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        <name>Portland General Electric Company</name>
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        <title>The Western Union Company COM</title>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC SPONSORED ADR</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>The Chemours Company LLC</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>The Chemours Company LLC COM</title>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OneMain Holdings Inc.</name>
        <lei>549300E3VEW8SMS5XW09</lei>
        <title>OneMain Holdings Inc. COM</title>
        <cusip>68268W103</cusip>
        <identifiers>
          <ticker value="OMF"/>
          <other otherDesc="SEDOL Number" value="BYSZB89"/>
          <isin value="US68268W1036"/>
        </identifiers>
        <balance>28000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1497720</valUSD>
        <pctVal>3.4581018219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Archrock Inc</name>
        <lei>549300K3RIHMHDVFTL28</lei>
        <title>Archrock Inc COM</title>
        <cusip>03957W106</cusip>
        <identifiers>
          <ticker value="AROC"/>
          <other otherDesc="SEDOL Number" value="BYRGSX7"/>
          <isin value="US03957W1062"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1740000</valUSD>
        <pctVal>4.0175047206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth Capital and Income Fund Inc</name>
        <lei>54930061II7PXY87SC72</lei>
        <title>RiverNorth Capital and Income Fund Inc COM</title>
        <cusip>76882B108</cusip>
        <identifiers>
          <ticker value="RSF"/>
          <other otherDesc="SEDOL Number" value="BK95C54"/>
          <isin value="US76882B1089"/>
        </identifiers>
        <balance>3804</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55348.2</valUSD>
        <pctVal>0.1277940545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>First American Funds Inc. GOVT OBLIGS X</title>
        <cusip>31846V336</cusip>
        <identifiers>
          <ticker value="FGXXX"/>
          <other otherDesc="SEDOL Number" value="BMBR4D4"/>
          <isin value="US31846V3362"/>
        </identifiers>
        <balance>178168.96999999997</balance>
        <units>OU</units>
        <descOthUnits>STIV</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>178168.97</valUSD>
        <pctVal>0.4113762517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evergy Inc</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy Inc COM</title>
        <cusip>30034W106</cusip>
        <identifiers>
          <ticker value="EVRG"/>
          <other otherDesc="SEDOL Number" value="BFMXGR0"/>
          <isin value="US30034W1062"/>
        </identifiers>
        <balance>28900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2367488</valUSD>
        <pctVal>5.4663185149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>Invesco Exchange Traded Fund Trust II SR LN ETF</title>
        <cusip>46138G508</cusip>
        <identifiers>
          <ticker value="BKLN"/>
          <other otherDesc="SEDOL Number" value="BZ03L33"/>
          <isin value="US46138G5080"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408200</valUSD>
        <pctVal>0.9424973718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nustar Logistics, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NSUS 6.375 10/01/30</title>
        <cusip>67059TAH8</cusip>
        <identifiers>
          <ticker value="NSUS"/>
          <other otherDesc="SEDOL Number" value="BN7D7Y5"/>
          <isin value="US67059TAH86"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258499.25</valUSD>
        <pctVal>0.5968516995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Economy Assets Phase 1 Issuer LLC</name>
        <lei>N/A</lei>
        <title>USRE 2021-1 B1</title>
        <cusip>643821AB7</cusip>
        <identifiers>
          <ticker value="USRE"/>
          <other otherDesc="SEDOL Number" value="BMHSP38"/>
          <isin value="US643821AB76"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157345.1</valUSD>
        <pctVal>0.3632957943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.41</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK plc SPONSORED ADR</title>
        <cusip>37733W204</cusip>
        <identifiers>
          <ticker value="GSK"/>
          <other otherDesc="SEDOL Number" value="BMTZ571"/>
          <isin value="US37733W2044"/>
        </identifiers>
        <balance>32800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1810232</valUSD>
        <pctVal>4.179664141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lazard Inc</name>
        <lei>254900RIBCDJSUFG1A11</lei>
        <title>Lazard Inc COM</title>
        <cusip>52110M109</cusip>
        <identifiers>
          <ticker value="LAZ"/>
          <other otherDesc="SEDOL Number" value="BRT46K3"/>
          <isin value="US52110M1099"/>
        </identifiers>
        <balance>23643</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1004354.64</valUSD>
        <pctVal>2.3189652341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>SCM Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
