# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003082
**Filing Date:** 2025-8
**Character Count:** 65948
**Document Hash:** 02252afe733f33542f182d5832f222b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003082.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003082

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 251250373

**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:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $360287073.85

**Total Liabilities:** $2526239.71

**Net Assets:** $357760834.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2132.973 | **1-Year:** 21508.436 | **5-Year:** 29357.281 | **10-Year:** 4885.502 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 14.656 | **1-Year:** 42.832 | **5-Year:** 34.532 | **10-Year:** 4.812 | **30-Year:** 0.169

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217713 | 1.30%                | 0.73%                | -0.73%               |
| Class ID C000217714 | 1.30%                | 0.74%                | -0.70%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-891596.69              | $3208312.68                                |
| Month 2  | $-691905.47              | $1187183.54                                |
| Month 3  | $-244737.85              | $-3628198.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Citigroup Inc.                                                                                   | C V3.875 PERP X                                                                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2966399.04   | 0.83%             | 2500-12-31      | Fixed         | 3.88%                 | 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        |   4315000 | PA      | $4163975.00   | 1.16%             | 2028-12-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                                | Wells Fargo & Co. 7.5% PERP CONV CL 'A' SRS L                                                                                  | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      1112 | NS      | $1305632.56   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Vance New York Municipal Bond Fund                                                         | Eaton Vance New York Municipal Bond Fund COM USD0.01                                                                           | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |    111631 | NS      | $1037051.99   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Vance Insured California Municipal Bond Fund                                               | Eaton Vance Insured California Municipal Bond Fund COM USD0.01                                                                 | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |    533734 | NS      | $4760907.28   | 1.33%             |  |  |  | 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        |    490746 | NS      | $4156618.62   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Credit Strategies Income Fund                                                             | Nuveen Credit Strategies Income Fund COM USD0.01                                                                               | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | RF                | US        |     64776 | NS      | $349142.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| PIONEER MUN HIGH INCOME ADVANTAGE TR                                                             | PIONEER MUN HIGH INCOME ADVANTAGE TR COM NPV                                                                                   | CUSIP: 723762100<br>LEI: 549300XEJODK1I7Q2U66 | Long             | EC               | RF                | US        |    329373 | NS      | $2733795.90   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlyle Credit Income Fund                                                                       | Carlyle Credit Income Fund SHS BEN INT                                                                                         | CUSIP: 92535C104<br>LEI: N/A                  | Long             | EC               | RF                | US        |     26178 | NS      | $169633.44    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Western Asset High Yield Defined Opportunity Fund Inc                                            | Western Asset High Yield Defined Opportunity Fund Inc COM USD0.001                                                             | CUSIP: 95768B107<br>LEI: 549300MT3R4UXA0DZF65 | Long             | EC               | RF                | US        |    664463 | NS      | $7960266.74   | 2.23%             |  |  |  | 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        |     70825 | NS      | $1030503.75   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 3.45 07/07/28 A                                                                                                            | CUSIP: 90931MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7251099 | PA      | $6927365.37   | 1.94%             | 2030-01-07      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| Enbridge Inc.                                                                                    | ENBCN V6 01/15/77 16-A                                                                                                         | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $2998156.50   | 0.84%             | 2077-01-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 3.65 01/07/26                                                                                                              | CUSIP: 90933HAA3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |   2002315 | PA      | $1979635.21   | 0.55%             | 2027-07-07      | Fixed         | 3.65%                 | No            | 2                  | On Loan: No      |
| United Airlines Pass Through Trusts Series 2018-1AA                                              | UAL 3.7 03/01/30 A                                                                                                             | CUSIP: 90931VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6233493 | PA      | $5810779.29   | 1.62%             | 2031-09-01      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 4.6 03/01/26 B                                                                                                             | CUSIP: 90932NAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    683452 | PA      | $674964.21    | 0.19%             | 2027-09-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| UMH Properties Inc                                                                               | UMH Properties Inc 6.375% CUM RED PRF SER D                                                                                    | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |    497535 | NS      | $10841287.65  | 3.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 5.5 09/01/26 144A                                                                                                          | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1351350.18   | 0.38%             | 2026-09-01      | Fixed         | 5.50%                 | 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      | $2831784.69   | 0.79%             | 2029-03-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| UNITED AIRLINES PASS THROUGH CERTIFICATES                                                        | UAL 4.55 08/25/31 A                                                                                                            | CUSIP: 90931EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2635040 | PA      | $2471041.85   | 0.69%             | 2033-02-25      | Fixed         | 4.55%                 | 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      | $1458705.72   | 0.41%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Century Communities Inc                                                                          | CCS 6.75 06/01/27                                                                                                              | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1752511.25   | 0.49%             | 2027-06-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Cascades Inc.                                                                                    | CASCN 5.375 01/15/28 144A                                                                                                      | CUSIP: 14739LAB8<br>LEI: FPD41G4F3GH7OJ38TS94 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1983200.80   | 0.55%             | 2028-01-15      | Fixed         | 5.38%                 | 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      | $2072398.00   | 0.58%             | 2030-10-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| Varex Imaging Corporation                                                                        | VREX 7.875 10/15/27 144A                                                                                                       | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2853084.31   | 0.80%             | 2027-10-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V3.9 PERP BB                                                                                                               | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4061938.43   | 1.14%             | 2500-12-31      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Northern Oil And Gas, Inc.                                                                       | NOG 8.125 03/01/28 144A                                                                                                        | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1261051.25   | 0.35%             | 2028-03-01      | Fixed         | 8.12%                 | Yes           | 2                  | On Loan: No      |
| Vontier Corporation                                                                              | VNT 2.95 04/01/31                                                                                                              | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1340094.60   | 0.37%             | 2031-04-01      | Fixed         | 2.95%                 | No            | 2                  | 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      | $3765662.40   | 1.05%             | 2061-10-20      | Fixed         | 1.91%                 | 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      | $6188212.35   | 1.73%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           | 2                  | On Loan: No      |
| PNC Financial Services Group Inc.                                                                | PNC V3.4 PERP T                                                                                                                | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9630820.00   | 2.69%             | 2500-12-31      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Embecta Corp.                                                                                    | EMBC 5 02/15/30 144A                                                                                                           | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1807153.86   | 0.51%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: —       |
| Dominion Energy Inc                                                                              | D V4.35 PERP C                                                                                                                 | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2945263.65   | 0.82%             | 2500-12-31      | Fixed         | 4.35%                 | No            | 2                  | 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        |    102198 | NS      | $2566191.78   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Enerflex Ltd                                                                                     | EFXCN 9 10/15/27 144A                                                                                                          | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1031148.00   | 0.29%             | 2027-10-15      | Fixed         | 9.00%                 | 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      | $1030771.47   | 0.29%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| Enbridge Inc.                                                                                    | ENBCN V8.25 01/15/84 NC5                                                                                                       | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1057038.00   | 0.30%             | 2084-01-15      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                                   | C V7.125 PERP CC                                                                                                               | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3607506.00   | 1.01%             | 2500-12-31      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V6.85 PERP                                                                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2098197.22   | 0.59%             | 2500-12-31      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                                                              | FYBR 2024-1 C                                                                                                                  | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3367072.50   | 0.94%             | 2054-06-20      | Fixed         | 11.16%                | Yes           | 2                  | On Loan: No      |
| FRONTIER ISSUER LLC                                                                              | FYBR 2023-1 C                                                                                                                  | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6315331.20   | 1.77%             | 2053-08-20      | Fixed         | 11.50%                | Yes           | 2                  | 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      | $3978435.20   | 1.11%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           | 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      | $8839679.40   | 2.47%             | 2051-11-27      | Fixed         | 6.93%                 | Yes           | 2                  | On Loan: No      |
| First American Funds Inc.                                                                        | First American Funds Inc. GOVT OBLIGS X                                                                                        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  15763463 | OU      | $15763463.21  | 4.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Finance of America Structured Securities Trust 2022-S3                                           | FASST 2022-S3 A1                                                                                                               | CUSIP: 31739PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4470953 | PA      | $4469850.72   | 1.25%             | 2052-06-25      | Fixed         | 2.00%                 | Yes           | N/A                | On Loan: No      |
| FINANCE OF AMERICA STR 2022-S1                                                                   | FASST 2022-S1 A1                                                                                                               | CUSIP: 317395AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8919838 | PA      | $8713813.11   | 2.44%             | 2072-02-25      | Variable      | 2.00%                 | Yes           | N/A                | On Loan: No      |
| Fifth Third Bancorp                                                                              | FITB V0 PERP J                                                                                                                 | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6718000 | PA      | $6712986.36   | 1.88%             | 2500-12-31      | Floating      | 7.69%                 | No            | 2                  | On Loan: No      |
| Fifth Third Bancorp                                                                              | FITB V0 PERP H                                                                                                                 | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503517.08    | 0.14%             | 2500-12-31      | Floating      | 7.59%                 | No            | 2                  | On Loan: No      |
| Fidus Investment Corporation                                                                     | FDUS 4.75 01/31/26                                                                                                             | CUSIP: 316500AB3<br>LEI: 549300836CRWCROFBC02 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1378982.56   | 0.39%             | 2026-01-31      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Farm Credit Bank of Texas                                                                        | FARMCB V7.75 PERP                                                                                                              | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   7165000 | PA      | $7451600.00   | 2.08%             | 2500-12-31      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| FTAI Infra Escrow Holdings LLC                                                                   | FIP 10.5 06/01/27 144A                                                                                                         | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1038792.00   | 0.29%             | 2027-06-01      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| F&G Annuities & Life Inc.                                                                        | FG 6.5 06/04/29                                                                                                                | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2061679.28   | 0.58%             | 2029-06-04      | Fixed         | 6.50%                 | 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      | $1700399.65   | 0.48%             | 2077-08-16      | Floating      | 7.57%                 | No            | 2                  | On Loan: No      |
| Entergy Corporation                                                                              | ETR V7.125 12/01/54                                                                                                            | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4139604.00   | 1.16%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 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      | $2457573.75   | 0.69%             | 2042-01-15      | Fixed         | 5.50%                 | 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      | $2148504.00   | 0.60%             | 2028-12-15      | Fixed         | 11.25%                | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                                                               | ET V6.5 PERP H                                                                                                                 | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2515335.00   | 0.70%             | 2500-12-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Danaos Corp.                                                                                     | DAC 8.5 03/01/28 144A                                                                                                          | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |   2010000 | PA      | $2035418.46   | 0.57%             | 2028-03-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Energy Transfer LP                                                                               | ET 6 02/01/29 144A                                                                                                             | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3048241.17   | 0.85%             | 2029-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Truist Financial Corp.                                                                           | TFC V5.125 PERP M                                                                                                              | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1981834.80   | 0.55%             | 2500-12-31      | Fixed         | 5.12%                 | 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      | $6625829.21   | 1.85%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V5 PERP K                                                                                                                 | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4484364.75   | 1.25%             | 2500-12-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V4 PERP I                                                                                                                 | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4924850.00   | 1.38%             | 2500-12-31      | Fixed         | 4.00%                 | No            | 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      | $2394517.53   | 0.67%             | 2032-04-08      | Fixed         | 4.75%                 | 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      | $2703463.80   | 0.76%             | 2045-09-15      | Fixed         | 4.50%                 | Yes           | N/A                | On Loan: No      |
| RiverNorth Capital and Income Fund Inc                                                           | RiverNorth Capital and Income Fund Inc RT EXP 070725                                                                           | CUSIP: 76882B124<br>LEI: 54930061II7PXY87SC72 | Long             | EC               | RF                | US        |     70827 | NS      | $3895.49      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Mileage Plus Hldgs Llc / Mileage Plus Intellectual Property Assets Ltd                           | UAL 6.5 06/20/27 144A                                                                                                          | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200264.72    | 0.06%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| MFS HIGH YIELD MUN TR                                                                            | MFS HIGH YIELD MUN TR COM SBI USD1                                                                                             | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    821456 | NS      | $2735448.48   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| MFS INVT GRADE MUN TR                                                                            | MFS INVT GRADE MUN TR COM SBI NPV                                                                                              | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    244295 | NS      | $1866413.80   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| MetLife Inc.                                                                                     | MET 10.75 08/01/39                                                                                                             | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2677350.00   | 0.75%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Mercer International Inc.                                                                        | MERC 12.875 10/01/28 144A                                                                                                      | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1521079.50   | 0.43%             | 2028-10-01      | Fixed         | 12.88%                | Yes           | 2                  | On Loan: No      |
| Mckesson Corp.                                                                                   | MCK 7.65 03/01/27                                                                                                              | CUSIP: 581557AM7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2096693.70   | 0.59%             | 2027-03-01      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| Mastec, Inc.                                                                                     | MTZ 6.625 08/15/29 144A                                                                                                        | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2499999.50   | 0.70%             | 2029-08-15      | Fixed         | 6.62%                 | Yes           | 2                  | 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      | $4936695.50   | 1.38%             | 2038-11-15      | Floating      | 7.89%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPMorgan Chase & Co. DEP REP 1/400TH 5.75% PFD                                                                                 | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     32558 | NS      | $799950.06    | 0.22%             |  |  |  | No            | 1                  | On Loan: —       |
| JETBLUE AIRWAYS PASS-THROUGH TRUSTS                                                              | JBLU 8 05/15/29 2019                                                                                                           | CUSIP: 477165AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2216931 | PA      | $2245579.66   | 0.63%             | 2029-05-15      | Fixed         | 8.00%                 | 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        |   1573392 | PA      | $1590874.68   | 0.44%             | 2030-05-15      | Fixed         | 7.75%                 | 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      | $2810804.10   | 0.79%             | 2030-06-15      | Fixed         | 9.00%                 | 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      | $1864011.28   | 0.52%             | 2034-10-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | HBAN V4.45 PERP G                                                                                                              | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1968294.40   | 0.55%             | 2500-12-31      | Fixed         | 4.45%                 | 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        |   2000000 | PA      | $2083712.00   | 0.58%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Hartford Life Inc                                                                                | TALRES 7.65 06/15/27                                                                                                           | CUSIP: 416592AC7<br>LEI: 549300JNY7TGYLF3F693 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3077970.42   | 0.86%             | 2027-06-15      | Fixed         | 7.65%                 | No            | 2                  | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V7.399 11/13/34                                                                                                           | CUSIP: 404280EC9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1116421.38   | 0.31%             | 2034-11-13      | Fixed         | 7.40%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs BDC, Inc.                                                                          | Goldman Sachs BDC, Inc. COM USD0.001                                                                                           | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | RF                | US        |    100827 | NS      | $1134303.75   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| General Motors Financial Company  Inc                                                            | GM V5.75 PERP A                                                                                                                | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983859.61    | 0.28%             | 2500-12-31      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Crescent Capital BDC, Inc.                                                                       | Crescent Capital BDC, Inc. COM                                                                                                 | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | RF                | US        |    104901 | NS      | $1479104.10   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Corebridge Financial Inc.                                                                        | CRBG V6.875 12/15/52                                                                                                           | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4123522.08   | 1.15%             | 2052-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                                   | C V6.75 PERP EE                                                                                                                | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014822.44   | 0.56%             | 2500-12-31      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Capital One Financial Corp.                                                                      | COF V5.5 PERP O                                                                                                                | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1974297.60   | 0.55%             | 2500-12-31      | Fixed         | 5.50%                 | No            | 2                  | On Loan: —       |
| Capital One Financial Corp.                                                                      | Capital One Financial Corp. DEP REP 1/40TH PFD SER I                                                                           | CUSIP: 14040H824<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     10000 | NS      | $189000.00    | 0.05%             |  |  |  | No            | 1                  | 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        |    608011 | PA      | $582267.65    | 0.16%             | 2036-01-10      | Fixed         | 4.70%                 | Yes           | 2                  | On Loan: No      |
| CVS Health Corp                                                                                  | CVSPAS 7.507 01/10/32 144A                                                                                                     | CUSIP: 126650BS8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   3251076 | PA      | $3404007.85   | 0.95%             | 2032-01-10      | Fixed         | 7.51%                 | 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      | $1937369.20   | 0.54%             | 2030-03-01      | Fixed         | 4.75%                 | 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      | $4887939.50   | 1.37%             | 2042-02-12      | Variable      | 7.19%                 | 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        |   1368606 | PA      | $1294019.57   | 0.36%             | 2033-03-15      | Fixed         | 3.90%                 | Yes           | 2                  | On Loan: No      |
| British Airways PLC                                                                              | IAGLN 2.9 03/15/35 144A                                                                                                        | CUSIP: 11042CAA8<br>LEI: 375X9PSJLLOV7F21O626 | Long             | ABS-O            | CORP              | GB        |   2078039 | PA      | $1871402.56   | 0.52%             | 2036-09-15      | Fixed         | 2.90%                 | Yes           | 2                  | On Loan: No      |
