# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001387131-23-002599
**Filing Date:** 2023-2
**Character Count:** 18947
**Document Hash:** cd58efb3e8c3c87250ce7a8047ce8aba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002599.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002599

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267
- **IRS NUMBER:** 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:** 23686965

**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 Natural Resources and Infrastructure Fund (Series ID: S000067904)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217717 | Investor Class      | ICBAX           |
| C000217718 | Institutional Class | ICBMX           |

## 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:** 1875 Lawrence Street, Suite 300

  - **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 Natural Resources and Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000067904

- **c. LEI of Series:** 25490028SYI0ZCFMF484

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $115164771.62

**Total Liabilities:** $2668565.57

**Net Assets:** $112496206.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217718 | -4.02%               | 4.23%                | 11.39%               |
| Class ID C000217717 | -0.04%               | 0.04%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-20426.25               | $-4879581.01                               |
| Month 2  | $773078.41               | $4035782.96                                |
| Month 3  | $-514492.21              | $12466463.96                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Drainage System Inc                        | Advanced Drainage System Inc COM USD0.01                                      | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     10000 | NS      | $819700.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                                     | Alamo Group Inc COM USD0.10                                                   | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     16000 | NS      | $2265600.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                                 | FIRST AMERN FDS INC GOVT OBLIGS X                                             | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  20142719 | OU      | $20142719.03  | 17.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                                  | Nextera Energy Inc COM USD0.01                                                | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $2926000.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                     | Caterpillar Inc COM USD1.00                                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     10000 | NS      | $2395600.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.                      | Old Dominion Freight Line Inc. COM USD0.10                                    | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     10500 | NS      | $2979690.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.                    | Armstrong World Industries, Inc. COM STK USD0.01                              | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     40000 | NS      | $2743600.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                              | Berry Global Group Inc COM USD0.01                                            | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |     33000 | NS      | $1994190.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                     | CSX Corporation COM USD1                                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    125000 | NS      | $3872500.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Company                   | Canadian National Railway Company COM NPV                                     | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     20000 | NS      | $2377600.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                                | Chart Industries Inc COM USD0.01                                              | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     20000 | NS      | $2304600.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                        | Cummins Inc. COM USD2.50                                                      | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      8000 | NS      | $1938320.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust                           | Direxion Shares ETF Trust DIREXION DAILY ENERGY BULL 2X SHARES                | CUSIP: 25460G609<br>LEI: 549300M501IVJM50FG12 | Long             | EC               | RF                | US        |     21000 | NS      | $1397550.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Eagle Materials Inc.                                | Eagle Materials Inc. COM USD0.01                                              | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     18000 | NS      | $2391300.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol S.A.                                      | Ecopetrol S.A. SPON ADR EA REPR 20 ORD                                        | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        |    400000 | NS      | $4188000.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Enterprise Products Partners L.P.                   | Enterprise Products Partners L.P. COM UNITS REP LIM PART INT                  | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    100000 | NS      | $2412000.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                                    | Grainger W W Inc COM USD0.50                                                  | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      4750 | NS      | $2642187.50   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The Greenbrier Companies, Inc.                      | The Greenbrier Companies, Inc. COM USD0.001                                   | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     72000 | NS      | $2414160.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                                  | Hexcel Corporation COM USD0.01                                                | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     19500 | NS      | $1147575.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.                 | J. B. Hunt Transport Services, Inc. COM USD0.01                               | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     10000 | NS      | $1743600.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Limited                                | Imperial Oil Limited COM NPV                                                  | CUSIP: 453038408<br>LEI: 549300MO45LTBPAU4Z27 | Long             | EC               | CORP              | CA        |     42000 | NS      | $2047080.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                                      | MRC Global Inc COM USD0.01                                                    | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    290000 | NS      | $3358200.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Magellan Midstream Partners LP                      | Magellan Midstream Partners LP COM NPV                                        | CUSIP: 559080106<br>LEI: MZF5TI8NFVZZNUSKDL39 | Long             | EC               | CORP              | US        |     45000 | NS      | $2259450.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                       | Martin Marietta Materials Inc COM USD0.01                                     | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      6500 | NS      | $2196805.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corporation                                   | Masco Corporation COM USD1.00                                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     35000 | NS      | $1633450.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc.                               | Myers Industries Inc. COM NPV                                                 | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     90000 | NS      | $2000700.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                           | National Fuel Gas Company COM USD1                                            | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     48000 | NS      | $3038400.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                        | Northrop Grumman Corporation COM USD1                                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      4000 | NS      | $2182440.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                                 | Oshkosh Corporation COM USD0.01                                               | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     27000 | NS      | $2381130.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp.                                    | Ranger Oil Corp. COM USD0.01                                                  | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |    107000 | NS      | $4326010.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P./PAA Finance Corp. | Plains All American Pipeline L.P./PAA Finance Corp. UNIT REP LIM PART INT NPV | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |    400000 | NS      | $4704000.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                            | Saia Inc COM USD0.001                                                         | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     13000 | NS      | $2725840.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                  | Suncor Energy Inc. COM NPV 'NEW'                                              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     84000 | NS      | $2665320.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                                   | Terex Corporation COM USD0.01                                                 | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     45000 | NS      | $1922400.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Industries, Inc.                            | Trinity Industries, Inc. COM USD0.01                                          | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |    100000 | NS      | $2957000.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                            | UGI Corp COM NPV                                                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     82000 | NS      | $3039740.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Governor                                   | Woodward Governor COM USD0.00875                                              | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     11719 | NS      | $1132172.59   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                         | Xylem, Inc. COM USD0.01                                                       | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     18000 | NS      | $1990260.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                           | Union Pacific Corporation COM USD2.50                                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     16000 | NS      | $3313120.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO