# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-26-000813
**Filing Date:** 2026-3
**Character Count:** 17803
**Document Hash:** d1d0274f3ab4e8f0e124f79bdb3b9452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000813.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002000324-26-000813

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 26708810

**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 Natural Resources and Infrastructure Fund (Series ID: S000067904)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217717 | Investor Class      | ICBAX           |
| C000217718 | Institutional Class | ICBMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** ICON Natural Resources and Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000067904

- **c. LEI of Series:** 25490028SYI0ZCFMF484

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $121672536.43

**Total Liabilities:** $2110555.98

**Net Assets:** $119561980.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217718 | -0.21%               | 1.15%                | 1.35%                |
| Class ID C000217717 | -0.21%               | 1.13%                | 1.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-189637.39              | $71299.72                                  |
| Month 2  | $784795.84               | $3986307.05                                |
| Month 3  | $0.00                    | $-950262.50                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brinks Company                                       | Brinks Company COM                                       | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     16000 | NS      | $1867680.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                       | BHP Group Ltd. SPONSORED ADS                             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     40000 | NS      | $2414800.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: —       |
| O-I Glass Inc                                        | O-I Glass Inc COM                                        | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265000 | NS      | $3911400.00   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc.            | Knight-Swift Transportation Holdings Inc. CL A           | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55000 | NS      | $2875400.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc.                                 | Thor Industries Inc. COM                                 | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     23000 | NS      | $2361410.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                 | Barrick Mining Corp. COM SHS                             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     80000 | NS      | $3484000.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Dominion Energy Inc                                  | Dominion Energy Inc COM                                  | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     40000 | NS      | $2343600.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                                   | ArcelorMittal S.A. NY REGISTRY SH                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     27000 | NS      | $1230390.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                            | Spire Inc COM                                            | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     36000 | NS      | $2977200.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                   | Cameco Corporation COM                                   | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     41000 | NS      | $3751090.00   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                       | Transocean Ltd REGISTERED SHS                            | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |   1800000 | NS      | $7434000.00   | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinseo PLC                                          | Trinseo PLC SHS                                          | CUSIP: G9059U107<br>LEI: 549300TJ3HIGDA2Z8315 | Long             | EC               | CORP              | IE        |   1000000 | NS      | $497000.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Brady Corp                                           | Brady Corp CL A                                          | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |     24000 | NS      | $1880880.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc.                                      | CVR Energy Inc. COM                                      | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |    165000 | NS      | $4197600.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation                     | Carpenter Technology Corporation COM                     | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     16000 | NS      | $5037440.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                | Compania de Minas Buenaventura S.A.A. SPONSORED ADR      | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     83000 | NS      | $2309890.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corporation                                   | Deluxe Corporation COM                                   | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |    210000 | NS      | $4689300.00   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust                            | Direxion Shares ETF Trust DLY SMCAP BULL3X               | CUSIP: 25459W847<br>LEI: 549300M501IVJM50FG12 | Long             | EC               | RF                | US        |     78000 | NS      | $3552120.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Trust                                        | iShares Trust GLOBAL ENERG ETF                           | CUSIP: 464287341<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     28000 | NS      | $1174040.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| National Fuel Gas Company                            | National Fuel Gas Company COM                            | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     28000 | NS      | $2241680.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                          | Phillips 66 COM                                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     35000 | NS      | $4516400.00   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                           | Southwest Gas Holdings Inc COM                           | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     30000 | NS      | $2400600.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc.                              | TETRA Technologies Inc. COM                              | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    650000 | NS      | $6090500.00   | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| 3D Systems Corporation                               | 3D Systems Corporation COM NEW                           | CUSIP: 88554D205<br>LEI: 5493003HHDOCCW4OP744 | Long             | EC               | CORP              | US        |   1400000 | NS      | $2478000.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: —       |
| ZTO Express (Cayman) Inc.                            | ZTO Express (Cayman) Inc. SPONSORED ADS A                | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    200000 | NS      | $4178000.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Limited                               | Kornit Digital Limited SHS                               | CUSIP: M6372Q113<br>LEI: 5299006DPCQWP3VTFK34 | Long             | EC               | CORP              | IL        |    165000 | NS      | $2372700.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis N.V                                       | Stellantis N.V COM EUR0.01                               | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |    330000 | NS      | $3593700.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Archrock Inc                                         | Archrock Inc COM                                         | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |    170000 | NS      | $4423400.00   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                     | Ball Corporation COM                                     | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     25000 | NS      | $1324250.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                             | Century Aluminum Company COM                             | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |    193000 | NS      | $7561740.00   | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                                    | HF Sinclair Corp. COM                                    | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    133000 | NS      | $6128640.00   | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminium Corporation                         | Kaiser Aluminium Corporation COM PAR $0.01               | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $2297200.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | NYLI CBRE Global Infrastructure Megatrends Term Fund COM | CUSIP: 56064Q107<br>LEI: N/A                  | Long             | EC               | RF                | US        |    147000 | NS      | $2022720.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Rev Group Inc                                        | Rev Group Inc COM                                        | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     70000 | NS      | $4256700.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                 | Steel Dynamics, Inc. COM                                 | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      8000 | NS      | $1355600.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                       | Tetra Tech Inc COM                                       | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     90000 | NS      | $3018600.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                            | First American Funds Inc. GOVT OBLIGS X                  | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3290402 | OU      | $3290402.50   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TPI Composites Inc.                                  | TPI Composites Inc. COM                                  | CUSIP: 87266J104<br>LEI: 549300TI9H56OIY0QE39 | Long             | EC               | CORP              | US        |    650000 | NS      | $7507.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO