# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000791
**Filing Date:** 2026-3
**Character Count:** 43036
**Document Hash:** 9f3dd3391b91b0c15d99aded0968dd4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000791.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000791

**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:** 26708648

**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 International Select Equity Fund (Series ID: S000055315)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000174094 | Investor Class      | SISLX           |
| C000174095 | Institutional Class | SISEX           |

## 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 International Select Equity Fund

- **b. EDGAR series identifier (if any):** S000055315

- **c. LEI of Series:** 254900O22JSJD47Z9J19

**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:** $42208191.20

**Total Liabilities:** $798786.02

**Net Assets:** $41409405.18

**Cash Not Reported:** $82048.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174095 | 0.07%                | 1.35%                | 0.99%                |
| Class ID C000174094 | 0.07%                | 1.29%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $254775.69               | $-163883.10                                |
| Month 2  | $53308.79                | $901932.71                                 |
| Month 3  | $2.72                    | $-86892.50                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Asahi Intecc Co Ltd.                           | Asahi Intecc Co Ltd. NPV                               | CUSIP: J0279C107<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |     49000 | NS      | $918970.94    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendel Se                                      | Wendel Se EUR4                                         | CUSIP: F98370103<br>LEI: 969500M98ZMIZYJD5O34 | Long             | EC               | CORP              | FR        |      1653 | NS      | $159629.46    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                                      | Enagas SA EUR1.50                                      | CUSIP: E41759106<br>LEI: 213800OU3FQKGM4M2U23 | Long             | EC               | CORP              | ES        |     20159 | NS      | $311431.92    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma SE                                        | Puma SE NPV                                            | CUSIP: D62318148<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |      5705 | NS      | $149461.35    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DFDS AS                                        | DFDS AS DKK20                                          | CUSIP: K29758164<br>LEI: 549300JZVW1Y1UZ5UK38 | Long             | EC               | CORP              | DK        |      7468 | NS      | $112395.91    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                                    | Aedifica SA NPV                                        | CUSIP: B0130A108<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               | CORP              | BE        |      7998 | NS      | $634239.90    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NOF Corp.                                      | NOF Corp. NPV                                          | CUSIP: J58934100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15900 | NS      | $305657.96    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd.                         | Lynas Rare Earths Ltd. NPV                             | CUSIP: Q5683J210<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |     41022 | NS      | $340504.22    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 0 01/29/26                                           | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $598415.53    | 1.45%             | 2026-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                 | BAWAG Group AG NPV                                     | CUSIP: A0997C107<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |      3968 | NS      | $601353.38    | 1.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FirstGroup PLC                                 | FirstGroup PLC ORD GBP0.05                             | CUSIP: G34604101<br>LEI: 549300DEJZCPWA4HKM93 | Long             | EC               | CORP              | GB        |     92924 | NS      | $238751.65    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Keller Group PLC                               | Keller Group PLC ORD GBP0.10                           | CUSIP: G5222K109<br>LEI: 549300QO4MBL43UHSN10 | Long             | EC               | CORP              | GB        |     39877 | NS      | $895556.69    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Finning International Inc.                     | Finning International Inc. COM NPV                     | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |      2058 | NS      | $111508.67    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Energie Versorgung Niederoesterreich AG        | Energie Versorgung Niederoesterreich AG NPV            | CUSIP: A19833101<br>LEI: 529900P4JZBFEVNEAE60 | Long             | EC               | CORP              | AT        |      7894 | NS      | $251788.18    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Iren SpA                                       | Iren SpA EUR1                                          | CUSIP: T5551Y106<br>LEI: 8156001EBD33FD474E60 | Long             | EC               | CORP              | IT        |     97536 | NS      | $292883.01    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Storebrand ASA                                 | Storebrand ASA SER'A'NOK5                              | CUSIP: R85746106<br>LEI: 5967007LIEEXZX7NA051 | Long             | EC               | CORP              | NO        |     17023 | NS      | $291664.68    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Wienerberger AG                                | Wienerberger AG NPV                                    | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |      6642 | NS      | $238930.97    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| CEWE Stiftung & Co. KGaA                       | CEWE Stiftung & Co. KGaA NPV                           | CUSIP: D1499B107<br>LEI: 529900IDFHN9MQ3WUD64 | Long             | EC               | CORP              | DE        |      1419 | NS      | $173040.65    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Resolute Mining Ltd.                           | Resolute Mining Ltd. NPV                               | CUSIP: Q81068100<br>LEI: 254900MP8JONT590XY28 | Long             | EC               | CORP              | AU        |    871561 | NS      | $712392.23    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Perpetual Ltd.                                 | Perpetual Ltd. NPV                                     | CUSIP: Q9239H108<br>LEI: 549300US8OE0UQWXPO82 | Long             | EC               | CORP              | AU        |     17038 | NS      | $212136.57    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AMP Ltd.                                       | AMP Ltd. NPV                                           | CUSIP: Q0344G101<br>LEI: 5299000D93LTLU0UJR35 | Long             | EC               | CORP              | AU        |    381600 | NS      | $463409.62    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| De'Longhi S.p.A.                               | De'Longhi S.p.A. NPV                                   | CUSIP: T3508H102<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |     23006 | NS      | $986511.98    | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Azimut Holding SpA                             | Azimut Holding SpA NPV                                 | CUSIP: T0783G106<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     15587 | NS      | $654463.56    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd.                            | Perseus Mining Ltd. NPV                                | CUSIP: Q74174105<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    115369 | NS      | $437242.89    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco International Development Ltd.           | Melco International Development Ltd. NPV               | CUSIP: Y59683188<br>LEI: 5299005YLKSGQRHYMI33 | Long             | EC               | CORP              | HK        |    476000 | NS      | $266050.94    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Tamburi Investment Partners S.p.A.             | Tamburi Investment Partners S.p.A. NPV                 | CUSIP: T92123107<br>LEI: 81560017CF8066680595 | Long             | EC               | CORP              | IT        |     21180 | NS      | $228670.35    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Mbb Se                                         | Mbb Se NPV(BR)                                         | CUSIP: D5345X106<br>LEI: 967600M9R4EFYLPNWR50 | Long             | EC               | CORP              | DE        |      2699 | NS      | $654773.85    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Group                             | Charter Hall Group NPV (STAPLED)                       | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     47567 | NS      | $776014.65    | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Qube Holdings Ltd.                             | Qube Holdings Ltd. NPV                                 | CUSIP: Q7834B112<br>LEI: 391200RT2MUFEO3RFW25 | Long             | EC               | CORP              | AU        |     89075 | NS      | $283504.20    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Superior Plus Corp                             | Superior Plus Corp COM NPV                             | CUSIP: 86828P103<br>LEI: 52990059VEQM9RBM0045 | Long             | EC               | CORP              | CA        |    106600 | NS      | $546758.27    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Zigup PLC                                      | Zigup PLC ORD GBP0.50                                  | CUSIP: G7331W115<br>LEI: 213800B3ZUTDOZYVJB41 | Long             | EC               | CORP              | GB        |     48679 | NS      | $251653.30    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Vermilion Energy Inc.                          | Vermilion Energy Inc. COM NPV                          | CUSIP: 923725105<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | EC               | RF                | CA        |     30800 | NS      | $256260.88    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Power Corp.                            | Capital Power Corp. COM NPV                            | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |      4900 | NS      | $209020.30    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Altus Group Ltd                                | Altus Group Ltd COM NPV                                | CUSIP: 02215R107<br>LEI: 54930041VO1EIY4IV355 | Long             | EC               | CORP              | CA        |      9500 | NS      | $392508.21    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgen Energy Ltd                              | Nexgen Energy Ltd COM NPV                              | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |     27000 | NS      | $248446.35    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Worldwide Corp Ltd.                   | Reliance Worldwide Corp Ltd. NPV                       | CUSIP: Q8068F100<br>LEI: 52990084PQSDDJ8F5447 | Long             | EC               | CORP              | AU        |     74258 | NS      | $191256.34    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Long WALE REIT                    | Charter Hall Long WALE REIT NPV (STAPLED)              | CUSIP: Q2308E106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     92339 | NS      | $251379.94    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Aroundtown SA                                  | Aroundtown SA EUR0.01                                  | CUSIP: L0269F109<br>LEI: 529900H4DWG3KWMBMQ39 | Long             | EC               | CORP              | DE        |     63933 | NS      | $198889.31    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                   | Bausch Health Companies Inc. COM NPV                   | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     43141 | NS      | $299535.71    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Group PLC (New)                            | Man Group PLC (New) ORD USD0.0342857142                | CUSIP: G57991104<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | JE        |    121131 | NS      | $373600.06    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ninety One PLC                                 | Ninety One PLC ORD GBP0.0001                           | CUSIP: G6524E106<br>LEI: 549300G0TJCT3K15ZG14 | Long             | EC               | CORP              | GB        |     43477 | NS      | $126709.99    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Trainline PLC                                  | Trainline PLC ORD GBP0.01                              | CUSIP: G8992Y119<br>LEI: 213800HO26VXTFJ4MO71 | Long             | EC               | CORP              | GB        |    248024 | NS      | $736887.02    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuit Group PLC                               | Genuit Group PLC ORD GBP0.001                          | CUSIP: G7179X100<br>LEI: 2138005IF1N2RKJ6KO18 | Long             | EC               | CORP              | GB        |    115241 | NS      | $507984.40    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pet Valu Holdings Limited                      | Pet Valu Holdings Limited COM                          | CUSIP: 71584R105<br>LEI: 2549004F77OUH5ES5L44 | Long             | EC               | CORP              | CA        |     22708 | NS      | $461416.26    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pexa Group Ltd                                 | Pexa Group Ltd NPV                                     | CUSIP: Q9131W104<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     31293 | NS      | $280419.69    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Prairiesky Royalty Ltd.                        | Prairiesky Royalty Ltd. COM NPV                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     36400 | NS      | $716824.64    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinaxis Inc                                    | Kinaxis Inc COM NPV                                    | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |      2100 | NS      | $264808.35    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Helia Group Ltd.                               | Helia Group Ltd. NPV                                   | CUSIP: Q3983N155<br>LEI: 529900RUQ2G0JXJOF423 | Long             | EC               | CORP              | AU        |     53873 | NS      | $197705.68    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| DPM Metals Inc.                                | DPM Metals Inc. COM                                    | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |     14140 | NS      | $437004.16    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ams OSRAM AG                                   | ams OSRAM AG NPV (POST REV SPLIT)                      | CUSIP: A0400Q156<br>LEI: 5299001JPPT2QFTV5D76 | Long             | EC               | CORP              | AT        |     33300 | NS      | $329981.82    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Energy Co.                         | Diversified Energy Co. COMMON STOCK                    | CUSIP: 25520W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10622 | NS      | $153925.43    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rotork PLC                                     | Rotork PLC ORD GBP0.005                                | CUSIP: G76717134<br>LEI: 213800AH5RZIHGWRJ718 | Long             | EC               | CORP              | GB        |     52071 | NS      | $228406.82    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Renew Holdings                                 | Renew Holdings ORD GBP0.10                             | CUSIP: G7490A102<br>LEI: 213800O3DC3V4WYA2E09 | Long             | EC               | CORP              | GB        |     66574 | NS      | $799609.53    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sacyr SA                                       | Sacyr SA EUR1                                          | CUSIP: E35471114<br>LEI: 959800XKAB9VNAVN9425 | Long             | EC               | CORP              | ES        |     50075 | NS      | $227431.80    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd.                             | Aica Kogyo Co Ltd. NPV                                 | CUSIP: J00252106<br>LEI: 353800I589BKZAOJD116 | Long             | EC               | CORP              | JP        |     23800 | NS      | $534565.12    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amada Co Ltd                                   | Amada Co Ltd NPV                                       | CUSIP: J01218106<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     55500 | NS      | $656238.63    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Amano Corp.                                    | Amano Corp. NPV                                        | CUSIP: J01302108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8000 | NS      | $215132.57    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Anritsu Corp.                                  | Anritsu Corp. NPV                                      | CUSIP: J01554104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31800 | NS      | $455695.31    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Resorttrust Inc.                               | Resorttrust Inc. NPV                                   | CUSIP: J6448M108<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     31800 | NS      | $398441.54    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bezeq The Israeli Telecommunication Corp Ltd   | Bezeq The Israeli Telecommunication Corp Ltd ILS1      | CUSIP: M2012Q100<br>LEI: 213800XCGZCFSWY9U863 | Long             | EC               | CORP              | IL        |    374219 | NS      | $833803.30    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Daicel Corp.                                   | Daicel Corp. NPV                                       | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |     23700 | NS      | $211686.85    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Pharma Co Ltd.                        | Sumitomo Pharma Co Ltd. NPV                            | CUSIP: J10542116<br>LEI: 529900D60UKVYLJ2OJ79 | Long             | EC               | CORP              | JP        |     45000 | NS      | $665968.63    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuso Chemical Co Ltd.                          | Fuso Chemical Co Ltd. NPV                              | CUSIP: J16601106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16100 | NS      | $654776.57    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuji Corporation                               | Fuji Corporation NPV                                   | CUSIP: J1R541101<br>LEI: 353800G4VS3QLM6BSX66 | Long             | EC               | CORP              | JP        |     23800 | NS      | $553255.14    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Gunma Bank Ltd                                 | Gunma Bank Ltd NPV                                     | CUSIP: J17766106<br>LEI: 54930054A69VC4I5BP89 | Long             | EC               | CORP              | JP        |     12500 | NS      | $137865.59    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hirose Electric Co Ltd.                        | Hirose Electric Co Ltd. NPV                            | CUSIP: J19782101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $143546.21    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanamoto Co Ltd                                | Kanamoto Co Ltd NPV                                    | CUSIP: J29557105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7900 | NS      | $197463.43    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansai Paint Co Ltd.                           | Kansai Paint Co Ltd. NPV                               | CUSIP: J30255129<br>LEI: 549300ERRV6FTKH9NN70 | Long             | EC               | CORP              | JP        |     15800 | NS      | $249666.41    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kissei Pharmaceutical Co Ltd                   | Kissei Pharmaceutical Co Ltd NPV                       | CUSIP: J33652108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7900 | NS      | $234535.11    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kitz Corp                                      | Kitz Corp NPV                                          | CUSIP: J34039115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     36600 | NS      | $406357.70    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Konica Minolta Inc                             | Konica Minolta Inc NPV                                 | CUSIP: J36060119<br>LEI: 549300SVK6KRUOL1A740 | Long             | EC               | CORP              | JP        |    239300 | NS      | $1039066.39   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Corporation                               | Life Corporation NPV                                   | CUSIP: J38828109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23900 | NS      | $390019.73    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MAX Co Ltd                                     | MAX Co Ltd NPV                                         | CUSIP: J41508102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22800 | NS      | $1005867.37   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Meidensha Corporation                          | Meidensha Corporation NPV                              | CUSIP: J41594102<br>LEI: 529900VFKHJPVURD7985 | Long             | EC               | CORP              | JP        |     15900 | NS      | $565431.69    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Gas Chemical Co Inc.                | Mitsubishi Gas Chemical Co Inc. NPV                    | CUSIP: J43959113<br>LEI: 529900G5O4J27ZPLJJ89 | Long             | EC               | CORP              | JP        |     23800 | NS      | $431466.08    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Miura Co Ltd                                   | Miura Co Ltd NPV                                       | CUSIP: J45593100<br>LEI: 3538005VS7UNWU9PHX56 | Long             | EC               | CORP              | JP        |      7900 | NS      | $153280.04    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga & Co., Ltd.                           | Morinaga & Co., Ltd. NPV                               | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15900 | NS      | $270026.62    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nifco Inc                                      | Nifco Inc NPV                                          | CUSIP: 654101104<br>LEI: 353800JMDOH68J9I5140 | Long             | EC               | CORP              | JP        |      7900 | NS      | $244320.02    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Gas Co Ltd                              | Nippon Gas Co Ltd NPV                                  | CUSIP: J50151117<br>LEI: 549300N3DC5V2XON9C60 | Long             | EC               | CORP              | JP        |     16000 | NS      | $303443.17    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Kayaku Co Ltd                           | Nippon Kayaku Co Ltd NPV                               | CUSIP: J54236112<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23800 | NS      | $255506.32    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Chemical Corp.                          | Nissan Chemical Corp. NPV                              | CUSIP: J56988108<br>LEI: 3538002E4L1CUGJFFU25 | Long             | EC               | CORP              | JP        |     25100 | NS      | $859427.69    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Okamura Corp                                   | Okamura Corp NPV                                       | CUSIP: J60514114<br>LEI: 35380084C4I8EO2QWD96 | Long             | EC               | CORP              | JP        |     15900 | NS      | $232771.07    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Seino Holdings Co Ltd.                         | Seino Holdings Co Ltd. NPV                             | CUSIP: J70316138<br>LEI: 3538001D12EPCPYTTF24 | Long             | EC               | CORP              | JP        |     15900 | NS      | $239166.44    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Bakelite Co Ltd                       | Sumitomo Bakelite Co Ltd NPV                           | CUSIP: J77024115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $362595.69    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Toshiba Tec Corp                               | Toshiba Tec Corp NPV                                   | CUSIP: J89903108<br>LEI: 529900BU7UO2N2ITYD43 | Long             | EC               | CORP              | JP        |      7900 | NS      | $138199.18    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Ohka Kogyo Co., Ltd.                     | Tokyo Ohka Kogyo Co., Ltd. NPV                         | CUSIP: J87430104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15900 | NS      | $589185.91    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Keiba Co Ltd                             | Tokyo Keiba Co Ltd NPV                                 | CUSIP: J88462106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7900 | NS      | $286485.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Wacoal Holdings Corp.                          | Wacoal Holdings Corp. NPV                              | CUSIP: J94632122<br>LEI: 3538002U6NJ8QTW6VR34 | Long             | EC               | CORP              | JP        |      7900 | NS      | $222833.57    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamazaki Baking Co Ltd.                        | Yamazaki Baking Co Ltd. COM NPV                        | CUSIP: 984632109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15900 | NS      | $334284.84    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Investec PLC                                   | Investec PLC ORD GBP0.0002                             | CUSIP: G49188116<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | GB        |     25121 | NS      | $186757.51    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Laboratories International Holdings Ltd | United Laboratories International Holdings Ltd HKD0.01 | CUSIP: G8813K108<br>LEI: 2549007JL3XIH77JXN70 | Long             | EC               | CORP              | KY        |    104000 | NS      | $154876.44    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Carmila SAS                                    | Carmila SAS EUR6                                       | CUSIP: F1387K266<br>LEI: 222100P6D3QKU33LZQ72 | Long             | EC               | CORP              | FR        |     12308 | NS      | $245812.97    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape plc                                   | Inchcape plc ORD GBP0.10                               | CUSIP: G47320208<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |     18499 | NS      | $191765.38    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Louis Hachette Group                           | Louis Hachette Group EUR0.2                            | CUSIP: F5899T103<br>LEI: 969500CV8XQ2XKU2DO25 | Long             | EC               | CORP              | FR        |     89380 | NS      | $164122.34    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TP ICAP Group PLC                              | TP ICAP Group PLC ORD GBP0.25                          | CUSIP: G8963N100<br>LEI: 2138006YAA7IRVKKGE63 | Long             | EC               | CORP              | JE        |     51745 | NS      | $181009.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Socionext Inc.                                 | Socionext Inc. NPV                                     | CUSIP: J75866103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     40100 | NS      | $560553.60    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lightspeed Commerce Inc                        | Lightspeed Commerce Inc SUB VTG SHS                    | CUSIP: 53229C107<br>LEI: 254900T8MDWRTGMFZ257 | Long             | EC               | CORP              | CA        |      9300 | NS      | $112204.11    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordnet AB                                     | Nordnet AB NPV                                         | CUSIP: W6S819112<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |      6880 | NS      | $201916.44    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustpilot Group PLC                           | Trustpilot Group PLC ORD GBP0.01                       | CUSIP: G91044100<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |     44044 | NS      | $97607.73     | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Gamma Communications Plc                       | Gamma Communications Plc ORD GBP0.0025                 | CUSIP: G371B3109<br>LEI: 213800LAQZXPRIZUEH50 | Long             | EC               | CORP              | GB        |     62165 | NS      | $774307.59    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DOF Group ASA                                  | DOF Group ASA 8.125% SNR NTS USD                       | CUSIP: R1883X116<br>LEI: 213800GIV9N2A714T434 | Long             | EC               | CORP              | NO        |     22660 | NS      | $214131.37    | 0.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| DormaKaba Holding AG                           | DormaKaba Holding AG CHF0.01 'B'(REGD)                 | CUSIP: H1955W104<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |      3913 | NS      | $318105.99    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan Real Estate Investment Trust            | RioCan Real Estate Investment Trust UNIT               | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     37200 | NS      | $506815.68    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Elekta AB                                      | Elekta AB SER'B'NPV                                    | CUSIP: W2479G107<br>LEI: 54930044O54BK617EP80 | Long             | EC               | CORP              | SE        |     38577 | NS      | $237789.25    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| H Lundbeck A S                                 | H Lundbeck A S SER'B'DKK1                              | CUSIP: K4406L137<br>LEI: 5493006R4KC2OI5D3470 | Long             | EC               | CORP              | DK        |     46219 | NS      | $313879.67    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alleima AB                                     | Alleima AB NPV                                         | CUSIP: W74925103<br>LEI: 529900EBHTYGLA6PGP77 | Long             | EC               | CORP              | SE        |     38691 | NS      | $343974.73    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Sydbank AS                                  | Al Sydbank AS DKK10                                    | CUSIP: K9419V113<br>LEI: GP5DT10VX1QRQUKVBK64 | Long             | EC               | CORP              | DK        |      3535 | NS      | $317048.34    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Radware Ltd.                                   | Radware Ltd. ORD                                       | CUSIP: M81873107<br>LEI: 254900LYRZOTBQ99ZG59 | Long             | EC               | CORP              | IL        |     12600 | NS      | $303534.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Riskified Ltd.                                 | Riskified Ltd. SHS CL A                                | CUSIP: M8216R109<br>LEI: 894500GU19M0O0BYWM49 | Long             | EC               | CORP              | IL        |     31400 | NS      | $156058.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)         | Telefonaktiebolaget LM Ericsson (publ) ADR B SEK 10    | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     77200 | NS      | $744980.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | MSCI EAFE Mar26                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |         6 | NS      | $870630.00    | 0.00%             |  |  |  | No            |                  2 | 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