# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000797
**Filing Date:** 2026-3
**Character Count:** 15805
**Document Hash:** e2462f04ffee820234e184e0da4d167b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000797.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000797

**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:** 26708664

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

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

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

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

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

## Series and Classes Contracts Data

### ICON EQUITY FUND (Series ID: S000067900)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217709 | Institutional Class | IOLZX           |
| C000217710 | Investor Class      | ISTAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000067900

- **c. LEI of Series:** 2549003HA4R16ERI1H91

**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:** $49275782.31

**Total Liabilities:** $777271.21

**Net Assets:** $48498511.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217709 | -1.11%               | 0.81%                | 3.04%                |
| Class ID C000217710 | -1.13%               | 0.80%                | 3.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19791.09               | $-532549.14                                |
| Month 2  | $1054927.31              | $-609906.22                                |
| Month 3  | $62882.85                | $-523678.82                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NVIDIA Corp.                      | NVIDIA Corp. COM                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2500 | NS      | $466250.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc.       | LPL Financial Holdings Inc. COM            | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      6800 | NS      | $2428756.00   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc               | Global Payments Inc COM                    | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     11837 | NS      | $916183.80    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                     | iShares Trust MSCI ACWI ETF                | CUSIP: 464288257<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1500 | NS      | $212235.00    | 0.44%             |  |  |  | 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        |     35712 | OU      | $35711.57     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.  | Armstrong World Industries, Inc. COM       | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |     13150 | NS      | $2512965.00   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC   | Seagate Technology Holdings PLC ORD SHS    | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     13100 | NS      | $3607609.00   | 7.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminium Corporation      | Kaiser Aluminium Corporation COM PAR $0.01 | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21100 | NS      | $2423546.00   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.      | Stanley Black & Decker, Inc. COM           | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     12600 | NS      | $935928.00    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc               | Dominion Energy Inc COM                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     24100 | NS      | $1412019.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC          | The Chemours Company LLC COM               | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     65800 | NS      | $775782.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.           | International Paper Co. COM                | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     31700 | NS      | $1248663.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated           | MasterCard Incorporated CL A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1477 | NS      | $843189.76    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                | RH COM                                     | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      2800 | NS      | $501620.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.            | Gildan Activewear Inc. COM                 | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     21300 | NS      | $1330398.00   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc           | Magna International Inc COM                | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     27100 | NS      | $1444430.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                   | Alamo Group Inc COM                        | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      7400 | NS      | $1242238.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company              | Baker Hughes Company CL A                  | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24400 | NS      | $1111176.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.             | Bank of America Corp. COM                  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     32488 | NS      | $1786840.00   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.              | Delta Air Lines Inc. COM NEW               | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     26900 | NS      | $1866860.00   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust         | Direxion Shares ETF Trust DLY SMCAP BULL3X | CUSIP: 25459W847<br>LEI: 549300M501IVJM50FG12 | Long             | EC               | RF                | US        |      7550 | NS      | $343827.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Horace Mann Educators Corporation | Horace Mann Educators Corporation COM      | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     48800 | NS      | $2253584.00   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.              | JPMorgan Chase & Co. COM                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      6850 | NS      | $2207207.00   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                        | Lazard Inc COM                             | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     31600 | NS      | $1534496.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.            | Lincoln National Corp. COM                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     47900 | NS      | $2132987.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                       | Phillips 66 COM                            | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      9100 | NS      | $1174264.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.            | Southwest Airlines Co. COM                 | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     22400 | NS      | $925792.00    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.            | Truist Financial Corp. COM                 | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     39100 | NS      | $1924111.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                   | T-Mobile US Inc COM                        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      7200 | NS      | $1461888.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                | Vodafone Group PLC SPONSORED ADR           | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     78800 | NS      | $1040948.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Incorporated            | Synaptics Incorporated COM                 | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |      9900 | NS      | $732798.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company          | Century Aluminum Company COM               | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     49000 | NS      | $1919820.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceva Inc                          | Ceva Inc COM                               | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     29500 | NS      | $634840.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.           | Euronet Worldwide, Inc. COM                | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     11683 | NS      | $889193.13    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc.             | Extreme Networks Inc. COM                  | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     80000 | NS      | $1332000.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.        | Performance Food Group Co. COM             | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     16475 | NS      | $1481432.00   | 3.05%             |  |  |  | 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