# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003079
**Filing Date:** 2025-8
**Character Count:** 20109
**Document Hash:** c24ff36105d635b7dc63d6cf34c29a9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003079.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003079

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251250364

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

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

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

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

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

## Series and Classes Contracts Data

### ICON EQUITY INCOME FUND (Series ID: S000067901)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** ICON EQUITY INCOME FUND

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $42154507.60

**Total Liabilities:** $712739.79

**Net Assets:** $41441767.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217711 | 1.65%                | 2.40%                | -4.34%               |
| Class ID C000217712 | 1.65%                | 2.34%                | -4.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $82954.64                | $447304.06                                 |
| Month 2  | $84907.67                | $756725.78                                 |
| Month 3  | $-12881.35               | $-2018397.09                               |

### Schedule of Portfolio Investments

| Name                                                                                             | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp.                                                                                        | AES Corp. COM USD0.01                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     29906 | NS      | $314611.12    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                                                                           | Ingredion Incorporated COM USD0.01             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     10600 | NS      | $1437572.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                                                                                   | DTE Energy Co. COM NPV                         | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     18700 | NS      | $2477002.00   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corporation                                                                | Horace Mann Educators Corporation COM USD0.001 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     42300 | NS      | $1817631.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | Huntington Bancshares Incorporated COM USD0.01 | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     61654 | NS      | $1033321.04   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                                                                             | Huntsman Corporation COM USD0.01               | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     62600 | NS      | $652292.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                                                                   | ING Groep N.V. SPON ADR 1 ORD SHS EUR0.24      | CUSIP: 456837103<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    105403 | NS      | $2305163.61   | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                                                                           | Lincoln National Corp. COM NPV                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     46700 | NS      | $1615820.00   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                                      | Lockheed Martin Corporation COM USD1.00        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      4400 | NS      | $2037816.00   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminium Corporation                                                                     | Kaiser Aluminium Corporation COM USD0.01       | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14776 | NS      | $1180602.40   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                                          | KeyCorp COM USD1.00                            | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    107600 | NS      | $1874392.00   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                                                                          | Nexstar Media Group Inc COM  USD0.01 CL'A'     | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     11800 | NS      | $2040810.00   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                                                                        | National Fuel Gas Company COM USD1             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     26537 | NS      | $2247949.27   | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company                                                                | Portland General Electric Company COM STK NPV  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     40162 | NS      | $1631782.06   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                                                                        | The Western Union Company COM STK USD0.01      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    182500 | NS      | $1536650.00   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC                                                                         | The Chemours Company LLC COM USD0.01 WI        | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |    103100 | NS      | $1180495.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                                                                            | OneMain Holdings Inc. USD0.01                  | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     32800 | NS      | $1869600.00   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.65 06/15/28 A                            | CUSIP: 023764AA1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    303500 | PA      | $288590.02    | 0.70%             | 2029-12-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                                                        | First American Funds Inc. GOVT OBLIGS X        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    841473 | OU      | $841473.01    | 2.03%             |  |  |  | No            |                  1 | 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        |    363757 | PA      | $359347.70    | 0.87%             | 2031-07-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Evergy Inc                                                                                       | Evergy Inc COM NPV                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     31900 | NS      | $2198867.00   | 5.31%             |  |  |  | No            |                  1 | 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        |    250000 | PA      | $248421.83    | 0.60%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nustar Logistics, L.P.                                                                           | NSUS 6.375 10/01/30                            | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259049.75    | 0.63%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                                                            | USRE 2021-1 B1                                 | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $229193.05    | 0.55%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| GSK plc                                                                                          | GSK plc SPONSORED ADR                          | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     35800 | NS      | $1374720.00   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastec, Inc.                                                                                     | MTZ 6.625 08/15/29 144A                        | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249999.95    | 0.60%             | 2029-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Lazard Inc                                                                                       | Lazard Inc COM                                 | CUSIP: 52110M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27400 | NS      | $1314652.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                             | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS   | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |     89240 | NS      | $618433.20    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                                                                               | Vodafone Group PLC SPON ADR EACH REP 10 ORD    | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     64031 | NS      | $682570.46    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                                       | Amgen Inc. COM USD0.0001                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      4500 | NS      | $1256445.00   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Industries, Inc.                                                                         | Trinity Industries, Inc. COM USD0.01           | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |     48800 | NS      | $1318088.00   | 3.18%             |  |  |  | No            |                  1 | 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        |    604258 | PA      | $577280.45    | 1.39%             | 2030-01-07      | Fixed         | 3.45%                 | 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        |    340145 | PA      | $317078.42    | 0.77%             | 2031-09-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES PASS THROUGH CERTIFICATES                                                        | UAL 4.55 08/25/31 A                            | CUSIP: 90931EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355072 | PA      | $332972.87    | 0.80%             | 2033-02-25      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                     | Bristol-Myers Squibb Company COM USD0.10       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     28500 | NS      | $1319265.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| British Airways PLC                                                                              | IAGLN 2.9 03/15/35 144A                        | CUSIP: 11042CAA8<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |    385684 | PA      | $347332.34    | 0.84%             | 2036-09-15      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.85 02/15/28 B                            | CUSIP: 02379DAA8<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    130693 | PA      | $126044.20    | 0.30%             | 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        |    364356 | PA      | $329072.12    | 0.79%             | 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        |    146129 | PA      | $145226.79    | 0.35%             | 2027-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO