# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000819
**Filing Date:** 2026-3
**Character Count:** 21529
**Document Hash:** f9301d8027b04d0e4ea8aa52963603f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000819.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000819

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26708864

**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           |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $22816308.59

**Total Liabilities:** $462446.90

**Net Assets:** $22353861.69

**Cash Not Reported:** $42065.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217722 | 2.26%                | -2.21%               | 3.42%                |
| Class ID C000217721 | 2.27%                | -2.22%               | 3.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1605275.52              | $-1087140.75                               |
| Month 2  | $344544.78               | $1242409.38                                |
| Month 3  | $0.00                    | $16412.65                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HDFC Bank Ltd.                                  | HDFC Bank Ltd. SPONSORED ADS                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     24990 | NS      | $913134.60    | 4.08%             |  |  |  | No            |                  1 | 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        |     91500 | NS      | $765956.50    | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10       | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     65500 | NS      | $3234516.38   | 14.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Chroma Ate Inc                                  | Chroma Ate Inc TWD10                                     | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $148145.79    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                 | ICICI Bank Ltd. ADR                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     15723 | NS      | $468545.40    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                           | Tencent Holdings Ltd. HKD0.00002                         | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     21500 | NS      | $1654755.66   | 7.40%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                    | NetEase Inc. USD0.0001                                   | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      6800 | NS      | $187502.57    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                    | B 0 01/29/26                                             | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $598415.53    | 2.68%             | 2026-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AVI Ltd                                         | AVI Ltd ZAR0.05                                          | CUSIP: S0808A101<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     28622 | NS      | $182339.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ayala Land Inc.                                 | Ayala Land Inc. PHP1                                     | CUSIP: Y0488F100<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |    351100 | NS      | $133937.04    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| JG Summit Holdings Inc.                         | JG Summit Holdings Inc. PHP1                             | CUSIP: Y44425117<br>LEI: 8945008FXJ2QCVCRJM25 | Long             | EC               | CORP              | PH        |    615100 | NS      | $247189.72    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                   | Firstrand Ltd ZAR0.01                                    | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    132272 | NS      | $724842.64    | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fufeng Group Limited                            | Fufeng Group Limited HKD0.10                             | CUSIP: G36844119<br>LEI: 549300OQ91X6COVM4483 | Long             | EC               | CORP              | KY        |    165000 | NS      | $167062.42    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp.                     | Realtek Semiconductor Corp. TWD10                        | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     35000 | NS      | $545272.08    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                  | CSPC Pharmaceutical Group Ltd. NPV                       | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |    154000 | NS      | $166808.01    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                          | Delta Electronics Inc. TWD10                             | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      8700 | NS      | $266920.48    | 1.19%             |  |  |  | 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      | $182226.35    | 0.82%             |  |  |  | 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        |    166748 | NS      | $764030.27    | 3.42%             |  |  |  | No            |                  2 | On Loan: No      |
| SM Prime Holdings Inc.                          | SM Prime Holdings Inc. ORD PHP1                          | CUSIP: Y8076N112<br>LEI: 254900SZK83MIAB8CU32 | Long             | EC               | CORP              | PH        |   1120000 | NS      | $432965.17    | 1.94%             |  |  |  | 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      | $135967.89    | 0.61%             |  |  |  | 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      | $121072.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Echem Materials Company Ltd.           | Advanced Echem Materials Company Ltd. TWD10              | CUSIP: Y2237S136<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      4000 | NS      | $111762.46    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Guotai Haitong Securities Co Ltd.               | Guotai Haitong Securities Co Ltd. CNY1 H                 | CUSIP: Y2R614115<br>LEI: 300300E1005431000017 | Long             | EC               | CORP              | CN        |    240200 | NS      | $513564.41    | 2.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JD.com Inc.                                     | JD.com Inc. USD0.00002 A CLASS                           | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      7750 | NS      | $111130.81    | 0.50%             |  |  |  | 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        |    205900 | NS      | $642352.80    | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Luye Pharma Group Ltd.                          | Luye Pharma Group Ltd. USD0.02                           | CUSIP: G57007109<br>LEI: 5299009HZHEY886D5W65 | Long             | EC               | CORP              | BM        |    288000 | NS      | $101393.86    | 0.45%             |  |  |  | Yes           |                  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        |     54800 | NS      | $473171.33    | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Airoha Technology Corp                          | Airoha Technology Corp TWD10                             | CUSIP: Y002AZ118<br>LEI: 9845004C0H914E3D6B09 | Long             | EC               | CORP              | TW        |     21000 | NS      | $296052.63    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| China International Capital Corp Ltd.           | China International Capital Corp Ltd. CNY1 H             | CUSIP: Y1R99Y109<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |     69600 | NS      | $175012.34    | 0.78%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LAMDA Development SA                            | LAMDA Development SA EUR0.3                              | CUSIP: X4740Y122<br>LEI: 213800C7PQZVF38FYL54 | Long             | EC               | CORP              | GR        |     28608 | NS      | $239296.24    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                        | Itau Unibanco Holding SA PRF NPV                         | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     82936 | NS      | $593932.75    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosan SA                                        | Cosan SA COM NPV                                         | CUSIP: P31573101<br>LEI: 549300PGFCX2JMKKLC96 | Long             | EC               | CORP              | BR        |    319100 | NS      | $309896.31    | 1.39%             |  |  |  | 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      | $202459.84    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Astor Enerji AS                                 | Astor Enerji AS TRY1                                     | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |     84016 | NS      | $228802.17    | 1.02%             |  |  |  | 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        |    129600 | NS      | $356293.54    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EO Technics Co                                  | EO Technics Co KRW500                                    | CUSIP: Y2297V102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       558 | NS      | $105158.28    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                 | Shinhan Financial Group Co Ltd. KRW5000                  | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     10000 | NS      | $532803.07    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Leeno Industrial                                | Leeno Industrial KRW100                                  | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2653 | NS      | $110839.60    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                     | Samsung Electronics Co Ltd. KRW100                       | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     20256 | NS      | $1682725.40   | 7.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Hansol Chemical Co Ltd                          | Hansol Chemical Co Ltd KRW5000                           | CUSIP: Y3064E109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1620 | NS      | $255350.55    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                         | KB Financial Group Inc. KRW5000                          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1551 | NS      | $134004.27    | 0.60%             |  |  |  | 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      | $495547.84    | 2.22%             |  |  |  | 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      | $181145.77    | 0.81%             |  |  |  | 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      | $463510.86    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gek Terna SA                                    | Gek Terna SA EUR0.57                                     | CUSIP: X3125P102<br>LEI: 2138003TO2MTRHWVP686 | Long             | EC               | CORP              | GR        |     17300 | NS      | $516642.39    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr. Reddy's Laboratories Ltd.                   | Dr. Reddy's Laboratories Ltd. ADR                        | CUSIP: 256135203<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |     50600 | NS      | $710424.00    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Qfin Holdings Inc.                              | Qfin Holdings Inc. AMERICAN DEP                          | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | KY        |      4800 | NS      | $92496.00     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd.                                      | Wipro Ltd. SPON ADR 1 SH                                 | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |    100900 | NS      | $286556.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Infosys Ltd.                                    | Infosys Ltd. SPONSORED ADR                               | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     44100 | NS      | $785862.00    | 3.52%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2026-02-28

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO