# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001387131-23-002597
**Filing Date:** 2023-2
**Character Count:** 41045
**Document Hash:** 6070e3c9bdc41537e05a20f8f890a22c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002597.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002597

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267
- **IRS NUMBER:** 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:** 23686960

**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:** 1875 Lawrence Street, Suite 300

  - **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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $162452443.35

**Total Liabilities:** $2409517.97

**Net Assets:** $160042925.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 247.201828819779 | **1-Year:** 7451.318417115286 | **5-Year:** 17662.887665527658 | **10-Year:** 2462.965353400513 | **30-Year:** 16362.282605642162

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

- **3-Month:** 3.5714285714279996 | **1-Year:** 24.446367458691007 | **5-Year:** 25.47672751862199 | **10-Year:** 2.5054764512589998 | **30-Year:** 4

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217713 | -0.00%               | 0.02%                | 0.00%                |
| Class ID C000217714 | -0.00%               | 0.02%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-754273.30              | $-343923.13                                |
| Month 2  | $-242300.15              | $2642832.79                                |
| Month 3  | $-836755.16              | $384544.04                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Hess Corporation                                                       | HES 7.3 08/15/31                                                                                                               | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1633456.49   | 1.02%             | 2031-08-15      | Fixed         | 7.30%                 | No            | 2                  | On Loan: No      |
| Fluor Corporation                                                      | FLR 3.5 12/15/24                                                                                                               | CUSIP: 343412AC6<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |    688000 | PA      | $660480.00    | 0.41%             | 2024-12-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: —       |
| Air Canada Pass Through Certificates, Series 2015-1                    | ACACN 3.875 03/15/23 144A                                                                                                      | CUSIP: 009090AB7<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |   1689269 | PA      | $1677342.06   | 1.05%             | 2024-09-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| HCA Inc.                                                               | HCA 5.875 02/15/26                                                                                                             | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007417.18   | 0.63%             | 2026-02-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Hughes Satellite Systems Corporation                                   | SATS 5.25 08/01/26                                                                                                             | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2877600.00   | 1.80%             | 2026-08-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Greystar Real Estate Partners LLC                                      | GRSTAR 5.75 12/01/25 144A                                                                                                      | CUSIP: 39807UAB2<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1221565.63   | 0.76%             | 2025-12-01      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| FTAI Aviation Ltd                                                      | FTAI 6.5 10/01/25 144A                                                                                                         | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | KY        |   1646000 | PA      | $1547575.54   | 0.97%             | 2025-10-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC  | ACI 4.625 01/15/27 144A                                                                                                        | CUSIP: 013092AC5<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1161087.50   | 0.73%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Abercrombie & Fitch Management Co                                      | ANF 8.75 07/15/25 144A                                                                                                         | CUSIP: 003000AA4<br>LEI: 5493003QMCFDA98NPT74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979957.40    | 0.61%             | 2025-07-15      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: —       |
| FTAI Aviation Ltd                                                      | FTAI 9.75 08/01/27 144A                                                                                                        | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1503750.05   | 0.94%             | 2027-08-01      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| G III Apparel Group Ltd                                                | GIII 7.875 08/15/25 144A                                                                                                       | CUSIP: 36237HAA9<br>LEI: 529900O5KABM3R3SFM87 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1259147.05   | 0.79%             | 2025-08-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Guitar Center Escrow II Inc                                            | GTRC 8.5 01/15/26 144A                                                                                                         | CUSIP: 40204BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $821857.45    | 0.51%             | 2026-01-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Credit Acceptance Corporation of Michigan                              | CACC 6.625 03/15/26                                                                                                            | CUSIP: 225310AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2463857.50   | 1.54%             | 2026-03-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRUST                                   | AAL 3.95 07/11/30 B                                                                                                            | CUSIP: 02376LAA3<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $1986449.00   | 1.24%             | 2032-01-11      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                | AAL 5.25 01/15/24 B                                                                                                            | CUSIP: 02376YAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730968 | PA      | $712184.80    | 0.44%             | 2025-07-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                | AAL 4.4 09/22/23                                                                                                               | CUSIP: 02377BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    992397 | PA      | $975368.46    | 0.61%             | 2025-03-22      | Fixed         | 4.40%                 | 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        |   1210201 | PA      | $918507.83    | 0.57%             | 2033-08-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| American Airlines, Inc.                                                | AAL 4.95 02/15/25 B                                                                                                            | CUSIP: 02378WAA7<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |   5155000 | PA      | $4848778.57   | 3.03%             | 2026-08-15      | Fixed         | 4.95%                 | 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        |   2096957 | PA      | $1764020.08   | 1.10%             | 2029-08-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Andeavor LLC                                                           | ANDEAV 5.125 12/15/26                                                                                                          | CUSIP: 03349MAD7<br>LEI: CMTK1YBYNLPLIS3QLI53 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3880957.96   | 2.42%             | 2026-12-15      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Argo Group US, Inc.                                                    | Argo Group US, Inc. 6.5% SENIOR UNSECURED FIXED RATE NOTES DUE 2042                                                            | CUSIP: 040130205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    417217 | NS      | $8177453.20   | 5.11%             |  |  |  | No            | 1                  | On Loan: No      |
| BAC Capital Trust XIV                                                  | BAC V0 PERP G                                                                                                                  | CUSIP: 05518VAA3<br>LEI: 549300QO5OB3VGJT6S64 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1415842.00   | 0.88%             | 2500-12-31      | Floating      | 5.17%                 | No            | 2                  | On Loan: No      |
| Bank of America Corporation                                            | Bank of America Corporation 7.25% PRF SHS USD1000                                                                              | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |       953 | NS      | $1105480.00   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of America Corporation                                            | BAC V5.2 PERP U                                                                                                                | CUSIP: 060505ED2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2858000 | PA      | $2769406.37   | 1.73%             | 2500-12-31      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Beazer Homes USA, Inc.                                                 | BZH 6.75 03/15/25                                                                                                              | CUSIP: 07556QBM6<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964812.16    | 0.60%             | 2025-03-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: —       |
| Blackstone Strategic Credit Fund                                       | Blackstone Strategic Credit Fund COM USD0.001 SBI                                                                              | CUSIP: 09257R101<br>LEI: 549300YESIF051NRED20 | Long             | EC               | RF                | US        |     65257 | NS      | $690419.06    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| BWAY Holding Co.                                                       | BWY 5.5 04/15/24 144A                                                                                                          | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1458351.17   | 0.91%             | 2024-04-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| First Citizens Bank & Trust Company                                    | FCNCA 6.125 03/09/28                                                                                                           | CUSIP: 125581GX0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2035875.30   | 1.27%             | 2028-03-09      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Calpine Corporation                                                    | CPN 5.25 06/01/26 144A                                                                                                         | CUSIP: 131347CK0<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    703000 | PA      | $669623.46    | 0.42%             | 2026-06-01      | Fixed         | 5.25%                 | Yes           | 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      | $3646175.00   | 2.28%             | 2028-12-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Conagra Brands Inc                                                     | CAG 7.125 10/01/26                                                                                                             | CUSIP: 205887AF9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1211456.69   | 0.76%             | 2026-10-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Cowen Inc                                                              | COWN 7.25 05/06/24 AI                                                                                                          | CUSIP: 223622AH4<br>LEI: 5493008QI0EFC5WBED75 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1762923.75   | 1.10%             | 2024-05-06      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Ivy High Income Opportunities Fd                                       | Ivy High Income Opportunities Fd COM                                                                                           | CUSIP: 246107106<br>LEI: 549300C130E3EJZ8ZQ39 | Long             | EC               | RF                | US        |    263004 | NS      | $2882523.84   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Inc                                                               | DELL 7.1 04/15/28                                                                                                              | CUSIP: 247025AE9<br>LEI: 3E70L4WYANTIWWIPHC81 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3227197.32   | 2.02%             | 2028-04-15      | Fixed         | 7.10%                 | No            | 2                  | On Loan: —       |
| Dell International L.L.C. and EMC Corporation                          | DELL 6.1 07/15/27                                                                                                              | CUSIP: 24703TAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4612000 | PA      | $4744805.54   | 2.96%             | 2027-07-15      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Delta Air Lines Inc                                                    | DAL 7 05/01/25 144A                                                                                                            | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022777.47   | 0.64%             | 2025-05-01      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Walt Disney Company                                                    | DIS 7.75 02/01/24                                                                                                              | CUSIP: 254687CV6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3074448.24   | 1.92%             | 2024-02-01      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| Equitrans Midstream Corporation                                        | EQM 7.5 06/01/27 144A                                                                                                          | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979260.00    | 0.61%             | 2027-06-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Ellsworth Growth and Income Fund Ltd                                   | Ellsworth Growth and Income Fund Ltd COM                                                                                       | CUSIP: 289074106<br>LEI: 549300GYFOXHCDQTI772 | Long             | EC               | RF                | US        |     37685 | NS      | $300726.30    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Commonwealth                                                    | Equity Commonwealth 6.25% PRF 'D' USD25.00                                                                                     | CUSIP: 294628201<br>LEI: 549300YPGVU9PR4L0606 | Long             | EP               | CORP              | US        |    101492 | NS      | $2542628.33   | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity & Guaranty Life Holdings, Inc.                                | FNF 5.5 05/01/25 144A                                                                                                          | CUSIP: 315786AC7<br>LEI: 549300WCR5QBFH98VZ75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986031.79    | 0.62%             | 2025-05-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Fifth Third Bancorp                                                    | FITB V0 PERP J                                                                                                                 | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6718000 | PA      | $6577846.93   | 4.11%             | 2500-12-31      | Floating      | 7.86%                 | No            | 2                  | On Loan: —       |
| Goldman Sachs BDC, Inc.                                                | Goldman Sachs BDC, Inc. COM USD0.001                                                                                           | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | RF                | US        |     91239 | NS      | $1251799.08   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                                                          | Ishares Trust IBOXX USD HIGH YILD CORP BD                                                                                      | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       500 | NS      | $36815.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| JetBlue Airways Corporation                                            | JBLU 7.75 11/15/28 1B                                                                                                          | CUSIP: 477164AB3<br>LEI: 54930070J9H97ZO93T57 | Long             | ABS-O            | CORP              | US        |   2347063 | PA      | $2272110.75   | 1.42%             | 2030-05-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| JETBLUE AIRWAYS PASS-THROUGH TRUSTS                                    | JBLU 8 11/15/27 2019                                                                                                           | CUSIP: 477165AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3608582 | PA      | $3526341.68   | 2.20%             | 2029-05-15      | Fixed         | 8.00%                 | No            | 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        |      7286 | NS      | $170419.54    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| MGM Resorts International                                              | MGM 6.75 05/01/25                                                                                                              | CUSIP: 552953CG4<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2513172.50   | 1.57%             | 2025-05-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Mastec, Inc.                                                           | MTZ 6.625 08/15/29 144A                                                                                                        | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1118750.00   | 0.70%             | 2029-08-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| McKesson Corporation                                                   | MCK 7.65 03/01/27                                                                                                              | CUSIP: 581557AM7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2150020.90   | 1.34%             | 2027-03-01      | Fixed         | 7.65%                 | No            | 2                  | 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        |   2250145 | PA      | $2237098.33   | 1.40%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Nationwide Mutual Insurance Co.                                        | NATMUT V0 12/15/24                                                                                                             | CUSIP: 638671AJ6<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2992101.81   | 1.87%             | 2024-12-15      | Floating      | 7.06%                 | Yes           | 2                  | On Loan: No      |
