Healthcare Inc*		3,026		110,237
Repligen Corp*		2,730		422,904
Sabre Corp		16,503		115,356
Sanderson Farms Inc		1,188		138,948
Service Corp International		10,650		486,173
Sprouts Farmers Market Inc*		7,118		166,205
Syneos Health Inc*		3,752		236,751
Tenet Healthcare Corp*		5,708		160,851
Tootsie Roll Industries Inc		1,096		35,061
TreeHouse Foods Inc*		3,428		146,753
United Therapeutics Corp*		2,556		273,390
WEX Inc*		2,522		402,789
WW International Inc*		2,743		64,406
Helen of Troy Ltd*		1,466		303,198
LivaNova PLC*		2,820		132,258
Total Consumer, Non-Cyclical				17,893,791

Energy (2.93%)
Antero Midstream Corp		17,306		117,162
ChampionX Corp*		10,834		110,940
Cimarex Energy Co		6,134		170,403
CNX Resources Corp*		11,242		123,212
Enphase Energy Inc*		4,635		357,961
EQT Corp		14,895		236,384
Equitrans Midstream Corp		12,024		123,607
First Solar Inc*		4,572		350,169
Matador Resources Co*		6,388		62,155
Murphy Oil Corp		8,937		122,794
Murphy USA Inc*		1,742		234,926
NOW Inc*		6,912		50,250
PBF Energy Inc		6,167		52,790
SolarEdge Technologies Inc*		2,832		626,297
Transocean Ltd*		31,902		38,920
WPX Energy Inc*		25,060		139,334
Total Energy				2,917,304

Financial (21.52%)
Banks (5.20%)
Associated Banc-Corp		9,601	$	129,037
BancorpSouth Bank		5,591		120,654
Bank of Hawaii Corp		2,426		133,527
Bank OZK		7,283		167,800
CIT Group Inc		5,707		112,257
Cathay General Bancorp		4,562		112,636
Commerce Bancshares Inc		6,042		359,922
Cullen/Frost Bankers Inc		3,317		230,399
East West Bancorp Inc		8,485		312,078
FNB Corp		19,578		146,835
First Financial Bankshares Inc		7,915		239,627
First Horizon National Corp		18,750		179,063
Fulton Financial Corp		9,889		96,714
Hancock Whitney Corp		5,255		105,153
Home BancShares Inc		9,497		153,946
International Bancshares Corp		3,456		109,140
PacWest Bancorp		6,982		133,217
Pinnacle Financial Partners Inc		4,336		173,223
Prosperity Bancshares Inc		5,500		299,860
Signature Bank		3,145		305,159
Synovus Financial Corp		8,830		193,112
TCF Financial Corp		8,939		240,280
Texas Capital Bancshares Inc*		3,137		101,607
Trustmark Corp		3,872		90,915
UMB Financial Corp		2,603		139,833
Umpqua Holdings Corp		13,269		149,674
United Bankshares Inc		6,117		159,898
Valley National Bancorp		23,601		177,244
Webster Financial Corp		5,545		152,488
Wintrust Financial Corp		3,438		149,622
				5,174,920
Diversified Financial Service (2.48%)
Affiliated Managers Group Inc		2,968		203,753
Eaton Vance Corp		6,592		270,404
Evercore Inc		2,355		145,727
Federated Hermes Inc		5,788		138,391
Interactive Brokers Group Inc		4,471		237,052
Janus Henderson Group PLC		9,376		194,271
Jefferies Financial Group Inc		14,413		252,804
LendingTree Inc*		462		142,730
Navient Corp		10,555		95,945
SEI Investments Co		7,354		385,055
SLM Corp		25,437		194,339
Stifel Financial Corp		4,119		208,874
				2,469,345
Insurance (4.86%)
Alleghany Corp		838		464,721
American Financial Group Inc		4,361		291,533
Brighthouse Financial Inc*		6,366		193,272
Brown & Brown Inc		13,625		632,200
CNO Financial Group Inc		9,107		148,444
First American Financial Corp		6,545		344,071
Genworth Financial Inc*		30,327		91,588
The Hanover Insurance Group Inc		2,295		235,215
Kemper Corp		3,706		287,808
Mercury General Corp		1,634		73,089
Old Republic International Corp		16,627		267,861
Primerica Inc		2,409		300,764
RLI Corp		2,404		225,471
Reinsurance Group of America Inc		3,798		348,201
Selective Insurance Group Inc		3,579		214,060
Essent Group Ltd		6,431		229,587

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
RenaissanceRe Holdings Ltd		2,661	$	488,932
				4,836,817
Real Estate (8.49%)
American Campus Communities Inc		8,006		271,403
Brixmor Property Group Inc		17,354		204,777
Camden Property Trust		5,642		513,083
CoreSite Realty Corp		2,286		279,921
CoreCivic Inc		7,176		66,809
Corporate Office Properties Trust		6,752		166,369
Cousins Properties Inc		8,551		255,247
CyrusOne Inc		6,595		550,880
Douglas Emmett Inc		9,604		268,144
EPR Properties		4,727		152,729
EastGroup Properties Inc		2,238		298,012
First Industrial Realty Trust Inc		7,397		315,482
The GEO Group Inc		7,307		81,546
Healthcare Realty Trust Inc		7,860		226,761
Highwoods Properties Inc		6,044		225,199
Hudson Pacific Properties Inc		9,029		212,001
JBG SMITH Properties		7,112		196,789
Jones Lang LaSalle Inc		3,002		309,326
Kilroy Realty Corp		5,682		332,511
Life Storage Inc		2,718		286,559
The Macerich Co		7,383		58,547
Mack-Cali Realty Corp		5,456		68,909
Medical Properties Trust Inc^(a)		30,150		560,187
Omega Healthcare Investors Inc		12,731		394,279
PS Business Parks Inc		1,221		154,090
Park Hotels & Resorts Inc		14,424		136,884
Pebblebrook Hotel Trust		7,871		99,332
Physicians Realty Trust		11,481		208,380
PotlatchDeltic Corp		4,050		186,462
Rayonier Inc		7,791		228,120
Sabra Health Care REIT Inc		11,960		177,367
Service Properties Trust		9,588		78,717
Spirit Realty Capital Inc		5,819		206,633
STORE Capital Corp		12,450		336,648
Taubman Centers Inc		3,567		136,616
Urban Edge Properties		6,939		73,276
Weingarten Realty Investors		7,047		123,111
				8,441,106
Savings&Loans (0.50%)
New York Community Bancorp Inc		27,231		246,441
Sterling Bancorp		12,174		142,071
Washington Federal Inc		4,720		110,684
				499,196

Total Financial				21,421,384

Industrial (20.09%)
Acuity Brands Inc		2,308		252,241
AECOM*		9,153		361,635
AGCO Corp		3,777		268,545
AptarGroup Inc		3,724		440,884
Arrow Electronics Inc*		4,745		372,767
Avnet Inc		6,083		167,343
Axon Enterprise Inc*		3,457		296,196
Belden Inc		2,251		75,814
Carlisle Cos Inc		3,302		432,397
Clean Harbors Inc*		3,093		188,982
Cognex Corp		9,957		688,925
Coherent Inc*		1,455		163,920
Colfax Corp*		5,037		167,631
Crane Co		3,071		173,634
Curtiss-Wright Corp		2,487	$	254,470
Donaldson Co Inc		7,374		371,355
Dycom Industries Inc*		1,899		116,807
Eagle Materials Inc		2,508		205,079
EMCOR Group Inc		3,383		253,759
Energizer Holdings Inc		3,876		179,420
EnerSys		2,547		183,333
Fluor Corp		8,446		80,406
GATX Corp		2,114		141,384
Generac Holdings Inc*		3,644		692,287
Gentex Corp		14,740		398,717
Graco Inc		9,717		563,780
Greif Inc		1,668		61,466
Hubbell Inc		3,168		459,107
II-VI Inc*		5,081		226,105
ITT Inc		5,110		320,959
Jabil Inc		8,094		276,410
KBR Inc		8,539		213,390
Kennametal Inc		4,827		140,080
Kirby Corp*		3,612		153,293
Knight-Swift Transportation Holdings Inc		7,159		325,448
Landstar System Inc		2,299		305,974
Lennox International Inc		2,043		572,714
Lincoln Electric Holdings Inc		3,563		344,578
Littelfuse Inc		1,419		256,612
Louisiana-Pacific Corp		7,077		233,116
MasTec Inc*		3,637		168,066
MDU Resources Group Inc		11,675		275,764
Mercury Systems Inc*		3,236		245,095
MSA Safety Inc		2,076		261,472
National Instruments Corp		6,872		246,636
Nordson Corp		2,981		555,927
nVent Electric PLC		9,376		179,269
O-I Glass Inc		9,377		102,022
Oshkosh Corp		3,965		305,345
Owens Corning		6,338		428,702
Regal Beloit Corp		2,466		243,789
Ryder System Inc		3,105		126,995
Silgan Holdings Inc		4,729		179,986
Sonoco Products Co		5,832		309,271
Stericycle Inc*		5,309		340,360
SYNNEX Corp		2,380		302,617
Teledyne Technologies Inc*^,(a)		2,125		666,421
Terex Corp		3,952		77,341
Tetra Tech Inc		3,180		293,546
The Timken Co		4,084		221,312
Trex Co Inc*		3,399		508,117
Trimble Inc*^,(a)		14,516		760,784
Trinity Industries Inc		5,913		121,039
Universal Display Corp		2,470		433,485
Valmont Industries Inc		1,297		164,784
Vishay Intertechnology Inc		7,974		127,504
Werner Enterprises Inc		2,668		122,755
Woodward Inc		3,285		281,492
Worthington Industries Inc		2,344		97,346
XPO Logistics Inc*		5,378		474,716
Total Industrial				20,002,921

Technology (9.09%)
ACI Worldwide Inc*		6,965		204,632
Allscripts Healthcare Solutions Inc*		9,783		87,362
Blackbaud Inc		2,963		189,188
Cabot Microelectronics Corp		1,695		258,132
CACI International Inc*		1,459		341,683
CDK Global Inc		7,073	$	329,743
Ceridian HCM Holding Inc*		5,872		466,941
Cirrus Logic Inc*		3,482		210,974
CommVault Systems Inc*		2,533		109,502
Cree Inc*		6,276		396,016
Fair Isaac Corp*^,(a)		1,687		709,873
J2 Global Inc*		2,789		195,202
Lumentum Holdings Inc*		4,462		383,732
Manhattan Associates Inc*		3,723		362,062
MAXIMUS Inc		3,727		289,029
MKS Instruments Inc		3,176		379,627
Monolithic Power Systems Inc		2,353		628,557
NetScout Systems Inc*		3,968		91,820
Perspecta Inc		8,285		172,079
PTC Inc*		6,056		553,579
Science Applications International Corp		2,858		238,529
Semtech Corp*		3,991		234,072
Silicon Laboratories Inc*		2,527		258,790
Synaptics Inc*		2,063		176,036
Teradata Corp*		6,778		165,044
Teradyne Inc^(a)		9,764		829,647
Tyler Technologies Inc*^,(a)		2,271		784,199
Total Technology				9,046,050

Utilities (3.58%)
ALLETE Inc		3,113		167,977
Black Hills Corp		3,620		203,010
Essential Utilities Inc		12,576		534,480
Hawaiian Electric Industries Inc		6,349		219,739
IDACORP Inc		2,936		263,946
National Fuel Gas Co		5,201		237,374
New Jersey Resources Corp		5,564		167,699
NorthWestern Corp		3,039		156,934
OGE Energy Corp		11,663		371,583
ONE Gas Inc		3,072		227,697
PNM Resources Inc		4,799		209,620
Southwest Gas Holdings Inc		3,218		202,316
Spire Inc		3,071		178,763
UGI Corp		12,178		420,506
Total Utilities				3,561,644

Total Common Stock (Cost $72,740,864)				97,636,884

Security Description	Shares		Value (Note 1)
United States Treasury Bills (1.10%)
0.130% 01/14/21^(a) (Cost $1,099,565)		1,100,000	$	1,099,484

Total Investments (Cost $73,840,429)⁽^b⁾ (99.19%)			$	98,736,368
Other Net Assets (0.81%)				818,492
Net Assets (100.00%)			$	99,554,860

Non-income producing security.

(a)

A portion of these securities, a total of $6,795,169, have been pledged or segregated in connection with obligations for futures contracts.

(b)

Aggregate cost for federal income tax purpose is $73,940,595.

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Continued)

8/31/20

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	36,372,469
Unrealized depreciation		(11,576,696	)
Net unrealized appreciation	$	24,795,773

Futures contracts at August 31, 2020:

Contracts - $100 times premium / delivery month / commitment / exchange

S&P MidCap E-MINI

Notional Amount

Value

Unrealized

Appreciation

10 / SEPT 2020 / Long / CME

1,906,260

1,925,800

19,540

S&P SmallCap Index Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (99.75%)

Basic Materials (4.34%)
AdvanSix Inc*		1,999	$	25,447
American Vanguard Corp		1,902		26,913
Arconic Corp*		6,936		154,326
Balchem Corp		2,304		225,100
Century Aluminum Co*		3,565		35,187
Clearwater Paper Corp*		1,183		39,820
Cleveland-Cliffs Inc		28,412		186,951
Ferro Corp*		5,871		73,211
GCP Applied Technologies Inc*		3,852		100,383
Hawkins Inc		677		33,999
HB Fuller Co		3,651		175,869
Innospec Inc		1,754		131,006
Kaiser Aluminum Corp		1,168		75,079
Koppers Holdings Inc*		1,482		35,657
Kraton Corp*		2,333		32,755
Livent Corp*		10,456		88,667
Mercer International Inc		2,867		24,025
Neenah Inc		1,204		53,313
P H Glatfelter Co		3,163		47,413
Quaker Chemical Corp		927		176,130
Rayonier Advanced Materials Inc*		3,576		11,300
Rogers Corp*		1,330		150,702
Schweitzer-Mauduit International Inc		2,213		67,120
Stepan Co		1,434		165,326
Total Basic Materials				2,135,699

Communications (4.73%)
ADTRAN Inc		3,425		37,983
ATN International Inc		779		45,182
CalAmp Corp*		2,444		19,967
Cincinnati Bell Inc*		3,611		54,382
Cogent Communications Holdings Inc^(a)		2,985		200,771
Consolidated Communications Holdings Inc*		5,162		40,160
ePlus Inc*		967		74,188
The EW Scripps Co		3,903		43,401
Extreme Networks Inc*		8,707		38,050
Gannett Co Inc		9,383		16,233
Harmonic Inc*		6,868		40,521
HealthStream Inc*		1,832		37,950
Iridium Communications Inc*		6,948		194,613
Liquidity Services Inc*		1,928		13,901
Meredith Corp		2,879		40,306
NETGEAR Inc*		2,159		72,003
NIC Inc		4,796		102,538
Perficient Inc*		2,335		100,195
Plantronics Inc		2,344		28,972
QuinStreet Inc*		3,564	$	46,867
Scholastic Corp		2,201		49,523
Shenandoah Telecommunications Co		3,356		185,587
Shutterstock Inc		1,371		68,989
Spok Holdings Inc		1,420		15,393
Stamps.com Inc*^,(a)		1,161		289,483
TechTarget Inc*		1,643		65,194
Viavi Solutions Inc*		16,459		219,481
Vonage Holdings Corp*		16,336		187,047
Total Communications				2,328,880

Consumer, Cyclical (16.62%)
Abercrombie & Fitch Co		4,495		58,480
Allegiant Travel Co		945		121,527
American Axle & Manufacturing Holdings Inc*		8,056		62,676
America’s Car-Mart Inc*		442		44,421
Asbury Automotive Group Inc*		1,424		150,645
Barnes & Noble Education Inc*		3,275		7,467
Big Lots Inc		2,872		135,415
BJ’s Restaurants Inc		1,372		43,245
Bloomin’ Brands Inc		6,222		89,223
Boot Barn Holdings Inc*		2,102		59,339
The Buckle Inc		2,045		38,323
Caleres Inc		2,916		22,774
Callaway Golf Co		6,928		144,518
The Cato Corp		1,556		12,448
Cavco Industries Inc*		615		117,410
Century Communities Inc*		1,525		54,412
Chico’s FAS Inc		8,496		10,875
The Children’s Place Inc		1,039		20,744
Chuy’s Holdings Inc*		1,345		29,913
Conn’s Inc*		1,366		17,457
Cooper-Standard Holdings Inc*		1,206		21,853
Cooper Tire & Rubber Co		3,694		127,702
Core-Mark Holding Co Inc		3,354		112,091
Crocs Inc*		4,913		196,078
Daktronics Inc		3,035		13,415
Dave & Buster’s Entertainment Inc		2,208		36,719
Designer Brands Inc		3,952		27,862
Dine Brands Global Inc		1,202		71,591
Dorman Products Inc*		2,089		176,917
El Pollo Loco Holdings Inc*		1,399		25,000
Ethan Allen Interiors Inc		1,752		24,948
Express Inc*		5,906		6,556
Fiesta Restaurant Group Inc*		1,450		14,529
Fossil Group Inc*		3,328		21,416
Foundation Building Materials Inc*		1,262		20,482
Fox Factory Holding Corp*		2,759		278,135
G-III Apparel Group Ltd*		3,083		34,098
GMS Inc*		3,020		80,000
GameStop Corp*		4,721	$	31,536
Garrett Motion Inc*		5,359		14,737
Genesco Inc*		1,020		19,890
Gentherm Inc*		2,410		109,004
Group 1 Automotive Inc		1,288		111,335
Guess? Inc		3,056		35,144
Haverty Furniture Cos Inc		1,295		27,350
Hawaiian Holdings Inc		3,337		44,849
Hibbett Sports Inc*		1,262		42,113
Installed Building Products Inc*		1,568		136,134
Interface Inc		4,184		31,631
iRobot Corp*		2,025		149,911
Kontoor Brands Inc		3,344		73,902
LGI Homes Inc*		1,580		176,739
LCI Industries		1,792		203,625
La-Z-Boy Inc		3,414		110,955
Lithia Motors Inc^(a)		1,622		403,812
Lumber Liquidators Holdings Inc*		2,325		55,777
MDC Holdings Inc		3,587		155,604
M/I Homes Inc*		2,015		85,758
Macy’s Inc		22,133		154,267
Steven Madden Ltd		5,541		117,248
The Marcus Corp		1,646		25,793
MarineMax Inc*		1,536		45,174
Meritage Homes Corp*		2,578		247,565
Meritor Inc*		5,294		120,491
Methode Electronics Inc		2,730		77,286
The Michaels Cos Inc*		5,467		61,504
Monarch Casino & Resort Inc*		854		39,293
Motorcar Parts of America Inc*		1,357		23,625
Movado Group Inc		1,175		12,819
Oxford Industries Inc		1,220		60,427
PC Connection Inc		791		35,033
PetMed Express Inc		1,445		50,228
PriceSmart Inc		1,641		107,896
Red Robin Gourmet Burgers Inc*		926		10,279
Regis Corp*		1,731		12,792
Resideo Technologies Inc*		8,667		115,791
Ruth’s Hospitality Group Inc		1,944		19,975
The St Joe Co*		2,255		52,339
ScanSource Inc*		1,809		44,664
Shake Shack Inc*		2,224		151,788
Shoe Carnival Inc		640		21,043
SkyWest Inc		3,611		121,510
Sleep Number Corp*		2,036		97,728
Sonic Automotive Inc		1,737		73,406
Standard Motor Products Inc		1,447		65,752
The ODP Corp		4,023		94,058
Titan International Inc		4,982		11,857
Tupperware Brands Corp		3,502		57,048
Unifi Inc*		1,046		12,793

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
UniFirst Corp		1,096	$	211,112
Universal Electronics Inc*		997		40,957
Vera Bradley Inc*		1,892		9,971
Veritiv Corp*		911		15,833
Vista Outdoor Inc*		4,142		80,396
Wabash National Corp		3,874		47,302
Wingstop Inc^(a)		2,109		344,611
Winnebago Industries Inc		2,412		130,200
Wolverine World Wide Inc		5,793		144,709
YETI Holdings Inc*		3,687		189,438
Zumiez Inc*		1,661		42,654
Capri Holdings Ltd*		10,861		172,038
Signet Jewelers Ltd		3,853		66,541
Total Consumer, Cyclical				8,187,744

Consumer, Non-Cyclical (18.51%)
ABM Industries Inc		4,757		181,432
Addus HomeCare Corp*		991		92,817
AMAG Pharmaceuticals Inc*		2,429		25,164
American Public Education Inc*		1,102		34,647
AMN Healthcare Services Inc*		3,345		180,095
Amphastar Pharmaceuticals Inc*		2,454		50,013
The Andersons Inc		2,335		41,400
AngioDynamics Inc*		2,694		25,229
ANI Pharmaceuticals Inc*		753		23,614
Anika Therapeutics Inc*		1,022		39,173
Arlo Technologies Inc*		6,180		35,411
B&G Foods Inc		4,587		142,839
BioTelemetry Inc*		2,434		96,338
Calavo Growers Inc		1,172		74,387
Cal-Maine Foods Inc*		2,229		86,017
Cardiovascular Systems Inc*		2,591		84,648
Cardtronics PLC*		2,587		56,164
Central Garden & Pet Co*		702		28,564
Central Garden & Pet Co - Class A*		2,958		109,919
The Chefs’ Warehouse Inc*		1,825		27,028
Coca-Cola Consolidated Inc		332		90,736
Coherus Biosciences Inc*		4,320		81,950
Community Health Systems Inc*		8,441		43,640
CONMED Corp		2,032		175,382
Corcept Therapeutics Inc*		7,571		96,152
CorVel Corp*		641		53,216
Covetrus Inc*		6,987		160,072
Cross Country Healthcare Inc*		2,986		19,081
CryoLife Inc*		2,686		54,311
Cutera Inc*		1,019		16,681
Cytokinetics Inc*		4,349		104,202
Eagle Pharmaceuticals Inc*		724		28,728
Emergent BioSolutions Inc*^,(a)		3,143		358,458
Enanta Pharmaceuticals Inc*		1,144		59,705
Endo International PLC*		14,456		43,513
The Ensign Group Inc		3,592		210,276
EVERTEC Inc		4,276		149,746
Forrester Research Inc*		760		26,950
Fresh Del Monte Produce Inc		2,169		50,299
Glaukos Corp*		2,792		133,541
Green Dot Corp*		3,393		176,640
Hanger Inc*		2,674		52,838
Heidrick & Struggles International Inc		1,373		29,698
Heska Corp*		504		52,214
HMS Holdings Corp*		6,310		175,986
Innoviva Inc*		4,787		56,056
Inogen Inc*		1,307		39,511
Integer Holdings Corp*		2,340		162,068
Inter Parfums Inc		1,262	$	56,374
Invacare Corp		2,727		18,489
J & J Snack Foods Corp		1,069		145,331
John B Sanfilippo & Son Inc		629		50,094
Kelly Services Inc		2,377		45,139
Korn Ferry		3,962		120,841
Lannett Co Inc*		2,397		12,608
Lantheus Holdings Inc*		4,729		63,463
LeMaitre Vascular Inc		1,174		37,897
Luminex Corp		3,084		82,312
Magellan Health Inc*		1,559		117,642
Medifast Inc		855		139,126
Medpace Holdings Inc*		1,961		254,518
Meridian Bioscience Inc*		3,146		44,484
Merit Medical Systems Inc*		3,954		194,141
MGP Ingredients Inc		951		33,808
Momenta Pharmaceuticals Inc*^,(a)		8,132		424,246
Monro Inc		2,383		109,832
Myriad Genetics Inc*		5,476		73,214
National Beverage Corp*		833		67,740
Natus Medical Inc*		2,441		44,329
Neogen Corp*^,(a)		3,755		286,131
NeoGenomics Inc*^,(a)		7,478		291,268
OraSure Technologies Inc*		4,421		51,814
Orthofix Medical Inc*		1,364		41,384
Owens & Minor Inc		4,502		74,643
Pacira BioSciences Inc*		2,989		186,872
The Pennant Group Inc*		1,874		69,413
Perdoceo Education Corp*		5,181		74,451
Phibro Animal Health Corp		1,453		31,181
The Providence Service Corp*		822		76,109
Quanex Building Products Corp		2,375		39,924
RadNet Inc*		2,988		43,087
REGENXBIO Inc*		2,245		68,517
Rent-A-Center Inc		3,627		111,349
Resources Connection Inc		2,156		26,497
RR Donnelley & Sons Co		6,596		8,707
Select Medical Holdings Corp*		7,697		154,479
Seneca Foods Corp*		554		26,237
SpartanNash Co		2,603		52,008
Spectrum Pharmaceuticals Inc*		8,092		34,067
Supernus Pharmaceuticals Inc*		3,862		84,925
Surmodics Inc*		970		43,893
Tactile Systems Technology Inc*		1,362		52,342
Team Inc*		2,174		13,848
Tivity Health Inc*		3,094		50,618
TrueBlue Inc*		2,790		47,207
United Natural Foods Inc*		3,819		68,933
Universal Corp		1,776		77,096
US Physical Therapy Inc		914		81,255
USANA Health Sciences Inc*		735		57,631
Vanda Pharmaceuticals Inc*		3,820		39,308
Varex Imaging Corp*		2,748		30,475
Vector Group Ltd		8,486		85,454
Viad Corp		1,455		31,181
WD-40 Co		981		200,497
Xencor Inc*		3,632		129,844
Total Consumer, Non-Cyclical				9,114,822

Energy (3.52%)
Archrock Inc		9,140		59,958
Bonanza Creek Energy Inc*		1,330		26,653
Callon Petroleum Co*		2,797		18,543
CONSOL Energy Inc*		2,184		11,291
DMC Global Inc		786		27,848
Dril-Quip Inc*		2,663	$	88,225
Exterran Corp*		2,279		10,483
FutureFuel Corp		1,848		22,361
Geospace Technologies Corp*		1,047		6,858
Green Plains Inc*		2,420		32,380
Gulfport Energy Corp*		10,410		7,346
Helix Energy Solutions Group Inc*		10,407		37,257
Helmerich & Payne Inc		7,767		128,000
Laredo Petroleum Inc*		645		10,546
Matrix Service Co*		1,945		17,972
Newpark Resources Inc*		6,426		12,531
Oasis Petroleum Inc*		20,713		11,504
Oceaneering International Inc*		7,086		38,194
Oil States International Inc*		4,333		19,022
PDC Energy Inc*		6,954		105,284
Par Pacific Holdings Inc*		2,639		22,907
Patterson-UTI Energy Inc		13,934		53,646
Penn Virginia Corp*		964		11,009
ProPetro Holding Corp*		5,898		37,039
QEP Resources Inc		17,032		22,142
RPC Inc*		3,687		11,540
Range Resources Corp		14,947		111,505
Renewable Energy Group Inc*		2,790		93,270
REX American Resources Corp*		401		24,774
Ring Energy Inc*		5,422		3,715
SM Energy Co		7,598		18,463
Southwestern Energy Co*		38,772		107,786
SunCoke Energy Inc		6,488		23,227
Sunrun Inc*		5,736		324,398
Talos Energy Inc*		1,436		10,784
US Silica Holdings Inc		5,269		23,500
Warrior Met Coal Inc		3,658		56,589
Nabors Industries Ltd		484		19,350
Core Laboratories NV		3,178		66,516
Total Energy				1,734,416

Financial (21.63%)
Banks (7.15%)
Allegiance Bancshares Inc		1,371		34,851
Ameris Bancorp		4,690		114,999
Banner Corp		2,597		93,804
Cadence BanCorp		9,424		89,528
Central Pacific Financial Corp		2,032		31,476
City Holding Co		1,167		74,665
Columbia Banking System Inc		5,167		144,211
Community Bank System Inc		3,703		222,809
Customers Bancorp Inc*		2,063		26,345
CVB Financial Corp		9,533		173,596
Eagle Bancorp Inc		2,405		69,216
FB Financial Corp		925		24,987
First BanCorp		16,001		91,686
First Commonwealth Financial Corp		7,042		57,744
First Financial Bancorp		7,316		100,376
First Midwest Bancorp Inc		7,877		98,147
Flagstar Bancorp Inc		2,469		77,576
Great Western Bancorp Inc		4,031		56,152
Hanmi Financial Corp		2,228		21,233
Heritage Financial Corp		2,622		52,283
HomeStreet Inc		1,748		47,843
Hope Bancorp Inc		9,327		78,906
Independent Bank Corp		2,462		154,737
Independent Bank Group Inc		2,575		119,738
Meta Financial Group Inc		2,476		47,737
National Bank Holdings Corp		2,232		63,478

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
NBT Bancorp Inc		3,223	$	98,205
OFG Bancorp		3,677		47,213
Old National Bancorp		12,179		170,262
Preferred Bank		974		36,428
S&T Bancorp Inc		2,760		55,738
Seacoast Banking Corp of Florida*		3,790		76,710
ServisFirst Bancshares Inc		3,301		120,982
Simmons First National Corp		8,163		139,342
Southside Bancshares Inc		2,273		62,633
Tompkins Financial Corp		877		58,040
Triumph Bancorp Inc*		1,671		47,724
TrustCo Bank Corp NY		6,942		41,374
United Community Banks Inc		5,657		102,505
Veritex Holdings Inc		3,383		60,826
Walker & Dunlop Inc		2,109		115,531
Westamerica BanCorp		1,991		121,172
				3,522,808
Diversified Financial Service (1.58%)
Blucora Inc*		3,505		41,815
Boston Private Financial Holdings Inc		5,962		35,414
Calamos Asset Management^(b)		1,436		—
Encore Capital Group Inc*		1,980		90,961
Enova International Inc*		2,418		41,299
EZCORP Inc*		4,257		22,903
Greenhill & Co Inc		1,066		11,961
Piper Sandler Cos		1,270		95,822
PRA Group Inc*		3,252		151,786
StoneX Group Inc*		1,166		66,112
Virtus Investment Partners Inc		524		74,356
Waddell & Reed Financial Inc		5,037		79,333
WisdomTree Investments Inc		8,449		31,599
World Acceptance Corp*		396		36,032
				779,393
Insurance (3.29%)
Ambac Financial Group Inc*		3,262		41,199
American Equity Investment Life Holding Co		6,521		155,917
AMERISAFE Inc		1,420		94,757
eHealth Inc*		1,783		112,543
Employers Holdings Inc		2,278		74,217
HCI Group Inc		459		25,116
Horace Mann Educators Corp		3,034		118,508
James River Group Holdings Ltd		2,238		109,013
Kinsale Capital Group Inc		1,476		305,870
NMI Holdings Inc*		5,506		94,428
Palomar Holdings Inc*		1,266		142,235
ProAssurance Corp		3,853		59,028
Safety Insurance Group Inc		1,046		75,730
Stewart Information Services Corp		1,698		72,454
Third Point Reinsurance Ltd*		5,736		49,100
United Fire Group Inc		1,524		38,374
United Insurance Holdings Corp		1,680		12,718
Universal Insurance Holdings Inc		2,188		40,587
				1,621,794
Real Estate (8.49%)
Acadia Realty Trust		6,401		72,587
Agree Realty Corp		3,443		230,406
Alexander & Baldwin Inc		4,865		58,915
American Assets Trust Inc		3,435		87,764
Apollo Commercial Real Estate Finance Inc		10,227		91,429
Armada Hoffler Properties Inc		3,969		40,087
ARMOUR Residential REIT Inc		4,218		40,872
Brandywine Realty Trust		12,000	$	133,560
Capstead Mortgage Corp		6,776		41,808
CareTrust REIT Inc		6,844		132,568
Cedar Realty Trust Inc		7,158		6,014
Chatham Lodging Trust		3,361		23,258
Community Healthcare Trust Inc		1,456		67,995
DiamondRock Hospitality Co		14,738		78,111
Diversified Healthcare Trust		17,040		64,752
Easterly Government Properties Inc		5,311		128,473
Essential Properties Realty Trust Inc		6,473		109,847
Four Corners Property Trust Inc		4,936		124,634
Franklin Street Properties Corp		7,680		34,022
Getty Realty Corp		2,449		71,731
Global Net Lease Inc		6,585		115,238
Granite Point Mortgage Trust Inc		3,929		26,089
Hersha Hospitality Trust		2,572		16,538
Independence Realty Trust Inc		6,510		76,232
Industrial Logistics Properties Trust		4,798		103,493
Innovative Industrial Properties Inc		974		119,890
Invesco Mortgage Capital Inc		12,843		38,529
Investors Real Estate Trust		832		59,155
iStar Inc		5,281		65,379
Kite Realty Group Trust		6,015		67,609
KKR Real Estate Finance Trust Inc		1,729		31,468
Lexington Realty Trust		19,444		221,077
LTC Properties Inc		2,847		103,887
Marcus & Millichap Inc*		1,681		47,421
National Storage Affiliates Trust		4,249		145,783
New York Mortgage Trust Inc		26,171		69,091
NexPoint Residential Trust Inc		1,613		66,778
Office Properties Income Trust		3,548		84,584
Pennsylvania Real Estate Investment Trust		5,339		5,873
PennyMac Mortgage Investment Trust		7,375		126,408
RE/MAX Holdings Inc		1,277		44,874
Ready Capital Corp		2,655		27,161
Realogy Holdings Corp		8,190		90,745
Redwood Trust Inc		8,296		57,491
Retail Opportunity Investments Corp		8,539		95,039
RPT Realty		5,757		33,736
Safehold Inc		946		52,475
Saul Centers Inc		843		23,621
Summit Hotel Properties Inc		7,532		44,363
Tanger Factory Outlet Centers Inc		6,653		37,856
Uniti Group Inc		13,844		135,948
Universal Health Realty Income Trust		931		62,116
Urstadt Biddle Properties Inc		2,141		19,911
Washington Prime Group Inc		13,365		9,088
Washington Real Estate Investment Trust		5,772		126,638
Whitestone REIT		2,910		18,711
Xenia Hotels & Resorts Inc		8,292		74,462
				4,183,590
Savings&Loans (1.10%)
Axos Financial Inc*		3,925		97,262
Banc of California Inc		3,213		35,311
Berkshire Hills Bancorp Inc		3,076		28,238
Brookline Bancorp Inc		5,713		54,845
Dime Community Bancshares Inc		2,208	$	28,483
Northfield Bancorp Inc		3,099		29,936
Northwest Bancshares Inc		8,469		85,622
Pacific Premier Bancorp Inc		5,653		127,700
Provident Financial Services Inc		4,301		56,687
				544,084

Total Financial				10,651,669

Industrial (19.72%)
AAON Inc		2,910		165,666
AAR Corp		2,354		47,504
Advanced Energy Industries Inc*		2,744		203,385
Aegion Corp*		2,203		35,656
Aerojet Rocketdyne Holdings Inc*		5,185		214,503
AeroVironment Inc*		1,589		121,384
Alamo Group Inc		694		76,965
Alarm.com Holdings Inc*		3,008		180,089
Albany International Corp		2,199		114,128
American Woodmark Corp*		1,115		97,563
Apogee Enterprises Inc		1,901		39,788
Applied Industrial Technologies Inc		2,768		166,661
Applied Optoelectronics Inc*		1,515		17,619
ArcBest Corp		1,827		61,789
Arcosa Inc		3,466		160,441
Astec Industries Inc		1,614		85,090
Atlas Air Worldwide Holdings Inc*		1,904		107,367
AZZ Inc		1,873		65,049
Badger Meter Inc		2,085		128,624
Barnes Group Inc		3,414		135,194
Bel Fuse Inc		725		8,715
Benchmark Electronics Inc		2,695		52,849
Boise Cascade Co		2,869		131,400
Brady Corp		3,564		167,116
Bristow Group Inc*		472		8,926
Chart Industries Inc*		2,564		168,506
CIRCOR International Inc*		1,426		42,281
Comfort Systems USA Inc		2,700		136,809
Comtech Telecommunications Corp		1,747		29,000
Dorian LPG Ltd*		2,072		17,488
DXP Enterprises Inc*		1,147		22,068
Echo Global Logistics Inc*		1,955		53,411
Encore Wire Corp		1,501		77,467
Enerpac Tool Group Corp		3,859		80,267
EnPro Industries Inc		1,488		87,078
ESCO Technologies Inc		1,860		167,251
Exponent Inc^(a)		3,712		298,649
Fabrinet*		2,650		184,917
FARO Technologies Inc*		1,246		70,399
Federal Signal Corp		4,334		139,208
Forward Air Corp		2,073		122,286
Franklin Electric Co Inc		2,756		163,596
Gibraltar Industries Inc*		2,375		148,307
Granite Construction Inc		3,348		62,239
The Greenbrier Cos Inc		2,334		63,461
Griffon Corp		3,050		66,277
Harsco Corp*		5,630		79,665
Haynes International Inc		896		16,791
Heartland Express Inc		3,348		69,253
Hillenbrand Inc		5,308		168,317
Hub Group Inc*		2,390		128,678

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Continued)

8/31/20

Security Description	Shares		Value (Note 1)
Ichor Holdings Ltd*		1,611	$	40,533
Insteel Industries Inc		1,310		24,156
Itron Inc*		2,522		150,236
John Bean Technologies Corp		2,268		232,493
Kaman Corp		2,051		94,859
Knowles Corp*		6,335		95,405
Lindsay Corp		774		77,346
Lydall Inc*		1,255		23,569
Marten Transport Ltd		4,172		75,754
Materion Corp		1,461		79,756
Matson Inc		3,155		126,421
Matthews International Corp		2,244		49,144
Mesa Laboratories Inc		287		70,579
Moog Inc		2,309		139,210
Mueller Industries Inc		4,192		124,502
Myers Industries Inc		2,544		38,923
MYR Group Inc*		1,192		46,262
National Presto Industries Inc		360		32,375
Olympic Steel Inc		881		9,691
OSI Systems Inc*		1,256		98,910
Park Aerospace Corp		1,578		17,500
Patrick Industries Inc		1,644		92,409
PGT Innovations Inc*		4,183		75,838
Plexus Corp*		2,090		158,986
Powell Industries Inc		713		19,244
Proto Labs Inc*		1,916		281,652
Raven Industries Inc		2,561		63,641
Saia Inc*		1,857		249,209
Sanmina Corp*		5,012		141,840
SEACOR Holdings Inc*		1,257		39,734
Simpson Manufacturing Co Inc^(a)		2,889		284,104
SMART Global Holdings Inc*		942		23,738
SPX Corp*		3,162		132,266
SPX FLOW Inc*		3,049		132,571
Standex International Corp		892		51,593
Sturm Ruger & Co Inc		1,189		84,253
Tennant Co		1,344		89,336
TimkenSteel Corp*		2,857		10,771
Tredegar Corp		1,767		29,915
Trinseo SA		2,806		69,897
Triumph Group Inc		3,587		25,934
TTM Technologies Inc*		7,222		82,764
UFP Industries Inc		4,397		260,962
US Concrete Inc*		1,136		30,320
US Ecology Inc		1,822		67,651
Vicor Corp*		1,349		117,403
Watts Water Technologies Inc		1,977		189,298
Total Industrial				9,710,093

Technology (9.08%)
3D Systems Corp*		8,482		46,566
8x8 Inc*		7,378		124,541
Agilysys Inc*		1,424		36,127
Axcelis Technologies Inc*		2,322		54,869
Bottomline Technologies DE Inc*		2,730		130,030
Brooks Automation Inc		5,178		267,340
CEVA Inc*		1,575	$	66,544
Cohu Inc		2,955		50,826
Computer Programs and Systems Inc		894		24,460
CSG Systems International Inc		2,425		103,232
CTS Corp		2,335		48,802
Cubic Corp		2,302		108,378
Diebold Nixdorf Inc*		5,500		45,870
Digi International Inc*		2,028		27,621
Diodes Inc*		2,961		144,674
Donnelley Financial Solutions Inc*		2,235		24,362
DSP Group Inc*		1,647		23,618
Ebix Inc		1,594		36,774
ExlService Holdings Inc*		2,442		155,531
FormFactor Inc*		5,422		141,677
Glu Mobile Inc*		8,249		65,497
Insight Enterprises Inc*		2,563		153,280
Kulicke & Soffa Industries Inc		4,668		111,939
LivePerson Inc*		4,409		263,041
ManTech International Corp		1,927		144,236
MaxLinear Inc*		4,794		116,734
MicroStrategy Inc*		589		85,075
MTS Systems Corp		1,275		31,110
NextGen Healthcare Inc*		3,468		45,986
Omnicell Inc*		3,003		200,240
OneSpan Inc*		2,332		50,255
Onto Innovation Inc*		3,514		109,777
PDF Solutions Inc*		1,992		41,234
Photronics Inc*		4,813		48,274
Pitney Bowes Inc		9,991		54,851
Power Integrations Inc^(a)		4,214		235,858
Progress Software Corp		3,207		121,513
Rambus Inc*		7,986		107,252
Simulations Plus Inc		871		51,894
SPS Commerce Inc*		2,495		199,301
Sykes Enterprises Inc*		2,760		91,370
Tabula Rasa HealthCare Inc*		1,408		71,245
TTEC Holdings Inc		1,265		71,713
Ultra Clean Holdings Inc*		2,851		69,907
Unisys Corp*		3,709		43,247
Veeco Instruments Inc*		3,502		41,639
Virtusa Corp*		2,137		84,497
Xperi Holding Corp		7,889		98,849
Total Technology				4,471,656

Utilities (1.61%)
American States Water Co		2,638		200,699
Avista Corp		4,778		176,117
California Water Service Group		3,448		156,332
Northwest Natural Holding Co		2,180		111,420
South Jersey Industries Inc		6,618		146,589
Total Utilities				791,157

Total Common Stock (Cost $40,832,230)				49,126,136

Right (0.00%)
Lantheus Holdings Inc^(b) (Cost $0)		6,190	$	—

United States Treasury Bills (0.21%)
0.130% 01/14/21^(a) (Cost $99,960)		100,000		99,953

Total Investments (Cost $40,932,190)⁽^c) (99.95%)			$	49,226,089
Other Net Assets (0.05%)				27,937
Net Assets (100.00%)			$	49,254,026

Non-income producing security.

(a)

A portion of these securities, a total of $3,399,418, have been pledged or segregated in connection with obligations for futures contracts.

(b)

Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value securities is $0.

Aggregate cost for federal income tax purpose is $40,958,406.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	17,320,116
Unrealized depreciation		(9,052,433	)
Net unrealized appreciation	$	8,267,683

Futures contracts at August 31, 2020:

Contracts - $50 times premium / delivery month / commitment / exchange

Russell 2000 MINI

Notional Amount

Value

Unrealized

Depreciation

2 / SEPT 2020 / Long / CME

156,430

156,130

(300

)

See accompanying notes to financial statements.

Shelton Core Value Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (89.33%)

Basic Materials (3.10%)
Eastman Chemical Co^(a)		20,000	$	1,462,200
Linde PLC^(a)		3,167		790,927
Newmont Corp^(a)		22,200		1,493,616
PPG Industries Inc^(a)		4,000		481,600
Sensient Technologies Corp^(a)		8,500		469,370
Total Basic Materials				4,697,713

Communications (11.06%)
Alphabet Inc - Class A*^(a)		700		1,140,671
Alphabet Inc - Class C*^(a)		700		1,143,926
Amazon.com Inc*^,(a)		900		3,105,864
AT&T Inc^(a)		28,669		854,623
Cisco Systems Inc^(a)		52,500		2,216,550
Motorola Solutions Inc^(a)		11,300		1,748,675
Netflix Inc*^,(a)		4,800		2,541,888
Verizon Communications Inc^(a)		37,842		2,242,895
The Walt Disney Co^(a)		13,300		1,753,871
Total Communications				16,748,963

Consumer, Cyclical (4.45%)
Amerityre Corp*^,(a)		20,000,000		538,000
Dollar General Corp^(a)		11,000		2,220,680
Ford Motor Co^(a)		190,000		1,295,800
Target Corp^(a)		17,700		2,676,417
Total Consumer, Cyclical				6,730,897

Consumer, Non-Cyclical (20.10%)
Abbott Laboratories^(a)		12,810		1,402,311
AbbVie Inc^(a)		10,410		996,966
AmerisourceBergen Corp^(a)		7,912		767,701
Amgen Inc^(a)		8,500		2,153,220
Automatic Data Processing Inc^(a)		12,000		1,669,080
Bristol-Myers Squibb Co^(a)		7,500		466,500
Cigna Corp^(a)		12,200		2,163,914
Colgate-Palmolive Co^(a)		10,400		824,304
Conagra Brands Inc^(a)		22,450		861,182
CVS Health Corp^(a)		27,400		1,702,088
Edwards Lifesciences Corp*^,(a)		24,900		2,137,416
The Estee Lauder Cos Inc^(a)		9,100		2,017,652
Gilead Sciences Inc^(a)		15,600		1,041,300
Johnson & Johnson^(a)		13,000		1,994,330
Merck & Co Inc^(a)		10,000		852,700
Pfizer Inc^(a)		53,800		2,033,102
Quest Diagnostics Inc^(a)		17,500		1,946,700
Sprouts Farmers Market Inc*^(a)		141,800		3,311,030
UnitedHealth Group Inc^(a)		6,700		2,094,085
Total Consumer, Non-Cyclical				30,435,581

Energy (5.59%)
BP PLC^(a)		81,437		1,704,476
Chevron Corp^(a)		29,324		2,461,163
ConocoPhillips^(a)		19,648		744,463
Exxon Mobil Corp^(a)		43,236	$	1,726,846
Royal Dutch Shell PLC^(a)		36,500		1,083,320
Schlumberger NV^(a)		39,100		743,291
Total Energy				8,463,559

Financial (15.86%)
Banks (7.22%)
Bank of America Corp^(a)		90,000		2,316,600
Citigroup Inc^(a)		11,300		577,656
The Goldman Sachs Group Inc^(a)		5,350		1,096,055
JPMorgan Chase & Co^(a)		41,020		4,109,794
Morgan Stanley^(a)		12,050		629,733
US Bancorp^(a)		25,600		931,840
Wells Fargo & Co^(a)		52,500		1,267,875
				10,929,553
Diversified Financial Service (4.42%)
Cboe Global Markets Inc^(a)		20,000		1,835,800
Discover Financial Services^(a)		24,000		1,273,920
Mastercard Inc^(a)		10,000		3,581,900
				6,691,620
Insurance (0.18%)
Principal Financial Group Inc^(a)		6,650		280,032

Real Estate (4.03%)
American Tower Corp^(a)		7,800		1,943,370
Equinix Inc^(a)		2,900		2,290,362
Mid-America Apartment Communities Inc^(a)		16,000		1,873,920
				6,107,652

Total Financial				24,008,857

Industrial (6.79%)
Carrier Global Corp^(a)		10,625		317,156
Caterpillar Inc^(a)		20,442		2,909,101
Keysight Technologies Inc*^,(a)		19,300		1,901,436
Masco Corp^(a)		30,000		1,749,000
Otis Worldwide Corp^(a)		5,312		334,125
Raytheon Technologies Corp^(a)		10,625		648,125
Waste Management Inc^(a)		19,400		2,211,600
Atlas Corp^(a)		25,000		215,750
Total Industrial				10,286,293

Technology (17.28%)
Adobe Inc*^,(a)		4,500		2,310,255
Apple Inc^(a)		32,000		4,129,279
Citrix Systems Inc^(a)		15,500		2,250,600
Fiserv Inc*^,(a)		18,000		1,792,440
Hewlett Packard Enterprise Co^(a)		30,000		290,100
Intel Corp^(a)		33,500		1,706,825
Microsoft Corp^(a)		17,733		3,999,323
Oracle Corp^(a)		42,430		2,427,845
Seagate Technology PLC^(a)		19,000		911,810
Synopsys Inc*^,(a)		10,500		2,323,650
Take-Two Interactive Software Inc*^,(a)		11,600	$	1,985,804
Texas Instruments Inc^(a)		14,300		2,032,745
Total Technology				26,160,676

Utilities (5.11%)
American Electric Power Co Inc^(a)		6,200		488,746
American Water Works Co Inc^(a)		14,900		2,105,966
Consolidated Edison Inc^(a)		21,200		1,512,408
Dominion Energy Inc^(a)		24,400		1,913,936
Duke Energy Corp^(a)		21,300		1,711,242
Total Utilities				7,732,298

Total Common Stock (Cost $122,448,846)				135,264,837

Right (0.01%)
Bristol-Myers SQ (Cost $17,250)		7,500		20,100

United States Treasury Bills (10.77%)
0.130% 01/14/21^(a) (Cost $16,294,139)		16,300,000		16,292,359

Total Investments (Cost $138,760,235)⁽^b⁾ (100.10%)			$	151,577,296
Liabilities in Excess of Other Assets (-0.10%)				(157,486	)
Net Assets (100.00%)			$	151,419,810

Non-income producing security.

(a)

At August 31, 2020, the Fund had securities pledged in the amount of $130,478,257 to cover collateral requirements for options written.

(b)

Aggregate cost for federal income tax purpose is $137,870,742.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	21,751,105
Unrealized depreciation		(9,830,824	)
Net unrealized appreciation	$	11,920,281

See accompanying notes to financial statements.

Shelton Core Value Fund

Portfolio of Investments (Continued)

8/31/20

Written Call Options	Expiration Date		Contracts			Strike Price		Notional Amount		Value
Abbott Laboratories		9/18/2020		(40	)	$	110.00	$	440,000	$	(10,760	)
Adobe Inc		10/16/2020		(20	)		575.00		1,150,000		(29,700	)
Alphabet Inc - Class A		9/18/2020		(7	)		1,600.00		1,120,000		(45,920	)
Alphabet Inc - Class C		9/18/2020		(7	)		1,600.00		1,120,000		(50,050	)
American Tower Corp		10/16/2020		(39	)		260.00		1,014,000		(19,500	)
American Water Works Co Inc		10/16/2020		(149	)		155.00		2,309,500		(11,175	)
AmerisourceBergen Corp		9/18/2020		(79	)		115.00		908,500		(237	)
Amgen Inc		10/16/2020		(85	)		260.00		2,210,000		(63,750	)
AT&T Inc		9/18/2020		(70	)		31.00		217,000		(910	)
Automatic Data Processing Inc		9/18/2020		(30	)		150.00		450,000		(990	)
Bank of America Corp		9/18/2020		(300	)		28.00		840,000		(4,800	)
BP PLC		9/18/2020		(200	)		26.00		520,000		(600	)
Caterpillar Inc		9/18/2020		(30	)		155.00		465,000		(1,560	)
Cboe Global Markets Inc		9/18/2020		(50	)		95.00		475,000		(4,000	)
Chevron Corp		9/18/2020		(90	)		100.00		900,000		(360	)
Cigna Corp		9/18/2020		(122	)		210.00		2,562,000		(1,952	)
Citigroup Inc		9/18/2020		(30	)		60.00		180,000		(360	)
Citrix Systems Inc		10/16/2020		(155	)		155.00		2,402,500		(40,920	)
Colgate-Palmolive Co		10/16/2020		(30	)		80.00		240,000		(6,000	)
Conagra Brands Inc		10/16/2020		(50	)		40.00		200,000		(5,250	)
ConocoPhillips		9/18/2020		(60	)		46.00		276,000		(180	)
Consolidated Edison Inc		9/18/2020		(50	)		82.50		412,500		(250	)
Discover Financial Services		9/18/2020		(60	)		60.00		360,000		(2,940	)
Dollar General Corp		9/18/2020		(110	)		200.00		2,200,000		(56,980	)
Dominion Energy Inc		10/16/2020		(100	)		82.50		825,000		(7,300	)
Duke Energy Corp		9/18/2020		(50	)		90.00		450,000		(100	)
Eastman Chemical Co		10/16/2020		(200	)		80.00		1,600,000		(18,600	)
Edwards Lifesciences Corp		10/16/2020		(249	)		85.00		2,116,500		(107,319	)
Equinix Inc		9/18/2020		(29	)		800.00		2,320,000		(40,600	)
The Estee Lauder Cos Inc		9/18/2020		(91	)		220.00		2,002,000		(62,335	)
Exxon Mobil Corp		9/18/2020		(100	)		50.00		500,000		(300	)
Fiserv Inc		10/16/2020		(60	)		110.00		660,000		(7,920	)
The Goldman Sachs Group Inc		9/18/2020		(20	)		220.00		440,000		(2,920	)
Intel Corp		10/16/2020		(100	)		55.00		550,000		(9,600	)
Johnson & Johnson		10/16/2020		(130	)		160.00		2,080,000		(30,160	)
JPMorgan Chase & Co		9/18/2020		(100	)		110.00		1,100,000		(6,000	)
Keysight Technologies Inc		9/18/2020		(193	)		110.00		2,123,000		(5,790	)
Linde PLC		9/18/2020		(10	)		260.00		260,000		(1,900	)
Masco Corp		9/18/2020		(100	)		60.00		600,000		(7,000	)
Mastercard Inc		9/18/2020		(100	)		330.00		3,300,000		(312,500	)
Merck & Co Inc		10/16/2020		(30	)		87.50		262,500		(5,340	)
Mid-America Apartment Communities Inc		9/18/2020		(40	)		125.00		500,000		(3,500	)
Morgan Stanley		9/18/2020		(40	)		55.00		220,000		(2,240	)
Motorola Solutions Inc		9/18/2020		(30	)		160.00		480,000		(4,650	)
Netflix Inc		9/18/2020		(48	)		535.00		2,568,000		(98,640	)
Newmont Corp		10/16/2020		(222	)		80.00		1,776,000		(17,538	)
Oracle Corp		10/16/2020		(424	)		62.50		2,650,000		(40,280	)
Pfizer Inc		9/18/2020		(538	)		42.00		2,259,600		(3,228	)
Quest Diagnostics Inc		10/16/2020		(175	)		120.00		2,100,000		(34,125	)
Raytheon Technologies Corp		9/18/2020		(30	)		70.00		210,000		(840	)
Seagate Technology PLC		9/18/2020		(40	)		47.50		190,000		(7,000	)
Synopsys Inc		10/16/2020		(105	)		220.00		2,310,000		(117,600	)
Take-Two Interactive Software Inc		10/16/2020		(116	)		185.00		2,146,000		(42,920	)
Target Corp		9/18/2020		(177	)		135.00		2,389,500		(296,829	)
Texas Instruments Inc		10/16/2020		(143	)		150.00		2,145,000		(40,040	)
UnitedHealth Group Inc		10/16/2020		(67	)		330.00		2,211,000		(48,575	)
US Bancorp		9/18/2020		(60	)		42.50		255,000		(480	)
Verizon Communications Inc		9/18/2020		(100	)		60.00		600,000		(5,800	)
Walt Disney Co/The		9/18/2020		(30	)		130.00		390,000		(14,850	)
Waste Management Inc		10/16/2020		(194	)		120.00		2,328,000		(22,310	)

Total Written Call Options
Premiums Received $1,003,377									71,889,100		(1,786,273	)

See accompanying notes to financial statements.

Nasdaq-100 Index Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (97.64%)

Communications (32.27%)
Internet (26.90%)
Alphabet Inc - Class A*		19,803	$	32,269,583
Alphabet Inc - Class C*		19,634		32,085,490
Amazon.com Inc*^,(a)		28,665		98,921,768
Baidu Inc*		20,316		2,530,764
Booking Holdings Inc*		3,053		5,832,604
CDW Corp		10,557		1,199,803
eBay Inc		58,683		3,214,655
Expedia Group Inc		10,240		1,005,056
Facebook Inc*^,(a)		138,624		40,644,557
JD.com Inc*		68,111		5,356,249
MercadoLibre Inc*		3,652		4,267,691
Netflix Inc*		32,203		17,053,421
Trip.com Group Ltd*		38,853		1,174,915
VeriSign Inc*		8,627		1,853,080
				247,409,636
Media (3.12%)
Charter Communications Inc*		15,423		9,494,553
Comcast Corp		333,591		14,948,213
Fox Corp - Class A		26,337		733,749
Fox Corp - Class B		19,554		543,601
Sirius XM Holdings Inc		325,061		1,908,108
Liberty Global PLC - Class A*		13,520		315,962
Liberty Global PLC - Class C*		32,683		752,036
				28,696,222
Telecommunicatoins (2.27%)
Cisco Systems Inc		311,727		13,161,114
T-Mobile US Inc*		66,011		7,702,163
				20,863,277

Total Communications				296,969,135

Consumer, Cyclical (8.15%)
Copart Inc*		17,081		1,764,809
Costco Wholesale Corp		32,462		11,285,739
Dollar Tree Inc*		17,390		1,674,135
Fastenal Co		42,143		2,059,107
Lululemon Athletica Inc*		9,048		3,399,062
Marriott International Inc		24,023		2,472,207
O’Reilly Automotive Inc*		5,559		2,588,438
PACCAR Inc		25,415		2,181,625
Ross Stores Inc		26,580		2,420,906
Starbucks Corp		86,781		7,330,391
Tesla Inc*		67,615		33,693,907
Ulta Beauty Inc*		4,324		1,003,946
United Airlines Holdings Inc*		18,594		669,384
Walgreens Boots Alliance Inc		65,125		2,476,053
Total Consumer, Cyclical				75,019,709

Consumer, Non-Cyclical (12.02%)
Alexion Pharmaceuticals Inc*		16,260		1,857,217
Align Technology Inc*		5,855		1,738,818
Amgen Inc		43,323		10,974,582
Automatic Data Processing Inc		31,571		4,391,210
BioMarin Pharmaceutical Inc*		13,199		1,029,918
Biogen Inc*		12,785		3,677,477
Cintas Corp		7,605		2,534,290
CoStar Group Inc*		2,691		2,283,583
DexCom Inc*		6,727		2,861,733
Gilead Sciences Inc		92,964		6,205,347
IDEXX Laboratories Inc*		6,303	$	2,464,851
Illumina Inc*		10,801		3,858,333
Incyte Corp*		15,827		1,524,931
Intuitive Surgical Inc*		8,433		6,163,174
The Kraft Heinz Co		89,732		3,144,209
Mondelez International Inc		105,800		6,180,836
Monster Beverage Corp*		39,509		3,313,225
PayPal Holdings Inc*		86,281		17,613,403
PepsiCo Inc		102,465		14,351,248
Regeneron Pharmaceuticals Inc*		7,876		4,882,569
Seattle Genetics Inc*		12,593		1,993,976
Verisk Analytics Inc		12,041		2,247,693
Vertex Pharmaceuticals Inc*		19,044		5,315,561
Total Consumer, Non-Cyclical				110,608,184

Industrial (0.47%)
CSX Corp		57,083		4,364,566
Total Industrial				4,364,566

Technology (44.14%)
Computers (14.76%)
Apple Inc^(a)		1,007,808		130,047,544
Cognizant Technology Solutions Corp		40,235		2,690,112
NetApp Inc		16,770		794,730
Western Digital Corp		22,094		848,851
Check Point Software Technologies Ltd*		11,186		1,412,344
				135,793,581
Semiconductors (11.56%)
Advanced Micro Devices Inc*		85,915		7,802,800
Analog Devices Inc		27,063		3,163,123
Applied Materials Inc		67,878		4,181,285
ASML Holding NV		5,442		2,036,288
Broadcom Inc		29,147		10,118,381
Intel Corp		314,159		16,006,401
KLA Corp		11,594		2,378,393
Lam Research Corp		10,660		3,585,384
Maxim Integrated Products Inc		19,884		1,360,861
Microchip Technology Inc		17,560		1,926,332
Micron Technology Inc*		80,776		3,676,116
NVIDIA Corp		44,970		24,058,051
NXP Semiconductors NV		20,540		2,583,110
QUALCOMM Inc		83,904		9,992,966
Skyworks Solutions Inc		12,519		1,813,377
Texas Instruments Inc		68,688		9,763,999
Xilinx Inc		18,478		1,924,668
				106,371,535
Software (17.83%)
Activision Blizzard Inc		56,056		4,681,797
Adobe Inc*		35,570		18,261,282
ANSYS Inc*		6,186		2,097,116
Autodesk Inc*		16,135		3,964,370
Cadence Design Systems Inc*		20,618		2,286,742
Cerner Corp		23,080		1,693,380
Citrix Systems Inc		8,987		1,304,912
Electronic Arts Inc*		21,455		2,992,329
Fiserv Inc*		49,608		4,939,965
Intuit Inc		18,992		6,559,647
Microsoft Corp		437,977		98,776,954
NetEase Inc		5,360		2,611,446
Paychex Inc		26,302		2,011,314
Splunk Inc*		11,121		2,439,169
Synopsys Inc*		11,043	$	2,443,816
Take-Two Interactive Software Inc*		8,328		1,425,670
Workday Inc*		12,050		2,888,506
Zoom Video Communications Inc*		8,211		2,669,396
				164,047,811

Total Technology				406,212,927

Utilities (0.58%)
Exelon Corp		71,431		2,636,518
Xcel Energy Inc		39,403		2,737,523
Total Industrial				5,374,041

Total Common Stock (Cost $343,213,769)				898,548,562

United States Treasury Bills (2.42%)
0.130% 01/14/21 (Cost $22,291, 355)		22,300,000		22,289,547

Total Investments (Cost $365,505,123)⁽^b⁾ (100.07%)			$	920,838,109
Liabilities in Excess of Other Assets (-0.07%)				(610,708	)
Net Assets (100.00%)			$	920,227,401

Non-income producing security.

(a)

A portion of these securities, a total of $142,560,683, have been pledged or segregated in connection with obligations for futures contracts.

(b)

Aggregate cost for federal income tax purpose is $366,136,790

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	565,052,836
Unrealized depreciation		(10,351,517	)
Net unrealized appreciation	$	554,701,319

Futures contracts at August 31, 2020:

Contracts - $20 times premium / delivery month / commitment / exchange

Nasdaq 100 E-MINI		Notional Amount				Value				Unrealized Appreciation
93 / SEPT 2020 / Long / CME		$	20,050,025			$	22,532,040			$	2,482,015

See accompanying notes to financial statements.

Shelton Green Alpha Fund

Portfolio of Investments

8/31/20

Security Description	Shares		Value (Note 1)
Common Stock (98.88%)

Basic Materials (2.22%)
Daqo New Energy Corp*		18,000	$	2,030,580

Communications (3.84%)
Alphabet Inc*		1,200		1,961,016
Arista Networks Inc*		3,500		782,075
Switch Inc		45,000		774,000
Total Communications				3,517,091

Consumer, Cyclical (9.87%)
Steelcase Inc		55,000		574,750
Tesla Inc*		17,000		8,471,440
Total Consumer, Cyclical				9,046,190

Consumer, Non-Cyclical (18.88%)
10X Genomics Inc*		4,100		469,942
CRISPR Therapeutics AG*		32,000		2,990,720
Danone SA		60,000		784,200
Editas Medicine Inc*		35,000		1,233,050
Gilead Sciences Inc		6,500		433,875
Illumina Inc*		1,800		642,996
Intellia Therapeutics Inc*		68,300		1,473,914
Invitae Corp*		95,000		3,321,200
Moderna Inc*		72,000		4,672,080
Square Inc*		8,000		1,276,480
Total Consumer, Non-Cyclical				17,298,457

Energy (24.35%)
Canadian Solar Inc*		34,000		1,104,660
Enphase Energy Inc*		24,000		1,853,520
First Solar Inc*		47,200		3,615,048
JinkoSolar Holding Co Ltd*		120,000		2,740,800
SolarEdge Technologies Inc*		8,500	$	1,879,775
SunPower Corp*		167,000		1,868,730
TPI Composites Inc*		82,000		2,518,220
Vestas Wind Systems A/S		125,000		6,296,250
Maxeon Solar Technologies Ltd*		20,875		433,783
Total Energy				22,310,786

Financial (5.94%)
Alexandria Real Estate Equities Inc		4,900		825,062
Digital Realty Trust Inc		5,000		778,250
Hannon Armstrong Sustainable Infrastructure Capital Inc		64,000		2,717,440
Horizon Technology Finance Corp		93,000		1,119,720
Total Financial				5,440,472

Industrial (7.03%)
ABB Ltd		41,600		1,060,800
Advanced Energy Industries Inc*		14,400		1,067,328
Trex Co Inc*		7,000		1,046,430
Universal Display Corp		9,000		1,579,500
Ichor Holdings Ltd*		34,100		857,956
Garmin Ltd		8,000		828,880
Total Industrial				6,440,894

Technology (21.64%)
Analog Devices Inc		7,700		899,976
Applied Materials Inc		48,500		2,987,599
Cadence Design Systems Inc*		5,100		565,641
Fortinet Inc*		6,500		858,033
Infineon Technologies AG		50,000		1,386,500
International Business Machines Corp		21,600		2,663,496
Lam Research Corp		4,500		1,513,530
NVIDIA Corp		3,100	$	1,658,438
QUALCOMM Inc		13,500		1,607,850
Skyworks Solutions Inc		6,500		941,525
STMicroelectronics NV		46,500		1,406,625
Taiwan Semiconductor Manufacturing Co Ltd		32,000		2,536,000
Ultra Clean Holdings Inc*		32,500		796,900
Total Technology				19,822,113

Utilities (5.11%)
Brookfield Renewable Corp		87,630		4,462,120
Consolidated Water Co Ltd		18,000		216,540
				4,678,660

Total Common Stock (Cost $48,478,083)				90,585,243

Total Investments (Cost $48,478,083)⁽^a⁾ (98.88%)			$	90,585,243
Other Net Assets (1.12%)				1,022,062
Net Assets (100.00%)			$	91,607,305

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $48,478,083.

At August 31, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	43,100,117
Unrealized depreciation		(992,957	)
Net unrealized appreciation	$	42,107,160

See accompanying notes to financial statements.

Statements of Assets & Liabilities

August 31, 2020

	Green California Tax-Free Income Fund		U.S. Government Securities Fund		The United States Treasury Trust			S&P 500 Index Fund		S&P MidCap Index Fund
Assets
Investments in securities
Cost of investments	$	56,042,082	$	21,893,944	$	36,692,664		$	66,196,175	$	73,840,429
Market value of investments (Note 1)		60,873,518		23,422,903		36,692,664			198,361,212		98,736,368
Cash		35,086		189,517		166,673			696,902		910,281
Cash held at broker		—		—		—			—		—
Interest receivable		526,753		54,696		—			—		—
Dividend receivable		—		—		—			307,919		107,796
Appreciation on futures		—		—		—			14,925		19,540
Receivable from investment advisor		—		—		1,156			—		—
Receivable for fund shares sold		10,905		72,788		112,112			72,272		5,245
Receivable for investment securities Sold		—		—		—			—		—
Prepaid expenses		—		56		—			757		—
Total assets	$	61,446,262	$	23,739,960	$	36,972,605		$	199,453,987	$	99,779,230

Liabilities
Written options, at value		—		—		—			—		—
Depreciation on futures		—		—		—			—		—
Cash due to broker		—		—		—			16,300		37,656
Payable to investment advisor		26,119		7,766		—			40,848		33,718
Payable for investments purchased		—		—		—			—		—
Payable for fund shares purchased		2,119		283		30,782			81,326		90,220
Distributions payable		20,169		931		—			—		—
Accrued 12b-1 fees		—		605		194			913		424
Accrued shareholder service fees		—		622		16			1,773		360
Accrued administration fees		4,418		1,707		2,638			13,818		7,125
Accrued CCO fees		4,707		93		120			9,052		4,091
Accrued custody fees		2,064		692		1,198			4,630		1,225
Accrued fund accounting fees		8,475		5,028		5,181			14,543		10,481
Accrued printing fees		3,275		3,690		1,729			8,939		7,901
Accrued state registration fees		75		—		110			—		435
Accrued transfer agent fees		3,719		3,604		2,584			8,457		9,355
Accrued trustee fees		595		492		457			527		592
Accrued expenses		13,964		9,077		11,016			34,890		20,787
Total liabilities		89,699		34,590		56,025			236,016		224,370

Net assets	$	61,356,563	$	23,705,370	$	36,916,580		$	199,217,971	$	99,554,860

Net assets at August 31, 2020 consist of
Paid-in capital	$	56,697,329	$	22,227,673	$	36,918,359		$	53,910,231	$	68,517,386
Distributable earnings/(loss)		4,659,234		1,477,697		(1,779	)		145,307,740		31,037,474
Total net assets	$	61,356,563	$	23,705,370	$	36,916,580		$	199,217,971	$	99,554,860

Net assets
Direct Shares	$	61,356,563	$	22,033,747	$	36,916,580		$	196,133,476	$	98,496,322
K Shares			$	1,671,623				$	3,084,495	$	1,058,538

Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		5,219,182		2,013,853		36,925,055			3,153,800		4,268,565
K Shares (no par value, unlimited shares authorized)				152,469					49,735		47,491

Net asset value per share
Direct Shares	$	11.76	$	10.94	$	1.00		$	62.19	$	23.07
K Shares			$	10.96				$	62.02	$	22.29

See accompanying notes to financial statements.

Statements of Assets & Liabilities
August 31, 2020 (Continued)

	S&P SmallCap Index Fund		Shelton Core Value Fund		Nasdaq-100 Index Fund		Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	40,932,190	$	138,760,235	$	365,505,123	$	48,478,083
Market value of investments (Note 1)		49,226,089		151,577,296		920,838,109		90,585,243
Cash		143,698		571,958		79,697		1,415,068
Cash held at broker		—		883,692		—		—
Interest receivable		—		—		—		—
Dividend receivable		31,163		314,274		604,992		126,505
Appreciation on futures		—		—		2,482,015		—
Receivable from investment advisor		—		—		—		—
Receivable for fund shares sold		7,141		85,375		590,025		173,492
Receivable for investment securities Sold		—		—		—		724,292
Prepaid expenses		—		—		—		—
Total assets	$	49,408,091	$	153,432,595	$	924,594,838	$	93,024,600

Liabilities
Written options, at value		—		1,786,273		—		—
Depreciation on futures		300		—		—		—
Cash due to broker		1,140		—		2,254,343		—
Payable to investment advisor		21,155		62,895		243,303		72,614
Payable for investments purchased		—		—		—		1,260,228
Payable for fund shares purchased		85,131		37,757		1,548,947		30,016
Distributions payable		—		407		13		—
Accrued 12b-1 fees		890		514		6,324		—
Accrued shareholder service fees		1,001		716		6,915		—
Accrued administration fees		3,577		10,636		61,709		6,141
Accrued CCO fees		3,112		4,852		2,552		1,048
Accrued custody fees		—		4,551		13,001		596
Accrued fund accounting fees		9,625		11,475		33,232		7,852
Accrued printing fees		5,397		19,011		38,337		10,573
Accrued state registration fees		1,248		8,562		2,372		2,248
Accrued transfer agent fees		5,504		37,193		27,258		3,746
Accrued trustee fees		528		540		462		810
Accrued expenses		15,457		27,403		128,669		21,423
Total liabilities		154,065		2,012,785		4,367,437		1,417,295

Net assets	$	49,254,026	$	151,419,810	$	920,227,401	$	91,607,305

Net assets at August 31, 2020 consist of
Paid-in capital	$	40,095,077	$	117,713,416	$	356,550,354	$	48,502,313
Distributable earnings/(loss)		9,158,949		33,706,394		563,677,047		43,104,992
Total net assets	$	49,254,026	$	151,419,810	$	920,227,401	$	91,607,305

Net assets
Direct Shares	$	46,947,826	$	150,038,239	$	889,163,486	$	91,607,305
K Shares	$	2,306,200	$	1,381,571	$	31,063,915

Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		2,466,654		8,032,824		32,009,045		3,090,110
K Shares (no par value, unlimited shares authorized)		125,104		75,868		1,155,851

Net asset value per share
Direct Shares	$	19.03	$	18.68	$	27.78	$	29.65
K Shares	$	18.43	$	18.21	$	26.88

See accompanying notes to financial statements.

Statements of Operations

August 31, 2020

	Green California Tax-Free Income Fund			U.S. Government Securities Fund			The United States Treasury Trust			S&P 500 Index Fund		S&P MidCap Index Fund
Investment income
Interest income	$	1,617,862		$	452,254		$	431,488		$	9,746	$	5,489
Dividend income (tax withheld: $—, $—, $—, $— and $387, respectively)		—			—			—			3,570,553		1,669,289
Other Income		—			—			—			—		—
Total		1,617,862			452,254			431,488			3,580,299		1,674,778

Expenses
Management fees (Note 2)		314,912			112,958			189,985			460,423		409,667
Administration fees (Note 2)		54,800			19,649			33,066			160,095		89,076
Transfer agent fees		14,013			13,355			8,606			27,930		21,073
Accounting services		36,790			23,844			25,222			65,707		46,686
Custodian fees		5,254			2,563			4,386			19,805		12,693
Broker Fees		—			—			—			—		—
Legal and audit fees		16,847			9,704			12,298			39,338		23,318
CCO fees (Note 2)		7,982			2,860			4,727			22,824		12,739
Trustees fees		5,350			5,346			5,353			5,354		5,343
Insurance		4,082			1,222			2,434			12,055		6,922
Printing		11,663			11,383			7,432			18,240		15,547
Registration and dues		2,821			8,182			3,224			16,235		13,336
12b-1 fees Class K (Note 2)		—			4,645			914			10,121		4,322
Shareholder service fees Class K (Note 2)		—			4,645			902			10,121		4,322
Licensing fee		—			—			—			32,917		21,086
Total expenses		474,514			220,356			298,549			901,165		686,130
Less reimbursement from manager (Note 2)		—			(40,952	)		(127,093	)		—		—
Net expenses		474,514			179,404			171,456			901,165		686,130
Net investment income		1,143,348			272,850			260,032			2,679,134		988,648

Realized and unrealized gain (loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		(156,702	)		(6,647	)		468			21,700,484		6,274,228
Net realized gain/(loss) from futures contracts		—			—			—			426,835		124,091
Net realized gain/(loss) from written options contracts		—			—			—			—		—
Change in unrealized appreciation/(depreciation) of investments		409,032			838,360			—			12,329,512		(3,627,369	)
Change in unrealized appreciation/(depreciation) of futures		—			—			—			10,474		20,679
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—		—
Net realized and unrealized gain/(loss) on investments		252,330			831,713			468			34,467,305		2,791,629
Net increase/(decrease) in net assets resulting from operations	$	1,395,678		$	1,104,563		$	260,500		$	37,146,439	$	3,780,277

See accompanying notes to financial statements.

Statements of Operations
August 31, 2020 (Continued)

	S&P SmallCap Index Fund			Shelton Core Value Fund			Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	3,428		$	104,775		$	29,359		$	—
Dividend income (tax withheld: $850, $17,390, $7,260, and $26,151, respectively)		822,711			3,105,068			6,793,355			796,897
Other Income		—			31			—			—
Total		826,139			3,209,874			6,822,714			796,897

Expenses
Management fees (Note 2)		288,326			739,808			3,414,527			650,329
Administration fees (Note 2)		50,192			128,694			608,516			56,492
Transfer agent fees		15,834			153,107			141,977			13,725
Accounting services		44,151			50,241			157,274			31,695
Custodian fees		11,882			14,377			61,346			6,466
Broker Fees		—			168			—			—
Legal and audit fees		14,757			32,250			145,614			19,013
CCO fees (Note 2)		7,193			18,284			85,428			8,004
Trustees fees		5,352			5,341			5,396			5,389
Insurance		4,147			9,558			39,466			3,548
Printing		12,824			47,360			85,334			16,792
Registration and dues		8,228			36,627			52,945			18,798
12b-1 fees Class K (Note 2)		7,855			4,165			61,353			—
Shareholder service fees Class K (Note 2)		7,855			4,165			61,353			—
Licensing fee		15,263			—			128,684			—
Total expenses		493,859			1,244,145			5,049,213			830,251
Less reimbursement from manager (Note 2)		—			—			(1,405,450	)		—
Net expenses		493,859			1,244,145			3,643,763			830,251
Net investment income		332,280			1,965,729			3,178,951			(33,354	)

Realized and unrealized gain(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		1,448,521			26,946,547			37,568,787			1,250,940
Net realized gain/(loss) from futures contracts		36,139			—			3,356,155			—
Net realized gain/(loss) from written options contracts		—			4,807,910			—			—
Change in unrealized appreciation/(depreciation) of investments		(2,364,010	)		(21,522,774	)		290,800,373			32,047,301
Change in unrealized appreciation/(depreciation) of futures		420			—			2,484,689			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			(739,010	)		—			—
Net realized and unrealized gain/(loss) on investments		(878,930	)		9,492,673			334,210,004			33,298,241
Net increase/(decrease) in net assets resulting from operations	$	(546,650	)	$	11,458,402		$	337,388,955		$	33,264,887

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Green California Tax-Free Income Fund						U.S. Government Securities Fund						The United States Treasury Trust
	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	1,143,348		$	1,319,325		$	272,850		$	261,409		$	260,032		$	839,595
Net realized gain/(loss) from security transactions and foreign currency		(156,702	)		86,434			(6,647	)		(46,105	)		468			50
Net realized gain/(loss) from futures contracts		—			—			—			—			—			—
Net realized gain/(loss) from written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		409,032			2,469,368			838,360			1,131,813			—			—
Change in unrealized appreciation/(depreciation) of futures		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Net increase/(decrease) in net assets resulting from operations		1,395,678			3,875,127			1,104,563			1,347,117			260,500			839,645

Distributions to shareholders
Distributions
Direct shares		(1,224,678	)		(1,432,047	)		(256,716	)		(232,769	)		(258,634	)		(821,966	)
K shares		—			—			(14,066	)		(31,691	)		(2,890	)^(a)		(23,550	)

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(4,958,784	)		(4,551,692	)		3,358,089			(928,466	)		(2,171,321	)		(15,841,034	)
Total increase (decrease)		(4,787,784	)		(2,108,612	)		4,191,870			154,191			(2,172,345	)		(15,846,905	)

Net assets
Beginning of year	$	66,144,347		$	68,252,959		$	19,513,500		$	19,359,309		$	39,088,925		$	54,935,830
End of year	$	61,356,563		$	66,144,347		$	23,705,370		$	19,513,500		$	36,916,580		$	39,088,925

(a)	The United States Treasury Trust K Shares closed on December 27, 2019.

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	2,679,134		$	2,770,344		$	988,648		$	1,065,239		$	332,280		$	480,390
Net realized gain/(loss) from security transactions and foreign currency		21,700,484			5,390,498			6,274,228			8,714,562			1,448,521			4,497,013
Net realized gain/(loss) from futures contracts		426,835			73,975			124,091			(27,539	)		36,139			(226,099	)
Net realized gain/(loss) from written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		12,329,512			(3,830,884	)		(3,627,369	)		(19,229,730	)		(2,364,010	)		(18,908,932	)
Change in unrealized appreciation/(depreciation) of futures		10,474			(9,272	)		20,679			(16,069	)		420			(42,815	)
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Net increase/(decrease) in net assets resulting from operations		37,146,439			4,394,661			3,780,277			(9,493,536	)		(546,650	)		(14,200,443	)

Distributions to shareholders
Distributions
Direct shares		(16,841,674	)		(4,238,275	)		(8,000,679	)		(12,498,880	)		(4,569,651	)		(5,333,531	)
K shares		(432,740	)		(170,153	)		(152,045	)		(602,076	)		(271,574	)		(650,066	)

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(11,988,469	)		(932,499	)		(6,203,467	)		1,818,458			(11,677,998	)		(2,248,373	)
Total increase (decrease)		7,883,556			(946,266	)		(10,575,914	)		(20,776,034	)		(17,065,873	)		(22,432,413	)

Net assets
Beginning of year		191,334,415			192,280,681			110,130,774			130,906,808			66,319,899			88,752,312
End of year	$	199,217,971		$	191,334,415		$	99,554,860		$	110,130,774		$	49,254,026		$	66,319,899

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

	Shelton Core Value Fund						Nasdaq-100 Index Fund						Shelton Green Alpha Fund
	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	1,965,729		$	2,767,066		$	3,178,951		$	3,806,069		$	(33,354	)	$	74,045
Net realized gain/(loss) from security transactions and foreign currency		26,946,547			12,516,989			37,568,787			18,230,974			1,250,940			229,266
Net realized gain/(loss) from futures contracts		—			—			3,356,155			(1,336,043	)		—			—
Net realized gain/(loss) from written options contracts		4,807,910			2,544,749			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		(21,522,774	)		(18,519,706	)		290,800,373			(14,036,710	)		32,047,301			3,860,410
Change in unrealized appreciation/(depreciation) of futures		—			—			2,484,689			(502,329	)		—			—
Change in unrealized appreciation/(depreciation) of written options contracts		(739,010	)		(37,166	)		—			—			—			—
Net increase/(decrease) in net assets resulting from operations		11,458,402			(728,068	)		337,388,955			6,161,961			33,264,887			4,163,721

Distributions to shareholders
Distributions
Direct shares		(21,484,252	)		(28,993,868	)		(45,073,391	)		(11,771,774	)		(51,961	)		(701,393	)
K shares		(254,277	)		(943,290	)		(1,645,438	)		(431,446	)		—			—

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		10,101,028			874,834			(2,718,647	)		(21,100,265	)		1,827,077			3,739,230
Total increase (decrease)		(179,099	)		(29,790,392	)		287,951,479			(27,141,524	)		35,040,003			7,201,558

Net assets
Beginning of year	$	151,598,909		$	181,389,301		$	632,275,922		$	659,417,446		$	56,567,302		$	49,365,744
End of year	$	151,419,810		$	151,598,909		$	920,227,401		$	632,275,922		$	91,607,305		$	56,567,302

Green California Tax-Free Income Fund	Direct Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value
Shares sold		196,708		$	2,272,558			237,620		$	2,723,601
Shares issued in reinvestment of distributions		82,106			955,461			93,572			1,065,456
Shares repurchased		(702,686	)		(8,186,803	)		(735,462	)		(8,340,749	)
Net increase (decrease)		(423,872	)	$	(4,958,784	)		(404,270	)	$	(4,551,692	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		1,356,175		$	14,524,346			601,122		$	6,107,337			106,781		$	1,142,515			64,599		$	656,760
Shares issued in reinvestment of distributions		22,878			245,672			22,226			225,880			1,311			14,066			3,120			31,691
Shares repurchased		(999,065	)		(10,772,286	)		(559,497	)		(5,656,952	)		(168,091	)		(1,796,224	)		(224,029	)		(2,293,182	)
Net increase (decrease)		379,988		$	3,997,732			63,851		$	676,265			(59,999	)	$	(639,643	)		(156,310	)	$	(1,604,731	)

The United States Treasury Trust Fund	Direct Shares						K Shares
	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2020			Year Ended August 31, 2019
	Shares/ Value			Shares/ Value			Shares/ Value			Shares/ Value
Shares sold	$	27,774,757		$	25,745,448		$	99,639		$	982,597
Shares issued in reinvestment of distributions		250,639			801,707			2,357			23,254
Shares gained with reorganization		462,114			N/A			—			N/A
Shares repurchased		(29,050,018	)		(42,134,404	)		(1,710,809	)		(1,259,636	)
Net increase/(decrease)	$	(562,508	)	$	(15,587,249	)	$	(1,608,813	)	$	(253,785	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

S&P 500 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		490,241		$	26,352,137			356,454		$	19,167,111			10,160		$	554,156			23,091		$	1,257,421
Shares issued in reinvestment of distributions		257,226			14,253,960			67,613			3,599,149			7,803			432,553			3,197			169,649
Shares repurchased		(900,375	)		(49,138,001	)		(372,022	)		(20,091,314	)		(78,467	)		(4,443,274	)		(93,296	)		(5,034,515	)
Net increase (decrease)		(152,908	)	$	(8,531,904	)		52,045		$	2,674,946			(60,504	)	$	(3,456,565	)		(67,008	)	$	(3,607,445	)

S&P MidCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		316,846		$	6,967,139			409,193		$	9,953,415			14,566		$	317,593			21,817		$	525,113
Shares issued in reinvestment of distributions		321,519			7,608,195			493,942			11,747,146			6,499			151,810			25,701			601,722
Shares repurchased		(857,940	)		(18,813,278	)		(750,908	)		(17,836,215	)		(104,691	)		(2,434,926	)		(134,174	)		(3,172,723	)
Net increase (decrease)		(219,575	)	$	(4,237,944	)		152,227		$	3,864,346			(83,626	)	$	(1,965,523	)		(86,656	)	$	(2,045,888	)

S&P SmallCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		503,522		$	9,330,319			742,607		$	17,856,841			23,999		$	435,338			45,402		$	1,051,669
Shares issued in reinvestment of distributions		215,344			4,434,916			259,328			5,899,905			13,510			271,574			38,713			858,236
Shares repurchased		(1,244,439	)		(23,029,041	)		(527,057	)		(12,344,987	)		(158,244	)		(3,121,104	)		(75,529	)		(1,761,832	)
Net increase (decrease)		(525,573	)	$	(9,263,806	)		474,878		$	11,411,759			(120,735	)	$	(2,414,192	)		8,586		$	148,073

Shelton Core Value Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		574,641		$	10,625,114			357,396		$	7,195,445			18,881		$	340,133			31,189		$	620,455
Shares issued in reinvestment of distributions		1,107,856			20,924,633			1,450,637			28,384,919			13,661			254,277			48,954			943,290
Shares repurchased		(1,080,100	)		(20,332,165	)		(1,552,776	)		(32,919,389	)		(88,449	)		(1,710,964	)		(170,089	)		(3,349,886	)
Net increase (decrease)		602,397		$	11,217,582			255,257		$	2,660,975			(55,907	)	$	(1,116,554	)		(89,946	)	$	(1,786,141	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019						Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		10,785,073		$	224,007,130			8,949,721		$	158,244,982			256,521		$	5,299,756			287,727		$	4,983,122
Shares issued in reinvestment of distributions		2,232,317			42,808,895			667,343			11,299,360			88,576			1,645,439			26,073			431,440
Shares repurchased		(13,353,261	)		(265,901,712	)		(10,743,437	)		(187,194,833	)		(547,230	)		(10,578,155	)		(516,329	)		(8,864,336	)
Net increase (decrease)		(335,871	)	$	914,313			(1,126,373	)	$	(17,650,491	)		(202,133	)	$	(3,632,960	)		(202,529	)	$	(3,449,774	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

Shelton Green Alpha Fund	Direct Shares
	Year Ended August 31, 2020						Year Ended August 31, 2019
	Shares			Value			Shares			Value
Shares sold		1,291,933		$	26,911,073			853,374		$	14,711,335
Shares issued in reinvestment of distributions		2,499			50,887			43,026			683,796
Shares repurchased		(1,271,931	)		(25,134,883	)		(698,967	)		(11,655,901	)
Net increase/(decrease)		22,501		$	1,827,077			197,433		$	3,739,230

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period)

Green California Tax-Free Income Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	11.72		$	11.29		$	11.65		$	11.93		$	11.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.21			0.23			0.23			0.25			0.29
Net gain/(loss) on securities (both realized and unrealized)		0.06			0.45			(0.31	)		(0.20	)		0.24
Total from investment operations		0.27			0.68			(0.08	)		0.05			0.53
LESS DISTRIBUTIONS
Dividends from net investment income		(0.21	)		(0.23	)		(0.24	)		(0.27	)		(0.29	)
Distributions from capital gains		(0.02	)		(0.02	)		(0.04	)		(0.06	)		—
Total distributions		(0.23	)		(0.25	)		(0.28	)		(0.33	)		(0.29	)
Net asset value, end of year or period	$	11.76		$	11.72		$	11.29		$	11.65		$	11.93

Total return		2.31	%		6.10	%		(0.74	)%		0.43	%		4.60	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	61,357		$	66,144		$	68,253		$	75,310		$	84,422
Ratio of expenses to average net assets		0.75	%		0.77	%		0.76	%		0.69	%		0.69	%
Ratio of net investment income/(loss) to average net assets		1.82	%		2.01	%		2.02	%		2.20	%		2.47	%
Portfolio turnover		9	%		4	%		12	%		7	%		19	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

U.S. Government Securities Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	10.57		$	9.98		$	10.32		$	10.61		$	10.42
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.13			0.15			0.14			0.14			0.14
Net gain/(loss) on securities (both realized and unrealized)		0.37			0.59			(0.33	)		(0.26	)		0.20
Total from investment operations		0.50			0.74			(0.19	)		(0.12	)		0.34
LESS DISTRIBUTIONS
Dividends from net investment income		(0.13	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)
Total distributions		(0.13	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)
Net asset value, end of year or period	$	10.94		$	10.57		$	9.98		$	10.32		$	10.61

Total return		4.78	%		7.48	%		(1.88	)%		(1.14	)%		3.25	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	22,034		$	17,263		$	15,668		$	18,316		$	19,754
Ratio of expenses to average net assets:
Before expense reimbursements		0.93	%		0.99	%		0.89	%		0.81	%		0.82	%
After expense reimbursements		0.75	%^(b)		0.76	%^(b)		0.75	%^(b)		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.07	%		1.23	%		1.29	%		1.27	%		1.25	%
After expense reimbursements		1.25	%		1.47	%		1.42	%		1.34	%		1.33	%
Portfolio turnover		10	%		8	%		13	%		10	%		18	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	10.59		$	10.01		$	10.35		$	10.64		$	10.43
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.08			0.10			0.09			0.09			0.09
Net gain/(loss) on securities (both realized and unrealized)		0.37			0.58			(0.33	)		(0.27	)		0.20
Total from investment operations		0.45			0.68			(0.24	)		(0.18	)		0.29
LESS DISTRIBUTIONS
Dividends from net investment income		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Total distributions		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Net asset value, end of year or period	$	10.96		$	10.59		$	10.01		$	10.35		$	10.64

Total return		4.28	%		6.87	%		(2.37	)%		(1.67	)%		2.77	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,672		$	2,250		$	3,691		$	3,699		$	4,712
Ratio of expenses to average net assets:
Before expense reimbursements		1.44	%		1.49	%		1.39	%		1.31	%		1.32	%
After expense reimbursements		1.26	%^(b)		1.26	%^(b)		1.25	%^(b)		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.58	%		0.75	%		0.78	%		0.77	%		0.75	%
After expense reimbursements		0.76	%		0.98	%		0.92	%		0.84	%		0.84	%
Portfolio turnover		10	%		8	%		13	%		10	%		18	%

(a)	Calculated based upon average shares outstanding.

(b)	CCO fees are not included in the expense limitation.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

The United States Treasury Trust Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.01			0.02			0.01			—			—
Net gain/(loss) on securities (both realized and unrealized)		—			—			—	^(b)		—			—
Total from investment operations		0.01			0.02			0.01			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		(0.01	)		(0.02	)		(0.01	)		—	^(b)		—
Distributions from capital gains		—			—			—			—			—
Total distributions		(0.01	)		(0.02	)		(0.01	)		—			—
Net asset value, end of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total return		0.67	%		1.75	%		0.98	%		0.03	%		0.00	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	36,917		$	37,479		$	53,079		$	57,149		$	72,482
Ratio of expenses to average net assets:
Before expense reimbursements		0.78	%		0.77	%		0.77	%		0.71	%		0.71	%
After expense reimbursements		0.45	%^(c)		0.55	%^(c)		0.46	%^(d)		0.52	%^(d)		0.22	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.35	%		1.51	%		0.65	%		(0.16	)%		(0.49	)%
After expense reimbursements		0.68	%		1.73	%		0.96	%^(d)		0.03	%^(d)		0.00	%

(a)	Calculated based upon average shares outstanding.

(b)	Less than $0.01 per share.

(c)	CCO Fees are not included in the expense limitation.

(d)	Includes negative yield waiver adjustment.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P 500 Index Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	56.00		$	56.03		$	48.26		$	42.86		$	39.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.81			0.82			0.82			0.78			0.76
Net gain/(loss) on securities (both realized and unrealized)		10.49			0.44			8.48			5.89			3.99
Total from investment operations		11.30			1.26			9.30			6.67			4.75
LESS DISTRIBUTIONS
Dividends from net investment income		(0.85	)		(0.88	)		(0.77	)		(0.83	)		(0.78	)
Distributions from capital gains		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)
Total distributions		(5.11	)		(1.29	)		(1.53	)		(1.27	)		(1.77	)
Net asset value, end of year or period	$	62.19		$	56.00		$	56.03		$	48.26		$	42.86

Total return		21.44	%		2.40	%		19.64	%		15.89	%		12.21	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	196,133		$	185,170		$	182,362		$	155,022		$	135,346
Ratio of expenses to average net assets:
Before expense reimbursements		0.48	%		0.50	%		0.50	%		0.46	%		0.47	%
After expense reimbursements		0.48	%		0.50	%		0.45	%		0.36	%		0.36	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.46	%		1.52	%		1.53	%		1.63	%		1.77	%
After expense reimbursements		1.46	%		1.52	%		1.58	%		1.73	%		1.88	%
Portfolio turnover		8	%		3	%		3	%		5	%		1	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	55.92		$	55.96		$	48.24		$	42.88		$	39.87
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.53			0.54			0.56			0.55			0.56
Net gain/(loss) on securities (both realized and unrealized)		10.47			0.45			8.48			5.89			3.99
Total from investment operations		11.00			0.99			9.04			6.44			4.55
LESS DISTRIBUTIONS
Dividends from net investment income		(0.64	)		(0.62	)		(0.56	)		(0.64	)		(0.55	)
Distributions from capital gains		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)
Total distributions		(4.90	)		(1.03	)		(1.32	)		(1.08	)		(1.54	)
Net asset value, end of year or period	$	62.02		$	55.92		$	55.96		$	48.24		$	42.88

Total return		20.84	%		1.88	%		19.05	%		15.31	%		11.65	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,085		$	6,165		$	9,919		$	8,506		$	7,981
Ratio of expenses to average net assets:
Before expense reimbursements		0.98	%		0.99	%		1.00	%		0.96	%		0.97	%
After expense reimbursements		0.98	%		0.99	%		0.95	%		0.86	%		0.86	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.96	%		1.02	%		1.03	%		1.13	%		1.26	%
After expense reimbursements		0.96	%		1.02	%		1.08	%		1.23	%		1.37	%
Portfolio turnover		8	%		3	%		3	%		5	%		1	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P Midcap Index Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	23.85		$	28.77		$	25.75		$	26.69		$	28.41
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.22			0.23			0.25			0.23			0.26
Net gain/(loss) on securities (both realized and unrealized)		0.80			(2.23	)		4.61			2.95			2.73
Total from investment operations		1.02			(2.00	)		4.86			3.18			2.99
LESS DISTRIBUTIONS
Dividends from net investment income		(0.24	)		(0.24	)		(0.22	)		(0.21	)		(0.24	)
Distributions from capital gains		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)
Total distributions		(1.80	)		(2.92	)		(1.84	)		(4.12	)		(4.71	)
Net asset value, end of year or period	$	23.07		$	23.85		$	28.77		$	25.75		$	26.69

Total return		4.18	%		(6.85	)%		19.48	%		13.01	%		11.86	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	98,496		$	107,054		$	124,728		$	113,149		$	136,371
Ratio of expenses to average net assets:
Before expense reimbursements		0.66	%		0.67	%		0.66	%		0.62	%		0.62	%
After expense reimbursements		0.66	%		0.67	%		0.63	%		0.58	%		0.58	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.97	%		0.95	%		0.89	%		0.85	%		0.98	%
After expense reimbursements		0.97	%		0.95	%		0.92	%		0.89	%		1.02	%
Portfolio turnover		13	%		13	%		12	%		34	%		11	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	23.47		$	28.37		$	25.44		$	26.43		$	28.18
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.11			0.11			0.11			0.10			0.13
Net gain/(loss) on securities (both realized and unrealized)		0.50			(2.19	)		4.55			2.92			2.71
Total from investment operations		0.61			(2.08	)		4.66			3.02			2.84
LESS DISTRIBUTIONS
Dividends from net investment income		(0.23	)		(0.14	)		(0.11	)		(0.10	)		(0.12	)
Distributions from capital gains		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)
Total distributions		(1.79	)		(2.82	)		(1.73	)		(4.01	)		(4.59	)
Net asset value, end of year or period	$	22.29		$	23.47		$	28.37		$	25.44		$	26.43

Total return		2.37	%		(7.27	)%		18.86	%		12.45	%		11.31	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,059		$	3,077		$	6,179		$	5,442		$	5,086
Ratio of expenses to average net assets:
Before expense reimbursements		1.16	%		1.17	%		1.16	%		1.12	%		1.12	%
After expense reimbursements		1.16	%		1.17	%		1.13	%		1.08	%		1.08	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.49	%		0.45	%		0.39	%		0.35	%		0.48	%
After expense reimbursements		0.49	%		0.45	%		0.42	%		0.39	%		0.51	%
Portfolio turnover		13	%		13	%		12	%		34	%		11	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P Smallcap Index Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	20.52		$	26.43		$	22.33		$	20.87		$	20.60
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.12			0.15			0.13			0.13			0.12
Net gain/(loss) on securities (both realized and unrealized)		(0.05	)		(4.27	)		6.38			2.36			2.29
Total from investment operations		0.07			(4.12	)		6.51			2.49			2.41
LESS DISTRIBUTIONS
Dividends from net investment income		(0.15	)		(0.15	)		(0.12	)		(0.12	)		(0.14	)
Distributions from capital gains		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)
Total distributions		(1.56	)		(1.79	)		(2.41	)		(1.03	)		(2.14	)
Net asset value, end of year or period	$	19.03		$	20.52		$	26.43		$	22.33		$	20.87

Total return		(0.18	)%		(15.82	)%		30.95	%		12.12	%		12.48	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	46,948		$	61,412		$	78,902		$	56,076		$	47,351
Ratio of expenses to average net assets:
Before expense reimbursements		0.83	%		0.81	%		0.80	%		0.78	%		0.77	%
After expense reimbursements		0.83	%		0.81	%		0.77	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.60	%		0.70	%		0.53	%		0.56	%		0.56	%
After expense reimbursements		0.60	%		0.70	%		0.56	%		0.60	%		0.60	%
Portfolio turnover		20	%		14	%		18	%		31	%		12	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	19.96		$	25.77		$	21.85		$	20.47		$	20.24
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.02			0.05			0.01			0.02			0.02
Net gain/(loss) on securities (both realized and unrealized)		(0.05	)		(4.16	)		6.23			2.31			2.25
Total from investment operations		(0.03	)		(4.11	)		6.24			2.33			2.27
LESS DISTRIBUTIONS
Dividends from net investment income		(0.09	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)
Distributions from capital gains		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)
Total distributions		(1.50	)		(1.70	)		(2.32	)		(0.95	)		(2.04	)
Net asset value, end of year or period	$	18.43		$	19.96		$	25.77		$	21.85		$	20.47

Total return		(0.74	)%		(16.22	)%		30.26	%		11.59	%		11.89	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	2,306		$	4,908		$	9,851		$	8,165		$	9,279
Ratio of expenses to average net assets:
Before expense reimbursements		1.33	%		1.31	%		1.31	%		1.28	%		1.28	%
After expense reimbursements		1.33	%		1.31	%		1.27	%		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.12	%		0.21	%		0.03	%		0.06	%		0.06	%
After expense reimbursements		0.12	%		0.21	%		0.06	%		0.10	%		0.10	%
Portfolio turnover		20	%		14	%		18	%		31	%		12	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

Shelton Core Value Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	20.05		$	24.53		$	25.00		$	26.82		$	25.26
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.25			0.36			0.37			0.43			0.48
Net gain/(loss) on securities (both realized and unrealized)		1.22			(0.51	)		2.33			1.81			1.94
Total from investment operations		1.47			(0.15	)		2.70			2.24			2.42
LESS DISTRIBUTIONS
Dividends from net investment income		(1.50	)		(0.68	)		(0.38	)		(0.59	)		(0.50	)
Distributions from capital gains		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)
Total distributions		(2.84	)		(4.33	)		(3.17	)		(4.06	)		(0.86	)
Net asset value, end of year or period	$	18.68		$	20.05		$	24.53		$	25.00		$	26.82

Total return		7.99	%		0.41	%		11.32	%		9.10	%		9.83	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	150,038		$	148,997		$	176,019		$	176,929		$	175,317
Ratio of expenses to average net assets		0.84	%		0.82	%		0.78	%		0.75	%		0.78	%
Ratio of net investment income/(loss) to average net assets		1.33	%		1.77	%		1.52	%		1.71	%		1.90	%
Portfolio turnover		113	%		21	%		35	%		9	%		20	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	19.74		$	24.22		$	24.75		$	26.61		$	25.09
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.16			0.26			0.25			0.30			0.35
Net gain/(loss) on securities (both realized and unrealized)		1.19			(0.50	)		2.29			1.79			1.93
Total from investment operations		1.35			(0.24	)		2.54			2.09			2.28
LESS DISTRIBUTIONS
Dividends from net investment income		(1.54	)		(0.59	)		(0.28	)		(0.48	)		(0.40	)
Distributions from capital gains		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)
Total distributions		(2.88	)		(4.24	)		(3.07	)		(3.95	)		(0.76	)
Net asset value, end of year or period	$	18.21		$	19.74		$	24.22		$	24.75		$	26.61

Total return		7.40	%		(0.08	)%		10.75	%		8.57	%		9.30	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,382		$	2,601		$	5,370		$	5,369		$	5,897
Ratio of expenses to average net assets		1.34	%		1.32	%		1.28	%		1.25	%		1.28	%
Ratio of net investment income/(loss) to average net assets		0.85	%		1.27	%		1.02	%		1.22	%		1.40	%
Portfolio turnover		113	%		21	%		35	%		9	%		20	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

Nasdaq-100 Index Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.78		$	18.85		$	15.24		$	12.25		$	11.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		0.10			0.11			0.10			0.10			0.09
Net gain/(loss) on securities (both realized and unrealized)		10.32			0.18			3.78			2.98			1.27
Total from investment operations		10.42			0.29			3.88			3.08			1.36
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.12	)		(0.10	)		(0.09	)		(0.11	)
Distributions from capital gains		(1.32	)		(0.24	)		(0.17	)		—			—
Total distributions		(1.42	)		(0.36	)		(0.27	)		(0.09	)		(0.11	)
Net asset value, end of year or period	$	27.78		$	18.78		$	18.85		$	15.24		$	12.25

Total return		58.98	%		1.72	%		25.73	%		25.29	%		12.46	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	889,163		$	607,521		$	630,845		$	460,021		$	298,123
Ratio of expenses to average net assets:
Before expense reimbursements		0.70	%		0.74	%		0.74	%		0.70	%		0.74	%
After expense reimbursements		0.50	%^(b)		0.50	%^(b)		0.51	%^(b)		0.49	%		0.49	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.27	%		0.40	%		0.36	%		0.53	%		0.57	%
After expense reimbursements		0.47	%		0.64	%		0.59	%		0.74	%		0.82	%
Portfolio turnover		12	%		18	%		2	%		4	%		7	%

K Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.23		$	18.31		$	14.83		$	11.93		$	10.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		(0.01	)		0.02			0.01			0.03			0.03
Net gain/(loss) on securities (both realized and unrealized)		10.01			0.18			3.67			2.91			1.24
Total from investment operations		10.00			0.20			3.68			2.94			1.27
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.04	)		(0.03	)		(0.04	)		(0.03	)
Distributions from capital gains		(1.32	)		(0.24	)		(0.17	)		—			—
Total distributions		(1.35	)		(0.28	)		(0.20	)		(0.04	)		(0.03	)
Net asset value, end of year or period	$	26.88		$	18.23		$	18.31		$	14.83		$	11.93

Total return		58.17	%		1.24	%		25.03	%		24.70	%		11.96	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	31,064		$	24,755		$	28,573		$	22,427		$	15,500
Ratio of expenses to average net assets:
Before expense reimbursements		1.20	%		1.24	%		1.24	%		1.20	%		1.24	%
After expense reimbursements		1.00	%^(b)		1.00	%^(b)		1.01	%^(b)		0.99	%		0.99	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.23	)%		(0.10	)%		(0.15	)%		0.03	%		0.05	%
After expense reimbursements		(0.03	)%		0.14	%		0.08	%		0.24	%		0.30	%
Portfolio turnover		12	%		18	%		2	%		4	%		7	%

(a)	Calculated based upon average shares outstanding.

(b)	CCO Fees are not included in the expense limitation.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

Shelton Green Alpha Fund Direct Shares	Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.44		$	17.20		$	17.32		$	14.53		$	13.67
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)^(a)		(0.01	)		0.03			0.05			0.02			(0.03	)
Net gain/(loss) on securities (both realized and unrealized)		11.24			1.47			0.34			2.77			0.89
Total from investment operations		11.23			1.50			0.39			2.79			0.86
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.02	)		(0.05	)		—			—
Distributions from capital gains		—			(0.24	)		(0.46	)		—	^(b)		—	^(b)
Total distributions		(0.02	)		(0.26	)		(0.51	)		—			—
Net asset value, end of year or period	$	29.65		$	18.44		$	17.20		$	17.32		$	14.53

Total return		60.93	%		8.91	%		2.19	%		19.20	%		6.29	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	91,607		$	56,567		$	49,366		$	40,256		$	36,880
Ratio of expenses to average net assets:
Before expense reimbursements		1.28	%		1.34	%		1.30	%		1.30	%		1.31	%
After expense reimbursements		1.28	%		1.34	%		1.30	%		1.30	%		1.31	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.05	)%		0.15	%		0.30	%		0.13	%		(0.22	)%
After expense reimbursements		(0.05	)%		0.15	%		0.30	%		0.13	%		(0.22	)%
Portfolio turnover		27	%		12	%		13	%		24	%		13	%

(a)	Calculated based upon average shares outstanding.

(b)	Less than $0.01 per share.

Shelton Funds

Notes to Financial Statements

August 31, 2020

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Green California Tax-Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: Green California Tax-Free Income Fund seeks high current tax-free income for California residents. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives. The United States Treasury Trust seeks high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share. S&P 500 Index Fund’s objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&P 500 Composite Stock Price Index. S&P MidCap Index Fund attempts to replicate the performance of medium-sized U.S. companies as measured by the S&P MidCap 400 Index. S&P SmallCap Index Fund attempts to replicate the performance of small-sized U.S. companies as measured by the S&P SmallCap 600 Stock Index. The Shelton Core Value Fund’s objective is to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. Shelton Green Alpha Fund seeks to achieve long-term capital appreciation by investing in stocks in the green economy. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index.

The U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and The United States Treasury Trust each offer Class K shares. Effective as of December 27, 2019, The United States Treasury Trust no longer offers Class K shares of the Fund. Income, expenses (other than the expenses attributable to a specific class), realized and unrealized gains or losses on investments of the Funds are allocated proportionately to the two classes of shares offered based on the daily net assets, except for Rule 12b-1 distribution fees and shareholder service fees, which are charged only to K Shares. The following is a summary of significant accounting policies followed by the Funds.

(a) Security Valuation – Equity securities listed on a national exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Board of Trustees and which the Board of Trustees has determined in good faith reflects the market-based net asset value per share. The Fund receives options pricing data from the Trust’s third party pricing service who use the last traded price to quote options positions.

Securities for which market quotes are not readily available from the Trust’s third party pricing service are valued at fair value, determined in good faith and in accordance with procedures adopted by the Board of Trustees. The Board has delegated to the Advisor’s pricing committee the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings.

See accompanying notes to financial statements.

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of cash, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.

(c) Options – The Shelton Core Value Fund may write call options. When an option is written, the Fund receives a premium and becomes obligated to sell the underlying security at a fixed price, upon exercise of the option. Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as the Options Clearing Corporation). The difference between the premium received or paid, and the market value of the option, is recorded as unrealized appreciation or depreciation. When an option is exercised, the proceeds of the security sold are adjusted by the amount of premium received. Upon the expiration of the option, a gain or loss is reported in the Statement of Operations. The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or give up the opportunity for profit.

(d) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders.

(e) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for the Green California Tax-Free Income Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for futures contracts, redemptions-in-kind and post-October capital losses. For The United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The U.S. Treasury Trust intends to maintain a continuous net asset value per share of $1.00. If net asset value per share using available market information deviates from $1.00 by $.005 or more, the Board of Trustees would consider what steps, if any, should be taken to restore net asset value per share to $1.00.

(f) Concentration – The Green California Tax-Free Income Fund invests in debt instruments of municipal issuers. The issuers’ abilities to meet their obligations may be affected by economic developments in the state of California.

(g) Use of Estimates in Financial Statements – In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

(h) Share Valuations – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund’s shares will not be priced on the days on which the NYSE is closed for trading. Bond and money market funds are closed on Columbus Day (observed) and Veteran’s Day (observed). The offering and redemption price per share of each Fund is equal to a Fund’s NAV per share.

(i) Accounting for Uncertainty in Income Taxes – The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2017-2019), or expected to be taken in the Fund’s 2020 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

(j) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

(k) The Funds adopted ASU No. 2017-08 - Premium on amortization on purchased callable debt securities which shortens the premium allocation for non-contingently callable debt securities. Management has assessed these changes and concluded these changes did not have a material impact on the Funds’ financial statements.

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Trust’s securities at August 31, 2020 using fair value hierarchy:

	Level 1^(a)		Level 2^(a)		Level 3^(a)				Level 1^(a)		Level 1^(a)		Level 2^(a)
Fund	Investments in Securities^(b)		Investments in Securities^(c)		Investments in Securities		Total Assets		Futures Contracts - Assets^(d)		Futures Contracts - Liabilities^(d)		Written Options - Liabilities
Green California Tax-Free Income Fund	$	—	$	60,873,518	$	—	$	60,873,518	$	—	$	—	$	—
U.S. Government Securities Fund		—		23,422,903		—		23,422,903		—		—		—
The United States Treasury Trust Fund		—		36,692,664		—		36,692,664		—		—		—
S&P 500 Index Fund		198,261,259		99,953		—		198,361,212		—		14,925		—

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

	Level 1^(a)		Level 2^(a)		Level 3^(a)				Level 1^(a)		Level 1^(a)		Level 2^(a)
Fund	Investments in Securities^(b)		Investments in Securities^(c)		Investments in Securities		Total Assets		Futures Contracts - Assets^(d)		Futures Contracts - Liabilities^(d)		Written Options - Liabilities
S&P MidCap Index Fund		97,636,884		1,099,484		—		98,736,368		—		19,540		—
S&P SmallCap Index Fund		49,126,136		99,953		0		49,226,089		—		300		—
Shelton Core Value Fund	$	135,284,937	$	16,292,359	$	—	$	151,577,296	$	—	$	—	$	1,786,273
Nasdaq-100 Index Fund		898,548,562		22,289,547		—		920,838,109		2,482,015		—		—
Shelton Green Alpha Fund		90,585,243		—		—		90,585,243		—		—		—

(a)	It is the Funds’ policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of FYE.

(b)

All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities, except those that are fair valued in the Basic Materials and Consumer Discretionary industries. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments.

(c)	All fixed income securities held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments.

(d)	Represents variation margin on the last day of the reporting period.

Level 3 Securities	S&P SmallCap Index Fund
	Common Stock - Diversified Financial Service		Rights - Lantheus Holdings Inc
Beginning Balance	$	0	$	0
Net Purchases		—		—
Net Sales		—		—
Total Realized Gain/(Loss)		—		—
Change in Unrealized Appreciation (Depreciation)		—		—
Accrued Interest		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Ending Balance	$	0	$	0

(k) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and Shelton Green Alpha Fund can use futures contracts and strategies for achieving the investment objectives.

Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index funds, these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. For the non-indexed Funds, they may invest in futures contracts to the extent each Fund holds cash in the portfolio. If these futures contracts owned by each Fund do not perform well, the Funds’ performance will be impacted.

Under normal circumstances each Fund may follow a number of investment policies to achieve its objective. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits equal or greater than the total market value of any futures position. The value of all futures and options contracts in which the Funds acquire an interest will not exceed 20% of current total assets.

At August 31, 2020, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund were 5, 10, 2 and 93, respectively. The Shelton Core Value Fund and Shelton Green Alpha Fund held no futures contracts at August 31, 2020. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.

The effect of derivative instruments on the Statements of Assets & Liabilities for the period ended August 31, 2020:

Derivatives Not Accounted for as Hedging Instruments	Appreciation on futures		Depreciation on futures
S&P 500 Index Fund - Equity contracts	$	14,925	$	—
S&P MidCap Index Fund - Equity contracts		19,540		—
S&P SmallCap Index Fund - Equity contracts		—		300
Nasdaq-100 Index Fund - Equity contracts		2,482,015		—

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2020:

Derivatives Not Accounted for as Hedging Instruments	Realized Gain/ (Loss) on Futures Recognized in Income		Changes in Unrealized Appreciation/ (Depreciation) on Futures Recognized in Income
S&P 500 Index Fund - Equity contracts	$	426,835	$	10,474
S&P MidCap Index Fund - Equity contracts		124,091		20,679
S&P SmallCap Index Fund - Equity contracts		36,139		420
Nasdaq-100 Index Fund - Equity contracts		3,356,155		2,484,689

The previously disclosed derivative instruments outstanding as of February 29, 2020, and their effect on the Statement of Operations for the period ending August 31, 2020, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:

Derivatives Not Accounted for as Hedging Instruments	Average Notional Value
S&P 500 Index Fund - Equity contracts	$	1,442,483
S&P MidCap Index Fund - Equity contracts		847,182
S&P SmallCap Index Fund - Equity contracts		476,204
Nasdaq-100 Index Fund - Equity contracts		7,752,981

Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS

Shelton Capital Management (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:

	To $100 million in net assets	$100 million to $500 million in net assets	$500 million to $1 billion in net assets	In excess of $1 billion in net assets
Green California Tax-Free Income Fund	0.50%	0.45%	0.40%	0.40%
U.S. Government Securities Fund	0.50%	0.45%	0.40%	0.40%
U.S. Treasury Trust	0.50%	0.45%	0.40%	0.40%
S&P 500 Index Fund	0.25%	0.25%	0.25%	0.25%
S&P MidCap Index Fund	0.40%	0.40%	0.40%	0.40%
S&P SmallCap Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Core Value Fund	0.50%	0.50%	0.45%	0.40%
Nasdaq-100 Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Green Alpha Fund^(a)	1.00%	1.00%	1.00%	1.00%

(a)	The Advisor pays Green Alpha Advisors a sub-advisor fee of 0.50%

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2021, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursements from the Advisor to affected Funds, and the voluntary expense limits, for the period ended August 31, 2020 are as follows:

	Voluntary Expense Limitation
Fund	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.74%	1.24%	1/2/21
The United States Treasury Trust	0.53%	N/A	1/2/21
Nasdaq-100 Index Fund	0.49%	0.99%	1/2/21

At August 31, 2020, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,803,383. The Advisor may recapture a portion of the above amount no later than the dates as stated below. As of January 2, 2018, the S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund were no longer subject to contractual expense limitations.

Fund	Expires 8/31/21		Expires 8/31/22		Expires 8/31/23		Total
U.S. Government Securities Fund	$	27,929	$	43,929	$	40,952	$	112,810
The United States Treasury Trust		164,246		104,345		126,223		394,814
S&P 500 Index Fund		88,195		—		—		88,195
S&P MidCap Index Fund		43,839		—		—		43,839
S&P SmallCap Index Fund		23,398		—		—		23,398
Nasdaq-100 Index Fund		1,275,279		1,448,548		1,405,450		4,129,277
Total	$	1,622,886	$	1,596,822	$	1,572,625	$	4,792,333

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon Board of Trustee review and approval prior to the time the reimbursement is initiated.

As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee, which was revised on January 1, 2011. The administration fee is based on assets held, in aggregate, by the Shelton Funds. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. This administration fee is adjusted annually for inflation using the Consumer Price Index (rounded to the nearest $10 million) with a base year of 2004. Administration fees are disclosed on the Statement of Operations.

Certain officers and trustees of the Trust are also partners of Shelton. Steve Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Adviser. Gregory T. Pusch has served as the Chief Compliance Officer (“CCO”) of the Trust since March 2017. Mr. Pusch is also employed by Shelton, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton is reimbursed by the Trust for this portion of his salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.

Shelton Funds have adopted a Distribution Plan (the “Plan”), as amended August 1, 2012, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Class K Shares of each Fund of the Shelton Funds pays the Distributor for expenses that relate to the promotion and distribution of shares. Under the Plan, the Class K Shares of the Funds will pay RFS Partners, the Funds’ distributor (the “Distributor”) a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund’s Class K Shares.

Shelton Funds adopted a Shareholder Services Plan (the “Services Plan”), whereby the K Shares of each Fund of the Shelton Funds pay RFS Partners, the Funds’ Distributor or other service providers, an annual rate of 0.25% of the average daily net assets of Class K Shares. Such amounts are compensation for providing certain services to clients owning K Shares, including processing purchase and redemption transactions, assisting in other administrative details and providing other information with respect to each Fund.

For the period ended August 31, 2020, the following were paid by the Class K Shares of each Fund of the Trust:

Fund	Class K 12b-1 Fees		Class K Shareholder Service Fees
U.S. Government Securities Fund	$	4,645	$	4,645
U.S. Treasury Trust Fund^(a)		914		902
S&P 500 Index Fund		10,121		10,121
S&P MidCap Index Fund		4,322		4,322
S&P SmallCap Index Fund		7,855		7,855
Shelton Core Value Fund		4,165		4,165
Nasdaq-100 Index fund		61,353		61,353

(a)	The United States Treasury Trust K Shares closed on December 27, 2019.

Management fees, Administration fees, Expense reimbursement from the manager, CCO fees and Trustees fees incurred during the period are included in the Statement of Operations.

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended August 31, 2020 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
Green California Tax-Free Income Fund	$	5,278,659	$	8,603,751	$	5,278,659	$	8,603,751
U.S. Government Securities Fund		7,447,871		2,005,684		—		—
S&P 500 Index Fund		14,064,064		40,584,252		14,064,064		40,584,252
S&P MidCap Index Fund		12,956,426		27,217,907		12,956,426		27,217,907
S&P SmallCap Index Fund		11,570,614		27,414,320		11,570,614		27,414,320
Core Value Fund		149,851,380		162,709,522		149,851,380		162,709,522
Nasdaq-100 Index Fund		84,522,698		146,402,483		84,522,698		146,402,483
Green Alpha Fund		19,493,520		17,142,510		19,493,520		17,142,510

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

Note 4 - OPTIONS WRITTEN

Written Options Contracts – Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund. A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

At August 31, 2020, the Shelton Core Value Fund had written option contracts outstanding:

Derivatives not Accounted for as Hedging Instruments	Liability Derivatives Statement of Assets and Liabilities Location		Fair Value
Equity Contracts (written option contracts)	Written options, at value		$	1,786,273

The effect of derivative instruments on the Funds’ Statement of Operations for the period ended August 31, 2020, was as follows:

Derivatives not Accounted for as Hedging Instruments	Location of Gains/(Loss) on Derivatives Recognize in Income		Realized Gain/ (Loss) on Derivatives Recognized in Income				Change in Unrealized Gain/(Loss) on Derivatives Recognized in Income
Equity Contracts (written option contracts)	Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) on: Written option contracts		$	4,807,910			$	(739,010	)

Volume of derivative instruments held by the Funds during the period ended August 31, 2020, was as follows:

Derivative Type	Unit of Measurement		Average
Written Option Contracts	Contracts		$	(1,418,477	)

Note 5 - TAX CHARACTER

Reclassifications: Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2020, there are permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards, distribution reclassifications, and treatment of accretion of discount. The reclassifications were as follows:

	Increase/(Decrease) Paid-In Capital			Increase/(Decrease) Distributable earnings/(loss)
Shelton Green Alpha Fund	$	(33,354	)	$	33,354
The United States Treasury Trust		(1,492	)		1,492

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2020 was as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carry Forwards			Unrealized Appreciation/ (Depreciation)		Post October and Other Losses			Total Distributable Earnings
Green California Tax-Free Income Fund	$	2,874	$	—	$	(156,702	)	$	4,833,231		(20,169	)		4,659,234
U.S. Government Securities Fund		2,421		—		(47,483	)		1,528,199		(5,440	)		1,477,697
The United States Treasury Trust		—		—		(1,779	)		—		—			(1,779	)
S&P 500 Index Fund		1,073,707		12,070,897		—			132,163,136		—			145,307,740
S&P Mid Cap Index Fund		12,007		6,229,694		—			24,795,773		—			31,037,474
S&P Small Cap Index Fund		—		891,266		—			8,267,683		—			9,158,949
Core Value Fund		825,670		20,960,443		—			11,920,281		—			33,706,394
Nasdaq-100 Index Fund		5,387,493		3,588,235		—			554,701,319		—			563,677,047
Green Alpha Fund		—		997,832		—			42,107,160		—			43,104,992

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the realization of unrealized gains/(losses) on future contracts for tax purposes, wash sales, the treatment of accretion of discounts, and certain other investments.

Elective Deferrals: The Funds have not elected to defer capital losses recognized during the period November 1, 2019 - August 31, 2020 to the period ending August 31, 2021.

The Funds have not elected to defer ordinary losses to the period ending August 31, 2021.

Shelton Funds

Notes to Financial Statements (Continued)

August 31, 2020

Capital Losses: Capital loss carry forwards, as of August 31, 2020, available to offset future capital gains, if any, are as follows:

Expiring	Green California Tax-Free Income Fund			U.S. Government Securities Fund			United States Treasury Trust Fund
Long Term with No Expiration	$	(156,179	)	$	(1,378	)	$	—
Short Term with No Expiration		(523	)		(46,105	)		(1,779	)
Total	$	(156,702	)	$	(47,483	)	$	(1,779	)

Distributions to Shareholders: Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

The tax character of distributions paid during the years ended August 31, 2020 and 2019 were as follows:

Fund	Year		Return of Capital		Ordinary Income		Long-Term Capital Gains^(a)		Exempt- Interest Dividends		Total Distributions
Green California Tax-Free Income Fund		2019	$	—	$	—	$	119,292	$	1,312,755	$	1,432,047
		2020		—		—		86,780		1,137,898		1,224,678
U.S. Government Securities Fund		2019		—		264,460		—		—		264,460
		2020		—		270,782		—		—		270,782
The United States Treasury Trust		2019		—		845,516		—		—		845,516
		2020		—		261,524		—		—		261,524
S&P 500 Index Fund		2019		—		3,067,559		1,340,869		—		4,408,428
		2020		—		2,808,286		14,466,128		—		17,274,414
S&P Mid Cap Index Fund		2019		—		2,402,000		10,698,956		—		13,100,956
		2020		—		1,093,967		7,058,757		—		8,152,724
S&P Small Cap Index Fund		2019		—		738,251		5,245,346		—		5,983,597
		2020		—		377,203		4,464,022		—		4,841,225
Shelton Core Value Fund		2019		—		9,355,980		20,581,178		—		29,937,158
		2020		—		11,953,734		9,784,795		—		21,738,529
Nasdaq-100 Index Fund		2019		—		3,857,160		8,346,060		—		12,203,220
		2020		—		5,487,003		41,231,826		—		46,718,829
Green Alpha Fund		2019		—		148,555		552,838		—		701,393
		2020		—		—		51,961		—		51,961

(a)	The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the period ended August 31, 2020.

Note 6 – SUBSEQUENT EVENTS

In preparing the financial statements as of August 31, 2020, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements and has determined that there were no subsequent events requiring recognition or disclosure.

Fund Holdings (Unaudited)

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information filed in the form N-PORT also may be obtained by calling (800) 955-9988.

About this Report

This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Funds’ website at www.sheltoncap.com. Please read the prospectus carefully before you invest or send money, as it explains the risks, fees and expenses of investing in the Funds.

Proxy Voting Policies, Procedures and Voting Records (Unaudited)

The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use to determine how to vote proxies relating to portfolio securities, along with the Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended August 31, 2020 is available upon request, at no charge, at the phone number above, or on the SEC’s website at www.sec.gov.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
of Shelton Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Green California Tax-Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and Shelton Green Alpha Fund (the “Funds”), each a series of Shelton Funds (the “Trust”), including the schedules of investments, as of August 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1986.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
October 30, 2020

Board of Trustees and Executive Officers (Unaudited)

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

Name	Address	Year of Birth	Position Held with the Trust	Length of Time Served
Stephen C. Rogers	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Chairman of the Board, Trustee, President	Since August 1999, Since August 1999, Since August 1999
Kevin T. Kogler	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Trustee	Since May 2006
Marco L. Quazzo	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1962	Trustee	Since August 2014
Stephen H. Sutro	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1969	Trustee	Since May 2006
William P. Mock	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Treasurer	Since February 2010
Gregory T. Pusch	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Chief Compliance Officer, Secretary	Since March 2017

Each Trustee oversees the Trust’s nine Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

Stephen C. Rogers*	Chief Executive Officer, Shelton Capital Management, 1999 to present.
Kevin T. Kogler	President & Founder of MicroBiz, LLC, 2012 to present; Principal, Robertson Piper Software Group, 2006 to 2012; Senior Vice President, Investment Banking, Friedman, Billings Ramsey, 2003 to 2006.
Marco L. Quazzo	Principal, Bartko Zankel Bunzel & Miller, March 2015-Present; Partner, Barg Coffin Lewis & Trapp LLP (law firm), 2008 to March 2015.
Stephen H. Sutro	Managing Partner, Duane Morris, LLP (law firm) 2014 to present; Partner, Duane Morris LLP (law firm), 2003 to present.
William P. Mock	Portfolio Manager, Shelton Capital Management, 2010 to present.
Gregory T. Pusch	Principal Occupations Past five years: Global Head of Risk & Compliance, Matthews Asia 2015-2016; Head of Legal & Regulatory Compliance / CCO, HarbourVest Partners 2012-2015.

Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.

*	Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust’s Advisor and Administrator.

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P.O. Box 87

Denver, CO 80201-0087

ITEM 2.

CODE OF ETHICS.

(a)	The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c)

N/A

(d)

N/A

(f)	Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1)

Registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2)

N/A

(a)(3)

The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient to satisfy the requirements.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)	Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $121,600 for the fiscal year ended August 31, 2020 and $134,200 for the fiscal year ended August 31, 2019.

(b)	Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.

(c)

Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $25,700 for the fiscal year ended August 31, 2020 and $28,400 for the fiscal year ended August 31, 2019.

(d)	All Other Fees

There were no other fees paid to the principal accountant for services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraphs (a)-(c) of Item 4.

(e)(1)

The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including:

(i)

pre-approval of all audit and audit-related services;

(ii)

pre-approval of all non-audit related services to be provided to the Registrant by the auditors;

(iii)

pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant 's investment adviser or to any entity that controls, is controlled by or is under common control with the Registrant 's investment adviser and that provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(e)(2)

All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee.

(f)

N/A

(g)

The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $0 for the fiscal year ended August 31, 2020 and $0 for the fiscal year ended August 31, 2019.

(h)

N/A

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

N/A

ITEM 6.

SCHEDULE OF INVESTMENTS

Included under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVEESTMENT COMPANY AND AFFILIATED PURCHASERS.

N/A

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12.

EXHIBITS

(a)(1)

Code of Ethics attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SHELTON FUNDS

By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: November 3, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: November 3, 2020

By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: November 3, 2020

30 - Code of Ethics

Policy

This Code of Ethics (the “Code”) is adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the “1940 Act”) by the Boards of Trustees of Shelton Funds and SCM Trust (the “Trusts”), RFS Partners (the “Distributor”), and by Shelton Capital Management (the “Advisor”), which additionally adopts the Code pursuant to the requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”).

Introduction

Section 17(j) under the 1940 Act makes it unlawful for persons affiliated with investment companies, their principal underwriters, or their investment advisers to engage in fraudulent personal securities transactions. Rule 17j-1 and Rule 204A-1 under the Advisers Act (the “Rules”) require each fund, investment adviser and principal underwriter to adopt a code of ethics that contains provisions reasonably necessary to prevent an employee from engaging in conduct prohibited by the principles of the Rules. The Rules also require that reasonable diligence be used and procedures be instituted that are reasonably necessary to prevent violations of the code of ethics.

Rule 17j-1 requires Board oversight of personal trading practices, reporting of employee securities trading and preclearance of employee purchases of initial public offerings and private placements. Under Rule 17j-1, the Advisor and the Trusts each provide to the Boards annually a written report that:

describes issues that arose during the previous year under the Code, including information about material Code violations and sanctions imposed, and

certifies to the Board that it has adopted procedures reasonably necessary to prevent access persons from violating the Code.

Rule 204A-1 requires that an investment adviser registered under the Advisers Act must establish, maintain and enforce a written code of ethics that at a minimum includes:

1.	A standard (or standards) of business conduct that the advisor requires of its supervised persons, which standard must reflect the advisor’s fiduciary obligations and those of its supervised persons;

2.	Provisions requiring the advisor’s supervised persons to comply with applicable federal securities laws;

3.	Provisions that require the advisor’s access persons to report, and the advisor to review, their personal securities transactions and holdings periodically as provided under Rule 204A-1;

Provisions requiring the advisor’s supervised persons to report any violations of the advisor’s code of ethics promptly to the chief compliance officer or, provided the chief compliance officer also receives reports of all violations, to other persons who the advisor designates in its code of ethics; and

5.	Provisions requiring the advisor to provide each of its supervised persons with a copy of the advisor’s code of ethics and any amendments, and requiring its supervised persons to provide the advisor with a written acknowledgement of their receipt of the code and any amendments.

The Code is designed to provide a program for detecting and preventing insider trading and other violations of fiduciary duties by requiring Access Persons, as defined herein, to report personal holdings and securities transactions of securities of the types, which any series Fund of the Trusts (each a “Fund”) and other clients of the Advisor may purchase. The reason underlying this reporting requirement is the potential for insiders who have knowledge of what a Fund or other client is doing to take advantage of this information to trade in advance of a Fund or other client. If the Security involved is thinly traded or if the Fund or other client buys or sells in big enough blocks to move the market, this type of insider trading could disadvantage the Fund or unfairly benefit the insider. The Code is also aimed at minimizing conflicts of interest and the appearance of such conflicts.

Statement of General Fiduciary Principles

Fiduciary Standards. The Code is based on the fundamental principle that the Trusts and the Advisor must put clients’ interest first. As an investment adviser, the Advisor has fiduciary responsibilities to clients, including the Trusts and each Fund for which it serves as investment adviser. Among the Advisor’s fiduciary responsibilities is the responsibility to ensure that its employees conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any Fund or client transactions or otherwise take unfair advantage of their relationship to the Funds or other clients. All Advisor employees must adhere to this fundamental principle as well as comply with the specific provisions set forth herein. It bears emphasis that technical compliance with such provisions will not insulate from scrutiny transactions that show a pattern of compromise or abuse of an employee’s fiduciary responsibilities to the Funds or other clients. Accordingly, all Advisor employees must seek to avoid any actual or potential conflicts between their personal interests and the interest of the Funds. In sum, all Advisor employees shall place the interest of the Funds and other clients before personal interests.

Compliance with Applicable Federal Securities Laws. In particular, Rule 204A-1 requires that all Advisor employees must comply with all applicable federal securities laws (“Federal Securities Laws”).

General Anti-Fraud and Other Obligations

Under Rule 17j-1 and this Code, no Access Person shall:

1.	employ any device, scheme or artifice to defraud the Trusts or any Fund of the Trusts.

2.	make to the Trusts any untrue statement of a material fact or omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

3.	engage in any act, practice or course of business that would operate as a fraud or deceit upon any Fund of the Trusts; or

engage in any manipulative act or practice with respect to the Trusts or any Fund of the Trusts, including, but not limited to, intentionally inducing or causing the Trusts to take action or to fail to take action, for the purpose of achieving a personal benefit rather than to benefit the Fund, shall be a violation of this Code.

Examples of this violation include:

1.	causing any Fund of the Trusts to purchase a Covered Security owned by the individual for the purpose of supporting or increasing the price of the Covered Security;

2.	causing any Fund of the Trusts to refrain from selling a Covered Security in an attempt to protect the value of the individual’s investment, such as an outstanding option; and

3.	using actual knowledge of transactions for any Fund of the Trusts to profit by the market effect of such transactions shall be a violation of this Code.

This Code is not intended to cover all possible areas of potential liability under the 1940 Act or under the federal securities laws in general. For example, other provisions of Section 17 of the 1940 Act prohibit various transactions between a registered investment company and affiliated persons, including the knowing sale or purchase of property to or from a registered investment company on a principal basis, and joint transactions (e.g., combining to achieve a substantial position in a Covered Security or commingling of funds) between an investment company and an affiliated person. Persons covered by this Code are advised to seek advice before engaging in any transactions involving securities held or under consideration for purchase or sale by a Fund or other client.

In addition, the Securities Exchange Act of 1934, as amended (the “1934 Act”) may impose fiduciary obligations and trading restrictions on Access Persons in certain situations. It is expected that Access Persons will be sensitive to these areas of potential conflict, even though this Code does not address specifically these other areas of fiduciary responsibility.

Standard of Conduct and Reporting of Violations

As stated above, the core ethical standard of conduct of the Advisor is that as a fiduciary we put clients’ interests first in the conduct of our business.

Each employee or other Supervised Person of the Advisor must report any violation or suspected violation of this Code or any other compliance policy of the Advisor, RFS Partners (or any of their affiliates) to his or her supervisor or to the CCO immediately upon identifying any violation. In making such a report you are protected against any form of retaliation, even if it turns out after inquiry and investigation there was no violation of the Code or other compliance policies so long as you acted in good faith.

A violation or suspected violation of this Code or any other joint compliance policy of the Funds, Advisor, RFS Partners (or any of their affiliates) relating to the Funds may also be reported to the Board of Trustees of the Funds. Further, any violation or suspected violation relating to accounting or auditing matters, or the financial statements generally of the Funds, may be confidentially reported to the Audit Committee of the Board of Trustees of the Funds.

The obligation to report violations or suspected violations of this Code or other compliance policies does not preclude your ability to voluntarily communicate with the Securities and Exchange Commission (“SEC”) under the provisions of the whistleblowers rules of the SEC.

Implementation

In order to implement this Code, a compliance officer and an alternate should be designated. For the purpose of this Code, these individuals are: Greg Pusch, CCO.

The compliance officer shall create a list of Advisory Persons and other Access Persons and update the list with reasonable frequency. The compliance officer shall circulate a copy of this Code to each Access Person, together with an acknowledgment of receipt, which shall be signed and returned to the compliance officer by each Access Person, except Independent Trustees. The compliance officer is charged with responsibility for insuring that the reporting requirements of this Code under the Reporting section are adhered to by all Access Persons. The compliance officer shall be responsible for ensuring that the review requirements of this Code set forth in the Review section are performed in a prompt manner. The compliance officer shall also be responsible for giving special prior approval to transactions that would otherwise be prohibited under the Prohibited Purchases and Sales section of this Code.

Independent Trustees who do not have day-to-day contact with the Funds and who do not have specific knowledge of the Funds’ intended investments are not required to file any reports, and there is no restriction on their personal securities trading activities except as provided for under the Exceptions to Reporting Requirements section of this Code.

Additional Definitions

You should pay particular attention to the following definitions to correctly understand your obligations under the Code, including “Beneficial ownership”, “Security” and “Covered Security”.

“Access persons” means any Trustee, Director or General Partner, Officer or Advisory person of a Fund, Trust or the Advisor. Spouses, children and “immediate family members” sharing the household of such persons may also be considered an “Access Person” under this Code to the extent provided in the definition of “Beneficial ownership” below.

“Advisory person” means (1) any employee of (a) the Trusts, (b) the Advisor or (c) any company in control relationship to the Trusts, who, in connection with his or her regular functions or duties:

makes, participates in, or has access to nonpublic information regarding, the purchase or sale of a Security by a Fund or other client of the Advisor, or whose functions relate to the making of any recommendations with respect to such purchases or sales;

ii.

has access to nonpublic information regarding the portfolio holdings of any Fund;

and (2) any natural person in a control relationship to the Trusts or the Advisor who has access to nonpublic information concerning recommendations made to the Trusts with regard to the purchase or sale of a Security.

A Security is “being considered for purchase or sale” when a recommendation to purchase or sell a Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

“Beneficial ownership” shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the 1934 Act, and the rules and regulations thereunder, with the exception that the determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires. The rules promulgated under Section 16 of the 1934 Act provide that persons are presumed to have an indirect pecuniary interest, and therefore “Beneficial ownership” of, securities that are held by members of a person’s “immediate family” sharing the same household, and that “immediate family” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

“Control” has the same meaning as in Section 2(a) (9) of the 1940 Act, which states that “control” means “the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.” Ownership of 25% or more of a company’s outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

“Federal Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the “Commission”) under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of Treasury.

“Independent Trustee” means a member of the Boards of Trustees of the Trusts who is not an “interested person” of the Trusts within the meaning of Section 2(a)(19) of the 1940 Act.

“IPO” means an offering of securities registered under the Securities Act of 1933, the issuer or which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act.

“Limited Offering” means an offering exempt from the registration under the Securities Act of 1933 pursuant to Section 4(2), 4(6) or Rule 504, 505 or 506 under the Securities Act of 1933.

“Purchase or sale of a Security” includes the writing of an option to purchase or sell a Security.

“Security” means: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting- trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; and it shall include derivative instruments that may not otherwise be defined as securities.

“Covered Security” means any Security, other than: (1) shares of open-end mutual funds other than the Funds; (2) securities issued by the Government of the United States (including Government agencies or instrumentalities); (3) short term debt securities which are “government securities” issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or (4) bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, repurchase agreements and other money market instruments.

Prohibited Purchases and Sales

Access Persons (other than Independent Trustees) are required to obtain prior written approval from the CCO before making any investment in an Initial Public Offering (“IPO”) or Limited Offering. Before approval of any such investment, the transaction will be carefully reviewed for any immediate or future potential conflicts of interest.

No Access Person (except Independent Trustees, who are presumed to have no actual knowledge of the following matters described in sub-clauses (1) and (2) below) shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transactions acquires, any direct or indirect beneficial ownership, which Covered Security to his or her actual knowledge at the time of such purchase or sale:

is being considered for purchase or sale by a Fund (with the exception of Index Funds which are defined as funds that seek to match or track the components of a market index) or other client account;

has been purchased or sold by a Fund or other client account within the most recent 7 days if such person participated in the recommendation to, or the decision with respect to the purchase or sale of such Covered Security (with the exception of Index Funds).

These restrictions shall continue to apply until the recommendation has been rejected or any trade instruction to buy or sell has been completed or canceled.

Exempted Transactions/Securities

The prohibitions under the Prohibited Purchases and Sales section of this Code shall not apply to:

1.	Purchases or sales of Covered Securities effected in any account over which the Access Person has no direct or indirect influence or control.

2.	Purchases or sales of Covered Securities, which fall below $2,000 (except IPOs and Limited Offerings).

3.	Purchases or sales of Covered Securities, which are non-volitional on the part of the Access Person (except IPOs and Limited Offerings) (e.g., receipt of gifts).

4.	Purchases of Covered Securities which are part of an automatic dividend reinvestment plan.

5.	Purchases effected of Covered Securities upon the exercise of rights issued by an issuer made pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

Purchases and sales of Covered Securities, which have received the prior approval in writing (including email) of the compliance officer. Such prior approval may be granted, based on the business judgment of the compliance officer, if the purchase or sale is deemed to pose only a remote potential harm to a Fund or other client, or because the purchase or sale would be unlikely to affect a highly institutional market, or because the purchase or sale are not related economically to the Covered securities to be purchased, sold or held by a Fund or other client

7.	Purchases and sales of shares issued by an Index Fund.

Notwithstanding the foregoing, no exception or exemption applies to any transaction which would violate the General Anti-Fraud Obligations of this Code.

Confidentiality

No Access Person shall reveal to any other person (except in the normal course of his or her duties) any information regarding Securities transactions in respect of the Trusts or other clients, or consideration any such Securities transaction.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

Reporting

Subject to the exceptions set forth below, all Access Persons, with the exception of the Independent Trustees who meet the requirements under the Exceptions to Reporting Requirements section, shall report to the Trusts or the Advisor the information described in this section with respect to transactions in any Security or Covered Security, as applicable, in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership.

Quarterly Reporting: Every report shall be made not later than thirty (30) days after the end of each calendar quarter and shall contain the following information:

1.	The date of the transaction, the title and the number of shares, the interest rate and maturity date (if applicable), and the principal amount of each Covered Security involved;

2.	The nature of the transaction (i.e., purchase, sale, or any other type of acquisition of disposition);

3.	The price at which the transaction was effected;

4.	The name of the broker, dealer, or bank with or through whom the transaction was effected; and

5.	The date that the report is being submitted.

Copies of statements or confirmations containing the information specified above when practicable are received directly by the CCO by mail or electronically, or such information may be provided through the SCT system.

For periods in which no reportable transactions were effected, the report shall contain a representation that no transactions subject to the reporting requirements were effected during the relevant time period.

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

Initial and Annual Reporting. Each Access Person (with the exception of the Independent Trustees) must make an Initial Holdings Report within 10 days of becoming an Access Person and, at least once every 12 months or as otherwise determined by the CCO, an Annual Holdings Report. The information may be provided in paper format or through the SCT system as directed by the CCO. Each of these reports must contain the following information current within 30 days before the report is submitted:

1.	the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

2.	the name of any broker, dealer or bank with whom the Access Person maintained an account where any Security was held; and

3.	the date that the report is being submitted.

Exceptions to Reporting Requirements

An Independent Trustee of the Trusts, is not required to file a report on a transaction in a Covered Security; provided, however, that such Trustee neither knew nor, in the ordinary course of fulfilling his or her official duties as a Trustee of the Trusts, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee, such Covered Security is or was purchased or sold by the Trusts or is or was being considered for purchase by its investment adviser.

An Independent Trustee is not required to furnish the Initial Holdings Report or the Annual Holdings Report specified under the Reporting section of this Code.

Review

The compliance officer (or the alternate, as appropriate) shall compare all reports of personal securities transactions contained in the Initial, Quarterly and Annual Reports described above with completed and contemplated portfolio transactions of each Fund to determine whether a violation of the Code may have occurred (except the Exempted Transactions/Securities described above). If a pattern emerges that indicates abusive trading of Access Persons in relation to the Funds, the matter will be referred to the Boards of Trustees as outlined below.

If the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of the Funds or the Trusts, he or she shall, following consultation with counsel to the Trusts, submit his or her written determination, together with the transaction report, if any, and any additional explanatory material provided by the individual(s) concerned, to the Boards of the Trusts, which may elect to make an independent determination of whether a violation has occurred, or undertake further review and inquiry, or take further action, if determined necessary.

The compliance officer (or the alternate, as appropriate) may, in his or her discretion, compare reports of personal securities transactions with completed and contemplated portfolio transactions of other client accounts. If a pattern emerges that indicates abusive trading of Access Persons in relation to investments of clients other than the Funds, or the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of clients other than the Funds, or otherwise, senior management of the Advisor will undertake further review, inquiry and take further action, if determined necessary, including making a report to the Boards of the Trustees.

No person shall review his or her own report. Before making any determination that a violation has been committed by any person, the compliance officer shall give such person an opportunity to supply additional explanatory material. If a Covered Securities transaction of the compliance officer is under consideration, the Chairman shall act in all respects in the manner prescribed herein for the compliance officer.

The compliance officer shall take steps to ensure that all reporting Access Persons, except Independent Trustees, have submitted reports in a timely manner. Repeated failure to submit timely reports will be communicated to the Boards of Trustees.

Board Oversight

The Boards of Trustees must initially approve the Code for the Trusts and the Advisor, and the Boards of Trustees must approve any material changes to the Code within six (6) months of such change. The compliance officer shall (1) promptly notify the Boards of any material violation of the Code; (2) provide to the Boards a written report summarizing any and all material issues that arose during the previous year, and (3) annually certify that the Advisor has adopted procedures in compliance with the Code and Rule 17j-1 under the 1940 Act.

Records

The Trusts and the Advisor shall maintain records for a period of not less than five years from the end of the fiscal year in which the record was created, unless noted otherwise, as follows:

1.	A copy of the applicable Code and any amendments thereto shall be retained on the F drive. (including for five (5) years after the Code or the amendment, as applicable, is no longer in effect).

2.	A record of any violation of the Code and of any action taken as a result of such violation shall be retained on the F drive, if any.

3.	A record of all written acknowledgements from all Access Persons, as required by this Code, shall be retained on the F drive.

4.	A copy of each report, including any information provided in lieu of the report, made by an Access Person pursuant to the Code shall be retained in the CCO’s office.

5.	A list of all Access Persons who are, or within the past five (5) years have been, required to make reports pursuant to the Code and all persons who are, or within the past five (5) years have been, responsible for reviewing the reports shall be retained on the F drive.

A copy of each report of the Trusts or the Advisor detailing any violations of its code of ethics, or certifying that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics shall be part of the CCO Report maintained in the board materials which are retained on the F drive.

7.	A copy of any decisions, and reasons supporting the decisions, to approve the purchase of private placement securities or public offerings by investment personnel shall be retained on the F drive (from the end of the fiscal year in which the approval is granted, if any).

Sanctions

If a material violation of this Code occurs or a preliminary determination is made that a violation may have occurred, a report of the alleged violation shall be made to the Boards of Trustees in accordance with the process outlined under “Review” above. The Boards of Trustees or the Advisor may impose such sanctions as they or it deem(s) appropriate, including, a letter of censure, suspension, or termination of the employment of the violator, and/or a disgorging of any profits made by the violator.

CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT

I, Stephen C. Rogers, certify that:

1. I have reviewed this report on Form N-CSR of the Shelton Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2020

/s/ Stephen C. Rogers

Stephen C. Rogers

Chairman

CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT

I, William P. Mock, certify that:

1. I have reviewed this report on Form N-CSR of the Shelton Funds;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2020

/s/ William P. Mock

William P. Mock

Treasurer

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Stephen C. Rogers, President of the Shelton Funds (the "Registrant"), certify, to the officer’s knowledge:

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 3, 2020	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	(Chief Executive Officer)

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, William P. Mock, Treasurer of the Shelton Funds (the "Registrant"), certify, to the officer’s knowledge:

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 3, 2020	/s/ William P. Mock
	William P. Mock, Treasurer
	(Chief Financial Officer)