ICON Flexible Bond Fund
Portfolio of Investments (Unaudited)
6/30/2020
Security Description | Shares | Value | ||||||
Corporate Debt (68.89%) | ||||||||
Basic Materials (1.86%) | ||||||||
CVR Partners LP / CVR Nitrogen Finance Corp, 9.250%, 6/15/2023 (144A) | 2,500,000 | 2,450,000 | ||||||
The Chemours Co, 6.625%, 5/15/2023 | 500,000 | 480,000 | ||||||
Total Basic Materials | 2,930,000 | |||||||
Communications (6.33%) | ||||||||
Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028 | 1,500,000 | 1,500,000 | ||||||
The Walt Disney Co, 7.750%, 2/1/2024 | 3,000,000 | 3,631,724 | ||||||
CSC Holdings LLC, 10.875%, 10/15/2025 (144A) | 2,200,000 | 2,365,000 | ||||||
AT&T Inc, 6.450%, 6/15/2034 | 1,900,000 | 2,467,209 | ||||||
Total Communications | 9,963,933 | |||||||
Consumer, Cyclical (6.91%) | ||||||||
Century Communities Inc, 5.875%, 7/15/2025 | 1,655,000 | 1,646,725 | ||||||
Meritor Inc, 6.250%, 2/15/2024 | 1,000,000 | 1,007,500 | ||||||
The New Home Co Inc, 7.250%, 4/1/2022 | 775,000 | 720,750 | ||||||
Nexteer Automotive Group Ltd, 5.875%, 11/15/2021 (144A) | 200,000 | 200,924 | ||||||
Reliance Intermediate Holdings LP, 6.500%, 4/1/2023 (144A) | 1,178,000 | 1,183,890 | ||||||
Silversea Cruise Finance Ltd, 7.250%, 2/1/2025 (144A) | 2,350,000 | 2,214,875 | ||||||
Foot Locker Inc, 8.500%, 1/15/2022 | 3,750,000 | 3,900,000 | ||||||
Total Consumer, Cyclical | 10,874,664 | |||||||
Consumer, Non-Cyclical (5.49%) | ||||||||
Central Garden & Pet Co, 6.125%, 11/15/2023 | 2,550,000 | 2,601,000 | ||||||
Conagra Brands Inc, 7.125%, 10/1/2026 | 1,150,000 | 1,443,144 | ||||||
Cooke Omega Investments Inc / Alpha VesselCo Holdings Inc, 8.500%, 12/15/2022 (144A) | 1,000,000 | 995,000 | ||||||
RR Donnelley & Sons Co, 8.250%, 7/1/2027 | 2,767,000 | 2,739,330 | ||||||
The Nielsen Co Luxembourg SARL, 5.500%, 10/1/2021 (144A) | 340,000 | 340,238 | ||||||
Bausch Health Cos Inc, 7.000%, 3/15/2024 (144A) | 500,000 | 518,750 | ||||||
Total Consumer, Non-Cyclical | 8,637,462 | |||||||
Energy (0.00%) | ||||||||
Aker BP ASA, 5.875%, 3/31/2025 (144A) | 900,000 | 914,716 | ||||||
Diamondback Energy Inc, 5.375%, 5/31/2025 | 1,350,000 | 1,389,654 | ||||||
MPLX LP, 6.250%, 10/15/2022 | 4,977,000 | 5,034,301 | ||||||
MPLX LP, 6.375%, 5/1/2024 | 7,894,000 | 8,150,734 | ||||||
Occidental Petroleum Corp, 7.150%, 5/15/2028 | 1,000,000 | 890,000 | ||||||
Andeavor Logistics LP / Tesoro Logistics Finance Corp, 6.250%, 10/15/2022 | 775,000 | 776,735 | ||||||
Total Energy | 17,156,140 | |||||||
Financial (0.00%) | ||||||||
Avation Capital SA, 6.500%, 5/15/2021 (144A) | 1,050,000 | 777,000 | ||||||
BAC Capital Trust XIV, 3M US LIBOR + 3.700%(a),(b) | 1,500,000 | 1,340,625 | ||||||
Equinix Inc, 5.875%, 1/15/2026 | 3,100,000 | 3,262,440 | ||||||
Fifth Third Bancorp, 3M US LIBOR + 3.137%(a),(b) | 6,718,000 | 5,475,170 | ||||||
Global Atlantic Fin Co, 8.625%, 4/15/2021 (144A) | 1,500,000 | 1,569,635 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp, 6.750%, 2/1/2024 | 500,000 | 503,750 | ||||||
Voyager Aviation Holdings LLC / Voyager Finance Co, 8.500%, 8/15/2021 (144A) | 3,000,000 | 2,190,000 | ||||||
JPMorgan Chase & Co, 3M US LIBOR + 3.438%(a) | 6,417,000 | 5,841,395 | ||||||
MPT Operating Partnership LP / MPT Finance Corp, 6.075%, 3/1/2024 | 1,700,000 | 1,751,000 | ||||||
Principal Financial Group Inc, 3M US LIBOR + 3.136%, 5/15/2055(a) | 7,110,000 | 6,371,982 | ||||||
The Prudential Insurance Co of America, 3M US LIBOR + 8.000%, 7/1/2025 (144A)(a) | 2,350,000 | 3,049,367 | ||||||
Prudential Financial Inc, 3M US LIBOR + 5.575%, 9/15/2042(a) | 2,800,000 | 2,980,320 | ||||||
QBE Capital Funding III Ltd, 3M US LIBOR + 6.950%, 5/24/2041 (144A)(a) | 1,795,000 | 1,861,352 | ||||||
Tyco International Finance SA, 3.900%, 2/14/2026 | 1,100,000 | 1,156,022 | ||||||
Total Financial | 38,130,058 | |||||||
Industrial (4.50%) | ||||||||
Standard Industries Inc, 5.375%, 11/15/2024 (144A) | 1,300,000 | 1,335,750 | ||||||
