SCM Trust NPORT-P Icon Consumer Select (Sep 2024 report)

ICON CONSUMER SELECT FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (99.10%)
Communications (14.04%)
eBay Inc		33,400	$	2,174,674
Expedia Group Inc*		12,900		1,909,458
The Walt Disney Co		9,700		933,043
Total Communications				5,017,175
Consumer, Cyclical (29.25%)
Dana Inc		85,000		897,600
Deckers Outdoor Corp*		6,225		992,576
Gentex Corp		58,500		1,736,865
Gentherm Inc*		14,800		688,940
Lear Corp		10,300		1,124,245
NIKE Inc		18,400		1,626,560
Sabre Corp*		260,000		954,200
Skechers USA Inc*		22,700		1,519,084
Visteon Corp*		9,600		914,304
Total Consumer, Cyclical				10,454,374
Consumer, Non-cyclical (5.68%)
Global Payments Inc		12,500		1,280,250
Green Dot Corp*		64,000		749,440
Total Consumer, Non-cyclical				2,029,690
Financial (50.13%)
American Express Co		5,500		1,491,600
Arch Capital Group Ltd*		16,400		1,834,832
Assurant Inc		9,100		1,809,626
Equitable Holdings Inc		39,200		1,647,576
Everest Group Ltd		3,200		1,253,856
The Hartford Financial Services Group Inc		15,500		1,822,955
LPL Financial Holdings Inc		7,976		1,855,457
Marsh & McLennan Cos Inc		4,000		892,360
Mastercard Inc		3,500		1,728,300
RenaissanceRe Holdings Ltd		6,500		1,770,600
Visa Inc		6,600		1,814,670
Total Financial				17,921,832
Total Common Stock (Cost $26,771,564)				35,423,071
Investment Companies (1.05%)	Shares		Value
Money Market Funds (1.05%)
First American Government Obligations Fund		373,743		373,743
Total Investment Companies (Cost $373,743)				373,743
Total Investments (Cost $27,145,307) (100.15%)				35,796,814
Liabilities in Excess of Other Assets (-0.15%)				(54,394	)
Net Assets (100.00%)			$	35,742,420

* Non-income producing security.

ICON EQUITY FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (100.51%)
Basic Materials (7.94%)
The Chemours Co		65,800	$	1,337,056
Eastman Chemical Co		10,250		1,147,488
Kaiser Aluminum Corp		21,100		1,530,172
Total Basic Materials				4,014,716
Communications (8.72%)
Extreme Networks Inc*		106,979		1,607,894
T-Mobile US Inc		7,200		1,485,792
Vodafone Group PLC		131,600		1,318,632
Total Communications				4,412,318
Consumer, Cyclical (8.83%)
Delta Air Lines Inc		26,900		1,366,251
Magna International Inc		28,200		1,157,328
NIKE Inc		14,450		1,277,380
Southwest Airlines Co		22,400		663,712
Total Consumer, Cyclical				4,464,671
Consumer, Non-cyclical (14.04%)
Anheuser-Busch InBev SA		18,800		1,246,252
The Boston Beer Co Inc*		3,200		925,248
Euronet Worldwide Inc*		13,350		1,324,721
Global Payments Inc		18,862		1,931,846
Performance Food Group Co*		21,375		1,675,159
Total Consumer, Non-cyclical				7,103,226
Energy (5.23%)
Baker Hughes Co		73,200		2,646,180
Financial (25.85%)
Bank of America Corp		32,488		1,289,124
Horace Mann Educators Corp		48,800		1,705,560
JPMorgan Chase & Co		8,000		1,686,880
Lazard Inc		31,600		1,592,008
Lincoln National Corp		47,900		1,509,329
LPL Financial Holdings Inc		6,800		1,581,884
Mastercard Inc		4,119		2,033,962
Truist Financial Corp		39,100		1,672,307
Total Financial				13,071,054
Industrial (24.80%)
Advanced Drainage Systems Inc		9,522		1,496,478
Alamo Group Inc		7,435		1,339,267
Armstrong World Industries Inc		20,900		2,746,887
Chart Industries Inc*		11,810		1,466,093
CSX Corp		36,200		1,249,986
Stanley Black & Decker Inc		12,600		1,387,638
Trinity Industries Inc		81,825		2,850,782
Total Industrial				12,537,131
Technology (2.35%)
Adobe Inc*		2,300		1,190,894
Utilities (2.75%)
Dominion Energy Inc		24,100		1,392,739
Total Common Stock (Cost $38,282,350)				50,832,929
Investment Companies (0.45%)	Shares		Value
Exchange-Traded Funds (0.45%)
Direxion Daily Small Cap Bull 3X Shares#		5,150		228,351
Total Investment Companies (Cost $190,433)				228,351
Collateral Received For Securities on Loan (0.42%)
First American Government Obligations Fund - Class X (Cost $211,500)		211,500		211,500
Total Investments (Cost $38,472,783) (101.38%)				51,272,780
Liabilities in Excess of Other Assets (-1.38%)				(696,953	)
Net Assets (100.00%)			$	50,575,827

* Non-income producing security.

# Loaned security; a portion of the security is on loan at Septemeber 30, 2024 in the amount of $208,398.

ICON EQUITY INCOME FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (68.88%)
Basic Materials (4.44%)
The Chemours Co		103,100	$	2,094,992
Communications (4.14%)
Nexstar Media Group Inc		11,800		1,951,130
Consumer, Cyclical (3.89%)
Leggett & Platt Inc		134,600		1,833,252
Consumer, Non-Cyclical (19.09%)
Amgen Inc		8,000		2,577,680
Bristol-Myers Squibb Co		28,500		1,474,590
GSK PLC		35,800		1,463,504
Ingredion Inc		19,100		2,624,913
Perrigo Co PLC		33,000		865,590
Total Consumer, Non-Cyclical				9,006,277
Financial (19.44%)
Horace Mann Educators Corp		42,300		1,478,385
ING Groep NV		144,100		2,616,856
KeyCorp		107,600		1,802,300
Lincoln National Corp		46,700		1,471,517
The Western Union Co		150,900		1,800,237
Total Financial				9,169,295
Industrial (9.06%)
Lockheed Martin Corp		4,400		2,572,064
Trinity Industries Inc		48,800		1,700,192
Total Industrial				4,272,256
Utilities (8.82%)
DTE Energy Co		18,700		2,401,267
Evergy Inc		28,400		1,761,084
Total Industrial				4,162,351
Total Common Stock (Cost $27,991,947)				32,489,553
Preferred Stock (4.32%)
Energy (0.15%)
NGL Energy Partners LP, 11.998%		2,971		69,878
Financial (4.17%)
Argo Group US Inc, 6.500%		10,014		227,118
Bank of America Corp, 7.250%		354		450,646
Equity Commonwealth, 6.500%		30,628		773,359
JPMorgan Chase & Co, 5.750%		20,411		515,990
Total Financial				1,967,113
Total Preferred Stock (Cost $1,991,142)				2,036,991

Corporate Debt (20.49%)	Par Value		Value
Communications (2.65%)
Getty Images Inc, 9.750%, 3/1/2027 (144A)		500,000		499,946
Uber Technologies Inc, 8.000%, 11/1/2026 (144A)		750,000		751,095
Total Communications				1,251,041
Consumer, Cyclical (11.14%)
Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A)		412,698		400,914
American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025		520,434		512,525
American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028		326,000		303,824
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025		334,500		333,306
American Airlines 2017-2 Class B Pass Through Trust, 3.700%, 10/15/2025		196,682		193,818
American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032		377,927		338,053
American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028		142,681		134,957
American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030		615,000		579,893
British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A)		407,755		361,442
Century Communities Inc, 6.750%, 6/1/2027		250,000		252,421
The Goodyear Tire & Rubber Co, 9.500%, 5/31/2025		312,000		312,826
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A)		275,000		278,424
United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028		630,641		586,438
United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030		354,992		325,445
United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031		367,506		341,055
Total Consumer, Cyclical				5,255,341
Consumer, Non-Cyclical (1.97%)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A)		250,000		243,215
Conagra Brands Inc, 7.125%, 10/1/2026		175,000		184,449
Williams Scotsman Inc, 6.125%, 6/15/2025 (144A)		500,000		499,490
Total Consumer, Non-Cyclical				927,154
Energy (0.55%)
NuStar Logistics LP, 6.375%, 10/1/2030		250,000		259,961
Financial (3.65%)
The Charles Schwab Corp, 5.375%(a),(b)		500,000		499,011
Credit Acceptance Corp, 6.625%, 3/15/2026#		220,000		220,092
Nationwide Mutual Insurance Co, 7.498%, 12/15/2024 (144A)(b)		1,000,000		1,001,701
Total Financial				1,720,804
Industrial (0.53%)
MasTec Inc, 6.625%, 8/15/2029 (144A)		250,000		251,250
Total Corporate Debt (Cost $9,404,844)				9,665,551
Asset Backed Securities (0.48%)
New Economy Assets Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A)		250,000		224,917
Total Asset Backed Securities (Cost $222,662)				224,917
Investment Companies (6.82%)
Mutual Funds (2.30%)
High Income Securities Fund		36,136		246,809
The New America High Income Fund Inc		12,262		102,142
RiverNorth Capital and Income Fund		47,724		734,473
Total Mutual Funds				1,083,424
Exchange-Traded Funds (2.67%)
Invesco Senior Loan ETF		28,100		590,381
SPDR Bloomberg Short Term High Yield Bond ETF#		26,000		669,500
Total Mutual Funds				1,259,881
Money Market Funds (1.85%)
First American Government Obligations Fund		873,296		873,296
Total Investment Companies (Cost $3,167,188)				3,216,601
Collateral Received For Securities on Loan (1.92%)
First American Government Obligations Fund - Class X (Cost $907,060)		907,060		907,060
Total Investments (Cost $43,684,843) (102.91%)				48,540,673
Liabilities in Excess of Other Assets (-2.91%)				(1,371,953	)
Net Assets (100.00%)			$	47,168,720

(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, 2024, these securities had a total aggregate market value of $4,512,394, which represented approximately 9.57% 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, 2024 is based on the reference rate plus the displayed spread as of the security’s last reset date.

# Loaned security; a portion of the security is on loan at September 30, 2024 in the amount of $883,569.

ICON FLEXIBLE BOND FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (2.27%)
Financial (2.27%)
Annaly Capital Management Inc		189,000	$	3,793,230
Equity Commonwealth*		55,000		1,094,500
Goldman Sachs BDC Inc#		199,787		2,749,069
Total Common Stock (Cost $7,842,428)				7,636,799
Corporate Debt (73.49%)
Basic Materials (0.47%)
Mercer International Inc, 12.875%, 10/1/2028 (144A)		1,500,000		1,574,730
Communications (2.98%)
CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 3/1/2030 (144A)		2,000,000		1,839,036
Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028#		4,315,000		4,093,908
DISH Network Corp, 11.750%, 11/15/2027 (144A)		1,000,000		1,046,979
Getty Images Inc, 9.750%, 3/1/2027 (144A)#		1,551,000		1,550,834
Uber Technologies Inc, 8.000%, 11/1/2026 (144A)		1,500,000		1,502,190
Total Communications				10,032,947
Consumer, Cyclical (19.28%)
Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/2027 (144A)		771,484		735,293
Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A)		1,867,873		1,814,536
American Airlines 2013-1 Class A Pass Through Trust, 4.000%, 7/15/2025		8,569,821		8,439,584
American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 9/22/2027		1,194,632		1,139,577
American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028		1,284,440		1,197,066
American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025		3,345,000		3,333,064
American Airlines 2017-2 Class B Pass Through Trust, 3.700%, 10/15/2025		786,726		775,269
American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032		2,947,834		2,636,815
American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028		7,970,156		7,538,674
American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030		3,485,000		3,286,059
American Airlines Inc, 7.250%, 2/15/2028 (144A)#		1,000,000		1,023,688
British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A)		2,196,958		1,947,422
British Airways 2021-1 Class B Pass Through Trust, 3.900%, 9/15/2031 (144A)		1,533,140		1,434,325
Century Communities Inc, 6.750%, 6/1/2027		1,750,000		1,766,947
The Goodyear Tire & Rubber Co, 9.500%, 5/31/2025		936,000		938,478
IHO Verwaltungs GmbH, 4.750%, 9/15/2026 (144A)		1,000,000		979,056
JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 11/15/2027		2,773,545		2,838,273
JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028		1,882,861		1,922,260
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A)		1,650,000		1,670,543
Sizzling Platter LLC / Sizzling Platter Finance Corp, 8.500%, 11/28/2025 (144A)		1,000,000		1,004,436
United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028		7,567,694		7,037,267
United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 1/7/2026		2,216,435		2,167,827
United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030		6,505,576		5,964,113
United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026		766,077		755,519
United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031		2,727,320		2,531,017
Total Consumer, Cyclical				64,877,108
Consumer, Non-cyclical (4.53%)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A)		1,250,000		1,216,077
Conagra Brands Inc, 7.125%, 10/1/2026		1,150,000		1,212,090
CVS Pass-Through Trust, 7.507%, 1/10/2032 (144A)		3,542,063		3,774,726
Embecta Corp, 5.000%, 2/15/2030 (144A)		2,000,000		1,841,217
McKesson Corp, 7.650%, 3/1/2027		2,000,000		2,154,790
Varex Imaging Corp, 7.875%, 10/15/2027 (144A)		4,950,000		5,035,725
Total Consumer, Non-cyclical				15,234,625

Energy (6.73%)
Andeavor LLC, 5.125%, 12/15/2026	4,000,000	4,030,117
Cimarex Energy Co, 4.375%, 3/15/2029	3,000,000	2,818,533
Enbridge Inc, 6.000%, 1/15/2077(b)	3,000,000	3,002,544
Enbridge Inc, 8.250%, 1/15/2084(b)	1,000,000	1,059,648
Energy Transfer LP, 6.000%, 2/1/2029 (144A)	3,000,000	3,072,309
Enterprise Products Operating LLC, 8.343%, 8/16/2077(b)	1,711,000	1,710,957
EQM Midstream Partners LP, 7.500%, 6/1/2027 (144A)	1,000,000	1,029,298
Northern Oil & Gas Inc, 8.125%, 3/1/2028 (144A)	1,250,000	1,259,113
NuStar Logistics LP, 6.375%, 10/1/2030	2,000,000	2,079,688
Summit Midstream Holdings LLC, 8.625%, 10/31/2029 (144A)	2,475,000	2,588,202
Total Energy		22,650,409
Financial (25.92%)
The Allstate Corp, 8.318%, 8/15/2053(b)	900,000	904,500
Aretec Group Inc, 10.000%, 8/15/2030 (144A)	1,500,000	1,596,324
The Bank of Nova Scotia, 4.900%(a),(b)	2,500,000	2,466,014
The Charles Schwab Corp, 4.000%(a),(b)	5,000,000	4,793,606
The Charles Schwab Corp, 5.000%(a),(b)	4,500,000	4,408,943
The Charles Schwab Corp, 5.375%(a),(b)	3,500,000	3,493,079
Citigroup Inc, 7.125%(a),(b)	3,500,000	3,642,183
Citigroup Inc, 3.875%(a),(b)	3,000,000	2,886,773
Citigroup Inc, 4.700%(a),(b)	2,000,000	1,989,760
Corebridge Financial Inc, 6.875%, 12/15/2052(b)	4,000,000	4,136,693
Credit Acceptance Corp, 6.625%, 3/15/2026#	2,600,000	2,601,082
Enstar Finance LLC, 5.500%, 1/15/2042(b)	2,500,000	2,331,959
F&G Annuities & Life Inc, 6.500%, 6/4/2029	2,000,000	2,059,066
Fidelity & Guaranty Life Holdings Inc, 5.500%, 5/1/2025 (144A)	316,000	315,998
Fifth Third Bancorp, 7.994%(a),(b)	6,718,000	6,700,906
Fifth Third Bancorp, 7.898%(a),(b)	500,000	497,245
First-Citizens Bank & Trust Co, 6.125%, 3/9/2028	2,000,000	2,090,325
HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 6/15/2027 (144A)	2,000,000	2,119,146
HSBC Holdings PLC, 7.399%, 11/13/2034(b)	1,000,000	1,147,138
Hunt Cos Inc, 5.250%, 4/15/2029 (144A)	1,000,000	967,409
Huntington Bancshares Inc, 4.450%(a),(b)	2,000,000	1,907,469
Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 6/15/2030 (144A)	3,000,000	3,025,005
JPMorgan Chase & Co, 4.600%(a),(b)	3,000,000	2,973,976
JPMorgan Chase & Co, 4.000%(a),(b)	2,195,000	2,165,750
MetLife Inc, 10.750%, 8/1/2039	2,000,000	2,857,020
Nationwide Mutual Insurance Co, 7.498%, 12/15/2024 (144A)(b)	3,000,000	3,005,104
The PNC Financial Services Group Inc, 8.317%(a),(b)	2,350,000	2,367,005
Sammons Financial Group Inc, 4.750%, 4/8/2032 (144A)	2,500,000	2,349,465
Talcott Resolution Life Inc, 7.650%, 6/15/2027	3,000,000	3,020,487
Truist Financial Corp, 8.310%#,(a),(b)	2,400,000	2,398,539
Truist Financial Corp, 5.125%(a),(b)	2,000,000	1,964,738
UIRC-GSA Holdings II LLC, 4.250%, 6/30/2025 (144A)	2,000,000	1,978,668
Wells Fargo & Co, 3.900%(a),(b)	4,100,000	3,984,187
Wells Fargo & Co, 6.850%(a),(b)	2,000,000	2,085,524
Total Financial		87,231,086
Government (2.20%)
Farm Credit Bank of Texas, 7.75%	7,165,000	7,399,066
Industrial (5.24%)
AerCap Global Aviation Trust, 6.500%, 6/15/2045 (144A)(b)	4,510,000	4,502,965
Cascades Inc/Cascades USA Inc, 5.375%, 1/15/2028 (144A)	2,000,000	1,955,131
Danaos Corp, 8.500%, 3/1/2028 (144A)	2,010,000	2,068,959
Fortress Transportation and Infrastructure Investors LLC, 5.500%, 5/1/2028 (144A)	4,000,000	3,989,574
Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/2027 (144A)	2,500,000	2,561,955
MasTec Inc, 6.625%, 8/15/2029 (144A)	1,250,000	1,256,250
Vontier Corp, 2.950%, 4/1/2031	1,500,000	1,305,313
Total Industrial		17,640,147

Technology (1.78%)
Dell Inc, 7.100%, 4/15/2028	3,000,000		3,260,553
Dell International LLC / EMC Corp, 6.100%, 7/15/2027	2,612,000		2,741,880
Total Technology			6,002,433
Utilities (4.36%)
American Electric Power Co Inc, 7.050%, 12/15/2054#,(b)	2,000,000		2,102,742
Calpine Corp, 5.250%, 6/1/2026 (144A)	703,000		700,381
Dominion Energy Inc, 4.350%(a),(b)	3,000,000		2,921,851
Dominion Energy Inc, 5.750% 10/1/2054(b)	2,000,000		2,000,000
Entergy Corp, 7.125%, 12/1/2054(b)	4,000,000		4,145,693
Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A)	1,460,000		1,452,971
Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A)	1,350,000		1,349,436
Total Utilities			14,673,074
Total Corporate Debt (Cost $242,956,985)			247,315,625
Asset Backed Securities (2.61%)
New Economy Assets Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A)	6,750,000		6,072,772
SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A)	3,000,000		2,704,654
Total Asset Backed Securities (Cost $8,908,654)			8,777,426
Preferred Stock (10.80%)
Argo Group US Inc, 6.500%	477,922		10,839,271
Bank of America Corp, 7.250%	200		254,602
Equity Commonwealth, 6.500%	714,677		18,045,665
NGL Energy Partners LP, 11.998%	82,292		1,935,508
UMH Properties Inc, 6.375%	219,295		5,282,817
Total Preferred Stock (Cost $35,704,991)			36,357,863
Investment Companies (10.34%)
Mutual Funds (9.01%)
BlackRock Municipal Income Fund Inc	1,058,938		13,321,440
High Income Securities Fund	862,908		5,893,662
MFS High Yield Municipal Trust	821,456		3,010,636
MFS Investment Grade Municipal Trust	236,518		1,944,178
The New America High Income Fund Inc	82,640		688,391
RiverNorth Capital and Income Fund	116,824		1,797,921
Western Asset Global Corporate Opportunity Fund Inc	175,856		2,263,267
Western Asset Investment Grade Opportunity Trust Inc	77,232		1,390,176
Total Mutual Funds			30,309,671
Money Market Funds (1.33%)
First American Government Obligations Fund	4,482,852		4,482,852
Total Investment Companies (Cost $33,706,935)			34,792,523
Collateral Received For Securities on Loan (1.71%)
First American Government Obligations Fund - Class X (Cost $5,755,235)	5,755,235		5,755,235
Total Investments (Cost $334,875,228) (101.22%)			340,635,471
Liabilities in Excess of Other Assets (-1.22%)			(4,119,050	)
Net Assets (100.00%)		$	336,516,421

* Non-income producing security.

# Loaned security; a portion of the security is on loan at September 30, 2024, in the amount of $5,617,422.

(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, 2024, these securities had a total aggregate market value of $81,911,902  which represented approximately 24.34% 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, 2024 is based on the reference rate plus the displayed spread as of the security’s last reset date.

ICON HEALTH AND INFORMATION TECHNOLOGY FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (99.18%)
Communications (22.01%)
Alphabet Inc		22,300	$	3,728,337
Arista Networks Inc*		10,900		4,183,638
CDW Corp		11,800		2,670,340
Cisco Systems Inc		53,900		2,868,558
Meta Platforms Inc		9,200		5,266,448
Total Communications				18,717,321
Consumer, Non-cyclical (43.31%)
AstraZeneca PLC		30,000		2,337,300
The Cigna Group		10,100		3,499,044
Elevance Health Inc		7,800		4,056,000
Encompass Health Corp		29,100		2,812,224
HCA Healthcare Inc		8,000		3,251,440
Humana Inc		8,700		2,755,638
IQVIA Holdings Inc*		3,438		814,703
LiveRamp Holdings Inc*		115,000		2,849,700
Merck & Co Inc		16,100		1,828,316
Molina Healthcare Inc*		12,300		4,238,088
Select Medical Holdings Corp		105,000		3,661,350
UnitedHealth Group Inc		8,100		4,735,908
Total Consumer, Non-cyclical				36,839,711
Industrial (9.32%)
TD SYNNEX Corp		37,000		4,442,960
Universal Display Corp		16,600		3,484,340
Total Industrial				7,927,300
Technology (24.54%)
Autodesk Inc*		14,500		3,994,460
Fortinet Inc*		55,000		4,265,250
Globant SA*		11,900		2,357,866
Pegasystems Inc		35,000		2,558,150
Salesforce Inc		12,900		3,530,859
Taiwan Semiconductor Manufacturing Co Ltd		24,000		4,168,080
Total Technology				20,874,665
Total Common Stock (Cost $62,662,442)				84,358,997
Investment Companies (0.93%)
Money Market (0.93%)
First American Government Obligations Fund		793,401		793,401
Total Funds (Cost $793,401)				793,401
Total Investments (Cost $63,455,843) (100.11%)			$	85,152,398
Liabilities in Excess of Other Assets (-0.11%)				(93,118	)
Net Assets (100.00%)			$	85,059,280

* Non-income producing security.

ICON NATURAL RESOURCES & INFRASTRUCTURE FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (99.30%)
Basic Materials (14.74%)
Carpenter Technology Corp		30,000	$	4,787,400
The Chemours Co		131,000		2,661,920
Compass Minerals International Inc		100,000		1,202,000
Eastman Chemical Co		27,000		3,022,650
Haynes International Inc		28,000		1,667,120
Ingevity Corp*		47,000		1,833,000
Kaiser Aluminum Corp		17,000		1,232,840
Radius Recycling Inc		132,000		2,447,280
Total Basic Materials				18,854,210
Consumer, Cyclical (5.24%)
Blue Bird Corp*		93,000		4,460,280
H&E Equipment Services Inc		46,000		2,239,280
Total Basic Materials				6,699,560
Energy (17.72%)
ChampionX Corp		100,000		3,015,000
Enterprise Products Partners LP		167,000		4,861,370
EQT Corp		100,000		3,664,000
NOV Inc		160,000		2,555,200
Suncor Energy Inc		65,000		2,399,800
Sunoco LP		36,000		1,932,480
YPF SA*		200,000		4,242,000
Total Energy				22,669,850
Industrial (50.28%)
3M Co		28,000		3,827,600
AAR Corp*		80,000		5,228,800
Alamo Group Inc		12,000		2,161,560
Armstrong World Industries Inc		35,000		4,600,050
Canadian National Railway Co		20,000		2,343,000
Canadian Pacific Kansas City Ltd		20,500		1,753,570
Carlisle Cos Inc		4,300		1,933,925
Cemex SAB de CV		800,000		4,880,000
Chart Industries Inc*		16,000		1,986,240
Clean Harbors Inc*		7,000		1,691,970
CSX Corp		33,000		1,139,490
Granite Construction Inc		51,000		4,043,280
The Greenbrier Cos Inc		50,000		2,544,500
Masco Corp		57,000		4,784,580
Old Dominion Freight Line Inc		14,200		2,820,688
Oshkosh Corp		30,500		3,056,405
Tetra Tech Inc		67,000		3,159,720
Union Pacific Corp		11,500		2,834,520
Woodward Inc		23,000		3,944,730
ZTO Express Cayman Inc		225,000		5,573,250
Total Industrial				64,307,878
Utilities (11.32%)
Dominion Energy Inc		43,000		2,484,970
National Fuel Gas Co		72,000		4,363,920
New Jersey Resources Corp		94,000		4,436,800
ONE Gas Inc		43,000		3,200,060
Total Utilities				14,485,750
Total Common Stock (Cost $107,279,624)				127,017,248
Investment Companies (0.73%)
Money Market Funds (0.73%)
First American Government Obligations Fund		935,740		935,740
Total Investment Companies (Cost $935,740)				935,740
Total Investments (Cost $108,215,364) (100.03%)			$	127,952,988
Liabilities in Excess of Other Assets (-0.03%)				(39,998	)
Net Assets (100.00%)			$	127,912,990

* Non-income producing security.

ICON UTILITIES AND INCOME FUND

Portfolio of Investments

September 30, 2024

Security Description	Shares		Value
Common Stock (99.70%)
Communications (7.90%)
T-Mobile US Inc		5,700	$	1,176,252
Vodafone Group PLC		72,000		721,440
Total Utilities				1,897,692
Utilities (91.80%)
ALLETE Inc		18,000		1,155,420
Ameren Corp		15,100		1,320,646
American Electric Power Co Inc		13,818		1,417,727
Atmos Energy Corp		12,000		1,664,520
Avangrid Inc		32,100		1,148,859
Black Hills Corp		15,200		929,024
CMS Energy Corp		12,200		861,686
Consolidated Edison Inc		11,100		1,155,843
DTE Energy Co		8,500		1,091,485
Evergy Inc		16,900		1,047,969
Eversource Energy		18,000		1,224,900
National Fuel Gas Co		25,500		1,545,555
New Jersey Resources Corp		22,634		1,068,325
NextEra Energy Inc		17,500		1,479,275
NiSource Inc		47,151		1,633,782
ONE Gas Inc		13,700		1,019,554
Spire Inc		16,000		1,076,640
Xcel Energy Inc		18,600		1,214,580
Total Utilities				22,055,790
Total Common Stock (Cost $21,500,406)				23,953,482
Investment Companies (0.79%)
Money Market Funds (0.79%)
First American Government Obligations Fund		188,856		188,856
Total Investment Companies (Cost $188,856)				188,856
Total Investments (Cost $21,689,262) (100.49%)				24,142,338
Liabilities in Excess of Other Assets (-0.49%)				(118,688	)
Net Assets (100.00%)			$	24,023,650

* Non-income producing security.