# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001387131-23-002582
**Filing Date:** 2023-2
**Character Count:** 22504
**Document Hash:** 73db60d0cc4c75dc98fd0552f4ff06ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002582.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001387131-23-002582

**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:** 23686793

**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:** 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 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:** 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:** $78473228.73

**Total Liabilities:** $4377991.03

**Net Assets:** $74095237.70

**Cash Not Reported:** $1256561.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174095 | -2.21%               | 15.01%               | 3.55%                |
| Class ID C000174094 | -2.22%               | 15.03%               | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5142071.27              | $-1235152.27                               |
| Month 2  | $-2173139.38             | $5142071.27                                |
| Month 3  | $-2173139.38             | $5142071.27                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BYD Co Ltd.                                     | BYD Co Ltd. 'H'CNY1                                                   | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     13000 | NS      | $320770.94    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| 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        |     40989 | NS      | $3053270.61   | 4.12%             |  |  |  | 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        |    233900 | NS      | $1547732.58   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc.                                      | Canon Inc. NPV                                                        | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |     35100 | NS      | $763578.29    | 1.03%             |  |  |  | No            |                  1 | 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        |     59788 | NS      | $4090097.08   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corporation                        | Kinross Gold Corporation COM NPV                                      | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    145200 | NS      | $591974.59    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal S.A.                                    | L'Oreal S.A. EUR0.20                                                  | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      7912 | NS      | $2826258.91   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                       | Nestle SA SPON ADR REPR 1 COM CHF0.10                                 | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     28805 | NS      | $3322368.70   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp                        | Mitsubishi Electric Corp NPV                                          | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |    240000 | NS      | $2401627.29   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                    | Unilever PLC ADS-EA REP 1 ORD GPB0.03111                              | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     40662 | NS      | $2047331.70   | 2.76%             |  |  |  | No            |                  1 | On Loan: —       |
| BNP Paribas SA                                  | BNP Paribas SA EUR2                                                   | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     67657 | NS      | $3857731.29   | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Group plc                                    | RS Group plc ORD GBP0.10                                              | CUSIP: G29848101<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |     61400 | NS      | $664680.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd                           | Daikin Industries Ltd NPV                                             | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     11400 | NS      | $1754367.25   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hirose Electric Co Ltd.                         | Hirose Electric Co Ltd. NPV                                           | CUSIP: J19782101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5800 | NS      | $733500.43    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Hakko Kirin Co Ltd                        | Kyowa Hakko Kirin Co Ltd NPV                                          | CUSIP: J38296117<br>LEI: 529900TBXKVTQGYA3582 | Long             | EC               | CORP              | JP        |     34000 | NS      | $782258.25    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Miura Co Ltd                                    | Miura Co Ltd NPV                                                      | CUSIP: J45593100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48700 | NS      | $1127890.23   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd                     | Murata Manufacturing Co Ltd NPV                                       | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     16000 | NS      | $803041.27    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Research Institute Ltd                   | Nomura Research Institute Ltd NPV                                     | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     18700 | NS      | $443776.14    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                       | Shin-Etsu Chemical Co Ltd NPV                                         | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     32300 | NS      | $3992560.62   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Santen Pharmaceutical Co Ltd.                   | Santen Pharmaceutical Co Ltd. NPV                                     | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |    155500 | NS      | $1272327.65   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkiye Sise ve Cam Fabrikalari A.S.            | Turkiye Sise ve Cam Fabrikalari A.S. TRY1                             | CUSIP: M9013U105<br>LEI: 789000KWOK751Q6R8875 | Long             | EC               | CORP              | TR        |    454915 | NS      | $1043640.69   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd.                             | Qantas Airways Ltd. NPV                                               | CUSIP: Q77974550<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    238384 | NS      | $975347.43    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanlam Ltd                                      | Sanlam Ltd ZAR0.01                                                    | CUSIP: S7302C137<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    470200 | NS      | $1348085.05   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                         | Eni SpA NPV                                                           | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    218492 | NS      | $3108346.41   | 4.20%             |  |  |  | No            |                  2 | 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        |    310500 | NS      | $1327344.68   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirae Asset Securities Co Ltd.                  | Mirae Asset Securities Co Ltd. KRW5000                                | CUSIP: Y1916K109<br>LEI: 98840072S6T63E2V1291 | Long             | EC               | CORP              | KR        |    113200 | NS      | $546573.28    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                          | DBS Group Holdings Ltd NPV                                            | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    136778 | NS      | $3463871.70   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                               | GS Holdings Corp. KRW5000                                             | CUSIP: Y2901P103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     46600 | NS      | $1620908.18   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd.                               | Lenovo Group Ltd. NPV                                                 | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |   1895400 | NS      | $1556518.49   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                      | Samsung Electronics Co Ltd KRW100                                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     25000 | NS      | $1097901.88   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                       | Halma PLC ORD GBP0.10                                                 | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |     17000 | NS      | $405672.01    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                          | BP PLC ORD USD0.25                                                    | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    125081 | NS      | $718079.43    | 0.97%             |  |  |  | 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        |    314900 | NS      | $3501771.17   | 4.73%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Vuitton SE                   | LVMH Moet Hennessy Vuitton SE EUR0.30                                 | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      3000 | NS      | $2184066.82   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                         | CRH PLC ORD EUR 0.32                                                  | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     75746 | NS      | $3001776.91   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                    | KBC Group NV NPV                                                      | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      9068 | NS      | $583365.93    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                | Deutsche Post AG NPV(REGD)                                            | CUSIP: D19225107<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |     97800 | NS      | $3684124.64   | 4.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanmi Pharmaceutical Co Ltd                     | Hanmi Pharmaceutical Co Ltd KRW2500                                   | CUSIP: Y3063Q103<br>LEI: 988400PP10VZVUOFE672 | Long             | EC               | CORP              | KR        |      3571 | NS      | $845097.73    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd.             | SITC International Holdings Co Ltd. HKD0.10                           | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    397200 | NS      | $883393.78    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp                   | Element Fleet Management Corp COM NPV                                 | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |    180750 | NS      | $2463043.32   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Genscript Biotech Corporation                   | Genscript Biotech Corporation USD0.001                                | CUSIP: G3825B105<br>LEI: 529900YIYUOJOXSAE372 | Long             | EC               | CORP              | KY        |    168000 | NS      | $534848.83    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp                                      | Orion Corp KRW500                                                     | CUSIP: Y6S90M128<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8000 | NS      | $813201.82    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovent Biologics Inc                          | Innovent Biologics Inc USD0.00001                                     | CUSIP: G4818G101<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |    164000 | NS      | $703856.35    | 0.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WH Group Limited                                | WH Group Limited USD0.0001                                            | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |    792000 | NS      | $460655.66    | 0.62%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Woodside Energy Group Ltd                       | Woodside Energy Group Ltd NPV                                         | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     21800 | NS      | $525966.37    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                            | Straumann Holding AG CHF0.01 (REGD) (POST SPLIT)                      | CUSIP: H8300N127<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |      6840 | NS      | $781215.46    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd.                                    | South32 Ltd. NPV                                                      | CUSIP: Q86668102<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    199084 | NS      | $542130.85    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| ESR Group Limited                               | ESR Group Limited USD0.001                                            | CUSIP: G31989109<br>LEI: 549300C81AR42BZUFZ09 | Long             | EC               | CORP              | KY        |    183000 | NS      | $384025.77    | 0.52%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wuxi Biologics (Cayman) Inc                     | Wuxi Biologics (Cayman) Inc USD0.0000083                              | CUSIP: G97008117<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |     65000 | NS      | $498394.10    | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dr. Martens Plc                                 | Dr. Martens Plc ORD GBP0.01                                           | CUSIP: G2843S108<br>LEI: 213800QPT8YM6NQZPH28 | Long             | EC               | CORP              | GB        |    232100 | NS      | $534782.28    | 0.72%             |  |  |  | No            |                  1 | 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