# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001387131-23-002601
**Filing Date:** 2023-2
**Character Count:** 21820
**Document Hash:** 150afc7e39e4e6a8f40fc2e3abefc18a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002601.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002601

**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:** 23686972

**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 Emerging Markets Fund (Series ID: S000067906)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000217721 | Institutional Shares | EMSQX           |
| C000217722 | Investor Shares      | EMSLX           |

## 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:** Shelton Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000067906

- **c. LEI of Series:** 254900SICUA3NRRDD060

**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:** $23543145.71

**Total Liabilities:** $417953.15

**Net Assets:** $23125192.56

**Cash Not Reported:** $462555.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217722 | -0.03%               | 0.15%                | 0.02%                |
| Class ID C000217721 | -0.03%               | 0.15%                | 0.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1428.57                | $-814494.92                                |
| Month 2  | $182274.04               | $3006119.04                                |
| Month 3  | $0.00                    | $346817.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Netease Inc                                     | Netease Inc USD0.0001                                    | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     14000 | NS      | $205366.17    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd.                                    | Infosys Ltd. SPON ADR EACH REP 1 ORD SHS                 | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     48148 | NS      | $867145.48    | 3.75%             |  |  |  | No            |                  1 | On Loan: —       |
| HDFC Bank Ltd                                   | HDFC Bank Ltd SPON ADS EACH REP 3 ORD SHS                | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     13795 | NS      | $943715.95    | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                | Mercadolibre Inc COM USD0.001                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       205 | NS      | $173479.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| BIM Birlesik Magaz                              | BIM Birlesik Magaz TRY1                                  | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |    114400 | NS      | $837125.37    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk             | Bank Rakyat Indonesia (Persero) Tbk IDR50                | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | NUSS              | ID        |    782175 | NS      | $248949.46    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd. | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1 | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     28600 | NS      | $189248.19    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd.              | Fuyao Glass Industry Group Co Ltd. 'H' CNY1              | CUSIP: Y2680G100<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |     33200 | NS      | $139297.96    | 0.60%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                        | Yadea Group Holdings Ltd USD0.00001                      | CUSIP: G9830F106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    360500 | NS      | $603175.68    | 2.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Doosan Bobcat Inc                               | Doosan Bobcat Inc KRW500                                 | CUSIP: Y2103B100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5100 | NS      | $140134.37    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| F&F Co Ltd                                      | F&F Co Ltd KRW100                                        | CUSIP: Y2R81L105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1800 | NS      | $206556.44    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                      | Zijin Mining Group Co Ltd. 'H'CNY0.1                     | CUSIP: Y9892H107<br>LEI: 529900ABI5CBFXD01Q05 | Long             | EC               | CORP              | CN        |    261100 | NS      | $353905.99    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Itausa S.A.                                     | Itausa S.A. PREF SHS NPV                                 | CUSIP: P5887P427<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    641410 | NS      | $1032497.09   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.         | Kimberly-Clark de Mexico S.A.B. de C.V. COM SER'A'NPV    | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |    565900 | NS      | $960319.02    | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr. Reddy's Laboratories Ltd.                   | Dr. Reddy's Laboratories Ltd. ADS EACH REPR 1 ORD INR5   | CUSIP: 256135203<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |      3500 | NS      | $181125.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                          | Petroleo Brasileiro SA COM NPV                           | CUSIP: P78331132<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     48000 | NS      | $254590.85    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                 | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS              | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      4800 | NS      | $105072.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMPT Limited                                   | ASMPT Limited HKD0.10                                    | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |     62800 | NS      | $447734.12    | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp.                         | Accton Technology Corp. TWD10                            | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     86300 | NS      | $658317.88    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited             | Bangkok Bank Public Company Limited THB10(ALIEN MARKET)  | CUSIP: Y0606R119<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |    191800 | NS      | $819918.55    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Fire & Marine Insurance Co Ltd          | Samsung Fire & Marine Insurance Co Ltd KRW500            | CUSIP: Y7473H108<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      2000 | NS      | $317656.96    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                 | Gold Fields Ltd ZAR0.50                                  | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     37000 | NS      | $383540.97    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                   | MediaTek Inc. TWD10                                      | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     28700 | NS      | $583504.12    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sporton International Inc                       | Sporton International Inc TWD10                          | CUSIP: Y8129X109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     28450 | NS      | $193886.83    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co.                               | Hyundai Motor Co. KRW5000                                | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      1767 | NS      | $211890.69    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                     | BYD Co Ltd. 'H'CNY1                                      | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     16700 | NS      | $412067.28    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung SDI Co., Ltd.                           | Samsung SDI Co., Ltd. KRW5000                            | CUSIP: Y74866107<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      1142 | NS      | $535984.18    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                      | Samsung Electronics Co Ltd KRW100                        | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     24612 | NS      | $1080862.44   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10       | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     98500 | NS      | $1437079.15   | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingboard Laminates Holdings Ltd.               | Kingboard Laminates Holdings Ltd. HKD0.10                | CUSIP: G5257K107<br>LEI: 529900B76JV9QCZINB33 | Long             | EC               | CORP              | KY        |    118000 | NS      | $129707.38    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co. Ltd.,           | Zhuzhou CRRC Times Electric Co. Ltd., 'H'CNY1            | CUSIP: Y9892N104<br>LEI: 529900PLNH7NQLN00B53 | Long             | EC               | CORP              | CN        |     78000 | NS      | $387223.48    | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Cmoc Group Ltd.                                 | Cmoc Group Ltd. 'H'CNY0.2                                | CUSIP: Y1503Z105<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |    945000 | NS      | $435842.61    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Innovation Co., Ltd.                         | SK Innovation Co., Ltd. KRW5000                          | CUSIP: Y8063L103<br>LEI: 988400PXP70BWVSJVF07 | Long             | EC               | CORP              | KR        |      1700 | NS      | $207906.48    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CJ CheilJedang Corp.                            | CJ CheilJedang Corp. KRW5000                             | CUSIP: Y16691126<br>LEI: 9884008938PK154I3A92 | Long             | EC               | CORP              | KR        |       600 | NS      | $181302.71    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp                                   | Kingsoft Corp USD0.0005                                  | CUSIP: G5264Y108<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | KY        |     46000 | NS      | $153813.24    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Adaro Energy Indonesia TBK                      | Adaro Energy Indonesia TBK IDR100                        | CUSIP: Y7087B109<br>LEI: 529900P2WAH7XA87OI24 | Long             | EC               | CORP              | ID        |    877800 | NS      | $217739.19    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Indofood Cbp Sukse                              | Indofood Cbp Sukse IDR50                                 | CUSIP: Y71260106<br>LEI: 254900YKZW9GRKZZN285 | Long             | EC               | CORP              | ID        |    677000 | NS      | $436183.24    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                      | Charoen Pokphand Foods PCL THB1(ALIEN MARKET)            | CUSIP: Y1296K166<br>LEI: 529900FJ3AI2GKGIWK15 | Long             | EC               | CORP              | TH        |    528000 | NS      | $378221.31    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk Pt                      | Astra International Tbk Pt IDR50                         | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    496900 | NS      | $182483.73    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT                  | Sarana Menara Nusantara Tbk PT IDR10                     | CUSIP: Y71369113<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2566200 | NS      | $181871.01    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentium Co Ltd                                  | Dentium Co Ltd KRW500                                    | CUSIP: Y2R34J108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9500 | NS      | $754435.29    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Sab De Cv                              | Regional Sab De Cv COM SER 'A' MXN3.33                   | CUSIP: P8008V109<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    134300 | NS      | $971710.22    | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinyi Solar Holdings Limited                    | Xinyi Solar Holdings Limited HKD0.10                     | CUSIP: G9829N102<br>LEI: 529900QF7VIH03SB7Q08 | Long             | EC               | CORP              | KY        |    354383 | NS      | $392267.20    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd                    | Ganfeng Lithium Group Co Ltd 'H' CNY1                    | CUSIP: Y2690M105<br>LEI: 3003006BE6UOHWEOOR42 | Long             | EC               | CORP              | CN        |     24500 | NS      | $182991.12    | 0.79%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shenzhen International Holdings Ltd             | Shenzhen International Holdings Ltd HKD1                 | CUSIP: G8086V146<br>LEI: 5493002NKD14ZZMEJF98 | Long             | EC               | CORP              | BM        |    883500 | NS      | $867023.16    | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                        | Haier Smart Home Co Ltd. CNY1 H                          | CUSIP: Y298BN100<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |    238100 | NS      | $811402.63    | 3.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hygeia Healthcare Holdings Co Limited           | Hygeia Healthcare Holdings Co Limited USD0.00001         | CUSIP: G4712E103<br>LEI: 2549001Z9KHQTRR29237 | Long             | EC               | CORP              | KY        |     24000 | NS      | $172184.73    | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sendas Distribuidora S.A.                       | Sendas Distribuidora S.A. COM NPV                        | CUSIP: P8T81L100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    100800 | NS      | $371235.96    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology                             | Kuaishou Technology USD0.0000053 B CLASS                 | CUSIP: G53263102<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |     43000 | NS      | $391406.39    | 1.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                       | Alibaba Group Holding Ltd USD0.000003125                 | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     61100 | NS      | $675142.88    | 2.92%             |  |  |  | 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