Supplement to Prospectus for Shelton Funds
Date January 1, 2018, as amended January 11, 2018
California Tax-Free Income Fund, Direct Shares: CFNTX
U.S. Government Securities Fund, Direct Shares: CAUSX, K Shares: CAUKX
Short-Term U.S. Government Bond Fund, Direct Shares: STUSX, K Shares: STUKX
The United States Treasury Trust, Direct Shares: UTSXX, K Shares: UTKXX
S&P 500 Index Fund, Direct Shares: SPFIX, K Shares: SPXKX
S&P MidCap Index Fund, Direct Shares: SPMIX, K Shares: MIDKX
S&P SmallCap Index Fund, Direct Shares: SMCIX, K Shares: SMLKX
Shelton Core Value Fund, Direct Shares: EQTIX, K Shares: EQTKX
European Growth & Income Fund, Direct Shares: EUGIX, K Shares: EUGKX
Nasdaq-100 Index Fund, Direct Shares: NASDX, K Shares: NDXKX
Shelton Green Alpha Fund, Direct Shares: NEXTX
The table under Shareholder Fees on page 7 and 8 is replaced in its entirety by the following:
| Shareholder Fees (fee paid directly from your investment) | SMCIX | SMLKX |
| Sales and redemption charges | none | none |
| Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||
| Management fees | 0.50% | 0.50% |
| Distribution (12b-1) fees | none | 0.25% |
| Other expenses | 0.30% | 0.55% |
| Total annual operating expenses | 0.80% | 1.30% |