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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc CL A</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <ticker value="META"/>
          <other otherDesc="SEDOL Number" value="B7TL820"/>
          <isin value="US30303M1027"/>
        </identifiers>
        <balance>6000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3432780</valUSD>
        <pctVal>4.5979560493</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>Encompass Health Corporation</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corporation COM</title>
        <cusip>29261A100</cusip>
        <identifiers>
          <ticker value="EHC"/>
          <other otherDesc="SEDOL Number" value="BYX2YJ7"/>
          <isin value="US29261A1007"/>
        </identifiers>
        <balance>35840</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3466803.2</valUSD>
        <pctVal>4.6435276206</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>Palo Alto Networks Inc</name>
        <lei>549300QXR2YVZV231H43</lei>
        <title>Palo Alto Networks Inc COM</title>
        <cusip>697435105</cusip>
        <identifiers>
          <ticker value="PANW"/>
          <other otherDesc="SEDOL Number" value="B87ZMX0"/>
          <isin value="US6974351057"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2404800</valUSD>
        <pctVal>3.221052531</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>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corporation COM</title>
        <cusip>458140100</cusip>
        <identifiers>
          <ticker value="INTC"/>
          <other otherDesc="SEDOL Number" value="2463247"/>
          <isin value="US4581401001"/>
        </identifiers>
        <balance>47508</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2096528.04</valUSD>
        <pctVal>2.8081449391</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>HCA Healthcare Inc</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
        <title>HCA Healthcare Inc COM</title>
        <cusip>40412C101</cusip>
        <identifiers>
          <ticker value="HCA"/>
          <other otherDesc="SEDOL Number" value="B4MGBG6"/>
          <isin value="US40412C1018"/>
        </identifiers>
        <balance>8352</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3952500.48</valUSD>
        <pctVal>5.2940833645</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>Insulet Corporation</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>Insulet Corporation COM</title>
        <cusip>45784P101</cusip>
        <identifiers>
          <ticker value="PODD"/>
          <other otherDesc="SEDOL Number" value="B1XGNW4"/>
          <isin value="US45784P1012"/>
        </identifiers>
        <balance>6000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1259040</valUSD>
        <pctVal>1.686391375</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 S&amp;P SMLCP INFO</title>
        <cusip>46138E115</cusip>
        <identifiers>
          <ticker value="PSCT"/>
          <other otherDesc="SEDOL Number" value="BDQYNW9"/>
          <isin value="US46138E1156"/>
        </identifiers>
        <balance>18000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1081342.8</valUSD>
        <pctVal>1.4483790597</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>Kulicke and Soffa Industries, Inc.</name>
        <lei>529900H6BEIRBF429744</lei>
        <title>Kulicke and Soffa Industries, Inc. COM</title>
        <cusip>501242101</cusip>
        <identifiers>
          <ticker value="KLIC"/>
          <other otherDesc="SEDOL Number" value="2498001"/>
          <isin value="US5012421013"/>
        </identifiers>
        <balance>58000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3811760</valUSD>
        <pctVal>5.1055718545</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>Semtech Corporation</name>
        <lei>549300J7WUY317SW6O61</lei>
        <title>Semtech Corporation COM</title>
        <cusip>816850101</cusip>
        <identifiers>
          <ticker value="SMTC"/>
          <other otherDesc="SEDOL Number" value="2795542"/>
          <isin value="US8168501018"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1537800</valUSD>
        <pctVal>2.0597698695</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>Pegasystems Inc</name>
        <lei>549300FMCOKPL06FYN26</lei>
        <title>Pegasystems Inc COM</title>
        <cusip>705573103</cusip>
        <identifiers>
          <ticker value="PEGA"/>
          <other otherDesc="SEDOL Number" value="2675860"/>
          <isin value="US7055731035"/>
        </identifiers>
        <balance>41493</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1765942.08</valUSD>
        <pctVal>2.3653493872</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>