| Baytex Energy Corp.                                                                              | BTECN 8.5 04/30/30 144A                                                                                                        | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1504314.00   | 0.42%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Bank of Nova Scotia                                                                              | BNS V7.35 04/27/85                                                                                                             | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2015404.00   | 0.56%             | 2085-04-27      | Fixed         | 7.35%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                            | Bank of America Corp. 7.25% PRF SHS USD1000                                                                                    | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      1617 | NS      | $1961421.00   | 0.55%             |  |  |  | No            | 1                  | 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      | $5064901.00   | 1.42%             | 2039-10-12      | Fixed         | 7.93%                 | Yes           | 2                  | On Loan: No      |
| Aretec Escrow Issuer 2 Inc.                                                                      | RCAP 10 08/15/30 144A                                                                                                          | CUSIP: 04020JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1648493.66   | 0.46%             | 2030-08-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Argo Group US, Inc.                                                                              | Argo Group US, Inc. 6.500% SENIOR NOTES DUE 2042                                                                               | CUSIP: 040130106<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    596985 | NS      | $12023277.90  | 3.36%             |  |  |  | No            | 1                  | 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      | $2521938.08   | 0.70%             | 2054-12-15      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Annaly Capital Management, Inc.                                                                  | Annaly Capital Management, Inc. COM NEW                                                                                        | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    250505 | NS      | $4714504.10   | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Andeavor LLC                                                                                     | ANDEAV 5.125 12/15/26                                                                                                          | CUSIP: 03349MAD7<br>LEI: CMTK1YBYNLPLIS3QLI53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4013736.00   | 1.12%             | 2026-12-15      | Fixed         | 5.12%                 | 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      | $2077962.00   | 0.58%             | 2054-12-15      | Fixed         | 7.05%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.85 02/15/28 B                                                                                                            | CUSIP: 02379DAA8<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   7300512 | PA      | $7040829.13   | 1.97%             | 2029-08-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.5 02/15/32 A                                                                                                             | CUSIP: 02378MAA9<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   2841974 | PA      | $2566762.75   | 0.72%             | 2033-08-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.7 10/15/25 B                                                                                                             | CUSIP: 02377DAA0<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |    584513 | PA      | $580905.22    | 0.16%             | 2027-04-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 4 09/22/27 A                                                                                                               | CUSIP: 02377BAA4<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1147235 | PA      | $1103772.30   | 0.31%             | 2029-03-22      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                                          | AAL 3.65 06/15/28 A                                                                                                            | CUSIP: 023764AA1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   1195790 | PA      | $1137044.66   | 0.32%             | 2029-12-15      | Fixed         | 3.65%                 | 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      | $2000442.00   | 0.56%             | 2054-10-15      | Fixed         | 7.20%                 | 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        |   1646362 | PA      | $1626407.69   | 0.45%             | 2031-07-15      | Fixed         | 3.70%                 | Yes           | 2                  | On Loan: No      |
| Air Canada                                                                                       | ACACN 4.125 12/15/27 144A                                                                                                      | CUSIP: 009088AB1<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |    710602 | PA      | $682869.43    | 0.19%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           | 2                  | On Loan: No      |
| AG TRUST 2024-NLP                                                                                | AG 2024-NLP C                                                                                                                  | CUSIP: 00792MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5440000 | PA      | $5367164.93   | 1.50%             | 2041-08-15      | Floating      | 7.89%                 | Yes           | N/A                | On Loan: No      |
| The Allstate Corporation                                                                         | ALL V0 08/15/53 B                                                                                                              | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    900000 | PA      | $900376.20    | 0.25%             | 2053-08-15      | Floating      | 7.53%                 | No            | 2                  | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 4.625 01/15/27 144A                                                                                                        | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1242109.13   | 0.35%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Air Lease Corporation                                                                            | AL V4.125 PERP C                                                                                                               | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2423894.50   | 0.68%             | 2500-12-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Agnc Investment Corp                                                                             | Agnc Investment Corp COM USD0.01                                                                                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    436537 | NS      | $4011775.03   | 1.12%             |  |  |  | No            | 1                  | On Loan: —       |
| Ally Financial Inc.                                                                              | ALLY V4.7 PERP C                                                                                                               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1793696.00   | 0.50%             | 2500-12-31      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |

### Signature

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

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO