NPORT-EX 2 iconfunds-9302024.htm SCHEDULE OF INVESTMENTS

 

ICON CONSUMER SELECT FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (99.10%)          
           
Communications (14.04%)          
eBay Inc   33,400   $2,174,674 
Expedia Group Inc*   12,900    1,909,458 
The Walt Disney Co   9,700    933,043 
Total Communications        5,017,175 
           
Consumer, Cyclical (29.25%)          
Dana Inc   85,000    897,600 
Deckers Outdoor Corp*   6,225    992,576 
Gentex Corp   58,500    1,736,865 
Gentherm Inc*   14,800    688,940 
Lear Corp   10,300    1,124,245 
NIKE Inc   18,400    1,626,560 
Sabre Corp*   260,000    954,200 
Skechers USA Inc*   22,700    1,519,084 
Visteon Corp*   9,600    914,304 
Total Consumer, Cyclical        10,454,374 
           
Consumer, Non-cyclical (5.68%)          
Global Payments Inc   12,500    1,280,250 
Green Dot Corp*   64,000    749,440 
Total Consumer, Non-cyclical        2,029,690 
           
Financial (50.13%)          
American Express Co   5,500    1,491,600 
Arch Capital Group Ltd*   16,400    1,834,832 
Assurant Inc   9,100    1,809,626 
Equitable Holdings Inc   39,200    1,647,576 
Everest Group Ltd   3,200    1,253,856 
The Hartford Financial Services Group Inc   15,500    1,822,955 
LPL Financial Holdings Inc   7,976    1,855,457 
Marsh & McLennan Cos Inc   4,000    892,360 
Mastercard Inc   3,500    1,728,300 
RenaissanceRe Holdings Ltd   6,500    1,770,600 
Visa Inc   6,600    1,814,670 
Total Financial        17,921,832 
           
           
Total Common Stock (Cost $26,771,564)        35,423,071 
           
Investment Companies (1.05%)  Shares   Value 
           
Money Market Funds (1.05%)          
First American Government Obligations Fund   373,743    373,743 
           
Total Investment Companies (Cost $373,743)        373,743 
           
Total Investments (Cost $27,145,307) (100.15%)        35,796,814 
Liabilities in Excess of Other Assets (-0.15%)        (54,394)
Net Assets (100.00%)       $35,742,420 

 

* Non-income producing security.

 

 

 

 

ICON EQUITY FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (100.51%)          
           
Basic Materials (7.94%)          
The Chemours Co   65,800   $1,337,056 
Eastman Chemical Co   10,250    1,147,488 
Kaiser Aluminum Corp   21,100    1,530,172 
Total Basic Materials        4,014,716 
           
Communications (8.72%)          
Extreme Networks Inc*   106,979    1,607,894 
T-Mobile US Inc   7,200    1,485,792 
Vodafone Group PLC   131,600    1,318,632 
Total Communications        4,412,318 
           
Consumer, Cyclical (8.83%)          
Delta Air Lines Inc   26,900    1,366,251 
Magna International Inc   28,200    1,157,328 
NIKE Inc   14,450    1,277,380 
Southwest Airlines Co   22,400    663,712 
Total Consumer, Cyclical        4,464,671 
           
Consumer, Non-cyclical (14.04%)          
Anheuser-Busch InBev SA   18,800    1,246,252 
The Boston Beer Co Inc*   3,200    925,248 
Euronet Worldwide Inc*   13,350    1,324,721 
Global Payments Inc   18,862    1,931,846 
Performance Food Group Co*   21,375    1,675,159 
Total Consumer, Non-cyclical        7,103,226 
           
Energy (5.23%)          
Baker Hughes Co   73,200    2,646,180 
           
Financial (25.85%)          
Bank of America Corp   32,488    1,289,124 
Horace Mann Educators Corp   48,800    1,705,560 
JPMorgan Chase & Co   8,000    1,686,880 
Lazard Inc   31,600    1,592,008 
Lincoln National Corp   47,900    1,509,329 
LPL Financial Holdings Inc   6,800    1,581,884 
Mastercard Inc   4,119    2,033,962 
Truist Financial Corp   39,100    1,672,307 
Total Financial        13,071,054 
           
