# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-002234
**Filing Date:** 2026-6
**Character Count:** 41624
**Document Hash:** e69771ba06d97a1daef7fdcefd339fb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002234.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002000324-26-002234

**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:** 261051245

**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 EQUITY INCOME FUND (Series ID: S000067901)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217711 | Institutional Class | IOEZX           |
| C000217712 | Investor Class      | IEQAX           |

## Nport-Ex

**ICON CONSUMER SELECT FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.82%)** |  |  |
| **Communications (4.35%)** |  |  |
| eBay Inc | 11980 | $1090420 |
| **Consumer, Cyclical (14.11%)** |  |  |
| Brunswick Corp | 7003 | 509538 |
| Gentherm Inc\* | 12800 | 355584 |
| Gildan Activewear Inc | 21700 | 1207605 |
| RH\* | 5400 | 755028 |
| Visteon Corp | 7800 | 710658 |
| **Total Consumer, Cyclical** |  | 3538413 |
| **Consumer, Non-cyclical (14.02%)** |  |  |
| The Boston Beer Co Inc\* | 2520 | 580608 |
| Coca-Cola Europacific Partners PLC | 15452 | 1401033 |
| Koninklijke Ahold Delhaize NV | 33019 | 1537695 |
| **Total Consumer, Non-cyclical** |  | 3519336 |
| **Financial (67.34%)** |  |  |
| American Express Co | 4800 | 1451904 |
| Arch Capital Group Ltd\* | 15200 | 1459048 |
| Assurant Inc | 4742 | 1032855 |
| Equitable Holdings Inc | 36700 | 1361937 |
| Everest Group Ltd | 3200 | 1045920 |
| Fidelity National Financial Inc | 20500 | 950790 |
| The Hartford Insurance Group Inc | 12020 | 1625464 |
| Huntington Bancshares Inc | 86316 | 1350845 |
| LPL Financial Holdings Inc | 4711 | 1417210 |
| Mastercard Inc | 2100 | 1049286 |
| RenaissanceRe Holdings Ltd | 5150 | 1530735 |
| Visa Inc | 5100 | 1541424 |
| Voya Financial Inc | 15733 | 1074879 |
| **Total Financial** |  | 16892297 |
| **Total Common Stock (Cost $19,316,869)** |  | 25040466 |
| **Money Market Funds (0.28%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% (Cost $69,899) | 69899 | 69899 |
| **Total Investments (Cost $19,386,768) (100.10%)** |  | $25110365 |
| **Liabilities in Excess of Other Assets (-0.10%)** |  | (24373) |
| **Net Assets (100.00%)** |  | $25085992 |

---

\* Non-income producing security.

**ICON EQUITY FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.00%)** |  |  |
| **Basic Materials (16.87%)** |  |  |
| Century Aluminum Co\* | 48200 | $2828858 |
| The Chemours Co | 65800 | 1449574 |
| International Paper Co | 31700 | 1131690 |
| Kaiser Aluminum Corp | 21100 | 2542761 |
| **Total Basic Materials** |  | 7952883 |
| **Communications (5.07%)** |  |  |
| Extreme Networks Inc\* | 80000 | 1206400 |
| Vodafone Group PLC | 78800 | 1183576 |
| **Total Communications** |  | 2389976 |
| **Consumer, Cyclical (20.56%)** |  |  |
| Delta Air Lines Inc | 26900 | 1788312 |
| Douglas Dynamics Inc | 40750 | 1715168 |
| Gildan Activewear Inc | 23600 | 1313340 |
| Magna International Inc | 27100 | 1512451 |
| MSC Industrial Direct Co Inc | 17750 | 1637793 |
| RH\* | 6350 | 887857 |
| Southwest Airlines Co | 22400 | 841568 |
| **Total Consumer, Cyclical** |  | 9696489 |
| **Consumer, Non-cyclical (3.33%)** |  |  |
| Euronet Worldwide Inc\* | 11683 | 775401 |
| Global Payments Inc | 11837 | 796630 |
| **Total Consumer, Non-cyclical** |  | 1572031 |
| **Energy (3.52%)** |  |  |
| Phillips 66 | 9100 | 1657838 |
| **Financial (28.16%)** |  |  |
| Bank of America Corp | 32488 | 1583790 |
| Horace Mann Educators Corp | 48800 | 2082784 |
| JPMorgan Chase & Co | 6850 | 2014996 |
| Lazard Inc | 31600 | 1342368 |
| Lincoln National Corp | 47900 | 1700450 |
| LPL Financial Holdings Inc | 6800 | 2045644 |
| Mastercard Inc | 1427 | 713015 |
| Truist Financial Corp | 39100 | 1797427 |
| **Total Financial** |  | 13280474 |
| **Industrial (9.96%)** |  |  |
| Alamo Group Inc | 7400 | 1220778 |
| Armstrong World Industries Inc | 12800 | 2109440 |
| Stanley Black & Decker Inc | 19200 | 1364352 |
| **Total Industrial** |  | 4694570 |
| **Technology (11.53%)** |  |  |
| CEVA Inc\* | 29500 | 551060 |
| NVIDIA Corp | 2500 | 436000 |
| Seagate Technology Holdings PLC | 9590 | 3756976 |
| Synaptics Inc\* | 9900 | 693396 |
| **Total Technology** |  | 5437432 |
| **Total Common Stock (Cost $34,218,957)** |  | 46681693 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.46%)** | **Shares** | **Value** |
| **Exchange-Traded Funds (1.23%)** |  |  |
| Direxion Daily Small Cap Bull 3X ETF | 8450 | 372899 |
| iShares MSCI ACWI ETF | 1500 | 207555 |
| **Total Exchange-Traded Funds** |  | 580454 |
| **Money Market (0.22%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% | 106669 | 106669 |
| **Total Investment Companies (Cost $608,356)** |  | 687123 |
| **Total Investments (Cost $34,827,313) (100.45%)** |  | $47368816 |
| **Liabilities in Excess of Other Assets (-0.45%)** |  | (214412) |
| **Net Assets (100.00%)** |  | $47154404 |

---

\* Non-income producing security.

**ICON EQUITY INCOME FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (98.58%)** |  |  |
| **Basic Materials (7.51%)** |  |  |
| The Chemours Co | 118100 | $2601743 |
| Huntsman Corp | 49100 | 653521 |
| **Total Basic Materials** |  | 3255264 |
| **Communications (9.98%)** |  |  |
| Iridium Communications Inc | 62640 | 1737634 |
| Nexstar Media Group Inc | 8075 | 1460202 |
| Vodafone Group PLC | 75031 | 1126966 |
| **Total Communications** |  | 4324802 |
| **Consumer, Non-Cyclical (14.79%)** |  |  |
| Amgen Inc | 4500 | 1583325 |
| Archer-Daniels-Midland Co | 25000 | 1817250 |
| GSK PLC | 32800 | 1810232 |
| Ingredion Inc | 10600 | 1194196 |
| **Total Consumer, Non-Cyclical** |  | 6405003 |
| **Energy (4.02%)** |  |  |
| Archrock Inc | 50000 | 1740000 |
| **Financial (27.22%)** |  |  |
| Horace Mann Educators Corp | 42300 | 1805364 |
| Huntington Bancshares Inc | 61654 | 964885 |
| ING Groep NV | 93403 | 2433148 |
| KeyCorp | 107600 | 2157380 |
| Lazard Inc | 23643 | 1004355 |
| OneMain Holdings Inc | 28000 | 1497720 |
| The Western Union Co | 220500 | 1924965 |
| **Total Financial** |  | 11787817 |
| **Industrial (9.07%)** |  |  |
| Lockheed Martin Corp | 3900 | 2357121 |
| Trinity Industries Inc | 48800 | 1570384 |
| **Total Industrial** |  | 3927505 |
| **Utilities (25.99%)** |  |  |
| The AES Corp | 136428 | 1922271 |
| DTE Energy Co | 16100 | 2354142 |
| Evergy Inc | 28900 | 2367488 |
| National Fuel Gas Co | 26537 | 2493416 |
| Portland General Electric Co | 40162 | 2119349 |
| **Total Industrial** |  | 11256666 |
| **Total Common Stock (Cost $33,643,276)** |  | 42697057 |
| **Energy (0.60%)** |  |  |
| NuStar Logistics LP (Cost $251,524) | 250000 | 258499 |
| **Asset Backed Securities (0.37%)** |  |  |
| New Economy Assets - Phase 1 Sponsor LLC (144A) (Cost $223,294) | 250000 | 157345 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.48%)** | **Shares** | **Value** |
| **Exchange-Traded Funds (0.94%)** |  |  |
| Invesco Senior Loan ETF | 20000 | 408200 |
| **Mutual Funds (0.13%)** |  |  |
| RiverNorth Capital and Income Fund | 3804 | 55348 |
| **Money Market Funds (0.41%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% | 178169 | 178169 |
| **Total Investment Companies (Cost $651,292)** |  | 641717 |
| **Total Investments (Cost $34,769,386) (101.03%)** |  | $43754618 |
| **Liabilities in Excess of Other Assets (-1.03%)** |  | (444152) |
| **Net Assets (100.00%)** |  | $43310466 |

---

(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 $157,345 which represented approximately 0.37% of net assets.

**ICON FLEXIBLE BOND FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (1.48%)** |  |  |
| **Financial (1.48%)** |  |  |
| AGNC Investment Corp | 604131 | $6059434 |
| California First Leasing Corp\* | 37673 | 941825 |
| **Total Common Stock (Cost $7,824,249)** |  | 7001259 |
| **Corporate Debt (50.53%)** |  |  |
| **Basic Materials (0.82%)** |  |  |
| Huntsman International LLC, 5.700%, 10/15/34 | 2000000 | 1839829 |
| Mineral Resources Ltd, 9.250%, 10/01/28 (144A) | 2000000 | 2072245 |
| **Total Basic Materials** |  | 3912074 |
| **Communications (1.75%)** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 03/01/30 (144A) | 2000000 | 1897748 |
| Cincinnati Bell Telephone Co LLC, 6.300%, 12/01/28 | 5315000 | 5368150 |
| DISH Network Corp, 11.750%, 11/15/27 (144A) | 1000000 | 1030245 |
| **Total Communications** |  | 8296143 |
| **Consumer, Cyclical (3.41%)** |  |  |
| Aptiv Swiss Holdings Ltd, 6.875%, 12/15/54<sup>(a)</sup> | 2500000 | 2523294 |
| Avianca Midco 2 PLC, 9.000%, 12/01/28 (144A) | 1556714 | 1506121 |
| Carvana Co, 9.000%, 06/01/31 (144A) | 250000 | 270326 |
| Champ Acquisition Corp, 8.375%, 12/01/31 (144A) | 3497000 | 3665307 |
| General Motors Financial Co Inc, 5.750%<sup>(a),(b)</sup> | 1500000 | 1460430 |
| JetBlue Airways Corp / JetBlue Loyalty LP, 9.875%, 09/20/31 (144A) | 2000000 | 1890117 |
| Mattamy Group Corp, 6.000%, 12/15/33 (144A) | 2000000 | 1878108 |
| Tenneco Inc, 8.000%, 11/17/28 (144A) | 3000000 | 2989330 |
| **Total Consumer, Cyclical** |  | 16183033 |
| **Consumer, Non-cyclical (4.58%)** |  |  |
| Bausch + Lomb Corp, 8.375%, 10/01/28 (144A) | 2180000 | 2250850 |
| CVS Pass-Through Trust Series 2013, 4.704%, 01/10/36 (144A) | 574152 | 541809 |
| Deluxe Corp, 8.000%, 06/01/29 (144A) | 2000000 | 2013020 |
| Embecta Corp, 5.000%, 02/15/30 (144A) | 2000000 | 1850013 |
| Green Dot Corp, 8.750%, 09/15/29 (144A) | 2000000 | 2155000 |
| Horizon Mutual Holdings Inc, 6.200%, 11/15/34 (144A) | 4500000 | 4212673 |
| The J M Smucker Co, 6.500%, 11/15/43 | 1250000 | 1302834 |
| McKesson Corp, 7.650%, 03/01/27 | 2000000 | 2054928 |
| Perrigo Co PLC, 5.300%, 11/15/43 | 3485000 | 2212975 |
| Veritiv Operating Co, 10.500%, 11/30/30 (144A) | 3000000 | 3117744 |
| **Total Consumer, Non-cyclical** |  | 21711846 |

---

---

| | | |
|:---|:---|:---|
| **Energy (7.71%)** |  |  |
| Andeavor LLC, 5.125%, 12/15/26 | 4000000.0 | 3987885 |
| APA Corp, 5.250%, 02/01/42 | 2000000.0 | 1707739 |
| APA Corp, 4.750%, 04/15/43 | 2000000.0 | 1594864 |
| APA Corp, 5.350%, 07/01/49 | 3000000.0 | 2527960 |
| Enbridge Inc, 8.250%, 01/15/84<sup>(a)</sup> | 1000000.0 | 1055505 |
| Energy Transfer LP, 6.000%, 02/01/29 (144A) | 3000000.0 | 3023394 |
| Energy Transfer LP, 6.500%<sup>(a),(b)</sup> | 2500000.0 | 2494983 |
| Enterprise Products Operating LLC, 6.900%, 08/16/77<sup>(a)</sup> | 1711000.0 | 1706825 |
| NuStar Logistics LP, 6.375%, 10/01/30 | 2000000.0 | 2067994 |
| ONEOK Inc, 6.400%, 05/01/37 | 3000000.0 | 3107569 |
| Phillips 66 Co, 5.875%, 03/15/56<sup>(a)</sup> | 4000000.0 | 3939032 |
| Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | 6490000.0 | 6674718 |
| Tidewater Inc, 9.125%, 07/15/30 (144A) | 2500000.0 | 2663330 |
| **Total Energy** |  | 36551798 |
| **Financial (20.70%)** |  |  |
| The Allstate Corp, 6.852%, 08/15/53<sup>(a)</sup> | 900000.0 | 899753 |
| Aretec Group Inc, 10.000%, 08/15/30 (144A) | 1350000.0 | 1433922 |
| The Bank of Nova Scotia, 7.350%, 04/27/85<sup>(a)</sup> | 2000000.0 | 2019498 |
| Capital One Financial Corp, 5.500%<sup>(a),(b)</sup> | 2000000.0 | 1982904 |
| The Charles Schwab Corp, 5.000%<sup>(a),(b)</sup> | 4500000.0 | 4450500 |
| Citigroup Inc, 7.125%<sup>(a),(b)</sup> | 3500000.0 | 3534412 |
| Citigroup Inc, 6.750%<sup>(a),(b)</sup> | 2000000.0 | 1999099 |
| Citigroup Inc, 6.500%<sup>(a),(b)</sup> | 2000000.0 | 1995148 |
| Citigroup Inc, 6.950%<sup>(a),(b)</sup> | 2000000.0 | 2014852 |
| Corebridge Financial Inc, 6.875%, 12/15/52<sup>(a)</sup> | 4000000.0 | 4030281 |
| Corebridge Financial Inc, 6.875%<sup>(a),(b)</sup> | 3000000.0 | 3056931 |
| Enova International Inc, 11.250%, 12/15/28 (144A) | 2000000.0 | 2115644 |
| Enstar Finance LLC, 5.500%, 01/15/42<sup>(a)</sup> | 2500000.0 | 2458038 |
| F&G Annuities & Life Inc, 6.500%, 06/04/29 | 2000000.0 | 2008358 |
| Fifth Third Bancorp, 6.994%<sup>(a),(b)</sup> | 500000.0 | 497910 |
| Fifth Third Bancorp, 7.090%<sup>(a),(b)</sup> | 6718000.0 | 6690011 |
| Genworth Holdings Inc, 6.500%, 06/15/34 | 215000.0 | 216729 |
| Genworth Holdings Inc, 5.917%, 11/15/36<sup>(a)</sup> | 5151000.0 | 4176590 |
| Huntington Bancshares Inc, 6.250%<sup>(a),(b)</sup> | 3500000.0 | 3448552 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 06/15/30 | 3000000.0 | 2813416 |
| M&T Bank Corp, 3.500%<sup>(a),(b)</sup> | 4412000.0 | 4271340 |
| MetLife Inc, 10.750%, 08/01/39 | 2000000.0 | 2592178 |
| Nationwide Financial Services Inc, 6.750%, 05/15/37 | 7000000.0 | 6944113 |
| Nexpoint Real Estate Finance Inc, 5.750%, 05/01/26 | 5000000.0 | 4988576 |
| The PNC Financial Services Group Inc, 3.400%<sup>(a),(b)</sup> | 12000000.0 | 11810315 |
| PXRE Capital Trust VI, 7.861%, 09/30/33 (144A)<sup>(a)</sup> | 1000000.0 | 937890 |
| Sammons Financial Group Inc, 4.750%, 04/08/32 (144A) | 2500000.0 | 2381691 |
| Sumisho Air Lease Corp, 4.125%<sup>(a),(b)</sup> | 5500000.0 | 5344101 |
| Talcott Resolution Life Inc, 7.650%, 06/15/27 | 3000000.0 | 3029341 |
| Truist Financial Corp, 6.669%<sup>(a),(b)</sup> | 2000000.0 | 1996478 |
| Wells Fargo & Co, 6.850%<sup>(a),(b)</sup> | 2000000.0 | 2073210 |
| **Total Financial** |  | 98211781 |

---

---

| | | |
|:---|:---|:---|
| **Government (2.71%)** |  |  |
| CoBank ACB, 7.250%<sup>(a),(b)</sup> | 345000 | 350975 |
| Farm Credit Bank of Texas, 7.750%<sup>(a),(b)</sup> | 7165000 | 7451600 |
| Farm Credit Bank of Texas, 7.000%<sup>(a),(b)</sup> | 4950000 | 5071923 |
| **Total Government** |  | 12874498 |
| **Industrial (1.88%)** |  |  |
| Cascades Inc/Cascades USA Inc, 5.375%, 01/15/28 (144A) | 2000000 | 1979998 |
| FTAI Aviation Investors LLC, 5.500%, 05/01/28 (144A) | 4000000 | 3998587 |
| Stanley Black & Decker Inc, 6.707%, 03/15/60<sup>(a)</sup> | 3000000 | 2929900 |
| **Total Industrial** |  | 8908485 |
| **Technology (0.42%)** |  |  |
| Pitney Bowes Inc, 6.875%, 03/15/27 (144A) | 2000000 | 1997360 |
| **Utilities (6.55%)** |  |  |
| AltaGas Ltd, 7.200%, 10/15/54 (144A)<sup>(a)</sup> | 2000000 | 2027954 |
| American Electric Power Co Inc, 7.050%, 12/15/54<sup>(a)</sup> | 2000000 | 2064437 |
| American Electric Power Co Inc, 5.800%, 03/15/56<sup>(a)</sup> | 3290000 | 3249911 |
| Entergy Corp, 7.125%, 12/01/54<sup>(a)</sup> | 4000000 | 4098712 |
| Eversource Energy, 6.100%, 08/15/56<sup>(a)</sup> | 3000000 | 2962915 |
| NextEra Energy Capital Holdings Inc, 3.800%, 03/15/82<sup>(a)</sup> | 5000000 | 4818948 |
| PacifiCorp, 7.125%, 08/15/56<sup>(a)</sup> | 6000000 | 5668071 |
| South Jersey Industries Inc, 5.020%, 04/15/31 | 2000000 | 1747446 |
| Spire Inc, 6.250%, 06/01/56<sup>(a)</sup> | 3000000 | 2966543 |
| Vistra Operations Co LLC, 5.000%, 07/31/27 (144A) | 1460000 | 1454848 |
| **Total Utilities** |  | 31059785 |
| **Total Corporate Debt (Cost $240,402,769)** |  | 239706803 |
| **Asset Backed Securities (32.40%)** |  |  |
| Atrium Hotel Portfolio Trust 2024-ATRM (144A)<sup>(a)</sup> | 5000000 | 5093502 |
| BANK5 2024-5YR8 (144A) | 7333000 | 6526069 |
| BBCMS Mortgage Trust 2024-5C27 (144A) | 6674000 | 5939244 |
| Benchmark 2024-V5 Mortgage Trust (144A) | 4249000 | 3879231 |
| BMO 2024-5C4 Mortgage Trust (144A)<sup>(a)</sup> | 3374000 | 2989364 |
| BX 2025-BIO3 Mortgage Trust (144A)<sup>(a)</sup> | 5000000 | 4994278 |
| BX Commercial Mortgage Trust 2024-BRBK (144A)<sup>(a)</sup> | 2000000 | 1989230 |
| BXMT 2020-FL2 LTD (144A)<sup>(a)</sup> | 3500000 | 3460055 |
| BXMT 2021-FL4 Ltd (144A)<sup>(a)</sup> | 10000000 | 9712646 |
| BXMT 2026-FL6 Ltd (144A)<sup>(a)</sup> | 10000000 | 9994840 |
| CBAT 2026-1 | 15000000 | 13425000 |
| Finance of America Structured Securities Trust (144A) | 1215785 | 1178430 |
| Flexential Issuer 2021-1 (144A) | 9000000 | 8936557 |
| GPMT 2021-FL3 Ltd (144A)<sup>(a)</sup> | 4465000 | 4099663 |
| GPMT 2021-FL4 Ltd (144A)<sup>(a)</sup> | 5000000 | 4364930 |
| JetBlue 2019-1 Class B Pass Through Trust | 2714074 | 2737361 |

---

---

| | | |
|:---|:---|:---|
| JetBlue 2020-1 Class B Pass Through Trust | 3260140 | 3284488 |
| KREF 2021-FL2 Ltd (144A)<sup>(a)</sup> | 5000000 | 4969663 |
| LoanCore 2021-CRE6 Issuer Ltd (144A)<sup>(a)</sup> | 5000000 | 4967708 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 (144A) | 4098000 | 3573773 |
| MRQI 2026-HI1A C | 9805930 | 9734738 |
| MRQI 2026-HI1A D | 1961186 | 1945387 |
| New Economy Assets - Phase 1 Sponsor LLC (144A) | 4000000 | 3357522 |
| New Economy Assets - Phase 1 Sponsor LLC (144A) | 6750000 | 4248318 |
| Onity Loan Investment Trust 2025-HB1 (144A)<sup>(a)</sup> | 1877000 | 1763052 |
| Pioneer Aircraft Finance Ltd (144A) | 181954 | 181504 |
| SMB Private Education Loan Trust 2014-A (144A) | 3000000 | 2711540 |
| STWD 2021-FL2 Ltd (144A)<sup>(a)</sup> | 12654000 | 12683405 |
| STWD 2022-FL3 Ltd (144A)<sup>(a)</sup> | 3590000 | 3559421 |
| UNIV Trust 2025-APTS (144A)<sup>(a)</sup> | 3000000 | 2989529 |
| VMC Finance 2021-FL4 LLC (144A)<sup>(a)</sup> | 4441119 | 4396542 |
| **Total Asset Backed Securities (Cost $158,250,805)** |  | 153686990 |
| **Preferred Stock (9.99%)** |  |  |
| Annaly Capital Management Inc<sup>(a)</sup> | 144862 | 3534633 |
| Annaly Capital Management Inc<sup>(a),(b)</sup> | 70864 | 1781521 |
| Bank of America Corp | 6927 | 8247355 |
| Capital One Financial Corp | 65394 | 1219598 |
| The Goldman Sachs Group Inc<sup>(a0</sup> | 227711 | 4340172 |
| JPMorgan Chase & Co | 238796 | 5778863 |
| Public Storage<sup>(b)</sup> | 3955 | 77558 |
| UMH Properties Inc | 544584 | 11305564 |
| US Bancorp | 187020 | 2762285 |
| Wells Fargo & Co | 7201 | 8332634 |
| **Total Preferred Stock (Cost $49,990,698)** |  | 47380183 |
| **Investment Companies (8.88%)** |  |  |
| **Exchange-Traded Funds (0.25%)** |  |  |
| Invesco Senior Loan ETF, 0.000% | 2733 | 55781 |
| State Street SPDR Bloomberg Short Term High Yield Bond ETF, 0.000% | 45777 | 1143509 |
| **Total Exchange-Traded Funds** |  | 1199290 |
| **Mutual Funds (6.80%)** |  |  |
| Ares Dynamic Credit Allocation Fund Inc | 97237 | 1182402 |
| BlackRock Floating Rate Income Trust | 103027 | 1108571 |
| Eaton Vance Floating-Rate Income Trust | 170280 | 1827104 |
| Eaton Vance Senior Floating-Rate Trust | 108870 | 1147490 |
| Eaton Vance Senior Income Trust | 307371 | 1533781 |
| Invesco Senior Income Trust | 518888 | 1670819 |
| MFS High Yield Municipal Trust | 731734 | 2619608 |
| MFS Investment Grade Municipal Trust | 241372 | 1928562 |
| Nuveen Credit Strategies Income Fund | 306035 | 1490390 |
| Nuveen Floating Rate Income Fund/Closed-end Fund | 1716759 | 12910028 |
| Pioneer Diversified High Income Fund Inc<sup>(c)</sup> | 245326 |  |

---

---

| | | |
|:---|:---|:---|
| Pioneer Floating Rate Fund Inc | 364437.0 | 76532 |
| Pioneer High Income Fund Inc<sup>(c)</sup> | 613257.0 | 1 |
| Pioneer Municipal High Income Advantage Fund Inc | 704314.0 | 288769 |
| Pioneer Municipal High Income Fund Trust | 163375.0 | 58815 |
| Pioneer Municipal High Income Opportunities Fund Inc | 194683.0 | 29202 |
| RiverNorth Capital and Income Fund | 97182.0 | 1413998 |
| Total Return Securities Fund\* | 500294.0 | 2966743 |
| **Total Mutual Funds** |  | 32252815 |
| **Money Market Funds (1.83%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% | 8681264.0 | 8681264 |
| **Total Investment Companies (Cost $43,730,718)** |  | 42133369 |
| **Total Investments (Cost $500,199,239) (103.28%)** |  | $489908604 |
| **Liabilities in Excess of Other Assets (-3.28%)** |  | (15548479) |
| **Net Assets (100.00%)** |  | $474360126 |

---

(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 $186,590,008, which represented approximately 39.34% of net assets.

(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2026 is based on the reference rate plus the displayed spread as of the security's last reset date.

(b) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

(c) 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

**ICON HEALTH AND INFORMATION TECHNOLOGY FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (98.42%)** |  |  |
| **Communications (26.67%)** |  |  |
| Alphabet Inc | 12500 | $3585750 |
| Arista Networks Inc\* | 32500 | 3990350 |
| CDW Corp | 11800 | 1428036 |
| Cisco Systems Inc | 65390 | 5073610 |
| Meta Platforms Inc | 6000 | 3432780 |
| Palo Alto Networks Inc\* | 15000 | 2404800 |
| **Total Communications** |  | 19915326 |
| **Consumer, Non-cyclical (11.62%)** |  |  |
| Encompass Health Corp | 35840 | 3466803 |
| HCA Healthcare Inc | 8352 | 3952500 |
| Insulet Corp\* | 6000 | 1259040 |
| **Total Consumer, Non-cyclical** |  | 8678343 |
| **Industrial (16.84%)** |  |  |
| Arrow Electronics Inc\* | 25590 | 3669862 |
| Avnet Inc | 57000 | 3512340 |
| TD SYNNEX Corp | 20320 | 3428187 |
| Universal Display Corp | 21384 | 1960057 |
| **Total Industrial** |  | 12570446 |
| **Technology (43.29%)** |  |  |
| Amdocs Ltd | 24436 | 1594693 |
| Autodesk Inc\* | 10000 | 2394000 |
| Globant SA\* | 15485 | 714013 |
| Intel Corp\* | 47508 | 2096528 |
| Kulicke & Soffa Industries Inc | 58000 | 3811760 |
| MKS Inc | 18000 | 4136581 |
| Pegasystems Inc | 41493 | 1765942 |
| Salesforce Inc | 10862 | 2027610 |
| Seagate Technology Holdings PLC | 4219 | 1652835 |
| Semtech Corp\* | 20000 | 1537800 |
| ServiceNow Inc\* | 17620 | 1842171 |
| Taiwan Semiconductor Manufacturing Co Ltd | 16700 | 5643765 |
| Teradyne Inc | 4615 | 1368163 |
| Tyler Technologies Inc\* | 5057 | 1731416 |
| **Total Technology** |  | 32317277 |
| **Total Common Stock (Cost $57,691,397)** |  | 73481392 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.65%)** | | |
| **Exchange-Traded Funds (1.45%)** |  |  |
| Invesco S&P SmallCap Information Technology ETF | 18000 | 1081343 |
| **Money Market (0.20%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% | 148566 | 148566 |
| **Total Investment Companies (Cost $923,140)** |  | 1229909 |
| **Total Investments (Cost $58,614,536) (100.07%)** |  | $74711301 |
| **Liabilities in Excess of Other Assets (-0.07%)** |  | (52475) |
| **Net Assets (100.00%)** |  | $74658826 |

---

\* Non-income producing security.

**ICON NATURAL RESOURCES & INFRASTRUCTURE FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (86.21%)** |  |  |
| **Basic Materials (24.53%)** |  |  |
| ArcelorMittal SA | 65000 | $3378700 |
| Barrick Mining Corp | 83000 | $3385570 |
| BHP Group Ltd | 59000 | $4291660 |
| Cameco Corp | 50000 | 5430500 |
| Carpenter Technology Corp | 16000 | 6306400 |
| Century Aluminum Co\* | 125000 | 7336250 |
| Cia de Minas Buenaventura SAA | 24000 | 864960 |
| Steel Dynamics Inc | 11000 | 1980000 |
| Trinseo PLC | 500000 | 52500 |
| **Total Basic Materials** |  | 33026540 |
| **Consumer, Cyclical (5.31%)** |  |  |
| Douglas Dynamics Inc | 102000 | 4293180 |
| The Scotts Miracle-Gro Co | 47000 | 2858070 |
| **Total Consumer, Cyclical** |  | 7151250 |
| **Consumer, Non-Cyclical (3.97%)** |  |  |
| Brink's Co/The | 25000 | 2590750 |
| Deluxe Corp | 100000 | 2754000 |
| **Total Consumer, Non-Cyclical** |  | 5344750 |
| **Energy (17.43%)** |  |  |
| Antero Resources Corp\* | 112000 | 4753280 |
| CVR Energy Inc\* | 172000 | 5787800 |
| HF Sinclair Corp | 105000 | 6550950 |
| Phillips 66 | 35000 | 6376300 |
| TPI Composites Inc\* | 650000 | 4615 |
| **Total Energy** |  | 23472945 |
| **Industrial (25.87%)** |  |  |
| Ball Corp | 59000 | 3487490 |
| Brady Corp | 33000 | 2680920 |
| Insteel Industries Inc | 93000 | 3125730 |
| Knight-Swift Transportation Holdings Inc | 55000 | 3166900 |
| Kornit Digital Ltd\* | 185000 | 2712100 |
| O-I Glass Inc\* | 285000 | 2995350 |
| Stanley Black & Decker Inc | 18000 | 1279080 |
| Terex Corp | 60000 | 3546000 |
| Tetra Tech Inc | 60000 | 1807200 |
| Tutor Perini Corp | 30000 | 2315700 |
| United Parcel Service Inc | 17000 | 1672460 |
| ZTO Express Cayman Inc | 240000 | 6040800 |
| **Total Industrial** |  | 34829730 |

---

---

| | | |
|:---|:---|:---|
| **Technology (0.52%)** |  |  |
| 3D Systems Corp\* | 375000 | 705000 |
| **Utilities (8.58%)** |  |  |
| Dominion Energy Inc | 45500 | 2812810 |
| National Fuel Gas Co | 30500 | 2865780 |
| Southwest Gas Holdings Inc | 30000 | 2607000 |
| Spire Inc | 36000 | 3259440 |
| **Total Utilities** |  | 11545030 |
| **Total Common Stock (Cost $93,915,365)** |  | 116075245 |
| **Investment Companies (12.34%)** |  |  |
| **Exchange-Traded Funds (3.75%)** |  |  |
| Direxion Daily Small Cap Bull 3X ETF | 78000 | 3442140 |
| iShares Global Energy ETF | 28000 | 1613080 |
| **Total Exchange-Traded Funds (Cost $923,140)** |  | 5055220 |
| **Mutual Funds (1.60%)** |  |  |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 147000 | 2159430 |
| **Money Market Funds (6.98%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% | 9399684 | 9399684 |
| **Total Investment Companies (Cost $15,713,324)** |  | 16614334 |
| **Total Investments (Cost $109,628,689) (98.54%)** |  | $132689579 |
| **Other Net Assets (1.46%)** |  | 1960443 |
| **Net Assets (100.00%)** |  | $134650022 |

---

\* Non-income producing security.

**ICON UTILITIES AND INCOME FUND**

**Portfolio of Investments (Unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.87%)** |  |  |
| **Communications (13.17%)** |  |  |
| Iridium Communications Inc | 43827 | $1215761 |
| T-Mobile US Inc | 2770 | 581783 |
| Vodafone Group PLC | 90000 | 1351800 |
| **Total Communications** |  | 3149344 |
| **Consumer, Cyclical (3.04%)** |  |  |
| Suburban Propane Partners LP | 36914 | 726837 |
| **Utilities (83.66%)** |  |  |
| Ameren Corp | 12082 | 1328053 |
| American Electric Power Co Inc | 11440 | 1499555 |
| Atmos Energy Corp | 7480 | 1381706 |
| Black Hills Corp | 11237 | 779960 |
| CMS Energy Corp | 12200 | 946476 |
| Consolidated Edison Inc | 11100 | 1256298 |
| DTE Energy Co | 8559 | 1251497 |
| Evergy Inc | 14900 | 1220608 |
| Eversource Energy | 15300 | 1059984 |
| National Fuel Gas Co | 12991 | 1220634 |
| New Jersey Resources Corp | 19700 | 1081924 |
| NextEra Energy Inc | 13762 | 1278215 |
| NiSource Inc | 24300 | 1133838 |
| ONE Gas Inc | 12600 | 1085238 |
| Portland General Electric Co | 20104 | 1060888 |
| Spire Inc | 13100 | 1186074 |
| Xcel Energy Inc | 15400 | 1223376 |
| **Total Utilities** |  | 19994324 |
| **Total Common Stock (Cost $17,236,485)** |  | 23870505 |
| **Money Market Funds (0.63%)** |  |  |
| First American Government Obligations Fund, 7-day Yield: 2.98% (Cost $150,018) | 150018 | 150018 |
| **Total Investments (Cost $17,386,503) (100.50%)** |  | $24020523 |
| **Liabilities in Excess of Other Assets (-0.50%)** |  | (120610) |
| **Net Assets (100.00%)** |  | $23899913 |

---

\* Non-income producing security.

## 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 EQUITY INCOME FUND

- **b. EDGAR series identifier (if any):** S000067901

- **c. LEI of Series:** 25490038Q7TA41110930

**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:** $43852155.04

**Total Liabilities:** $541689.44

**Net Assets:** $43310465.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217711 | 7.06%                | 6.80%                | -3.58%               |
| Class ID C000217712 | 7.03%                | 6.78%                | -3.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-32936.79                                 |
| Month 2  | $0.00                    | $354923.78                                 |
| Month 3  | $0.00                    | $627900.57                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp.                              | AES Corp. COM                                   | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    136428 | NS      | $1922270.52   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated     | Huntington Bancshares Incorporated COM          | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     61654 | NS      | $964885.10    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.             | Archer-Daniels-Midland Co. COM                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     25000 | NS      | $1817250.00   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                             | Amgen Inc. COM                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      4500 | NS      | $1583325.00   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                 | Ingredion Incorporated COM                      | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     10600 | NS      | $1194196.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                         | DTE Energy Co. COM                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     16100 | NS      | $2354142.00   | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corporation      | Horace Mann Educators Corporation COM           | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     42300 | NS      | $1805364.00   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                   | Huntsman Corporation COM                        | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     49100 | NS      | $653521.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                         | ING Groep N.V. SPONSORED ADR                    | CUSIP: 456837103<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     93403 | NS      | $2433148.15   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.           | Iridium Communications, Inc. COM                | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     62640 | NS      | $1737633.60   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation            | Lockheed Martin Corporation COM                 | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3900 | NS      | $2357121.00   | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                | KeyCorp COM                                     | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    107600 | NS      | $2157380.00   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                | Nexstar Media Group Inc COMMON STOCK            | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      8075 | NS      | $1460202.25   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company              | National Fuel Gas Company COM                   | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     26537 | NS      | $2493416.52   | 5.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company      | Portland General Electric Company COM NEW       | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     40162 | NS      | $2119348.74   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Industries, Inc.               | Trinity Industries, Inc. COM                    | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |     48800 | NS      | $1570384.00   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company              | The Western Union Company COM                   | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    220500 | NS      | $1924965.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                     | Vodafone Group PLC SPONSORED ADR                | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     75031 | NS      | $1126965.62   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC               | The Chemours Company LLC COM                    | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    118100 | NS      | $2601743.00   | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                  | OneMain Holdings Inc. COM                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     28000 | NS      | $1497720.00   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                           | Archrock Inc COM                                | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     50000 | NS      | $1740000.00   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Capital and Income Fund Inc | RiverNorth Capital and Income Fund Inc COM      | CUSIP: 76882B108<br>LEI: 54930061II7PXY87SC72 | Long             | EC               | RF                | US        |      3804 | NS      | $55348.20     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.              | First American Funds Inc. GOVT OBLIGS X         | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    178169 | OU      | $178168.97    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                             | Evergy Inc COM                                  | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     28900 | NS      | $2367488.00   | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II  | Invesco Exchange Traded Fund Trust II SR LN ETF | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     20000 | NS      | $408200.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nustar Logistics, L.P.                 | NSUS 6.375 10/01/30                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258499.25    | 0.60%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC  | USRE 2021-1 B1                                  | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $157345.10    | 0.36%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| GSK plc                                | GSK plc SPONSORED ADR                           | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     32800 | NS      | $1810232.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                             | Lazard Inc COM                                  | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     23643 | NS      | $1004354.64   | 2.32%             |  |  |  | No            |                  1 | 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