# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003093
**Filing Date:** 2025-8
**Character Count:** 23641
**Document Hash:** 66b12cf6649fcfc5332ec67c908bcf48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003093.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003093

**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:** 251250391

**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:** 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 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:** 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:** $24339770.93

**Total Liabilities:** $68675.03

**Net Assets:** $24271095.90

**Cash Not Reported:** $47024.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217722 | 3.98%                | 5.42%                | 1.30%                |
| Class ID C000217721 | 3.98%                | 5.46%                | 1.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $45284.87                | $786810.52                                 |
| Month 2  | $57.19                   | $1166071.85                                |
| Month 3  | $-23085.62               | $255036.44                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ANTA Sports Products Ltd.                       | ANTA Sports Products Ltd. HKD0.10                        | CUSIP: G04011105<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |     41700 | NS      | $501996.19    | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd.                              | Kingsoft Corp Ltd. USD0.0005                             | CUSIP: G5264Y108<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | KY        |     26000 | NS      | $135465.66    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosan SA                                        | Cosan SA COM NPV                                         | CUSIP: P31573101<br>LEI: 549300PGFCX2JMKKLC96 | Long             | EC               | CORP              | BR        |    106700 | NS      | $134697.93    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Limited                              | CMOC Group Limited 'H'CNY0.2                             | CUSIP: Y1503Z105<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |    139000 | NS      | $141302.63    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Manila Electric Co.                             | Manila Electric Co. PHP10                                | CUSIP: Y5764J148<br>LEI: 254900RDFLCM12O8SK69 | Long             | EC               | CORP              | PH        |     41970 | NS      | $401435.97    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcadyan Technology Corp.                       | Arcadyan Technology Corp. TWD10                          | CUSIP: Y02020116<br>LEI: 254900R5W61G3GO1Q067 | Long             | EC               | CORP              | TW        |     34000 | NS      | $233195.36    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemical Works Of Gedeon Richter                | Chemical Works Of Gedeon Richter HUF100                  | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |      7510 | NS      | $221370.67    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                           | Tencent Holdings Ltd. HKD0.00002                         | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     25600 | NS      | $1640365.05   | 6.76%             |  |  |  | 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        |     74000 | NS      | $528372.12    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GF Securities Co Ltd.                           | GF Securities Co Ltd. 'H' CNY1                           | CUSIP: Y270AF115<br>LEI: 3003007E0Y3ZJ5HNA936 | Long             | EC               | CORP              | CN        |    300400 | NS      | $504368.43    | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd.                    | Nien Made Enterprise Co Ltd. TWD10                       | CUSIP: Y6349P112<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     12000 | NS      | $167276.71    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Innocean Worldwide Inc.                         | Innocean Worldwide Inc. KRW500                           | CUSIP: Y3862P108<br>LEI: 9884004U41HRH3VEBX04 | Long             | EC               | CORP              | KR        |     10407 | NS      | $152611.78    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Mutual Ltd                                  | Old Mutual Ltd NPV                                       | CUSIP: S5790B132<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |    985000 | NS      | $671559.30    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan LLC                                     | Meituan LLC USD0.00001 B CLASS                           | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |      7000 | NS      | $111733.05    | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd. USD0.000003125                | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     52100 | NS      | $728740.02    | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                    | NetEase Inc. USD0.0001                                   | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      6000 | NS      | $161274.71    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc.                                     | JD.com Inc. USD0.00002 A CLASS                           | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     23000 | NS      | $374740.76    | 1.54%             |  |  |  | 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        |    111100 | NS      | $317733.47    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Iguatemi S.A.                                   | Iguatemi S.A. UNITS(1 COM & 2 PRF)                       | CUSIP: P5R52Z102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    201700 | NS      | $862238.64    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Astor Enerji AS                                 | Astor Enerji AS TRY1                                     | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |     84016 | NS      | $196124.55    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubtech Robotics Corp Ltd.                       | Ubtech Robotics Corp Ltd. CNY1 H                         | CUSIP: Y901ER107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     16250 | NS      | $171609.15    | 0.71%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10       | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     82500 | NS      | $2991482.23   | 12.33%            |  |  |  | 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        |     19000 | NS      | $120656.67    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                     | Samsung Electronics Co Ltd. KRW100                       | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     17612 | NS      | $778842.53    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ayala Land Inc.                                 | Ayala Land Inc. PHP1                                     | CUSIP: Y0488F100<br>LEI: 254900EWT10TQ6DKTV34 | Long             | EC               | CORP              | PH        |    220000 | NS      | $105506.22    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                  | CSPC Pharmaceutical Group Ltd. NPV                       | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |    332000 | NS      | $325657.71    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                 | Shinhan Financial Group Co Ltd. KRW5000                  | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     10000 | NS      | $454054.69    | 1.87%             |  |  |  | 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        |     23123 | NS      | $777857.72    | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                | MSCI Emerging Markets Index Futures - ICUS - Sep25       | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |         7 | NC      | $431725.00    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Kumho Tire Co. Inc.                             | Kumho Tire Co. Inc. KRW5000                              | CUSIP: Y5044V101<br>LEI: 988400XUTAI2SOBDES17 | Long             | EC               | CORP              | KR        |    104000 | NS      | $346471.83    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA     | Powszechna Kasa Oszczednosci Bank Polski SA PLN1.00      | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     32784 | NS      | $684406.14    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                        | Itau Unibanco Holding SA PRF NPV                         | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     80520 | NS      | $546322.74    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                        | Bank Central Asia Tbk PT IDR12.50                        | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    230000 | NS      | $122920.77    | 0.51%             |  |  |  | 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        |    215400 | NS      | $650508.00    | 2.68%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Treasury Bills                    | B 0 07/31/25                                             | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199307.71    | 0.82%             | 2025-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SM Prime Holdings Inc.                          | SM Prime Holdings Inc. ORD PHP1                          | CUSIP: Y8076N112<br>LEI: 254900SZK83MIAB8CU32 | Long             | EC               | CORP              | PH        |    480600 | NS      | $200178.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd.                      | Zijin Mining Group Co Ltd. 'H'CNY0.1                     | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    148748 | NS      | $379925.17    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd.                                     | BYD Co Ltd. 'H'CNY1                                      | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     36000 | NS      | $561786.30    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd.                  | CTBC Financial Holding Co Ltd. TWD10                     | CUSIP: Y15093100<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |    124000 | NS      | $185365.85    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Korean Air Lines Co Ltd.                        | Korean Air Lines Co Ltd. KRW5000                         | CUSIP: Y4936S102<br>LEI: 988400C2UFBF4B660C58 | Long             | EC               | CORP              | KR        |     32600 | NS      | $552068.39    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                   | MediaTek Inc. TWD10                                      | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     11900 | NS      | $508842.75    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Ciputra Development Tbk                      | PT Ciputra Development Tbk IDR250                        | CUSIP: Y7121J134<br>LEI: 2549000JMJUYB9U5Y204 | Long             | EC               | CORP              | ID        |   2364000 | NS      | $139084.52    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                          | Delta Electronics Inc. TWD10                             | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     15000 | NS      | $211918.04    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| UTD Tractors                                    | UTD Tractors IDR250                                      | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    110300 | NS      | $145757.45    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantech Co Ltd.                               | Advantech Co Ltd. TWD10                                  | CUSIP: Y0017P108<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |     20000 | NS      | $232613.83    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| S-1 Corporation                                 | S-1 Corporation KRW500                                   | CUSIP: Y75435100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10000 | NS      | $507298.89    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bidvest Group Ltd.                              | Bidvest Group Ltd. ZAR0.05                               | CUSIP: S1201R162<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |     29000 | NS      | $382527.75    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp.                     | Realtek Semiconductor Corp. TWD10                        | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     35000 | NS      | $678856.09    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                    | Infosys Ltd. SPON ADR EACH REP 1 ORD SHS                 | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     10400 | NS      | $192712.00    | 0.79%             |  |  |  | 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        |     12795 | NS      | $980992.65    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GCC, S.A.B. de C.V.                             | GCC, S.A.B. de C.V. COM MXN0.4 144A/REG S                | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |     24000 | NS      | $230181.48    | 0.95%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                 | Arca Continental S.A.B. de C.V. COM NPV                  | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     28000 | NS      | $296593.10    | 1.22%             |  |  |  | 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        |     64000 | NS      | $961920.00    | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa S.A.                                     | Itausa S.A. PREF SHS NPV                                 | CUSIP: P5887P427<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |     86500 | NS      | $174302.09    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MOUNT VERNON LIQUID ASSETS PORTFOLIO            | MOUNT VERNON LIQUID ASSETS PORTFOLIO                     | CUSIP: 990VR1110<br>LEI: 549300HR54NVNP038048 | Long             | STIV             | RF                | US        |    689315 | OU      | $689315.25    | 2.84%             |  |  |  | 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