# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-004573
**Filing Date:** 2025-12
**Character Count:** 50810
**Document Hash:** 95fb121d68e5a8243d68e7e7b2de540c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004573.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002000324-25-004573

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251540192

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

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

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

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

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

## Series and Classes Contracts Data

### SHELTON TACTICAL CREDIT FUND (Series ID: S000054578)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000171442 | Investor Class      | DEBTX           |
| C000174064 | Institutional Class | DEBIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| SHELTON EMERGING MARKETS FUND | SHELTON EMERGING MARKETS FUND | SHELTON EMERGING MARKETS FUND |
| *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* |
| **Security Description** | **Shares** | **Value** |
| **Common Stock (95.81%)** |  |  |
| **Brazil (4.71%)** |  |  |
| Cosan SA\* | 164300 | $190777 |
| Iguatemi SA | 164400 | 752454 |
| Multiplan Empreendimentos Imobiliarios SA | 40700 | 222224 |
| **Total Brazil** |  | 1165455 |
| **China (29.98%)** |  |  |
| ANTA Sports Products Ltd | 41700 | 501031 |
| BYD Co Ltd | 9700 | 137363 |
| CMOC Group Ltd | 139000 | 280256 |
| CSPC Pharmaceutical Group Ltd | 332000 | 399755 |
| Fuyao Glass Industry Group Co Ltd (144A) | 74000 | 744578 |
| Haier Smart Home Co Ltd | 165300 | 538265 |
| Haitian International Holdings Ltd | 222000 | 611638 |
| JD.com Inc | 7750 | 137933 |
| NetEase Inc | 20100 | 611638 |
| Ping An Insurance Group Co of China Ltd | 19000 | 129526 |
| Qfin Holdings Inc | 7300 | 210094 |
| Shandong Gold Mining Co Ltd (144A) | 66500 | 315671 |
| Tencent Holdings Ltd | 25600 | 2181072 |
| Zijin Mining Group Co Ltd | 148748 | 623140 |
| **Total China** |  | 7421960 |
| **Hong Kong (4.51%)** |  |  |
| Alibaba Group Holding Ltd | 49100 | 1116790 |
| **India (10.55%)** |  |  |
| Dr Reddy's Laboratories Ltd | 42600 | 595548 |
| HDFC Bank Ltd | 20390 | 696522 |
| ICICI Bank Ltd | 18323 | 553904 |
| Infosys Ltd<sup>#</sup> | 17600 | 286352 |
| Wipro Ltd<sup>#</sup> | 182400 | 479712 |
| **Total India** |  | 2612038 |
| **Indonesia (1.65%)** |  |  |
| Bank Central Asia Tbk PT | 350200 | 160069 |
| Ciputra Development Tbk PT | 2364000 | 131790 |
| Kalbe Farma Tbk PT | 1738100 | 117735 |
| **Total Indonesia** |  | 409594 |
| **Philippines (1.12%)** |  |  |
| Ayala Land Inc | 220000 | 91887 |
| SM Prime Holdings Inc | 480600 | 185068 |
| **Total Philippines** |  | 276955 |
| **Poland (0.91%)** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 11580 | 224540 |
| **South Africa (5.11%)** |  |  |
| Bidvest Group Ltd | 44571 | 546694 |
| Netcare Ltd | 323605 | 266090 |
| Old Mutual Ltd | 583328 | 450941 |
| **Total South Africa** |  | 1263725 |

---

EMSLX<sub>1</sub>

---

| | | |
|:---|:---|:---|
| **South Korea (12.27%)** |  |  |
| Eo Technics Co Ltd | 1381 | 229226 |
| Hyundai Glovis Co Ltd | 1390 | 163781 |
| Innocean Worldwide Inc | 19884 | 257803 |
| KB Financial Group Inc | 1551 | 127617 |
| Korean Air Lines Co Ltd | 32600 | 528339 |
| Samsung Electronics Co Ltd | 20493 | 1224844 |
| Shinhan Financial Group Co Ltd | 10000 | 504367 |
| **Total South Korea** |  | 3035977 |
| **Taiwan (22.97%)** |  |  |
| Arcadyan Technology Corp | 34000 | 244841 |
| Delta Electronics Inc | 32700 | 916171 |
| MediaTek Inc | 4500 | 194137 |
| Nien Made Enterprise Co Ltd | 12000 | 167121 |
| Realtek Semiconductor Corp | 35000 | 631541 |
| Taiwan Semiconductor Manufacturing Co Ltd | 82500 | 3532118 |
| **Total Taiwan** |  | 5685929 |
| **Turkey (2.03%)** |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 84016 | 197224 |
| Turkiye Sinai Kalkinma Bankasi AS\* | 948195 | 304686 |
| **Total Turkey** |  | 501910 |
| **Total Common Stock (Cost $16,695,127)** |  | 23714873 |
| **Preferred Stock (2.38%)** |  |  |
| **Brazil (2.38%)** |  |  |
| Itau Unibanco Holding SA | 80520 | 590477 |
| **Total Preferred Stock (Cost $522,688)** |  |  |
| **Collateral Received For Securities on Loan (3.19%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.27% (Cost $788,436) | 788436 | 788436 |
| **United States Treasury Bills (1.61%)** |  |  |
| United States Treasury Bill, 0.000%, 10/30/2025<sup>(a)</sup> (Cost $398,712) | 400000 | 398695 |
| **Total Investments (Cost $18,404,964) (102.99%)** |  | $25492481 |
| **Liabilities in Excess of Other Assets (-2.99%)** |  | (740540) |
| **Net Assets (100.00%)** |  | $24751941 |

