# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003088
**Filing Date:** 2025-8
**Character Count:** 18312
**Document Hash:** b563fbdd97057e86ff94705d5880806e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003088.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003088

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267

**ORGANIZATION NAME:**
- **EIN:** 526400931
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 251250384

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 800-955-9988

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHELTON GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20110614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAIWAN GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20040105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** R O C TAIWAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### ICON Natural Resources and Infrastructure Fund (Series ID: S000067904)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217717 | Investor Class      | ICBAX           |
| C000217718 | Institutional Class | ICBMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SCM Trust

- **b. Investment Company Act file number:** 811-05617

- **c. CIK number of Registrant:** 0000836267

- **d. LEI of Registrant:** 254900SUSEM61EA08I06

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1125 17th Street, Ste. 2550

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80202-1805

  - **Telephone number:** 800-955-9988

**Item A.2. Information about the Series.**

- **a. Name of Series:** ICON Natural Resources and Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000067904

- **c. LEI of Series:** 25490028SYI0ZCFMF484

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $114063298.47

**Total Liabilities:** $223419.45

**Net Assets:** $113839879.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217718 | 4.99%                | 3.96%                | -4.46%               |
| Class ID C000217717 | 5.03%                | 3.90%                | -4.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $518387.97               | $5054785.88                                |
| Month 2  | $-277884.91              | $4432353.88                                |
| Month 3  | $-4977522.58             | $-759998.24                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Funds Inc.                 | First American Funds Inc. GOVT OBLIGS X                        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10223219 | OU      | $10223218.83  | 8.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Limited                    | Kornit Digital Limited ORD ILS0.01                             | CUSIP: M6372Q113<br>LEI: 5299006DPCQWP3VTFK34 | Long             | EC               | CORP              | IL        |    200000 | NS      | $3982000.00   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.     | Compania de Minas Buenaventura S.A.A. SPON ADR REP 1 COM PEN10 | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |    210000 | NS      | $3448200.00   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                      | Barrick Mining Corp. COM SHS                                   | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     90000 | NS      | $1873800.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinseo PLC                               | Trinseo PLC SHS                                                | CUSIP: G9059U107<br>LEI: 549300TJ3HIGDA2Z8315 | Long             | EC               | CORP              | IE        |    750000 | NS      | $2340000.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: —       |
| ZTO Express (Cayman) Inc.                 | ZTO Express (Cayman) Inc. SPON ADS EA REP 1 SHS CL A           | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    265000 | NS      | $4703750.00   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimas Corporation                        | Trimas Corporation COM STK USD0.01                             | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |    140000 | NS      | $4005400.00   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      9000 | NS      | $1370160.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| 3D Systems Corporation                    | 3D Systems Corporation COM USD0.001                            | CUSIP: 88554D205<br>LEI: 5493003HHDOCCW4OP744 | Long             | EC               | CORP              | US        |   2100000 | NS      | $3234000.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Tetra Tech Inc                            | Tetra Tech Inc COM USD0.01                                     | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    114000 | NS      | $4099440.00   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc.                   | TETRA Technologies Inc. COM USD0.01                            | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |   1700000 | NS      | $5712000.00   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TPI Composites Inc.                       | TPI Composites Inc. COM USD0.01                                | CUSIP: 87266J104<br>LEI: 549300TI9H56OIY0QE39 | Long             | EC               | CORP              | US        |    450000 | NS      | $386685.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Stepan Co                                 | Stepan Co COM USD1                                             | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |     50000 | NS      | $2729000.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                 | Spire Inc COM USD1                                             | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     40000 | NS      | $2919600.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                | Southwest Gas Holdings Inc COM USD1                            | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     33000 | NS      | $2454870.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                    | Southwest Airlines Co. COM USD1                                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     54500 | NS      | $1767980.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                   | Sonoco Products Company COM NPV                                | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     76000 | NS      | $3310560.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                | Sensient Technologies Corp COM USD0.10                         | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |     15500 | NS      | $1527060.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Rev Group Inc                             | Rev Group Inc COM USD0.001                                     | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    120000 | NS      | $5710800.00   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                             | O-I Glass Inc COM                                              | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $2948000.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                 | DNOW Inc. COM USD0.01                                          | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |    200000 | NS      | $2966000.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                 | National Fuel Gas Company COM USD1                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     28000 | NS      | $2371880.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                         | HF Sinclair Corp. COM                                          | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     61000 | NS      | $2505880.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                      | Delta Air Lines Inc. COM USD0.0001                             | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     25700 | NS      | $1263926.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                            | BHP Group Ltd. SPON ADS EACH REP 2 ORD SHS                     | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     45000 | NS      | $2164050.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Chart Industries Inc                      | Chart Industries Inc COM USD0.01                               | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      8000 | NS      | $1317200.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                             | Materion Corp COM NPV                                          | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     13300 | NS      | $1055621.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc. | Knight-Swift Transportation Holdings Inc. COM USD0.01 CLASS A  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71000 | NS      | $3140330.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminium Corporation              | Kaiser Aluminium Corporation COM USD0.01                       | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61000 | NS      | $4873900.00   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                              | OPENLANE Inc COM USD0.01                                       | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     73000 | NS      | $1784850.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corporation                      | Ingevity Corporation COM USD0.01                               | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     26000 | NS      | $1120340.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                      | Huntsman Corporation COM USD0.01                               | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    170000 | NS      | $1771400.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                  | Eastman Chemical Company COM USD0.01                           | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     27000 | NS      | $2015820.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                       | Dominion Energy Inc COM STK NPV                                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     40000 | NS      | $2260800.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC                  | The Chemours Company LLC COM USD0.01 WI                        | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    192000 | NS      | $2198400.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                      | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS                   | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    675000 | NS      | $4677750.00   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation          | Carpenter Technology Corporation COM USD5                      | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     18500 | NS      | $5113030.00   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc.                           | CVR Energy Inc. COM USD0.01                                    | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |     79000 | NS      | $2121150.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                     | Alaska Air Group Inc. COM USD0.01                              | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     88000 | NS      | $4354240.00   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                  | Century Aluminum Company COM USD0.01                           | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |    265000 | NS      | $4775300.00   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO