UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05617

SCM Trust
(Exact name of registrant as specified in charter)

1050 17th Street, Suite 1710
Denver, Colorado 80265-2077
(Address of principal executive offices)     (Zip code)

Steve Rogers
1050 17th Street, Suite 1710
Denver, Colorado 80265-2077
 (Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 955-9988

Date of fiscal year end: April 30
Date of reporting period: July 31, 2017
SHELTON INTERNATIONAL SELECT EQUITY FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / July 31, 2017

Security Description
  
Shares
    
Value
  
Common Stock (98.16%)
            
             
Basic Materials (6.52%)
            
ArcelorMittal*
    
39,428
      
1,031,757
  
Givaudan SA
    
575
      
1,147,199
  
Norsk Hydro ASA
    
124,000
      
796,441
  
Total Basic Materials
            
2,975,397
  
                 
Communications (14.23%)
                
ASOS PLC*
    
10,690
      
814,303
  
CyberAgent Inc
    
39,900
      
1,233,164
  
Nice Ltd
    
12,800
      
955,648
  
Start Today Co Ltd
    
45,650
      
1,286,934
  
Telekomunikasi Indonesia Persero Tbk PT
    
18,010
      
630,890
  
Tencent Holdings Ltd
    
39,100
      
1,568,976
  
Total Communications
            
6,489,915
  
                 
Consumer, Cyclical (9.79%)
                
adidas AG
    
4,600
      
1,046,717
  
Alimentation Couche-Tard Inc
    
23,000
      
1,087,330
  
ITOCHU Corp
    
81,600
      
1,277,966
  
Valeo SA
    
15,300
      
1,055,986
  
Total Consumer, Cyclical
            
4,467,999
  
                 
Consumer, Non-Cyclical (14.88%)
                
AMBU A/S
    
10,300
      
668,688
  
Beiersdorf AG
    
10,550
      
1,153,045
  
Intertek Group PLC
    
21,800
      
1,236,109
  
L'Oreal SA
    
4,255
      
878,415
  
Nestle SA
    
15,200
      
1,281,208
  
Unilever NV
    
27,020
      
1,571,753
  
Total Consumer, Non-Cyclical
            
6,789,218
  
                 
Energy (1.92%)
                
TOTAL SA
    
17,270
      
874,723
  
Total Energy
            
874,723
  
                 
Financial (25.87%)
                
Banks (22.37%)
                
Banco Bradesco SA
    
110,275
      
1,060,846
  
Bangkok Bank PCL
    
221,500
      
1,228,096
  
Bank Rakyat Indonesia Persero Tbk PT
    
625,900
      
694,061
  
Barclays PLC
    
253,950
      
679,634
  
BNP Paribas SA
    
18,200
      
1,406,989
  
DBS Group Holdings Ltd
    
78,950
      
1,257,662
  
ING Groep NV
    
70,600
      
1,316,400
  
KBC Group NV
    
17,445
      
1,439,737
  
Mitsubishi UFJ Financial Group Inc
    
177,100
      
1,121,951
  
             
10,205,376
  
                 
Insurance (3.50%)
                
AIA Group Ltd
    
202,800
      
1,598,220
  
             
1,598,220
  
                 
Total Financial
            
11,803,596
  
                 
Industrial (19.40%)
                
CRH PLC
    
34,115
      
1,194,381
  
Daikin Industries Ltd
    
10,100
      
1,069,460
  
dormakaba Holding AG
    
1,180
      
1,054,216
  
Komatsu Ltd
    
43,500
      
1,167,073
  
Murata Manufacturing Co Ltd
    
6,800
      
1,057,279
  
Siemens AG
    
5,400
      
730,568
  
Thales SA
    
13,200
      
1,456,523
  
Yaskawa Electric Corp
    
41,800
      
1,120,139
  
Total Industrial
            
8,849,639
  
                 
Technology (5.55%)
                
NetEase Inc
    
3,820
      
1,189,090
  
Taiwan Semiconductor Manufacturing Co Ltd
    
37,400
      
1,344,904
  
Total Technology
            
2,533,994
  
                 
Total Common Stock (Cost $33,910,288)
            
44,784,481
  
                 
Total Investments (Cost $33,910,288) (a) (98.16%)
            
44,784,481
  
Other Net Assets (1.84%)
            
834,329
  
Net Assets (100.00%)
            
45,618,810
  

*
Non-income producing security.

(a)
Aggregate cost for federal income tax purpose is $33,920,293

At July 31, 2017, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation
  
$
11,013,456
  
Unrealized depreciation
    
(149,268
)
Net unrealized appreciation
  
$
10,864,188
  
   
Because tax adjustments are calculated annually, the above tax figure reflects the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

 
SHELTON TACTICAL CREDIT FUND
Portfolio of Investments (Expressed in U.S. Dollars) (Unaudited) / July 31, 2017

Security Description
  
Par Value
  
Rate
  
Maturity
  
Value
  
Corporate Debt (92.70%)
                  
                   
Communications (22.19%)
                  
Media (4.88%)
                  
ALTICE LUXEMBOURG SA
  
1,500,000
  
7.625
%
 02/15/2025
    
1,642,500
  
                 
1,642,500
  
Telecommunications (17.31%)
                    
CENTURYLINK INC
  
1,000,000
  
7.500
%
 04/01/2024
    
1,086,250
  
FRONTIER COMMUNICATIONS
  
1,500,000
  
11.000
%
 09/15/2025
    
1,374,375
  
INTELSAT JACKSON HLDG
  
1,250,000
  
8.000
%
 02/15/2024
    
1,357,813
  
WIND ACQUISITION FIN SA
  
1,000,000
  
7.375
%
 04/23/2021
    
1,041,100
  
WINDSTREAM SERVICES LLC
  
1,000,000
  
7.750
%
 10/15/2020
    
960,000
  
                 
5,819,538
  
                     
Total Communications
                
7,462,038
  
                     
Consumer, Cyclical (9.63%)
                    
PETSMART INC
  
1,250,000
  
7.125
%
 03/15/2023
    
1,131,250
  
RITE AID CORP
  
1,000,000
  
6.125
%
 04/01/2023
    
991,250
  
SCIENTIFIC GAMES INTERNAtional
  
1,000,000
  
10.000
%
 12/01/2022
    
1,115,000
  
Total Consumer, Cyclical
                
3,237,500
  
                     
Consumer, Non-Cyclical (16.90%)
                    
CHS/COMMUNITY HEALTH SYStems
  
1,000,000
  
6.875
%
 02/01/2022
    
857,500
  
HERC RENTALS INC
  
1,784,000
  
7.500
%
 06/01/2022
    
1,931,180
  
KINETIC CONCEPT/KCI USA
  
1,250,000
  
12.500
%
 11/01/2021
    
1,403,125
  
SUPERVALU INC
  
1,500,000
  
7.750
%
 11/15/2022
    
1,488,750
  
Total Consumer, Non-Cyclical
                
5,680,555
  
                     
Energy (6.18%)
                    
MCDERMOTT INTERNATIONAL
  
1,015,000
  
8.000
%
 05/01/2021
    
1,034,031
  
TRANSOCEAN INC
  
1,000,000
  
9.000
%
 07/15/2023
    
1,045,000
  
Total Energy
                
2,079,031
  
                     
Financial (7.00%)
                    
ICAHN ENTERPRISES
  
1,250,000
  
6.750
%
 02/01/2024
    
1,312,500
  
JEFFERIES FIN LLC
  
1,000,000
  
7.500
%
 04/15/2021
    
1,040,000
  
Total Financial
                
2,352,500
  
                     
Industrial (14.52%)
                    
APEX TOOL GROUP
  
1,000,000
  
7.000
%
 02/01/2021
    
937,500
  
BLUELINE RENTAL CRP / LL
  
2,000,000
  
9.250
%
 03/15/2024
    
2,170,000
  
BWAY HOLDING CO
  
1,000,000
  
7.250
%
 04/15/2025
    
1,042,500
  
COVANTA HOLDING CORP
  
750,000
  
5.875
%
 03/01/2024
    
731,250
  
Total Industrial
                
4,881,250
  
                     
Technology (16.28%)
                    
DELL INT LLC / EMC CORP
  
1,250,000
  
7.125
%
 06/15/2024
    
1,390,997
  
FIRST DATA CORPORATION
  
1,250,000
  
7.000
%
 12/01/2023
    
1,348,438
  
MICRON TECHNOLOGY INC
  
1,000,000
  
7.500
%
 09/15/2023
    
1,115,390
  
RACKSPACE HOSTINg
  
1,500,000
  
8.625
%
 11/15/2024
    
1,620,000
  
Total Technology
                
5,474,825
  
                     
Total Corporate Debt (Cost $29,892,407)
                
31,167,699
  
                     
Exchange Traded Funds (2.96%)
                    
                     
Funds (2.96%)
                    
ISHARES IBOXX USD HIGH YIELD
  
11,200
            
995,792
  
Total Funds
                
995,792
  
                     
Total Exchange Traded Funds (Cost $991,987)
                
995,792
  
                     
Total Investments (Cost $29,892,407) (a) (95.66%)
                
32,163,491
  
Other Net Assets (4.34%)
                
1,459,918
  
Net Assets (100.00%)
                
33,623,409
  
  
(a)
Aggregate cost for federal income tax purpose is $31,224,633

At July 31, 2017, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation
  
$
1,203,721
  
Unrealized depreciation
    
(264,863
)
Net unrealized appreciation
  
$
938,858
  
  
Because tax adjustments are calculated annually, the above tax figure reflects the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.
 
Fair Value Measurements -

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Trust's securities at July 31, 2017 using fair value hierarchy:

  
 
Level 1(a)
    
Level 2(a)
    
Level 3(a)
    
Total
  
                       
Shelton International Select Equity Fund   $ 44,784,481       -       -       44,784,481  
Shelton Tactical Credit Fund
  
$
995,792
    
$
31,167,699
    
$
-
    
$
32,163,491
  
Total  
$
45,780,273
    
$
 31,167,699    
$
-
    
$
 76,947,972  

(a)
It is the Funds' policy to recognize transfers between levels on the last day of the fiscal reporting period.
(b)
For a detailed break-out of Corporate Debt by major industry classification, please refer to the Portfolio of Investments.
 
ITEM 2. CONTROLS AND PROCEDURES.

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), the disclosure controls and procedures as of a date within 90 days prior to the filing date of this Form N-Q (the "Report"), are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer. Based on such evaluation, the Registrant's Principal Executive Officer and Principal Financial Officer have determined that the disclosure controls and procedures are effective.

(b) There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, in connection with the preparations of this Quarterly Schedule of Portfolio of Investments.

ITEM 3. EXHIBITS.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
SCM Trust

By /s/ Stephen C. Rogers
Stephen C. Rogers,
Chairman
Date: September 27, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Stephen C. Rogers
Stephen C. Rogers,
Chairman
Date: September 27, 2017
 
By /s/ William P. Mock
William P. Mock
Treasurer (as Principal Financial Officer)
Date: September 27, 2017