Industrial (24.80%)          
Advanced Drainage Systems Inc   9,522    1,496,478 
Alamo Group Inc   7,435    1,339,267 
Armstrong World Industries Inc   20,900    2,746,887 
Chart Industries Inc*   11,810    1,466,093 
CSX Corp   36,200    1,249,986 
Stanley Black & Decker Inc   12,600    1,387,638 
Trinity Industries Inc   81,825    2,850,782 
Total Industrial        12,537,131 
           
Technology (2.35%)          
Adobe Inc*   2,300    1,190,894 
           
Utilities (2.75%)          
Dominion Energy Inc   24,100    1,392,739 
           
Total Common Stock (Cost $38,282,350)        50,832,929 
           
Investment Companies (0.45%)  Shares   Value 
           
Exchange-Traded Funds (0.45%)          
Direxion Daily Small Cap Bull 3X Shares#   5,150    228,351 
           
Total Investment Companies (Cost $190,433)        228,351 
           
Collateral Received For Securities on Loan (0.42%)          
First American Government Obligations Fund - Class X (Cost $211,500)   211,500    211,500 
           
Total Investments (Cost $38,472,783) (101.38%)        51,272,780 
Liabilities in Excess of Other Assets (-1.38%)        (696,953)
Net Assets (100.00%)       $50,575,827 

 

* Non-income producing security.
# Loaned security; a portion of the security is on loan at Septemeber 30, 2024 in the amount of $208,398.

 

 

 

 

ICON EQUITY INCOME FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (68.88%)          
           
Basic Materials (4.44%)          
The Chemours Co   103,100   $2,094,992 
           
Communications (4.14%)          
Nexstar Media Group Inc   11,800    1,951,130 
           
Consumer, Cyclical (3.89%)          
Leggett & Platt Inc   134,600    1,833,252 
           
Consumer, Non-Cyclical (19.09%)          
Amgen Inc   8,000    2,577,680 
Bristol-Myers Squibb Co   28,500    1,474,590 
GSK PLC   35,800    1,463,504 
Ingredion Inc   19,100    2,624,913 
Perrigo Co PLC   33,000    865,590 
Total Consumer, Non-Cyclical        9,006,277 
           
Financial (19.44%)          
Horace Mann Educators Corp   42,300    1,478,385 
ING Groep NV   144,100    2,616,856 
KeyCorp   107,600    1,802,300 
Lincoln National Corp   46,700    1,471,517 
The Western Union Co   150,900    1,800,237 
Total Financial        9,169,295 
           
Industrial (9.06%)          
Lockheed Martin Corp   4,400    2,572,064 
Trinity Industries Inc   48,800    1,700,192 
Total Industrial        4,272,256 
           
Utilities (8.82%)          
DTE Energy Co   18,700    2,401,267 
Evergy Inc   28,400    1,761,084 
Total Industrial        4,162,351 
           
Total Common Stock (Cost $27,991,947)        32,489,553 
           
Preferred Stock (4.32%)          
           
Energy (0.15%)          
NGL Energy Partners LP, 11.998%   2,971    69,878 
           
Financial (4.17%)          
Argo Group US Inc, 6.500%   10,014    227,118 
Bank of America Corp, 7.250%   354    450,646 
Equity Commonwealth, 6.500%   30,628    773,359 
JPMorgan Chase & Co, 5.750%   20,411    515,990 
Total Financial        1,967,113 
           
Total Preferred Stock (Cost $1,991,142)        2,036,991 

 

 

 

 

Corporate Debt (20.49%)  Par Value   Value 
           
Communications (2.65%)          
Getty Images Inc, 9.750%, 3/1/2027 (144A)   500,000    499,946 
Uber Technologies Inc, 8.000%, 11/1/2026 (144A)   750,000    751,095 
Total Communications        1,251,041 
           
Consumer, Cyclical (11.14%)          
Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A)   412,698    400,914 
American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025   520,434    512,525 
American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028   326,000    303,824 
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025   334,500    333,306 
American Airlines 2017-2 Class B Pass Through Trust, 3.700%, 10/15/2025   196,682    193,818 
American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032   377,927    338,053 
American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028   142,681    134,957 
American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030   615,000    579,893 
British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A)   407,755    361,442 
Century Communities Inc, 6.750%, 6/1/2027   250,000    252,421 
The Goodyear Tire & Rubber Co, 9.500%, 5/31/2025   312,000    312,826 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A)   275,000    278,424 
United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028   630,641    586,438 
United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030   354,992    325,445 
United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031   367,506    341,055 
Total Consumer, Cyclical        5,255,341 
           
Consumer, Non-Cyclical (1.97%)          
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A)   250,000    243,215 
Conagra Brands Inc, 7.125%, 10/1/2026   175,000    184,449 
Williams Scotsman Inc, 6.125%, 6/15/2025 (144A)   500,000    499,490 
Total Consumer, Non-Cyclical        927,154 
           
Energy (0.55%)          
NuStar Logistics LP, 6.375%, 10/1/2030   250,000    259,961 
           
Financial (3.65%)          
The Charles Schwab Corp, 5.375%(a),(b)   500,000    499,011 
Credit Acceptance Corp, 6.625%, 3/15/2026#   220,000    220,092 
Nationwide Mutual Insurance Co, 7.498%, 12/15/2024 (144A)(b)   1,000,000    1,001,701 
Total Financial        1,720,804 
           
Industrial (0.53%)          
MasTec Inc, 6.625%, 8/15/2029 (144A)   250,000    251,250 
           
Total Corporate Debt (Cost $9,404,844)        9,665,551 
           
Asset Backed Securities (0.48%)          
New Economy Assets Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A)   250,000    224,917 
Total Asset Backed Securities (Cost $222,662)        224,917 
           
Investment Companies (6.82%)          
           
Mutual Funds (2.30%)          
High Income Securities Fund   36,136    246,809 
The New America High Income Fund Inc   12,262    102,142 
RiverNorth Capital and Income Fund   47,724    734,473 
Total Mutual Funds        1,083,424 
           
Exchange-Traded Funds (2.67%)          
Invesco Senior Loan ETF   28,100    590,381 
SPDR Bloomberg Short Term High Yield Bond ETF#   26,000    669,500 
Total Mutual Funds        1,259,881 
           
Money Market Funds (1.85%)          
First American Government Obligations Fund   873,296    873,296 
           
Total Investment Companies (Cost $3,167,188)        3,216,601 
           
Collateral Received For Securities on Loan (1.92%)          
First American Government Obligations Fund - Class X (Cost $907,060)   907,060    907,060 
           
Total Investments (Cost $43,684,843) (102.91%)        48,540,673 
Liabilities in Excess of Other Assets (-2.91%)        (1,371,953)
Net Assets (100.00%)       $47,168,720 

 

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2024, these securities had a total aggregate market value of $4,512,394, which represented approximately 9.57% of net assets.
 
(a) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
 
(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of September 30, 2024 is based on the reference rate plus the displayed spread as of the security’s last reset date.
 
# Loaned security; a portion of the security is on loan at September 30, 2024 in the amount of $883,569.

 

 

 

 

ICON FLEXIBLE BOND FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (2.27%)          
           
Financial (2.27%)          
Annaly Capital Management Inc   189,000   $3,793,230 
Equity Commonwealth*   55,000    1,094,500 
Goldman Sachs BDC Inc#   199,787    2,749,069 
Total Common Stock (Cost $7,842,428)        7,636,799 
           
Corporate Debt (73.49%)          
           
Basic Materials (0.47%)          
Mercer International Inc, 12.875%, 10/1/2028 (144A)   1,500,000    1,574,730 
           
Communications (2.98%)          
CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 3/1/2030 (144A)   2,000,000    1,839,036 
Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028#   4,315,000    4,093,908 
DISH Network Corp, 11.750%, 11/15/2027 (144A)   1,000,000    1,046,979 
Getty Images Inc, 9.750%, 3/1/2027 (144A)#   1,551,000    1,550,834 
Uber Technologies Inc, 8.000%, 11/1/2026 (144A)   1,500,000    1,502,190 
Total Communications        10,032,947 
           
Consumer, Cyclical (19.28%)          
Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/2027 (144A)   771,484    735,293 
Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A)   1,867,873    1,814,536 
American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025   8,569,821    8,439,584 
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 9/22/2027   1,194,632    1,139,577 
American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028   1,284,440    1,197,066 
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025   3,345,000    3,333,064 
American Airlines 2017-2 Class B Pass Through Trust, 3.700%, 10/15/2025   786,726    775,269 
American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032   2,947,834    2,636,815 
American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028   7,970,156    7,538,674 
American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030   3,485,000    3,286,059 
American Airlines Inc, 7.250%, 2/15/2028 (144A)#   1,000,000    1,023,688 
British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A)   2,196,958    1,947,422 
British Airways 2021-1 Class B Pass Through Trust, 3.900%, 9/15/2031 (144A)   1,533,140    1,434,325 
Century Communities Inc, 6.750%, 6/1/2027   1,750,000    1,766,947 
The Goodyear Tire & Rubber Co, 9.500%, 5/31/2025   936,000    938,478 
IHO Verwaltungs GmbH, 4.750%, 9/15/2026 (144A)   1,000,000    979,056 
JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 11/15/2027   2,773,545    2,838,273 
JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028   1,882,861    1,922,260 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A)   1,650,000    1,670,543 
Sizzling Platter LLC / Sizzling Platter Finance Corp, 8.500%, 11/28/2025 (144A)   1,000,000    1,004,436 
United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028   7,567,694    7,037,267 
United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 1/7/2026   2,216,435    2,167,827 
United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030   6,505,576    5,964,113 
United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026   766,077    755,519 
United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031   2,727,320    2,531,017 
Total Consumer, Cyclical        64,877,108 
           
Consumer, Non-cyclical (4.53%)          
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A)   1,250,000    1,216,077 
Conagra Brands Inc, 7.125%, 10/1/2026   1,150,000    1,212,090 
CVS Pass-Through Trust, 7.507%, 1/10/2032 (144A)   3,542,063    3,774,726 
Embecta Corp, 5.000%, 2/15/2030 (144A)   2,000,000    1,841,217 
McKesson Corp, 7.650%, 3/1/2027   2,000,000    2,154,790 
Varex Imaging Corp, 7.875%, 10/15/2027 (144A)   4,950,000    5,035,725 
Total Consumer, Non-cyclical        15,234,625 

 

 

 

 

Energy (6.73%)          
Andeavor LLC, 5.125%, 12/15/2026   4,000,000    4,030,117 
Cimarex Energy Co, 4.375%, 3/15/2029   3,000,000    2,818,533 
Enbridge Inc, 6.000%, 1/15/2077(b)   3,000,000    3,002,544 
Enbridge Inc, 8.250%, 1/15/2084(b)   1,000,000    1,059,648 
Energy Transfer LP, 6.000%, 2/1/2029 (144A)   3,000,000    3,072,309 
Enterprise Products Operating LLC, 8.343%, 8/16/2077(b)   1,711,000    1,710,957 
EQM Midstream Partners LP, 7.500%, 6/1/2027 (144A)   1,000,000    1,029,298 
Northern Oil & Gas Inc, 8.125%, 3/1/2028 (144A)   1,250,000    1,259,113 
NuStar Logistics LP, 6.375%, 10/1/2030   2,000,000    2,079,688 
Summit Midstream Holdings LLC, 8.625%, 10/31/2029 (144A)   2,475,000    2,588,202 
Total Energy        22,650,409 
           
Financial (25.92%)          
The Allstate Corp, 8.318%, 8/15/2053(b)   900,000    904,500 
Aretec Group Inc, 10.000%, 8/15/2030 (144A)   1,500,000    1,596,324 
The Bank of Nova Scotia, 4.900%(a),(b)    2,500,000    2,466,014 
The Charles Schwab Corp, 4.000%(a),(b)    5,000,000    4,793,606 
The Charles Schwab Corp, 5.000%(a),(b)    4,500,000    4,408,943 
The Charles Schwab Corp, 5.375%(a),(b)    3,500,000    3,493,079 
Citigroup Inc, 7.125%(a),(b)    3,500,000    3,642,183 
Citigroup Inc, 3.875%(a),(b)    3,000,000    2,886,773 
Citigroup Inc, 4.700%(a),(b)    2,000,000    1,989,760 
Corebridge Financial Inc, 6.875%, 12/15/2052(b)   4,000,000    4,136,693 
Credit Acceptance Corp, 6.625%, 3/15/2026#   2,600,000    2,601,082 
Enstar Finance LLC, 5.500%, 1/15/2042(b)   2,500,000    2,331,959 
F&G Annuities & Life Inc, 6.500%, 6/4/2029   2,000,000    2,059,066 
Fidelity & Guaranty Life Holdings Inc, 5.500%, 5/1/2025 (144A)   316,000    315,998 
Fifth Third Bancorp, 7.994%(a),(b)    6,718,000    6,700,906 
Fifth Third Bancorp, 7.898%(a),(b)    500,000    497,245 
First-Citizens Bank & Trust Co, 6.125%, 3/9/2028   2,000,000    2,090,325 
HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 6/15/2027 (144A)   2,000,000    2,119,146 
HSBC Holdings PLC, 7.399%, 11/13/2034(b)   1,000,000    1,147,138 
Hunt Cos Inc, 5.250%, 4/15/2029 (144A)   1,000,000    967,409 
Huntington Bancshares Inc, 4.450%(a),(b)    2,000,000    1,907,469 
Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 6/15/2030 (144A)   3,000,000    3,025,005 
JPMorgan Chase & Co, 4.600%(a),(b)    3,000,000    2,973,976 
JPMorgan Chase & Co, 4.000%(a),(b)    2,195,000    2,165,750 
MetLife Inc, 10.750%, 8/1/2039   2,000,000    2,857,020 
Nationwide Mutual Insurance Co, 7.498%, 12/15/2024 (144A)(b)   3,000,000    3,005,104 
The PNC Financial Services Group Inc, 8.317%(a),(b)    2,350,000    2,367,005 
Sammons Financial Group Inc, 4.750%, 4/8/2032 (144A)   2,500,000    2,349,465 
Talcott Resolution Life Inc, 7.650%, 6/15/2027   3,000,000    3,020,487 
Truist Financial Corp, 8.310%#,(a),(b)   2,400,000    2,398,539 
Truist Financial Corp, 5.125%(a),(b)    2,000,000    1,964,738 
UIRC-GSA Holdings II LLC, 4.250%, 6/30/2025 (144A)   2,000,000    1,978,668 
Wells Fargo & Co, 3.900%(a),(b)    4,100,000    3,984,187 
Wells Fargo & Co, 6.850%(a),(b)    2,000,000    2,085,524 
Total Financial        87,231,086 
           
Government (2.20%)          
Farm Credit Bank of Texas, 7.75%   7,165,000    7,399,066 
           
Industrial (5.24%)          
AerCap Global Aviation Trust, 6.500%, 6/15/2045 (144A)(b)   4,510,000    4,502,965 
Cascades Inc/Cascades USA Inc, 5.375%, 1/15/2028 (144A)   2,000,000    1,955,131 
Danaos Corp, 8.500%, 3/1/2028 (144A)   2,010,000    2,068,959 
Fortress Transportation and Infrastructure Investors LLC, 5.500%, 5/1/2028 (144A)   4,000,000    3,989,574 
Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/2027 (144A)   2,500,000    2,561,955 
MasTec Inc, 6.625%, 8/15/2029 (144A)   1,250,000    1,256,250 
Vontier Corp, 2.950%, 4/1/2031   1,500,000    1,305,313 
Total Industrial        17,640,147 

 

 

 

 

           
Technology (1.78%)          
Dell Inc, 7.100%, 4/15/2028   3,000,000    3,260,553 
Dell International LLC / EMC Corp, 6.100%, 7/15/2027   2,612,000    2,741,880 
Total Technology        6,002,433 
           
Utilities (4.36%)          
American Electric Power Co Inc, 7.050%, 12/15/2054#,(b)   2,000,000    2,102,742 
Calpine Corp, 5.250%, 6/1/2026 (144A)   703,000    700,381 
Dominion Energy Inc, 4.350%(a),(b)    3,000,000    2,921,851 
Dominion Energy Inc, 5.750% 10/1/2054(b)   2,000,000    2,000,000 
Entergy Corp, 7.125%, 12/1/2054(b)   4,000,000    4,145,693 
Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A)   1,460,000    1,452,971 
Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A)   1,350,000    1,349,436 
Total Utilities        14,673,074 
           
Total Corporate Debt (Cost $242,956,985)        247,315,625 
           
Asset Backed Securities (2.61%)          
           
New Economy Assets Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A)   6,750,000    6,072,772 
SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A)   3,000,000    2,704,654 
Total Asset Backed Securities (Cost $8,908,654)        8,777,426 
           
Preferred Stock (10.80%)          
           
Argo Group US Inc, 6.500%   477,922    10,839,271 
Bank of America Corp, 7.250%   200    254,602 
Equity Commonwealth, 6.500%   714,677    18,045,665 
NGL Energy Partners LP, 11.998%   82,292    1,935,508 
UMH Properties Inc, 6.375%   219,295    5,282,817 
Total Preferred Stock (Cost $35,704,991)        36,357,863 
           
Investment Companies (10.34%)          
           
Mutual Funds (9.01%)          
BlackRock Municipal Income Fund Inc   1,058,938    13,321,440 
High Income Securities Fund   862,908    5,893,662 
MFS High Yield Municipal Trust   821,456    3,010,636 
MFS Investment Grade Municipal Trust   236,518    1,944,178 
The New America High Income Fund Inc   82,640    688,391 
RiverNorth Capital and Income Fund   116,824    1,797,921 
Western Asset Global Corporate Opportunity Fund Inc   175,856    2,263,267 
Western Asset Investment Grade Opportunity Trust Inc   77,232    1,390,176 
Total Mutual Funds        30,309,671 
           
Money Market Funds (1.33%)          
First American Government Obligations Fund   4,482,852    4,482,852 
           
Total Investment Companies (Cost $33,706,935)        34,792,523 
           
Collateral Received For Securities on Loan (1.71%)          
First American Government Obligations Fund - Class X (Cost $5,755,235)   5,755,235    5,755,235 
           
Total Investments (Cost $334,875,228) (101.22%)        340,635,471 
Liabilities in Excess of Other Assets (-1.22%)        (4,119,050)
Net Assets (100.00%)       $336,516,421 

 

* Non-income producing security.
 
# Loaned security; a portion of the security is on loan at September 30, 2024, in the amount of $5,617,422.
 
(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2024, these securities had a total aggregate market value of $81,911,902  which represented approximately 24.34% of net assets.
 
(a) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
 
(b) Floating or variable rate security. The reference rate is described above. The rate in effect as of September 30, 2024 is based on the reference rate plus the displayed spread as of the security’s last reset date.

 

 

 

 

ICON HEALTH AND INFORMATION TECHNOLOGY FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (99.18%)          
           
Communications (22.01%)          
Alphabet Inc   22,300   $3,728,337 
Arista Networks Inc*   10,900    4,183,638 
CDW Corp   11,800    2,670,340 
Cisco Systems Inc   53,900    2,868,558 
Meta Platforms Inc   9,200    5,266,448 
Total Communications        18,717,321 
           
Consumer, Non-cyclical (43.31%)          
AstraZeneca PLC   30,000    2,337,300 
The Cigna Group   10,100    3,499,044 
Elevance Health Inc   7,800    4,056,000 
Encompass Health Corp   29,100    2,812,224 
HCA Healthcare Inc   8,000    3,251,440 
Humana Inc   8,700    2,755,638 
IQVIA Holdings Inc*   3,438    814,703 
LiveRamp Holdings Inc*   115,000    2,849,700 
Merck & Co Inc   16,100    1,828,316 
Molina Healthcare Inc*   12,300    4,238,088 
Select Medical Holdings Corp   105,000    3,661,350 
UnitedHealth Group Inc   8,100    4,735,908 
Total Consumer, Non-cyclical        36,839,711 
           
Industrial (9.32%)          
TD SYNNEX Corp   37,000    4,442,960 
Universal Display Corp   16,600    3,484,340 
Total Industrial        7,927,300 
           
Technology (24.54%)          
Autodesk Inc*   14,500    3,994,460 
Fortinet Inc*   55,000    4,265,250 
Globant SA*   11,900    2,357,866 
Pegasystems Inc   35,000    2,558,150 
Salesforce Inc   12,900    3,530,859 
Taiwan Semiconductor Manufacturing Co Ltd   24,000    4,168,080 
Total Technology        20,874,665 
           
Total Common Stock (Cost $62,662,442)        84,358,997 
           
Investment Companies (0.93%)          
           
Money Market (0.93%)          
First American Government Obligations Fund   793,401    793,401 
           
Total Funds (Cost $793,401)        793,401 
           
Total Investments (Cost $63,455,843) (100.11%)       $85,152,398 
Liabilities in Excess of Other Assets (-0.11%)        (93,118)
Net Assets (100.00%)       $85,059,280 

 

* Non-income producing security.

 

 

 

 

ICON NATURAL RESOURCES & INFRASTRUCTURE FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (99.30%)          
           
Basic Materials (14.74%)          
Carpenter Technology Corp   30,000   $4,787,400 
The Chemours Co   131,000    2,661,920 
Compass Minerals International Inc   100,000    1,202,000 
Eastman Chemical Co   27,000    3,022,650 
Haynes International Inc   28,000    1,667,120 
Ingevity Corp*   47,000    1,833,000 
Kaiser Aluminum Corp   17,000    1,232,840 
Radius Recycling Inc   132,000    2,447,280 
Total Basic Materials        18,854,210 
           
Consumer, Cyclical (5.24%)          
Blue Bird Corp*   93,000    4,460,280 
H&E Equipment Services Inc   46,000    2,239,280 
Total Basic Materials        6,699,560 
           
Energy (17.72%)          
ChampionX Corp   100,000    3,015,000 
Enterprise Products Partners LP   167,000    4,861,370 
EQT Corp   100,000    3,664,000 
NOV Inc   160,000    2,555,200 
Suncor Energy Inc   65,000    2,399,800 
Sunoco LP   36,000    1,932,480 
YPF SA*   200,000    4,242,000 
Total Energy        22,669,850 
           
Industrial (50.28%)          
3M Co   28,000    3,827,600 
AAR Corp*   80,000    5,228,800 
Alamo Group Inc   12,000    2,161,560 
Armstrong World Industries Inc   35,000    4,600,050 
Canadian National Railway Co   20,000    2,343,000 
Canadian Pacific Kansas City Ltd   20,500    1,753,570 
Carlisle Cos Inc   4,300    1,933,925 
Cemex SAB de CV   800,000    4,880,000 
Chart Industries Inc*   16,000    1,986,240 
Clean Harbors Inc*   7,000    1,691,970 
CSX Corp   33,000    1,139,490 
Granite Construction Inc   51,000    4,043,280 
The Greenbrier Cos Inc   50,000    2,544,500 
Masco Corp   57,000    4,784,580 
Old Dominion Freight Line Inc   14,200    2,820,688 
Oshkosh Corp   30,500    3,056,405 
Tetra Tech Inc   67,000    3,159,720 
Union Pacific Corp   11,500    2,834,520 
Woodward Inc   23,000    3,944,730 
ZTO Express Cayman Inc   225,000    5,573,250 
Total Industrial        64,307,878 
           
Utilities (11.32%)          
Dominion Energy Inc   43,000    2,484,970 
National Fuel Gas Co   72,000    4,363,920 
New Jersey Resources Corp   94,000    4,436,800 
ONE Gas Inc   43,000    3,200,060 
Total Utilities        14,485,750 
           
Total Common Stock (Cost $107,279,624)        127,017,248 
           
Investment Companies (0.73%)          
           
Money Market Funds (0.73%)          
First American Government Obligations Fund   935,740    935,740 
           
Total Investment Companies (Cost $935,740)        935,740 
           
Total Investments (Cost $108,215,364) (100.03%)       $127,952,988 
Liabilities in Excess of Other Assets (-0.03%)        (39,998)
Net Assets (100.00%)       $127,912,990 

 

* Non-income producing security.

 

 

 

 

ICON UTILITIES AND INCOME FUND
Portfolio of Investments
September 30, 2024

 

Security Description  Shares   Value 
Common Stock (99.70%)          
           
Communications (7.90%)          
T-Mobile US Inc   5,700   $1,176,252 
Vodafone Group PLC   72,000    721,440 
Total Utilities        1,897,692 
           
Utilities (91.80%)          
ALLETE Inc   18,000    1,155,420 
Ameren Corp   15,100    1,320,646 
American Electric Power Co Inc   13,818    1,417,727 
Atmos Energy Corp   12,000    1,664,520 
Avangrid Inc   32,100    1,148,859 
Black Hills Corp   15,200    929,024 
CMS Energy Corp   12,200    861,686 
Consolidated Edison Inc   11,100    1,155,843 
DTE Energy Co   8,500    1,091,485 
Evergy Inc   16,900    1,047,969 
Eversource Energy   18,000    1,224,900 
National Fuel Gas Co   25,500    1,545,555 
New Jersey Resources Corp   22,634    1,068,325 
NextEra Energy Inc   17,500    1,479,275 
NiSource Inc   47,151    1,633,782 
ONE Gas Inc   13,700    1,019,554 
Spire Inc   16,000    1,076,640 
Xcel Energy Inc   18,600    1,214,580 
Total Utilities        22,055,790 
           
Total Common Stock (Cost $21,500,406)        23,953,482 
           
Investment Companies (0.79%)          
           
Money Market Funds (0.79%)          
First American Government Obligations Fund   188,856    188,856 
           
Total Investment Companies (Cost $188,856)        188,856 
           
Total Investments (Cost $21,689,262) (100.49%)        24,142,338 
Liabilities in Excess of Other Assets (-0.49%)        (118,688)
Net Assets (100.00%)       $24,023,650 

 

* Non-income producing security.