# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0002000324-25-003067
**Filing Date:** 2025-8
**Character Count:** 28011
**Document Hash:** 2e2eaa7c9d3044e380cebbece2eda4b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003067.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003067

**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:** 251250298

**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 TACTICAL CREDIT FUND (Series ID: S000054578)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000171442 | Investor Class      | DEBTX           |
| C000174064 | Institutional Class | DEBIX           |

## 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 TACTICAL FUND

- **b. EDGAR series identifier (if any):** S000054578

- **c. LEI of Series:** 254900YOM7QWQMSBIY40

**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:** $53235715.92

**Total Liabilities:** $1641916.06

**Net Assets:** $51593799.86

**Cash Not Reported:** $670601.19

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 56.22 | **1-Year:** 1815.743 | **5-Year:** 8474.327 | **10-Year:** 9168.788 | **30-Year:** 2022.672

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3.949 | **1-Year:** 11.735 | **5-Year:** 17.854 | **10-Year:** 9.767 | **30-Year:** 2.695

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174064 | 1.76%                | 1.98%                | -0.10%               |
| Class ID C000171442 | 1.70%                | 1.99%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $37770.54                | $625747.01                                 |
| Month 2  | $35870.83                | $543075.67                                 |
| Month 3  | $-21364.24               | $-250512.82                                |

**Designated Index Information**

- **Index Name:** Bloomberg Aggregate

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Calpine Corporation                                                                  | CPN 5 02/01/31 144A                                                | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1236542.88   | 2.40%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                  | TYU5 COMDTY 2025-08-25 PUT 109.5                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        50 | NC      | $10937.50     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                                  | TYU5 COMDTY 2025-08-25 PUT 108.5                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        50 | NC      | $5468.75      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                                                                  | TYU5 COMDTY 2025-08-25 PUT 109                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               |  | US        |        15 | NC      | $2343.75      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | HYG A 2025-08-15 PUT 78                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       750 | NC      | $12000.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | HYG A 2025-08-15 PUT 76                                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       500 | NC      | $4000.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Digicel Midco Ltd. / Difl US II LLC                                                  | DIGMID 10.5 11/25/28                                               | CUSIP: G27707AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1026250 | PA      | $1013421.88   | 1.96%             | 2028-05-25      | Fixed         | 10.50%                | No            | 2                  | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp.                            | WIN 8.25 10/01/31 144A                                             | CUSIP: 97381AAA0<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $785133.75    | 1.52%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Welltower OP LLC                                                                     | WELL 5.125 07/01/35                                                | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004046.11   | 1.95%             | 2035-07-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| WMG Acquisition Corp.                                                                | WMG 3 02/15/31 144A                                                | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1133501.55   | 2.20%             | 2031-02-15      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Visa Inc                                                                             | V 2.7 04/15/40                                                     | CUSIP: 92826CAK8<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1132599.66   | 2.20%             | 2040-04-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Viking Baked Goods Acquisition Corp                                                  | RISBAK 8.625 11/01/31 144A                                         | CUSIP: 92676AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1222779.08   | 2.37%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC | UNIT 6.5 02/15/29 144A                                             | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $724971.75    | 1.41%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | WIB 0 08/14/25                                                     | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4100000 | PA      | $4078392.10   | 7.90%             | 2025-08-14      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 6 12/15/29 144A                                                | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024097.00   | 1.98%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Transocean Inc.                                                                      | RIG 8 02/01/27 144A                                                | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1478788.95   | 2.87%             | 2027-02-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Talos Prodtn Inc                                                                     | TALO 9.375 02/01/31 144A                                           | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    750000 | PA      | $765826.50    | 1.48%             | 2031-02-01      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| Six Flags Entertainment Corp.                                                        | FUN 6.625 05/01/32 144A                                            | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1801390.50   | 3.49%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Sirius Xm Radio Inc                                                                  | SIRI 3.875 09/01/31 144A                                           | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1555162.42   | 3.01%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Roche Holdings, Inc.                                                                 | ROSW 5.593 11/13/33 144A                                           | CUSIP: 771196CH3<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1431573.71   | 2.77%             | 2033-11-13      | Fixed         | 5.59%                 | Yes           | 2                  | On Loan: No      |
| Rivian Holdings Llc / Rivian Llc / Rivian Automotive Llc                             | RIVHOL 10 01/15/31 144A                                            | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1230065.75   | 2.38%             | 2031-01-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Pyxus Holdings Inc                                                                   | Pyxus Holdings Inc                                                 | CUSIP: 74738YAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    294742 | OU      | $294742.04    | 0.57%             | 2027-10-27      | Variable      | 12.47%                | No            | 2                  | On Loan: No      |
| Pyxus Holding Inc                                                                    | N/A                                                                | CUSIP: 74738YAD1<br>LEI: N/A                  | Long             | LON              |  | N/A       |    442113 | OU      | $417244.20    | 0.81%             | 2027-10-27      | Variable      | 12.47%                | No            | 2                  | On Loan: No      |
| Pyxus International Inc                                                              | Pyxus International Inc COM NEW                                    | CUSIP: 74737V205<br>LEI: 254900Y83D1L0TWGIF40 | Long             | EC               | CORP              | US        |    180682 | NS      | $939546.40    | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc.                                | PRMWCN 6.25 04/01/29 144A                                          | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    750000 | PA      | $755227.91    | 1.46%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Petsmart Inc / Petsmart Financial Corporation                                        | PETM 7.75 02/15/29 144A                                            | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1699878.60   | 3.29%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| 1261229 Bc Ltd.                                                                      | BHCCN 10 04/15/32 144A                                             | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1009000.22   | 1.96%             | 2032-04-15      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| New Home Company Inc                                                                 | NWHM 8.5 11/01/30 144A                                             | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1019188.00   | 1.98%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.65 05/01/45 144a                                            | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003021.22   | 1.94%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           | 2                  | On Loan: No      |
| The Kroger Co.                                                                       | KR 5 09/15/34                                                      | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992868.20    | 1.92%             | 2034-09-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 4.375 06/01/46                                                 | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1010632.59   | 1.96%             | 2046-06-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| KLA Corp.                                                                            | KLAC 4.7 02/01/34                                                  | CUSIP: 482480AP5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1244112.61   | 2.41%             | 2034-02-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.882 07/24/38                                                | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1102531.70   | 2.14%             | 2038-07-24      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 5.75 04/01/33                                               | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   1500000 | PA      | $1541754.00   | 2.99%             | 2033-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 6.25 01/15/33 144A                                             | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1799334.44   | 3.49%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Guitar Center Escrow II Inc                                                          | GTRC 8.5 01/15/26 144A                                             | CUSIP: 40204BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1407488.60   | 2.73%             | 2026-01-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| GEO Group Inc                                                                        | GEO 10.25 04/15/31                                                 | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1370947.50   | 2.66%             | 2031-04-15      | Fixed         | 10.25%                | No            | 2                  | On Loan: No      |
| First Industrial, L.P.                                                               | FR 5.25 01/15/31                                                   | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1517462.07   | 2.94%             | 2031-01-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Eletson Holdings Inc / Eletson Finance US LLC                                        | ELETSN 9.625 01/15/22 Ai                                           | CUSIP: 28620EAB6<br>LEI: 529900IV2A2ZMUKN9J79 | Long             | DBT              | CORP              | LR        |    548153 | PA      | $0.00         | 0.00%             | 2022-01-15      | Floating      |  | Yes           | N/A                | On Loan: No      |
| Cummins Inc.                                                                         | CMI 5.3 05/09/35                                                   | CUSIP: 231021BA3<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1269661.80   | 2.46%             | 2035-05-09      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| Cinemark USA Inc.                                                                    | CNK 5.25 07/15/28 144A                                             | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1492478.10   | 2.89%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                   | CA CASPOL 7.5 07/01/2032                                           | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $2812.50      | 0.01%             | 2032-07-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                   | CA CASPOL 8 07/01/2039                                             | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $23062.50     | 0.04%             | 2039-07-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| CBL & Associates LP ESCROW                                                           | CBL & Associates LP ESCROW 5.95% SNR NTS 15/12/2026 USD (SEC REGD) | CUSIP: 125ESCAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1526000 | PA      | $0.00         | 0.00%             | 2026-12-15      | Fixed         | 5.95%                 | No            | N/A                | On Loan: No      |
| CBL & Associates LP ESCROW                                                           | CBL & Associates LP ESCROW 4.6% SNR PERP NTS USD (SEC REGD)        | CUSIP: 125ESCAF0<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $0.00         | 0.00%             | 2500-12-31      | Fixed         | 4.60%                 | No            | N/A                | On Loan: No      |
| CHC Group LLC / CHC Finance LTD                                                      | CHC Group LLC / CHC Finance LTD COM UNITS NEW                      | CUSIP: 12550E405<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9358 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent L P                                                            | AMH 5.5 02/01/34                                                   | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1525272.26   | 2.96%             | 2034-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Air Canada                                                                           | ACACN 10.5 07/15/26                                                | CUSIP: 008911BD0<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | ABS-O            | CORP              | CA        |   1000000 | PA      | $1051370.00   | 2.04%             | 2026-07-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 3.85 10/29/41                                                  | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1250000 | PA      | $1000186.44   | 1.94%             | 2041-10-29      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Acushnet Co                                                                          | GOLF 7.375 10/15/28 144A                                           | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1303108.75   | 2.53%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                              | ALK 5.308 10/20/31 144A                                            | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $983771.05    | 1.91%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           | 2                  | On Loan: No      |
| AMC Entertainment Holdings Inc                                                       | AMC 7.5 02/15/29 144A                                              | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1590000.00   | 3.08%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                  | CDX.NA.HY SERIES 44 06/30                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               | CORP              | US        |  15000000 | PA      | $-330825.00   | -0.64%            |  |  |  | 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