ICON Risk-Managed Balanced Fund
Portfolio of Investments (Unaudited)
6/30/2020
Shares | Value | |||||||
Common Stock (73.85%) | ||||||||
Basic Materials (3.70%) | ||||||||
Eastman Chemical Co | 7,000 | 487,480 | ||||||
International Paper Co | 11,900 | 418,999 | ||||||
Total Basic Materials | 906,479 | |||||||
Communications (8.68%) | ||||||||
Juniper Networks Inc | 30,700 | 701,802 | ||||||
Nexstar Media Group Inc | 8,800 | 736,472 | ||||||
ViacomCBS Inc | 29,800 | 694,936 | ||||||
Total Communications | 2,133,210 | |||||||
Consumer, Cyclical (7.78%) | ||||||||
Best Buy Co Inc | 7,400 | 645,798 | ||||||
Magna International Inc | 11,300 | 503,189 | ||||||
Whirlpool Corp | 5,900 | 764,227 | ||||||
Total Consumer, Cyclical | 1,913,214 | |||||||
Consumer, Non-Cyclical (10.57%) | ||||||||
AbbVie Inc | 4,561 | 447,799 | ||||||
Bristol-Myers Squibb Co | 22,000 | 1,293,600 | ||||||
Rent-A-Center Inc | 30,800 | 856,856 | ||||||
Total Consumer, Non-Cyclical | 2,598,255 | |||||||
Energy (0.77%) | ||||||||
Marathon Petroleum Corp | 5,146 | 192,357 | ||||||
Financial (14.25%) | ||||||||
Air Lease Corp | 9,485 | 277,816 | ||||||
JPMorgan Chase & Co | 6,353 | 597,563 | ||||||
KeyCorp | 21,031 | 256,158 | ||||||
Lincoln National Corp | 12,700 | 467,233 | ||||||
Mastercard Inc | 2,029 | 599,975 | ||||||
Prudential Financial Inc | 14,200 | 864,780 | ||||||
Signature Bank | 4,102 | 438,586 | ||||||
Total Financial | 3,502,111 | |||||||
Industrial (19.68%) | ||||||||
A O Smith Corp | 13,507 | 636,450 | ||||||
Graphic Packaging Holding Co | 25,667 | 359,081 | ||||||
Hubbell Inc | 6,200 | 777,232 | ||||||
Northrop Grumman Corp | 2,400 | 737,856 | ||||||
Packaging Corp of America | 5,600 | 558,880 | ||||||
Raytheon Technologies Corp | 12,171 | 749,977 | ||||||
Union Pacific Corp | 6,029 | 1,019,323 | ||||||
Total Industrial | 4,838,799 | |||||||
Technology (8.42%) | ||||||||
NetApp Inc | 11,500 | 510,255 | ||||||
QUALCOMM Inc | 9,300 | 848,253 | ||||||
Texas Instruments Inc | 5,600 | 711,032 | ||||||
Total Technology | 2,069,540 | |||||||
Total Common Stock (Cost $18,613,443) | 18,153,965 | |||||||
Preferred Stock (0.61%) | ||||||||
Financial (0.61%) | ||||||||
Argo Group US Inc, 6.500% (Cost $137,308) | 5,900 | 150,509 | ||||||
Mutual Funds (6.37%) | ||||||||
Financial (6.37%) | ||||||||
BlackRock New York Municipal Bond Trust | 9,915 | 155,765 | ||||||
BlackRock New York Municipal Opportunities Fund | 21,829 | 236,626 | ||||||
BrandywineGLOBAL Global Income Opportunities Fund Inc | 4,832 | 55,761 | ||||||
Duff & Phelps Utility and Corporate Bond Trust Inc | 46,372 | 433,579 | ||||||
Eaton Vance California Municipal Income Trust | 8,260 | 108,867 | ||||||
Eaton Vance Floating-Rate Income Plus Fund | 5,900 | 81,597 | ||||||
First Trust Aberdeen Global Opportunity Income Fund | 23,882 | 236,909 | ||||||
Nuveen New York Municipal Value Fund 2 | 3,171 | 43,221 | ||||||
Pioneer Diversified High Income Trust | 13,855 | 166,482 | ||||||
Western Asset Global High Income Fund Inc | 5,000 | 46,250 | ||||||
Total Financial | 1,565,057 | |||||||
Private Investment Funds (0.00%) | ||||||||
Moraine Waste Removal Escrow (Cost $0) | 43,843 | - | ||||||
Total Mutual Funds (Cost $1,596,289) | 1,565,057 | |||||||
Corporate Debt (18.19%) | Par Value | |||||||
Basic Materials (1.26%) | ||||||||
CVR Partners LP / CVR Nitrogen Finance Corp, 9.250%, 6/15/2023 (144A) | 200,000 | 196,000 | ||||||
Teck Resources Ltd, 6.125%, 10/1/2035 | 100,000 | 113,500 | ||||||
Total Basic Materials | 309,500 | |||||||
Communications (1.40%) | ||||||||
AT&T Inc, 6.450%, 6/15/2034 | 100,000 | 129,853 | ||||||
CSC Holdings LLC, 10.875%, 10/15/2025 (144A) | 200,000 | 215,000 | ||||||
Total Communications | 344,853 | |||||||
Consumer, Cyclical (1.62%) | ||||||||
Foot Locker Inc, 8.500%, 1/15/2022 | 150,000 | 156,000 | ||||||
Reliance Intermediate Holdings LP, 6.500%, 4/1/2023 (144A) | 101,000 | 101,505 | ||||||
Silversea Cruise Finance Ltd, 7.250%, 2/1/2025 (144A) | 150,000 | 141,375 | ||||||
Total Consumer, Cyclical | 398,880 | |||||||
Consumer, Non-Cyclical (2.39%) | ||||||||
Bausch Health Cos Inc, 7.000%, 3/15/2024 (144A) | 100,000 | 103,750 | ||||||
Central Garden & Pet Co, 6.125%, 11/15/2023 | 260,000 | 265,200 | ||||||
Conagra Brands Inc, 7.125%, 10/1/2026 | 175,000 | 219,609 | ||||||
Total Consumer, Non-Cyclical | 588,559 | |||||||
Energy (3.39%) | ||||||||
Aker BP ASA, 5.875%, 3/31/2025 (144A) | 100,000 | 101,635 | ||||||
MPLX LP, 6.250%, 10/15/2022 | 314,000 | 317,615 | ||||||
MPLX LP, 6.375%, 5/1/2024 | 400,000 | 413,009 | ||||||
Total Energy | 832,259 | |||||||
Financial (6.13%) | ||||||||
Avation Capital SA, 6.500%, 5/15/2021 (144A) | 150,000 | 111,000 | ||||||
Equinix Inc, 5.875%, 1/15/2026 | 200,000 | 210,480 | ||||||
Global Atlantic Fin Co, 8.625%, 4/15/2021 (144A) | 100,000 | 104,642 | ||||||
JPMorgan Chase & Co, 3M US LIBOR + 3.438%(a),(b) | 170,000 | 154,751 | ||||||
MPT Operating Partnership LP / MPT Finance Corp, 6.375%, 3/1/2024 | 234,000 | 241,020 | ||||||
Principal Financial Group Inc, 3.436%, 5/15/2055 | 250,000 | 224,050 | ||||||
Prudential Financial Inc, 3M US LIBOR + 5.575%, 9/15/2042(a) | 250,000 | 266,100 | ||||||
The Prudential Insurance Co of America, 3M US LIBOR + 8.000%, 7/1/2025 (144A)(a) | 150,000 | 194,640 | ||||||
Total Financial | 1,506,683 | |||||||
Industrial (2.00%) | ||||||||
Standard Industries Inc/NJ, 5.375%, 11/15/2024 | 100,000 | 102,750 | ||||||
Tervita Corp, 7.625%, 12/1/2021 (144A) | 150,000 | 117,750 | ||||||
TransDigm Inc, 6.500%, 7/15/2024 | 100,000 | 95,479 | ||||||
USG Corp, 5.500%, 3/1/2025 (144A) | 175,000 | 175,875 | ||||||
Total Industrial | 491,854 | |||||||
Total Corporate Debt (Cost $4,582,459) | 4,472,588 | |||||||
Purchased Options - Puts (0.06%) | Contracts | |||||||
S&P 500 Index Future (0.06%) | ||||||||
Notional amount $2,700,000, premiums paid $97,219, unrealized depreciation $(81,519), exercise price $2,700, expires 07/31/2020 | 10 | 15,700 | ||||||
Collateral for Securities on Loan (0.04%) | Shares | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 7-Day Yield 0.32% (Cost $9,985) | 9,985 | 9,985 | ||||||
Total Investments (Cost $25,036,703) (99.08%) | 24,357,819 | |||||||
Other Net Assets (0.92%) | 226,131 | |||||||
Net Assets (100.00%) | 24,583,950 |
* | 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. |
(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 $1,563,172, which represented approximately 6.36% of net assets. |