ICON EQUITY INCOME FUND
Portfolio of Investments
September 30, 2022
Security Description | Shares | Value | ||||||
Common Stock (61.69%) | ||||||||
Basic Materials (2.26%) | ||||||||
Eastman Chemical Co | 19,900 | $ | 1,413,895 | |||||
Communications (6.93%) | ||||||||
Nexstar Media Group Inc | 11,800 | 1,968,830 | ||||||
Verizon Communications Inc | 24,800 | 941,656 | ||||||
Vodafone Group PLC | 125,900 | 1,426,447 | ||||||
Total Communications | 4,336,933 | |||||||
Consumer, Cyclical (7.24%) | ||||||||
Leggett & Platt Inc | 42,600 | 1,415,172 | ||||||
MDC Holdings Inc | 58,676 | 1,608,896 | ||||||
Whirlpool Corp | 11,200 | 1,509,872 | ||||||
Total Consumer, Cyclical | 4,533,940 | |||||||
Consumer, Non-Cyclical (14.15%) | ||||||||
Amgen Inc | 9,600 | 2,163,840 | ||||||
Bristol-Myers Squibb Co | 47,400 | 3,369,666 | ||||||
Ingredion Inc | 14,700 | 1,183,644 | ||||||
Vector Group Ltd | 243,300 | 2,143,473 | ||||||
Total Consumer, Non-Cyclical | 8,860,623 | |||||||
Energy (1.95%) | ||||||||
Plains All American Pipeline LP | 115,900 | 1,219,268 | ||||||
Financial (18.70%) | ||||||||
Huntington Bancshares Inc | 142,600 | 1,879,468 | ||||||
Lincoln National Corp | 62,600 | 2,748,766 | ||||||
Manulife Financial Corp | 117,800 | 1,845,926 | ||||||
New York Community Bancorp Inc | 234,900 | 2,003,697 | ||||||
OceanFirst Financial Corp | 118,000 | 2,199,520 | ||||||
Webster Financial Corp | 22,800 | 1,030,560 | ||||||
Total Financial | 11,707,937 | |||||||
Industrial (6.65%) | ||||||||
Lockheed Martin Corp | 6,500 | 2,510,885 | ||||||
Trinity Industries Inc | 48,800 | 1,041,880 | ||||||
Union Pacific Corp | 3,129 | 609,592 | ||||||
Total Industrial | 4,162,357 | |||||||
Technology (1.12%) | ||||||||
International Business Machines Corp | 5,900 | 700,979 | ||||||
Utilities (2.69%) | ||||||||
Evergy Inc | 28,400 | 1,686,960 | ||||||
Total Common Stock (Cost $41,916,625) | 38,622,892 |
Preferred Stock (10.59%) | ||||||||
Financial (10.59%) | ||||||||
Annaly Capital Management Inc, 8.667% | 34,283 | 816,964 | ||||||
Argo Group US Inc, 6.500% | 46,462 | 1,063,051 | ||||||
Bank of America Corp, 7.250%# | 529 | 620,517 | ||||||
Capital One Financial Corp, 5.000% | 10,000 | 196,300 | ||||||
Equity Commonwealth, 6.500% | 33,210 | 869,106 | ||||||
The PNC Financial Services Group Inc, 6.850%, 3M US LIBOR + 4.0675%(a),(b) | 120,688 | 3,063,061 | ||||||
Total Financial | 6,628,999 | |||||||
Total Preferred Stock (Cost $6,733,883) | 6,628,999 |
Corporate Debt (10.03%) | Par Value | Value | ||||||
Communications (2.83%) | ||||||||
Sprint LLC, 7.125%, 6/15/2024 | 1,000,000 | 1,015,230 | ||||||
Uber Technologies Inc, 8.000%, 11/1/2026 (144A) | 750,000 | 752,813 | ||||||
Total Communications | 1,768,043 | |||||||
Consumer, Cyclical (1.98%) | ||||||||
KB Home, 7.625%, 5/15/2023 | 500,000 | 499,425 | ||||||
MGM Resorts International, 6.750%, 5/1/2025 | 750,000 | 738,773 | ||||||
Total Consumer, Cyclical | 1,238,198 | |||||||
Consumer, Non-Cyclical (2.22%) | ||||||||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 250,000 | 223,455 | ||||||
Conagra Brands Inc, 7.125%, 10/1/2026 | 175,000 | 182,867 | ||||||
HCA Inc, 5.875%, 2/15/2026 | 500,000 | 494,855 | ||||||
Williams Scotsman International Inc, 6.125%, 6/15/2025 (144A) | 500,000 | 490,060 | ||||||
Total Consumer, Non-cyclical | 1,391,237 | |||||||
Financial (1.76%) | ||||||||
Cowen Inc, 7.250%, 5/6/2024 | 250,000 | 254,601 | ||||||
Credit Acceptance Corp, 6.625%, 3/15/2026 | 220,000 | 204,050 | ||||||
Greystar Real Estate Partners LLC, 5.750%, 12/1/2025 (144A) | 250,000 | 236,275 | ||||||
JPMorgan Chase & Co, 3M US LIBOR + 3.470%(a),(b) | 170,000 | 169,998 | ||||||
Principal Financial Group Inc, 5.949%, 5/15/2055(b) | 250,000 | 238,952 | ||||||
Total Financial | 1,103,876 | |||||||
Industrial (1.24%) | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/1/2025 (144A) | 250,000 | 234,853 | ||||||
IEA Energy Services LLC, 6.625%, 8/15/2029 (144A) | 250,000 | 243,750 | ||||||
WESCO Distribution Inc, 7.125%, 6/15/2025 (144A) | 300,000 | 300,165 | ||||||
778,768 | ||||||||
Total Corporate Debt (Cost $6,454,248) | 6,280,122 |
Investment Companies (12.39%) | Shares | |||||||
Mutual Funds (9.80%) | ||||||||
Blackstone Strategic Credit Fund | 71,569 | 760,778 | ||||||
Delaware Investments National Municipal Income Fund | 91,696 | 998,569 | ||||||
Eaton Vance Floating-Rate 2022 Target Term Trust | 103,550 | 890,530 | ||||||
Invesco High Income 2023 Target Term Fund | 71,903 | 580,976 | ||||||
Nuveen Emerging Markets Debt 2022 Target Term Fund | 184,839 | 1,189,439 | ||||||
Nuveen Intermediate Duration Municipal Term Fund# | 40,298 | 498,486 | ||||||
Vertical Capital Income Fund | 136,327 | 1,216,037 | ||||||
Total Mutual Funds | �� | 6,134,815 | ||||||
Exchange-Traded Fund (0.44%) | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF# | 2,700 | 276,615 | ||||||
Money Market Funds (2.15%) | ||||||||
First American Government Obligations Fund (Subsidized 7-Day Yield, 2.780%) | 1,341,805 | 1,341,805 | ||||||
Total Investment Companies (Cost $8,219,905) | 7,753,235 | |||||||
Collateral Received For Securities on Loan (1.21%) | ||||||||
First American Government Obligations Fund - Class X (Cost $759,505.00) | 759,505 | 759,505 | ||||||
Total Investments (Cost $64,084,166) (95.91%) | $ | 60,044,753 | ||||||
Other Net Assets (4.09%) | 2,559,161 | |||||||
Net Assets (100.00%) | $ | 62,603,914 |
* | Non-income producing security. |
# | Loaned security; a portion of the security is on loan at September 30, 2022 in the amount of $746,952. |
(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, 2022, these securities had a total aggregate market value of $2,481,371, which represented approximately 3.96% 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, 2022 is based on the reference rate plus the displayed spread as of the security’s last reset date. |