ICON FLEXIBLE BOND FUND
Portfolio of Investments
September 30, 2022
Security Description | Shares | Value | ||||||
Common Stock (5.83%) | ||||||||
Financial (5.83%) | ||||||||
Annaly Capital Management Inc | 67,166 | $ | 1,152,569 | |||||
Ares Capital Corp# | 28,000 | 472,640 | ||||||
First Reserve Sustainable Growth Corp* | 48,272 | 474,031 | ||||||
FTAC Emerald Acquisition Corp* | 75,095 | 732,927 | ||||||
Graf Acquisition Corp IV* | 65,772 | 641,277 | ||||||
Liberty Media Acquisition Corp* | 79,106 | 786,314 | ||||||
Live Oak Mobility Acquisition Corp | 85,097 | 835,653 | ||||||
Main Street Capital Corp# | 8,161 | 274,536 | ||||||
MSD Acquisition Corp* | 21,775 | 215,573 | ||||||
STORE Capital Corp | 90,000 | 2,819,700 | ||||||
Total Common Stock (Cost $8,929,779) | 8,405,220 |
Security Description | Par Value | |||||||
Corporate Debt (69.53%) | ||||||||
Communications (7.33%) | ||||||||
Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028 | 3,610,000 | 3,221,925 | ||||||
Hughes Satellite Systems Corp, 5.250%, 8/1/2026 | 3,000,000 | 2,741,183 | ||||||
Uber Technologies Inc, 8.000%, 11/1/2026 (144A) | 1,500,000 | 1,505,625 | ||||||
The Walt Disney Co, 7.750%, 2/1/2024 | 3,000,000 | 3,096,000 | ||||||
Total Communications | 10,564,733 | |||||||
Consumer, Cyclical (15.10%) | ||||||||
Abercrombie & Fitch Management Co, 8.750%, 7/15/2025 (144A) | 1,000,000 | 975,000 | ||||||
Air Canada 2015-1 Class B Pass Through Trust, 3.875%, 3/15/2023 (144A) | 705,626 | 697,060 | ||||||
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025 | 2,577,500 | 2,344,294 | ||||||
Beazer Homes USA Inc, 6.750%, 3/15/2025 | 1,000,000 | 927,500 | ||||||
G-III Apparel Group Ltd, 7.875%, 8/15/2025 (144A) | 1,850,000 | 1,678,875 | ||||||
Guitar Center Inc, 8.500%, 1/15/2026 | 1,000,000 | 885,880 | ||||||
IHO Verwaltungs GmbH, 4.750%, 9/15/2026 (144A) | 1,000,000 | 849,400 | ||||||
JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 11/15/2027 | 3,886,772 | 3,814,384 | ||||||
JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028 | 1,686,984 | 1,617,751 | ||||||
KB Home, 7.625%, 5/15/2023* | 1,000,000 | 998,850 | ||||||
MGM Resorts International, 6.750%, 5/1/2025 | 2,500,000 | 2,462,575 | ||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A) | 950,000 | 926,644 | ||||||
SeaWorld Parks & Entertainment Inc, 8.750%, 5/1/2025 (144A) | 355,000 | 362,100 | ||||||
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd, 8.000%, 9/20/2025 (144A) | 1,500,000 | 1,508,745 | ||||||
US Airways 2011-1 Class A Pass Through Trust, 7.125%, 10/22/2023 | 1,735,424 | 1,723,560 | ||||||
Total Consumer, Cyclical | 21,772,618 | |||||||
Consumer, Non-Cyclical (6.33%) | ||||||||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 1,250,000 | 1,117,277 | ||||||
Conagra Brands Inc, 7.125%, 10/1/2026 | 1,150,000 | 1,201,695 | ||||||
HCA Inc, 5.875%, 2/15/2026 | 1,000,000 | 989,710 | ||||||
McKesson Corp, 7.650%, 3/1/2027 | 2,000,000 | 2,148,210 | ||||||
Spectrum Brands Inc, 5.750%, 7/15/2025 | 1,500,000 | 1,417,532 | ||||||
Varex Imaging Corp, 7.875%, 10/15/2027 (144A) | 2,300,000 | 2,256,359 | ||||||
Total Consumer, Non-Cyclical | 9,130,783 |
Energy (6.57%) | ||||||||
Andeavor LLC, 5.125%, 12/15/2026 | 4,000,000 | 3,795,758 | ||||||
Exterran Energy Solutions LP / EES Finance Corp, 8.125%, 5/1/2025 (144A) | 1,000,000 | 1,012,500 | ||||||
Hess Corp, 7.300%, 8/15/2031 | 1,500,000 | 1,582,372 | ||||||
Parsley Energy LLC / Parsley Finance Corp, 5.625%, 10/15/2027 (144A) | 3,000,000 | 3,083,963 | ||||||
Total Energy | 9,474,593 | |||||||
Financial (21.73%) | ||||||||
BAC Capital Trust XIV, 3M US LIBOR floor(4.000%)+0.400% (144A)#,(a),(b) | 1,850,000 | 1,355,054 | ||||||
Cowen Inc, 7.250%, 5/6/2024 | 1,750,000 | 1,782,208 | ||||||
Credit Acceptance Corp, 6.625%, 3/15/2026 | 2,600,000 | 2,411,500 | ||||||
Doric Nimrod Air Finance Alpha Ltd 2012-1 Class A Pass Through Trust, 5.125%, 11/30/2022 (144A) | 342,131 | 339,497 | ||||||
Fidelity & Guaranty Life Holdings Inc, 5.500%, 5/1/2025 (144A) | 1,000,000 | 982,309 | ||||||
Fifth Third Bancorp, 6.803%, 3M US LIBOR + 3.129%#,(a),(b) | 6,718,000 | 6,393,484 | ||||||
First-Citizens Bank & Trust Co, 6.125%, 3/9/2028 | 2,000,000 | 1,986,215 | ||||||
Greystar Real Estate Partners LLC, 5.750%, 12/1/2025 (144A) | 1,250,000 | 1,181,375 | ||||||
JPMorgan Chase & Co, 6.276%, 3M US LIBOR + 3.470%(a),(b) | 1,417,000 | 1,416,979 | ||||||
Principal Financial Group Inc, 5.949%, 5/15/2055(b) | 6,110,000 | 5,839,988 | ||||||
TMX Finance LLC / TitleMax Finance Corp, 11.125%, 4/1/2023 (144A) | 2,000,000 | 1,945,011 | ||||||
USB Capital IX, 3.532%, 3M US LIBOR + 1.020%(a),(b) | 7,500,000 | 5,692,875 | ||||||
Total Financial | 31,326,495 | |||||||
Industrial (4.85%) | ||||||||
Fluor Corp, 3.500%, 12/15/2024 | 688,000 | 653,617 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/1/2025 (144A) | 1,646,000 | 1,546,273 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/2027 (144A) | 1,500,000 | 1,466,715 | ||||||
IEA Energy Services LLC, 6.625%, 8/15/2029 (144A) | 1,250,000 | 1,218,750 | ||||||
Mauser Packaging Solutions Holding Co, 5.500%, 4/15/2024 (144A) | 1,500,000 | 1,425,000 | ||||||
WESCO Distribution Inc, 7.125%, 6/15/2025 (144A) | 688,000 | 688,378 | ||||||
Total Industrial | 6,998,733 | |||||||
Technology (5.38%) | ||||||||
Dell Inc, 7.100%, 4/15/2028# | 3,000,000 | 3,112,456 | ||||||
Dell International LLC / EMC Corp, 6.100%, 7/15/2027 | 4,612,000 | 4,650,934 | ||||||
Total Technology | 7,763,390 | |||||||
Utilities (2.24%) | ||||||||
Calpine Corp, 5.250%, 6/1/2026 | 703,000 | 662,683 | ||||||
Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1,350,000 | 1,255,528 | ||||||
Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1,460,000 | 1,318,745 | ||||||
Total Utilities | 3,236,956 | |||||||
Total Corporate Debt (Cost $110,771,830) | 100,268,301 | |||||||
Asset Backed Securities (1.76%) | ||||||||
SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) | 3,000,000 | 2,542,216 | ||||||
Total Asset Backed Securities (Cost $2,904,407) | 2,542,216 |
Preferred Stock (9.92%) | Shares | |||||||
Argo Group US Inc, 6.500% (144A) | 353,068 | 8,078,196 | ||||||
Bank of America Corp, 7.250% | 957 | 1,122,561 | ||||||
Capital One Financial Corp, 5.000% | 71,442 | 1,402,406 | ||||||
Equity Commonwealth, 6.500% | 41,326 | 1,081,501 | ||||||
The PNC Financial Services Group Inc, 6.850%, 3M US LIBOR + 4.0675%(a),(b) | 37,146 | 942,765 | ||||||
Raymond James Financial Inc, 6.375% | 67,642 | 1,677,522 | ||||||
Total Preferred Stock (Cost $15,173,555) | 14,304,951 | |||||||
Investment Companies (11.55%) | ||||||||
Mutual Funds (9.20%) | ||||||||
Blackstone Strategic Credit Fund | 65,257 | 693,682 | ||||||
Delaware Investments National Municipal Income Fund | 198,695 | 2,163,789 | ||||||
Ellsworth Growth and Income Fund Ltd | 72,244 | 578,674 | ||||||
Nuveen Emerging Markets Debt 2022 Target Term Fund | 408,143 | 2,626,400 | ||||||
Nuveen Intermediate Duration Municipal Term Fund | 243,309 | 3,009,732 | ||||||
Nuveen Intermediate Duration Quality Municipal Term Fund# | 60,210 | 719,510 | ||||||
RiverNorth Specialty Finance Corp | 42,618 | 732,177 | ||||||
Vertical Capital Income Fund | 305,843 | 2,728,120 | ||||||
Total Mutual Funds | 13,252,084 | |||||||
Exchange-Traded Fund (0.17%) | ||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF# | 2,400 | 245,880 | ||||||
Money Market Funds (2.18%) | ||||||||
First American Government Obligations Fund (Subsidized 7-Day Yield, 2.780%) | 3,150,401 | 3,150,401 | ||||||
Total Investment Companies (Cost $18,380,599) | 16,648,365 | |||||||
Collateral Received For Securities on Loan (6.01%) | ||||||||
First American Government Obligations Fund - Class X (Cost $8,668,998) | 8,668,998 | 8,668,998 | ||||||
Total Investments (Cost $164,829,168) (104.60%) | $ | 150,838,051 | ||||||
Liabilities in Excess of Other Assets (-4.60%) | (6,639,416 | ) | ||||||
Net Assets (100.00%) | $ | 144,198,635 |
# | Loaned security; a portion of the security is on loan at September 30, 2022 in the amount of $8,437,192. |
(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 $40,977,098, which represented approximately 28.42% 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. |