# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003070
**Filing Date:** 2025-8
**Character Count:** 43781
**Document Hash:** 205836dc1195093b176990416d64b5f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003070.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251250320

**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 International Select Equity Fund (Series ID: S000055315)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000174094 | Investor Class      | SISLX           |
| C000174095 | Institutional Class | SISEX           |

## 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 International Select Equity Fund

- **b. EDGAR series identifier (if any):** S000055315

- **c. LEI of Series:** 254900O22JSJD47Z9J19

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $45005014.40

**Total Liabilities:** $127109.37

**Net Assets:** $44877905.03

**Cash Not Reported:** $35901.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174095 | 5.04%                | 5.64%                | 2.44%                |
| Class ID C000174094 | 5.01%                | 5.62%                | 2.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $134797.55               | $1929519.44                                |
| Month 2  | $2017015.20              | $-1714.04                                  |
| Month 3  | $152119.94               | $648610.49                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd.                      | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      8499 | NS      | $1924938.51   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG GENUSSCHEINE NPV                                     | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      5108 | NS      | $1663608.77   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                                  | Novo Nordisk A/S ADR-REP 1 CLASS'B'DKK1                               | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      2400 | NS      | $165648.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Novartis AG                                                       | Novartis AG ADR-REP 1 CHF0.5 (REGD)                                   | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11800 | NS      | $1427918.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                 | ASML Holding N.V. NY REGISTRY SHS                                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       351 | NS      | $281287.89    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                                       | Shopify Inc COM NPV CL A                                              | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      1900 | NS      | $219082.16    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                           | KB Financial Group Inc. KRW5000                                       | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      3270 | NS      | $268175.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                              | AerCap Holdings N.V. EUR0.01                                          | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |      4900 | NS      | $573300.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                          | AIA Group Ltd, Hong Kong NPV                                          | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    135300 | NS      | $1213397.27   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                        | Acciona SA EUR1                                                       | CUSIP: E0008Z109<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |      3238 | NS      | $582763.72    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation                                     | Yokogawa Electric Corporation NPV                                     | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     29300 | NS      | $784222.04    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                                 | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS           | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     11500 | NS      | $224135.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd.                                                      | Hitachi Ltd. NPV                                                      | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |      7700 | NS      | $224803.86    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd.                                               | Tokyo Electron Ltd. NPV                                               | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      1300 | NS      | $249836.84    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                                  | MSCI EAFE Index Futures - ICUS - Sep25                                | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |         9 | NC      | $1206765.00   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane S.p.A.                                             | Poste Italiane S.p.A. NPV                                             | CUSIP: T7S697106<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |     14300 | NS      | $307222.61    | 0.68%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd.                                           | Japan Post Bank Co Ltd. NPV                                           | CUSIP: J2800C101<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |     25000 | NS      | $269909.05    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Holdings Co Ltd.                                       | Japan Post Holdings Co Ltd. NPV                                       | CUSIP: J2800D109<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |     20600 | NS      | $191010.90    | 0.43%             |  |  |  | No            |                  1 | 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        |     85600 | NS      | $611198.02    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc.                                                    | Celestica Inc. COM                                                    | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      1800 | NS      | $281157.91    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                                                        | Zalando SE NPV                                                        | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |      6703 | NS      | $220670.02    | 0.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| QIAGEN NV                                                         | QIAGEN NV COM SHS                                                     | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      5633 | NS      | $271266.44    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lottery Corporation Ltd                                           | Lottery Corporation Ltd NPV                                           | CUSIP: Q56337100<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     66252 | NS      | $232409.61    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                              | Barrick Mining Corp. COM SHS                                          | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     21300 | NS      | $443323.23    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuchs SE                                                          | Fuchs SE NON VTG PRF NPV (REG)                                        | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |     18802 | NS      | $1037321.18   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| DnB Bank ASA                                                      | DnB Bank ASA NOK12.50                                                 | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |      7937 | NS      | $219405.34    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                             | Tencent Holdings Ltd. HKD0.00002                                      | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     13400 | NS      | $858628.58    | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co Ltd                                                  | SK Square Co Ltd KRW100                                               | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1987 | NS      | $268898.73    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                                      | NetEase Inc. USD0.0001                                                | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     20340 | NS      | $546721.26    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                        | Alibaba Group Holding Ltd. USD0.000003125                             | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     16900 | NS      | $236385.92    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                         | Prosus NV EUR0.05 (N SHARES)                                          | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      4129 | NS      | $230864.11    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Group Holdings PLC                                        | Phoenix Group Holdings PLC ORD GBP0.10                                | CUSIP: G7S8MZ109<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |     77350 | NS      | $699118.47    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Gold Mining Co Ltd                                       | Shandong Gold Mining Co Ltd 'H' CNY1                                  | CUSIP: Y76831125<br>LEI: 300300KC2K8BC07OSV77 | Long             | EC               | CORP              | CN        |     62250 | NS      | $216091.87    | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wheaton Precious Metals Corporation                               | Wheaton Precious Metals Corporation COM NPV                           | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      2600 | NS      | $233752.05    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Mutual Ltd                                                    | Old Mutual Ltd NPV                                                    | CUSIP: S5790B132<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |    662284 | NS      | $451536.02    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Corp                                                        | Orion Corp KRW500                                                     | CUSIP: Y6S90M128<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5000 | NS      | $402289.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N V                                                       | Ferrari N V COM EUR0.01                                               | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       415 | NS      | $203393.99    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP J-REIT                                                        | GLP J-REIT REIT                                                       | CUSIP: J17305103<br>LEI: 353800E27V9KA51K2I90 | Long             | EC               | CORP              | JP        |       471 | NS      | $424138.72    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sage Group PLC                                                | The Sage Group PLC GBP0.01051948                                      | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |     30597 | NS      | $525166.75    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalbe Farma Tbk PT                                                | Kalbe Farma Tbk PT IDR10                                              | CUSIP: Y71287208<br>LEI: 529900PRQI8S32HOE387 | Long             | EC               | CORP              | ID        |   2312300 | NS      | $217241.10    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                                | Suncor Energy Inc. COM NPV 'NEW'                                      | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     12378 | NS      | $463546.84    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                        | United Utilities Group PLC ORD GBP0.05                                | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     40394 | NS      | $632888.86    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                                | Franco Nevada Corp COM NPV                                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1300 | NS      | $213375.57    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixabank S.A.                                                    | Caixabank S.A. EUR1                                                   | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |     70781 | NS      | $613101.85    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Bosideng International Holdings Ltd.                              | Bosideng International Holdings Ltd. USD0.00001                       | CUSIP: G12652106<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | KY        |    381000 | NS      | $225203.70    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                                  | Smiths Group PLC ORD GBP0.375                                         | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     34600 | NS      | $1066646.54   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Haitian International Holdings Limited                            | Haitian International Holdings Limited HKD0.10                        | CUSIP: G4232C108<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | KY        |     76000 | NS      | $197504.19    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                        | Eiffage SA EUR4                                                       | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      1200 | NS      | $168551.24    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Totvs SA                                                          | Totvs SA COM NPV                                                      | CUSIP: P92184103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     45000 | NS      | $350370.81    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                            | Daiichi Sankyo Co Ltd. NPV                                            | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |      9212 | NS      | $215221.69    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding N.V.                                             | Heineken Holding N.V. EUR1.60                                         | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |      3500 | NS      | $260747.94    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Turk Hava Yollari AO                                              | Turk Hava Yollari AO TRY1 (A SHARES)                                  | CUSIP: M8926R100<br>LEI: 789000EV8M3BL7ZPFB03 | Long             | EC               | CORP              | TR        |     33551 | NS      | $238879.61    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd.                                                        | Wipro Ltd. SPON ADR REP 1 ORD SHS INR2                                | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |     78175 | NS      | $236088.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury Bills                                      | B 0 07/31/25                                                          | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $996538.54    | 2.22%             | 2025-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                                  | Sony Group Corp. SPON ADR EACH REPR 1 ORD                             | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      8300 | NS      | $216049.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Wendel Se                                                         | Wendel Se EUR4                                                        | CUSIP: F98370103<br>LEI: 969500M98ZMIZYJD5O34 | Long             | EC               | CORP              | FR        |      3978 | NS      | $419821.91    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank PLC                                                      | OTP Bank PLC HUF100                                                   | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      4371 | NS      | $349164.63    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                    | BNP Paribas SA EUR2                                                   | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     15087 | NS      | $1356230.67   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole S.A.                                              | Credit Agricole S.A. EUR3                                             | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |     13205 | NS      | $249868.47    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam S.p.A.                                                       | Snam S.p.A. NPV                                                       | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     69242 | NS      | $419366.74    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                                       | Novartis AG CHF0.49 (REGD)                                            | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      3000 | NS      | $363637.51    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Azbil Corp.                                                       | Azbil Corp. NPV                                                       | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     40400 | NS      | $384281.05    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu Corp                                                        | Tokyu Corp NPV                                                        | CUSIP: J88720149<br>LEI: 3538005PGNIBTZYXAE45 | Long             | EC               | CORP              | JP        |     48300 | NS      | $574784.42    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp.                                                   | Advantest Corp. NPV                                                   | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      3500 | NS      | $258921.75    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                                       | Samsung Electronics Co Ltd. KRW100                                    | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      9524 | NS      | $421172.85    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissan Chemical Corp.                                             | Nissan Chemical Corp. NPV                                             | CUSIP: J56988108<br>LEI: 3538002E4L1CUGJFFU25 | Long             | EC               | CORP              | JP        |     19300 | NS      | $589733.39    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC Corp.                                                         | NEC Corp. NPV                                                         | CUSIP: J48818207<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |      8700 | NS      | $254844.82    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp.                                         | Mitsubishi Electric Corp. NPV                                         | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     10500 | NS      | $226796.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Misumi Group Inc.                                                 | Misumi Group Inc. NPV                                                 | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     18800 | NS      | $252050.27    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                              | Sumitomo Mitsui Financial Group Inc. NPV                              | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     18400 | NS      | $464247.73    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                                       | BYD Co Ltd. 'H'CNY1                                                   | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     18000 | NS      | $280893.15    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Limited                                                      | Nice Limited ADR-EACH REPR 1 ORD ILS1                                 | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      1800 | NS      | $304038.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC | BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC NPV | CUSIP: Q1415L177<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     40283 | NS      | $612702.47    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Korean Air Lines Co Ltd.                                          | Korean Air Lines Co Ltd. KRW5000                                      | CUSIP: Y4936S102<br>LEI: 988400C2UFBF4B660C58 | Long             | EC               | CORP              | KR        |     25930 | NS      | $439114.52    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Konami Group Corp.                                                | Konami Group Corp. NPV                                                | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |      2100 | NS      | $332649.45    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Orica Ltd.                                                        | Orica Ltd. NPV                                                        | CUSIP: Q7160T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     29915 | NS      | $383732.62    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                               | Mitsubishi UFJ Financial Group Inc. NPV                               | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     19300 | NS      | $265721.72    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                                           | Singapore Exchange Ltd. NPV                                           | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     19100 | NS      | $223514.79    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                               | Hong Kong Exchanges & Clearing Ltd. NPV                               | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      4500 | NS      | $240077.66    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirae Asset Securities Co Ltd.                                    | Mirae Asset Securities Co Ltd. KRW5000                                | CUSIP: Y1916K109<br>LEI: 98840072S6T63E2V1291 | Long             | EC               | CORP              | KR        |     22174 | NS      | $351731.40    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| USS Co Ltd.                                                       | USS Co Ltd. NPV                                                       | CUSIP: J9446Z105<br>LEI: 5299000RRQD6UZXG4W72 | Long             | EC               | CORP              | JP        |     51200 | NS      | $564682.36    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                                       | Mizuho Financial Group Inc. SPON ADS EACH REPR 0.20 SHS               | CUSIP: 60687Y109<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     38900 | NS      | $216284.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                            | Telefonaktiebolaget LM Ericsson (publ) SER'B'NPV                      | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     56348 | NS      | $482105.23    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                                          | Infineon Technologies AG ORD NPV (REGD)                               | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      5199 | NS      | $221156.53    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                                            | ASM International N.V. EUR0.04                                        | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       400 | NS      | $256018.85    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SEB SA                                                            | SEB SA EUR1.00                                                        | CUSIP: F82059100<br>LEI: 969500WP61NBK098AC47 | Long             | EC               | CORP              | FR        |      2432 | NS      | $229450.18    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab As                                                         | Genmab As DKK1                                                        | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      1494 | NS      | $310189.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                                   | Danske Bank A/S DKK10                                                 | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |      9636 | NS      | $392981.35    | 0.88%             |  |  |  | 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        |     13900 | NS      | $467596.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP SA                                                            | EDP SA EUR1(REGD)                                                     | CUSIP: X67925119<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |    127592 | NS      | $553349.52    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                            | Intesa Sanpaolo S.p.A. NPV                                            | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    190459 | NS      | $1097326.50   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                                    | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                            | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      3400 | NS      | $260678.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| George Weston Limited                                             | George Weston Limited COM NPV                                         | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |        40 | NS      | $8020.20      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc.                                                      | Stantec Inc. COM NPV                                                  | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |      4200 | NS      | $456875.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BRF SA                                                            | BRF SA SPON ADR EACH REP 1 COM SHS                                    | CUSIP: 10552T107<br>LEI: 254900MTXR9LUVQFU480 | Long             | EC               | CORP              | BR        |     57131 | NS      | $208528.15    | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Prudential PLC                                                    | Prudential PLC GBP0.05                                                | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     45000 | NS      | $563673.55    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                                         | Halma PLC ORD GBP0.10                                                 | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |     17000 | NS      | $746678.38    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                                        | Alibaba Group Holding Ltd. SPON ADS EACH REP 8 ORD SHS                | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1500 | NS      | $170115.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Financial Inc                                                 | IGM Financial Inc COM NPV                                             | CUSIP: 449586106<br>LEI: 254900RYHLVJNTUFDA95 | Long             | EC               | CORP              | CA        |     18500 | NS      | $584292.02    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan Real Estate Investment Trust                               | RioCan Real Estate Investment Trust UNIT                              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     47900 | NS      | $622790.38    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                                | Canadian Natural Resources Limited COM NPV                            | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     12400 | NS      | $389630.79    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Eletricas Brasileiras S.A.                               | Centrais Eletricas Brasileiras S.A. ADR EA REPR 1 COM NPV             | CUSIP: 15234Q207<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |     32582 | NS      | $242084.26    | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| MOUNT VERNON LIQUID ASSETS PORTFOLIO                              | MOUNT VERNON LIQUID ASSETS PORTFOLIO                                  | CUSIP: 990VR1110<br>LEI: 549300HR54NVNP038048 | Long             | STIV             | RF                | US        |   1093722 | OU      | $1093722.50   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** SCM Trust

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO