# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-002249
**Filing Date:** 2026-6
**Character Count:** 44431
**Document Hash:** dca46e1db6d056daa816d05d9a0958bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002249.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002000324-26-002249

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261051539

**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

### Shelton Emerging Markets Fund (Series ID: S000067906)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000217721 | Institutional Shares | EMSQX           |
| C000217722 | Investor Shares      | EMSLX           |

## Nport-Ex

SHELTON EMERGING MARKETS FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (90.90%)** |  |  |
| **Brazil (3.00%)** |  |  |
| Motiva Infraestrutura de Mobilidade SA | 146700 | $448918 |
| Multiplan Empreendimentos Imobiliarios SA | 40700 | 248779 |
| **Total Brazil** |  | 697697 |
| **China (20.07%)** |  |  |
| CanSino Biologics Inc (144A)\* | 21800 | 86744 |
| China Hongqiao Group Ltd | 25000 | 110828 |
| China Pacific Insurance Group Co Ltd | 30000 | 121975 |
| CMOC Group Ltd | 55000 | 112932 |
| Fufeng Group Ltd | 64000 | 56483 |
| Fuyao Glass Industry Group Co Ltd (144A) | 21200 | 158575 |
| Guotai Haitong Securities Co Ltd (144A) | 396000 | 675742 |
| Haier Smart Home Co Ltd | 224900 | 594304 |
| Ping An Insurance Group Co of China Ltd | 131500 | 997028 |
| Tencent Holdings Ltd | 17800 | 1098740 |
| Zijin Mining Group Co Ltd | 150748 | 660594 |
| **Total China** |  | 4673945 |
| **Greece (4.36%)** |  |  |
| GEK TERNA SA | 17300 | 677043 |
| LAMDA Development SA\* | 48850 | 337636 |
| **Total Greece** |  | 1014679 |
| **Hong Kong (1.98%)** |  |  |
| Alibaba Group Holding Ltd | 5400 | 81954 |
| Chow Tai Fook Jewellery Group Ltd | 178600 | 247822 |
| Geely Automobile Holdings Ltd | 49000 | 130734 |
| **Total Hong Kong** |  | 460510 |
| **India (9.74%)** |  |  |
| Dr Reddy's Laboratories Ltd | 28500 | 394725 |
| HDFC Bank Ltd | 24990 | 621751 |
| ICICI Bank Ltd | 12123 | 313986 |
| Infosys Ltd | 61600 | 832216 |
| Wipro Ltd | 49300 | 104516 |
| **Total India** |  | 2267194 |
| **Indonesia (0.51%)** |  |  |
| Pakuwon Jati Tbk PT | 5988800 | 119078 |
| **Mexico (2.17%)** |  |  |
| Promotora y Operadora de Infraestructura SAB de CV | 31225 | 505939 |
| **Philippines (3.27%)** |  |  |
| JG Summit Holdings Inc | 945400 | 430847 |
| SM Prime Holdings Inc | 978400 | 330376 |
| **Total Philippines** |  | 761223 |
| **Poland (0.59%)** |  |  |
| LPP SA | 23 | 138176 |
| **South Africa (2.89%)** |  |  |
| FirstRand Ltd | 132272 | 673483 |

---

---

| | | |
|:---|:---|:---|
| **South Korea (17.32%)** |  |  |
| BNK Financial Group Inc | 45068.0 | 536032 |
| HD Hyundai Co Ltd | 1387.0 | 220387 |
| ISC Co Ltd | 1368.0 | 211911 |
| KB Financial Group Inc | 1551.0 | 146321 |
| LEENO Industrial Inc | 5408.0 | 339407 |
| Samsung Electronics Co Ltd | 15597.0 | 1733763 |
| Shinhan Financial Group Co Ltd | 8659.0 | 504870 |
| SK hynix Inc | 347.0 | 186172 |
| SK Square Co Ltd\* | 502.0 | 155693 |
| **Total South Korea** |  | 4034556 |
| **Taiwan (23.57%)** |  |  |
| Airoha Technology Corp | 21000.0 | 305043 |
| ASE Technology Holding Co Ltd | 16000.0 | 164543 |
| ASPEED Technology Inc | 1000.0 | 334972 |
| Chroma ATE Inc | 2000.0 | 91726 |
| Delta Electronics Inc | 10700.0 | 462261 |
| Far EasTone Telecommunications Co Ltd | 64776.0 | 186361 |
| First Financial Holding Co Ltd | 502000.0 | 443177 |
| International Games System Co Ltd | 3000.0 | 70720 |
| Pixart Imaging Inc | 16000.0 | 88658 |
| Realtek Semiconductor Corp | 30000.0 | 448925 |
| Taiwan Semiconductor Manufacturing Co Ltd | 52500.0 | 2892653 |
| **Total Taiwan** |  | 5489039 |
| **Thailand (0.57%)** |  |  |
| Delta Electronics Thailand PCL | 16700.0 | 132829 |
| **Turkey (0.86%)** |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 45774.0 | 200849 |
| **Total Common Stock (Cost $16,971,331)** |  | 21169197 |
| **Preferred Stock (4.30%)** |  |  |
| **Brazil (4.30%)** |  |  |
| Itau Unibanco Holding SA (Cost 862,403) | 119235.0 | 1000924 |
| **United States Treasury Bills (1.71%)** |  |  |
| United States Treasury Bill, 0.000%, 04/30/26<sup>(a)</sup> (Cost $398,832) | 400000.0 | 398830 |
| **Total Investments (Cost $18,232,566) (96.91%)** |  | $22568951 |
| **Other Net Assets (3.09%)** |  | 718973 |
| **Net Assets (100.00%)** |  | $23287924 |

---

\* Non-income producing security.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2026, these securities had a total aggregate market value of $921,061, which represented approximately 3.96% of net assets.

(a) A portion of these securities, a total of $99,708, have been pledged or segregated in connection with obligations for futures contracts.

**Futures contracts at March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Contracts - $50 times premium / delivery month / commitment / exchange | **MSCI Emerging Markets Index Futures** | **Notional<br> Amount** | **Value** | **Unrealized Depreciation** |
|  | 7 / JUN 2026 / Long / ICE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525170 | 509110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16060) |

---

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (96.17%)** |  |  |
| **Australia (9.30%)** |  |  |
| Charter Hall Group | 47567 | $611415 |
| Charter Hall Long Wale REIT | 92339 | 213426 |
| Gemlife Communities Group\* | 121174 | 371202 |
| Helia Group Ltd | 53873 | 195513 |
| Perpetual Ltd | 17038 | 186440 |
| Perseus Mining Ltd | 115369 | 409934 |
| PEXA Group Ltd\* | 81564 | 855944 |
| Qube Holdings Ltd | 89075 | 298683 |
| Resolute Mining Ltd\* | 734376 | 706823 |
| Stanmore Resources Ltd | 54637 | 103289 |
| **Total Australia** |  | 3952669 |
| **Austria (1.41%)** |  |  |
| ams-OSRAM AG\* | 33300 | 342342 |
| EVN AG | 7894 | 259119 |
| **Total Austria** |  | 601461 |
| **Belgium (1.51%)** |  |  |
| Aedifica SA | 7998 | 642003 |
| **Britain (13.22%)** |  |  |
| DiscoverIE Group PLC | 33885 | 241286 |
| Firstgroup PLC | 382194 | 840730 |
| Gamma Communications PLC | 62165 | 584180 |
| Genuit Group PLC | 115241 | 436993 |
| Inchcape PLC | 18499 | 183634 |
| Keller Group PLC | 31080 | 790637 |
| Man Group PLC | 121131 | 403375 |
| Renew Holdings PLC | 66574 | 748973 |
| Rotork PLC | 52071 | 215441 |
| TP ICAP Group PLC | 51745 | 185943 |
| Trainline PLC (144A)\* | 248024 | 745182 |
| Zigup PLC | 48679 | 246443 |
| **Total Britain** |  | 5622817 |
| **Canada (13.62%)** |  |  |
| Altus Group Ltd | 9500 | 326025 |
| Aya Gold & Silver Inc\* | 16100 | 245542 |
| Bausch Health Cos Inc\* | 43141 | 233164 |
| DPM Metals Inc | 14140 | 497763 |
| Evertz Technologies Ltd | 13200 | 152835 |
| Finning International Inc | 2058 | 127322 |
| Kinaxis Inc\* | 2100 | 211905 |
| Lithium Americas Corp\* | 33300 | 132350 |
| PrairieSky Royalty Ltd | 36400 | 842387 |
| RioCan Real Estate Investment Trust | 37200 | 507718 |
| Rockpoint Gas Storage Inc | 42800 | 859456 |
| Superior Plus Corp | 106600 | 514084 |
| Vermilion Energy Inc | 21100 | 290709 |
| Wesdome Gold Mines Ltd\* | 47600 | 849792 |
| **Total Canada** |  | 5791052 |
| **Denmark (3.73%)** |  |  |
| AL Sydbank | 3535 | 281397 |
| H Lundbeck A/S | 46219 | 285324 |
| Jyske Bank A/S | 5282 | 718751 |
| Ringkjoebing Landbobank A/S | 1259 | 299784 |
| **Total Denmark** |  | 1585256 |
| **France (1.44%)** |  |  |
| Carmila SA | 12308 | 236714 |

---

---

| | | |
|:---|:---|:---|
| OVH Groupe SA\* | 21667.0 | 228390 |
| Wendel SE | 1653.0 | 147016 |
| **Total France** |  | 612120 |
| **Germany (1.25%)** |  |  |
| MBB SE | 2699.0 | 532188 |
| **Hong Kong (0.91%)** |  |  |
| FWD Group Holdings Ltd\* | 66600.0 | 258043 |
| The United Laboratories International Holdings Ltd | 104000.0 | 127464 |
| **Total Hong Kong** |  | 385507 |
| **Israel (2.22%)** |  |  |
| Etoro Group Ltd\* | 21200.0 | 636636 |
| Global-e Online Ltd\* | 9900.0 | 305415 |
| **Total Israel** |  | 942051 |
| **Italy (4.12%)** |  |  |
| Azimut Holding SpA | 15587.0 | 582801 |
| De' Longhi SpA | 20338.0 | 704731 |
| Iren SpA | 97536.0 | 274841 |
| Tamburi Investment Partners SpA | 21180.0 | 189964 |
| **Total Italy** |  | 1752337 |
| **Japan (34.37%)** |  |  |
| Aica Kogyo Co Ltd | 23800.0 | 542841 |
| Amano Corp | 8000.0 | 190432 |
| Anritsu Corp | 31800.0 | 548590 |
| Asahi Intecc Co Ltd | 43600.0 | 916981 |
| Fuji Corp/Aichi | 23800.0 | 698946 |
| Fukuoka Financial Group Inc | 19500.0 | 724033 |
| Fuso Chemical Co Ltd | 42600.0 | 731683 |
| Hirose Electric Co Ltd | 1300.0 | 165210 |
| JCU Corp | 11300.0 | 378772 |
| Kanamoto Co Ltd | 7900.0 | 216274 |
| Kissei Pharmaceutical Co Ltd | 7900.0 | 231456 |
| Kitz Corp | 36600.0 | 407940 |
| Konica Minolta Inc | 239300.0 | 773779 |
| Life Corp | 23900.0 | 382489 |
| Max Co Ltd | 80000.0 | 809007 |
| Meidensha Corp | 15900.0 | 751356 |
| Mitsubishi Gas Chemical Co Inc | 23800.0 | 539093 |
| Morinaga & Co Ltd | 15900.0 | 270538 |
| Nifco Inc | 7900.0 | 218564 |
| Nippon Gas Co Ltd | 16000.0 | 295830 |
| Nippon Kayaku Co Ltd | 23800.0 | 263248 |
| Nissan Chemical Corp | 22400.0 | 846106 |
| PILLAR Corp | 4500.0 | 198471 |
| Resorttrust Inc | 31800.0 | 347728 |
| Seiren Co Ltd | 15400.0 | 299339 |
| Socionext Inc | 40100.0 | 472217 |
| Sumitomo Bakelite Co Ltd | 7900.0 | 240316 |
| Tocalo Co Ltd | 36900.0 | 581238 |
| Tokyo Ohka Kogyo Co Ltd | 15900.0 | 738533 |
| Tokyotokeiba Co Ltd | 7900.0 | 282724 |
| Wacoal Holdings Corp | 7900.0 | 196961 |
| Yamazaki Baking Co Ltd | 15900.0 | 355241 |
| **Total Japan** |  | 14615936 |
| **Norway (1.49%)** |  |  |
| DOF Group ASA | 22660.0 | 325374 |
| Storebrand ASA | 17023.0 | 306507 |
| **Total Norway** |  | 631881 |
| **South Korea (0.73%)** |  |  |
| Woori Credit Suisse Power Stock Index-Linked Derivatives Investment Trust\* | 15900.0 | 310661 |
| **Spain (0.57%)** |  |  |
| Sacyr SA | 50075.0 | 243198 |

---

---

| | | |
|:---|:---|:---|
| **Sweden (5.20%)** |  |  |
| Elekta AB | 38577.0 | 224905 |
| Nordnet AB publ | 28843.0 | 929120 |
| Platzer Fastigheter Holding AB | 41134.0 | 293249 |
| Telefonaktiebolaget LM Ericsson | 67700.0 | 762979 |
| **Total Sweden** |  | 2210253 |
| **Switzerland (1.08%)** |  |  |
| dormakaba Holding AG | 3913.0 | 248609 |
| Temenos AG | 2464.0 | 212172 |
| **Total Switzerland** |  | 460781 |
| **Total Common Stock (Cost $40,335,486)** |  | 40892171 |
| **United States Treasury Bills (1.17%)** |  |  |
| United States Treasury Bill, 0.000%, 04/30/26<sup>(a)</sup> (Cost $498,540) | 500000.0 | 498538 |
| **Total Investments (Cost $40,834,026) (97.34%)** |  | $41390709 |
| **Other Net Assets (2.66%)** |  | 1133102 |
| **Net Assets (100.00%)** |  | $42523811 |

---

\* Non-income producing security.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2026 these securities had a total aggregate market value of $745,182 which represented approximately 1.75% of net assets.

(a) A portion of these securities, a total of $99,708, have been pledged or segregated in connection with obligations for futures contracts.

**Futures contracts at March 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Contracts - $50 times premium / delivery month / commitment / exchange | **MSCI EAFE Index Futures** | **Notional Amount** | **Value** | **Unrealized Depreciation** |
|  | 6 / JUN 2026 / Long / ICE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7305) |

---

SHELTON TACTICAL CREDIT FUND <br> <u>*Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2026*</u>

---

| | | |
|:---|:---|:---|
| **Security Description** | | |
| **Common Stock (1.03%)** | **Shares** | **Value** |
| **Consumer, Non-cyclical (1.03%)** |  |  |
| Pyxus International Inc\*<sup>,#</sup> | 216937 | $594407 |
| **Energy (0.00%)** |  |  |
| CHC Group LLC\*<sup>,(a)</sup> | 9358 |  |
| **Total Common Stock (Cost $2,390,267)** |  | 594407 |
| **Corporate Debt (88.41%)** | **Par Value** | **Value** |
| **Communications (8.39%)** |  |  |
| Gray Media Inc, 7.250%, 08/15/2033 (144A) | 1250000 | 1259589 |
| Nexstar Media Inc, 6.500%, 09/15/2033 (144A) | 500000 | 503810 |
| Sirius XM Radio LLC, 3.875%, 09/01/2031 (144A) | 2000000 | 1815837 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 6.500%, 02/15/2029 (144A) | 500000 | 485619 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 8.625%, 06/15/2032 (144A) | 750000 | 763864 |
| **Total Communications** |  | 4828719 |
| **Consumer, Cyclical (29.46%)** |  |  |
| Acushnet Co, 5.625%, 12/01/2033 (144A) | 1500000 | 1488393 |
| Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 07/15/2026(144A) | 1000000 | 1011027 |
| AMC Entertainment Holdings Inc,7.500%, 02/15/2029 (144A) | 2000000 | 1422984 |
| AS Mileage Plan IP Ltd, 5.308%, 10/20/2031 (144A) | 1250000 | 1222753 |
| Beach Acquisition Bidco LLC, 10.000%, 07/15/2033 (144A) | 750000 | 798763 |
| Cinemark USA Inc, 5.250%, 07/15/2028 (144A) | 1500000 | 1487176 |
| Cummins Inc, 5.300%, 05/09/2035 | 1000000 | 1019278 |
| Grupo Aeromexico SAB de CV, 8.625%, 11/15/2031 (144A) | 1250000 | 1200000 |
| Guitar Center Inc, 8.500%, 01/15/2029 (144A) | 1856130 | 1484904 |
| PetSmart LLC / PetSmart Finance Corp, 7.500%, 09/15/2032 (144A) | 1000000 | 1004870 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.000%, 01/15/2031 (144A) | 1250000 | 1214594 |
| Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co, 6.625%, 05/01/2032 (144A) | 1000000 | 997598 |
| Six Flags Entertainment Corp/Canada's Wonderland Co/Millennium Operations LLC, 8.625%, 01/15/2032 (144A) | 1000000 | 1001613 |
| WMG Acquisition Corp, 3.000%, 02/15/2031 (144A)<sup>(b)</sup> | 1750000 | 1605030 |
| **Total Consumer, Cyclical** |  | 16958983 |
| **Consumer, Non-cyclical (21.79%)** |  |  |
| 1261229 BC Ltd,10.000%, 04/15/2032 (144A) | 1750000 | 1791727 |
| Augusta SpinCo Corp, 5.245%, 03/23/2036 | 500000 | 500120 |
| The GEO Group Inc, 10.250%, 04/15/2031 | 1250000 | 1333480 |
| JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co Holdings, 5.750%, 04/01/2033 | 1000000 | 1032240 |
| Kraft Heinz Foods Co, 4.375%, 06/01/2046<sup>(b)</sup> | 1500000 | 1172763 |
| The Kroger Co, 5.000%, 09/15/2034 | 1000000 | 987363 |
| Mars Inc, 5.650%, 05/01/2045 (144A) | 1750000 | 1728150 |
| Primo Water Holdings Inc / Triton Water Holdings Inc, 6.250%, 04/01/2029 (144A) | 750000 | 751216 |
| Tenet Healthcare Corp, 5.500%, 11/15/2032 (144A) | 750000 | 743083 |
| United Rentals North America Inc, 6.000%, 12/15/2029 (144A)<sup>(b)</sup> | 1000000 | 1016701 |
| Viking Baked Goods Acquisition Corp, 8.625%, 11/01/2031 (144A) | 1500000 | 1484271 |
| **Total Consumer, Non-cyclical** |  | 12541114 |
| **Energy (4.96%)** |  |  |
| Phillips 66 Co, 6.200%, 03/15/2056<sup>(c)</sup> | 1000000 | 995507 |
| Talos Production Inc, 9.375%, 02/01/2031 (144A) | 1500000 | 1589636 |
| Transocean International Ltd, 7.875%, 10/15/2032 (144A) | 250000 | 267125 |
| **Total Energy** |  | 2852268 |
| **Financial (14.53%)** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041<sup>(b)</sup> | 1250000 | 995981 |
| American Homes 4 Rent LP, 5.500%, 02/01/2034 | 1000000 | 1008750 |
| First Industrial LP, 5.250%, 01/15/2031 | 1000000 | 1009677 |
| Iron Mountain Inc, 6.250%, 01/15/2033 (144A)<sup>(b)</sup> | 2000000 | 1993604 |
| JPMorgan Chase & Co, 3.882%, 07/24/2038<sup>(c)</sup> | 1000000 | 877103 |
| Vornado Realty LP, 5.750%, 02/01/2033 | 1250000 | 1225785 |
| Welltower OP LLC, 5.125%, 07/01/2035 | 1250000 | 1254659 |
| **Total Financial** |  | 8365559 |
| **Industrial (0.86%)** |  |  |
| Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC<sup>(a)</sup> | 548153 |  |
| Honeywell Aerospace Inc, 5.732%, 03/16/2056 (144A) | 500000 | 494225 |
| **Total Industrial** |  | 494225 |

---

---

| | | |
|:---|:---|:---|
| **Technology (2.42%)** |  |  |
| Oracle Corp, 6.550%, 02/04/2046 | 500000 | 466478 |
| Oracle Corp, 6.700%, 02/04/2056 | 1000000 | 928104 |
| **Total Technology** |  | 1394582 |
| **Technology (6.00%)** |  |  |
| Constellation Energy Generation LLC, 5.000%, 02/01/2031 (144A) | 1250000 | 1253364 |
| EUSHI Finance Inc, 6.250%, 04/01/2056<sup>(c)</sup> | 1250000 | 1227064 |
| Xcel Energy Inc, 5.750%, 12/03/2056<sup>(c)</sup> | 1000000 | 976178 |
| **Total Utilities** |  | 3456606 |
| **Total Corporate Debt (Cost $51,241,537)** |  | 50892056 |
| **Municipal Bonds (0.05%)** |  |  |
| **Development (0.05%)** |  |  |
| California Pollution Control Financing Authority, 8.000%, 07/01/2039 (144A)<sup>(d)</sup> | 2050000 | 23063 |
| California Pollution Control Financing Authority 7.500%, 07/01/2032 (144A)<sup>(d)</sup> | 250000 | 2813 |
| **Total Development** |  | 25876 |
| **Total Municipal Debt (Cost $2,281,054)** |  | 25876 |
| **United States Treasury Bills (6.56%)** |  |  |
| United States Treasury Bill, 0.000%, 05/28/2026 (Cost $3,778,286) | 3800000 | 3778116 |
| . |  |  |
| **Term Loans (3.84%)** |  |  |
| PetSmart LLC, TSFR1M (floor 0.000%) + 4.000%, 08/18/2032<sup>(c)</sup> | 500000 | 496125 |
| Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000% 12/27/2027<sup>(c)</sup> | 442113 | 417797 |
| Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027<sup>(c)</sup> | 294742 | 294559 |
| Windstream Services LLC, TSFR1M (floor 0.000%) + 4.000%, 10/06/2032)<sup>(c)</sup> | 1000000 | 999380 |
| **Total Term Loans (Cost $2,219,548)** |  | 2207861 |
| **Purchased Options - Puts (0.09%)** | **Contracts** | **Value** |
| iShares iBoxx USD High Yield Corporate Bond ETF | 600 | 54000 |
| Notional amount $4,800,000, premiums paid $27,600, exercise price $80.00, expires 4/17/2026 |  |  |
| **Total Options (Cost $27,600)** |  | 54000 |
| **Total Investments (Cost $61,938,293) (99.98%)** |  | $57552316 |
| **Other Net Assets (0.02%)** |  | 10300 |
| **Net Assets (100.00%)** |  | $57562616 |

---

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2026, these securities had a total aggregate market value of $33,907,402 which represented approximately 58.91% of net assets.

\* Non income security.

# Security is illiquid.

(a) 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 security is $0.00.

(b) Designated as collateral for Fund's activity in securities sold short. As of March 31, 2026, the Fund has no open short sales.

(c) Variable rate security.

(d) Defaulted security

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps<sup>\*,\*\*,\*\*\*</sup> (-0.66%)** | **Maturity Date** | **Fixed Deal (Pay Rate)** | **Implied Credit Spread at March 31, 2026** | **Notional Amount** | **Perioid Payment Frequency** | **Fair Value** | **Upfront Premiums Received** | **Unrealized Appreciation** |
| **Buy Protection** |  | | | |  | | | |
| CDX.NA.IG SERIES 46 12/31 | 6/20/2031 | 1.00% | 0.54% | 22000000 | Quarterly | (379740) | (379947) | 207 |
| Total Buy Protection |  |  |  |  |  | (379740) | (379947) | 207 |

---

\* For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

\*\* For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period-end will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of the referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

\*\*\* For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract.

## 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:** Shelton Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000067906

- **c. LEI of Series:** 254900SICUA3NRRDD060

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $23305710.04

**Total Liabilities:** $17785.86

**Net Assets:** $23287924.18

**Cash Not Reported:** $84406.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217722 | 9.42%                | 6.29%                | -10.74%              |
| Class ID C000217721 | 9.41%                | 6.31%                | -10.74%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-474166.08                                |
| Month 2  | $151444.15               | $-342573.44                                |
| Month 3  | $0.00                    | $539449.61                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KB Financial Group Inc.                         | KB Financial Group Inc. KRW5000                          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1551 | NS      | $146320.99    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                   | Firstrand Ltd ZAR0.01                                    | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    132272 | NS      | $673482.53    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr. Reddy's Laboratories Ltd.                   | Dr. Reddy's Laboratories Ltd. ADR                        | CUSIP: 256135203<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |     28500 | NS      | $394725.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                  | HDFC Bank Ltd. SPONSORED ADS                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     24990 | NS      | $621751.20    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                 | ICICI Bank Ltd. ADR                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     12123 | NS      | $313985.70    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                    | Infosys Ltd. SPONSORED ADR                               | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     61600 | NS      | $832216.00    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chow Tai Fook Jewellery Group Ltd.              | Chow Tai Fook Jewellery Group Ltd. HKD1                  | CUSIP: G21146108<br>LEI: 254900VXRL7SRSF44G79 | Long             | EC               | CORP              | KY        |    178600 | NS      | $247822.08    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fufeng Group Limited                            | Fufeng Group Limited HKD0.10                             | CUSIP: G36844119<br>LEI: 549300OQ91X6COVM4483 | Long             | EC               | CORP              | KY        |     64000 | NS      | $56482.74     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                   | Geely Automobile Holdings Ltd HKD0.02                    | CUSIP: G3777B103<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | KY        |     49000 | NS      | $130733.66    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA     | Promotora y Operadora de Infraestructura SA COM NPV      | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     31225 | NS      | $505938.67    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                        | Itau Unibanco Holding SA PRF NPV                         | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    119235 | NS      | $1000924.37   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd.                                      | Wipro Ltd. SPON ADR 1 SH                                 | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |     49300 | NS      | $104516.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMDA Development SA                            | LAMDA Development SA EUR0.3                              | CUSIP: X4740Y122<br>LEI: 213800C7PQZVF38FYL54 | Long             | EC               | CORP              | GR        |     48850 | NS      | $337636.38    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LPP SA                                          | LPP SA PLN2.00                                           | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |        23 | NS      | $138176.47    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Limited                              | CMOC Group Limited 'H'CNY0.2                             | CUSIP: Y1503Z105<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |     55000 | NS      | $112932.31    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co Ltd.           | China Pacific Insurance Group Co Ltd. 'H'CNY1            | CUSIP: Y1505Z103<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               | CORP              | CN        |     30000 | NS      | $121974.55    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                                  | Chroma Ate Inc TWD10                                     | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2000 | NS      | $91725.89     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                          | Delta Electronics Inc. TWD10                             | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     10700 | NS      | $462260.90    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Thailand Public Co Ltd        | Delta Electronics Thailand Public Co Ltd THB0.1 (NVDR)   | CUSIP: Y20266121<br>LEI: 529900JKLVG9Y2SVWL93 | Long             | EC               | CORP              | TH        |     16700 | NS      | $132828.67    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Holding Co Ltd.                 | First Financial Holding Co Ltd. TWD10                    | CUSIP: Y2518F100<br>LEI: 529900BC1U046Q2GUZ64 | Long             | EC               | CORP              | TW        |    502000 | NS      | $443176.91    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                      | Zijin Mining Group Co Ltd. 'H'CNY0.1                     | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    150748 | NS      | $660593.61    | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                   | SK Hynix Inc. KRW5000                                    | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       347 | NS      | $186172.46    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JG Summit Holdings Inc.                         | JG Summit Holdings Inc. PHP1                             | CUSIP: Y44425117<br>LEI: 8945008FXJ2QCVCRJM25 | Long             | EC               | CORP              | PH        |    945400 | NS      | $430847.20    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Intl Game System                                | Intl Game System TWD10                                   | CUSIP: Y41065114<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3000 | NS      | $70719.72     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Leeno Industrial                                | Leeno Industrial KRW100                                  | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5408 | NS      | $339407.25    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd. | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1 | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    131500 | NS      | $997027.79    | 4.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Pixart Imaging                                  | Pixart Imaging TWD10                                     | CUSIP: Y6986P102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     16000 | NS      | $88657.92     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp.                     | Realtek Semiconductor Corp. TWD10                        | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     30000 | NS      | $448924.65    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Far Eastone Telecommunications Co., Ltd.        | Far Eastone Telecommunications Co., Ltd. TWD10           | CUSIP: Y7540C108<br>LEI: 529900L7W7BWDLVZL253 | Long             | EC               | CORP              | TW        |     64776 | NS      | $186360.53    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                     | Samsung Electronics Co Ltd. KRW100                       | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     15597 | NS      | $1733763.19   | 7.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                 | Shinhan Financial Group Co Ltd. KRW5000                  | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      8659 | NS      | $504870.23    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Prime Holdings Inc.                          | SM Prime Holdings Inc. ORD PHP1                          | CUSIP: Y8076N112<br>LEI: 254900SZK83MIAB8CU32 | Long             | EC               | CORP              | PH        |    978400 | NS      | $330375.89    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10       | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     52500 | NS      | $2892652.54   | 12.42%            |  |  |  | No            |                  1 | On Loan: No      |
| China Hongqiao Group Limited                    | China Hongqiao Group Limited USD0.01                     | CUSIP: G21150100<br>LEI: 3003009Q4IBFSDE24571 | Long             | EC               | CORP              | KY        |     25000 | NS      | $110827.98    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Pakuwon Jati Tbk                             | PT Pakuwon Jati Tbk IDR25                                | CUSIP: Y712CA107<br>LEI: 254900GUXQAQB065PM73 | Long             | EC               | CORP              | ID        |   5988800 | NS      | $119078.44    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gek Terna SA                                    | Gek Terna SA EUR0.57                                     | CUSIP: X3125P102<br>LEI: 2138003TO2MTRHWVP686 | Long             | EC               | CORP              | GR        |     17300 | NS      | $677043.46    | 2.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ISC Co Ltd.                                     | ISC Co Ltd. KRW500                                       | CUSIP: Y4177K107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1368 | NS      | $211911.46    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                          | ASPEED Technology Inc. TWD10                             | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      1000 | NS      | $334971.67    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                           | Tencent Holdings Ltd. HKD0.00002                         | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     17800 | NS      | $1098740.21   | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd.              | Fuyao Glass Industry Group Co Ltd. 'H' CNY1              | CUSIP: Y2680G100<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |     21200 | NS      | $158574.57    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Airoha Technology Corp                          | Airoha Technology Corp TWD10                             | CUSIP: Y002AZ118<br>LEI: 9845004C0H914E3D6B09 | Long             | EC               | CORP              | TW        |     21000 | NS      | $305043.36    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Co.,Ltd.                             | HD Hyundai Co.,Ltd. KRW1000                              | CUSIP: Y3R3C9109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1387 | NS      | $220387.42    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Guotai Haitong Securities Co Ltd.               | Guotai Haitong Securities Co Ltd. CNY1 H                 | CUSIP: Y2R614115<br>LEI: 300300E1005431000017 | Long             | EC               | CORP              | CN        |    396000 | NS      | $675742.06    | 2.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd.                  | ASE Technology Holding Co Ltd. TWD10                     | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     16000 | NS      | $164543.09    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CanSino Biologics Inc.                          | CanSino Biologics Inc. CNY1 H                            | CUSIP: Y1099N102<br>LEI: 254900SPBQ0ZVM8QC931 | Long             | EC               | CORP              | CN        |     21800 | NS      | $86744.26     | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd. USD0.000003125                | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      5400 | NS      | $81954.04     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                        | Haier Smart Home Co Ltd. CNY1 H                          | CUSIP: Y298BN100<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    224900 | NS      | $594304.28    | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co Ltd                                | SK Square Co Ltd KRW100                                  | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       502 | NS      | $155692.54    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Astor Enerji AS                                 | Astor Enerji AS TRY1                                     | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |     45774 | NS      | $200848.99    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA       | Multiplan Empreendimentos Imobiliarios SA COM NPV        | CUSIP: P69913187<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     40700 | NS      | $248778.75    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BNK Financial Group Inc.                        | BNK Financial Group Inc. KRW5000                         | CUSIP: Y0R7ZV102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     45068 | NS      | $536032.42    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Motiva Infraestrutura De Mobilidade SA          | Motiva Infraestrutura De Mobilidade SA COM NPV           | CUSIP: P6S8NQ100<br>LEI: 254900H4EUL83CCQ6781 | Long             | EC               | CORP              | BR        |    146700 | NS      | $448918.34    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                | MSCI Emerging Markets Index Futures - ICUS - Jun26       | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |         7 | NC      | $509110.00    | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                    | B 0 04/30/26                                             | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $398830.44    | 1.71%             | 2026-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO