SCM Trust NPORT-P Shelton Tactical Fund (Sep 2024 report)

SHELTON EMERGING MARKETS FUND

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2024

Security Description	Shares		Value
Common Stock (97.72%)
Brazil (5.23%)
Banco do Brasil SA		67,200	$	336,487
CCR SA		166,000		373,249
Cosan SA		63,700		153,167
Klabin SA		40,700		157,777
Multiplan Empreendimentos Imobiliarios SA		76,400		359,977
Total Brazil				1,380,657
China (23.08%)
Alibaba Group Holding Ltd		24,100		341,026
ANTA Sports Products Ltd		47,700		579,559
Fuyao Glass Industry Group Co Ltd (144A)		74,000		497,388
GF Securities Co Ltd		300,400		416,578
Haier Smart Home Co Ltd		94,100		377,678
Kingsoft Corp Ltd		130,000		494,172
Kuaishou Technology (144A)*		24,500		172,870
NetEase Inc		10,000		193,604
Shandong Gold Mining Co Ltd (144A)		244,000		549,294
Tencent Holdings Ltd		27,600		1,578,540
Tsingtao Brewery Co Ltd		23,900		186,930
Zhuzhou CRRC Times Electric Co Ltd		107,000		422,571
Zijin Mining Group Co Ltd		123,748		281,129
Total China				6,091,339
Hong Kong (1.84%)
Bosideng International Holdings Ltd		844,000		484,233
Hungary (1.11%)
Richter Gedeon Nyrt		9,510		292,833
India (16.92%)
Dr Reddy’s Laboratories Ltd(a)		13,600		1,080,520
HDFC Bank Ltd(a)		17,795		1,113,255
ICICI Bank Ltd(a)		37,123		1,108,122
Infosys Ltd#		5,400		120,258
Wipro Ltd#,(a)		160,700		1,041,336
Total India				4,463,491
Indonesia (2.70%)
Harum Energy Tbk PT*		3,002,400		273,685
Indah Kiat Pulp & Paper Tbk PT		540,000		308,541
United Tractors Tbk PT		73,300		131,455
Total Indonesia				713,681
Mexico (4.89%)
Alfa SAB de CV		573,000		469,739
Kimberly-Clark de Mexico SAB de CV		135,914		220,218
Promotora y Operadora de Infraestructura SAB de CV		13,490		127,897
Regional SAB de CV		81,300		471,869
Total Mexico				1,289,723
Philippines (3.61%)
GT Capital Holdings Inc		21,200		276,407
Manila Electric Co		50,970		398,911
SM Prime Holdings Inc		480,600		277,253
Total Philippines				952,571
Poland (1.13%)
Powszechna Kasa Oszczednosci Bank Polski SA		20,500		298,176
South Africa (3.19%)
FirstRand Ltd		175,022		841,412
South Korea (13.07%)
Doosan Enerbility Co Ltd*		13,490		183,418
Hankook Tire & Technology Co Ltd		6,000		188,804
Hanmi Pharm Co Ltd		1,431		349,266
Kia Corp		4,994		378,747
Korean Air Lines Co Ltd		43,100		737,834
PSK Inc		14,800		256,734
Samsung Electronics Co Ltd		24,612		1,149,098
SK Inc		1,770		205,858
Total South Korea				3,449,759
Taiwan (18.27%)
Asustek Computer Inc		17,000		295,852
Delta Electronics Inc		10,000		119,744
Foxsemicon Integrated Technology Inc		15,000		168,287
MediaTek Inc		11,900		440,033
MPI Corp		9,000		211,575
Quanta Computer Inc		31,000		257,553
Realtek Semiconductor Corp		30,000		444,675
Taiwan Semiconductor Manufacturing Co Ltd		67,500		2,032,902
Tong Yang Industry Co Ltd		56,000		187,689
Yuanta Financial Holding Co Ltd		663,760		662,172
Total Taiwan				4,820,482
Thailand (1.74%)
Central Pattana PCL		221,800		458,392
Turkey (0.94%)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS*		703,600		247,302
Total Common Stock (Cost $20,941,318)				25,784,051
Preferred Stock (0.89%)
Brazil (0.89%)
Itau Unibanco Holding SA		35,200		234,469
Total Preferred Stock (Cost $237,347)				234,469
Collateral Received For Securities on Loan (2.91%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.02% (Cost $767,117)		767,117		767,117
United States Treasury Bills (1.13%)
United States Treasury Bill (Cost $298,372)		300,000		298,362
Total Investments (Cost $22,244,155) (102.65%)				27,083,999
Liabilities in Excess of Other Assets (-2.65%)				(698,632	)
Net Assets (100.00%)			$	26,385,367

* Non-income producing security.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2024, these securities had a total aggregate market value of $1,219,552, which represented approximately 4.62% of net assets.

Futures contracts at September 30, 2024
Contracts - $50 times premium / delivery month / commitment / exchange	Notional Amount		Value		Unrealized Appreciation
6 / DEC 2024 / Long / ICE		336,390		351,810		15,420

# Loaned security; a portion of the security is on loan at September 30, 2024 in the amount of $737,448

(a) A portion of these securities, a total of $1,683,473, have been pledged or segregated in connection with obligations for futures contracts. 

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2024

Security Description	Shares		Value
Common Stock (95.90%)
Australia (1.80%)
Challenger Ltd		102,900	$	462,456
The Lottery Corp Ltd		97,900		346,573
Total Australia				809,029
Britain (5.93%)
Associated British Foods PLC		25,423		792,992
Halma PLC		17,000		592,767
St James’s Place PLC		97,600		957,797
The Weir Group PLC		11,219		324,893
Total Britain				2,668,449
Canada (4.45%)
Barrick Gold Corp		21,300		423,697
George Weston Ltd		4,140		694,944
RioCan Real Estate Investment Trust		58,600		883,132
Total Canada				2,001,773
China (7.81%)
ANTA Sports Products Ltd		23,600		286,742
Fuyao Glass Industry Group Co Ltd (144A)		146,000		981,333
Genscript Biotech Corp*		168,000		301,265
Kingsoft Corp Ltd		141,400		537,507
Kuaishou Technology (144A)*		48,400		341,507
Tencent Holdings Ltd		13,400		766,393
WuXi XDC Cayman Inc*		136		409
Zhuzhou CRRC Times Electric Co Ltd		75,600		298,564
Total China				3,513,720
Denmark (1.68%)
Demant A/S*		19,371		756,816
France (10.39%)
Amundi SA (144A)		25,600		1,911,235
BNP Paribas SA		23,361		1,601,013
Eiffage SA		1,200		115,764
L’Oreal SA		2,340		1,047,541
Total France				4,675,553
Germany (3.06%)
Henkel AG & Co KGaA		16,200		1,377,207
Hong Kong (5.92%)
AIA Group Ltd		135,300		1,212,261
Bosideng International Holdings Ltd		1,088,200		624,340
Power Assets Holdings Ltd		129,000		826,411
SITC International Holdings Co Ltd		200		540
Total Hong Kong				2,663,552
India (3.39%)
HDFC Bank Ltd		17,768		1,111,566
ICICI Bank Ltd		13,900		414,915
Total India				1,526,481
Ireland (1.00%)
CRH PLC		4,866		451,273
Israel (2.42%)
Elbit Systems Ltd		2,500		500,250
Nice Ltd*,#		3,400		590,478
Total Israel				1,090,728
Italy (4.23%)
Eni SpA		89,821		1,368,368
Intesa Sanpaolo SpA		125,300		535,396
Total Italy				1,903,764
Japan (19.18%)
Amada Co Ltd		122,300		1,240,231
Azbil Corp		40,400		326,208
Canon Inc		40,700		1,331,794
Denso Corp		55,100		814,855
MISUMI Group Inc		43,500		783,893
Mitsubishi Electric Corp		60,300		966,436
Santen Pharmaceutical Co Ltd		103,600		1,250,264
USS Co Ltd		99,400		938,153
Yokogawa Electric Corp		38,300		973,989
Total Japan				8,625,823
Jordan (0.62%)
Hikma Pharmaceuticals PLC		11,000		281,048
Mexico (0.51%)
Promotora y Operadora de Infraestructura SAB de CV		24,000		227,542
Netherlands (0.58%)
ASM International NV		400		262,510
Singapore (1.59%)
DBS Group Holdings Ltd		24,200		716,478
South Korea (5.50%)
Kia Corp		9,021		684,156
Korean Air Lines Co Ltd		68,400		1,170,948
Orion Corp		5,000		370,092
Samsung Electronics Co Ltd		5,300		247,449
Total South Korea				2,472,645
Spain (2.48%)
CaixaBank SA		186,968		1,116,687
Sweden (3.58%)
Lifco AB		49,000		1,612,625
Switzerland (5.79%)
Nestle SA		4,905		493,786
Roche Holding AG		6,600		2,110,315
Total Switzerland				2,604,101
Taiwan (3.09%)
Taiwan Semiconductor Manufacturing Co Ltd		7,999		1,389,186
Turkey (0.90%)
Turkiye Sise ve Cam Fabrikalari AS		321,927		405,726
Total Common Stock (Cost $36,333,857)				43,152,716
Preferred Stock (2.20%)
Germany (2.20%)
FUCHS SE		15,000		727,870
Henkel AG & Co KGaA		2,800		263,133
Total Germany				991,003
Total Preferred Stock (Cost $892,245)				991,003
Collateral Received For Securities on Loan (1.31%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 5.02% (Cost $589,050)		589,050		589,050
United States Treasury Bills (1.11%)
United States Treasury Bill (Cost $497,316)		500,000		497,270
Total Investments (Cost $38,312,468) (100.52%)				45,230,039
Liabilities in Excess of Other Assets (-0.52%)				(234,964	)
Net Assets (100.00%)			$	44,995,075

* Non-income producing security. 

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2024, these securities had a total aggregate market value of $3,234,075 which represented approximately 7.19% of net assets.

# Loaned security; a portion of the security is on loan at September 30, 2024 in the amount $584,573

SHELTON TACTICAL CREDIT FUND

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2024

Security Description
Common Stock (1.35%)	Shares		Value
Consumer, Non-cyclical (1.28%)
Pyxus International Inc*		159,942	$	463,832
Energy (0.00%)
CHC Group LLC*,(a)		9,358		—
Financial (0.07%)
CBL & Associates LP(b)		1,526,000		15,260
CBL & Associates LP(b)		1,000,000		10,000
Total Financial				25,260
Total Common Stock (Cost $2,107,143)				489,092
Corporate Debt (87.05%)	Par Value		Value
Communications (5.72%)
Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A)		1,000,000		982,262
Sirius XM Radio Inc, 3.875%, 9/1/2031 (144A)		1,250,000		1,089,067
Total Communications				2,071,329
Consumer, Cyclical (28.21%)
Acushnet Co, 7.375%, 10/15/2028 (144A)		1,250,000		1,317,698
Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A)		1,000,000		1,072,500
The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021(a),(b)		5,000,000		—
Cinemark USA Inc, 5.250%, 7/15/2028 (144A)		1,000,000		983,332
Cummins Inc, 5.150%, 2/20/2034		750,000		788,558
General Motors Financial Co Inc, 5.750%, 2/8/2031		750,000		774,997
Guitar Center Inc, 8.500%, 1/15/2026 (144A)		1,250,000		1,087,295
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 11.000%, 4/15/2029 (144A)		531,250		534,469
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A)		1,000,000		987,177
Six Flags Entertainment Corp / Six Flags Theme Parks Inc, 6.625%, 5/1/2032 (144A)		1,500,000		1,553,618
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A)		1,250,000		1,110,434
Total Consumer, Cyclical				10,210,078
Consumer, Non-cyclical (24.13%)
The GEO Group Inc, 10.250%, 4/15/2031		750,000		799,347
JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl, 5.750%, 4/1/2033		1,500,000		1,554,155
Kraft Heinz Foods Co, 4.375%, 6/1/2046		1,500,000		1,326,084
The Kroger Co, 5.000%, 9/15/2034		500,000		503,755
The Kroger Co, 5.500%, 9/15/2054		500,000		502,855
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 14.750%, 11/14/2028 (144A)		500,000		545,174
Roche Holdings Inc, 5.593%, 11/13/2033 (144A)		1,350,000		1,462,823
Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A)		750,000		750,223
United Rentals North America Inc, 6.000%, 12/15/2029 (144A)		1,250,000		1,290,151
Total Consumer, Non-cyclical				8,734,567
Energy (4.50%)
Talos Production Inc, 9.375%, 2/1/2031 (144A)		750,000		771,077
Transocean Inc, 8.000%, 2/1/2027 (144A)		858,000		857,560
Total Energy				1,628,637
Financial (21.67%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041		750,000		626,528
American Homes 4 Rent LP, 5.500%, 2/1/2034		1,000,000		1,031,553
Americold Realty Operating Partnership LP, 5.409%, 9/12/2034		1,000,000		1,002,142
Iron Mountain Inc, 5.250%, 7/15/2030 (144A)		1,250,000		1,233,765
JPMorgan Chase & Co, 3.882%, 7/24/2038(c)		750,000		684,588
Macquarie Airfinance Holdings Ltd, 6.500%, 3/26/2031 (144A)		1,000,000		1,058,532
Sun Communities Operating LP, 5.700%, 1/15/2033		1,000,000		1,029,652
Visa Inc, 2.700%, 4/15/2040		1,500,000		1,178,486
Total Financial				7,845,246
Industrial (0.00%)
Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022(b)		548,153		—
Technology (2.82%)
KLA Corp, 4.700%, 2/1/2034		1,000,000		1,019,329
Total Corporate Debt (Cost $30,711,945)				31,509,186
Municipal Bonds (0.09%)	Par Value		Value
Development (0.09%)
California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)(b)		250,000		3,375
California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)(b)		2,050,000		27,675
Total Development				31,050
General Obligation (0.00%)
Puerto Rico Public Finance Corp, 5.500%, 8/1/2031(a)		400,000		—
Total Municipal Debt (Cost $2,280,321)				31,050
United States Treasury Bills (9.08%)
United States Treasury Bill, 0.000%, 10/29/2024 (Cost $3,288,110)		3,300,000		3,287,840
Term Loans (1.89%)
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/27/2027(c)		442,113		389,059
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(c)		294,742		294,742
Total Term Loans (Cost $731,551)				683,801
Total Investments (Cost $39,119,070) (99.46%)				36,000,969
Other Net Assets (0.54%)				196,641
Net Assets (100.00%)			$	36,197,610

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2024, these securities had a total aggregate market value of $18,718,207 which represented approximately 51.71% of net assets.

* Non income security.

# Security is illiquid.

(a) Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value security is $0.00.

(b) Defaulted security

(c) Variable rate security.

Credit Default Swaps*,**,*** (-0.61%)	Maturity Date	Fixed Deal (Pay Rate)			Implied Credit Spread at September 30, 2024			Notional Amount		Perioid Payment Frequency	Fair Value			Upfront Premiums Received			Unrealized Depreciation
Buy Protection
CDX NA.IG.43 12/29	12/20/2029		1.00	%		0.49	%		10,000,000	Quarterly		(222,230	)		(225,477	)		3,247
Total Buy Protection												(222,230	)		(225,477	)		3,247

* For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

** For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period-end will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of the referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

*** For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract.