# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000803
**Filing Date:** 2026-3
**Character Count:** 73904
**Document Hash:** fed2e339380e8de474d4c5870e9bdcc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000803.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000803

**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:** 26708711

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

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

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

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

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

## Series and Classes Contracts Data

### ICON FLEXIBLE BOND FUND (Series ID: S000067902)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** ICON FLEXIBLE BOND FUND

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

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

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

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

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

**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:** $441389059.51

**Total Liabilities:** $5055120.28

**Net Assets:** $436333939.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217713 | 0.23%                | 0.67%                | 0.28%                |
| Class ID C000217714 | 0.24%                | 0.61%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $369480.51               | $-1383114.99                               |
| Month 2  | $1428112.91              | $-1718820.69                               |
| Month 3  | $-39357.26               | $-266751.40                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ally Financial Inc.                                             | ALLY V4.7 PERP C                                                                                                                                       | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4754094.80   | 1.09%             | 2500-12-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                             | FYBR 2023-1 C                                                                                                                                          | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6177064.20   | 1.42%             | 2053-08-20      | Fixed         | 11.50%                | Yes           | 2                  | On Loan: No      |
| GPMT LTD 2021-FL4                                               | GPMT 2021-FL4 E                                                                                                                                        | CUSIP: 36262TAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4302118.50   | 0.99%             | 2036-12-22      | Floating      | 7.30%                 | Yes           | N/A                | On Loan: No      |
| United Air Lines, Inc.                                          | UAL 3.65 01/07/26                                                                                                                                      | CUSIP: 90933HAA3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |   1788194 | PA      | $1787647.78   | 0.41%             | 2027-07-07      | Fixed         | 3.65%                 | No            | 2                  | On Loan: No      |
| Vistra Operations Co LLC                                        | VST 5 07/31/27 144A                                                                                                                                    | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1463358.98   | 0.34%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Fifth Third Bancorp                                             | FITB V0 PERP J                                                                                                                                         | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6718000 | PA      | $6761119.55   | 1.55%             | 2500-12-31      | Floating      | 7.08%                 | No            | 2                  | On Loan: No      |
| Agnc Investment Corp                                            | Agnc Investment Corp COM                                                                                                                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     77513 | NS      | $830939.36    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Aretec Escrow Issuer 2 Inc.                                     | RCAP 10 08/15/30 144A                                                                                                                                  | CUSIP: 04020JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1456843.05   | 0.33%             | 2030-08-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Fifth Third Bancorp                                             | FITB V0 PERP H                                                                                                                                         | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500988.77    | 0.11%             | 2500-12-31      | Floating      | 6.98%                 | No            | 2                  | On Loan: No      |
| Nuveen Credit Strategies Income Fund                            | Nuveen Credit Strategies Income Fund COM SHS                                                                                                           | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | RF                | US        |    256035 | NS      | $1285295.70   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| STWD 2021-FL2 LTD                                               | STWD 2021-FL2 D                                                                                                                                        | CUSIP: 78486BAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12654000 | PA      | $12685870.36  | 2.91%             | 2038-04-16      | Floating      | 6.65%                 | Yes           | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                             | FYBR 2024-1 C                                                                                                                                          | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3343887.00   | 0.77%             | 2054-06-20      | Fixed         | 11.16%                | Yes           | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                       | FARMCB V7.75 PERP                                                                                                                                      | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   7165000 | NS      | $7499935.09   | 1.72%             | 2500-12-31      | Fixed         | 7.75%                 | No            | 1                  | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                           | USRE 2021-1 A1                                                                                                                                         | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3339170.00   | 0.77%             | 2061-10-20      | Fixed         | 1.91%                 | Yes           | 2                  | On Loan: No      |
| Entergy Corporation                                             | ETR V7.125 12/01/54                                                                                                                                    | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4199813.56   | 0.96%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| FLEXENTIAL ISSUER LLC 2021-1                                    | FLX 2021-1A C                                                                                                                                          | CUSIP: 33938MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $8931888.00   | 2.05%             | 2051-11-27      | Fixed         | 6.93%                 | Yes           | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                       | FARMCB V7 PERP 6                                                                                                                                       | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |   2000000 | NS      | $2061657.28   | 0.47%             | 2500-12-31      | Fixed         | 7.00%                 | No            | 1                  | On Loan: No      |
| AG TRUST 2024-NLP                                               | AG 2024-NLP C                                                                                                                                          | CUSIP: 00792MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5440000 | PA      | $5473351.55   | 1.25%             | 2041-08-15      | Floating      | 7.56%                 | Yes           | N/A                | On Loan: No      |
| Air Canada                                                      | ACACN 4.125 12/15/27 144A                                                                                                                              | CUSIP: 009088AB1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |    680621 | PA      | $669387.82    | 0.15%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| Air Canada Pass Through Trust 2017-1                            | ACACN 3.7 01/15/26 144A                                                                                                                                | CUSIP: 00908PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1424852 | PA      | $1423661.81   | 0.33%             | 2031-07-15      | Fixed         | 3.70%                 | Yes           | 2                  | On Loan: No      |
| Air Lease Corporation                                           | AL V4.125 PERP C                                                                                                                                       | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5369024.65   | 1.23%             | 2500-12-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| The Allstate Corporation                                        | ALL V0 08/15/53 B                                                                                                                                      | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    900000 | PA      | $900187.20    | 0.21%             | 2053-08-15      | Floating      | 7.05%                 | No            | 2                  | On Loan: No      |
| Altagas Ltd                                                     | ALACN V7.2 10/15/54 144A                                                                                                                               | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2073484.00   | 0.48%             | 2054-10-15      | Fixed         | 7.20%                 | Yes           | 2                  | On Loan: No      |
| American Airlines, Inc.                                         | AAL 3.65 06/15/28 A                                                                                                                                    | CUSIP: 023764AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1151465 | PA      | $1117001.77   | 0.26%             | 2029-12-15      | Fixed         | 3.65%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                         | AAL 4 09/22/27 A                                                                                                                                       | CUSIP: 02377BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1099835 | PA      | $1080326.12   | 0.25%             | 2029-03-22      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                         | AAL 3.5 02/15/32 A                                                                                                                                     | CUSIP: 02378MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2736114 | PA      | $2525651.70   | 0.58%             | 2033-08-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                         | AAL 3.85 02/15/28 B                                                                                                                                    | CUSIP: 02379DAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6630868 | PA      | $6490791.88   | 1.49%             | 2029-08-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| American Electric Power Co, Inc.                                | AEP V7.05 12/15/54 *                                                                                                                                   | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2088750.00   | 0.48%             | 2054-12-15      | Fixed         | 7.05%                 | No            | 2                  | On Loan: No      |
| American Electric Power Co, Inc.                                | AEP V5.8 03/15/56 C                                                                                                                                    | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   3290000 | PA      | $3266181.85   | 0.75%             | 2056-03-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| Andeavor LLC                                                    | ANDEAV 5.125 12/15/26                                                                                                                                  | CUSIP: 03349MAD7<br>LEI: CMTK1YBYNLPLIS3QLI53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3996912.88   | 0.92%             | 2026-12-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Annaly Capital Management, Inc.                                 | Annaly Capital Management, Inc. 6.50% SERIES G FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                            | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    112405 | NS      | $2802256.65   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp.                                                       | APA 5.25 02/01/42 .                                                                                                                                    | CUSIP: 03743QBC1<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1697646.76   | 0.39%             | 2042-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| APA Corp.                                                       | APA 5.35 07/01/49 .                                                                                                                                    | CUSIP: 03743QBG2<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1662298.62   | 0.38%             | 2049-07-01      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                          | APTV V6.875 12/15/54                                                                                                                                   | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   2500000 | PA      | $2607508.60   | 0.60%             | 2054-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| ATRIUM HOTEL PORTFOLIO TRUST 2024-A                             | AHPT 2024-ATRM D                                                                                                                                       | CUSIP: 04963XAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5102370.00   | 1.17%             | 2039-10-12      | Variable      | 7.68%                 | Yes           | 2                  | On Loan: No      |
| BRSP 2021-FL1 LTD                                               | BRSP 2021-FL1 E                                                                                                                                        | CUSIP: 05591XAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2972475.30   | 0.68%             | 2038-08-19      | Floating      | 7.30%                 | Yes           | N/A                | On Loan: No      |
| Bxmt Ltd                                                        | BXMT 2021-FL4 D                                                                                                                                        | CUSIP: 05609GAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9618731.00   | 2.20%             | 2038-05-17      | Floating      | 6.11%                 | Yes           | N/A                | On Loan: No      |
| Bank of America Corp.                                           | Bank of America Corp. 7.25% NON-CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK     SERIES L                                                          | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      4950 | NS      | $6185643.75   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of Nova Scotia                                             | BNS V7.35 04/27/85                                                                                                                                     | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2079854.00   | 0.48%             | 2085-04-27      | Fixed         | 7.35%                 | No            | 2                  | On Loan: No      |
| Bausch Plus Lomb Corp.                                          | BLCOCN 8.375 10/01/28 144A                                                                                                                             | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   2180000 | PA      | $2275375.00   | 0.52%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Bristow Group Inc                                               | VTOL 6.875 03/01/28 144A                                                                                                                               | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4004924.00   | 0.92%             | 2028-03-01      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| British Airways PLC                                             | IAGLN 3.9 09/15/31 144A                                                                                                                                | CUSIP: 11042CAB6<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |   1258917 | PA      | $1208562.67   | 0.28%             | 2033-03-15      | Fixed         | 3.90%                 | Yes           | 2                  | On Loan: No      |
| BX 2025-BIO3                                                    | BX 2025-BIO3 D                                                                                                                                         | CUSIP: 123911AJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5071701.00   | 1.16%             | 2042-02-12      | Variable      | 6.96%                 | Yes           | 2                  | On Loan: No      |
| Bxmt 2020-Fl2 Ltd.                                              | BXMT 2020-FL2 D                                                                                                                                        | CUSIP: 12434LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1915673.60   | 0.44%             | 2038-02-18      | Floating      | 5.80%                 | Yes           | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                   | CHTR 4.75 03/01/30 144A                                                                                                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1910097.00   | 0.44%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| CVS Health Corp                                                 | CVSPAS 7.507 01/10/32 144A                                                                                                                             | CUSIP: 126650BS8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   3047811 | PA      | $3234878.92   | 0.74%             | 2032-01-10      | Fixed         | 7.51%                 | Yes           | 2                  | On Loan: No      |
| CVS Lease Backed Pass Thru Ctf                                  | CVSPAS 4.704 01/10/36 144A                                                                                                                             | CUSIP: 12665UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585571 | PA      | $543523.31    | 0.12%             | 2036-01-10      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| Capital One Financial Corp.                                     | Capital One Financial Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, S | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     96467 | NS      | $1833837.67   | 0.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Capital One Financial Corp.                                     | COF V5.5 PERP O                                                                                                                                        | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2006659.94   | 0.46%             | 2500-12-31      | Fixed         | 5.50%                 | No            | 2                  | On Loan: —       |
| Cascades Inc.                                                   | CASCN 5.375 01/15/28 144A                                                                                                                              | CUSIP: 14739LAB8<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1994870.60   | 0.46%             | 2028-01-15      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Champ Acquisition Corp                                          | VISANT 8.375 12/01/31 144A                                                                                                                             | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3497000 | PA      | $3777123.69   | 0.87%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Cimarex Energy Corporation                                      | XEC 4.375 03/15/29                                                                                                                                     | CUSIP: 171798AE1<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2904285.30   | 0.67%             | 2029-03-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Cincinnati Bell Telephone Company                               | CBB 6.3 12/01/28                                                                                                                                       | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5315000 | PA      | $5275137.50   | 1.21%             | 2028-12-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: —       |
| Citigroup Inc.                                                  | C V3.875 PERP X                                                                                                                                        | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2989537.50   | 0.69%             | 2500-12-31      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                  | C V7.125 PERP CC                                                                                                                                       | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3608388.00   | 0.83%             | 2500-12-31      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                  | C V6.75 PERP EE                                                                                                                                        | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2035858.00   | 0.47%             | 2500-12-31      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Corebridge Financial Inc.                                       | CRBG V6.875 12/15/52                                                                                                                                   | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4096143.16   | 0.94%             | 2052-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Energy Transfer LP                                              | ET 6 02/01/29 144A                                                                                                                                     | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3032670.60   | 0.70%             | 2029-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Danaos Corp.                                                    | DAC 8.5 03/01/28 144A                                                                                                                                  | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |   2010000 | PA      | $2023462.98   | 0.46%             | 2028-03-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| DISH Network Corporation                                        | DISH 11.75 11/15/27 144A                                                                                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040780.00   | 0.24%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| Embecta Corp.                                                   | EMBC 5 02/15/30 144A                                                                                                                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1911446.26   | 0.44%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: —       |
| Enbridge Inc.                                                   | ENBCN V8.25 01/15/84 NC5                                                                                                                               | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1070031.00   | 0.25%             | 2084-01-15      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| Energy Transfer LP                                              | ET V6.5 PERP H                                                                                                                                         | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2511010.00   | 0.58%             | 2500-12-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Enova International Inc.                                        | ENVA 11.25 12/15/28 144A                                                                                                                               | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2115054.36   | 0.48%             | 2028-12-15      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| Enstar Finance Llc                                              | ESGR V5.5 01/15/42                                                                                                                                     | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2462201.28   | 0.56%             | 2042-01-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Enterprise Products Operating LLC                               | EPD V0 08/16/77 D                                                                                                                                      | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1707639.63   | 0.39%             | 2077-08-16      | Floating      | 7.10%                 | No            | 2                  | On Loan: No      |
| F&G Annuities & Life Inc.                                       | FG 6.5 06/04/29                                                                                                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2083560.72   | 0.48%             | 2029-06-04      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Finance Of America Structured Securities Tr 2017-HB1            | FASST 2024-S4 A3                                                                                                                                       | CUSIP: 31741AAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1257195 | PA      | $1219213.27   | 0.28%             | 2074-11-25      | None          | 0.00%                 | Yes           | N/A                | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC          | FTAI 5.5 05/01/28 144A                                                                                                                                 | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4003500.00   | 0.92%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| GPMT LTD                                                        | GPMT 2021-FL3 D                                                                                                                                        | CUSIP: 36264BAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4465000 | PA      | $4103527.89   | 0.94%             | 2035-07-18      | Floating      | 7.00%                 | Yes           | N/A                | On Loan: No      |
| General Motors Financial Company  Inc                           | GM V5.75 PERP A                                                                                                                                        | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987553.21    | 0.23%             | 2500-12-31      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Genworth Financial Inc.                                         | GNW V0 11/15/36                                                                                                                                        | CUSIP: 37247DAG1<br>LEI: 549300EMCG286BDNKJ33 | Long             | DBT              | CORP              | US        |   4151000 | PA      | $3475345.88   | 0.80%             | 2036-11-15      | Floating      | 6.12%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group, Inc.                                       | Goldman Sachs Group, Inc. 1/1000TH INTEREST IN A SHARE OF FLOATING RATE NON-CUMULATIVE   PREFERRED STOCK, SERIES D                                     | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    341016 | NS      | $6632761.20   | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Hartford Life Inc                                               | TALRES 7.65 06/15/27                                                                                                                                   | CUSIP: 416592AC7<br>LEI: 549300JNY7TGYLF3F693 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3067646.04   | 0.70%             | 2027-06-15      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| HAT Holdings I LLC and HAT Holdings II LLC                      | HASI 8 06/15/27 144A                                                                                                                                   | CUSIP: 418751AL7<br>LEI: 254900YE1WH1XG7Y4E44 | Long             | DBT              | CORP              | US        |    540000 | PA      | $560505.72    | 0.13%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Horizon Mut Holding Inc.                                        | BCBSNJ 6.2 11/15/34 144A                                                                                                                               | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3384988.46   | 0.78%             | 2034-11-15      | Fixed         | 6.20%                 | Yes           | 2                  | On Loan: No      |
| Huntington Bancshares Incorporated                              | HBAN V4.45 PERP G                                                                                                                                      | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1966776.84   | 0.45%             | 2500-12-31      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| Huntsman International LLC                                      | HUN 5.7 10/15/34                                                                                                                                       | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1814363.20   | 0.42%             | 2034-10-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | IEP 9 06/15/30                                                                                                                                         | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2867631.36   | 0.66%             | 2030-06-15      | Fixed         | 9.00%                 | No            | 2                  | On Loan: No      |
| JetBlue Airways Corporation                                     | JBLU 7.75 11/15/28 1B                                                                                                                                  | CUSIP: 477164AB3<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |   3260140 | PA      | $3321088.36   | 0.76%             | 2030-05-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| JetBlue Airways Corporation                                     | JBLU 8 05/15/29 2019                                                                                                                                   | CUSIP: 477165AA2<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |   2714074 | PA      | $2761438.38   | 0.63%             | 2029-05-15      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                            | JPMorgan Chase & Co. 5.75% DEP SHS REP 1/400TH INT SHS NON CUM PFD STK SER DD                                                                          | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    304870 | NS      | $7597360.40   | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                              | KREF 2021-FL2 D                                                                                                                                        | CUSIP: 48275RAJ6<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4941098.50   | 1.13%             | 2039-02-17      | Floating      | 6.05%                 | Yes           | N/A                | On Loan: No      |
| LOANCORE 2021-CRE6 ISSUER LTD                                   | LNCR 2021-CRE6 E                                                                                                                                       | CUSIP: 53948HAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4947323.00   | 1.13%             | 2038-11-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| M&T Bank Corporation                                            | MTB V3.5 PERP                                                                                                                                          | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1937703.60   | 0.44%             | 2500-12-31      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Mastec, Inc.                                                    | MTZ 6.625 08/15/29 144A                                                                                                                                | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754875.00    | 0.17%             | 2029-08-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Mckesson Corp.                                                  | MCK 7.65 03/01/27                                                                                                                                      | CUSIP: 581557AM7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2076638.78   | 0.48%             | 2027-03-01      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| Mercer International Inc.                                       | MERC 12.875 10/01/28 144A                                                                                                                              | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $775218.40    | 0.18%             | 2028-10-01      | Fixed         | 12.88%                | Yes           | 2                  | On Loan: —       |
| MetLife Inc.                                                    | MET 10.75 08/01/39                                                                                                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2667852.00   | 0.61%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Mineral Resources Ltd.                                          | MINAU 9.25 10/01/28 144A                                                                                                                               | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2099000.66   | 0.48%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                           | USRE 2021-1 B1                                                                                                                                         | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6750000 | PA      | $4141411.88   | 0.95%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           | 2                  | On Loan: No      |
| Nustar Logistics, L.P.                                          | NSUS 6.375 10/01/30                                                                                                                                    | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2104995.88   | 0.48%             | 2030-10-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Odeon Finco PLC                                                 | AMC 12.75 11/01/27 144A                                                                                                                                | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |   4500000 | PA      | $4639788.00   | 1.06%             | 2027-11-01      | Fixed         | 12.75%                | Yes           | 2                  | On Loan: No      |
| ONITY LOAN INVESTMENT TRUST 2025-HB1                            | OLIT 2025-HB1 M2                                                                                                                                       | CUSIP: 68278EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1877000 | PA      | $1766937.79   | 0.40%             | 2038-06-25      | Variable      | 3.00%                 | Yes           | N/A                | On Loan: No      |
| PNC Financial Services Group Inc.                               | PNC V3.4 PERP T                                                                                                                                        | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $11764070.40  | 2.70%             | 2500-12-31      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Phillips 66 Co.                                                 | PSX V5.875 03/15/56 A                                                                                                                                  | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3957203.00   | 0.91%             | 2056-03-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| PIONEER AIRCRAFT FINANCE LIMITED                                | PION 2019-1 A                                                                                                                                          | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    444534 | PA      | $441691.23    | 0.10%             | 2044-06-15      | Fixed         | 3.97%                 | Yes           | 2                  | On Loan: No      |
| Pitney Bowes Inc.                                               | PBI 6.875 03/15/27 144A                                                                                                                                | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001302.00   | 0.46%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| Public Storage                                                  | Public Storage DEPOSITARY SHARES EACH REPRESENTING 1/1000 OF A 5.15% CUMULATIVE PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES F                       | CUSIP: 74460W685<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      5604 | NS      | $115722.60    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Raymond James Financial Inc.                                    | Raymond James Financial Inc. DEP SHS EACH REP A 1/40TH INTEREST IN A SHARE 6.375% FIX TO FLOAT RATE NON-CUM PERP PFD STK SER B                         | CUSIP: 754730406<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EP               | CORP              | US        |     33761 | NS      | $843687.39    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Rocket Software Inc                                             | ROCSOF 9 11/28/28 144A                                                                                                                                 | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1283790.29   | 0.29%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           | 2                  | On Loan: No      |
| SMB Private Education Loan Trust                                | SMB 2014-A C                                                                                                                                           | CUSIP: 784456AF2<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2605278.30   | 0.60%             | 2045-09-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| STWD 2022-FL3 LTD                                               | STWD 2022-FL3 E                                                                                                                                        | CUSIP: 78485KAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3590000 | PA      | $3518625.77   | 0.81%             | 2038-11-18      | Floating      | 7.19%                 | Yes           | 2                  | On Loan: No      |
| Sammons Financial Group Inc                                     | SAMMON 4.75 04/08/32 144A                                                                                                                              | CUSIP: 79588TAE0<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2432185.98   | 0.56%             | 2032-04-08      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                  | SCHW V4 PERP I                                                                                                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4969445.80   | 1.14%             | 2500-12-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                  | SCHW V5 PERP K                                                                                                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4529007.00   | 1.04%             | 2500-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Spire Inc                                                       | SR V6.25 06/01/56                                                                                                                                      | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2985083.46   | 0.68%             | 2056-06-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| Summit Midstream Holdings, LLC / Summit Midstream Finance Corp. | SUMMPL 8.625 10/31/29 144A                                                                                                                             | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6490000 | PA      | $6729792.52   | 1.54%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Tenneco LLC                                                     | TENINC 8 11/17/28 144A                                                                                                                                 | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3009599.58   | 0.69%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Tidewater Inc New                                               | TDW 9.125 07/15/30 144A                                                                                                                                | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2682347.65   | 0.61%             | 2030-07-15      | Fixed         | 9.12%                 | Yes           | 2                  | On Loan: No      |
| Truist Financial Corp.                                          | TFC V5.125 PERP M                                                                                                                                      | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999758.20   | 0.46%             | 2500-12-31      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Truist Financial Corp.                                          | TFC V6.669 PERP N                                                                                                                                      | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005470.00   | 0.46%             | 2500-12-31      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| UMH Properties Inc                                              | UMH Properties Inc 6.375% CUMULATIVE REDEEMABLE PREFERRED STOCK SER D                                                                                  | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |    546248 | NS      | $11919131.36  | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| United Airlines Pass Through Trust Series 2018-1                | UAL 4.6 03/01/26 B                                                                                                                                     | CUSIP: 90932NAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600826 | PA      | $600390.03    | 0.14%             | 2027-09-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| UNIV TRUST 2025-APTS                                            | UNIV 2025-APTS C                                                                                                                                       | CUSIP: 91336XAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3003733.20   | 0.69%             | 2042-11-15      | Variable      | 6.66%                 | Yes           | 2                  | On Loan: No      |
| VMC FIN LL 2021-FL4                                             | VMC 2021-FL4 C                                                                                                                                         | CUSIP: 91835RAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $4831740.50   | 1.11%             | 2036-06-18      | Floating      | 6.10%                 | Yes           | N/A                | On Loan: No      |
| Verde Purchaser LLC                                             | VRTV 10.5 11/30/30 144A                                                                                                                                | CUSIP: 92339LAA0<br>LEI: 2549004HFEKMUGBG3Z35 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3225639.00   | 0.74%             | 2030-11-30      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| Vontier Corporation                                             | VNT 2.95 04/01/31                                                                                                                                      | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1376031.95   | 0.32%             | 2031-04-01      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                               | Wells Fargo & Co. 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED    STOCK, SERIES L                                                       | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      1907 | NS      | $2313253.10   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co.                                               | WFC V3.9 PERP BB                                                                                                                                       | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4087245.06   | 0.94%             | 2500-12-31      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                               | WFC V6.85 PERP                                                                                                                                         | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2090028.00   | 0.48%             | 2500-12-31      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Annaly Capital Management, Inc.                                 | Annaly Capital Management, Inc. 6.95% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK                                            | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     49365 | NS      | $1256832.90   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Floating Rate Income Trust                            | Blackrock Floating Rate Income Trust COM                                                                                                               | CUSIP: 091941104<br>LEI: CORWREIZL67PMUN7T798 | Long             | EC               | RF                | US        |     82618 | NS      | $936061.94    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Vance Floating Rate Income Trust                          | Eaton Vance Floating Rate Income Trust COM                                                                                                             | CUSIP: 278279104<br>LEI: HQOIMOIFYDO5NKVU2640 | Long             | EC               | RF                | US        |    150337 | NS      | $1697304.73   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Vance Senior Floating Rate Trust                          | Eaton Vance Senior Floating Rate Trust COM                                                                                                             | CUSIP: 27828Q105<br>LEI: VJXUJZ1EC079NQ236240 | Long             | EC               | RF                | US        |     50000 | NS      | $557000.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| MFS INVT GRADE MUN TR                                           | MFS INVT GRADE MUN TR SH BEN INT                                                                                                                       | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    244295 | NS      | $1942145.25   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| MFS HIGH YIELD MUN TR                                           | MFS HIGH YIELD MUN TR SH BEN INT                                                                                                                       | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    821456 | NS      | $2883310.56   | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen California Select Tax-Free Income Portfolio              | Nuveen California Select Tax-Free Income Portfolio SH BEN INT                                                                                          | CUSIP: 67063R103<br>LEI: 549300PYJN62OFE8VK36 | Long             | EC               | RF                | US        |     71644 | NS      | $945700.80    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen New York Select Tax -Free Income Portfolio               | Nuveen New York Select Tax -Free Income Portfolio SH BEN INT                                                                                           | CUSIP: 67063V104<br>LEI: 549300O6PCT8Y389MD53 | Long             | EC               | RF                | US        |    109888 | NS      | $1326403.10   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Floating Rate Income Fund                                | Nuveen Floating Rate Income Fund COM                                                                                                                   | CUSIP: 67072T108<br>LEI: HJXCPP3KYE3BVU373P27 | Long             | EC               | RF                | US        |   1697471 | NS      | $13291197.93  | 3.05%             |  |  |  | No            | 1                  | On Loan: No      |
| RiverNorth Capital and Income Fund Inc                          | RiverNorth Capital and Income Fund Inc COM                                                                                                             | CUSIP: 76882B108<br>LEI: 54930061II7PXY87SC72 | Long             | EC               | RF                | US        |    120282 | NS      | $1727249.52   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Ares Capital Corp.                                              | Ares Capital Corp. COM                                                                                                                                 | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | RF                | US        |     48622 | NS      | $983623.06    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| California First Leasing Corp                                   | California First Leasing Corp COM                                                                                                                      | CUSIP: 130222102<br>LEI: 894500AUBHBFB3137873 | Long             | EC               | CORP              | US        |     10000 | NS      | $279000.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Crescent Capital BDC, Inc.                                      | Crescent Capital BDC, Inc. COM                                                                                                                         | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | RF                | US        |    109294 | NS      | $1535580.70   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs BDC, Inc.                                         | Goldman Sachs BDC, Inc. SHS                                                                                                                            | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | RF                | US        |    336000 | NS      | $3118080.00   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                           | Invesco Exchange Traded Fund Trust II SR LN ETF                                                                                                        | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    107699 | NS      | $2261679.00   | 0.52%             |  |  |  | No            | 1                  | On Loan: —       |
| Oaktree Specialty Lending Corp.                                 | Oaktree Specialty Lending Corp. COM                                                                                                                    | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | RF                | US        |    215000 | NS      | $2739100.00   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Total Return Securities Fund                                    | Total Return Securities Fund COM                                                                                                                       | CUSIP: 870875101<br>LEI: 549300HQZ0XPGTS5Q724 | Long             | EC               | RF                | US        |    545899 | NS      | $3395491.78   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Funds Inc.                                       | First American Funds Inc. GOVT OBLIGS X                                                                                                                | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   6165523 | OU      | $6165522.51   | 1.41%             |  |  |  | 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