Standard Industries Inc, 6.000%, 10/15/2025 (144A) | 1,000,000 | 1,029,270 | ||||||
Fluor Corp, 3.500%, 12/15/2024 | 2,000,000 | 1,692,000 | ||||||
Tervita Corp, 7.625%, 12/1/2021 | 1,850,000 | 1,452,250 | ||||||
TransDigm Inc, 6.500%, 7/15/2024 | 600,000 | 572,874 | ||||||
USG Corp, 5.500%, 3/1/2025 (144A) | 1,000,000 | 1,005,000 | ||||||
Total Industrial | 7,087,144 | |||||||
Technology (1.22%) | ||||||||
Dell International LLC / EMC Corp, 7.125%, 6/15/2024 (144A) | 1,352,000 | 1,400,588 | ||||||
j2 Cloud Services LLC / j2 Cloud Co-Obligor Inc, 6.000%, 7/15/2025 (144A) | 500,000 | 508,750 | ||||||
Total Technology | 1,909,338 | |||||||
Utilities (7.45%) | ||||||||
Vistra Corp, 8.125%, 1/30/2026 (144A) | 4,470,000 | 4,659,975 | ||||||
PacifiCorp, 8.069%, 9/9/2022 | 3,685,000 | 4,207,221 | ||||||
Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1,350,000 | 1,377,594 | ||||||
Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1,460,000 | 1,476,425 | ||||||
Total Utilities | 11,721,215 | |||||||
Total Corporate Debt (Cost $112,529,889) | 108,409,954 | |||||||
Asset Backed Securities (1.66%) | ||||||||
SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) (Cost $2,899,479) | 3,000,000 | 2,610,104 | ||||||
Preferred Stock (17.59%) | ||||||||
Financial (14.70%) | ||||||||
Annaly Capital Management Inc, 6.950% | 138,380 | 2,889,374 | ||||||
Argo Group US Inc, 6.500% | 266,676 | 6,802,905 | ||||||
Bank of America Corp, 7.250% | 1,980 | 2,657,556 | ||||||
Dime Community Bancshares Inc, 5.500% | 38,600 | 790,914 | ||||||
Equity Commonwealth, 6.500% | 94,708 | 2,604,470 | ||||||
JPMorgan Chase & Co, 6.100% | 21,023 | 534,194 | ||||||
Wells Fargo & Co, 7.500% | 2,450 | 3,177,650 | ||||||
Wells Fargo & Co, 6.000% | 144,341 | 3,676,365 | ||||||
Total Financial | 23,133,428 | |||||||
Government (2.89%) | ||||||||
Farm Credit Bank of Texas, 10.000%(c) | 4,550 | 4,550,000 | ||||||
Total Preferred Stock (Cost $27,670,196) | 27,683,428 | |||||||
Mutual Funds (9.54%) | Par Value | Value | ||||||
Financial (9.54%) | ||||||||
BlackRock New York Municipal Bond Trust | 29,853 | 468,991 | ||||||
BlackRock New York Municipal Opportunities Fund | 43,233 | 468,648 | ||||||
BrandywineGLOBAL Global Income Opportunities Fund Inc | 124,453 | 1,436,188 | ||||||
Duff & Phelps Utility and Corporate Bond Trust Inc | 341,301 | 3,191,164 | ||||||
Eaton Vance Floating-Rate Income Plus Fund | 94,306 | 1,304,252 | ||||||
First Trust Aberdeen Global Opportunity Income Fund | 378,663 | 3,756,337 | ||||||
Pioneer Diversified High Income Trust | 248,151 | 2,981,782 | ||||||
Western Asset Variable Rate Strategic Fund Inc | 19,566 | 307,186 | ||||||
Western Asset Global High Income Fund Inc | 91,920 | 850,260 | ||||||
Western Asset Corporate Loan Fund Inc | 28,631 | 244,795 | ||||||
Total Financial | 15,009,603 | |||||||
Private Investment Funds (0.00%) | ||||||||
Moraine Waste Removal Escrow (Cost $0) | 51,110 | - | ||||||
Total Mutual Funds (Cost $16,077,555) | 15,009,603 | |||||||
Collateral for Securities on Loan (2.32%) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 0.32% (Cost $2,517,474) | 2,517,474 | 2,517,474 | ||||||
Total Investments (Cost $159,177,119) (99.28%) | 156,230,563 | |||||||
Other Net Assets (0.72%) | 1,135,814 | |||||||
Net Assets (100.00%) | 157,366,377 |
3M US LIBOR - 3 Month LIBOR as of June 30, 2020 was 0.30%
* | Non-income producing security. |
(a) | Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2020 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. |
(c) | These securities are considered, by management, to be illiquid. The aggregate value of these securities at June 30, 2020 was $4,550,000, which represent 2.89% of the Fund's net assets. |
(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 June 30, 2020, these securities had a total aggregate market value of $35,039,203, which represented approximately 22.26% of net assets. |