ICON Natural Resources Fund
Portfolio of Investments (Unaudited)
6/30/2020
| Shares | Value | |||||||
| Common Stock (100.11%) | ||||||||
| Basic Materials (29.63%) | ||||||||
| Celanese Corp | 4,700 | 405,798 | ||||||
| The Chemours Co | 132,300 | 2,030,805 | ||||||
| Huntsman Corp | 86,700 | 1,557,999 | ||||||
| International Paper Co | 44,000 | 1,549,240 | ||||||
| RPM International Inc | 28,200 | 2,116,692 | ||||||
| The Sherwin-Williams Co | 4,200 | 2,426,970 | ||||||
| W R Grace & Co | 32,200 | 1,636,082 | ||||||
| Total Basic Materials | 11,723,586 | |||||||
| Consumer, Non-Cyclical (6.29%) | ||||||||
| Avery Dennison Corp | 21,800 | 2,487,162 | ||||||
| Industrial (60.98%) | ||||||||
| Armstrong World Industries Inc | 21,800 | 1,699,528 | ||||||
| CSX Corp | 4,100 | 285,934 | ||||||
| DS Smith PLC | 123,000 | 499,315 | ||||||
| Eagle Materials Inc | 26,100 | 1,832,742 | ||||||
| EMCOR Group Inc | 12,700 | 839,978 | ||||||
| Lockheed Martin Corp | 3,500 | 1,277,220 | ||||||
| Louisiana-Pacific Corp | 47,000 | 1,205,550 | ||||||
| Martin Marietta Materials Inc | 10,700 | 2,210,299 | ||||||
| Masco Corp | 57,800 | 2,902,137 | ||||||
| MasTec Inc* | 46,395 | 2,081,744 | ||||||
| Northrop Grumman Corp | 4,900 | 1,506,456 | ||||||
| Packaging Corp of America | 16,600 | 1,656,680 | ||||||
| Raytheon Technologies Corp | 19,612 | 1,208,491 | ||||||
| Sealed Air Corp | 32,000 | 1,051,200 | ||||||
| Trane Technologies PLC | 17,600 | 1,566,048 | ||||||
| Union Pacific Corp | 13,700 | 2,316,259 | ||||||
| Total Industrial | 24,139,581 | |||||||
| Utilities (3.21%) | ||||||||
| The AES Corp | 40,800 | 591,192 | ||||||
| NRG Energy Inc | 20,900 | 680,504 | ||||||
| Total Utitlities | 1,271,696 | |||||||
| Total Common Stock (Cost $42,458,656) | 39,622,025 | |||||||
| Collateral for Securities on Loan (0.03%) | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 0.32% (Cost $9,985) | 9,985 | 9,985 | ||||||
| Total Investments (Cost $42,468,641) (100.14%) | 39,632,010 | |||||||
| Liabilities in Excess of Other Assets (-0.14%) | (47,980 | ) | ||||||
| Net Assets (100.00%) | 39,584,030 | |||||||
| * | Non-income producing security. |