---

---

| |
|:---|
| \* Non-income producing security. |
| # Loaned security; a portion of the security is on loan at September 30, 2025. |
| (144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2025, these securities had a total aggregate market value of $1,060,249, which represented approximately 4.28% of net assets. |
| (a) A portion of these securities, a total of $99,675 have been pledged or segregated in connection with obligations for futures contracts. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Value** | **Unrealized <br> Depreciation** |
| Futures contracts at September 30, 2025 |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange |  |  |  |
| 6 / DEC 2025 / Long / ICE | 408100 | 407910 | (190) |

---

EMSLX<sub>2</sub>

---

| | | |
|:---|:---|:---|
| SHELTON INTERNATIONAL SELECT EQUITY FUND | SHELTON INTERNATIONAL SELECT EQUITY FUND | SHELTON INTERNATIONAL SELECT EQUITY FUND |
| *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* |
| **Security Description** | **Shares** | **Value** |
| **Common Stock (97.49%)** |  |  |
| **Australia (11.43%)** |  |  |
| ARB Corp Ltd | 7391 | $188552 |
| AUB Group Ltd | 9062 | 196228 |
| Charter Hall Group | 54491 | 820159 |
| Charter Hall Long Wale REIT | 92339 | 268800 |
| Dexus | 209706 | 996156 |
| DigiCo Infrastructure REIT | 201691 | 353610 |
| Helia Group Ltd | 53873 | 206011 |
| Lynas Rare Earths Ltd\* | 41022 | 456222 |
| Perpetual Ltd | 17038 | 211129 |
| Perseus Mining Ltd | 115369 | 374005 |
| PEXA Group Ltd\* | 31293 | 324420 |
| Qube Holdings Ltd | 89075 | 242209 |
| Resolute Mining Ltd\* | 871561 | 593919 |
| **Total Australia** |  | 5231420 |
| **Austria (3.10%)** |  |  |
| ams-OSRAM AG\* | 33300 | 464365 |
| BAWAG Group AG (144A) | 3968 | 521738 |
| EVN AG | 7894 | 216858 |
| Wienerberger AG | 6642 | 213810 |
| **Total Austria** |  | 1416771 |
| **Belgium (1.29%)** |  |  |
| Aedifica SA | 7998 | 592010 |
| **Britain (8.77%)** |  |  |
| Deliveroo PLC (144A)\* | 89199 | 215575 |
| Firstgroup PLC | 92924 | 281940 |
| Gamma Communications PLC | 9262 | 124565 |
| IG Group Holdings PLC | 37300 | 540274 |
| IMI PLC | 12348 | 379632 |
| Inchcape PLC | 18499 | 172289 |
| JET2 PLC | 13058 | 248322 |
| Keller Group PLC | 17516 | 355243 |
| Man Group PLC | 121131 | 290630 |
| Ninety One PLC | 43477 | 119166 |
| QinetiQ Group PLC | 39850 | 294500 |
| Shaftesbury Capital PLC | 106531 | 203305 |
| TP ICAP Group PLC | 51745 | 191725 |
| Trainline PLC (144A)\* | 65785 | 247020 |
| Trustpilot Group PLC (144A)\* | 44044 | 134107 |
| Zigup PLC | 48679 | 213427 |
| **Total Britain** |  | 4011720 |
| **Canada (12.03%)** |  |  |
| Altus Group Ltd | 9500 | 405821 |
| Atco Ltd | 6000 | 217241 |
| Bausch Health Cos Inc\* | 27800 | 179013 |
| Capital Power Corp<sup>#</sup> | 10900 | 511923 |
| Centerra Gold Inc | 25900 | 277530 |
| DPM Metals Inc | 14140 | 313500 |
| Finning International Inc | 10900 | 506439 |
| George Weston Ltd | 120 | 7321 |

---

SISLX<sub>3</sub>

---

| | | |
|:---|:---|:---|
| Kinaxis Inc\* | 2100 | 271131 |
| Lightspeed Commerce Inc\* | 9300.0 | 107407 |
| NexGen Energy Ltd\* | 27000.0 | 241777 |
| Pet Valu Holdings Ltd | 4800.0 | 124153 |
| PrairieSky Royalty Ltd | 30400.0 | 564108 |
| RioCan Real Estate Investment Trust | 37200.0 | 506623 |
| Superior Plus Corp | 106600.0 | 604459 |
| TransAlta Corp | 31200.0 | 426255 |
| Vermilion Energy Inc<sup>#</sup> | 30800.0 | 240609 |
| **Total Canada** |  | 5505310 |
| **Denmark (1.34%)** |  |  |
| Dfds A/S\* | 7468.0 | 113636 |
| Ringkjoebing Landbobank A/S | 936.0 | 216987 |
| Sydbank AS | 3535.0 | 283822 |
| **Total Denmark** |  | 614445 |
| **France (1.03%)** |  |  |
| Louis Hachette Group | 89380.0 | 161908 |
| Societe BIC SA | 2436.0 | 151857 |
| Wendel SE | 1653.0 | 158159 |
| **Total France** |  | 471924 |
| **Germany (1.27%)** |  |  |
| Cewe Stiftung & Co KGAA | 1419.0 | 166422 |
| Puma SE | 5705.0 | 141721 |
| Sixt SE | 2848.0 | 275338 |
| **Total Germany** |  | 583481 |
| **Hong Kong (1.51%)** |  |  |
| Melco International Development Ltd\* | 476000.0 | 384746 |
| The United Laboratories International Holdings Ltd | 158000.0 | 304961 |
| **Total Hong Kong** |  | 689707 |
| **Israel (3.33%)** |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd | 488753.0 | 936516 |
| Radware Ltd\* | 16600.0 | 439734 |
| Riskified Ltd\* | 31400.0 | 146952 |
| **Total Israel** |  | 1523202 |
| **Italy (3.66%)** |  |  |
| Azimut Holding SpA | 15587.0 | 602583 |
| Buzzi SpA | 4751.0 | 260809 |
| Iren SpA | 97536.0 | 301608 |
| Lottomatica Group Spa | 11273.0 | 303331 |
| Tamburi Investment Partners SpA | 21180.0 | 207623 |
| **Total Italy** |  | 1675954 |
| **Japan (33.80%)** |  |  |
| Aica Kogyo Co Ltd | 23800.0 | 599402 |
| Amada Co Ltd | 55500.0 | 683306 |
| Amano Corp | 8000.0 | 227179 |
| Anritsu Corp | 31800.0 | 405495 |
| Artience Co Ltd | 7900.0 | 167226 |
| Asahi Intecc Co Ltd | 55500.0 | 901379 |
| Colowide Co Ltd | 15900.0 | 196780 |
| Daicel Corp | 23700.0 | 216298 |
| DCM Holdings Co Ltd | 23700.0 | 256929 |
| Denka Co Ltd | 15800.0 | 244000 |
| Ebara Corp | 31700.0 | 725259 |
| Fuji Corp/Aichi | 23800.0 | 434583 |

---

SISLX<sub>4</sub>

---

| | | |
|:---|:---|:---|
| The Gunma Bank Ltd | 55600.0 | 620991 |
| Kanamoto Co Ltd | 7900.0 | 192336 |
| Kaneka Corp | 7900.0 | 224820 |
| Kansai Paint Co Ltd | 15800.0 | 257677 |
| Kissei Pharmaceutical Co Ltd | 7900.0 | 229735 |
| Life Corp | 23900.0 | 408446 |
| Maeda Kosen Co Ltd | 15900.0 | 209145 |
| Meidensha Corp | 15900.0 | 633350 |
| Mitsubishi Gas Chemical Co Inc | 23800.0 | 425328 |
| Miura Co Ltd | 7900.0 | 155445 |
| Morinaga & Co Ltd | 15900.0 | 281674 |
| Nifco Inc/Japan | 7900.0 | 238818 |
| Nippon Gas Co Ltd | 16000.0 | 299514 |
| Nippon Kayaku Co Ltd | 23800.0 | 223649 |
| Nippon Television Holdings Inc | 15900.0 | 424313 |
| NOF Corp | 15900.0 | 278180 |
| Okamura Corp | 15900.0 | 252480 |
| Resorttrust Inc | 31800.0 | 403882 |
| Sanwa Holdings Corp | 15900.0 | 455496 |
| Seino Holdings Co Ltd | 15900.0 | 234415 |
| SKY Perfect JSAT Holdings Inc | 31800.0 | 300008 |
| Socionext Inc | 23800.0 | 449069 |
| Sotetsu Holdings Inc | 15900.0 | 286567 |
| Sumitomo Pharma Co Ltd\* | 63500.0 | 734773 |
| Tokyo Ohka Kogyo Co Ltd | 15900.0 | 521304 |
| Tokyotokeiba Co Ltd | 7900.0 | 287970 |
| Toshiba TEC Corp | 7900.0 | 161883 |
| Toyo Suisan Kaisha Ltd | 7900.0 | 564988 |
| Wacoal Holdings Corp | 7900.0 | 301113 |
| Yamazaki Baking Co Ltd | 15900.0 | 353988 |
| **Total Japan** |  | 15469193 |
| **Luxembourg (0.54%)** |  |  |
| Aroundtown SA\* | 63933.0 | 244984 |
| **Norway (1.05%)** |  |  |
| DOF Group ASA | 22660.0 | 222840 |
| Storebrand ASA | 17023.0 | 259594 |
| **Total Norway** |  | 482434 |
| **Portugal (2.65%)** |  |  |
| Banco Comercial Portugues SA | 990487.0 | 875833 |
| Mota-Engil SGPS SA | 56440.0 | 337924 |
| **Total Portugal** |  | 1213757 |
| **South Africa (0.41%)** |  |  |
| Investec PLC | 25121.0 | 187677 |
| **Spain (1.15%)** |  |  |
| Enagas SA | 20159.0 | 314999 |
| Sacyr SA | 50075.0 | 209400 |
| **Total Spain** |  | 524399 |
| **Sweden (4.98%)** |  |  |
| Alleima AB | 38691.0 | 292813 |
| Betsson AB | 11060.0 | 182441 |
| Elekta AB | 38577.0 | 194633 |
| Hexpol AB | 15573.0 | 139608 |
| Nordnet AB publ | 6880.0 | 199502 |
| SSAB AB | 73734.0 | 427618 |

---

SISLX<sub>5</sub>

---

| | | |
|:---|:---|:---|
| Telefonaktiebolaget LM Ericsson<sup>#</sup> | 87700.0 | 725279 |
| Troax Group AB | 7947.0 | 116149 |
| **Total Sweden** |  | 2278043 |
| **Switzerland (2.87%)** |  |  |
| Accelleron Industries AG | 6423.0 | 540233 |
| Inficon Holding AG | 1575.0 | 185599 |
| International Workplace Group PLC | 196073.0 | 588575 |
| **Total Switzerland** |  | 1314407 |
| **United States (1.28%)** |  |  |
| Diversified Energy Co PLC | 10622.0 | 148427 |
| Reliance Worldwide Corp Ltd | 74258.0 | 200936 |
| Rorer Group\* | 52071.0 | 237403 |
| **Total Switzerland** |  | 586766 |
| **Total Common Stock (Cost $43,999,344)** |  | 44617604 |
| **Collateral Received For Securities on Loan (3.22%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.27% (Cost $1,474,061) | 1474061.0 | 1474061 |
| **United States Treasury Bills (1.09%)** |  |  |
| United States Treasury Bill, 0.00%, 10/30/2025<sup>(a)</sup> (Cost $498,383) | 500000.0 | 498368 |
| **Total Investments (Cost $45,971,788) (101.80%)** |  | $46590033 |
| **Liabilities in Excess of Other Assets (-1.80%)** |  | (825286) |
| **Net Assets (100.00%)** |  | $45764747 |

---

---

| |
|:---|
| \* Non-income producing security. |
| # Loaned security; a portion of the security is on loan at September 30, 2025. |
| (144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2025, these securities had a total aggregate market value of $1,118,440 which represented approximately 2.44% of net assets. |
| (a) A portion of these securities, a total of $99,675, have been pledged or segregated in connection with obligations for futures contracts. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Notional Amount** | **Value** | **Unrealized <br> Depreciation** |
| Futures contracts at September 30, 2025 |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange |  |  |  |
| 7 / DEC 2025 / Long / ICE | 975650 | 974855 | (795) |

---

SISLX<sub>6</sub>

---

| | | |
|:---|:---|:---|
| SHELTON TACTICAL CREDIT FUND | SHELTON TACTICAL CREDIT FUND | SHELTON TACTICAL CREDIT FUND |
| *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* | *Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2025* |
| **Security Description** |  |  |
| **Common Stock (1.15%)** | **Shares** | **Value** |
| **Consumer, Non-cyclical (1.15%)** |  |  |
| Pyxus International Inc\*<sup>,#</sup> | 216937 | $618270 |
| **Energy (0.00%)** |  |  |
| CHC Group LLC\*<sup>,(a)</sup> | 9358 |  |
| **Financial (0.00%)** |  |  |
| CBL & Associates LP<sup>(a),(b)</sup> | 1526000 |  |
| CBL & Associates LP<sup>(a),(b)</sup> | 1000000 |  |
| **Total Financial** |  |  |
| **Total Common Stock (Cost $2,390,267)** |  | 618270 |
| **Corporate Debt (84.02%)** | **Par Value** | **Value** |
| **Communications (6.68%)** |  |  |
| Gray Media Inc, 7.250%, 8/15/2033 (144A) | 1250000 | 1238162 |
| Sirius XM Radio LLC, 3.875%, 9/1/2031 (144A) | 1750000 | 1585970 |
| Windstream Services LLC / Windstream Escrow Finance Corp, 8.250%, 10/1/2031 (144A) | 750000 | 776893 |
| **Total Communications** |  | 3601025 |
| **Consumer, Cyclical (28.30%)** |  |  |
| Acushnet Co, 7.375%, 10/15/2028 (144A) | 1250000 | 1296042 |
| Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A) | 1000000 | 1042470 |
| AMC Entertainment Holdings Inc, 7.500%, 2/15/2029 (144A) | 2000000 | 1729720 |
| AS Mileage Plan IP Ltd, 5.308%, 10/20/2031 (144A) | 1250000 | 1244086 |
| Cinemark USA Inc, 5.250%, 7/15/2028 (144A) | 1500000 | 1491510 |
| Cummins Inc, 5.300%, 5/9/2035 | 1250000 | 1290554 |
| Guitar Center Inc, 8.500%, 1/15/2029 (144A) | 1837500 | 1515938 |
| New Home Co Inc/The, 8.500%, 11/1/2030 (144A) | 1000000 | 1038191 |
| PetSmart LLC / PetSmart Finance Corp, 7.500%, 9/15/2032 (144A) | 500000 | 501280 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.000%, 1/15/2031 (144A) | 1250000 | 1163266 |
| Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co, 6.625%, 5/1/2032 (144A) | 1750000 | 1782941 |
| WMG Acquisition Corp, 3.000%, 2/15/2031 (144A) | 1250000 | 1158971 |
| **Total Consumer, Cyclical** |  | 15254969 |
| **Consumer, Non-cyclical (21.34%)** |  |  |
| 1261229 BC Ltd, 10.000%, 4/15/2032 (144A) | 1000000 | 1025052 |
| The GEO Group Inc, 10.250%, 4/15/2031 | 1250000 | 1375398 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl, 5.750%, 4/1/2033 | 1250000 | 1305643 |
| Kraft Heinz Foods Co, 4.375%, 6/1/2046 | 1250000 | 1040274 |
| The Kroger Co, 5.000%, 9/15/2034 | 1250000 | 1260318 |
| Mars Inc, 5.650%, 5/1/2045 (144A) | 1000000 | 1014142 |
| Primo Water Holdings Inc / Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A) | 750000 | 749553 |
| Roche Holdings Inc, 5.593%, 11/13/2033 (144A) | 1350000 | 1449710 |
| United Rentals North America Inc, 6.000%, 12/15/2029 (144A) | 1000000 | 1029732 |
| Viking Baked Goods Acquisition Corp, 8.625%, 11/1/2031 (144A) | 1250000 | 1250546 |
| **Total Consumer, Non-cyclical** |  | 11500368 |
| **Energy (4.72%)** |  |  |
| Talos Production Inc, 9.375%, 2/1/2031 (144A) | 1000000 | 1041477 |
| Transocean International Ltd, 8.000%, 2/1/2027 (144A) | 1500000 | 1500165 |
| **Total Energy** |  | 2541642 |
| **Financial (17.87%)** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041 | 1240000 | 1018620 |
| American Homes 4 Rent LP, 5.500%, 2/1/2034 | 1500000 | 1548100 |
| First Industrial LP, 5.250%, 1/15/2031 | 1250000 | 1281949 |
| Iron Mountain Inc, 6.250%, 1/15/2033 (144A) | 1750000 | 1785294 |
| JPMorgan Chase & Co, 3.882%, 7/24/2038<sup>(c)</sup> | 1250000 | 1125693 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 6.500%, 2/15/2029 (144A) | 750000 | 704296 |
| Visa Inc, 2.700%, 4/15/2040 | 1500000 | 1149295 |

---

DEBTX<sub>7</sub>

---

| | | |
|:---|:---|:---|
| Welltower OP LLC, 5.125%, 7/1/2035 | 1000000 | 1018407 |
| **Total Financial** |  | 9631654 |
| **Industrial (0.00%)** |  |  |
| Eletson Holdings Inc<sup>(a)</sup> | 548153 |  |
| **Technology (2.34%)** |  |  |
| KLA Corp, 4.700%, 2/1/2034 | 1250000 | 1262805 |
| **Technology (2.77%)** |  |  |
| Calpine Corp, 5.000%, 2/1/2031 (144A) | 1500000 | 1495575 |
| **Total Corporate Debt (Cost $44,378,108)** |  | 45288038 |
| **Municipal Bonds (0.05%)** |  |  |
| **Development (0.05%)** |  |  |
| California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)<sup>(b)</sup> | 2050000 | 23063 |
| California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)<sup>(b)</sup> | 250000 | 2813 |
| **Total Development** |  | 25876 |
| **Total Municipal Debt (Cost $2,280,321)** |  | 25876 |
| **United States Treasury Bills (11.98%)** |  |  |
| United States Treasury Bill, 0.000%, 12/2/2025 (Cost $6,454,752) | 6500000 | 6456449 |
| **Term Loans (4.07%)** |  |  |
| PetSmart LLC, TSFR1M (floor 0.000%) + 4.000%, 8/18/2032<sup>(c)</sup> | 500000 | 492190 |
| Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.100%, 12/27/2027<sup>(c)</sup> | 442113 | 417797 |
| Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.100%, 12/31/2027<sup>(c)</sup> | 294742 | 294742 |
| Windstream Services LLC, TSFR1M (floor 0.000%) + 4.100%, 10/6/2032<sup>(c)</sup> | 1000000 | 990000 |
| **Total Term Loans (Cost $2,218,059)** |  | 2194729 |
| **Purchased Options - Puts (0.06%)** | **Contracts** | **Value** |
| 10-Year US Treasury Note Futures |  |  |
| &nbsp;&nbsp;&nbsp;Notional amount $495,000 premiums paid $26,016 exercise price $110.00, expires 11/21/2025 | 45 | 7031 |
| iShares I Boxx High Yield Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;Notional amount $4,740,000 premiums paid $40,650 exercise price $79.00, expires 11/21/2025 | 600 | 15600 |
| iShares I Boxx High Yield Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;Notional amount $4,620,000 premiums paid $21,654 exercise price $77.00, expires 11/21/2025 | 600 | 8400 |
| **Total Options (Cost $88,320)** |  | 31031 |
| **Total Investments (Cost $57,747,523) (101.33%)** |  | $54614393 |
| **Liabilities in Excess of Other Assets (-1.33%)** |  | (717193) |
| **Net Assets (100.00%)** |  | $53897200 |

---

---

| |
|:---|
| (144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2025, these securities had a total aggregate market value of $30,636,858 which represented approximately 56.84% of net assets. |
| \* Non income security. |
| # Security is illiquid. |
| (a) Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value security is $0.00. |
| (b) Defaulted security. |
| (c) Variable rate security. |

---

DEBTX<sub>8</sub>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps<sup>\*,\*\*,\*\*\*</sup> (-0.63%)** | **Maturity Date** | **Fixed Deal<br> (Pay Rate)** | **Implied Credit <br> Spread at <br> September 30, 2025** | **Notional <br> Amount** | **Period<br> Payment<br> Frequency** | **Fair Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Depreciation** |
| **Buy Protection** |  | | | |  | | | |
| CDX NA.IG.43 12/29 | 12/20/2030 | 1.00% | 0.52% | 15000000 | Quarterly | (339510) | (330358) | (9152) |
| Total Buy Protection |  |  |  |  |  | (339510) | (330358) | (9152) |

---

---

| |
|:---|
| \* For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| \*\* For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period-end will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of the referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract. |
| \*\*\* For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract. |

---

DEBIX Swap 9

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** SHELTON TACTICAL FUND

- **b. EDGAR series identifier (if any):** S000054578

- **c. LEI of Series:** 254900YOM7QWQMSBIY40

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $57007041.71

**Total Liabilities:** $3109841.27

**Net Assets:** $53897200.44

**Cash Not Reported:** $627486.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 301.795 | **1-Year:** 1526.023 | **5-Year:** 8842.917 | **10-Year:** 9293.986 | **30-Year:** 1955.601

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

- **3-Month:** 5.949 | **1-Year:** 9.396 | **5-Year:** 18.707 | **10-Year:** 10.341 | **30-Year:** 2.607

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174064 | 0.52%                | 0.38%                | 0.48%                |
| Class ID C000171442 | 0.49%                | 0.39%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18011.95                | $69579.94                                  |
| Month 2  | $115743.92               | $-127416.65                                |
| Month 3  | $-190344.21              | $225073.51                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Aggregate

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                                                                 | TYZ5 Comdty 2025-11-24 PUT 110                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        45 | NC      | $7031.25      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                    | HYG A 2025-11-21 PUT 79                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       600 | NC      | $15600.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                    | HYG A 2025-11-21 PUT 77                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       600 | NC      | $8400.00      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp.                           | WIN 8.25 10/01/31 144A                                             | CUSIP: 97381AAA0<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $776892.75    | 1.44%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Welltower OP LLC                                                                    | WELL 5.125 07/01/35                                                | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018407.30   | 1.89%             | 2035-07-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| WMG Acquisition Corp.                                                               | WMG 3 02/15/31 144A                                                | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1158971.38   | 2.15%             | 2031-02-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Visa Inc                                                                            | V 2.7 04/15/40                                                     | CUSIP: 92826CAK8<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1149294.90   | 2.13%             | 2040-04-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Viking Baked Goods Acquisition Corp                                                 | RISBAK 8.625 11/01/31 144A                                         | CUSIP: 92676AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250546.25   | 2.32%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Windstream Services LLC/Uniti Group Finance 2019 Inc/CSL Capital LLC                | UNIT 6.5 02/15/29 144A                                             | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $704295.88    | 1.31%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                                        | B 0 12/02/25                                                       | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6456449.42   | 11.98%            | 2025-12-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| United Rentals (North America), Inc.                                                | URI 6 12/15/29 144A                                                | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029732.00   | 1.91%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Transocean International Ltd.                                                       | RIG 8 02/01/27 144A                                                | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1500165.00   | 2.78%             | 2027-02-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Talos Prodtn Inc                                                                    | TALO 9.375 02/01/31 144A                                           | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041477.00   | 1.93%             | 2031-02-01      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| Six Flags Entertainment Corp.                                                       | FUN 6.625 05/01/32 144A                                            | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1782943.75   | 3.31%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Sirius Xm Radio Inc                                                                 | SIRI 3.875 09/01/31 144A                                           | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1585970.05   | 2.94%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Roche Holdings, Inc.                                                                | ROSW 5.593 11/13/33 144A                                           | CUSIP: 771196CH3<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1449710.01   | 2.69%             | 2033-11-13      | Fixed         | 5.59%                 | Yes           | 2                  | On Loan: No      |
| Rivian Holdings Llc / Rivian Llc / Rivian Automotive Llc                            | RIVHOL 10 01/15/31 144A                                            | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1163265.88   | 2.16%             | 2031-01-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Pyxus Holdings Inc                                                                  | Pyxus Holdings Inc                                                 | CUSIP: 74738YAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    294742 | OU      | $294742.04    | 0.55%             | 2027-10-27      | Floating      | 12.46%                | No            | 2                  | On Loan: No      |
| Pyxus Holding Inc                                                                   | N/A                                                                | CUSIP: 74738YAD1<br>LEI: N/A                  | Long             | LON              |  | N/A       |    442113 | OU      | $417796.84    | 0.78%             | 2027-10-27      | Floating      | 12.46%                | No            | 2                  | On Loan: No      |
| Pyxus International Inc                                                             | Pyxus International Inc COM NEW                                    | CUSIP: 74737V205<br>LEI: 254900Y83D1L0TWGIF40 | Long             | EC               | CORP              | US        |    216937 | NS      | $618270.45    | 1.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc.                               | PRMWCN 6.25 04/01/29 144A                                          | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    750000 | PA      | $749552.70    | 1.39%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Petsmart LLC / Petsmart Financial Corp.                                             | PETM 7.5 09/15/32                                                  | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501280.00    | 0.93%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| PetSmart                                                                            | PetSmart Term Loan B 400 2032-08-02                                | CUSIP: 71677HAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | OU      | $492190.00    | 0.91%             | 2032-08-02      | Floating      | 8.23%                 | No            | 2                  | On Loan: No      |
| 1261229 Bc Ltd.                                                                     | BHCCN 10 04/15/32 144A                                             | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1025052.04   | 1.90%             | 2032-04-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| New Home Company Inc                                                                | NWHM 8.5 11/01/30 144A                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1038191.00   | 1.93%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Mars Inc.                                                                           | MARS 5.65 05/01/45 144a                                            | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014142.18   | 1.88%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           | 2                  | On Loan: No      |
| The Kroger Co.                                                                      | KR 5 09/15/34                                                      | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1260318.46   | 2.34%             | 2034-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                           | KHC 4.375 06/01/46                                                 | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1040273.54   | 1.93%             | 2046-06-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| KLA Corp.                                                                           | KLAC 4.7 02/01/34                                                  | CUSIP: 482480AP5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1262804.81   | 2.34%             | 2034-02-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V3.882 07/24/38                                                | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1125693.43   | 2.09%             | 2038-07-24      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                             | JBSSBZ 5.75 04/01/33                                               | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   1250000 | PA      | $1305642.50   | 2.42%             | 2033-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                  | IRM 6.25 01/15/33 144A                                             | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1785294.00   | 3.31%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Guitar Center, Inc.                                                                 | GTRC 8.5 01/15/29                                                  | CUSIP: 402040AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1837500 | PA      | $1515937.50   | 2.81%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Gray Media Inc.                                                                     | GTN 7.25 08/15/33 144A                                             | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1238161.63   | 2.30%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| GEO Group Inc                                                                       | GEO 10.25 04/15/31                                                 | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1375397.50   | 2.55%             | 2031-04-15      | Fixed         | 10.25%                | No            | 2                  | On Loan: No      |
| First Industrial, L.P.                                                              | FR 5.25 01/15/31                                                   | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1281949.11   | 2.38%             | 2031-01-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Cummins Inc.                                                                        | CMI 5.3 05/09/35                                                   | CUSIP: 231021BA3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1290554.06   | 2.39%             | 2035-05-09      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| Cinemark USA Inc.                                                                   | CNK 5.25 07/15/28 144A                                             | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1491510.15   | 2.77%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Calpine Corporation                                                                 | CPN 5 02/01/31 144A                                                | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495574.85   | 2.77%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                  | CA CASPOL 7.5 07/01/2032                                           | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $2812.50      | 0.01%             | 2032-07-01      | Fixed         | 7.50%                 | Yes           | N/A                | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                  | CA CASPOL 8 07/01/2039                                             | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $23062.50     | 0.04%             | 2039-07-01      | Fixed         | 8.00%                 | Yes           | N/A                | On Loan: No      |
| CBL & Associates LP ESCROW                                                          | CBL & Associates LP ESCROW 5.95% SNR NTS 15/12/2026 USD (SEC REGD) | CUSIP: 125ESCAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1526000 | PA      | $0.00         | 0.00%             | 2026-12-15      | Fixed         | 5.95%                 | No            | N/A                | On Loan: No      |
| CBL & Associates LP ESCROW                                                          | CBL & Associates LP ESCROW 4.6% SNR PERP NTS USD (SEC REGD)        | CUSIP: 125ESCAF0<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $0.00         | 0.00%             | 2500-12-31      | Fixed         | 4.60%                 | No            | N/A                | On Loan: No      |
| CHC Group LLC / CHC Finance LTD                                                     | CHC Group LLC / CHC Finance LTD COM UNITS NEW                      | CUSIP: 12550E405<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9358 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent L P                                                           | AMH 5.5 02/01/34                                                   | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1548099.59   | 2.87%             | 2034-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Air Canada                                                                          | ACACN 10.5 07/15/26                                                | CUSIP: 008911BD0<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |   1000000 | PA      | $1042469.50   | 1.93%             | 2026-07-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 3.85 10/29/41                                                  | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1240000 | PA      | $1018620.22   | 1.89%             | 2041-10-29      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Acushnet Co                                                                         | GOLF 7.375 10/15/28 144A                                           | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1296041.69   | 2.40%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| AMC Entertainment Holdings Inc                                                      | AMC 7.5 02/15/29 144A                                              | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1729720.00   | 3.21%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                             | ALK 5.308 10/20/31 144A                                            | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1250000 | PA      | $1244085.65   | 2.31%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                 | CDX.NA.IG SERIES 45 12/30                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  15000000 | PA      | $-339510.00   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                 | ELETSN ESCROW                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |    548153 | PA      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                                                 | UNIT TL B 1L USD                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |   1000000 | PA      | $990000.00    | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO