# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000794
**Filing Date:** 2026-3
**Character Count:** 25821
**Document Hash:** c9bf58a0887cf637cc4d44461284f2c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000794.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000794

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 26708657

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

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

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

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

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

## Series and Classes Contracts Data

### SHELTON TACTICAL CREDIT FUND (Series ID: S000054578)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000171442 | Investor Class      | DEBTX           |
| C000174064 | Institutional Class | DEBIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** SHELTON TACTICAL FUND

- **b. EDGAR series identifier (if any):** S000054578

- **c. LEI of Series:** 254900YOM7QWQMSBIY40

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $56838842.68

**Total Liabilities:** $783104.82

**Net Assets:** $56055737.86

**Cash Not Reported:** $186439.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174064 | 0.19%                | 1.16%                | 0.53%                |
| Class ID C000171442 | 0.20%                | 1.07%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $43568.24                | $-180027.79                                |
| Month 2  | $18011.95                | $69579.94                                  |
| Month 3  | $0.00                    | $72447.03                                  |

**Designated Index Information**

- **Index Name:** Bloomberg Aggregate

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AS Mileage Plan IP Ltd.                                                                       | ALK 5.308 10/20/31 144A                       | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1250000 | PA      | $1261268.21   | 2.25%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           | 2                  | On Loan: No      |
| Windstream Services LLC/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC | UNIT 8.625 06/15/32 144A                      | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $738780.77    | 1.32%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Calpine Corporation                                                                           | CPN 5 02/01/31 144A                           | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1777296.50   | 3.17%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Talos Prodtn Inc                                                                              | TALO 9.375 02/01/31 144A                      | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1564510.50   | 2.79%             | 2031-02-01      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| The Kroger Co.                                                                                | KR 5 09/15/34                                 | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1256905.28   | 2.24%             | 2034-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                            | IRM 6.25 01/15/33 144A                        | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016733.40   | 3.60%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                                     | KHC 4.375 06/01/46                            | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1445709.37   | 2.58%             | 2046-06-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| 1261229 Bc Ltd.                                                                               | BHCCN 10 04/15/32 144A                        | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1560025.34   | 2.78%             | 2032-04-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Mars Inc.                                                                                     | MARS 5.65 05/01/45 144a                       | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1764026.34   | 3.15%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           | 2                  | On Loan: No      |
| Six Flags Entertainment Corp.                                                                 | FUN 6.625 05/01/32 144A                       | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016827.86   | 3.60%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| AMC Entertainment Holdings Inc                                                                | AMC 7.5 02/15/29 144A                         | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1749879.80   | 3.12%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Acushnet Co                                                                                   | GOLF 5.625 12/01/33 144A                      | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1516853.88   | 2.71%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)           | AER 3.85 10/29/41                             | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1500000 | PA      | $1225776.68   | 2.19%             | 2041-10-29      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Air Canada                                                                                    | ACACN 10.5 07/15/26                           | CUSIP: 008911BD0<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |   1000000 | PA      | $1027701.40   | 1.83%             | 2026-07-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| American Homes 4 Rent L P                                                                     | AMH 5.5 02/01/34                              | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1548890.51   | 2.76%             | 2034-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                            | CA CASPOL 7.5 07/01/2032                      | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $2812.50      | 0.01%             | 2032-07-01      | Fixed         | 7.50%                 | Yes           | N/A                | On Loan: No      |
| Cinemark USA Inc.                                                                             | CNK 5.25 07/15/28 144A                        | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499834.40   | 2.68%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Cummins Inc.                                                                                  | CMI 5.3 05/09/35                              | CUSIP: 231021BA3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1296211.95   | 2.31%             | 2035-05-09      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| EUSHI Finance Inc.                                                                            | EMACN V6.25 04/01/56                          | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1247361.63   | 2.23%             | 2056-04-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| First Industrial, L.P.                                                                        | FR 5.25 01/15/31                              | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1275852.65   | 2.28%             | 2031-01-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| GEO Group Inc                                                                                 | GEO 10.25 04/15/31                            | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1368353.89   | 2.44%             | 2031-04-15      | Fixed         | 10.25%                | No            | 2                  | On Loan: No      |
| Gray Media Inc.                                                                               | GTN 7.25 08/15/33 144A                        | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1278036.04   | 2.28%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Grupo Aeromexico S. A. B. De C. V.                                                            | AEROMX 8.625 11/15/31 144A                    | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    750000 | PA      | $765697.50    | 1.37%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Guitar Center, Inc.                                                                           | GTRC 8.5 01/15/29                             | CUSIP: 402040AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1837500 | PA      | $1497562.50   | 2.67%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                                       | JBSSBZ 5.75 04/01/33                          | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   1250000 | PA      | $1305891.25   | 2.33%             | 2033-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                          | JPM V3.882 07/24/38                           | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1122200.71   | 2.00%             | 2038-07-24      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| PetSmart                                                                                      | PetSmart Term Loan B 400 2032-08-02           | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    500000 | OU      | $497345.00    | 0.89%             | 2032-08-02      | Floating      | 8.23%                 | No            | 2                  | On Loan: No      |
| Petsmart LLC / Petsmart Financial Corp.                                                       | PETM 7.5 09/15/32                             | CUSIP: 71677KAC2<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017684.40   | 1.82%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc.                                         | PRMWCN 6.25 04/01/29 144A                     | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    750000 | PA      | $753625.43    | 1.34%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Pyxus Holdings Inc                                                                            | PYXHLD L 12/27/27 1                           | CUSIP: 74738YAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    442113 | OU      | $417796.84    | 0.75%             | 2027-10-27      | Floating      | 12.06%                | No            | 2                  | On Loan: No      |
| Pyxus Holdings Inc                                                                            | Pyxus Holdings Inc                            | CUSIP: 74738YAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    294742 | OU      | $294497.40    | 0.53%             | 2027-10-27      | Floating      | 12.06%                | No            | 2                  | On Loan: No      |
| Rivian Holdings Llc / Rivian Llc / Rivian Automotive Llc                                      | RIVHOL 10 01/15/31 144A                       | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1228823.88   | 2.19%             | 2031-01-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Roche Holdings, Inc.                                                                          | ROSW 5.593 11/13/33 144A                      | CUSIP: 771196CH3<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1069108.89   | 1.91%             | 2033-11-13      | Fixed         | 5.59%                 | Yes           | 2                  | On Loan: No      |
| Sirius Xm Radio Inc                                                                           | SIRI 3.875 09/01/31 144A                      | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1841867.20   | 3.29%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Transocean International Ltd.                                                                 | RIG 7.875 10/15/32 144A                       | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $261100.25    | 0.47%             | 2032-10-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| United Rentals (North America), Inc.                                                          | URI 6 12/15/29 144A                           | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027363.02   | 1.83%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                                                  | B 0 05/28/26                                  | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5400000 | PA      | $5323267.24   | 9.50%             | 2026-05-28      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Windstream Services LLC/Uniti Group Finance 2019 Inc/CSL Capital LLC                          | UNIT 6.5 02/15/29 144A                        | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $480158.40    | 0.86%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Viking Baked Goods Acquisition Corp                                                           | RISBAK 8.625 11/01/31 144A                    | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1504818.00   | 2.68%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Visa Inc                                                                                      | V 2.7 04/15/40                                | CUSIP: 92826CAK8<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $385161.14    | 0.69%             | 2040-04-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| WMG Acquisition Corp.                                                                         | WMG 3 02/15/31 144A                           | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1163993.13   | 2.08%             | 2031-02-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Welltower OP LLC                                                                              | WELL 5.125 07/01/35                           | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1275728.70   | 2.28%             | 2035-07-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Pyxus International Inc                                                                       | Pyxus International Inc COM NEW               | CUSIP: 74737V205<br>LEI: 254900Y83D1L0TWGIF40 | Long             | EC               | CORP              | US        |    216937 | NS      | $763618.24    | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CHC Group LLC / CHC Finance LTD                                                               | CHC Group LLC / CHC Finance LTD COM UNITS NEW | CUSIP: 12550E405<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9358 | NS      | $0.01         | -1.78%            |  |  |  | No            | 1                  | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                            | CA CASPOL 8 07/01/2039                        | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $23062.50     | 0.04%             | 2039-07-01      | Fixed         | 8.00%                 | Yes           | N/A                | On Loan: No      |
| N/A                                                                                           | CDX.NA.IG SERIES 45 12/30                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  15000000 | PA      | $-339655.95   | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                           | ELETSN ESCROW                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |    548153 | PA      | $0.01         | -1.78%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                           | HYG US 01/16/26 P78                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |       900 | PA      | $2700.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                           | HYG US 02/20/26 P79                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |       650 | PA      | $14950.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                           | WINDSTREAM/UNITI TLB                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |   1000000 | PA      | $1002500.00   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO