----

----

| For the quarterly period ended | March 31, 2011 |   |
|--------------------------------|---------------------|--------|

| For the transition period from |   | to |   |
|--------------------------------|--------|----|--------|

| Commission_File_Number_ | 000-50654 |   |
|-------------------------|-----------|--------|

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

| Delaware                                                       | 35-2193184                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 100 Fifth Avenue, 4th Floor, New York, New York | 10011      |
|-------------------------------------------------|------------|
| (Address of principal executive offices)        | (Zip code) |

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

----

| ICON Income Fund Ten, LLCTable of Contents                                                                  |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                        |   | Page |
|                                                                                                        |   |   |
| PART I - FINANCIAL INFORMATION                                                                              |   |
|                                                                                                        |   |   |
| Item 1.  Consolidated Financial Statements                                                        | 1 |
|                                                                                                        |   |   |
| Consolidated Balance Sheets                                                                                 | 1 |
|                                                                                                        |       |   |
| Consolidated Statements of Operations                                                                       | 2 |
|                                                                                                        |   |   |
| Consolidated Statement of Changes in Equity                                                                 | 3 |
|                                                                                                        |   |   |
| Consolidated Statements of Cash Flows                                                                       | 4 |
|                                                                                                        |   |   |
| Notes to Consolidated Financial Statements                                                                  | 6 |
|                                                                                                        |   |   |
| Item 2.  Manager’s Discussion and Analysis of Financial Condition and Results of Operations | 12 |
|                                                                                                        |   |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                          | 18 |
|                                                                                                        |   |   |
| Item 4. Controls and Procedures                                                                             | 18 |
|                                                                                                        |   |   |
| PART II – OTHER INFORMATION                                                                           |   |
|                                                                                                        |   |   |
| Item 1. Legal Proceedings                                                                                   |   | 19 |
|                                                                                                        |   |   |
| Item 1A. Risk Factors                                                                                  |   | 19 |
|                                                                                                        |   |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                         | 19 |
|                                                                                                        |   |   |
| Item 3. Defaults Upon Senior Securities                                                                     | 19 |
|                                                                                                        |   |   |
| Item 4. (Removed and Reserved)                                                                              | 19 |
|                                                                                                        |   |   |
| Item 5. Other Information                                                                                   |   | 19 |
|                                                                                                        |   |   |
| Item 6. Exhibits                                                                                            |   | 20 |
|                                                                                                        |   |   |
| Signatures                                                                                                  |   | 21 |

----

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

| ICON Income Fund Ten, LLC                                                    |   |
|------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                       |   |
| Consolidated Balance Sheets                                                  |   |
|                                                                         |   |
| Assets                                                                       |   |
|                                                                         |   |
|                                                                         |   | March 31, |   |   |   |   |
|                                                                         |   | 2011 |   |   | December 31, |   |
|                                                                         |   | (unaudited) |   |   | 2010 |   |
|  Current assets:                                                        |   |   |   |   |   |   |
|  Cash and cash equivalents                                              |   | $ | 3,797,674 |   |   | $ | 2,740,590 |   |
|  Current portion of net investment in finance leases                    |   |   | - |   |   |   | 616,088 |   |
|  Current portion of notes receivable                                    |   |   | 623,294 |   |   |   | - |   |
|  Service contracts receivable                                           |   |   | 361,118 |   |   |   | 441,742 |   |
|  Equipment held for sale                                                |   |   | 23,393 |   |   |   | 23,393 |   |
|  Other current assets                                                   |   |   | 674,299 |   |   |   | 845,417 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total current assets                                                   |   |   | 5,479,778 |   |   |   | 4,667,230 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Non-current assets:                                                    |   |   |   |   |   |   |   |   |
|  Net investment in finance leases, less current portion                 |   |   | 37,041,918 |   |   |   | 35,901,863 |   |
|  Leased equipment at cost (less accumulated depreciation of             |   |   |   |   |   |   |   |   |
|       $916,104 and $900,124, respectively)     |   |   | 2,135 |   |   |   | 18,115 |   |
|  Fixed assets (less accumulated depreciation of                         |   |   |   |   |   |   |   |   |
|       $4,444,466 and $3,909,365, respectively) |   |   | 2,522,162 |   |   |   | 2,804,715 |   |
|  Notes receivable, less current portion                                 |   |   | 335,799 |   |   |   | - |   |
|  Investments in joint ventures                                          |   |   | 17,928,821 |   |   |   | 24,531,251 |   |
|  Investments in unguaranteed residual values                            |   |   | - |   |   |   | 128,368 |   |
|  Other non-current assets, net                                          |   |   | 48,453 |   |   |   | 83,213 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total non-current assets                                               |   |   | 57,879,288 |   |   |   | 63,467,525 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total Assets                                                           |   | $ | 63,359,066 |   |   | $ | 68,134,755 |   |
|                                                                         |   |   |   |   |   |   |   |   |
| Liabilities and Equity                                                       |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Current liabilities:                                                   |   |   |   |   |   |   |   |   |
|  Due to Manager and affiliates                                          |   | $ | 117,363 |   |   | $ | 171,156 |   |
|  Accrued expenses and other current liabilities                         |   |   | 1,841,164 |   |   |   | 2,023,237 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total Liabilities                                                      |   |   | 1,958,527 |   |   |   | 2,194,393 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Commitments and contingencies (Note 10)                                |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Equity:                                                                |   |   |   |   |   |   |   |   |
|  Members' Equity:                                                       |   |   |   |   |   |   |   |   |
|     Additional Members                                   |   |   | 62,913,980 |   |   |   | 68,395,072 |   |
|     Manager                                              |   |   | (676,937 | ) |   |   | (621,572 | ) |
|     Accumulated other comprehensive loss                 |   |   | (1,732,312 | ) |   |   | (1,964,780 | ) |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total Members' Equity                                                  |   |   | 60,504,731 |   |   |   | 65,808,720 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Noncontrolling Interests                                               |   |   | 895,808 |   |   |   | 131,642 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total Equity                                                           |   |   | 61,400,539 |   |   |   | 65,940,362 |   |
|                                                                         |   |   |   |   |   |   |   |   |
|  Total Liabilities and Equity                                           |   | $ | 63,359,066 |   |   | $ | 68,134,755 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                         |   |
|-----------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                            |   |
| Consolidated Statements of Operations                                             |   |
| (unaudited)                                                                       |   |
|                                                                              |   |
|                                                                              |   |
|                                                                              |   | Three Months Ended March 31, |   |
|                                                                              |   | 2011 |   |   | 2010 |   |
|  Revenue:                                                                    |   |   |   |   |   |   |
|  Rental income                                                               |   | $ | 160,197 |   |   | $ | 2,139,836 |   |
|  Finance income                                                              |   |   | 1,520,305 |   |   |   | 1,344,221 |   |
|  Servicing income                                                            |   |   | 1,248,347 |   |   |   | 1,489,289 |   |
|  (Loss) income from investments in joint ventures                            |   |   | (4,509,963 | ) |   |   | 695,302 |   |
|  Net gain on sales of equipment and unguaranteed residual values             |   |   | 588,889 |   |   |   | 194,607 |   |
|  Interest and other income                                                   |   |   | 95,837 |   |   |   | 39,582 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Total revenue                                                               |   |   | (896,388 | ) |   |   | 5,902,837 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Expenses:                                                                   |   |   |   |   |   |   |   |   |
|  Management fees - Manager                                                   |   |   | 125,094 |   |   |   | 229,085 |   |
|  Administrative expense reimbursements - Manager                             |   |   | 167,363 |   |   |   | 195,927 |   |
|  General and administrative                                                  |   |   | 1,943,538 |   |   |   | 1,500,109 |   |
|  Interest                                                                    |   |   | 6,348 |   |   |   | 8,578 |   |
|  Depreciation and amortization                                               |   |   | 402,508 |   |   |   | 1,657,130 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Total expenses                                                              |   |   | 2,644,851 |   |   |   | 3,590,829 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Net (loss) income                                                           |   |   | (3,541,239 | ) |   |   | 2,312,008 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Less: Net income attributable to noncontrolling interests                   |   |   | 36,032 |   |   |   | 103,181 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Net (loss) income attributable to Fund Ten                                  |   | $ | (3,577,271 | ) |   | $ | 2,208,827 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Net (loss) income attributable to Fund Ten allocable to:                    |   |   |   |   |   |   |   |   |
|  Additional Members                                                          |   | $ | (3,541,498 | ) |   | $ | 2,186,739 |   |
|  Manager                                                                     |   |   | (35,773 | ) |   |   | 22,088 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|                                                                              |   | $ | (3,577,271 | ) |   | $ | 2,208,827 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Weighted average number of additional                                       |   |   |   |   |   |   |   |   |
|  shares of limited liability company interests outstanding                   |   |   | 148,211 |   |   |   | 148,211 |   |
|                                                                              |   |   |   |   |   |   |   |   |
|  Net (loss) income attributable to Fund Ten per weighted                     |   |   |   |   |   |   |   |   |
|  average additional share of limited liability company interests outstanding |   | $ | (23.89 | ) |   | $ | 14.75 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                                          |   |
|----------------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                                             |   |
| Consolidated Statement of Changes in Equity                                                        |   |
|                                                                                               |   |
|                                                                                               |   |
|                                                                                               |   | Members' Equity |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | Additional Shares |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | of Limited Liability |   |   |   |   |   |   |   |   | AccumulatedOther |   |   | Total |   |   |   |   |   |   |   |
|                                                                                               |   | Company Interests |   |   | AdditionalMembers |   |   | Manager |   |   | ComprehensiveLoss |   |   | Members'Equity |   |   | NoncontrollingInterests |   |   | TotalEquity |   |
| Balance, December 31, 2010                                                                         |   |   | 148,211 |   |   | $  | 68,395,072 |   |   | $  | (621,572 | ) |   | $  | (1,964,780 | ) |   | $  | 65,808,720 |   |   | $  | 131,642 |   |   | $  | 65,940,362 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net (loss) income                                                    |   |   | - |   |   |   | (3,541,498 | ) |   |   | (35,773 | ) |   |   | - |   |   |   | (3,577,271 | ) |   |   | 36,032 |   |   |   | (3,541,239 | ) |
|      Change in valuation of interest                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     rate swap contracts                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 90,447 |   |   |   | 90,447 |   |   |   | - |   |   |   | 90,447 |   |
|      Currency translation adjustments                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 142,021 |   |   |   | 142,021 |   |   |   | - |   |   |   | 142,021 |   |
|             Total comprehensive income |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 232,468 |   |   |   | (3,344,803 | ) |   |   | 36,032 |   |   |   | (3,308,771 | ) |
| Stock based compensation in subsidiary                                                             |   |   |  - |   |   |   | 221,553 |   |   |   | 2,238 |   |   |   |  - |   |   |   | 223,791 |   |   |   | 74,597 |   |   |   | 298,388 |   |
| Investment by noncontrolling interest in subsidiary                                                |   |   |  - |   |   |   | (611,132 | ) |   |   | (6,173 | ) |   |   |  - |   |   |   | (617,305 | ) |   |   | 775,944 |   |   |   | 158,639 |   |
| Cash distributions                                                                                 |   |   | - |   |   |   | (1,550,015 | ) |   |   | (15,657 | ) |   |   | - |   |   |   | (1,565,672 | ) |   |   | (122,407 | ) |   |   | (1,688,079 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2010 (unaudited)                                                                |   |   | 148,211 |   |   | $ | 62,913,980 |   |   | $ | (676,937 | ) |   | $ | (1,732,312 | ) |   | $ | 60,504,731 |   |   | $ | 895,808 |   |   | $ | 61,400,539 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                               |   |
|-------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                  |   |
| Consolidated Statements of Cash Flows                                   |   |
| (unaudited)                                                             |   |
|                                                                    |   |
|                                                                    |   |
|                                                                    |   | Three Months Ended March 31, |   |
|                                                                    |   | 2011 |   |   | 2010 |   |
|  Cash flows from operating activities:                             |   |   |   |   |   |   |
|  Net (loss) income                                                 |   | $ | (3,541,239 | ) |   | $ | 2,312,008 |   |
|  Adjustments to reconcile net (loss) income to net cash       |   |   |   |   |   |   |   |   |
|   provided by operating activities:                           |   |   |   |   |   |   |   |   |
|  Finance income                                                    |   |   | (1,520,305 | ) |   |   | (1,344,221 | ) |
|  Loss (income) from investments in joint ventures                  |   |   | 4,509,963 |   |   |   | (695,302 | ) |
|  Net gain on sales of equipment and unguaranteed residual values   |   |   | (588,889 | ) |   |   | (194,607 | ) |
|  Depreciation and amortization                                     |   |   | 402,508 |   |   |   | 1,657,130 |   |
|  Stock based compensation                                          |   |   | 298,388 |   |   |   | - |   |
|  Loss on financial instruments                                     |   |   | 2,740 |   |   |   | 1,789 |   |
|  Changes in operating assets and liabilities:                      |   |   |   |   |   |   |   |   |
|  Collection of finance leases                                      |   |   | 996,338 |   |   |   | 378,900 |   |
|  Service contracts receivable                                      |   |   | 45,699 |   |   |   | (31,884 | ) |
|  Other assets, net                                                 |   |   | 822,161 |   |   |   | (17,370 | ) |
|  Deferred revenue                                                  |   |   | - |   |   |   | 14,630 |   |
|  Due to/from Manager and affiliates, net                           |   |   | (54,332 | ) |   |   | (7,414 | ) |
|  Accrued expenses and other current liabilities                    |   |   | (191,809 | ) |   |   | (153,416 | ) |
|  Distributions from joint ventures                                 |   |   | 363,440 |   |   |   | 182,341 |   |
|                                                                    |   |   |   |   |   |   |   |   |
|  Net cash provided by operating activities                         |   |   | 1,544,663 |   |   |   | 2,102,584 |   |
|                                                                    |   |   |   |   |   |   |   |   |
|  Cash flows from investing activities:                             |   |   |   |   |   |   |   |   |
|  Proceeds from sales of equipment and unguaranteed residual values |   |   | 128,368 |   |   |   | 455,140 |   |
|  Repayments of note receivable                                     |   |   | 247,072 |   |   |   | - |   |
|  Purchase of equipment                                             |   |   | - |   |   |   | (3,236 | ) |
|  Distributions received from joint ventures in excess of profits   |   |   | 568,060 |   |   |   | 860,075 |   |
|                                                                    |   |   |   |   |   |   |   |   |
|  Net cash provided by investing activities                         |   |   | 943,500 |   |   |   | 1,311,979 |   |
|                                                                    |   |   |   |   |   |   |   |   |
|  Cash flows from financing activities:                             |   |   |   |   |   |   |   |   |
|  Proceeds from revolving line of credit, recourse                  |   |   | - |   |   |   | 700,000 |   |
|  Repayments of revolving line of credit, recourse                  |   |   | - |   |   |   | (100,000 | ) |
|  Proceeds from sale of subsidiary shares                           |   |   | 158,639 |   |   |   | - |   |
|  Cash distributions to members                                     |   |   | (1,565,672 | ) |   |   | (3,218,731 | ) |
|  Distributions to noncontrolling interests                         |   |   | (122,407 | ) |   |   | (418,868 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
|  Net cash used in financing activities                             |   |   | (1,529,440 | ) |   |   | (3,037,599 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
|  Effects of exchange rates on cash and cash equivalents            |   |   | 98,361 |   |   |   | (60,210 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
|  Net increase in cash and cash equivalents                         |   |   | 1,057,084 |   |   |   | 316,754 |   |
|  Cash and cash equivalents, beginning of the period                |   |   | 2,740,590 |   |   |   | 2,428,058 |   |
|                                                                    |   |   |   |   |   |   |   |   |
|  Cash and cash equivalents, end of the period                      |   | $ | 3,797,674 |   |   | $ | 2,744,812 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                        |   |
|----------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                           |   |
| Consolidated Statements of Cash Flows                                            |   |
| (unaudited)                                                                      |   |
|                                                                             |   |
|                                                                             |   | Three Months Ended March 31, |   |
|                                                                             |   | 2011 |   |   | 2010 |   |
|  Supplemental disclosure of non-cash investing and financing activities:    |   |   |   |   |   |   |
|  Transfer from leased equipment at cost to net investment in finance leases |   | $ | - |   |   | $ | 2,440,135 |   |
|  Exchange of investment in joint venture for notes receivable               |   | $ | 1,251,414 |   |   | $ | - |   |

----

Table of Contents

ICON Income Fund Ten, LLC

| (1) | Basis of Presentation and Consolidation |
|-----|-----------------------------------------|

| (2) | Net Investment in Finance Leases |
|-----|----------------------------------|

|                                                            |   | March 31, |        |   | December 31, |   |
|-----------------------------------------------------------------|--------|-----------|-------------|--------|--------------|--------|
|                                                            |   | 2011      |        |   | 2010         |   |
|  Minimum rents receivable, net                             |   | $         | 53,906,090  |   |         | $      | 54,902,428 |   |
|  Estimated residual values                                 |   |      | 7,300,000   |   |         |   | 7,300,000 |   |
|  Unearned income                                           |   |      | (24,164,172 | )      |         |   | (25,684,477 | ) |
|  Net investment in finance leases                          |   |      | 37,041,918  |   |         |   | 36,517,951 |   |
|                                                            |   |      |        |   |         |   |   |   |
|  Less: Current portion of net investment in finance leases |   |      | -           |   |         |   | 616,088 |   |
|                                                            |   |      |        |   |         |   |   |   |
|  Net investment in finance leases, less current portion    |   | $         | 37,041,918  |   |         | $      | 35,901,863 |   |

----

Table of Contents

| (3) | Notes Receivable |
|-----|------------------|

| (4) | Investments in Joint Ventures |
|-----|-------------------------------|

|                                   |   | Three Months Ended March 31, |        |
|----------------------------------------|--------|------------------------------|-------------|
|                                   |   | 2011                         |        |   | 2010 |   |
|  Revenue                          |   | $                            | 1,549,555   |   |   | $ | 1,557,439 |   |
|  Net (loss) income                |   | $                            | (10,560,060 | ) |   | $ | 564,237 |   |
|  LLC's share of net (loss) income |   | $                            | (5,155,603  | ) |   | $ | 295,302 |   |

| (5) | Revolving Line of Credit, Recourse |
|-----|------------------------------------|

----

Table of Contents

| (6) | Transactions with Related Parties |
|-----|-----------------------------------|

|                                                        |   | Three Months Ended March 31, |    |
|-------------------------------------------------------------|--------|------------------------------|---------|
|  Entity                                                |   |  Capacity               |    |  Description |   | 2011 |   |   | 2010 |   |
|  ICON Capital Corp.                                    |   |  Manager                |    |  Management fees (1) |   | $ | 125,094 |   |   | $ | 229,085 |   |
|  ICON Capital Corp.                                    |   |  Manager                |    |  Administrative expense reimbursements (1) |   |   | 167,363 |   |   |   | 195,927 |   |
|                                                        |   | $                            | 292,457 |   |   | $ | 425,012 |   |
|                                                        |   |                         |    |   |   |   |   |   |
|  (1)  Amount charged directly to operations. |   |                         |    |   |   |   |   |   |

| (7) | Derivative Financial Instruments |
|-----|----------------------------------|

----

Table of Contents

| (7) | Derivative Financial Instruments - continued |
|-----|----------------------------------------------|

| Three Months Ended March 31, 2011 |   |                  |   |                      |                   |
|-----------------------------------|--------|-----------------------|--------|---------------------------|------------------------|
|                              |   |                  |   |                      |                   |   |   |
|                              |   | Amount of Gain (Loss) |   | Location of Gain (Loss)   |                   |   |   |
|                              |   | Recognized            |   | Reclassified              |                   | Gain (Loss) Reclassified |   |
|                              |   | in AOCI on Derivative |   | from AOCI into Income     |                   | from AOCI into Income |   |
|  Derivatives                 |   | (Effective Portion)   |   |  (Effective Portion) |                   | (Effective Portion) |   |
|                              |   |                  |   |                      |                   |   |   |
|  Interest rate swaps         |   | $                     | (6,522 | )                         |  Interest expense |   | $ | (96,969 | ) |
|                              |   |                  |   |                      |                   |   |   |   |   |

|                              |   |                  |     |                      |                   |                     |   |
|-----------------------------------|--------|-----------------------|----------|---------------------------|------------------------|--------------------------|--------|
| Three Months Ended March 31, 2010 |   |                  |     |                      |                   |
|                              |   |                  |     |                      |                   |                     |   |
|                              |   | Amount of Gain (Loss) |     | Location of Gain (Loss)   |                   |                     |   |
|                              |   | Recognized            |     | Reclassified              |                   | Gain (Loss) Reclassified |   |
|                              |   | in AOCI on Derivative |     | from AOCI into Income     |                   | from AOCI into Income    |   |
|  Derivatives                 |   | (Effective Portion)   |     |  (Effective Portion) |                   | (Effective Portion)      |   |
|                              |   |                  |     |                      |                   |                     |   |
|  Interest rate swaps         |   | $                     | (160,522 | )                         |  Interest expense |                     | $      | (123,756 | ) |

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| (7) | Derivative Financial Instruments - continued |
|-----|----------------------------------------------|

|                                                     |                     |   | Asset Derivatives |   |
|----------------------------------------------------------|--------------------------|--------|-------------------|--------|
|                                                     |                     |   | March 30,         |   |   | December 31, |   |
|                                                     |                     |   | 2011              |   |   | 2010 |   |
|                                                     | Balance Sheet Location   |   | Fair Value        |   |   | Fair Value |   |
|  Derivatives not designated as hedging instruments: |                     |   |              |   |   |   |   |
|                                                     |                     |   |              |   |   |   |   |
|  Warrants                                           | Other non-current assets |   | $                 | 67,929 |   |   | $ | 70,669 |   |

| (8) | Accumulated Other Comprehensive Loss |
|-----|--------------------------------------|

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| (9) | Stock Based Compensation |
|-----|--------------------------|

| (10) | Commitments and Contingencies |
|------|-------------------------------|

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Item 2. Manager’s Discussion and Analysis of Financial Condition and Results of Operations

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|                                                                  |   | Three Months Ended March 31, |       |   |   |   |
|-----------------------------------------------------------------------|--------|------------------------------|------------|--------|--------|--------|
|                                                                  |   | 2011                         |       |   | 2010   |   |   | Change |   |
|  Rental income                                                   |   | $                            | 160,197    |   |   | $      | 2,139,836 |   |   | $ | (1,979,639 | ) |
|  Finance income                                                  |   |                         | 1,520,305  |   |   |   | 1,344,221 |   |   |   | 176,084 |   |
|  Servicing income                                                |   |                         | 1,248,347  |   |   |   | 1,489,289 |   |   |   | (240,942 | ) |
|  (Loss) income from investments in joint ventures                |   |                         | (4,509,963 | )      |   |   | 695,302 |   |   |   | (5,205,265 | ) |
|  Net gain on sales of equipment and unguaranteed residual values |   |                         | 588,889    |   |   |   | 194,607 |   |   |   | 394,282 |   |
|  Interest and other income                                       |   |                         | 95,837     |   |   |   | 39,582 |   |   |   | 56,255 |   |
|                                                                  |   |                         |       |   |   |   |   |   |   |   |   |   |
|  Total revenue                                                   |   | $                            | (896,388   | )      |   | $      | 5,902,837 |   |   | $ | (6,799,225 | ) |

|                                                  |   | Three Months Ended March 31, |      |   |   |   |
|-------------------------------------------------------|--------|------------------------------|-----------|--------|--------|--------|
|                                                  |   | 2011                         |      |   | 2010   |   |   | Change |   |
|  Management fees - Manager                       |   | $                            | 125,094   |   |   | $      | 229,085 |   |   | $ | (103,991 | ) |
|  Administrative expense reimbursements - Manager |   |                         | 167,363   |   |   |   | 195,927 |   |   |   | (28,564 | ) |
|  General and administrative                      |   |                         | 1,943,538 |   |   |   | 1,500,109 |   |   |   | 443,429 |   |
|  Interest                                        |   |                         | 6,348     |   |   |   | 8,578 |   |   |   | (2,230 | ) |
|  Depreciation and amortization                   |   |                         | 402,508   |   |   |   | 1,657,130 |   |   |   | (1,254,622 | ) |
|                                                  |   |                         |      |   |   |   |   |   |   |   |   |   |
|  Total expenses                                  |   | $                            | 2,644,851 |   |   | $      | 3,590,829 |   |   | $ | (945,978 | ) |

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

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RT II - OTHER INFORMATION

Item 1.  Legal Proceedings

Item 1A. Risk Factors

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.  Defaults Upon Senior Securities

Item 4.  (Removed and Reserved)

Item 5.  Other Information

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Item 6. Exhibits

| 3.1        | Certificate of Formation of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on February 28, 2003 (File No. 333-103503)).                                                                                                                                                                                                                                                                                    |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 4.1        | Amended and Restated Operating Agreement of Registrant (Incorporated by reference to Exhibit 4.1 to Pre-Effective Amendment No. 3 to Registrant’s Registration Statement on Form S-1 filed with the SEC on June 2, 2003 (File No. 333-103503)).                                                                                                                                                                                                                                        |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.1       | Commercial Loan Agreement, dated as of August 31, 2005, by and among California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated August 31, 2005).                                                                                                                                              |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.2       | Loan Modification Agreement, dated as of December 26, 2006, between California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated December 26, 2006).                                                                                                                                             |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.3       | Loan Modification Agreement, dated as of June 20, 2007, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed November 12, 2009).                                                                    |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4       | Third Loan Modification Agreement, dated as of May 1, 2008, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008, filed May 19, 2008).                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.5       | Fourth Loan Modification Agreement, dated as of August 12, 2009, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC, ICON Leasing Fund Twelve, LLC and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, filed August 14, 2009). |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|  10.6 | Termination of Commercial Loan Agreement, by and among California Bank & Trust and ICON Income Fund Eight B L.P.; ICON Income Fund Nine, LLC; ICON Income Fund Ten, LLC; ICON Leasing Fund Eleven, LLC; ICON Leasing Fund Twelve, LLC; and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., dated as of May 10, 2011.                                                                                                                                                         |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.1       | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.2       | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.3       | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1       | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.2       | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                               |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.3       | Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                  |

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SIGNATURES

| 21 |
|----|

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