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Form N-PX · fund registrantSEC filer no. 778206

SHELTON FUNDS

fund voting report

Vote records reported
17,847year to 30 June 2026
Against management
6.0%1,065 of 17,752 marked votes
Say-on-pay support
91.1%for, of for + against + abstain
Shareholder-proposal support
38.6%for, of for + against + abstain
92.6% for4.9% against2.5% other6.0% against management17,766 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

For the year to 30 June 2026, SHELTON FUNDS reported 17,847 vote records on Form N-PX. 1,065 of the 17,752 votes that were marked for or against management went against management: 6.0%, close to the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 8.5%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 91.1% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 38.6% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (35.4% of 65), CORPORATE GOVERNANCE (32.4% of 661) and COMPENSATION (19.7% of 549).

It reported 615,657 shares out on loan at record dates, 0.21% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share6.0%6.2%10.6%
Say-on-pay support rate91.1%91.6%86.0%
Shareholder-proposal support rate38.6%27.5%33.9%
Shares on loan, share of shares held0.21%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS12,74812,2151794.2%
SECTION 14A SAY-ON-PAY VOTES1,6451,4171398.7%
AUDIT-RELATED1,5291,52900.0%
SHAREHOLDER RIGHTS AND DEFENSES66541235.4%
EXTRAORDINARY TRANSACTIONS122108149.8%
CAPITAL STRUCTURE166160612.0%
COMPENSATION54943511419.7%
CORPORATE GOVERNANCE67052614432.4%
ENVIRONMENT OR CLIMATE14591364.1%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE6795810.4%
DIVERSITY, EQUITY, AND INCLUSION862840.0%
OTHER SOCIAL ISSUES2102818211.9%
OTHER110not reported

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202420,6086.6%91.6%45.1%
year to 30 June 202520,0445.7%91.3%33.1%
year to 30 June 202617,8476.0%91.1%38.6%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, SHELTON FUNDS voted against management on 98 of the 1,307 it marked either way (7.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

Shareholder proposals it supported

Of 390 proposals from security holders that could be told apart in the filings and on which it cast a vote, SHELTON FUNDS voted for 170 (43.6%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
Microsoft Corporation5 Dec 2025Report on Data Operations in Human Rights Hotspots
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
JPMorgan Chase & Co.19 May 2026Independent board chairman
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
Advanced Micro Devices, Inc.13 May 2026Stockholder proposal requesting changes to the stockholder right to call a special meeting.
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
NextEra Energy, Inc.21 May 2026Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
ServiceNow, Inc.21 May 2026Shareholder proposal regarding shareholder right to act by written consent.
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Lobbying Disclosure
The Goldman Sachs Group, Inc.29 Apr 2026Shareholder Proposal Regarding Special Shareholder Meeting Thresholds
Morgan Stanley14 May 2026Shareholder proposal requesting an independent Board Chairman
HONEYWELL INTERNATIONAL INC.22 May 2026Shareowner Proposal - Shareholder Right to Act by Written Consent.
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
PALANTIR TECHNOLOGIES INC.3 Jun 2026Stockholder proposal entitled "Political Spending Disclosure,"
S&P Global Inc.20 May 2026Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder...
Deere & Company25 Feb 2026Shareholder proposal on shareholder right to act by written consent
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
THE BOEING COMPANY17 Apr 2026Action by Written Consent.
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Micron Technology, Inc.15 Jan 2026Reduce Ownership Threshold for Shareholders to Call Special Meeting
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Lam Research Corporation4 Nov 2025Stockholder proposal titled "Realistic Shareholder Ability to Call for a Special Shareholder Meeting,"

Shares on loan

SHELTON FUNDS reported 615,657 shares on loan at record dates against 294.8 million shares voted: 0.21% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

6 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
S&P 500 Index Fund5,9885.2%91.2%38.8%
S&P SmallCap Index Fund4,9186.1%92.5%80.8%
S&P MidCap Index Fund3,6075.7%94.5%60.0%
Shelton Equity Income Fund1,8076.9%83.7%29.4%
Nasdaq-100 Index Fund1,1398.9%85.1%32.1%
Shelton Sustainable Equity Fund3887.1%96.6%60.0%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did SHELTON FUNDS vote on executive pay?

In the year to 30 June 2026 SHELTON FUNDS reported 1,556 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 1,417 were for (91.1%), 139 against and 0 abstentions. Counting one item per company meeting, it voted against management on 98 of the 1,307 say-on-pay items it marked either way.

How often does SHELTON FUNDS vote against management?

6.0% of the time in the year to 30 June 2026: 1,065 of the 17,752 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did SHELTON FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 142 votes on proposals from security holders in the year to 30 June 2026 and voted for 6 of them (4.2%). Across every category it voted for 38.6% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by SHELTON FUNDS (filer no. 778206), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.