| Nuveen Intermediate Duration Municipal Term Fund                       | Nuveen Intermediate Duration Municipal Term Fund COM USD0.01                                                                   | CUSIP: 670671106<br>LEI: 5493001W3VSD7ZLC7O52 | Long             | EC               | RF                | US        |    482093 | NS      | $6325060.16   | 3.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Inter Duration Quality Muni                                     | Nuveen Inter Duration Quality Muni COM USD0.01                                                                                 | CUSIP: 670677103<br>LEI: 5493001W3VSD7ZLC7O52 | Long             | EC               | RF                | US        |    115017 | NS      | $1436562.33   | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| Principal Financial Group                                              | PFG V0 05/15/55                                                                                                                | CUSIP: 74251VAL6<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $6878925.00   | 4.30%             | 2055-05-15      | Floating      | 7.65%                 | 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        |     69766 | NS      | $1737173.40   | 1.09%             |  |  |  | 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        |     41213 | NS      | $697736.09    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| SMB Private Education Loan Trust                                       | SMB 2014-A C                                                                                                                   | CUSIP: 784456AF2<br>LEI: 549300XC4C7GRVLU6076 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2543526.30   | 1.59%             | 2045-09-15      | Fixed         | 4.50%                 | Yes           | N/A                | On Loan: No      |
| IHO Verwaltungs GmbH                                                   | IHOVER 4.75 09/15/26 144A                                                                                                      | CUSIP: 80627DAC0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $865363.76    | 0.54%             | 2026-09-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| SeaWorld Parks & Entertainment Inc                                     | SEAS 8.75 05/01/25 144A                                                                                                        | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    355000 | PA      | $363431.25    | 0.23%             | 2025-05-01      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: —       |
| Spectrum Brands, Inc.                                                  | SPB 5.75 07/15/25                                                                                                              | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1483026.36   | 0.93%             | 2025-07-15      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Spirit IP Cayman Ltd / Spirit Loyalty Cayman Ltd                       | SAVE 8 09/20/25 144A                                                                                                           | CUSIP: 84859BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1504830.00   | 0.94%             | 2025-09-20      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| TMX Finance LLC/TitleMax Finance Corp.                                 | TMXFIN 11.125 04/01/23 144A                                                                                                    | CUSIP: 87261NAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1836606.48   | 1.15%             | 2023-04-01      | Fixed         | 11.12%                | Yes           | 2                  | On Loan: No      |
| Templeton Global Income Fd                                             | Templeton Global Income Fd TEMPLETON GLOBAL INCOME                                                                             | CUSIP: 880198106<br>LEI: QU1AAXOSV5K4OVMXJP19 | Long             | EC               | RF                | US        |     87493 | NS      | $378844.69    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| US Airways Group Inc.                                                  | AAL 7.125 10/22/23 A                                                                                                           | CUSIP: 903436AA1<br>LEI: 5493004XNBKB5SFUJI60 | Long             | ABS-O            | CORP              | US        |   2536872 | PA      | $2549322.74   | 1.59%             | 2025-04-22      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Uber Technologies Inc                                                  | UBER 8 11/01/26 144A                                                                                                           | CUSIP: 90353TAC4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1505162.63   | 0.94%             | 2026-11-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Wesco Distribution, Inc.                                               | WCC 7.125 06/15/25 144A                                                                                                        | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    688000 | PA      | $696602.99    | 0.44%             | 2025-06-15      | Fixed         | 7.12%                 | Yes           | 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      | $1351520.69   | 0.84%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           | 2                  | 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      | $1300722.98   | 0.81%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Vertical Cap Income Fund                                               | Vertical Cap Income Fund SHS BEN INT                                                                                           | CUSIP: 92535C104<br>LEI: N/A                  | Long             | EC               | RF                | US        |    305843 | NS      | $2663892.53   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Varex Imaging Corporation                                              | VREX 7.875 10/15/27 144A                                                                                                       | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2780876.00   | 1.74%             | 2027-10-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| USB Capital IX                                                         | USB V0 PERP                                                                                                                    | CUSIP: 91731KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3937498.10   | 2.46%             | 2500-12-31      | Floating      | 5.10%                 | 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        |   1096580 | PA      | $1002072.18   | 0.63%             | 2027-09-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| UNITED AIR LINES INC PASS-THROUGH TRUSTS                               | UAL 3.7 03/01/30 A                                                                                                             | CUSIP: 90931VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3641011 | PA      | $3038735.14   | 1.90%             | 2031-09-01      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| UNITED AIRLINES PASS THROUGH CERTIFICATES                              | UAL 4.55 08/25/31 A                                                                                                            | CUSIP: 90931EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3096440 | PA      | $2606246.99   | 1.63%             | 2033-02-25      | Fixed         | 4.55%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO