UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549


                                 FORM 10-Q



[x   ]  Quarterly  Report  Pursuant  to  Section  13 or 15(d) of the  Securities
        Exchange Act of 1934

For the quarterly period ended              June 30, 2003
                              --------------------------------------------------

[    ]  Transition  Report  Pursuant  to Section  13 or 15(d) of the  Securities
        Exchange Act of 1934

Commission File Number                     333-103503
                      ----------------------------------------------------------

                               ICON Income Fund Ten, LLC
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in its charter)


         Delaware                                       35-2193184
--------------------------------------------------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)


 100 Fifth Avenue, 10th floor, New York, New York              10011
--------------------------------------------------------------------------------
(Address of principal executive offices)                    (Zip Code)


                             (212) 418-4700
--------------------------------------------------------------------------------
           Registrant's telephone number, including area code



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [x] Yes [ ] No

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). [ ] Yes [x] No

<PAGE>

PART I - Financial Information
------------------------------

Item 1 - Financial Statements


                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                          (A Development Stage Company)

                                  Balance Sheet


   Assets

Cash and cash equivalents                  $        1,000
                                           ==============


   Liabilities and Members Equity

Commitments and Contingencies

Members equity
   Manager                                 $        1,000
   Additional members                            -
                                           --------------

                                           $        1,000
                                           ==============





























See accompanying notes to balance sheet.

<PAGE>



                             ICON Income Fund Ten, LLC
                      (A Delaware Limited Liability Company)
                           (A Development Stage Company)

                               Notes to Balance Sheet

                                   June 30, 2003
                                    (unaudited)


(1)   The Limited Liability Company

     ICON  Income  Fund Ten,  LLC (the "LLC") was formed on January 2, 2003 as a
Delaware Limited Liability Company.  The Company is currently in its development
stage. The initial  capitalization of the LLC was $1,000.  The LLC will continue
until December 31, 2023, unless terminated sooner. The LLC is offering shares on
a "best  efforts"  basis with the  intention  of raising up to  $150,000,000  of
capital.  As of June 30, 2003 the LLC had  received  subscriptions  for $831,566
representing  831.566  shares.  Subscription  funds will be held in escrow until
$5,000,000 has been received,  at which time subscribers will be admitted to the
LLC as members.

     With the proceeds from shares sold,  the LLC intends to invest in equipment
subject to leases  and in  residual  ownership  rights in leased  equipment  and
establish a cash  reserve.  The Manager of the LLC is ICON  Capital  Corp.  (the
"Manager"), a Connecticut  corporation.  The Manager will acquire the assets and
manage the business of the LLC.

     Until  commencement  of operations,  the Manager will pay, on behalf of the
LLC, sales  commissions to seller  dealers,  as outlined in the LLC's  operating
agreement. The LLC will also make payments to the Manager and its affiliates, as
well as pay other fees, upon  commencement  of operations,  all set forth in the
operating agreement.

(2)   Capital Contribution

     The  Manager has made an initial capital contribution of $1,000 to the LLC.

(3)   Commitment and Contingencies

     The LLC will not  apply  for  ruling  from the  Internal  Revenue  Service;
however  in the  opinion  of  tax  counsel  the  LLC  will  be  classified  as a
partnership  for U.S.  Federal  income tax  purposes  and not as an  association
taxable  as a  corporation.  In the  absence  of a ruling,  there  cannot be any
assurance that the LLC will not be classified by the Internal Revenue Service as
an association taxable as a corporation.
<PAGE>

                            ICON Income Fund Ten, LLC
                       (A Delaware Limited Liability Company)
                          (A Development Stage Company)

                                  June 30, 2003

Item 2.   Manager's Discussion and Analysis or Plan of Operation

Results of Operations for the Period Ended June 30, 2003

     The LLC is currently in its offering  period,  and as of June 30, 2003, had
not admitted any members, nor commenced its operations, both of which will occur
once  $5,000,000 in shares are sold.

Liquidity and Capital Resources

     The  Manager  is  confident,  based upon its prior  history of  syndicating
equipment  leasing  businesses,  that the LLC will  continue  to sell shares and
expects to admit  subscribers as members during the third quarter of 2003. As of
July 31,  2003,  the LLC had  received  subscriptions  for  $3,078,540  worth of
shares.  Once  $5,000,000  of  subscriptions  are  received,  the LLC will admit
subscribers and commence its operation  (utilizing the funds raised to invest in
equipment subject to lease and in residual  ownership rights in leased equipment
and establish a cash reserve).

     Until  commencement  of operations,  the Manager will pay, on behalf of the
LLC, sales  commissions to seller  dealers,  as outlined in the LLC's  operating
agreement. The LLC will also make payments to the Manager and its affiliates, as
well as pay other fees, upon  commencement  of operations,  all set forth in the
operating agreement.

Item 3.   Qualitative and Quantitative Disclosures About Market Risk

Inapplicable at this time

Item 4.   Controls and Procedures

     Beaufort  J.B.  Clarke and Thomas W. Martin,  the  Principal  Executive and
Principal Financial Officers,  respectively,  of the Manager, have evaluated the
disclosure  controls and  procedures of the LLC as of the quarter ended June 30,
2003. As used herein,  the term  "disclosure  controls and  procedures"  has the
meaning  given to the term by Rule 13a-14 under the  Securities  Exchange Act of
1934,  as  amended  ("Exchange  Act"),  and  includes  the  controls  and  other
procedures of the LLC that are designed to ensure that  information  required to
be  disclosed  by the LLC in the  reports  that it files  with the SEC under the
Exchange Act is recorded,  processed,  summarized  and reported  within the time
periods  specified  in the SEC's rules and forms.  As part of their  evaluation,
Messrs. Clarke and Martin conferred with the finance and accounting staff of the
Manager and the finance and accounting  staff of ICON Holdings Corp., the parent
of the  Manager.  Based upon their  evaluation,  Messrs.  Clarke and Martin have
concluded that the LLC's disclosure  controls and procedures  provide reasonable
assurance  that the  information  required  to be  disclosed  by the LLC in this
report is recorded,  processed,  summarized and reported within the time periods
specified in the SEC's rules and forms  applicable  to the  preparation  of this
report.

     There have been no significant changes in the LLC's internal controls or in
other  factors  that  could  significantly  affect the LLC's  internal  controls
subsequent  to the  evaluation  described  above  conducted  by LCC's  principal
executive and financial officers.

<PAGE>

                            ICON Income Fund Ten, LLC
                      (A Delaware Limited Liability Company)
                           (A Development Stage Company)


PART II - OTHER INFORMATION
---------------------------

Item 1 - Legal Proceedings
--------------------------

     The  LLC is not a  party  to  any  litigation  (either  as a  plaintiff  or
defendent) and is not aware of any pending or threatened  litigation against it.

Item 6 - Exhibits and Reports on Form 8-K
-----------------------------------------

(a)  Exhibits

     99.1 Certification of Chairman and Chief Executive Officer.

     99.2 Certification of Executive Vice President and Principal  Financial and
          Accounting Officer.

     99.3 Certification  of Chairman and Chief Executive  Officer pursuant to 18
          U.S.C.  (Section)1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002.

     99.4 Certification of Executive Vice President and Principal  Financial and
          Accounting  Officer  pursuant to 18 U.S.C.  (Section)1350,  as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
<PAGE>

                            ICON Income Fund Ten, LLC
                      (A Delaware Limited Liability Company)
                            (A Development Stage Company)


                                  SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                  ICON Income Fund Ten, LLC
                                  File No. 333-103503 (Registrant)
                                  By its Manager,
                                  ICON Capital Corp.



       August 13, 2003            /s/ Thomas W. Martin
    ----------------------        ------------------------------------
           Date                   Thomas W. Martin
                                  Executive Vice President
                                  (Principal Financial and Accounting Officer)
                                  ICON Capital Corp.
                                  Manager of ICON Income Fund Ten, LLC
<PAGE>

                            Certifications - 10-Q


EXHIBIT 99.1

I, Beaufort J.B. Clarke, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Ten, LLC;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the LLC as of, and for, the periods presented in this report;

4.   The LLC's other  certifying  officer and I are responsible for establishing
     and maintaining  disclosure controls and procedures (as defined in Exchange
     Act Rules  13a-15(e) and  15d-15(e))  and internal  control over  financial
     reporting (as defined in Exchange Act Rules  13a-15(f) and  15d-15(f))  for
     the LLC and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure that material information relating to the LLC,
          including its consolidated subsidiaries, is made known to us by others
          within those  entities,  particularly  during the period in which this
          report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated  the  effectiveness  of the LLC's  disclosure  controls  and
          procedures  and  presented  in this report our  conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     (d)  Disclosed in this report any change in the LLC's internal control over
          financial  reporting that occurred during the LLC's most recent fiscal
          quarter  that has  materially  affected,  or is  reasonably  likely to
          materially   affect,   the  LLC's  internal   control  over  financial
          reporting; and

5.   The LLC's other certifying officer and I have disclosed,  based on our most
     recent  evaluation of internal  control over  financial  reporting,  to the
     LLC's auditors and the audit  committee of the LLC's board of directors (or
     persons performing the equivalent functions):

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the LLC's  ability to record,
          process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the LLC's  internal  control
          over financial reporting.

Dated:  August 13, 2003

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

<PAGE>


                            Certifications - 10-Q


EXHIBIT 99.2

I, Thomas W. Martin, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Ten, LLC;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the LLC as of, and for, the periods presented in this report;

4.   The LLC's other  certifying  officer and I are responsible for establishing
     and maintaining  disclosure controls and procedures (as defined in Exchange
     Act Rules  13a-15(e) and  15d-15(e))  and internal  control over  financial
     reporting (as defined in Exchange Act Rules  13a-15(f) and  15d-15(f))  for
     the LLC and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure that material information relating to the LLC,
          including its consolidated subsidiaries, is made known to us by others
          within those  entities,  particularly  during the period in which this
          report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated  the  effectiveness  of the LLC's  disclosure  controls  and
          procedures  and  presented  in this report our  conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     (d)  Disclosed in this report any change in the LLC's internal control over
          financial  reporting that occurred during the LLC's most recent fiscal
          quarter  that has  materially  affected,  or is  reasonably  likely to
          materially   affect,   the  LLC's  internal   control  over  financial
          reporting;  and

5.   The LLC's other certifying officer and I have disclosed,  based on our most
     recent  evaluation of internal  control over  financial  reporting,  to the
     LLC's auditors and the audit  committee of the LLC's board of directors (or
     persons performing the equivalent functions):

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the LLC's  ability to record,
          process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the LLC's  internal  control
          over financial reporting.

Dated:  August 13, 2003

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer)
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

<PAGE>

                            ICON Income Fund Ten, LLC
                      (A Delaware Limited Liability Company)
                           (A Development Stage Company)

                                   June 30, 2003

EXHIBIT 99.3

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital  Corp,  the Manager of ICON Income Fund Ten, LLC,  certify,  pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2003
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with the  requirements  of Section  13(a) of the  Securities
          Exchange Act of 1934 (15 U.S.C. 78m) and

     (2)  information  contained in the Periodic Report fairly presents,  in all
          material respects,  the financial  condition and results of operations
          of ICON Income Fund Ten, LLC.

Dated:  August 13, 2003


                                    /s/ Beaufort J.B. Clarke
                                    ------------------------------------
                                    Beaufort J.B. Clarke
                                    Chairman and Chief Executive Officer
                                    ICON Capital Corp.
                                    Manager of ICON Income Fund Ten, LLC

<PAGE>


                            ICON Income Fund Ten, LLC
                      (A Delaware Limited Liability Company)
                          (A Development Stage Company)

                                  June 30, 2003


EXHIBIT 99.4

     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting  Officer) of ICON Capital Corp,  the Manager of ICON Income Fund Ten,
LLC, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

     (1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2003
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with the  requirements  of Section  13(a) of the  Securities
          Exchange Act of 1934 (15 U.S.C. 78m) and

     (2)  information  contained in the Periodic Report fairly presents,  in all
          material respects,  the financial  condition and results of operations
          of ICON Income Fund Ten, LLC.

Dated:  August 13, 2003

                                  /s/ Thomas W. Martin
                                  --------------------------------------------
                                  Thomas W. Martin
                                  Executive Vice President
                                  (Principal Financial and Accounting Officer)
                                  ICON Capital Corp.
                                  Manager of ICON Income Fund Ten, LLC