# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-004588
**Filing Date:** 2025-12
**Character Count:** 105208
**Document Hash:** 454524977489368014a6e0e955ce0512
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004588.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002000324-25-004588

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251540254

**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 FLEXIBLE BOND FUND (Series ID: S000067902)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217713 | Investor Class      | IOBAX           |
| C000217714 | Institutional Class | IOBZX           |

## Nport-Ex

**ICON UTILITIES AND INCOME FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (100.20%)** |  |  |
| **Communications (14.15%)** |  |  |
| Iridium Communications Inc | 23427 | $409035 |
| T-Mobile US Inc | 5700 | 1364466 |
| Vodafone Group PLC | 140000 | 1624000 |
| **Total Utilities** |  | 3397501 |
| **Consumer, Cyclical (1.88%)** |  |  |
| Suburban Propane Partners LP | 24214 | 451591 |
| **Utilities (84.17%)** |  |  |
| ALLETE Inc | 11500 | 763600 |
| Ameren Corp | 12082 | 1261119 |
| American Electric Power Co Inc | 12240 | 1377000 |
| Atmos Energy Corp | 9000 | 1536752 |
| Black Hills Corp | 12237 | 753677 |
| CMS Energy Corp | 12200 | 893772 |
| Consolidated Edison Inc | 11100 | 1115772 |
| DTE Energy Co | 8559 | 1210499 |
| Evergy Inc | 16900 | 1284738 |
| Eversource Energy | 15300 | 1088442 |
| National Fuel Gas Co | 14641 | 1352389 |
| New Jersey Resources Corp | 19700 | 948555 |
| NextEra Energy Inc | 13762 | 1038893 |
| NiSource Inc | 24300 | 1052190 |
| ONE Gas Inc | 12600 | 1019844 |
| Portland General Electric Co | 20104 | 884576 |
| Spire Inc | 15100 | 1230952 |
| Xcel Energy Inc | 17400 | 1403310 |
| **Total Utilities** |  | 20216080 |
| **Total Common Stock (Cost $19,202,834)** |  | 24065172 |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds (0.39%)** | **Par Value** | **Value** |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $93,724) | 93724 | 93724 |
| **Total Investments (Cost $19,296,558) (100.59%)** |  | 24158896 |
| **Other Net Assets (-0.59%)** |  | (141642) |
| **Net Assets (100.00%)** |  | $24017254 |

---

\* Non-income producing security.

Icon Utilities 1

**ICON CONSUMER SELECT FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (100.27%)** |  |  |
| **Communications (4.65%)** |  |  |
| eBay Inc | 11980 | $1089581 |
| Expedia Group Inc | 1452 | 310365 |
| **Total Communications** |  | 1399946 |
| **Consumer, Cyclical (16.68%)** |  |  |
| Deckers Outdoor Corp\* | 5788 | 586730 |
| Gentex Corp | 42783 | 1210759 |
| Gentherm Inc\* | 14800 | 504088 |
| Lear Corp | 8700 | 875307 |
| Steven Madden Ltd | 27000 | 903960 |
| Visteon Corp | 7800 | 934908 |
| **Total Consumer, Cyclical** |  | 5015752 |
| **Consumer, Non-cyclical (16.51%)** |  |  |
| The Boston Beer Co Inc\* | 2520 | 532778 |
| Coca-Cola Europacific Partners PLC | 18852 | 1704409 |
| Global Payments Inc | 12500 | 1038500 |
| Koninklijke Ahold Delhaize NV | 41619 | 1687234 |
| **Total Consumer, Non-cyclical** |  | 4962921 |
| **Financial (62.43%)** |  |  |
| American Express Co | 5500 | 1826880 |
| Arch Capital Group Ltd | 15200 | 1379096 |
| Assurant Inc | 4742 | 1027117 |
| Equitable Holdings Inc | 39200 | 1990576 |
| Everest Group Ltd | 3200 | 1120736 |
| The Hartford Insurance Group Inc | 12020 | 1603348 |
| Huntington Bancshares Inc | 86316 | 1490677 |
| LPL Financial Holdings Inc | 6681 | 2222702 |
| Mastercard Inc | 2200 | 1251382 |
| RenaissanceRe Holdings Ltd | 6500 | 1650545 |
| Visa Inc | 6600 | 2253108 |
| Voya Financial Inc | 12733 | 952428 |
| **Total Financial** |  | 18768595 |
| **Total Common Stock (Cost $22,345,772)** |  | 30147214 |
| **Total Investments (Cost $22,345,772) (100.27%)** |  | 30147214 |
| **Other Net Assets (-0.27%)** |  | (82259) |
| **Net Assets (100.00%)** |  | $30064955 |

---

\* Non-income producing security.

Icon Consumer Select 2

**ICON EQUITY FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (98.28%)** |  |  |
| **Basic Materials (13.76%)** |  |  |
| Century Aluminum Co\* | 49000 | $1438640 |
| The Chemours Co | 65800 | 1042272 |
| Eastman Chemical Co | 13100 | 825955 |
| International Paper Co | 40000 | 1856000 |
| Kaiser Aluminum Corp | 21100 | 1628076 |
| **Total Basic Materials** |  | 6790943 |
| **Communications (10.02%)** |  |  |
| Extreme Networks Inc\* | 80000 | 1652000 |
| T-Mobile US Inc | 7200 | 1723536 |
| Vodafone Group PLC | 135000 | 1566000 |
| **Total Communications** |  | 4941536 |
| **Consumer, Cyclical (7.15%)** |  |  |
| Delta Air Lines Inc | 26900 | 1526575 |
| Magna International Inc | 27100 | 1283998 |
| Southwest Airlines Co | 22400 | 714784 |
| **Total Consumer, Cyclical** |  | 3525357 |
| **Consumer, Non-cyclical (8.07%)** |  |  |
| Euronet Worldwide Inc\* | 11683 | 1025884 |
| Global Payments Inc | 11837 | 983418 |
| Performance Food Group Co\* | 18975 | 1974159 |
| **Total Consumer, Non-cyclical** |  | 3983461 |
| **Energy (2.41%)** |  |  |
| Baker Hughes Co | 24400 | 1188768 |
| **Financial (30.15%)** |  |  |
| Bank of America Corp | 32488 | 1676056 |
| Horace Mann Educators Corp | 48800 | 2204296 |
| JPMorgan Chase & Co | 6850 | 2160696 |
| Lazard Inc | 31600 | 1667848 |
| Lincoln National Corp | 47900 | 1931807 |
| LPL Financial Holdings Inc | 6800 | 2262292 |
| Mastercard Inc | 2077 | 1181418 |
| Truist Financial Corp | 39100 | 1787652 |
| **Total Financial** |  | 14872065 |
| **Industrial (13.53%)** |  |  |
| Alamo Group Inc | 7400 | 1412660 |
| Armstrong World Industries Inc | 15500 | 3038155 |
| CSX Corp | 36200 | 1285462 |
| Stanley Black & Decker Inc | 12600 | 936558 |
| **Total Industrial** |  | 6672835 |
| **Technology (11.20%)** |  |  |
| CEVA Inc\* | 29500 | 779095 |
| Power Integrations Inc | 13100 | 526751 |
| Seagate Technology Holdings PLC | 15000 | 3540900 |
| Synaptics Inc\* | 9900 | 676566 |
| **Total Technology** |  | 5523312 |
| **Utilities (2.99%)** |  |  |
| Dominion Energy Inc | 24100 | 1474197 |
| **Total Common Stock (Cost $34,567,358)** |  | 48972474 |

---

Icon Equity Fund 3

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.15%)** | **Shares** | **Value** |
| **Exchange-Traded Funds (1.11%)** |  |  |
| Direxion Daily Small Cap Bull 3X Shares<sup>#</sup> | 7550 | 341562 |
| iShares MSCI ACWI ETF<sup>#</sup> | 1500 | 207360 |
| **Total Exchange-Traded Funds** |  | 548922 |
| **Money Market (0.04%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% | 18615 | 18615 |
| **Total Investment Companies (Cost $468,852)** |  | 567537 |
| **Collateral Received For Securities on Loan (1.12%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $550,883) | 550883 | 550883 |
| **Total Investments (Cost $35,587,093) (101.55%)** |  | 50090894 |
| **Liabilities in Excess of Other Assets (-1.55%)** |  | (762804) |
| **Net Assets (100.00%)** |  | $49328090 |

---

\* Non-income producing security.

# Loaned security; a portion of the security is on loan at Septemeber 30, 2025.

Icon Equity Fund 4

**ICON EQUITY INCOME FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (92.07%)** |  |  |
| **Basic Materials (8.35%)** |  |  |
| The Chemours Co | 118100 | $1870704 |
| Huntsman Corp | 49100 | 440918 |
| Kaiser Aluminum Corp | 14776 | 1140116 |
| **Total Basic Materials** |  | 3451738 |
| **Communications (7.38%)** |  |  |
| Iridium Communications Inc | 28140 | 491324 |
| Nexstar Media Group Inc | 8550 | 1690677 |
| Vodafone Group PLC | 75031 | 870360 |
| **Total Communications** |  | 3052361 |
| **Consumer, Non-Cyclical (12.04%)** |  |  |
| Amgen Inc | 4500 | 1269900 |
| Bristol-Myers Squibb Co | 19262 | 868716 |
| GSK PLC | 35800 | 1545128 |
| Ingredion Inc | 10600 | 1294366 |
| **Total Consumer, Non-Cyclical** |  | 4978110 |
| **Financial (28.70%)** |  |  |
| Horace Mann Educators Corp | 42300 | 1910691 |
| Huntington Bancshares Inc | 61654 | 1064765 |
| ING Groep NV | 99403 | 2592430 |
| KeyCorp | 107600 | 2011044 |
| Lazard Inc | 23643 | 1247878 |
| OneMain Holdings Inc | 28000 | 1580880 |
| The Western Union Co<sup>#</sup> | 182500 | 1458175 |
| **Total Financial** |  | 11865863 |
| **Industrial (9.96%)** |  |  |
| Cemex SAB de CV | 89240 | 802268 |
| Lockheed Martin Corp | 3900 | 1946919 |
| Trinity Industries Inc | 48800 | 1368352 |
| **Total Industrial** |  | 4117539 |
| **Utilities (25.64%)** |  |  |
| The AES Corp | 107114 | 1409620 |
| DTE Energy Co | 18000 | 2545740 |
| Evergy Inc | 31900 | 2425038 |
| National Fuel Gas Co | 26537 | 2451223 |
| Portland General Electric Co | 40162 | 1767128 |
| **Total Industrial** |  | 10598749 |
| **Total Common Stock (Cost $33,039,244)** |  | 38064360 |

---

Icon Equity Income Fund 5

---

| | | |
|:---|:---|:---|
| **Corporate Debt (8.42%)** | **Par Value** | **Value** |
| **Consumer, Cyclical (6.58%)** |  |  |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) | 314815 | 312927 |
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028 | 303500 | 292530 |
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025 | 146129 | 146008 |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032 | 350784 | 320755 |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028 | 118705 | 115584 |
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) | 378170 | 343275 |
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028 | 577875 | 554720 |
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030 | 325298 | 305626 |
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031 | 342637 | 329204 |
| **Total Consumer, Cyclical** |  | 2720629 |
| **Consumer, Non-Cyclical (0.60%)** |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 250000 | 248423 |
| **Energy (0.63%)** |  |  |
| NuStar Logistics LP, 6.375%, 10/1/2030 | 250000 | 258899 |
| **Industrial (0.61%)** |  |  |
| MasTec Inc, 6.625%, 8/15/2029 (144A)<sup>(a),(b)</sup> | 250000 | 250000 |
| **Total Corporate Debt (Cost $3,337,524)** |  | 3477951 |
| **Asset Backed Securities (0.40%)** |  |  |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) (Cost $223,080) | 250000 | 166058 |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds (0.35%)** | **Par Value** | **Value** |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $145,353) | 145353 | 145353 |
| **Collateral Received For Securities on Loan (2.51%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $1,038,073) | 1038073 | 1038073 |
| **Total Investments (Cost $38,821,347) (103.75%)** |  | 42891795 |
| **Liabilities in Excess of Other Assets (-3.75%)** |  | (1550725) |
| **Net Assets (100.00%)** |  | $41341070 |

---

(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 September 30, 2025, these securities had a total aggregate market value of $1,320,683 which represented approximately 3.19% of net assets.

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

(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.

# Loaned security; a portion of the security is on loan at September 30, 2025.

Icon Equity Income Fund 6

**ICON FLEXIBLE BOND FUND** 

**Portfolio of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (3.32%)** |  |  |
| **Financial (3.32%)** |  |  |
| AGNC Investment Corp<sup>#</sup> | 113121 | $1107455 |
| Annaly Capital Management Inc | 150752 | 3046698 |
| Ares Capital Corp | 174301 | 3557483 |
| Barings BDC Inc | 128698 | 1127394 |
| Crescent Capital BDC Inc | 142900 | 2037754 |
| Goldman Sachs BDC Inc | 152888 | 1554871 |
| Oaktree Specialty Lending Corp | 60226 | 785949 |
| **Total Common Stock (Cost $14,063,713)** |  | 13217604 |
| **Corporate Debt (61.36%)** |  |  |
| **Basic Materials (1.32%)** |  |  |
| Huntsman International LLC, 5.700%, 10/15/2034 | 2000000 | 1822663 |
| Mercer International Inc, 12.875%, 10/1/2028 (144A) | 1500000 | 1368263 |
| Mineral Resources Ltd, 9.250%, 10/1/2028 (144A) | 2000000 | 2095520 |
| **Total Basic Materials** |  | 5286446 |
| **Communications (1.81%)** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 3/1/2030 (144A) | 2000000 | 1919542 |
| Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028 | 4315000 | 4229779 |
| DISH Network Corp, 11.750%, 11/15/2027 (144A) | 1000000 | 1058236 |
| **Total Communications** |  | 7207557 |
| **Consumer, Cyclical (13.05%)** |  |  |
| Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/2027 (144A) | 710588 | 691699 |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) | 1424852 | 1416309 |
| American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 9/22/2027 | 1099835 | 1072108 |
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028 | 1195790 | 1152569 |
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025 | 584513 | 584031 |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032 | 2736114 | 2501888 |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028 | 6630868 | 6456506 |
| Aptiv Swiss Holdings Ltd, 6.875%, 12/15/2054<sup>(a)</sup> | 2500000 | 2554103 |
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) | 2037555 | 1849542 |
| British Airways 2021-1 Class B Pass Through Trust, 3.900%, 9/15/2031 (144A) | 1313761 | 1256647 |
| Century Communities Inc, 6.750%, 6/1/2027 | 1750000 | 1749709 |
| Champ Acquisition Corp, 8.375%, 12/1/2031 (144A) | 3497000 | 3716717 |
| General Motors Financial Co Inc, 5.750%<sup>(a),(b)</sup> | 1000000 | 990862 |
| JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 5/15/2029 | 2216931 | 2253200 |
| JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028 | 3615726 | 3684007 |
| Tenneco Inc, 8.000%, 11/17/2028 (144A) | 3000000 | 3005461 |
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028 | 6934503 | 6656636 |
| United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 1/7/2026 | 1788194 | 1778618 |
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030 | 5961410 | 5600906 |
| United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026 | 600826 | 597668 |
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031 | 2542760 | 2443073 |
| **Total Consumer, Cyclical** |  | 52012259 |
| **Consumer, Non-cyclical (5.26%)** |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 1250000 | 1242116 |
| Bausch + Lomb Corp, 8.375%, 10/1/2028 (144A) | 2180000 | 2271969 |

---

Icon Flex Bond 7

---

| | | |
|:---|:---|:---|
| CVS Pass-Through Trust, 7.507%, 1/10/2032 (144A) | 3150394.0 | 3357771 |
| CVS Pass-Through Trust Series 2013, 4.704%, 1/10/2036 (144A) | 596857.0 | 571396 |
| Embecta Corp, 5.000%, 2/15/2030 (144A)<sup>#</sup> | 2000000.0 | 1893894 |
| Horizon Mutual Holdings Inc, 6.200%, 11/15/2034 (144A) | 3500000.0 | 3421024 |
| McKesson Corp, 7.650%, 3/1/2027 | 2000000.0 | 2088187 |
| Varex Imaging Corp, 7.875%, 10/15/2027 (144A) | 2830000.0 | 2881707 |
| Veritiv Operating Co, 10.500%, 11/30/2030 (144A) | 3000000.0 | 3225786 |
| **Total Consumer, Non-cyclical** |  | 20953850 |
| **Energy (7.69%)** |  |  |
| Andeavor LLC, 5.125%, 12/15/2026 | 4000000.0 | 3988323 |
| Baytex Energy Corp, 8.500%, 4/30/2030 (144A) | 1500000.0 | 1541394 |
| Coterra Energy Operating Co, 4.375%, 3/15/2029 | 3000000.0 | 2881982 |
| Enbridge Inc, 6.000%, 1/15/2077<sup>(b)</sup> | 3000000.0 | 3008994 |
| Enbridge Inc, 8.250%, 1/15/2084<sup>(b)</sup> | 1000000.0 | 1074182 |
| Enerflex Ltd, 9.000%, 10/15/2027 (144A) | 1000000.0 | 1018128 |
| Energy Transfer LP, 6.000%, 2/1/2029 (144A) | 3000000.0 | 3042810 |
| Energy Transfer LP, 6.500%<sup>(a),(b)</sup> | 2500000.0 | 2509325 |
| Enterprise Products Operating LLC, 7.433%, 8/16/2077<sup>(b)</sup> | 1711000.0 | 1708903 |
| Northern Oil & Gas Inc, 8.125%, 3/1/2028 (144A) | 1250000.0 | 1267639 |
| NuStar Logistics LP, 6.375%, 10/1/2030 | 2000000.0 | 2071190 |
| Summit Midstream Holdings LLC, 8.625%, 10/31/2029 (144A) | 6490000.0 | 6522041 |
| **Total Energy** |  | 30634911 |
| **Financial (22.47%)** |  |  |
| Air Lease Corp, 4.125%<sup>(a),(b)</sup> | 2500000.0 | 2416299 |
| The Allstate Corp, 7.411%, 8/15/2053<sup>(b)</sup> | 900000.0 | 899926 |
| Ally Financial Inc, 4.700%<sup>(a),(b)</sup> | 5000000.0 | 4608059 |
| Aretec Group Inc, 10.000%, 8/15/2030 (144A) | 1500000.0 | 1634166 |
| The Bank of Nova Scotia, 7.350%, 4/27/2085<sup>(b)</sup> | 2000000.0 | 2085972 |
| Capital One Financial Corp, 5.500%<sup>(a),(b),#</sup> | 2000000.0 | 2003166 |
| The Charles Schwab Corp, 5.000%<sup>(a),(b)</sup> | 4500000.0 | 4478184 |
| The Charles Schwab Corp, 4.000%<sup>(a),(b)</sup> | 5000000.0 | 4945024 |
| Citigroup Inc, 3.875%<sup>(a),(b)</sup> | 3000000.0 | 2972173 |
| Citigroup Inc, 6.750%<sup>(a),(b)</sup> | 2000000.0 | 2032998 |
| Citigroup Inc, 7.125%<sup>(a),(b)</sup> | 3500000.0 | 3615714 |
| Corebridge Financial Inc, 6.875%, 12/15/2052<sup>(b)</sup> | 4000000.0 | 4102670 |
| Enova International Inc, 11.250%, 12/15/2028 (144A) | 2000000.0 | 2128954 |
| Enstar Finance LLC, 5.500%, 1/15/2042<sup>(b)</sup> | 2500000.0 | 2482002 |
| F&G Annuities & Life Inc, 6.500%, 6/4/2029 | 2000000.0 | 2085627 |
| Fidus Investment Corp, 4.750%, 1/31/2026 | 1400000.0 | 1392210 |
| Fifth Third Bancorp, 7.296%<sup>(a),(b)</sup> | 500000.0 | 498488 |
| Fifth Third Bancorp, 7.392%<sup>(a),(b)</sup> | 6718000.0 | 6726303 |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 6/15/2027 (144A) | 540000.0 | 562263 |
| HSBC Holdings PLC, 7.399%, 11/13/2034<sup>(b)</sup> | 1000000.0 | 1138092 |
| Huntington Bancshares Inc, 4.450%<sup>(a),(b)</sup> | 2000000.0 | 1971020 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 6/15/2030 | 3000000.0 | 2893992 |
| M&T Bank Corp, 3.500%<sup>(a),(b)</sup> | 2000000.0 | 1925655 |
| MetLife Inc, 10.750%, 8/1/2039 | 2000000.0 | 2671924 |
| The PNC Financial Services Group Inc, 3.400%<sup>(a),(b)</sup> | 12000000.0 | 11630645 |
| Sammons Financial Group Inc, 4.750%, 4/8/2032 (144A) | 2500000.0 | 2439608 |
| Talcott Resolution Life Inc, 7.650%, 6/15/2027 | 3000000.0 | 3066394 |
| Truist Financial Corp, 6.669%<sup>(a),(b)</sup> | 2000000.0 | 2009668 |
| Truist Financial Corp, 5.125%<sup>(a),(b)</sup> | 2000000.0 | 1971394 |
| Wells Fargo & Co, 3.900%<sup>(a),(b)</sup> | 4100000.0 | 4060039 |
| Wells Fargo & Co, 6.850%<sup>(a),(b)</sup> | 2000000.0 | 2102072 |
| **Total Financial** |  | 89550701 |

---

Icon Flex Bond 8

---

| | | |
|:---|:---|:---|
| **Government (2.41%)** | | |
| Farm Credit Bank of Texas, 7.750%<sup>(a),(b)</sup> | 7165000 | 7493580 |
| Farm Credit Bank of Texas, 7.000%<sup>(a),(b)</sup> | 2000000 | 2096806 |
| **Total Government** |  | 9590386 |
| **Industrial (2.99%)** |  |  |
| Cascades Inc/Cascades USA Inc, 5.375%, 1/15/2028 (144A) | 2000000 | 1984154 |
| Danaos Corp, 8.500%, 3/1/2028 (144A) | 2010000 | 2049535 |
| FTAI Aviation Investors LLC, 5.500%, 5/1/2028 (144A) | 4000000 | 4002284 |
| MasTec Inc, 6.625%, 8/15/2029 (144A) | 2500000 | 2500000 |
| Vontier Corp, 2.950%, 4/1/2031 | 1500000 | 1370526 |
| **Total Industrial** |  | 11906499 |
| **Technology (0.82%)** |  |  |
| Pitney Bowes Inc, 6.875%, 3/15/2027 (144A) | 2000000 | 1997508 |
| Rocket Software Inc, 9.000%, 11/28/2028 (144A) | 1245000 | 1283229 |
| **Total Technology** |  | 3280737 |
| **Utilities (3.54%)** |  |  |
| AltaGas Ltd, 7.200%, 10/15/2054 (144A)<sup>(b)</sup> | 2000000 | 2068826 |
| American Electric Power Co Inc, 7.050%, 12/15/2054<sup>(b)</sup> | 2000000 | 2091298 |
| Dominion Energy Inc, 4.350%<sup>(a),(b)</sup> | 3000000 | 2952152 |
| Entergy Corp, 7.125%, 12/1/2054<sup>(b)</sup> | 4000000 | 4179552 |
| Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1460000 | 1455165 |
| Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1350000 | 1349110 |
| **Total Utilities** |  | 14096103 |
| **Total Corporate Debt (Cost $239,529,441)** |  | 244519449 |
| **Asset Backed Securities (22.50%)** |  |  |
| AG Trust 2024-NLP, 7.843%, 7/15/2041 (144A)<sup>(b)</sup> | 5440000 | 5463668 |
| Atrium Hotel Portfolio Trust 2024-ATRM, 7.679%, 11/10/2029 (144A)<sup>(b)</sup> | 5000000 | 5083228 |
| BX 2025-BIO3 Mortgage Trust, 6.961%, 2/10/2042 (144A)<sup>(b)</sup> | 5000000 | 4968909 |
| BXMT 2020-FL2 LTD, 6.346%, 2/15/2038 (144A)<sup>(b)</sup> | 2000000 | 1933055 |
| BXMT 2021-FL4 Ltd, 6.396%, 5/15/2038 (144A)<sup>(b)</sup> | 10000000 | 9590040 |
| Finance of America Structured Securities Trust, 3.500%, 11/25/2074 (144A) | 1295346 | 1248658 |
| Flexential Issuer 2021-1, 6.930%, 11/27/2051 (144A) | 9000000 | 8848817 |
| Frontier Issuer LLC, 11.160%, 6/20/2054 (144A) | 3000000 | 3366725 |
| Frontier Issuer LLC, 11.500%, 8/20/2053 (144A) | 6000000 | 6255020 |
| KREF 2021-FL2 Ltd, 6.346%, 2/15/2039 (144A)<sup>(b)</sup> | 5000000 | 4923005 |
| LoanCore 2021-CRE6 Issuer Ltd, 7.597%, 11/15/2038 (144A)<sup>(b)</sup> | 5000000 | 4937497 |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) | 6750000 | 4483565 |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, 10/20/2061 (144A) | 4000000 | 3336928 |
| Onity Loan Investment Trust 2025-HB1, 3.000%, 6/25/2038 (144A)<sup>(b)</sup> | 1877000 | 1740226 |
| SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) | 3000000 | 2585144 |
| STWD 2021-FL2 Ltd, 6.946%, 4/18/2038 (144A)<sup>(b)</sup> | 12654000 | 12446113 |
| STWD 2022-FL3 Ltd, 7.484%, 11/15/2038 (144A)<sup>(b)</sup> | 3590000 | 3490166 |
| TRTX 2021-FL4 Issuer Ltd, 7.746%, 3/15/2038 (144A)<sup>(b)</sup> | 5000000 | 4963377 |
| **Total Asset Backed Securities (Cost $93,492,176)** |  | 89664141 |

---

Icon Flex Bond 9

---

| | | |
|:---|:---|:---|
| **Preferred Stock (4.72%)** | | |
| Annaly Capital Management Inc, 8.435% | 23557 | 591752 |
| Bank of America Corp, 7.250% | 1537 | 1967360 |
| The Goldman Sachs Group Inc, 5.158%<sup>#</sup> | 43587 | 910968 |
| JPMorgan Chase & Co, 5.750% | 31105 | 772959 |
| Raymond James Financial Inc, 6.375% | 101268 | 2548207 |
| UMH Properties Inc, 6.375% | 451588 | 10228468 |
| Wells Fargo & Co, 7.500% | 1459 | 1800829 |
| **Total Preferred Stock (Cost $18,738,376)** |  | 18820543 |
| **Investment Companies (5.88%)** |  |  |
| **Mutual Funds (5.58%)** |  |  |
| Eaton Vance California Municipal Bond Fund | 731215 | 6939230 |
| Eaton Vance New York Municipal Bond Fund | 284677 | 2806915 |
| MFS High Yield Municipal Trust | 821456 | 2850452 |
| MFS Investment Grade Municipal Trust | 244295 | 1920159 |
| Nuveen Floating Rate Income Fund | 568183 | 4647737 |
| Pioneer Floating Rate Fund Inc | 126566 | 1260597 |
| Pioneer Municipal High Income Advantage Fund Inc | 704314 | 288769 |
| Pioneer Municipal High Income Fund Trust | 163375 | 58815 |
| Pioneer Municipal High Income Opportunities Fund Inc | 194683 | 29202 |
| RiverNorth Capital and Income Fund | 98904 | 1455867 |
| **Total Mutual Funds** |  | 22257743 |
| **Money Market Funds (0.30%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $1,177,345) | 1177345 | 1177345 |
| **Total Investment Companies (Cost $22,971,383)** |  | 23435088 |
| **Collateral Received For Securities on Loan (1.40%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $5,569,226) | 5569226 | 5569226 |
| **Total Investments (Cost $394,364,315) (99.18%)** |  | 395226051 |
| **Other Net Assets (0.82%)** |  | 3281689 |
| **Net Assets (100.00%)** |  | $398507740 |

---

# Loaned security; a portion of the security is on loan at September 30, 2025.

(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 September 30, 2025, these securities had a total aggregate market value of $165,754,554, which represented approximately 41.59% of net assets.

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

(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of September 30, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.

Icon Flex Bond 10

**ICON HEALTH AND INFORMATION TECHNOLOGY FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (98.85%)** |  |  |
| **Communications (30.34%)** |  |  |
| Alphabet Inc | 20500 | $4992775 |
| Arista Networks Inc\* | 38400 | 5595264 |
| CDW Corp | 11800 | 1879504 |
| Cisco Systems Inc | 65390 | 4473984 |
| Meta Platforms Inc | 6000 | 4406280 |
| Palo Alto Networks Inc\* | 15000 | 3054300 |
| **Total Communications** |  | 24402107 |
| **Consumer, Non-cyclical (10.09%)** |  |  |
| Encompass Health Corp | 35840 | 4552397 |
| HCA Healthcare Inc | 8352 | 3559622 |
| **Total Consumer, Non-cyclical** |  | 8112019 |
| **Industrial (12.69%)** |  |  |
| Arrow Electronics Inc\* | 25590 | 3096390 |
| TD SYNNEX Corp | 21170 | 3466588 |
| Universal Display Corp | 25384 | 3645904 |
| **Total Industrial** |  | 10208882 |
| **Technology (45.73%)** |  |  |
| Amdocs Ltd | 24436 | 2004974 |
| Autodesk Inc\* | 10000 | 3176700 |
| Globant SA\* | 15485 | 888529 |
| Intel Corp\* | 38108 | 1278523 |
| Kulicke & Soffa Industries Inc | 38000 | 1544320 |
| MKS Inc | 14500 | 1794665 |
| Pegasystems Inc | 41493 | 2385848 |
| Salesforce Inc | 11862 | 2811294 |
| Seagate Technology Holdings PLC | 13919 | 3285719 |
| ServiceNow Inc\* | 3524 | 3243067 |
| Taiwan Semiconductor Manufacturing Co Ltd | 21700 | 6060592 |
| Teradyne Inc | 41091 | 5655765 |
| Tyler Technologies Inc\* | 5057 | 2645620 |
| **Total Technology** |  | 36775616 |
| **Total Common Stock (Cost $56,621,438)** |  | 79498624 |

---

Icon Health and IT 11

---

| | | |
|:---|:---|:---|
| **Investment Companies (1.24%)** | | |
| **Exchange-Traded Funds (1.19%)** |  |  |
| Invesco S&P SmallCap Information Technology ETF (Cost $774,574)<sup>#</sup> | 18000 | 955483 |
| **Money Market (0.05%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $39,909) | 39909 | 39909 |
| **Total Investment Companies (Cost $814,483)** |  | 995392 |
| **Collateral Received For Securities on Loan (0.07%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $54,000) | 54000 | 54000 |
| **Total Investments (Cost $57,489,921) (100.16%)** |  | $80548016 |
| **Other Net Assets (-0.16%)** |  | (126297) |
| **Net Assets (100.00%)** |  | $80421719 |

---

\* Non-income producing security.

# Loaned security; a portion of the security is on loan at September 30, 2025.

Icon Health and IT 12

**ICON NATURAL RESOURCES & INFRASTRUCTURE FUND**

**Portfolio of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (95.48%)** |  |  |
| **Basic Materials (29.43%)** |  |  |
| Barrick Mining Corp | 98000 | $3211460 |
| BHP Group Ltd<sup>#</sup> | 56000 | 3122000 |
| Carpenter Technology Corp | 14000 | 3437560 |
| Century Aluminum Co\* | 185000 | 5431600 |
| The Chemours Co | 400000 | 6336000 |
| Cia de Minas Buenaventura SAA | 180000 | 4379400 |
| Huntsman Corp | 170000 | 1526600 |
| Kaiser Aluminum Corp | 55000 | 4243800 |
| Stepan Co | 50000 | 2385000 |
| Trinseo PLC<sup>#</sup> | 1000000 | 2350000 |
| **Total Basic Materials** |  | 36423420 |
| **Consumer, Cyclical (10.42%)** |  |  |
| Alaska Air Group Inc\* | 75000 | 3733500 |
| Delta Air Lines Inc | 25700 | 1458475 |
| OPENLANE Inc\* | 110000 | 3165800 |
| REV Group Inc | 80000 | 4533600 |
| **Total Consumer, Cyclical** |  | 12891375 |
| **Energy (17.83%)** |  |  |
| CVR Energy Inc\* | 110000 | 4012800 |
| HF Sinclair Corp | 120000 | 6280800 |
| Phillips 66 | 23000 | 3128460 |
| TETRA Technologies Inc\* | 1500000 | 8625000 |
| TPI Composites Inc\*<sup>,#</sup> | 650000 | 20150 |
| **Total Energy** |  | 22067210 |
| **Industrial (22.94%)** |  |  |
| Cemex SAB de CV | 540000 | 4854600 |
| Knight-Swift Transportation Holdings Inc | 63000 | 2489130 |
| Kornit Digital Ltd\* | 200000 | 2700000 |
| Materion Corp | 19800 | 2392038 |
| O-I Glass Inc\* | 270000 | 3501900 |
| Sonoco Products Co | 41500 | 1788235 |
| Tetra Tech Inc | 114000 | 3805320 |
| TriMas Corp | 78000 | 3013920 |
| ZTO Express Cayman Inc<sup>#</sup> | 200000 | 3840000 |
| **Total Industrial** |  | 28385143 |
| **Technology (6.09%)** |  |  |
| 3D Systems Corp\*<sup>,#</sup> | 2600000 | 7540000 |
| **Utilities (8.77%)** |  |  |
| Dominion Energy Inc | 42000 | 2569140 |
| National Fuel Gas Co | 36000 | 3325320 |
| Southwest Gas Holdings Inc | 30000 | 2350200 |
| Spire Inc | 32000 | 2608640 |
| **Total Utilities** |  | 10853300 |
| **Total Common Stock (Cost $104,416,210)** |  | 118160448 |

---

Icon Natural Resources 13

---

| | | |
|:---|:---|:---|
| **Investment Companies (4.57%)** | | |
| **Exchange-Traded Funds (3.07%)** |  |  |
| Direxion Daily Small Cap Bull 3X Shares (Cost $3,489,875)<sup>#</sup> | 84000 | 3800160 |
| **Money Market Funds (1.50%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $1,853,395) | 1853395 | 1853395 |
| **Total Investment Companies (Cost $5,343,270)** |  | 5653555 |
| **Collateral Received For Securities on Loan (9.75%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.03% (Cost $12,064,788) | 12064788 | 12064788 |
| **Total Investments (Cost $121,824,268) (109.80%)** |  | $135878791 |
| **Liabilities in Excess of Other Assets (-9.80%)** |  | (12132476) |
| **Net Assets (100.00%)** |  | $123746315 |

---

\* Non-income producing security.

# Loaned security; a portion of the security is on loan at September 30, 2025.

Icon Natural Resources 14

## 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 FLEXIBLE BOND FUND

- **b. EDGAR series identifier (if any):** S000067902

- **c. LEI of Series:** 254900OVC0U9M07MEL63

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $401328687.70

**Total Liabilities:** $2820947.57

**Net Assets:** $398507740.13

**Cash Not Reported:** $7785853.27

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2105.439 | **1-Year:** 22201.763 | **5-Year:** 28618.504 | **10-Year:** 9574.089 | **30-Year:** 513.473

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 20.839 | **1-Year:** 44.787 | **5-Year:** 32.971 | **10-Year:** 10.42 | **30-Year:** 0.983

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217713 | 0.59%                | 0.94%                | 0.03%                |
| Class ID C000217714 | 0.61%                | 0.96%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1428112.91              | $-1718820.69                               |
| Month 2  | $-625748.20              | $2289397.20                                |
| Month 3  | $51848.58                | $-1618961.05                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Wells Fargo & Co.                                                                                | Wells Fargo & Co. 7.5% PERP CONV CL 'A' SRS L                                                                                  | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      1459 | NS      | $1800829.11   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 5.5 09/01/26 144A                                                                                                          | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1349110.43   | 0.34%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 5 07/31/27 144A                                                                                                            | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1455165.21   | 0.37%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V3.9 PERP BB                                                                                                               | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4060039.35   | 1.02%             | 2500-12-31      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Vontier Corporation                                                                              | VNT 2.95 04/01/31                                                                                                              | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1370526.48   | 0.34%             | 2031-04-01      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V6.85 PERP                                                                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2102072.00   | 0.53%             | 2500-12-31      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Verde Purchaser LLC                                                                              | VRTV 10.5 11/30/30 144A                                                                                                        | CUSIP: 92339LAA0<br>LEI: 2549004HFEKMUGBG3Z35 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3225786.00   | 0.81%             | 2030-11-30      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| Varex Imaging Corporation                                                                        | VREX 7.875 10/15/27 144A                                                                                                       | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2881706.93   | 0.72%             | 2027-10-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 3.65 01/07/26                                                                                                              | CUSIP: 90933HAA3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |   1788194 | PA      | $1778618.47   | 0.45%             | 2027-07-07      | Fixed         | 3.65%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 4.6 03/01/26 B                                                                                                             | CUSIP: 90932NAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600826 | PA      | $597668.05    | 0.15%             | 2027-09-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| United Airlines Pass Through Trusts Series 2018-1AA                                              | UAL 3.7 03/01/30 A                                                                                                             | CUSIP: 90931VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5961410 | PA      | $5600906.01   | 1.41%             | 2031-09-01      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 3.45 07/07/28 A                                                                                                            | CUSIP: 90931MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6934503 | PA      | $6656636.43   | 1.67%             | 2030-01-07      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 4.55 08/25/31 A                                                                                                            | CUSIP: 90931EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2542760 | PA      | $2443072.97   | 0.61%             | 2033-02-25      | Fixed         | 4.55%                 | No            | 2                  | On Loan: No      |
| UMH Properties Inc                                                                               | UMH Properties Inc 6.375% CUM RED PRF SER D                                                                                    | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |    451588 | NS      | $10228468.20  | 2.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Truist Financial Corp.                                                                           | TFC V6.669 PERP N                                                                                                              | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2009668.00   | 0.50%             | 2500-12-31      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| Truist Financial Corp.                                                                           | TFC V5.125 PERP M                                                                                                              | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971394.40   | 0.49%             | 2500-12-31      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Tenneco LLC                                                                                      | TENINC 8 11/17/28 144A                                                                                                         | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3005461.08   | 0.75%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| TRTX 2021-FL4 ISSUER LTD                                                                         | TRTX 2021-FL4 D                                                                                                                | CUSIP: 87276WAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4963376.55   | 1.25%             | 2038-03-17      | Floating      | 8.08%                 | Yes           | N/A                | On Loan: No      |
| Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.                                  | SUMMPL 8.625 10/31/29 144A                                                                                                     | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6490000 | PA      | $6522040.74   | 1.64%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V5 PERP K                                                                                                                 | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4478184.00   | 1.12%             | 2500-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V4 PERP I                                                                                                                 | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4945023.70   | 1.24%             | 2500-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Sammons Financial Group Inc                                                                      | SAMMON 4.75 04/08/32 144A                                                                                                      | CUSIP: 79588TAE0<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2439608.20   | 0.61%             | 2032-04-08      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| STWD 2021-FL2 LTD                                                                                | STWD 2021-FL2 D                                                                                                                | CUSIP: 78486BAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12654000 | PA      | $12446112.50  | 3.12%             | 2038-04-16      | Floating      | 7.27%                 | Yes           | 2                  | On Loan: No      |
| STWD 2022-FL3 LTD                                                                                | STWD 2022-FL3 E                                                                                                                | CUSIP: 78485KAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3590000 | PA      | $3490165.69   | 0.88%             | 2038-11-18      | Floating      | 7.59%                 | Yes           | 2                  | On Loan: No      |
| SMB Private Education Loan Trust                                                                 | SMB 2014-A C                                                                                                                   | CUSIP: 784456AF2<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2585143.80   | 0.65%             | 2045-09-15      | Fixed         | 4.50%                 | Yes           | N/A                | On Loan: No      |
| Rocket Software Inc                                                                              | ROCSOF 9 11/28/28 144A                                                                                                         | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1283228.97   | 0.32%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           | 2                  | 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        |     98904 | NS      | $1455866.88   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Raymond James Financial Inc.                                                                     | Raymond James Financial Inc. DEP SHS EACH REP A 1/40TH INTEREST IN A SHARE 6.375% FIX TO FLOAT RATE NON-CUM PERP PFD STK SER B | CUSIP: 754730406<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EP               | CORP              | US        |    101268 | NS      | $2548206.68   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Pitney Bowes Inc.                                                                                | PBI 6.875 03/15/27 144A                                                                                                        | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1997508.40   | 0.50%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| Pioneer Floating Rate Fund Inc                                                                   | Pioneer Floating Rate Fund Inc COM SHS NPV                                                                                     | CUSIP: 72369J102<br>LEI: 5493002P921ISFUETH70 | Long             | EC               | RF                | US        |    126566 | NS      | $1260597.36   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| PNC Financial Services Group Inc.                                                                | PNC V3.4 PERP T                                                                                                                | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $11630647.20  | 2.92%             | 2500-12-31      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB1                                                             | OLIT 2025-HB1 M2                                                                                                               | CUSIP: 68278EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1877000 | PA      | $1740225.64   | 0.44%             | 2038-06-25      | Variable      | 3.00%                 | Yes           | N/A                | On Loan: No      |
| Oaktree Specialty Lending Corp.                                                                  | Oaktree Specialty Lending Corp. COM                                                                                            | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | RF                | US        |     60226 | NS      | $785949.30    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Floating Rate Income Fund                                                                 | Nuveen Floating Rate Income Fund COM                                                                                           | CUSIP: 67072T108<br>LEI: HJXCPP3KYE3BVU373P27 | Long             | EC               | RF                | US        |    568183 | NS      | $4647736.94   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Nustar Logistics, L.P.                                                                           | NSUS 6.375 10/01/30                                                                                                            | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2071189.62   | 0.52%             | 2030-10-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Northern Oil And Gas, Inc.                                                                       | NOG 8.125 03/01/28 144A                                                                                                        | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1267638.75   | 0.32%             | 2028-03-01      | Fixed         | 8.12%                 | Yes           | 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        |   6750000 | PA      | $4483565.33   | 1.13%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           | 2                  | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                                                            | USRE 2021-1 A1                                                                                                                 | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3336927.60   | 0.84%             | 2061-10-20      | Fixed         | 1.91%                 | Yes           | 2                  | On Loan: No      |
| Mineral Resources Ltd.                                                                           | MINAU 9.25 10/01/28 144A                                                                                                       | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2095520.00   | 0.53%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| MFS HIGH YIELD MUN TR                                                                            | MFS HIGH YIELD MUN TR COM SBI USD1                                                                                             | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    821456 | NS      | $2850452.32   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| MFS INVT GRADE MUN TR                                                                            | MFS INVT GRADE MUN TR COM SBI NPV                                                                                              | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    244295 | NS      | $1920158.70   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| MetLife Inc.                                                                                     | MET 10.75 08/01/39                                                                                                             | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2671924.00   | 0.67%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Mercer International Inc.                                                                        | MERC 12.875 10/01/28 144A                                                                                                      | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1368263.25   | 0.34%             | 2028-10-01      | Fixed         | 12.88%                | Yes           | 2                  | On Loan: No      |
| Mckesson Corp.                                                                                   | MCK 7.65 03/01/27                                                                                                              | CUSIP: 581557AM7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2088186.86   | 0.52%             | 2027-03-01      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| Mastec, Inc.                                                                                     | MTZ 6.625 08/15/29 144A                                                                                                        | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2500000.00   | 0.63%             | 2029-08-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| M&T Bank Corporation                                                                             | MTB V3.5 PERP                                                                                                                  | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1925654.80   | 0.48%             | 2500-12-31      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| LOANCORE 2021-CRE6 ISSUER LTD                                                                    | LNCR 2021-CRE6 E                                                                                                               | CUSIP: 53948HAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4937497.00   | 1.24%             | 2038-11-15      | Floating      | 7.93%                 | Yes           | 2                  | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                               | KREF 2021-FL2 D                                                                                                                | CUSIP: 48275RAJ6<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4923005.00   | 1.24%             | 2039-02-17      | Floating      | 6.68%                 | Yes           | N/A                | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPMorgan Chase & Co. DEP REP 1/400TH 5.75% PFD                                                                                 | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     31105 | NS      | $772959.25    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| JetBlue Airways Corporation                                                                      | JBLU 8 05/15/29 2019                                                                                                           | CUSIP: 477165AA2<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |   2216931 | PA      | $2253199.70   | 0.57%             | 2029-05-15      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| JetBlue Airways Corporation                                                                      | JBLU 7.75 11/15/28 1B                                                                                                          | CUSIP: 477164AB3<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |   3615726 | PA      | $3684006.90   | 0.92%             | 2030-05-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                                  | IEP 9 06/15/30                                                                                                                 | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2893991.94   | 0.73%             | 2030-06-15      | Fixed         | 9.00%                 | No            | 2                  | On Loan: No      |
| Huntsman International LLC                                                                       | HUN 5.7 10/15/34                                                                                                               | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1822663.14   | 0.46%             | 2034-10-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | HBAN V4.45 PERP G                                                                                                              | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1971020.20   | 0.49%             | 2500-12-31      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| Horizon Mut Holding Inc.                                                                         | BCBSNJ 6.2 11/15/34 144A                                                                                                       | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3421023.80   | 0.86%             | 2034-11-15      | Fixed         | 6.20%                 | Yes           | 2                  | On Loan: No      |
| HAT Holdings I LLC and HAT Holdings II LLC                                                       | HASI 8 06/15/27 144A                                                                                                           | CUSIP: 418751AL7<br>LEI: 254900YE1WH1XG7Y4E44 | Long             | DBT              | CORP              | US        |    540000 | PA      | $562263.49    | 0.14%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Hartford Life Inc                                                                                | TALRES 7.65 06/15/27                                                                                                           | CUSIP: 416592AC7<br>LEI: 549300JNY7TGYLF3F693 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3066393.69   | 0.77%             | 2027-06-15      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V7.399 11/13/34                                                                                                           | CUSIP: 404280EC9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1138092.15   | 0.29%             | 2034-11-13      | Fixed         | 7.40%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs BDC, Inc.                                                                          | Goldman Sachs BDC, Inc. COM USD0.001                                                                                           | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | RF                | US        |    152888 | NS      | $1554870.96   | 0.39%             |  |  |  | No            | 1                  | On Loan: —       |
| Goldman Sachs Group, Inc.                                                                        | Goldman Sachs Group, Inc. DEP REP 1/1000TH PRF D                                                                               | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     43587 | NS      | $910968.30    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| General Motors Financial Company  Inc                                                            | GM V5.75 PERP A                                                                                                                | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990862.00    | 0.25%             | 2500-12-31      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                                                              | FYBR 2024-1 C                                                                                                                  | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3366725.10   | 0.84%             | 2054-06-20      | Fixed         | 11.16%                | Yes           | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                                                              | FYBR 2023-1 C                                                                                                                  | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6255019.80   | 1.57%             | 2053-08-20      | Fixed         | 11.50%                | Yes           | 2                  | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                                           | FTAI 5.5 05/01/28 144A                                                                                                         | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4002284.00   | 1.00%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| FLEXENTIAL ISSUER LLC 2021-1                                                                     | FLX 2021-1A C                                                                                                                  | CUSIP: 33938MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $8848817.10   | 2.22%             | 2051-11-27      | Fixed         | 6.93%                 | Yes           | 2                  | On Loan: No      |
| First American Funds Inc.                                                                        | First American Funds Inc. GOVT OBLIGS X                                                                                        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   6746571 | OU      | $6746570.93   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Finance Of America Structured Securities Tr 2017-HB1                                             | FASST 2024-S4 A3                                                                                                               | CUSIP: 31741AAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1295346 | PA      | $1248657.69   | 0.31%             | 2074-11-25      | None          | 0.00%                 | Yes           | N/A                | On Loan: No      |
| Fifth Third Bancorp                                                                              | FITB V0 PERP J                                                                                                                 | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6718000 | PA      | $6726303.45   | 1.69%             | 2500-12-31      | Floating      | 7.69%                 | No            | 2                  | On Loan: No      |
| Fifth Third Bancorp                                                                              | FITB V0 PERP H                                                                                                                 | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498487.69    | 0.13%             | 2500-12-31      | Floating      | 7.59%                 | No            | 2                  | On Loan: No      |
| Fidus Investment Corporation                                                                     | FDUS 4.75 01/31/26                                                                                                             | CUSIP: 316500AB3<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1392209.80   | 0.35%             | 2026-01-31      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                                                        | FARMCB V7 PERP 6                                                                                                               | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   2000000 | NS      | $2096806.00   | 0.53%             | 2500-12-31      | Fixed         | 7.00%                 | No            | 1                  | On Loan: No      |
| Farm Credit Bank of Texas                                                                        | FARMCB V7.75 PERP                                                                                                              | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   7165000 | NS      | $7493579.74   | 1.88%             | 2500-12-31      | Fixed         | 7.75%                 | No            | 1                  | On Loan: No      |
| F&G Annuities & Life Inc.                                                                        | FG 6.5 06/04/29                                                                                                                | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2085627.28   | 0.52%             | 2029-06-04      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD V0 08/16/77 D                                                                                                              | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1708903.48   | 0.43%             | 2077-08-16      | Floating      | 7.43%                 | No            | 2                  | On Loan: No      |
| Entergy Corporation                                                                              | ETR V7.125 12/01/54                                                                                                            | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4179552.00   | 1.05%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Enstar Finance Llc                                                                               | ESGR V5.5 01/15/42                                                                                                             | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2482001.50   | 0.62%             | 2042-01-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Enova International Inc.                                                                         | ENVA 11.25 12/15/28 144A                                                                                                       | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2128954.00   | 0.53%             | 2028-12-15      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                                                               | ET V6.5 PERP H                                                                                                                 | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2509325.00   | 0.63%             | 2500-12-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Enerflex Ltd                                                                                     | EFXCN 9 10/15/27 144A                                                                                                          | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1018128.00   | 0.26%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| Enbridge Inc.                                                                                    | ENBCN V8.25 01/15/84 NC5                                                                                                       | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1074182.00   | 0.27%             | 2084-01-15      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| Enbridge Inc.                                                                                    | ENBCN V6 01/15/77 16-A                                                                                                         | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3008994.00   | 0.76%             | 2077-01-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Embecta Corp.                                                                                    | EMBC 5 02/15/30 144A                                                                                                           | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1893894.20   | 0.48%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: —       |
| Eaton Vance Insured California Municipal Bond Fund                                               | Eaton Vance Insured California Municipal Bond Fund COM USD0.01                                                                 | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |    731215 | NS      | $6939230.35   | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Vance New York Municipal Bond Fund                                                         | Eaton Vance New York Municipal Bond Fund COM USD0.01                                                                           | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |    284677 | NS      | $2806915.22   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Dominion Energy Inc                                                                              | D V4.35 PERP C                                                                                                                 | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2952151.80   | 0.74%             | 2500-12-31      | Fixed         | 4.35%                 | No            | 2                  | On Loan: No      |
| DISH Network Corporation                                                                         | DISH 11.75 11/15/27 144A                                                                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1058235.81   | 0.27%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| Danaos Corp.                                                                                     | DAC 8.5 03/01/28 144A                                                                                                          | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |   2010000 | PA      | $2049534.69   | 0.51%             | 2028-03-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                                                               | ET 6 02/01/29 144A                                                                                                             | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3042810.48   | 0.76%             | 2029-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Crescent Capital BDC, Inc.                                                                       | Crescent Capital BDC, Inc. COM                                                                                                 | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | RF                | US        |    142900 | NS      | $2037754.00   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Corebridge Financial Inc.                                                                        | CRBG V6.875 12/15/52                                                                                                           | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4102669.60   | 1.03%             | 2052-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                                   | C V6.75 PERP EE                                                                                                                | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2032998.00   | 0.51%             | 2500-12-31      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                                   | C V7.125 PERP CC                                                                                                               | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3615713.50   | 0.91%             | 2500-12-31      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                                   | C V3.875 PERP X                                                                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2972172.60   | 0.75%             | 2500-12-31      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Cincinnati Bell Telephone Company                                                                | CBB 6.3 12/01/28                                                                                                               | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4229778.75   | 1.06%             | 2028-12-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Cimarex Energy Corporation                                                                       | XEC 4.375 03/15/29                                                                                                             | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2881982.13   | 0.72%             | 2029-03-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Champ Acquisition Corp                                                                           | VISANT 8.375 12/01/31 144A                                                                                                     | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3497000 | PA      | $3716716.51   | 0.93%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Century Communities Inc                                                                          | CCS 6.75 06/01/27                                                                                                              | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1749708.78   | 0.44%             | 2027-06-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Cascades Inc.                                                                                    | CASCN 5.375 01/15/28 144A                                                                                                      | CUSIP: 14739LAB8<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1984153.80   | 0.50%             | 2028-01-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Capital One Financial Corp.                                                                      | COF V5.5 PERP O                                                                                                                | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003166.00   | 0.50%             | 2500-12-31      | Fixed         | 5.50%                 | No            | 2                  | On Loan: —       |
| CVS Lease Backed Pass Thru Ctf                                                                   | CVSPAS 4.704 01/10/36 144A                                                                                                     | CUSIP: 12665UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    596857 | PA      | $571395.79    | 0.14%             | 2036-01-10      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| CVS Health Corp                                                                                  | CVSPAS 7.507 01/10/32 144A                                                                                                     | CUSIP: 126650BS8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   3150394 | PA      | $3357771.37   | 0.84%             | 2032-01-10      | Fixed         | 7.51%                 | Yes           | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                                    | CHTR 4.75 03/01/30 144A                                                                                                        | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1919542.00   | 0.48%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Bxmt 2020-Fl2 Ltd.                                                                               | BXMT 2020-FL2 D                                                                                                                | CUSIP: 12434LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1933054.76   | 0.49%             | 2038-02-18      | Floating      | 6.68%                 | Yes           | N/A                | On Loan: No      |
| BX 2025-BIO3                                                                                     | BX 2025-BIO3 D                                                                                                                 | CUSIP: 123911AJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4968908.50   | 1.25%             | 2042-02-12      | Variable      | 7.19%                 | Yes           | N/A                | On Loan: No      |
| British Airways PLC                                                                              | IAGLN 3.9 09/15/31 144A                                                                                                        | CUSIP: 11042CAB6<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |   1313761 | PA      | $1256646.95   | 0.32%             | 2033-03-15      | Fixed         | 3.90%                 | Yes           | 2                  | On Loan: No      |
| British Airways PLC                                                                              | IAGLN 2.9 03/15/35 144A                                                                                                        | CUSIP: 11042CAA8<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |   2037555 | PA      | $1849542.34   | 0.46%             | 2036-09-15      | Fixed         | 2.90%                 | Yes           | 2                  | On Loan: No      |
| Baytex Energy Corp.                                                                              | BTECN 8.5 04/30/30 144A                                                                                                        | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1541394.00   | 0.39%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Bausch Plus Lomb Corp.                                                                           | BLCOCN 8.375 10/01/28 144A                                                                                                     | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   2180000 | PA      | $2271968.75   | 0.57%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Barings BDC Inc.                                                                                 | Barings BDC Inc. COM USD0.001                                                                                                  | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | RF                | US        |    128698 | NS      | $1127394.48   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of Nova Scotia                                                                              | BNS V7.35 04/27/85                                                                                                             | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2085972.00   | 0.52%             | 2085-04-27      | Fixed         | 7.35%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                            | Bank of America Corp. 7.25% PRF SHS USD1000                                                                                    | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      1537 | NS      | $1967360.00   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Bxmt Ltd                                                                                         | BXMT 2021-FL4 D                                                                                                                | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9590040.00   | 2.41%             | 2038-05-17      | Floating      | 7.16%                 | Yes           | N/A                | On Loan: No      |
| ATRIUM HOTEL PORTFOLIO TRUST 2024-A                                                              | AHPT 2024-ATRM D                                                                                                               | CUSIP: 04963XAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5083227.50   | 1.28%             | 2039-10-12      | Variable      | 7.93%                 | Yes           | 2                  | On Loan: No      |
| Aretec Escrow Issuer 2 Inc.                                                                      | RCAP 10 08/15/30 144A                                                                                                          | CUSIP: 04020JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1634166.00   | 0.41%             | 2030-08-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Ares Capital Corp.                                                                               | Ares Capital Corp. COM STK USD0.001                                                                                            | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | RF                | US        |    174301 | NS      | $3557483.41   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                                                           | APTV V6.875 12/15/54                                                                                                           | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   2500000 | PA      | $2554102.50   | 0.64%             | 2054-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Annaly Capital Management, Inc.                                                                  | Annaly Capital Management, Inc. 6.5% CUM RED PFD STK FIX FL                                                                    | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     23557 | NS      | $591751.84    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Annaly Capital Management, Inc.                                                                  | Annaly Capital Management, Inc. COM NEW                                                                                        | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    150752 | NS      | $3046697.92   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Andeavor LLC                                                                                     | ANDEAV 5.125 12/15/26                                                                                                          | CUSIP: 03349MAD7<br>LEI: CMTK1YBYNLPLIS3QLI53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3988323.48   | 1.00%             | 2026-12-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| American Electric Power Co, Inc.                                                                 | AEP V7.05 12/15/54 *                                                                                                           | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2091298.00   | 0.52%             | 2054-12-15      | Fixed         | 7.05%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.85 02/15/28 B                                                                                                            | CUSIP: 02379DAA8<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   6630868 | PA      | $6456506.31   | 1.62%             | 2029-08-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.5 02/15/32 A                                                                                                             | CUSIP: 02378MAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   2736114 | PA      | $2501888.28   | 0.63%             | 2033-08-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.7 10/15/25 B                                                                                                             | CUSIP: 02377DAA0<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    584513 | PA      | $584030.56    | 0.15%             | 2027-04-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 4 09/22/27 A                                                                                                               | CUSIP: 02377BAA4<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1099835 | PA      | $1072108.27   | 0.27%             | 2029-03-22      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.65 06/15/28 A                                                                                                            | CUSIP: 023764AA1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1195790 | PA      | $1152568.89   | 0.29%             | 2029-12-15      | Fixed         | 3.65%                 | No            | 2                  | On Loan: No      |
| Altagas Ltd                                                                                      | ALACN V7.2 10/15/54 144A                                                                                                       | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2068826.00   | 0.52%             | 2054-10-15      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| Ally Financial Inc.                                                                              | ALLY V4.7 PERP C                                                                                                               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4608059.00   | 1.16%             | 2500-12-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| The Allstate Corporation                                                                         | ALL V0 08/15/53 B                                                                                                              | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899925.66    | 0.23%             | 2053-08-15      | Floating      | 7.41%                 | No            | 2                  | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 4.625 01/15/27 144A                                                                                                        | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1242115.75   | 0.31%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Air Lease Corporation                                                                            | AL V4.125 PERP C                                                                                                               | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2416298.75   | 0.61%             | 2500-12-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Air Canada Pass Through Trust 2017-1                                                             | ACACN 3.7 01/15/26 144A                                                                                                        | CUSIP: 00908PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1424852 | PA      | $1416309.01   | 0.36%             | 2031-07-15      | Fixed         | 3.70%                 | Yes           | 2                  | On Loan: No      |
| Agnc Investment Corp                                                                             | Agnc Investment Corp COM USD0.01                                                                                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    113121 | NS      | $1107454.59   | 0.28%             |  |  |  | No            | 1                  | On Loan: —       |
| AG TRUST 2024-NLP                                                                                | AG 2024-NLP C                                                                                                                  | CUSIP: 00792MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5440000 | PA      | $5463668.35   | 1.37%             | 2041-08-15      | Floating      | 8.17%                 | Yes           | N/A                | On Loan: No      |
| Air Canada                                                                                       | ACACN 4.125 12/15/27 144A                                                                                                      | CUSIP: 009088AB1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |    710588 | PA      | $691699.31    | 0.17%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                              | PNR-MUNI HI INC-ESC                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |    163375 | PA      | $58815.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                              | PNR-MUNI HI INC-ESC                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |    704314 | PA      | $288768.74    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                              | PNR-MUNI HI INC-ESC                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |    194683 | PA      | $29202.45     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO