ICON CONSUMER SELECT FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (100.44%) | ||||||||
| Communications (13.33%) | ||||||||
| eBay Inc | 27,400 | $ | 1,855,802 | |||||
| Expedia Group Inc | 8,604 | 1,446,332 | ||||||
| The Walt Disney Co | 9,700 | 957,390 | ||||||
| Total Communications | 4,259,524 | |||||||
| Consumer, Cyclical (22.33%) | ||||||||
| Dana Inc | 45,516 | 606,728 | ||||||
| Deckers Outdoor Corp* | 5,788 | 647,156 | ||||||
| Gentex Corp | 58,500 | 1,363,050 | ||||||
| Gentherm Inc* | 14,800 | 395,752 | ||||||
| Lear Corp | 10,300 | 908,666 | ||||||
| NIKE Inc | 10,700 | 679,236 | ||||||
| Sabre Corp* | 227,578 | 639,494 | ||||||
| Skechers USA Inc* | 22,700 | 1,288,906 | ||||||
| Visteon Corp* | 7,800 | 605,436 | ||||||
| Total Consumer, Cyclical | 7,134,424 | |||||||
| Consumer, Non-cyclical (10.21%) | ||||||||
| Global Payments Inc | 12,500 | 1,224,000 | ||||||
| Green Dot Corp* | 43,435 | 366,591 | ||||||
| Koninklijke Ahold Delhaize NV | 44,700 | 1,670,886 | ||||||
| Total Consumer, Non-cyclical | 3,261,477 | |||||||
| Financial (54.57%) | ||||||||
| American Express Co | 5,500 | 1,479,775 | ||||||
| Arch Capital Group Ltd | 15,200 | 1,461,936 | ||||||
| Assurant Inc | 5,500 | 1,153,625 | ||||||
| Equitable Holdings Inc | 39,200 | 2,041,928 | ||||||
| Everest Group Ltd | 3,200 | 1,162,656 | ||||||
| The Hartford Insurance Group Inc | 15,500 | 1,917,815 | ||||||
| Huntington Bancshares Inc | 59,689 | 895,932 | ||||||
| LPL Financial Holdings Inc | 6,876 | 2,249,415 | ||||||
| Mastercard Inc | 2,200 | 1,205,864 | ||||||
| RenaissanceRe Holdings Ltd | 6,500 | 1,560,000 | ||||||
| Visa Inc | 6,600 | 2,313,036 | ||||||
| Total Financial | 17,441,982 | |||||||
| Total Common Stock (Cost $25,301,429) | 32,097,407 | |||||||
| Total Investments (Cost $25,301,429) (100.44%) | $ | 32,097,407 | ||||||
| Liabilities in Excess of Other Assets (-0.44%) | (141,874 | ) | ||||||
| Net Assets (100.00%) | $ | 31,955,533 | ||||||
* Non-income producing security.
ICON EQUITY FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (99.37%) | ||||||||
| Basic Materials (7.22%) | ||||||||
| The Chemours Co | 65,800 | 890,274 | ||||||
| Eastman Chemical Co | 13,100 | 1,154,241 | ||||||
| Kaiser Aluminum Corp | 21,100 | 1,279,082 | ||||||
| Total Basic Materials | 3,323,597 | |||||||
| Communications (9.63%) | ||||||||
| Extreme Networks Inc* | 80,000 | 1,058,400 | ||||||
| T-Mobile US Inc | 7,200 | 1,920,312 | ||||||
| Vodafone Group PLC | 155,000 | 1,452,350 | ||||||
| Total Communications | 4,431,062 | |||||||
| Consumer, Cyclical (7.20%) | ||||||||
| Delta Air Lines Inc | 26,900 | 1,172,840 | ||||||
| Magna International Inc | 27,100 | 921,129 | ||||||
| NIKE Inc | 7,350 | 466,578 | ||||||
| Southwest Airlines Co | 22,400 | 752,192 | ||||||
| Total Consumer, Cyclical | 3,312,739 | |||||||
| Consumer, Non-cyclical (12.48%) | ||||||||
| Anheuser-Busch InBev SA | 11,600 | 714,096 | ||||||
| The Boston Beer Co Inc* | 3,200 | 764,288 | ||||||
| Euronet Worldwide Inc* | 13,350 | 1,426,448 | ||||||
| Global Payments Inc | 11,837 | 1,159,079 | ||||||
| Performance Food Group Co* | 21,375 | 1,680,716 | ||||||
| Total Consumer, Non-cyclical | 5,744,627 | |||||||
| Energy (5.65%) | ||||||||
| Baker Hughes Co | 59,206 | 2,602,104 | ||||||
| Financial (30.63%) | ||||||||
| Bank of America Corp | 32,488 | 1,355,724 | ||||||
| Horace Mann Educators Corp | 48,800 | 2,085,224 | ||||||
| JPMorgan Chase & Co | 6,850 | 1,680,305 | ||||||
| Lazard Inc | 31,600 | 1,368,280 | ||||||
| Lincoln National Corp | 47,900 | 1,720,089 | ||||||
| LPL Financial Holdings Inc | 6,800 | 2,224,552 | ||||||
| Mastercard Inc | 3,769 | 2,065,864 | ||||||
| Truist Financial Corp | 39,100 | 1,608,965 | ||||||
| Total Financial | 14,109,003 | |||||||
| Industrial (21.70%) | ||||||||
| Advanced Drainage Systems Inc | 6,177 | 671,131 | ||||||
| Alamo Group Inc | 7,400 | 1,318,754 | ||||||
| Armstrong World Industries Inc | 17,750 | 2,500,620 | ||||||
| Chart Industries Inc* | 11,810 | 1,704,892 | ||||||
| CSX Corp | 36,200 | 1,065,366 | ||||||
| Stanley Black & Decker Inc | 12,600 | 968,688 | ||||||
| Trinity Industries Inc | 62,625 | 1,757,258 | ||||||
| Total Industrial | 9,986,709 | |||||||
| Technology (1.92%) | ||||||||
| Adobe Inc* | 2,300 | 882,119 | ||||||
| Utilities (2.94%) | ||||||||
| Dominion Energy Inc | 24,100 | 1,351,287 | ||||||
| Total Common Stock (Cost $35,138,251) | 45,743,247 | |||||||
| Investment Companies (0.97%) | Shares | Value | ||||||
| Exchange-Traded Funds (0.33%) | ||||||||
| Direxion Daily Small Cap Bull 3X Shares# | 5,150 | 150,689 | ||||||
| Money Market Funds (0.64%) | ||||||||
| First American Government Obligations Fund 7-Day Yield: 4.27% (Cost $293,386) | 293,386 | 293,386 | ||||||
| Total Investment Companies (Cost $483,819) | 444,075 | |||||||
| Collateral Received For Securities on Loan (0.31%) | ||||||||
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.27% (Cost $143,350) | 143,350 | 143,350 | ||||||
| Total Investments (Cost $35,765,420) (100.65%) | 46,330,672 | |||||||
| Liabilities in Excess of Other Assets (-0.65%) | (300,902 | ) | ||||||
| Net Assets (100.00%) | 46,029,770 | |||||||
* Non-income producing security.
# Loaned security; a portion of the security is on loan at March 31, 2025 in the amount of $137,522.
ICON EQUITY INCOME FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (87.40%) | ||||||||
| Basic Materials (7.63%) | ||||||||
| The Chemours Co | 103,100 | $ | 1,394,943 | |||||
| Huntsman Corp | 62,600 | 988,454 | ||||||
| Kaiser Aluminum Corp | 14,776 | 895,721 | ||||||
| Total Basic Materials | 3,279,118 | |||||||
| Communications (4.92%) | ||||||||
| Nexstar Media Group Inc | 11,800 | 2,114,796 | ||||||
| Consumer, Non-Cyclical (18.55%) | ||||||||
| Amgen Inc | 8,000 | 2,492,400 | ||||||
| Bristol-Myers Squibb Co | 28,500 | 1,738,215 | ||||||
| GSK PLC# | 35,800 | 1,386,892 | ||||||
| Ingredion Inc | 10,600 | 1,433,226 | ||||||
| Perrigo Co PLC | 33,000 | 925,320 | ||||||
| Total Consumer, Non-Cyclical | 7,976,053 | |||||||
| Financial (28.35%) | ||||||||
| Horace Mann Educators Corp | 42,300 | 1,807,479 | ||||||
| ING Groep NV | 115,498 | 2,262,606 | ||||||
| KeyCorp | 107,600 | 1,720,524 | ||||||
| Lazard Inc | 27,400 | 1,186,420 | ||||||
| Lincoln National Corp | 46,700 | 1,676,997 | ||||||
| OneMain Holdings Inc | 32,800 | 1,603,264 | ||||||
| The Western Union Co | 182,500 | 1,930,850 | ||||||
| Total Financial | 12,188,140 | |||||||
| Industrial (7.76%) | ||||||||
| Lockheed Martin Corp | 4,400 | 1,965,524 | ||||||
| Trinity Industries Inc | 48,800 | 1,369,328 | ||||||
| Total Industrial | 3,334,852 | |||||||
| Utilities (20.19%) | ||||||||
| DTE Energy Co | 18,700 | 2,585,649 | ||||||
| Evergy Inc | 31,900 | 2,199,505 | ||||||
| National Fuel Gas Co | 26,537 | 2,101,465 | ||||||
| Portland General Electric Co | 40,162 | 1,791,225 | ||||||
| Total Industrial | 8,677,844 | |||||||
| Total Common Stock (Cost $33,579,325) | 37,570,803 | |||||||
| Corporate Debt (10.78%) | Par Value | Value | ||||||
| Consumer, Cyclical (9.04%) | ||||||||
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) | 363,757 | 356,394 | ||||||
| American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025 | 489,113 | 485,915 | ||||||
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028 | 314,750 | 298,007 | ||||||
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025 | 171,405 | 170,031 | ||||||
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032 | 364,356 | 326,618 | ||||||
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028 | 130,693 | 125,404 | ||||||
| American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030 | 581,250 | 547,003 | ||||||
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) | 393,119 | 351,939 | ||||||
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028 | 604,258 | 573,515 | ||||||
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030 | 340,145 | 318,505 | ||||||
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031 | 355,072 | 333,571 | ||||||
| Total Consumer, Cyclical | 3,886,902 | |||||||
| Consumer, Non-Cyclical (0.57%) | ||||||||
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 250,000 | 246,262 | ||||||
| Energy (0.59%) | ||||||||
| NuStar Logistics LP, 6.375%, 10/1/2030 | 250,000 | 252,664 | ||||||
| Industrial (0.58%) | ||||||||
| MasTec Inc, 6.625%, 8/15/2029 (144A) | 250,000 | 248,750 | ||||||
| Total Corporate Debt (Cost $4,456,144) | 4,634,578 | |||||||
| Asset Backed Securities (0.53%) | ||||||||
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) (Cost $222,870) | 250,000 | 228,480 | ||||||
| Investment Companies (2.50%) | Shares | Value | ||||||
| Mutual Funds (0.59%) | ||||||||
| RiverNorth Capital and Income Fund | 16,749 | 254,669 | ||||||
| Money Market Funds (1.91%) | ||||||||
| First American Government Obligations Fund, 7-Day Yield: 4.27% (Cost $820,220) | 820,220 | 820,220 | ||||||
| Total Investment Companies (Cost $1,070,885) | 1,074,889 | |||||||
| Collateral Received For Securities on Loan (3.28%) | ||||||||
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.27% (Cost $1,408,820) | 1,408,820 | 1,408,820 | ||||||
| Total Investments (Cost $40,738,043) (104.49%) | $ | 44,917,570 | ||||||
| Liabilities in Excess of Other Assets (-4.49%) | (1,928,211 | ) | ||||||
| Net Assets (100.00%) | $ | 42,989,359 | ||||||
(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 March 31,2025, these securities had a total aggregate market value of $1,431,825, which represented approximately 3.33% of net assets.
# Loaned security; a portion of the security is on loan at March 31, 2025 in the amount of $1,373,023.
ICON FLEXIBLE BOND FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (3.94%) | ||||||||
| Financial (3.94%) | ||||||||
| AGNC Investment Corp# | 244,018 | $ | 2,337,692 | |||||
| Annaly Capital Management Inc | 367,403 | 7,461,955 | ||||||
| Barings BDC Inc | 102,951 | 982,153 | ||||||
| Crescent Capital BDC Inc | 58,372 | 999,329 | ||||||
| Goldman Sachs BDC Inc | 258,677 | 3,008,414 | ||||||
| Total Common Stock (Cost $15,699,770) | 14,789,543 | |||||||
| Corporate Debt (61.33%) | Par Value | Value | ||||||
| Basic Materials (0.42%) | ||||||||
| Mercer International Inc, 12.875%, 10/1/2028 (144A) | 1,500,000 | 1,586,981 | ||||||
| Communications (1.87%) | ||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 3/1/2030 (144A) | 2,000,000 | 1,853,815 | ||||||
| Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028 | 4,315,000 | 4,120,825 | ||||||
| DISH Network Corp, 11.750%, 11/15/2027 (144A) | 1,000,000 | 1,053,831 | ||||||
| Total Communications | 7,028,471 | |||||||
| Consumer, Cyclical (15.42%) | ||||||||
| Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/2027 (144A) | 741,201 | 720,722 | ||||||
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) | 1,646,362 | 1,613,037 | ||||||
| American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025 | 8,054,069 | 8,001,397 | ||||||
| American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 9/22/2027 | 1,147,235 | 1,109,513 | ||||||
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028 | 1,240,115 | 1,174,149 | ||||||
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025 | 685,619 | 680,120 | ||||||
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032 | 2,841,974 | 2,547,624 | ||||||
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028 | 7,300,512 | 7,005,052 | ||||||
| American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030 | 3,293,750 | 3,099,684 | ||||||
| Aptiv Swiss Holdings Ltd, 6.875%, 12/15/2054(a) | 2,500,000 | 2,447,310 | ||||||
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) | 2,118,098 | 1,896,221 | ||||||
| British Airways 2021-1 Class B Pass Through Trust, 3.900%, 9/15/2031 (144A) | 1,423,451 | 1,339,207 | ||||||
| Century Communities Inc, 6.750%, 6/1/2027 | 1,750,000 | 1,749,216 | ||||||
| JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 11/15/2027 | 2,495,238 | 2,541,699 | ||||||
| JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028 | 1,728,127 | 1,760,016 | ||||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A) | 1,350,000 | 1,355,319 | ||||||
| Sizzling Platter LLC / Sizzling Platter Finance Corp, 8.500%, 11/28/2025 (144A) | 1,000,000 | 997,644 | ||||||
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028 | 7,251,099 | 6,882,176 | ||||||
| United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 1/7/2026 | 2,002,315 | 1,971,097 | ||||||
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030 | 6,233,493 | 5,836,921 | ||||||
| United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026 | 683,452 | 674,429 | ||||||
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031 | 2,635,040 | 2,475,482 | ||||||
| Total Consumer, Cyclical | 57,878,035 | |||||||
| Consumer, Non-Cyclical (4.69%) | ||||||||
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 1,250,000 | 1,231,310 | ||||||
| Conagra Brands Inc, 7.125%, 10/1/2026 | 1,150,000 | 1,191,171 | ||||||
| CVS Pass-Through Trust, 7.507%, 1/10/2032 (144A) | 3,349,892 | 3,567,181 | ||||||
| CVS Pass-Through Trust Series 2013, 4.704%, 1/10/2036 (144A) | 619,034 | 597,397 | ||||||
| Embecta Corp, 5.000%, 2/15/2030 (144A) | 2,000,000 | 1,791,413 | ||||||
| Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 14.750%, 11/14/2028 (144A) | 2,000,000 | 2,094,359 | ||||||
| McKesson Corp, 7.650%, 3/1/2027 | 2,000,000 | 2,103,490 | ||||||
| Varex Imaging Corp, 7.875%, 10/15/2027 (144A) | 4,950,000 | 5,031,863 | ||||||
| Total Consumer, Non-Cyclical | 17,608,184 | |||||||
| Energy (6.78%) | ||||||||
| Andeavor LLC, 5.125%, 12/15/2026 | 4,000,000 | 4,004,333 | ||||||
| Coterra Energy Operating Co, 4.375%, 3/15/2029# | 3,000,000 | 2,814,099 | ||||||
| Enbridge Inc, 8.250%, 1/15/2084(a) | 1,000,000 | 1,052,941 | ||||||
| Enbridge Inc, 6.000%, 1/15/2077(a) | 3,000,000 | 2,958,905 | ||||||
| Enerflex Ltd, 9.000%, 10/15/2027 (144A) | 1,000,000 | 1,023,171 | ||||||
| Energy Transfer LP, 6.000%, 2/1/2029 (144A) | 3,000,000 | 3,050,021 | ||||||
| Enterprise Products Operating LLC, 7.571%, 8/16/2077(a) | 1,711,000 | 1,702,524 | ||||||
| EQM Midstream Partners LP, 7.500%, 6/1/2027 (144A) | 1,000,000 | 1,020,928 | ||||||
| Northern Oil & Gas Inc, 8.125%, 3/1/2028 (144A) | 1,250,000 | 1,253,016 | ||||||
| NuStar Logistics LP, 6.375%, 10/1/2030 | 2,000,000 | 2,021,314 | ||||||
| Summit Midstream Holdings LLC, 8.625%, 10/31/2029 (144A) | 4,475,000 | 4,561,238 | ||||||
| Total Energy | 25,462,490 | |||||||
| Financial (22.18%) | ||||||||
| The Allstate Corp, 7.526%, 8/15/2053(a) | 900,000 | 901,054 | ||||||
| Ally Financial Inc, 4.700%(a),(b) | 2,000,000 | 1,720,299 | ||||||
| Aretec Group Inc, 10.000%, 8/15/2030 (144A) | 1,500,000 | 1,610,318 | ||||||
| Bank of Nova Scotia, 4.900%(a),(b) | 2,500,000 | 2,481,878 | ||||||
| The Charles Schwab Corp, 5.000%(a),(b) | 4,500,000 | 4,449,010 | ||||||
| The Charles Schwab Corp, 4.000%(a),(b) | 5,000,000 | 4,873,316 | ||||||
| The Charles Schwab Corp, 5.375%(a),(b) | 3,500,000 | 3,485,871 | ||||||
| Citigroup Inc, 7.125%(a),(b) | 3,500,000 | 3,581,101 | ||||||
| Citigroup Inc, 3.875%(a),(b) | 3,000,000 | 2,930,195 | ||||||
| Corebridge Financial Inc, 6.875%, 12/15/2052(a) | 4,000,000 | 4,086,363 | ||||||
| Discover Financial Services, 5.500%#,(b) | 2,000,000 | 1,924,782 | ||||||
| Enova International Inc, 11.250%, 12/15/2028 (144A) | 2,000,000 | 2,154,746 | ||||||
| Enstar Finance LLC, 5.500%, 1/15/2042(a) | 2,500,000 | 2,438,131 | ||||||
| F&G Annuities & Life Inc, 6.500%, 6/4/2029 | 2,000,000 | 2,033,751 | ||||||
| Fidus Investment Corp, 4.750%, 1/31/2026 | 2,000,000 | 1,974,634 | ||||||
| Fifth Third Bancorp, 7.690%(a),(b) | 6,718,000 | 6,704,256 | ||||||
| Fifth Third Bancorp, 7.594%(a),(b) | 500,000 | 498,880 | ||||||
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 6/15/2027 (144A) | 2,000,000 | 2,070,292 | ||||||
| HSBC Holdings PLC, 7.399%, 11/13/2034(a) | 1,000,000 | 1,096,860 | ||||||
| Huntington Bancshares Inc, 4.450%(a),(b) | 2,000,000 | 1,924,483 | ||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 6/15/2030 | 3,000,000 | 2,843,794 | ||||||
| JPMorgan Chase & Co, 7.033%(a),(b) | 2,195,000 | 2,201,972 |
| MetLife Inc, 10.750%, 8/1/2039 | 2,000,000 | 2,645,698 | ||||||
| The PNC Financial Services Group Inc, 3.400%(a),(b) | 7,500,000 | 7,158,057 | ||||||
| Sammons Financial Group Inc, 4.750%, 4/8/2032 (144A) | 2,500,000 | 2,334,067 | ||||||
| Talcott Resolution Life Inc, 7.650%, 6/15/2027 | 3,000,000 | 3,061,298 | ||||||
| Truist Financial Corp, 5.125%(a),(b) | 2,000,000 | 1,962,673 | ||||||
| UIRC-GSA Holdings II LLC, 4.250%, 6/30/2025 (144A) | 2,000,000 | 1,995,737 | ||||||
| Wells Fargo & Co, 6.850%(a),(b) | 2,000,000 | 2,075,765 | ||||||
| Wells Fargo & Co, 3.900%(a),(b) | 4,100,000 | 4,018,367 | ||||||
| Total Financial | 83,237,648 | |||||||
| Government (1.99%) | ||||||||
| Farm Credit Bank of Texas, 7.75%(b) | 7,165,000 | 7,469,505 | ||||||
| Industrial (3.99%) | ||||||||
| AerCap Global Aviation Trust, 6.500%, 6/15/2045 (144A)(a) | 4,510,000 | 4,507,664 | ||||||
| Cascades Inc/Cascades USA Inc, 5.375%, 1/15/2028 (144A) | 2,000,000 | 1,936,606 | ||||||
| Danaos Corp, 8.500%, 3/1/2028 (144A) | 2,010,000 | 2,043,133 | ||||||
| Fortress Transportation and Infrastructure Investors LLC, 5.500%, 5/1/2028 (144A) | 4,000,000 | 3,931,029 | ||||||
| MasTec Inc, 6.625%, 8/15/2029 (144A) | 1,250,000 | 1,243,750 | ||||||
| Vontier Corp, 2.950%, 4/1/2031 | 1,500,000 | 1,300,848 | ||||||
| Total Industrial | 14,963,030 | |||||||
| Technology (0.85%) | ||||||||
| Dell Inc, 7.100%, 4/15/2028 | 3,000,000 | 3,185,124 | ||||||
| Utilities (3.14%) | ||||||||
| American Electric Power Co Inc, 7.050%, 12/15/2054(a) | 2,000,000 | 2,032,402 | ||||||
| Dominion Energy Inc, 4.350%(a),(b) | 3,000,000 | 2,910,963 | ||||||
| Entergy Corp, 7.125%, 12/1/2054(a) | 4,000,000 | 4,048,820 | ||||||
| Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1,460,000 | 1,437,340 | ||||||
| Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1,350,000 | 1,348,611 | ||||||
| Total Utilities | 11,778,136 | |||||||
| Total Corporate Debt (Cost $227,052,175) | 230,197,604 | |||||||
| Asset Backed Securities (16.24%) | ||||||||
| AG Trust 2024-NLP, 8.132%, 7/15/2041 (144A)(a) | 5,440,000 | 5,440,147 | ||||||
| Atrium Hotel Portfolio Trust 2024-ATRM, 7.679%, 11/10/2029 (144A)(a) | 5,000,000 | 5,123,175 | ||||||
| BX 2025-BIO3 Mortgage Trust, 6.961%, 2/10/2042 (144A)(a) | 5,000,000 | 4,910,376 | ||||||
| Finance of America Structured Securities Trust 2022-S3, 2.000%, 6/25/2052 (144A)(a) | 4,487,895 | 4,439,045 | ||||||
| Finance of America Structured Securities Trust Series 2022-S1, 2.000%, 2/25/2052 (144A) | 8,954,566 | 8,797,533 | ||||||
| Flexential Issuer 2021-1, 6.930%, 11/27/2051 (144A) | 5,000,000 | 4,955,768 | ||||||
| Frontier Issuer LLC, 11.160%, 6/20/2054 (144A) | 3,000,000 | 3,366,484 | ||||||
| Frontier Issuer LLC, 11.500%, 8/20/2053 (144A) | 6,000,000 | 6,375,568 | ||||||
| LoanCore 2021-CRE6 Issuer Ltd, 7.893%, 11/15/2038 (144A)(a) | 5,000,000 | 4,980,720 | ||||||
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) | 6,750,000 | 6,168,965 | ||||||
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, 10/20/2061 (144A) | 4,000,000 | 3,732,121 | ||||||
| SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) | 3,000,000 | 2,685,599 | ||||||
| Total Asset Backed Securities (Cost $61,096,561) | 60,975,501 |
| Preferred Stock (8.53%) | Shares | Value | ||||||
| Argo Group US Inc, 6.500% | 604,623 | 12,521,742 | ||||||
| Bank of America Corp, 7.250% | 1,592 | 1,965,435 | ||||||
| Highland Opportunities and Income Fund, 5.375% | 45,874 | 716,781 | ||||||
| NGL Energy Partners LP, 11.805% | 12,166 | 291,862 | ||||||
| Raymond James Financial Inc, 6.375% | 120,272 | 3,032,057 | ||||||
| UMH Properties Inc, 6.375% | 476,586 | 10,665,995 | ||||||
| Wells Fargo & Co, 7.500% | 2,344 | 2,814,675 | ||||||
| Total Preferred Stock (Cost $33,015,195) | 32,008,547 | |||||||
| Investment Companies (9.62%) | ||||||||
| Mutual Funds (7.64%) | ||||||||
| Eaton Vance California Municipal Bond Fund# | 533,734 | 4,947,714 | ||||||
| Eaton Vance New York Municipal Bond Fund | 112,325 | 1,065,964 | ||||||
| Highland Opportunities and Income Fund | 69,564 | 361,733 | ||||||
| MFS High Yield Municipal Trust | 821,456 | 2,866,881 | ||||||
| MFS Investment Grade Municipal Trust | 244,295 | 1,934,816 | ||||||
| Nuveen Floating Rate Income Fund/Closed-end Fund | 608,030 | 5,150,014 | ||||||
| Pioneer Municipal High Income Advantage Fund Inc | 214,373 | 1,790,015 | ||||||
| RiverNorth Capital and Income Fund | 99,103 | 1,506,861 | ||||||
| T Rowe Price High Yield Fund Inc | 704,438 | 4,128,005 | ||||||
| Western Asset High Yield Defined Opportunity Fund Inc | 417,617 | 4,944,585 | ||||||
| Total Mutual Funds | 28,696,588 | |||||||
| Exchange Traded Funds (0.07%) | ||||||||
| SPDR Bloomberg Short Term High Yield Bond ETF | 10,000 | 251,600 | ||||||
| Money Market Funds (1.91%) | ||||||||
| First American Government Obligations Fund, 7-Day Yield: 4.27% (Cost $7,177,302) | 7,177,302 | 7,177,302 | ||||||
| Total Investment Companies (Cost $31,945,407) | 36,125,490 | |||||||
| Collateral Received For Securities on Loan (1.15%) | ||||||||
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.27% (Cost $4,328,048) | 4,328,048 | 4,328,048 | ||||||
| Total Investments (Cost $377,281,910) (100.81%) | $ | 378,424,733 | ||||||
| Liabilities in Excess of Other Assets (-0.81%) | (3,044,304 | ) | ||||||
| Net Assets (100.00%) | $ | 375,380,429 | ||||||
# Loaned security; a portion of the security is on loan at March 31, 2025, in the amount of $4,252,063.
(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 March 31, 2025, these securities had a total aggregate market value of $125,227,468, which represented approximately 33.36% of net assets.
(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2025 is based on the reference rate plus the displayed spread as of the security’s last reset date.
(b) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
ICON HEALTH AND INFORMATION TECHNOLOGY FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (99.65%) | ||||||||
| Communications (30.47%) | ||||||||
| Alphabet Inc | 22,300 | $ | 3,483,929 | |||||
| Arista Networks Inc* | 43,600 | 3,378,128 | ||||||
| CDW Corp | 11,800 | 1,891,068 | ||||||
| Cisco Systems Inc | 65,390 | 4,035,217 | ||||||
| Meta Platforms Inc | 8,600 | 4,956,696 | ||||||
| Palo Alto Networks Inc* | 20,419 | 3,484,298 | ||||||
| Total Communications | 21,229,336 | |||||||
| Consumer, Non-Cyclical (18.10%) | ||||||||
| BioMarin Pharmaceutical Inc* | 24,706 | 1,746,467 | ||||||
| Elevance Health Inc | 2,185 | 950,388 | ||||||
| Encompass Health Corp | 35,840 | 3,629,875 | ||||||
| HCA Healthcare Inc | 8,000 | 2,764,400 | ||||||
| Merck & Co Inc | 9,690 | 869,774 | ||||||
| Molina Healthcare Inc* | 8,056 | 2,653,566 | ||||||
| Total Consumer, Non-Cyclical | 12,614,470 | |||||||
| Industrial (9.63%) | ||||||||
| TD SYNNEX Corp | 34,000 | 3,534,640 | ||||||
| Universal Display Corp | 22,784 | 3,177,912 | ||||||
| Total Industrial | 6,712,552 | |||||||
| Technology (41.45%) | ||||||||
| Amdocs Ltd | 24,436 | 2,235,894 | ||||||
| Autodesk Inc* | 13,500 | 3,534,300 | ||||||
| Fortinet Inc* | 28,995 | 2,791,059 | ||||||
| Globant SA* | 15,485 | 1,822,894 | ||||||
| LiveRamp Holdings Inc* | 128,533 | 3,359,853 | ||||||
| Pegasystems Inc | 28,000 | 1,946,560 | ||||||
| Salesforce Inc | 12,900 | 3,461,844 | ||||||
| ServiceNow Inc* | 3,524 | 2,805,597 | ||||||
| Taiwan Semiconductor Manufacturing Co Ltd | 24,000 | 3,984,000 | ||||||
| Tyler Technologies Inc* | 5,057 | 2,940,089 | ||||||
| Total Technology | 28,882,090 | |||||||
| Total Common Stock (Cost $61,253,900) | 69,438,448 | |||||||
| Money Market Funds (0.42%) | ||||||||
| First American Government Obligations Fund, 7-Day Yield: 4.27% (Cost $290,675) | 290,675 | 290,675 | ||||||
| Total Investments (Cost $61,544,575) (100.07%) | $ | 69,729,123 | ||||||
| Liabilities in Excess of Other Assets (-0.07%) | (52,214 | ) | ||||||
| Net Assets (100.00%) | $ | 69,676,909 | ||||||
* Non-income producing security.
ICON NATURAL RESOURCES & INFRASTRUCTURE FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (95.19%) | ||||||||
| Basic Materials (21.95%) | ||||||||
| Barrick Mining Corp* | 300,000 | 5,832,000 | ||||||
| Carpenter Technology Corp | 15,000 | 2,717,700 | ||||||
| The Chemours Co | 192,000 | 2,597,760 | ||||||
| Compass Minerals International Inc* | 480,000 | 4,459,200 | ||||||
| Eastman Chemical Co | 27,000 | 2,378,970 | ||||||
| Ingevity Corp* | 40,000 | 1,583,600 | ||||||
| Kaiser Aluminum Corp | 61,000 | 3,697,820 | ||||||
| Stepan Co | 50,000 | 2,752,000 | ||||||
| Total Basic Materials | 26,019,050 | |||||||
| Consumer, Cyclical (10.78%) | ||||||||
| Alaska Air Group Inc* | 110,000 | 5,414,200 | ||||||
| OPENLANE Inc* | 120,000 | 2,313,600 | ||||||
| REV Group Inc | 160,000 | 5,056,000 | ||||||
| Total Consumer, Cyclical | 12,783,800 | |||||||
| Consumer, Non-Cyclical (1.55%) | ||||||||
| Heidrick & Struggles International Inc | 43,000 | 1,841,690 | ||||||
| Energy (19.59%) | ||||||||
| DNOW Inc* | 515,000 | 8,796,200 | ||||||
| Enterprise Products Partners LP | 160,000 | 5,462,400 | ||||||
| Sunoco LP | 56,000 | 3,251,360 | ||||||
| TETRA Technologies Inc* | 1,700,000 | 5,712,000 | ||||||
| Total Energy | 23,221,960 | |||||||
| Industrial (30.66%) | ||||||||
| 3M Co | 16,000 | 2,349,760 | ||||||
| Applied Industrial Technologies Inc | 7,600 | 1,712,584 | ||||||
| Cemex SAB de CV | 900,000 | 5,049,000 | ||||||
| Chart Industries Inc* | 8,000 | 1,154,880 | ||||||
| EMCOR Group Inc | 7,500 | 2,772,225 | ||||||
| Forward Air Corp*,# | 93,000 | 1,868,370 | ||||||
| Knight-Swift Transportation Holdings Inc | 71,000 | 3,087,790 | ||||||
| Kornit Digital Ltd* | 200,000 | 3,816,000 | ||||||
| Sonoco Products Co | 81,000 | 3,826,440 | ||||||
| Tetra Tech Inc | 100,000 | 2,925,000 | ||||||
| Valmont Industries Inc | 4,000 | 1,141,480 | ||||||
| ZTO Express Cayman Inc | 335,000 | 6,646,400 | ||||||
| Total Industrial | 36,349,929 | |||||||
| Technology (3.76%) | ||||||||
| 3D Systems Corp* | 2,100,000 | 4,452,000 | ||||||
| Utilities (6.90%) | ||||||||
| National Fuel Gas Co | 36,000 | 2,850,840 | ||||||
| Southwest Gas Holdings Inc | 41,000 | 2,943,800 | ||||||
| Spire Inc | 30,500 | 2,386,625 | ||||||
| Total Utilities | 8,181,265 | |||||||
| Total Common Stock (Cost $120,988,465) | 112,849,694 | |||||||
| Investment Companies (4.86%) | ||||||||
| Exchange Traded Funds (3.03%) | ||||||||
| Direxion Daily Energy Bull 2X Shares | 20,000 | 1,305,600 | ||||||
| Direxion Daily Small Cap Bull 3X Shares# | 78,000 | 2,282,280 | ||||||
| Total Funds | 3,587,880 | |||||||
| Money Market Funds (1.83%) | ||||||||
| First American Government Obligations Fund, 7-Day Yield: 4.27% (Cost $2,170,437) | 2,170,437 | 2,170,437 | ||||||
| Total Investment Companies (Cost $6,558,180) | 5,758,317 | |||||||
| Collateral Reveived For Securities on Loan (1.10%) | ||||||||
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.27% (Cost $1,304,238) | 1,304,238 | 1,304,238 | ||||||
| Total Investments (Cost $128,850,883) (101.15%) | $ | 119,912,249 | ||||||
| Liabilities in Excess of Other Assets (-1.15%) | (1,365,110 | ) | ||||||
| Net Assets (100.00%) | $ | 118,547,138 |
* Non-income producing security.
# Loaned security; a portion of the security is on loan at March 31, 2025, in the amount of $1,250,932.
ICON UTILITIES AND INCOME FUND
Portfolio of Investments
March 31, 2025
| Security Description | Shares | Value | ||||||
| Common Stock (99.89%) | ||||||||
| Communciations (11.07%) | ||||||||
| T-Mobile US Inc | 5,700 | $ | 1,520,247 | |||||
| Vodafone Group PLC | 125,557 | 1,176,469 | ||||||
| Total Communications | 2,696,716 | |||||||
| Consumer, Cyclical (2.95%) | ||||||||
| Suburban Propane Partners LP | 34,206 | 718,668 | ||||||
| Utilities (85.87%) | ||||||||
| ALLETE Inc | 18,000 | 1,182,600 | ||||||
| Ameren Corp | 12,319 | 1,236,828 | ||||||
| American Electric Power Co Inc | 12,240 | 1,337,465 | ||||||
| Atmos Energy Corp | 9,500 | 1,468,510 | ||||||
| Black Hills Corp | 15,200 | 921,880 | ||||||
| CMS Energy Corp | 12,200 | 916,342 | ||||||
| Consolidated Edison Inc | 11,100 | 1,227,549 | ||||||
| DTE Energy Co | 8,559 | 1,183,453 | ||||||
| Evergy Inc | 16,900 | 1,165,255 | ||||||
| Eversource Energy | 18,000 | 1,117,980 | ||||||
| National Fuel Gas Co | 18,341 | 1,452,424 | ||||||
| New Jersey Resources Corp | 21,000 | 1,030,260 | ||||||
| NextEra Energy Inc | 17,500 | 1,240,575 | ||||||
| NiSource Inc | 30,000 | 1,202,700 | ||||||
| ONE Gas Inc | 13,700 | 1,035,583 | ||||||
| Portland General Electric Co | 13,880 | 619,048 | ||||||
| Spire Inc | 16,000 | 1,252,000 | ||||||
| Xcel Energy Inc | 18,600 | 1,316,694 | ||||||
| Total Utilities | 20,907,146 | |||||||
| Total Common Stock (Cost $20,224,778) | 24,322,530 | |||||||
| Money Market Funds (0.62%) | ||||||||
| First American Government Obligations Fund, 7-Day Yield: 4.27% (Cost $150,465) | 150,465 | 150,465 | ||||||
| Total Investments (Cost $20,375,243)(100.51%) | $ | 24,472,995 | ||||||
| Liabilities in Excess of Other Assets (-0.51%) | (123,010 | ) | ||||||
| Net Assets (100.00%) | $ | 24,349,985 | ||||||
* Non-income producing security.