<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000836267</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000067906</seriesId>
        <classId>C000217721</classId>
        <classId>C000217722</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>SCM Trust</regName>
      <regFileNumber>811-05617</regFileNumber>
      <regCik>0000836267</regCik>
      <regLei>254900SUSEM61EA08I06</regLei>
      <regStreet1>1125 17th Street, Ste. 2550</regStreet1>
      <regCity>Denver</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80202-1805</regZipOrPostalCode>
      <regPhone>800-955-9988</regPhone>
      <seriesName>Shelton Emerging Markets Fund</seriesName>
      <seriesId>S000067906</seriesId>
      <seriesLei>254900SICUA3NRRDD060</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>23305710.04</totAssets>
      <totLiabs>17785.86</totLiabs>
      <netAssets>23287924.18</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>84406.48</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000217722" rtn1="9.42" rtn2="6.29" rtn3="-10.74"/>
          <monthlyTotReturn classId="C000217721" rtn1="9.41" rtn2="6.31" rtn3="-10.74"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </equityContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="-15975"/>
            <mon2 netRealizedGain="16111.84" netUnrealizedAppr="-24235"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="18375"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="-15975"/>
              <instrMon2 netRealizedGain="16111.84" netUnrealizedAppr="-24235"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="18375"/>
            </futureCategory>
          </interestRtContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="0" netUnrealizedAppr="-474166.08"/>
        <othMon2 netRealizedGain="151444.15" netUnrealizedAppr="-342573.44"/>
        <othMon3 netRealizedGain="0" netUnrealizedAppr="539449.61"/>
      </returnInfo>
      <mon1Flow redemption="1157188.95" reinvestment="379440.34" sales="661377.32"/>
      <mon2Flow redemption="1692848.46" reinvestment="0" sales="1866239.68"/>
      <mon3Flow redemption="465202.96" reinvestment="0" sales="462742.16"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB Financial Group Inc. KRW5000</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <ticker value="A105560"/>
          <other otherDesc="SEDOL Number" value="B3DF0Y6"/>
          <isin value="KR7105560007"/>
        </identifiers>
        <balance>1551</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>146320.99</valUSD>
        <pctVal>0.6283127207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Firstrand Ltd</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>Firstrand Ltd ZAR0.01</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <ticker value="FANDF"/>
          <other otherDesc="SEDOL Number" value="6606996"/>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>132272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>673482.53</valUSD>
        <pctVal>2.8919818048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dr. Reddy's Laboratories Ltd.</name>
        <lei>335800OVDPY3DVZR2798</lei>
        <title>Dr. Reddy's Laboratories Ltd. ADR</title>
        <cusip>256135203</cusip>
        <identifiers>
          <ticker value="RDY"/>
          <other otherDesc="SEDOL Number" value="2748881"/>
          <isin value="US2561352038"/>
        </identifiers>
        <balance>28500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>394725</valUSD>
        <pctVal>1.6949771777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd. SPONSORED ADS</title>
        <cusip>40415F101</cusip>
        <identifiers>
          <ticker value="HDB"/>
          <other otherDesc="SEDOL Number" value="2781648"/>
          <isin value="US40415F1012"/>
        </identifiers>
        <balance>24990</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>621751.2</valUSD>
        <pctVal>2.6698438006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd. ADR</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <ticker value="IBN"/>
          <other otherDesc="SEDOL Number" value="2569286"/>
          <isin value="US45104G1040"/>
        </identifiers>
        <balance>12123</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313985.7</valUSD>
        <pctVal>1.3482768905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infosys Ltd.</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>Infosys Ltd. SPONSORED ADR</title>
        <cusip>456788108</cusip>
        <identifiers>
          <ticker value="INFY"/>
          <other otherDesc="SEDOL Number" value="2398822"/>
          <isin value="US4567881085"/>
        </identifiers>
        <balance>61600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>832216</valUSD>
        <pctVal>3.5735945959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chow Tai Fook Jewellery Group Ltd.</name>
        <lei>254900VXRL7SRSF44G79</lei>
        <title>Chow Tai Fook Jewellery Group Ltd. HKD1</title>
        <cusip>G21146108</cusip>
        <identifiers>
          <ticker value="CJEWF"/>
          <other otherDesc="SEDOL Number" value="B4R39F7"/>
          <isin value="KYG211461085"/>
        </identifiers>
        <balance>178600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247822.08</valUSD>
        <pctVal>1.0641656083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fufeng Group Limited</name>
        <lei>549300OQ91X6COVM4483</lei>
        <title>Fufeng Group Limited HKD0.10</title>
        <cusip>G36844119</cusip>
        <identifiers>
          <ticker value="546"/>
          <other otherDesc="SEDOL Number" value="B1P1JS5"/>
          <isin value="KYG368441195"/>
        </identifiers>
        <balance>64000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56482.74</valUSD>
        <pctVal>0.2425408961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Geely Automobile Holdings Ltd</name>
        <lei>549300YS3T1KVQ2SNI84</lei>
        <title>Geely Automobile Holdings Ltd HKD0.02</title>
        <cusip>G3777B103</cusip>
        <identifiers>
          <ticker value="GELYF"/>
          <other otherDesc="SEDOL Number" value="6531827"/>
          <isin value="KYG3777B1032"/>
        </identifiers>
        <balance>49000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>130733.66</valUSD>
        <pctVal>0.5613796189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Promotora y Operadora de Infraestructura SA</name>
        <lei>52990035X6RK8DBUWA73</lei>
        <title>Promotora y Operadora de Infraestructura SA COM NPV</title>
        <cusip>P7925L103</cusip>
        <identifiers>
          <ticker value="PYOIF"/>
          <other otherDesc="SEDOL Number" value="2393388"/>
          <isin value="MX01PI000005"/>
        </identifiers>
        <balance>31225</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505938.67</valUSD>
        <pctVal>2.1725365734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding SA PRF NPV</title>
        <cusip>P5968U113</cusip>
        <identifiers>
          <ticker value="ITUB4"/>
          <other otherDesc="SEDOL Number" value="B037HR3"/>
          <isin value="BRITUBACNPR1"/>
        </identifiers>
        <balance>119235</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000924.37</valUSD>
        <pctVal>4.2980403159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wipro Ltd.</name>
        <lei>335800IFS1IJHESG8362</lei>
        <title>Wipro Ltd. SPON ADR 1 SH</title>
        <cusip>97651M109</cusip>
        <identifiers>
          <ticker value="WIT"/>
          <other otherDesc="SEDOL Number" value="2646123"/>
          <isin value="US97651M1099"/>
        </identifiers>
        <balance>49300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104516</valUSD>
        <pctVal>0.4487991252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAMDA Development SA</name>
        <lei>213800C7PQZVF38FYL54</lei>
        <title>LAMDA Development SA EUR0.3</title>
        <cusip>X4740Y122</cusip>
        <identifiers>
          <ticker value="LMDFF"/>
          <other otherDesc="SEDOL Number" value="4248947"/>
          <isin value="GRS245213004"/>
        </identifiers>
        <balance>48850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>337636.38</valUSD>
        <pctVal>1.4498345898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LPP SA</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP SA PLN2.00</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <ticker value="LPGDF"/>
          <other otherDesc="SEDOL Number" value="7127979"/>
          <isin value="PLLPP0000011"/>
        </identifiers>
        <balance>23</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>138176.47</valUSD>
        <pctVal>0.5933395735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMOC Group Limited</name>
        <lei>2549008KG3638J59U652</lei>
        <title>CMOC Group Limited 'H'CNY0.2</title>
        <cusip>Y1503Z105</cusip>
        <identifiers>
          <ticker value="CMCLF"/>
          <other otherDesc="SEDOL Number" value="B1VRCG6"/>
          <isin value="CNE100000114"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112932.31</valUSD>
        <pctVal>0.484939358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Pacific Insurance Group Co Ltd.</name>
        <lei>529900BA5ILEL308WX03</lei>
        <title>China Pacific Insurance Group Co Ltd. 'H'CNY1</title>
        <cusip>Y1505Z103</cusip>
        <identifiers>
          <ticker value="CHPXF"/>
          <other otherDesc="SEDOL Number" value="B2Q5H56"/>
          <isin value="CNE1000009Q7"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121974.55</valUSD>
        <pctVal>0.5237673786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chroma Ate Inc</name>
        <lei>N/A</lei>
        <title>Chroma Ate Inc TWD10</title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <ticker value="CRMJF"/>
          <other otherDesc="SEDOL Number" value="6212100"/>
          <isin value="TW0002360005"/>
        </identifiers>
        <balance>2000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91725.89</valUSD>
        <pctVal>0.3938774847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Electronics Inc.</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>Delta Electronics Inc. TWD10</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <ticker value="DLTEF"/>
          <other otherDesc="SEDOL Number" value="6260734"/>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>10700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>462260.9</valUSD>
        <pctVal>1.9849811277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Electronics Thailand Public Co Ltd</name>
        <lei>529900JKLVG9Y2SVWL93</lei>
        <title>Delta Electronics Thailand Public Co Ltd THB0.1 (NVDR)</title>
        <cusip>Y20266121</cusip>
        <identifiers>
          <ticker value="DLEUF"/>
          <other otherDesc="SEDOL Number" value="6418931"/>
          <isin value="TH0528010R18"/>
        </identifiers>
        <balance>16700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>132828.67</valUSD>
        <pctVal>0.5703757405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Financial Holding Co Ltd.</name>
        <lei>529900BC1U046Q2GUZ64</lei>
        <title>First Financial Holding Co Ltd. TWD10</title>
        <cusip>Y2518F100</cusip>
        <identifiers>
          <ticker value="FFHCF"/>
          <other otherDesc="SEDOL Number" value="6580119"/>
          <isin value="TW0002892007"/>
        </identifiers>
        <balance>502000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443176.91</valUSD>
        <pctVal>1.9030331195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zijin Mining Group Co Ltd.</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>Zijin Mining Group Co Ltd. 'H'CNY0.1</title>
        <cusip>Y9892H107</cusip>
        <identifiers>
          <ticker value="ZIJMF"/>
          <other otherDesc="SEDOL Number" value="6725299"/>
          <isin value="CNE100000502"/>
        </identifiers>
        <balance>150748</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>660593.61</valUSD>
        <pctVal>2.8366358671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix Inc. KRW5000</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <ticker value="HXSCF"/>
          <other otherDesc="SEDOL Number" value="6450267"/>
          <isin value="KR7000660001"/>
        </identifiers>
        <balance>347</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186172.46</valUSD>
        <pctVal>0.7994377625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JG Summit Holdings Inc.</name>
        <lei>8945008FXJ2QCVCRJM25</lei>
        <title>JG Summit Holdings Inc. PHP1</title>
        <cusip>Y44425117</cusip>
        <identifiers>
          <ticker value="JGSHF"/>
          <other otherDesc="SEDOL Number" value="6466457"/>
          <isin value="PHY444251177"/>
        </identifiers>
        <balance>945400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>430847.2</valUSD>
        <pctVal>1.8500884693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intl Game System</name>
        <lei>N/A</lei>
        <title>Intl Game System TWD10</title>
        <cusip>Y41065114</cusip>
        <identifiers>
          <ticker value="ITMYF"/>
          <other otherDesc="SEDOL Number" value="6744807"/>
          <isin value="TW0003293007"/>
        </identifiers>
        <balance>3000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70719.72</valUSD>
        <pctVal>0.3036754992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leeno Industrial</name>
        <lei>N/A</lei>
        <title>Leeno Industrial KRW100</title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <ticker value="LEEOF"/>
          <other otherDesc="SEDOL Number" value="6430139"/>
          <isin value="KR7058470006"/>
        </identifiers>
        <balance>5408</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>339407.25</valUSD>
        <pctVal>1.4574388313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance (Group) Company of China Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>Ping An Insurance (Group) Company of China Ltd. 'H' CNY1</title>
        <cusip>Y69790106</cusip>
        <identifiers>
          <ticker value="PIAIF"/>
          <other otherDesc="SEDOL Number" value="B01FLR7"/>
          <isin value="CNE1000003X6"/>
        </identifiers>
        <balance>131500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>997027.79</valUSD>
        <pctVal>4.2813081247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pixart Imaging</name>
        <lei>N/A</lei>
        <title>Pixart Imaging TWD10</title>
        <cusip>Y6986P102</cusip>
        <identifiers>
          <ticker value="PXIGF"/>
          <other otherDesc="SEDOL Number" value="6673365"/>
          <isin value="TW0003227005"/>
        </identifiers>
        <balance>16000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88657.92</valUSD>
        <pctVal>0.3807034037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Realtek Semiconductor Corp.</name>
        <lei>5299002E7F36O00MYY75</lei>
        <title>Realtek Semiconductor Corp. TWD10</title>
        <cusip>Y7220N101</cusip>
        <identifiers>
          <ticker value="RLTSF"/>
          <other otherDesc="SEDOL Number" value="6051422"/>
          <isin value="TW0002379005"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>448924.65</valUSD>
        <pctVal>1.9277143232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Far Eastone Telecommunications Co., Ltd.</name>
        <lei>529900L7W7BWDLVZL253</lei>
        <title>Far Eastone Telecommunications Co., Ltd. TWD10</title>
        <cusip>Y7540C108</cusip>
        <identifiers>
          <ticker value="FEOTF"/>
          <other otherDesc="SEDOL Number" value="6421854"/>
          <isin value="TW0004904008"/>
        </identifiers>
        <balance>64776</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186360.53</valUSD>
        <pctVal>0.8002453484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd. KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <ticker value="SSNLF"/>
          <other otherDesc="SEDOL Number" value="6771720"/>
          <isin value="KR7005930003"/>
        </identifiers>
        <balance>15597</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1733763.19</valUSD>
        <pctVal>7.4449022446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shinhan Financial Group Co Ltd.</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>Shinhan Financial Group Co Ltd. KRW5000</title>
        <cusip>Y7749X101</cusip>
        <identifiers>
          <ticker value="SFLGF"/>
          <other otherDesc="SEDOL Number" value="6397502"/>
          <isin value="KR7055550008"/>
        </identifiers>
        <balance>8659</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504870.23</valUSD>
        <pctVal>2.1679486162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SM Prime Holdings Inc.</name>
        <lei>254900SZK83MIAB8CU32</lei>
        <title>SM Prime Holdings Inc. ORD PHP1</title>
        <cusip>Y8076N112</cusip>
        <identifiers>
          <ticker value="SPHXF"/>
          <other otherDesc="SEDOL Number" value="6818843"/>
          <isin value="PHY8076N1120"/>
        </identifiers>
        <balance>978400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330375.89</valUSD>
        <pctVal>1.4186575302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <ticker value="TSMWF"/>
          <other otherDesc="SEDOL Number" value="6889106"/>
          <isin value="TW0002330008"/>
        </identifiers>
        <balance>52500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2892652.54</valUSD>
        <pctVal>12.421255401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Hongqiao Group Limited</name>
        <lei>3003009Q4IBFSDE24571</lei>
        <title>China Hongqiao Group Limited USD0.01</title>
        <cusip>G21150100</cusip>
        <identifiers>
          <ticker value="CHHQF"/>
          <other otherDesc="SEDOL Number" value="B44ZV94"/>
          <isin value="KYG211501005"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>110827.98</valUSD>
        <pctVal>0.4759032155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Pakuwon Jati Tbk</name>
        <lei>254900GUXQAQB065PM73</lei>
        <title>PT Pakuwon Jati Tbk IDR25</title>
        <cusip>Y712CA107</cusip>
        <identifiers>
          <ticker value="PTPKF"/>
          <other otherDesc="SEDOL Number" value="B4KWQ72"/>
          <isin value="ID1000122500"/>
        </identifiers>
        <balance>5988800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119078.44</valUSD>
        <pctVal>0.5113312766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gek Terna SA</name>
        <lei>2138003TO2MTRHWVP686</lei>
        <title>Gek Terna SA EUR0.57</title>
        <cusip>X3125P102</cusip>
        <identifiers>
          <ticker value="GKTRF"/>
          <other otherDesc="SEDOL Number" value="4421704"/>
          <isin value="GRS145003000"/>
        </identifiers>
        <balance>17300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>677043.46</valUSD>
        <pctVal>2.9072726911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISC Co Ltd.</name>
        <lei>N/A</lei>
        <title>ISC Co Ltd. KRW500</title>
        <cusip>Y4177K107</cusip>
        <identifiers>
          <ticker value="A095340"/>
          <other otherDesc="SEDOL Number" value="B243QP5"/>
          <isin value="KR7095340006"/>
        </identifiers>
        <balance>1368</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211911.46</valUSD>
        <pctVal>0.9099628561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEED Technology Inc.</name>
        <lei>N/A</lei>
        <title>ASPEED Technology Inc. TWD10</title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <ticker value="5274"/>
          <other otherDesc="SEDOL Number" value="B80VKP3"/>
          <isin value="TW0005274005"/>
        </identifiers>
        <balance>1000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334971.67</valUSD>
        <pctVal>1.4383921358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd. HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <ticker value="TCTZF"/>
          <other otherDesc="SEDOL Number" value="BMMV2K8"/>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>17800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1098740.21</valUSD>
        <pctVal>4.7180684784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuyao Glass Industry Group Co Ltd.</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>Fuyao Glass Industry Group Co Ltd. 'H' CNY1</title>
        <cusip>Y2680G100</cusip>
        <identifiers>
          <ticker value="FIGIF"/>
          <other otherDesc="SEDOL Number" value="BWGCFG4"/>
          <isin value="CNE100001TR7"/>
        </identifiers>
        <balance>21200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158574.57</valUSD>
        <pctVal>0.6809304632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airoha Technology Corp</name>
        <lei>9845004C0H914E3D6B09</lei>
        <title>Airoha Technology Corp TWD10</title>
        <cusip>Y002AZ118</cusip>
        <identifiers>
          <ticker value="6526"/>
          <other otherDesc="SEDOL Number" value="BWXT8Y7"/>
          <isin value="TW0006526007"/>
        </identifiers>
        <balance>21000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305043.36</valUSD>
        <pctVal>1.3098778476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HD Hyundai Co.,Ltd.</name>
        <lei>N/A</lei>
        <title>HD Hyundai Co.,Ltd. KRW1000</title>
        <cusip>Y3R3C9109</cusip>
        <identifiers>
          <ticker value="HYYYF"/>
          <other otherDesc="SEDOL Number" value="BD4HFT1"/>
          <isin value="KR7267250009"/>
        </identifiers>
        <balance>1387</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>220387.42</valUSD>
        <pctVal>0.9463592302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guotai Haitong Securities Co Ltd.</name>
        <lei>300300E1005431000017</lei>
        <title>Guotai Haitong Securities Co Ltd. CNY1 H</title>
        <cusip>Y2R614115</cusip>
        <identifiers>
          <ticker value="GUOSF"/>
          <other otherDesc="SEDOL Number" value="BD4GT29"/>
          <isin value="CNE100002FK9"/>
        </identifiers>
        <balance>396000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>675742.06</valUSD>
        <pctVal>2.9016843871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASE Technology Holding Co Ltd.</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE Technology Holding Co Ltd. TWD10</title>
        <cusip>Y0249T100</cusip>
        <identifiers>
          <ticker value="3711"/>
          <other otherDesc="SEDOL Number" value="BFXZDY1"/>
          <isin value="TW0003711008"/>
        </identifiers>
        <balance>16000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164543.09</valUSD>
        <pctVal>0.7065597119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CanSino Biologics Inc.</name>
        <lei>254900SPBQ0ZVM8QC931</lei>
        <title>CanSino Biologics Inc. CNY1 H</title>
        <cusip>Y1099N102</cusip>
        <identifiers>
          <ticker value="CASBF"/>
          <other otherDesc="SEDOL Number" value="BJKDJS2"/>
          <isin value="CNE100003F01"/>
        </identifiers>
        <balance>21800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86744.26</valUSD>
        <pctVal>0.3724860118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd. USD0.000003125</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <ticker value="BABAF"/>
          <other otherDesc="SEDOL Number" value="BK6YZP5"/>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>5400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81954.04</valUSD>
        <pctVal>0.3519164669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haier Smart Home Co Ltd.</name>
        <lei>3003002BYTNGNJTWSH07</lei>
        <title>Haier Smart Home Co Ltd. CNY1 H</title>
        <cusip>Y298BN100</cusip>
        <identifiers>
          <ticker value="HRSHF"/>
          <other otherDesc="SEDOL Number" value="BLD4QD0"/>
          <isin value="CNE1000048K8"/>
        </identifiers>
        <balance>224900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>594304.28</valUSD>
        <pctVal>2.5519847772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Square Co Ltd</name>
        <lei>N/A</lei>
        <title>SK Square Co Ltd KRW100</title>
        <cusip>Y8T6X4107</cusip>
        <identifiers>
          <ticker value="SKSQF"/>
          <other otherDesc="SEDOL Number" value="BMG3GS6"/>
          <isin value="KR7402340004"/>
        </identifiers>
        <balance>502</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155692.54</valUSD>
        <pctVal>0.6685548218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astor Enerji AS</name>
        <lei>78900083L17O47FYY994</lei>
        <title>Astor Enerji AS TRY1</title>
        <cusip>M1505L115</cusip>
        <identifiers>
          <ticker value="ASTOR"/>
          <other otherDesc="SEDOL Number" value="BMHB9P7"/>
          <isin value="TREASTR00013"/>
        </identifiers>
        <balance>45774</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200848.99</valUSD>
        <pctVal>0.8624598244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multiplan Empreendimentos Imobiliarios SA</name>
        <lei>N/A</lei>
        <title>Multiplan Empreendimentos Imobiliarios SA COM NPV</title>
        <cusip>P69913187</cusip>
        <identifiers>
          <ticker value="MULT3"/>
          <other otherDesc="SEDOL Number" value="B23DZG0"/>
          <isin value="BRMULTACNOR5"/>
        </identifiers>
        <balance>40700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248778.75</valUSD>
        <pctVal>1.0682736172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNK Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>BNK Financial Group Inc. KRW5000</title>
        <cusip>Y0R7ZV102</cusip>
        <identifiers>
          <ticker value="A138930"/>
          <other otherDesc="SEDOL Number" value="B3S98W7"/>
          <isin value="KR7138930003"/>
        </identifiers>
        <balance>45068</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536032.42</valUSD>
        <pctVal>2.3017612727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Motiva Infraestrutura De Mobilidade SA</name>
        <lei>254900H4EUL83CCQ6781</lei>
        <title>Motiva Infraestrutura De Mobilidade SA COM NPV</title>
        <cusip>P6S8NQ100</cusip>
        <identifiers>
          <ticker value="MOTV3"/>
          <other otherDesc="SEDOL Number" value="BV8BRB1"/>
          <isin value="BRMOTVACNOR7"/>
        </identifiers>
        <balance>146700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>448918.34</valUSD>
        <pctVal>1.9276872276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI Emerging Markets Index Futures - ICUS - Jun26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MESM6"/>
        </identifiers>
        <balance>7</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>509110</valUSD>
        <pctVal>2.1861544896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI Emerging Markets Index</indexName>
                <indexIdentifier>MESM6</indexIdentifier>
                <narrativeDesc>MSCI Emerging Markets</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-06-19</expDate>
            <notionalAmt>525170</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-16060</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 04/30/26</title>
        <cusip>912797SN8</cusip>
        <identifiers>
          <ticker value="B"/>
          <other otherDesc="SEDOL Number" value="BV3PBH2"/>
          <isin value="US912797SN89"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>398830.44</valUSD>
        <pctVal>1.7126062285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>
