# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001839882-23-006421
**Filing Date:** 2023-3
**Character Count:** 419053
**Document Hash:** 1194b4ae73a10e26f9c447199e411634
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-006421.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001839882-23-006421

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267
- **IRS NUMBER:** 526400931
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 23723961

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 800-955-9988

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHELTON GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20110614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAIWAN GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20040105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** R O C TAIWAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SHELTON TACTICAL CREDIT FUND (Series ID: S000054578)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000171442 | Investor Class      | DEBTX           |
| C000174064 | Institutional Class | DEBIX           |

### Shelton International Select Equity Fund (Series ID: S000055315)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000174094 | Investor Class      | SISLX           |
| C000174095 | Institutional Class | SISEX           |

### ICON CONSUMER SELECT FUND (Series ID: S000067899)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217707 | Investor Class      | ICFAX           |
| C000217708 | Institutional Class | ICFSX           |

### ICON EQUITY FUND (Series ID: S000067900)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217709 | Institutional Class | IOLZX           |
| C000217710 | Investor Class      | ISTAX           |

### ICON EQUITY INCOME FUND (Series ID: S000067901)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217711 | Institutional Class | IOEZX           |
| C000217712 | Investor Class      | IEQAX           |

### ICON FLEXIBLE BOND FUND (Series ID: S000067902)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217713 | Investor Class      | IOBAX           |
| C000217714 | Institutional Class | IOBZX           |

### ICON HEALTH AND INFORMATION TECHNOLOGY FUND (Series ID: S000067903)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217715 | Investor Class      | ICTTX           |
| C000217716 | Institutional Class | ICTEX           |

### ICON Natural Resources and Infrastructure Fund (Series ID: S000067904)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217717 | Investor Class      | ICBAX           |
| C000217718 | Institutional Class | ICBMX           |

### ICON UTILITIES AND INCOME FUND (Series ID: S000067905)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217719 | Institutional Class | ICTUX           |
| C000217720 | Investor Class      | ICTVX           |

### Shelton Emerging Markets Fund (Series ID: S000067906)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000217721 | Institutional Shares | EMSQX           |
| C000217722 | Investor Shares      | EMSLX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number <u>811-05617</u>

---

| |
|:---|
| **SCM Trust** |
| (Exact name of registrant as specified in charter) |
| 1875 Lawrence Street, Suite 300, Denver, CO 80202 |
| (Address of principal executive offices) (Zip code) |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>(800) 955-9988</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

ITEM 1. REPORTS TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![](scm-ncsr_123122img001.gif)

**ANNUAL REPORT**

------

December 31, 2022

Shelton Emerging Markets Fund

Shelton International Select Equity Fund

Shelton Tactical Credit Fund

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of beneficial interest of The SCM Trust which contains information about the management fee and other costs. Investments in shares of The SCM Trust are neither insured nor guaranteed by the U.S. Government.

![](scm-ncsr_123122img002.gif)

---

| | |
|:---|:---|
|  **Table of Contents** | **December 31, 2022** |

---

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| | |
|:---|:---|
| [Historical Performance and Manager's Discussion](#scm-ncsr_123122a8)  | 1 |
| [About Your Fund's Expenses](#scm-ncsr_123122a9)  | 7 |
| [Top Holdings and Sector Breakdowns](#scm-ncsr_123122a10)  | 8 |
| [Portfolio of Investments](#scm-ncsr_123122a11)  | 9 |
| [Statements of Assets & Liabilities](#scm-ncsr_123122a12)  | 16 |
| [Statements of Operations](#scm-ncsr_123122a13)  | 17 |
| [Statements of Changes in Net Assets](#scm-ncsr_123122a14)  | 18 |
| [Financial Highlights](#scm-ncsr_123122a15)  | 20 |
| [Notes to Financial Statements](#scm-ncsr_123122a16)  | 24 |
| [Liquidity Risk Management Program Disclosure](#scm-ncsr_123122a17)  | 31 |
| [Report of Independent Registered Public Accounting Firm](#scm-ncsr_123122a18)  | 32 |
| [Additional Information](#scm-ncsr_123122a19)  | 33 |
| [Board of Trustees and Executive Officers](#scm-ncsr_123122a20)  | 34 |

---

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| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited)** | **December 31, 2022** |

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**Shelton Emerging Market Fund and Shelton International Select Equities Fund <br>(Portfolio Managers Derek Izuel and Justin Sheetz)** 

**International Market Review**

For most of the fiscal year attention in international markets has been focused west, drawn to the consequences of the Russian invasion of Ukraine. While winter weather brings a lull to the fighting, and warmer than expected temperatures ease the energy pressures on Western Europe, eyes drift towards the great changes occurring on the other side of the world.

**China**

After two- and one-half years, the Chinese government, fearing permanent damage to their economic growth, reversed their zero-COVID policies. While human toll for this sudden shift in policy is expected to be catastrophic, the economic effect will be significant as well.

Economically the re-opening is the third piece of the Chinese economic recovery. Their central bank has been providing stimulus for some time, keeping short term rates lower and the yield curve positive. In the fall, the Chinese government backed off the draconian anti-business stance that had spooked markets and provided some relief to their beleaguered real estate market. With the re-opening of their society, 30 months of savings by Chinese consumers could provide reflationary and inflationary stimulus to their and neighboring economies.

At the end of October, the Chinese equity market was down 43% YTD, and even further off the November 2021 highs. Rumors of a policy shift triggered a rebound that recovered half of that deficit and position the market for further gains in 2023. In the long term, China has considerable challenges to their continued growth, but for the near future we may see continued market strength.

**Japan**

The advent of global inflation caused a shift in Japanese government policy with far ranging ramifications as well.

Since 2016, the Bank of Japan has engaged in yield curve control policies, buying enough bonds to hold the yield on the 10 year Japanese government bond (JGB) close to 0.25%. In the deflationary environment of the past several years that has not proven to be difficult, but post-pandemic, Japan has been subject to the same inflationary forces experienced by their developed market peers. While 3.7% inflation does not sound like much by US and European standards, in Japan it is. Selling pressure on Japanese bonds has become so strong it has become impractical for the Bank of Japan to buy enough bonds to keep rates in their target range. With further inflationary forces on the horizon from labor markets, the Bank of Japan was forced to relent and in November, announced that they would allow the 10-year JGB to move to 0.5%. This could just be the beginning. Since the announcement, 10-year JGBs have traded above 0.5% a significant portion of the time, signaling more pressure to allow rates to rise.

During Yield Curve Control, Japan was a source of stability for investors. While other central banks would lower rates, investors could on the Japanese yields to remain stable, and the Yen would appreciate during times of uncertainty. Inflation changed all that. Central bank hawkishness drew assets away from Japan, and the Yen dropped precipitously. The reaction of the Bank of Japan reverses this currency shift (the Yen has recovered about half of what it lost as of the end of December), and on the margin stand to export more inflation to the rest of the world.

In 2022, we saw a divide between East and West. While Western economies engaged in restrictive policies, raising short term interest rates and inverting their yield curves to combat inflation, Eastern economies stimulated their economies and allowed inflation in order to stave off deflationary concern. Both tracks provide opportunities for stock selection, and their diverging paths could have diversification benefits for broad based international portfolios.

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| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

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**Performance - International Select Equity**

The Shelton Capital International Select Fund returned -19.29% for the fiscal year, underperforming the MSCI All Country World Index return of -15.57% by 3.29%. As the year went on, the fund's focus on broad based stock selection and prudent risk management began to bear fruit after a tumultuous start.

The Fund was underweight China and Hong Kong for most of the year, but closed the gap to equal weight late in the third quarter after valuation and volatility levels became too attractive to ignore. Several non-state-owned positions were added, and these positions were rewarded when the zero-COVID policy was repealed.

An overweight to Turkey was a helpful contributor. Turkish investors sought a refuge from 80% inflation in their local equity market, leading to a nearly 200% return in the Turkish stock market. The portfolio held Sisecam, a local retailer that in our view has managed the inflationary environment well.

The portfolio was also positively predisposed to the resurgence in Japan and Korea, including the sharp reversals in the currencies relative to the US dollar. Exiting the fiscal year, some of the Fund's top positions are GS Holdings, a Korean conglomerate, Shin-Etsu Chemical, feedstock supplier to the fertilizer and semiconductor industries and Mitsubishi Electric.

The top contributors to performance came from around the world. HDFC Bank, India's largest private sector bank, returned 6.2%. The firm recently combined with another bank (ironically also called HDFC) and is beginning to see the benefits. Net interest margins continue to grow after plateauing during the merger.

Shin-Etsu Chemical, one of the Fund's top positions in Japan, faced a difficult environment in late 2022. The semiconductor channel has begun to cool, and the rise in interest rates slowed construction spending, one of their key markets. Despite some of their top products exposed to these industries, as well as high prices in the energy products that provide feedstock for many of their chemicals, Shi-Etsu's product competitiveness prevailed, and given their strong financial position, only served to improve their position. The stock fell off 16.2% during the year, but rallied in the fourth quarter.

From Canada, Element Fleet Management was a top position as well. The company offers fleet management of cars, trucks and equipment. The firm has a strong operating platform and is leveraging it to pursue organic growth. The rise in automobile costs over the past years further contributed to the bottom line. The firm returned 37.9% in 2022.

We believe Nestle faces difficult times ahead. Despite increasing their margins during the quarter, inflation and the threat of recession Europe and the US threatens to spoil the operating leverage they have been enjoying. The firm was flat during a quarter where many companies returned double digits. Exiting the fiscal year, we still believe in their operating capacities and are encouraged by their margin improvements.

Nomura Research Institute, a consulting firm, saw weakness on the back of declining margins and revenues from the lockdown in China. We expect to see these recover as China re-opens.

**Performance - Emerging Markets**

The Shelton Capital Emerging Markets Fund returned -14.33% in 2022, outperforming the MSCI Emerging Markets Index return of -19.94% by 5.61%.

Most of the performance for the fiscal quarter came from individual positions. As of fiscal year end, the Fund holds Sisecam, the Turkish retailer, and was a large contributor.

Dentium (145720 KS) delivered solid third quarter results. Revenues were up 27% YoY and operating profits were up 123%. While growth was solid in the core markets of China and Korea, revenues nearly doubled in Europe and the rest of Asia (off low bases but establishing their business in these areas of business). Despite being up 35%, as of the end of the fiscal fourth quarter, the stock continues to trade at a discount to peers.

Sendas Distribuidora SA (ASIA3 BZ), a Brazilian wholesaler, was bolstered by news of the sale by Casino of a portion (12%) of their outstanding stock. Divestment of the stock looks to improve firm governance and allow greater independence, a benefit to remaining shareholders. Anticipated further sales by Casino (they still hold 27% of the firm) helped the firm return 59% for the year.

Indofood (ICBP IJ) and Indonesian Food company, saw revenues grow 13% YoY, driven by strong results (16% growth) in their noodle business. Overall profits were up 47% despite high input prices, and a substantial FX loss due to INR weakness. With this behind it, the firm stands to continue their profit expansion. The stock price appreciated 17.6% in the fourth quarter and was up 9% for the year.

Over the span of 2022, the team reduced the Fund's underweight to mainland China, bringing the portfolio close to market weight. While the Fund held a position in Alibaba (BABA US), the Fund's underweight in another large Chinese technology company, Tencent (700 HK) detracted from performance. Overall, the Fund's position in China and Hong Kong over the year was a positive for the portfolio.

Banco Bradesco faced multiple challenges this year. Higher rates have put pressure on interest income for all Brazilian banks, and Bradesco fared better than most. However, their asset quality has been poor, fees were down, and the insurance business was weak leading to overall earnings 20% below expectations. The stock fell just over 11% in the year.

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| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

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**Shelton Tactical Credit Fund <br>(Portfolio Managers Peter Higgins, Jefferey Rosenkranz, David Falk, and Bill Mock)**

The Shelton Tactical Credit Fund seeks to generate uncorrelated total returns in the fixed income markets through income and capital appreciation. The Fund employs a fundamental research process to seek to identify undervalued sectors and individual securities in the U.S. corporate and municipal bond markets. The Fund actively adjusts allocations to these products and underlying security selection based on market technicals and fundamentals. The Fund seeks to optimizes investor returns by increasing the opportunity set to tactically invest across all macro, credit and interest rate cycles.

**Performance**

During the reported fiscal year period January 1, 2022 through December 31, 2022, the Fund returned -7.27% for Institutional Shares (DEBIX) and -7.42% for Investor Shares (DEBTX), outperforming all relevant fixed income indices, including the Bloomberg US Aggregate Total Return Index (AGG) return of -13.01%. The Fund modestly lagged the Morningstar Nontraditional bond category return of -6.33%. The Fund had strong positive contributions to return from floating rate municipal bonds, interest rate hedges, and short positions, which partially offset the losses in both corporate and municipal bonds.

**Corporate Credit Market Recap**

2022 was a painful year for fixed income markets, invoking phrases such as 'worst-ever' or 'biggest drawdown since the GFC'. The Federal Reserve started the year in an off-sides position as they let inflation get the initial upper hand. Once they realized their mistake, they aggressively moved to conquer inflation which had morphed from transitory to persistent. After the initial 25bp toe-dip in March, the pace quickened with 50bp in May, and more aggressive 75bp hikes in June, July, September and November, finally stepping back down to 50bp in December. Along the way, as yields were increasing, the math of bonds wreaked its havoc on markets, dragging down prices. As we have observed previously, the very low coupon rates on much of the bond market on account of issuance during periods of historically low rates, made the math more problematic with its convexity and exacerbated the price moves.

At several times during the year, markets desperately attempted to front-run the Fed and anticipate when a pause and eventual pivot in the rate hike cycle would be warranted. And the first few attempts fell flat on their face in painful selloffs. The overriding concern has now morphed from entrenched inflation to the economic collateral damage done by the aggressive cycle of rate hikes.

We anticipated the need for distasteful medicine and positioned the Fund accordingly. The Fund's duration was purposefully low, carefully constructed with shorter maturity bonds and aided by our low-cost out-of-the-money hedging strategy. While this positioning cushioned the blow somewhat, it could not completely offset the viciousness of the selloff. As the year went along, our concern shifted from higher rates to the economic consequences – namely a recession. We adjusted positioning accordingly, moving the portfolio up in quality to include issuers who we believe will be resilient in a downturn, seeking greater comfort that they will be able to repay us all interest and principal. Furthermore, the economic downturn would bring on a pause in rates, so we also began to extend duration to seek to take advantage of the eventual stabilization and eventual move lower in rates.

Across the corporate bond market, investment grade reported an annual loss of 15.8% and underperformed high yield, which recorded a 2022 loss of 11.2%. Within high yield, there was significant dispersion amongst ratings buckets, as CCC bonds returned -19.49% for the year, single Bs -9.56%, and BBs -9.52%. CCC bonds had outperformed in the first quarter and sharply reversed course once the Fed's tightening commenced. In the end, CCC's underperformance vs Single B rated bonds was the largest since the financial crisis.

**Municipal Market Recap**

Municipal bond market participants endured a difficult time in 2022 as the loss of 8.53% was the worst performance of the Bloomberg Municipal Bond Index since 1981. Rising interest rates driven by both the highest inflation since the early 1980s and the Fed's inflation-fighting tightening strategy drove individual investors out of open-end mutual funds as outflows totaled $148 billion for the year. These fund redemptions created heavy selling pressure for mutual fund managers. The extreme selling pressure required municipal market broker-dealers to adjust bid/offer spreads as they tried to match sellers with buyers and provide liquidity in a volatile Treasury market environment that made hedging risk positions more challenging. While we saw some brief periods of positive performance in May, July and November, the net result of the 2022 municipal bond market sell-off is that tax-exempt bond yields ended the year at significantly higher levels. On 12/31/22 "AAA" tax-exempt yields in five years were at 2.53%, 183 basis points (bps) higher than a year earlier, in 10 years at 2.62%, 158 bps higher, and in 30 years at 3.57%, 209 bps higher. From a relative value perspective high-grade tax-exempt bond ended the year cheaper versus Treasuries in most parts of the curve than they began with the AAA Muni/Treasury ratio finishing the year at 60% in 2 years, 64% in 5 years, 68% in 10 years and 91% in 30 years.

For the calendar year, long-term primary market issuance totaled $361 billion, which is approximately 28% lower than issuance in 2021. Tax-exempt issuance declined 10% while taxable issuance declined 58% as higher interest rates limited taxable advance refunding activity.

**Economic Observations and the Fed**

The Federal Reserve had the unenviable task of trying to tame inflation that arose not from traditional business cycle dynamics, but rather from a global pandemic and the fiscal and monetary response thereto. Trying to win this game without running the favorite or most comfortable plays from their playbook, the results were erratic, belated and unpredictable. At the same time, the market was desperately trying to front-run a pause and eventual pivot in the relentless stream of rate increases. After several false starts during the year, the most recent rally seems to have gotten it correct. While we may have come a little too far, too fast during this recent run, we do believe we have turned the crucial corner in the fight against inflation, and that rates generally should exhibit some stability within a reasonable range, and eventually head lower still. We believe this eventual further decline in rates will be driven by the realization that interest rate increases, operating with their well-known lag, have inflicted too much damage on the economy and tipped it into recession. At that point the Fed will be in familiar territory and can rely on its tried-and-tested playbook to re-stimulate the economy out of this slowdown. Because the Fed is more comfortable re-stimulating an economy out of a recession rather than trying to re-conquer entrenched inflation, we fully expect them to try and keep financial conditions tight for longer, and over-correct in the process.

**Corporate Credit Market Outlook**

Generally, a few themes seem evident in high yield exiting the fiscal year: corporate fundamentals remain solid after years of refinancing and terming-out at low rates, the yields currently offered by high yield bonds are meaningful versus the macro risks, and that investors should look to quality but also search through lower quality buckets for idiosyncratic outperformance. What will prove particularly difficult is getting the timing right. How much pain will continue into the first quarter as the Fed is hiking in the face of markets?

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|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

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We plan to continue to search for names that have been neglected or miscategorized by the market, and, as always, apply a contrarian mindset in trading. With rates having risen steeply throughout the year, many higher quality (generally longer duration) names are trading at steep dollar price discounts to par. We like the safety here with the added optionality to the upside if there is some sort of event leading to a takeout at par.

Additionally, default rates are likely to tick up this year off a recent rate of near zero and avoiding pitfalls will continue to be paramount.

Dealers continue to be very cautious in the amount of capital they are willing to commit to supporting markets and providing liquidity. While trading desks had been net-short for much of the year, during the latter portion of the fourth quarter this reversed to a modest net long position. This dearth of liquidity exacerbated price swings and contributed to volatility both in rallies and selloffs. Particularly, when the market has turned, the combined effect of dealers needing to cover their net short position and build inventory at the same time that investors are gathering inflows and needing to put those dollars to work has produced a few turbocharged rallies, even if they were short-lived. We have sought to fully take advantage of our tactical mandate and agility to trade around these bouts of volatility and enhance returns. We will continue our efforts to stay disciplined and opportunistic, identify compelling opportunities in complex, out-of-favor, misunderstood credits, many of which are going through secular or regulatory changes or have cycles that are not aligned with the traditional economic cycle.

Recent economic data and corporate commentary continues to signal the onset of economic contraction. Consumers have been facing unprecedented increases in food, energy and broader goods and services, which is weighing heavily on their sentiment. The housing market has started to roll-over, as home prices peaked in July 2022 and are declining rapidly since mortgage rates exceeded 7%. How long and deep this impending recession might be is the next key question. If it turns out to be more severe, equities and lower-quality fixed income have more downside. However, in the case of fixed income, given where all-in yields are at fiscal year end, we believe they are adequately compensating investors for additional spread widening all the way down to the single-B rating tier. Below single-B, you had better get your credit analysis and downside protection correct, as the lack of trading liquidity in that tier severely punishes mistakes.

Third quarter earnings season was a mixed bag overall, and delineated companies who have pricing power or moats around their businesses versus those whose products or services are discretionary to the point of unnecessary in a slowing economy, or at least not worth paying-up for. The result was a wide range of gross margin performances. Companies will often give their year-ahead outlooks in January or concurrent with their Q4 earnings calls, which should further underscore this trend of haves and have-nots. Over the coming months we look for economic data to build a trend of slowing economic activity and lower inflation readings. Commodity prices and goods prices have been signaling this for several months. Whether or not services prices and the labor markets follow is the key. While job openings are starting to decline, measures of participation and the number of people seeking jobs remains muted. Likely the Fed needs to push the unemployment rate close to 4.5% to achieve its objectives. This would allow the Fed to be less aggressive on forward guidance and actual rate hikes, which we believe could be a catalyst for a rally in spreads. However, if the Fed needs to keep interest rates higher for longer, more damage will be inflicted on corporate earnings. Estimates would be revised lower and create bouts of volatility as corporate fundamentals deteriorate, and could cause credit spreads to widen.

We believe the sweet spots for future total returns are Investment Grade municipal bonds, and BBB, BB, and certain single-B corporate bonds we believe are stronger and more resilient than the market. Mathematically, even if spreads widen a few hundred basis points further, BBs at yields above 7% would still produce what we feel are acceptable returns over the next 6 – 12 months. If rates go lower and/or the recession proves to be milder, then total returns could easily eclipse 10% over that time period. There are valid reasons to believe spread widening might stop short of previous recessions, as the US High Yield index has a higher quality composition (more BBs, fewer CCCs), beginning all-in yields are higher than the onset of a typical recession, and the average dollar price of bonds is much lower and much closer to recovery rates. However, if spreads were to blow-out to levels above +800 basis points that are often reached in severe recessions, total returns would likely be flat or even negative. Navigating these bouts of volatility by adjusting credit quality overall and selecting the right individual securities will be the keys to success, and we are confident in our ability to thrive in such an environment.

**Municipal Market Outlook**

Exiting the fiscal year, we attempt to take lessons learned from past markets to inform our expectations for the future. This process leads us to several considerations that we anticipate will shape our municipal market strategies in 2023.

Timing will continue to be important. While 2022 has been extremely challenging some have tried to derive comfort in observing that in several prior negative performance years, municipals have recovered within one year. Perhaps some of that future recovery has already been brought forward into Q4. In addition, there is much discussion and hope for a reversal in mutual fund flows. Exact timing is uncertain, but many market observers expect to see inflows sometime in the first half of 2023. Inflows will depend on continued stability and performance in longer Treasuries. Despite the growing participation of municipal ETFs, which saw inflows of $27 billion in 2022, we believe a return of inflows to open-end mutual funds will be critical to positive fund performance, particularly for longer duration portfolios. Banks and insurance company relative value cross-over investors cannot replace the volume or consistency of market demand that open-end funds provide. And although direct retail and SMA municipal activity continues to grow, it tends to be focused on the shorter end of the curve. In addition, seasonal technical factors will continue to matter, as the level of "net supply" (primary market new issue dollars minus available reinvestment dollars) affects yield levels and suggest tactical entry and exit points.

Credit Matters. Overall, we believe the state of municipal credit is sound. The combination of substantial federal pandemic aid and reasonable spending discipline over the past several years have served state and local governments well. State tax collections through 9/30/22 were up 16% compared to the same period for 2021. But if overall economic conditions weaken into the second half of 2023, we expect to see slowing growth in revenue for state and local credits. Recent tax revenues along with prior federal aid have helped bolster general and rainy-day fund balances and they are reasonably well-positioned to navigate through this challenge. Given the expected greater resiliency of higher-grade issuers, and as of December 31, 2022, we anticipate being biased toward these credits in the Fund's municipal portfolio in the coming year. Strong general obligation and essential service revenue credits (water & sewer, power, toll roads, airports) are best positioned to navigate through a challenging economic environment. However, exiting the fiscal year, we do expect to continue to include selective high yield positions in certain sectors that present a total return opportunity based on their specific credit or structural features and/or which we anticipate will be in demand as fund flows reverse.

Thank you very much for your investment in the Shelton Tactical Credit Fund.

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|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

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|:---|:---|:---|:---|:---|:---|
| Shelton Emerging Markets Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ![](scm-ncsr_123122img003.gif)  |
| **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** | ![](scm-ncsr_123122img003.gif)  |
|  Shelton Emerging Markets Fund | -14.33 | 2.34 | 3.71 | 4.58 | ![](scm-ncsr_123122img003.gif)  |
|  MSCI Emerging Markets Index | -20.09 | -1.40 | 1.44 | N/A | ![](scm-ncsr_123122img003.gif)  |
|  |  |  |  |  | ![](scm-ncsr_123122img003.gif)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](scm-ncsr_123122img004.gif)  | Shelton Emerging Markets Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Emerging Markets Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](scm-ncsr_123122img004.gif)  | **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](scm-ncsr_123122img004.gif)  | Shelton Emerging Markets Fund | -14.56 | 2.09 | 3.48 | 4.35 |
|  ![](scm-ncsr_123122img004.gif)  | MSCI Emerging Markets Index | -20.09 | 1.40 | 1.44 | 3.91 |
|  ![](scm-ncsr_123122img004.gif)  |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shelton International Select Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ![](scm-ncsr_123122img005.gif)  |
| **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** | ![](scm-ncsr_123122img005.gif)  |
|  Shelton International Select<br>Equity Fund | -19.29 | 1.49 | 6.05 | ![](scm-ncsr_123122img005.gif)  |
|  MSCI ACWI Ex USA<br>(NET) Index | -16.00 | 0.88 | 4.87 | ![](scm-ncsr_123122img005.gif)  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  ![](scm-ncsr_123122img006.gif)  | Shelton International Select Equity Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton International Select Equity Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](scm-ncsr_123122img006.gif)  | **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](scm-ncsr_123122img006.gif)  | Shelton International Select<br>Equity Fund | -19.47 | 1.23 | 5.78 |
|  ![](scm-ncsr_123122img006.gif)  | MSCI ACWI Ex USA<br>(NET) Index | -16.00 | 0.88 | 4.87 |

---

------

\*Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shelton Tactical Credit Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ![](scm-ncsr_123122img007.gif)  |
| **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** | ![](scm-ncsr_123122img007.gif)  |
|  Shelton Tactical Credit Fund | -7.27 | 2.28 | 3.18 | ![](scm-ncsr_123122img007.gif)  |
|  Bloomberg US Aggregate<br>Bond Index | -13.01 | 0.02 | 1.38 | ![](scm-ncsr_123122img007.gif)  |
|  |  |  |  | ![](scm-ncsr_123122img007.gif)  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  ![](scm-ncsr_123122img008.gif)  | Shelton Tactical Credit Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Shelton Tactical Credit Fund - Investor Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](scm-ncsr_123122img008.gif)  | **Fund/Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](scm-ncsr_123122img008.gif)  | Shelton Tactical Credit Fund | -7.42 | 2.03 | 2.94 |
|  ![](scm-ncsr_123122img008.gif)  | Bloomberg US Aggregate<br>Bond Index | -13.01 | 0.02 | 1.38 |
|  ![](scm-ncsr_123122img008.gif)  |  |  |  |  |

---

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 30, 2022 to December 31, 2022.

**Actual Expenses**

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the tables below provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds do not charge any sales charges. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 30,<br>2022** | **Ending<br>Account Value<br>December 31,<br>2022** | **Expenses Paid<br>During Period\*** | **Net Annual<br>Expense Ratio** |
|  **Shelton Emerging Markets Fund** |  |  |  |  |
| Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1034 | $9.07 | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1016 | $8.99 | 1.77% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1033 | $10.40 | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1015 | $10.31 | 2.03% |
|  **Shelton International Select Equity Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1051 | $5.17 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1020 | $5.09 | 1.00% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1050 | $6.46 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1019 | $6.36 | 1.25% |
|  **Shelton Tactical Credit Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1015 | $8.74 | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1016 | $8.74 | 1.72% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Actual Fund Return | $1000 | $1014 | $10.00 | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on Hypothetical 5% Return before expenses | $1000 | $1015 | $10.01 | 1.97% |

---

------

\*Expenses are equal to the Fund's annualized expense ratio listed in the "Net Annual Expense Ratio" column, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 **About Your Fund's Expenses (Unaudited) <br>December 31, 2022**<br>

 **Top Holdings and Sector Breakdowns (Unaudited)** **December 31, 2022** <br>

**Shelton Emerging Markets Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](scm-ncsr_123122img009.gif)  |
| 1 | Taiwan Semiconductor Manufacturing Co Ltd | $1437079 <br>| 6.2% | ![](scm-ncsr_123122img009.gif)  |
| 2 | Samsung Electronics Co Ltd | 1080862 | 4.7% | ![](scm-ncsr_123122img009.gif)  |
| 3 | Itausa SA | 1032497 | 4.5% | ![](scm-ncsr_123122img009.gif)  |
| 4 | Regional SAB de CV | 971710 | 4.2% | ![](scm-ncsr_123122img009.gif)  |
| 5 | Kimberly-Clark de Mexico SAB de CV | 960319 | 4.2% | ![](scm-ncsr_123122img009.gif)  |
| 6 | HDFC Bank Ltd | 943716 | 4.1% | ![](scm-ncsr_123122img009.gif)  |
| 7 | Infosys Ltd | 867145 | 3.8% | ![](scm-ncsr_123122img009.gif)  |
| 8 | Shenzhen International Holdings Ltd | 867023 | 3.8% | ![](scm-ncsr_123122img009.gif)  |
| 9 | BIM Birlesik Magazalar AS | 837125 | 3.6% | ![](scm-ncsr_123122img009.gif)  |
| 10 | Bangkok Bank PCL | 819919 | 3.6% | ![](scm-ncsr_123122img009.gif)  |

---

**Shelton International Select Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](scm-ncsr_123122img010.gif)  |
| 1 | HDFC Bank Ltd | $4090097 <br>| 5.3% | ![](scm-ncsr_123122img010.gif)  |
| 2 | Shin-Etsu Chemical Co Ltd | 3992561 | 5.2% | ![](scm-ncsr_123122img010.gif)  |
| 3 | BNP Paribas SA | 3857731 | 5.0% | ![](scm-ncsr_123122img010.gif)  |
| 4 | Deutsche Post AG | 3684125 | 4.8% | ![](scm-ncsr_123122img010.gif)  |
| 5 | AIA Group Ltd | 3501771 | 4.6% | ![](scm-ncsr_123122img010.gif)  |
| 6 | DBS Group Holdings Ltd | 3463872 | 4.5% | ![](scm-ncsr_123122img010.gif)  |
| 7 | Nestle SA | 3322369 | 4.3% | ![](scm-ncsr_123122img010.gif)  |
| 8 | Eni SpA | 3108346 | 4.1% | ![](scm-ncsr_123122img010.gif)  |
| 9 | Taiwan Semiconductor Manufacturing Co Ltd | 3053271 | 4.0% | ![](scm-ncsr_123122img010.gif)  |
| 10 | CRH PLC | 3001777 | 3.9% | ![](scm-ncsr_123122img010.gif)  |

---

**Shelton Tactical Credit Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](scm-ncsr_123122img011.gif)  |
| 1 | Energy Ventures Gom LLC / EnVen Finance Corp | $1397250 <br>| 4.0% | ![](scm-ncsr_123122img011.gif)  |
| 2 | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc | 1226157 | 3.5% | ![](scm-ncsr_123122img011.gif)  |
| 3 | PetSmart Inc / PetSmart Finance Corp | 1173991 | 3.4% | ![](scm-ncsr_123122img011.gif)  |
| 4 | State of California | 1111601 | 3.2% | ![](scm-ncsr_123122img011.gif)  |
| 5 | Massachusetts Bay Transportation Authority Assessment Revenue | 1098698 | 3.2% | ![](scm-ncsr_123122img011.gif)  |
| 6 | Southeastern Pennsylvania Transportation Authority | 1096831 | 3.1% | ![](scm-ncsr_123122img011.gif)  |
| 7 | Iron Mountain Inc | 1090250 | 3.1% | ![](scm-ncsr_123122img011.gif)  |
| 8 | Port Authority of New York & New Jersey | 1082458 | 3.1% | ![](scm-ncsr_123122img011.gif)  |
| 9 | Michigan State Building Authority | 1081422 | 3.1% | ![](scm-ncsr_123122img011.gif)  |
| 10 | District of Columbia Water & Sewer Authority | 1080246 | 3.1% | ![](scm-ncsr_123122img011.gif)  |

---

------

\*\* Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

**See accompanying notes to financial statements.**

 **Shelton Emerging Markets Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

 **Shelton Emerging Markets Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares**  |  | **Value** |
|  **Common Stock (96.96%)** |  |  |  |
|  **Brazil (6.99%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itausa SA | 641410  |  | $1032497 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA | 48000  |  | 254591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sendas Distribuidora SA | 100800  |  | 371236 |
|  **Total Brazil** |  |  | 1658324 |
|  **China (23.19%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd\* | 61100  |  | 675143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co Ltd | 16700  |  | 412067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd | 945000  |  | 435843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co Ltd (144A) | 33200  |  | 139298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co Ltd (144A) | 24500  |  | 182991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co Ltd | 238100  |  | 811407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygeia Healthcare Holdings Co Ltd (144A)\* | 24000  |  | 172185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Corp Ltd | 46000  |  | 153813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology (144A)\* | 43000  |  | 391406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc | 14000  |  | 205366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co of China Ltd | 28600  |  | 189248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xinyi Solar Holdings Ltd | 354383  |  | 392267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd (144A) | 360500  |  | 603176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co Ltd | 78000  |  | 387223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co Ltd | 261100  |  | 353906 |
|  **Total China** |  |  | 5505339 |
|  **Hong Kong (6.09%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd | 62800  |  | 447734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingboard Laminates Holdings Ltd | 118000  |  | 129707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen International Holdings Ltd | 883500  |  | 867023 |
|  **Total Hong Kong** |  |  | 1444464 |
|  **India (8.84%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd | 3500  |  | 181125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd | 13795  |  | 943716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd | 4800  |  | 105072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd<sup>#</sup> | 48148  |  | 867145 |
|  **Total India** |  |  | 2097058 |
|  **Indonesia (5.34%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT | 782175  |  | 248949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adaro Energy Indonesia Tbk PT | 877800  |  | 217739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT | 677000  |  | 436183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 496900  |  | 182484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarana Menara Nusantara Tbk PT | 2566200  |  | 181871 |
|  **Total Indonesia** |  |  | 1267226 |
|  **Mexico (8.14%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV | 565900  |  | 960319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional SAB de CV | 134300  |  | 971710 |
|  **Total Mexico** |  |  | 1932029 |
|  **South Africa (1.62%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd | 37000  |  | 383541 |

---

**See accompanying notes to financial statements.**

 **Shelton Emerging Markets Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares**  |  | **Value** |
|  **South Korea (15.33%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co Ltd | 2000  |  | $317657 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co | 1767  |  | 211891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI Co Ltd\* | 1142  |  | 535984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd | 24612  |  | 1080862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co Ltd\* | 1700  |  | 207906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CJ CheilJedang Corp | 600  |  | 181303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentium Co Ltd | 9500  |  | 754435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&F Co Ltd / New | 1800  |  | 206556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat Inc | 5100  |  | 140134 |
|  **Total South Korea** |  |  | 3636728 |
|  **Taiwan (12.11%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp | 86300  |  | 658318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek Inc | 28700  |  | 583504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sporton International Inc | 28450  |  | 193887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | 98500  |  | 1437079 |
|  **Total Taiwan** |  |  | 2872788 |
|  **Thailand (5.05%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank PCL | 191800  |  | 819919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL | 528000  |  | 378221 |
|  **Total Thailand** |  |  | 1198140 |
|  **Turkey (3.53%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar AS | 114400  |  | 837125 |
|  **Uruguay (0.73%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc\*<sup>,#</sup> | 205  |  | 173479 |
|  **Total Common Stock (Cost $20,082,153)** |  |  | 23006241 |
|  **Collateral Received For Securities on Loan (4.52%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.56% (Cost $1,072,255) | 1072255  |  | 1072255 |
|  **Total Investments (Cost $21,154,408) (101.48%)** |  |  | $24078496 <br>|
|  **Other Net Assets (-1.48%)** |  |  | (351799) |
|  **Net Assets (100.00%)** |  |  | $23726697 <br>|

---

\*Non-income producing security.

(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 December 31, 2022, these securities had a total aggregate market value of $1,489,056, which represented approximately 6.28% of net assets.

#Loaned security; a portion of this security is on loan at December 31, 2022 in the aggregate amount of $1,029,405.

**See accompanying notes to financial statements.**

 **Shelton International Select Equity Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value** |
|  **Common Stock (100.57%)** |  |  |
|  **Australia (2.69%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd\* | 238384  | $975347 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd | 199084  | 542131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd | 21800  | 525966 |
|  **Total Australia** |  | 2043444 |
|  **Belgium (0.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 9068  | 583366 |
|  **Britain (5.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 125081  | 718079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr Martens PLC | 232100  | 534782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 17000  | 405672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RS GROUP PLC | 61400  | 664681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC<sup>#</sup> | 40662  | 2047332 |
|  **Total Britain** |  | 4370546 |
|  **Canada (4.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp | 180750  | 2463043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp | 145200  | 591975 |
|  **Total Canada** |  | 3055018 |
|  **China (6.78%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co Ltd | 13000  | 320771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genscript Biotech Corp\* | 168000  | 534849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics Inc (144A)\* | 164000  | 703856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd | 1895400  | 1556518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co of China Ltd | 233900  | 1547733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman Inc (144A)\* | 65000  | 498394 |
|  **Total China** |  | 5162121 |
|  **France (11.65%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 67657  | 3857731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 7912  | 2826259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 3000  | 2184067 |
|  **Total France** |  | 8868057 |
|  **Germany (4.84%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 97800  | 3684125 |
|  **Hong Kong (6.87%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd | 314900  | 3501771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR Group Ltd (144A) | 183000  | 384026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co Ltd | 397200  | 883394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd (144A) | 792000  | 460656 |
|  **Total Hong Kong** |  | 5229847 |
|  **India (5.37%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd | 59788  | 4090097 |
|  **Ireland (3.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 75746  | 3001777 |
|  **Italy (4.08%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 218492  | 3108346 |

---

**See accompanying notes to financial statements.**

 **Shelton International Select Equity Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value** |
|  **Japan (18.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canon Inc | 35100  | $763578 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd | 11400  | 1754367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hirose Electric Co Ltd | 5800  | 733500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co Ltd | 34000  | 782258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp | 240000  | 2401627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miura Co Ltd | 48700  | 1127890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co Ltd | 16000  | 803041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd | 18700  | 443776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co Ltd | 155500  | 1272328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co Ltd | 32300  | 3992561 |
|  **Total Japan** |  | 14074926 |
|  **Singapore (4.55%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd | 136778  | 3463872 |
|  **South Africa (1.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd | 470200  | 1348085 |
|  **South Korea (6.47%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holdings Corp\* | 46600  | 1620908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Pharm Co Ltd | 3571  | 845098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co Ltd | 113200  | 546573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Corp | 8000  | 813202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd | 25000  | 1097902 |
|  **Total South Korea** |  | 4923683 |
|  **Switzerland (5.39%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 28805  | 3322369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG | 6840  | 781215 |
|  **Total Switzerland** |  | 4103584 |
|  **Taiwan (4.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | 40989  | 3053271 |
|  **Thailand (1.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank PCL | 310500  | 1327345 |
|  **Turkey (1.37%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Sise ve Cam Fabrikalari AS | 454915  | 1043641 |
|  **Total Common Stock (Cost $77,714,949)** |  | 76535151 |
|  **Collateral Received For Securities on Loan (0.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.56% (Cost $575,926) | 575926  | 575926 |
|  **Total Investments (Cost $78,290,875) (101.33%)** |  | $77111077 <br>|
|  **Other Net Assets (-1.33%)** |  | (1008724) |
|  **Net Assets (100.00%)** |  | $76102353 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of this security is on loan at December 31, 2022 in the amount of $560,345.

(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 December 31, 2022, these securities had a total aggregate market value of $2,046,932, which represented approximately 2.69% of net assets.

**See accompanying notes to financial statements.**

 **Shelton Tactical Credit Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description/Long Positions** | **Shares** | **Value** |
|  **Common Stock (0.12%)** |  |  |
|  |  |  |
|  **Financial (0.07%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties Inc | 1000000  | $10000 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties Inc | 1526000  | 15260 |
|  **Total Financial** |  | 25260 |
|  **Consumer, Non-cyclical (0.05%)** |  |  |
|  Pyxus International Inc\* | 83441  | 18357 |
|  **Energy (0.00%)** |  |  |
|  CHC Group LLC\*<sup>,#,(a)</sup> | 9358  |  |
|  **Total Common Stock (Cost $1,990,841)** |  | 43617 |

---

---

| | | |
|:---|:---|:---|
| **Security Description/Long Positions** | **Par Value**  | **Value** |
|  **Corporate Debt (42.22%)** |  |  |
|  |  |  |
|  **Communications (2.46%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A) | 1000000  | 894660 |
|  **Consumer, Cyclical (14.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021<sup>(b),(c)</sup>  | 4958932  | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Inc, 8.500%, 1/15/2026 (144A) | 1250000  | 1027322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.750%, 1/20/2026 (144A)<sup>(c)</sup> | 1000000  | 905000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A)<sup>(c)</sup> | 1250000  | 1173991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International Inc, 7.000%, 4/30/2028<sup>(c)</sup> | 1000000  | 944121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co, 4.625%, 7/15/2029 (144A) | 750000  | 588825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WMG Acquisition Corp, 3.000%, 2/15/2031 (144A) | 1000000  | 799090 |
|  **Total Consumer, Cyclical** |  | 5442143 |
|  **Consumer, Non-cyclical (10.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 3.750%, 12/1/2031 (144A) | 1500000  | 1226157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co, 4.375%, 6/1/2046  | 500000  | 409278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A) | 1250000  | 1002675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America Inc, 6.000%, 12/15/2029 (144A) | 1000000  | 993750 |
|  **Total Consumer, Non-cyclical** |  | 3631860 |
|  **Energy (6.73%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Ventures Gom LLC / EnVen Finance Corp, 11.750%, 4/15/2026 (144A)<sup>(c)</sup> | 1350000  | 1397250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Production Inc, 12.000%, 1/15/2026  | 1000000  | 1051665 |
|  **Total Energy** |  | 2448915 |
|  **Financial (5.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041  | 1500000  | 1066599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Inc, 4.875%, 9/15/2029 (144A) | 1250000  | 1090250 |
|  **Total Financial** |  | 2156849 |
|  **Industrial (2.14%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022<sup>#,(a)</sup> | 548153  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp, 5.250%, 6/1/2029 (144A) | 1000000  | 777400 |
|  **Total Industrial** |  | 777400 |
|  **Total Corporate Debt (Cost $17,866,825)** |  | 15351827 |

---

**See accompanying notes to financial statements.**

 **Shelton Tactical Credit Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description/Long Positions** | **Par Value**  | **Value** |
|  **Municipal Bonds (54.27%)** |  |  |
|  **Development (3.22%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)<sup>(b)</sup> | 250000  | $145000 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)<sup>(b)</sup> | 2050000  | 1025000 |
|  **Total Development** |  | 1170000 |
|  **General Obligation (19.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of California, 5.000%, 4/1/2042  | 1000000  | 1111601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Revenue, 5.000%, 7/1/2052  | 1000000  | 1098695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, 5.250%, 10/15/2057  | 1000000  | 1081422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery MD, 3.650%, 11/1/2037<sup>(d)</sup>  | 200000  | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of New York NY, 3.400%, 10/1/2046<sup>(d)</sup>  | 500000  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, 3.650%, 2/1/2045<sup>(d)</sup>  | 300000  | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, 5.000%, 3/15/2048 | 785000  | 836338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Public Finance Corp, 5.500%, 8/1/2031<sup>(a),(c)</sup> | 400000  | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, 5.000%, 7/1/2058<sup>(c)</sup> | 1000000  | 907930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, 5.250%, 6/1/2047 | 1000000  | 1096831 |
|  **Total General Obligation** |  | 7144817 |
|  **Higher Education (2.06%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, 2.950%, 7/1/2036<sup>(d)</sup>  | 600000  | 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, 2.750%, 7/1/2042<sup>(d)</sup>  | 150000  | 150000 |
|  **Total Higher Education** |  | 750000 |
|  **Housing (2.70%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, 5.000%, 5/15/2051<sup>(c)</sup> | 1000000  | 980620 |
|  **Medical (8.41%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Cuyahoga OH, 5.500%, 2/15/2052<sup>(c)</sup> | 1000000  | 1013718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, 5.000%, 7/1/2044<sup>(c)</sup> | 1000000  | 1004934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, 5.000%, 8/15/2042  | 1000000  | 1039109 |
|  **Total Medical** |  | 3057761 |
|  **Power (2.89%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, 5.000%, 7/1/2047  | 1000000  | 1050210 |
|  **Tobacco Settlement (2.39%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, 5.000%, 6/1/2055  | 1000000  | 868001 |
|  **Transportation (7.34%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation Authority, 5.000%, 7/1/2046  | 1000000  | 1078882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, 5.000%, 12/1/2047  | 1000000  | 1082458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp, 7.000%, 12/31/2038<sup>(c)</sup> | 500000  | 509237 |
|  **Total Transportation** |  | 2670577 |
|  **Water (5.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, 5.000%, 10/1/2047  | 1000000  | 1080246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, 3.650%, 6/15/2050<sup>(d)</sup>  | 500000  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, 4.000%, 6/15/2049  | 500000  | 463989 |
|  **Total Water** |  | 2044235 |
|  **Total Municipal Bonds (Cost $21,866,882)** |  | $19736221 <br>|

---

**See accompanying notes to financial statements.**

 **Shelton Tactical Credit Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description/Long Positions** | **Par Value**  | **Value** |
|  **Term Loans (1.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pyxus International Loan, 3M US LIBOR (floor 1.500%) + 8.000%, 2/24/2025<sup>(d)</sup>  | 734082  | $642322 <br>|
|  **Total Term Loans (Cost $726,461)** |  | 642322 |
| **Contracts**  | **Contracts**  | **Contracts**  |
|  **Purchased Options - Puts (0.06%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year US Treasury Note Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional amount $8,287,500, premiums paid $39,844, exercise price $110.50, expires 1/30/23\* | 75  | $23438 <br>|
|  **Total Purchased Options - Puts (Cost $39,844)** |  | 23438 |
|  **Total Long Positions (Cost $42,490,853) (98.44%)** |  | $35797425 <br>|
|  **Other Net Assets (1.56%)** |  | 566185 |
|  **Net Assets (100.00%)** |  | $36363610 <br>|
| **Security Description/Short Positions** |  |  |
|  **Short Corporate Debt (-2.56%)** |  |  |
|  **Consumer, Cyclical (-2.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.750%, 4/20/2029 (144A) | (500000) | $(456096 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp, 5.500%, 3/1/2025 (144A) | (500000) | (474673) |
|  **Total Short Corporate Debt (Proceeds $974,339)** |  | $(930769 ) |

---

\*Non income security.

#Security is illiquid.

(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 December 31, 2022, these securities had a total aggregate market value of $12,062,701, which represented approximately 33.20% of net assets.

(a)Level 3 security fair valued under procedures established by the Board of Trustees and the valuation designee of the Funds represents 0.00% of net assets. The aggregate value of the fair value securities is $0.00.

(b)Defaulted security.

(c)A portion of this security serves as collateral for securities sold short. The total value of collateral as of December 31, 2022 is $8,951,950.

(d)Variable rate security.

**See accompanying notes to financial statements.**

 **Statements of Assets & Liabilities<br>December 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Shelton<br>Emerging<br>Markets<br>Fund** | **Shelton<br>International<br>Select Equity<br>Fund** | **Shelton<br>Tactical<br>Credit<br>Fund** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $21154408 <br>| $78290875 <br>| $42451010 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of purchased options |  |  | 39844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1)\* | 24078496 | 77111077 | 35773987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of purchased options (Note 1) |  |  | 23438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 462556 | 1256561 | 151023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker |  |  | 1020786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  |  | 573800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 66698 | 124496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable |  | 489183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  | 28451 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 271620  | 49013 | 11010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 16518 | 59655 | 8730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 17 | 193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $24895905 <br>| $79118629 <br>| $37563516 <br>|
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short positions, at value (proceeds $974,339) |  |  | 930769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 1072255 | 575926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable |  |  | 14837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares repurchased | 12816 | 1966040 | 162636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 20170 | 57094 | 39859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 7079 | 288619 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 195 | 1495 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 1897 | 6384 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 1103 | 28561 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees |  |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 13235 | 27544 | 15897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 5561 | 12418 | 18138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued registration fees | 5944 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 28561 | 50509 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees | 392 | 1686 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1169208 | 3016276 | 1199906 |
|  **Net assets** | $23726697 <br>| $76102353 <br>| $36363610 <br>|
|  **Net assets at December 31, 2022 consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $22954823 <br>| $132495094 <br>| $48572959 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 771874 | (56392741) | (12209349) |
|  **Total net assets** | $23726697 <br>| $76102353 <br>| $36363610 <br>|
|  **Net assets** |  |  |  |
|  Institutional Shares | $22812226 <br>| $69445671 <br>| $32839079 <br>|
|  Investor Shares | $914471 <br>| $6656682 <br>| $3524531 <br>|
|  **Shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 1360953 | 3337174 | 3287503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 55314 | 329449 | 353303 |
|  **Net asset value per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $16.76 <br>| $20.81 <br>| $9.98 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $16.53 <br>| $20.21 <br>| $9.97 <br>|

---

\*Securities are on loan in the amount of 1,029,405, 560,345, and -- respectively.

**See accompanying notes to financial statements.**

 **Statements of Operations<br>December 31, 2022**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Shelton<br>Emerging<br>Markets<br>Fund** | **Shelton<br>International<br>Select Equity<br>Fund** | **Shelton<br>Tactical<br>Credit<br>Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2022** |
|  **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $— <br>| $— <br>| $1722627 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign tax witheld: $84,324, $419,845 and $- respectively) | 653920 | 3524741 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim income |  | 263435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 693 | 3352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $654613 <br>| $3791528 <br>| $1724835 <br>|
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | $235896 <br>| $905091 <br>| $459541 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 21876 | 113168 | 36426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 22937 | 81430 | 16082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 20576 | 37907 | 25666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 27639 | 38223 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 16545 | 30956 | 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 2724 | 16559 | 4857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 6018 | 6485 | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 870 | 3906 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 16669 | 22633 | 13247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker Fees |  |  | 13705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 45812 | 63319 | 21999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on short positions |  |  | 110864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense |  | 6102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees Investor Shares (Note 2) | 2629 | 41653 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | $420191 <br>| $1367432 <br>| $740255 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from advisor (Note 2) |  | (95263) | (55297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | $420191 <br>| $1272169 <br>| $684958 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $234422 <br>| $2519359 <br>| $1039877 <br>|
|  Realized and unrealized gain/(loss) on investments and securities sold short |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | $430380 <br>| $(14250414 ) | $(610495 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8571) | (8571) | (31565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  | 1111713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Realized gain/(loss) | 421809 | (14258985) | 469653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and securities sold short | (4270515) | (23798311) | (4681370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts |  |  | 76172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written option contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | $(3848706 ) | $(38057296 ) | $(4135545 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $(3614284 ) | $(35537937 ) | $(3095668 ) |

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets<br>December 31, 2022**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shelton Emerging<br>Markets Fund** | **Shelton Emerging<br>Markets Fund** | **Shelton International<br>Select Equity Fund** | **Shelton International<br>Select Equity Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $234422 <br>| $(2001 ) | $2519359 <br>| $943461 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 430380 | 1083131 | (14250414) | 13530520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (8751) |  | (8751) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (4270515) | (895880) | (23798311) | (5399908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (3614284) | 185250 | (35537937) | 9074073 |
|  **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (337952) | (571045) | (3728499) | (960307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (13674) | (24193) | (486201) | (121712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (351626) | (595238) | (4214700) | (1082019) |
|  |  |  |  |  |
|  **Capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (4024900) | 4790318 | (63868978) | 27975743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (7990810) | 4380330 | (103621615) | 35967797 |
|  **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 31717507 | 27337177 | 179723968 | 143756171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $23726697 <br>| $31717507 <br>| $76102353 <br>| $179723968 <br>|
|  | **Shelton Tactical<br>Credit Fund**  | **Shelton Tactical<br>Credit Fund**  |  |  |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |  |  |
|  **Operations**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1039877 <br>| $1050639 <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | (610495) | 341934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (31565) | (48363) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts | 1111713 | (170979) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  | 74599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (4681370) | 1949932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts | 76172 | 117570 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written option contracts |  | (88726) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (3095668) | 3226606 |  |  |
|  **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (884778) | (1608706) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (94279) | (156372) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of Capital | (70918) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital | (7622) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (1057597) | (1765078) |  |  |
|  |  |  |  |  |
|  **Capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in net assets resulting from capital share transactions | (14270859) | 6343472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (18424124) | 7805000 |  |  |
|  **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 54787734 | 46982734 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $36363610 <br>| $54787734 <br>|  |  |

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets<br>December 31, 2022 (Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging<br>Markets Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 463485 | $7831669 <br>| 589630 | $11944791 <br>| 18540 | $327044 <br>| 37005 | $746324 <br>|
|  Shares issued in reinvestment<br>of distributions  | 19767 | 331291 | 28375 | 563525 | 802 | 13256 | 1193 | 23422 |
|  Shares repurchased  | (655805) | (12055855) | (365861) | (7406200) | (28173) | (472305) | (53793) | (1081544) |
|  Net increase/(decrease)  | (172553) | $(3892895 ) | 252145 | $5102116 <br>| (8831) | $(132005 ) | (15596) | $(311797 ) |
| **Shelton International<br>Select Equity Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold | 1443531 | $33913204 <br>| 2980379 | $80420547 <br>| 185792 | $4348110 <br>| 738870 | $19758599 <br>|
|  Shares issued in reinvestment<br>of distributions | 167300 | 3481522 | 33630 | 914749 | 21997 | 444552 | 4396 | 118881 |
|  Shares repurchased | (3770689) | (83760269) | (2479669) | (66635278) | (995874) | (22296097) | (244815) | (6601755) |
|  Net increase/(decrease)  | (2159858) | $(46365543 ) | 534341 | $14700019 <br>| (788085) | $(17503435 ) | 498452 | $13275724 <br>|
| **Shelton Tactical Credit Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  | **Year Ended<br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 789979 | $8297127 <br>| 1079371 | $12043444 <br>| 50538 | $527195 <br>| 66255 | $735922 <br>|
|  Shares issued in reinvestment <br>of distributions  | 93390 | 945293 | 142999 | 1594388 | 9975 | 100884 | 13884 | 154544 |
|  Shares repurchased  | (2134275) | (22921868) | (466453) | (5151960) | (119349) | (1219490) | (276037) | (3032866) |
|  Net increase/(decrease)  | (1250906) | $(13679448 ) | 755917 | $8485873 <br>| (58836) | $(591411 ) | (195898) | $(2142401 ) |

---

**See accompanying notes to financial statements.**

 **Financial Highlights<br>(For a Share Outstanding Throughout Each Year)** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging Markets Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>**<br>Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020<sup>(c)</sup>** | **Year Ended<br>September 30,<br>2020** | **Year Ended<br>September 30,<br>2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $19.86 <br>| &nbsp;&nbsp;&nbsp; $20.09 <br>| &nbsp;&nbsp;&nbsp; $15.33 <br>| &nbsp;&nbsp;&nbsp; $14.82 <br>| &nbsp;&nbsp;&nbsp; $16.22 <br>| &nbsp;&nbsp;&nbsp; $15.90 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; —<br> <sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 4.84 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; 0.35 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.03) |
|  Net asset value, end of year or period | &nbsp;&nbsp;&nbsp; $16.76 <br>| &nbsp;&nbsp;&nbsp; $19.86 <br>| &nbsp;&nbsp;&nbsp; $20.09 <br>| &nbsp;&nbsp;&nbsp; $15.33 <br>| &nbsp;&nbsp;&nbsp; $14.82 <br>| &nbsp;&nbsp;&nbsp; $16.22 <br>|
|  Total return | &nbsp;&nbsp;&nbsp; (14.33)% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 31.29<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 5.78% | &nbsp;&nbsp;&nbsp; (5.60)% | &nbsp;&nbsp;&nbsp; 2.21% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp; $22812 <br>| &nbsp;&nbsp;&nbsp; $30458 <br>| &nbsp;&nbsp;&nbsp; $25749 <br>| &nbsp;&nbsp;&nbsp; $21354 <br>| &nbsp;&nbsp;&nbsp; $41845 <br>| &nbsp;&nbsp;&nbsp; $50897 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.48<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 1.48<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; (0.88)%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; (0.20)% | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; (0.88)%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp; 27<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 78% | 63% |
| **Investor Shares<sup>(i)</sup>** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Period Ended<br>December 31,<br>2020<sup>(c)</sup>** | **Year Ended<br>September 30,<br>2020** | **Year Ended<br>September 30,<br>2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $19.64 <br>| &nbsp;&nbsp;&nbsp; $19.92 <br>| &nbsp;&nbsp;&nbsp; $15.20 <br>| &nbsp;&nbsp;&nbsp; $14.73 <br>| &nbsp;&nbsp;&nbsp; $16.08 <br>| &nbsp;&nbsp;&nbsp; $15.77 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (3.01) | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp; 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp; (2.86) | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; 0.31 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.00)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.00) |
|  Net asset value, end of year or period | &nbsp;&nbsp;&nbsp; $16.53 <br>| &nbsp;&nbsp;&nbsp; $19.64 <br>| &nbsp;&nbsp;&nbsp; $19.92 <br>| &nbsp;&nbsp;&nbsp; $15.20 <br>| &nbsp;&nbsp;&nbsp; $14.73 <br>| &nbsp;&nbsp;&nbsp; $16.08 <br>|
|  Total return<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; (14.56)% | &nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp; 31.29<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 5.48% | &nbsp;&nbsp;&nbsp; (5.87)% | &nbsp;&nbsp;&nbsp; 1.97% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp; $914 <br>| &nbsp;&nbsp;&nbsp; $1260 <br>| &nbsp;&nbsp;&nbsp; $1588 <br>| &nbsp;&nbsp;&nbsp; $1432 <br>| &nbsp;&nbsp;&nbsp; $1925 <br>| &nbsp;&nbsp;&nbsp; $6436 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.73<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp; 2.26% | &nbsp;&nbsp;&nbsp; 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 1.73<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; (1.12)%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; (0.74)% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; (0.25)% | &nbsp;&nbsp;&nbsp; (1.12)%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp; 27<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 78% | &nbsp;&nbsp;&nbsp; 63% |

---

------

(a)Formerly named ICON Emerging Markets Fund.

(b)Formerly named ICON Emerging Markets Fund - Class S.

(c)Fund changed its fiscal year end from September 30 to December 31.

(d)Calculated based upon average shares outstanding.

(e)Amount less than $(0.005).

(f)Not annualized.

(g)Annualized.

(h)Effective for the year ended September 30, 2020 and thereafter, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(i)Formerly named ICON Emerging Markets Fund - Class A

(j)Total return calculation excludes sales charges.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>(For a Share Outstanding Throughout Each Year) (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton International Select Equity Fund <br>Institutional Shares** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $27.20 <br>| &nbsp;&nbsp;&nbsp; $25.77 <br>| &nbsp;&nbsp;&nbsp; $22.02 <br>| &nbsp;&nbsp;&nbsp; $18.35 <br>| &nbsp;&nbsp;&nbsp; $21.34 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (5.72) | &nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp; (2.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (5.25) | &nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp;&nbsp; 3.96 | &nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp; (2.78) |
|  LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  Net asset value, end of year | &nbsp;&nbsp;&nbsp; $20.81 <br>| &nbsp;&nbsp;&nbsp; $27.20 <br>| &nbsp;&nbsp;&nbsp; $25.77 <br>| &nbsp;&nbsp;&nbsp; $22.02 <br>| &nbsp;&nbsp;&nbsp; $18.35 <br>|
|  Total return | &nbsp;&nbsp;&nbsp; (19.29)% | &nbsp;&nbsp;&nbsp; 6.23% | &nbsp;&nbsp;&nbsp; 18.07% | &nbsp;&nbsp;&nbsp; 22.53% | &nbsp;&nbsp;&nbsp; (13.17)% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp; $69446 <br>| &nbsp;&nbsp;&nbsp; $149505 <br>| &nbsp;&nbsp;&nbsp; $127893 <br>| &nbsp;&nbsp;&nbsp; $55619 <br>| &nbsp;&nbsp;&nbsp; $41424 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.08<br> %<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 65% |
| **Investor Shares** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **Year Ended<br>December 31,<br>2019** | **Year Ended<br>December 31,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $27.04 <br>| &nbsp;&nbsp;&nbsp; $25.62 <br>| &nbsp;&nbsp;&nbsp; $21.91 <br>| &nbsp;&nbsp;&nbsp; $18.29 <br>| &nbsp;&nbsp;&nbsp; $21.30 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (5.73) | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp; 3.80 | &nbsp;&nbsp;&nbsp; 3.83 | &nbsp;&nbsp;&nbsp; (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (5.26) | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 3.85 | &nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp; (2.83) |
|  LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  Net asset value, end of year | &nbsp;&nbsp;&nbsp; $20.21 <br>| &nbsp;&nbsp;&nbsp; $27.04 <br>| &nbsp;&nbsp;&nbsp; $25.62 <br>| &nbsp;&nbsp;&nbsp; $21.91 <br>| &nbsp;&nbsp;&nbsp; $18.29 <br>|
|  Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (19.47)% | &nbsp;&nbsp;&nbsp; 5.97% | &nbsp;&nbsp;&nbsp; 17.64% | &nbsp;&nbsp;&nbsp; 22.25% | &nbsp;&nbsp;&nbsp; (13.41)% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp; $6657 <br>| &nbsp;&nbsp;&nbsp; $30219 <br>| &nbsp;&nbsp;&nbsp; $15863 <br>| &nbsp;&nbsp;&nbsp; $5152 <br>| &nbsp;&nbsp;&nbsp; $5904 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.33<br> %<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 65% |

---

------

(a)Calculated based upon average shares outstanding.

(b)Total return calculation excludes sales charges.

(c)During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>(For a Share Outstanding Throughout Each Year) (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Tactical Credit Fund <br>Institutional Shares** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **For the Period<br>November 1,<br>2019<br>through<br>December 31,<br>2019<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2019** | **Year Ended<br>October 31,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $11.07 <br>| $10.70 <br>| $10.55 <br>| &nbsp;&nbsp;&nbsp; $10.53 <br>| &nbsp;&nbsp;&nbsp; $10.97 <br>| &nbsp;&nbsp;&nbsp; $10.75 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 0.28 | 0.23 | 0.40 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (1.08) | 0.53 | 0.18 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (0.80) | 0.76 | 0.58 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.55 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.27) | (0.39) | (0.43) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution of return of capital | &nbsp;&nbsp;&nbsp; (0.02) |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.29) | (0.39) | (0.43) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup> |
|  Net asset value, end of year | &nbsp;&nbsp;&nbsp; $9.98 <br>| $11.07 <br>| $10.70 <br>| &nbsp;&nbsp;&nbsp; $10.55 <br>| &nbsp;&nbsp;&nbsp; $10.53 <br>| &nbsp;&nbsp;&nbsp; $10.97 <br>|
|  Total return | &nbsp;&nbsp;&nbsp; (7.27)% | 7.09% | 5.89% | &nbsp;&nbsp;&nbsp; 0.60<br> %<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp; 5.20% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp; $32821 <br>| $50232 <br>| $40473 <br>| &nbsp;&nbsp;&nbsp; $69877 <br>| &nbsp;&nbsp;&nbsp; $77405 <br>| &nbsp;&nbsp;&nbsp; $66195 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 1.86<br> %<sup>(e)</sup> | 2.13<br> %<sup>(e)</sup> | 3.45<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.83 | &nbsp;&nbsp;&nbsp; 3.12 | &nbsp;&nbsp;&nbsp; 5.18<br> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 1.72<br> %<sup>(e)</sup> | 2.04<br> %<sup>(e)</sup> | 3.35<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.72 | &nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp; 4.95<br> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 2.54% | 1.97% | 3.83% | &nbsp;&nbsp;&nbsp; 2.34<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 2.68% | 2.06% | 3.93% | &nbsp;&nbsp;&nbsp; 2.45<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 63% | 118% | 249% | &nbsp;&nbsp;&nbsp; 20<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 116% | &nbsp;&nbsp;&nbsp; 63% |

---

**See accompanying notes to financial statements.**

 **Financial Highlights<br>(For a Share Outstanding Throughout Each Year) (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Investor Shares** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2020** | **For the Period<br>November 1,<br>2019 through<br>December 31,<br>2019<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2019** | **Year Ended<br>October 31,<br>2018** |
|  Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $11.05 <br>| &nbsp;&nbsp;&nbsp; $10.71 <br>| &nbsp;&nbsp;&nbsp; $10.55 <br>| &nbsp;&nbsp;&nbsp; $10.54 <br>| &nbsp;&nbsp;&nbsp; $10.96 <br>| &nbsp;&nbsp;&nbsp; $10.74 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.52 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution of return of capital | &nbsp;&nbsp;&nbsp; (0.02) |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup> |
|  Net asset value, end of year | &nbsp;&nbsp;&nbsp; $9.97 <br>| &nbsp;&nbsp;&nbsp; $11.05 <br>| &nbsp;&nbsp;&nbsp; $10.71 <br>| &nbsp;&nbsp;&nbsp; $10.55 <br>| &nbsp;&nbsp;&nbsp; $10.54 <br>| &nbsp;&nbsp;&nbsp; $10.96 <br>|
|  Total return<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; (7.42)% | &nbsp;&nbsp;&nbsp; 6.75% | &nbsp;&nbsp;&nbsp; 5.77% | &nbsp;&nbsp;&nbsp; 0.43<br> %<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 4.93% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | &nbsp;&nbsp;&nbsp; $3523 <br>| &nbsp;&nbsp;&nbsp; $4556 <br>| &nbsp;&nbsp;&nbsp; $6510 <br>| &nbsp;&nbsp;&nbsp; $20478 <br>| &nbsp;&nbsp;&nbsp; $20942 <br>| &nbsp;&nbsp;&nbsp; $12044 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 2.11<br> %<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2.41<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.70<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.08 | &nbsp;&nbsp;&nbsp; 3.51 | &nbsp;&nbsp;&nbsp; 5.43<br> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp; 2.31<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.60<br> %<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp; 3.45 | &nbsp;&nbsp;&nbsp; 5.20<br> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 1.99<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp;&nbsp; 2.10<br> %<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 118% | &nbsp;&nbsp;&nbsp; 249% | &nbsp;&nbsp;&nbsp; 20<br> %<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 116% | &nbsp;&nbsp;&nbsp; 63% |

---

------

(a)Fiscal year end changed from October 31 to December 31.

(b)Based on average shares outstanding for the period.

(c)Amount less than $0.01 per share.

(d)Not annualized.

(e)If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.28% for each class for the year ended December 31, 2022, 0.21% for the year ended December 31, 2021, 1.93% for the year ended December 31, 2020, 1.29% for the period ended December 31, 2019, 1.53% for the year ended October 31, 2019, 3.56% for the year ended October 31, 2018.

(f)Annualized.

(g)As restated to reflect the inclusion of interest and fees on borrowings and short sale arrangements previously netted against interest income, which increased the ratios by 0.29% for the two months ended December 31, 2019 and 0.87% for the year ended October 31, 2019. The restatement had no effect on the net asset value, per share data, net investment income ratios and total returns.

(h)Total return calculation excludes sales charges.

(i)During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

**Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

SCM Trust (the "Trust"), a Massachusetts business trust formed in July 1988 is registered as an investment company under the Investment Company Act of 1940, as amended. As of December 31, 2022, the Trust consists of ten separate series, 3 of which are included in these financial statements. Shelton Capital Management ("Shelton") serves as Investment Advisor (the "Advisor") to the funds of the Trust.

The Shelton Emerging Markets Fund ("Emerging Markets Fund") is an open-end diversified series of the Trust. The inception date of the Fund is February 25, 1997. The Fund's investment objective is to seek long-term capital appreciation. The Fund is the successor fund to the ICON Emerging Markets Fund, a series of ICON Funds, pursuant to a reorganization that occurred after the close of business on June 26, 2020. All historic performance and financial information presented is that of the ICON Emerging Markets Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Emerging Markets Fund.

Shelton Tactical Credit Fund ("Tactical Credit Fund") is an open-end, diversiﬁed series of the Trust. The inception date is December 12, 2013. The Fund's investment objective is to seek current income and capital appreciation. Eﬀective July 1, 2016, Shelton Capital Management became the advisor to the Fund. The Tactical Credit Fund is a successor to a series of the FundVantage Trust, a Delaware statutory trust, pursuant to a reorganization that took place after the close of business on March 17, 2017. Prior to March 17, 2017, the Successor Fund had no investment operations. As a result of the reorganization, holders of Class A Shares and Class C Shares of the former Tactical Credit Fund received Investor Shares of the successor Tactical Credit Fund and holders of Advisor Class Shares of the former Tactical Credit Fund received Institutional Shares of the successor Tactical Credit Fund. On June 19, 2019, the shareholders of the Cedar Ridge Unconstrained Credit Fund (the "Cedar Ridge Fund") approved the agreement and plan of reorganization providing for the transfer of assets and assumption of liabilities into the Shelton Tactical Credit Fund. Cedar Ridge Unconstrained Credit Fund is the performance and accounting survivor of the reorganization, Shelton Tactical Credit is the legal and tax survivor. The reorganization was effective as of the close of business on June 21, 2019.

Shelton International Select Equity Fund ("International Select Fund", and together with the Emerging Markets Fund, and the Tactical Credit Fund, each a "Fund" and collectively, the "Funds") is an open-end, diversiﬁed series of the Trust. The inception date is July 18, 2016. The Fund's investment objective is to achieve long-term capital appreciation. Eﬀective July 18, 2016, Shelton became the advisor to the Fund. The International Select Fund is a successor to a series of the FundVantage Trust, a Delaware statutory trust, pursuant to a reorganization that took place after the close of business on July 28, 2017. Prior to July 28, 2017, the Successor Fund had no investment operations. As a result of the reorganization, holders of Class A Shares of the former International Select Fund received Investor Shares of the successor International Select Equity Fund and holders of Class I Shares of the former International Select Equity Fund received Institutional Shares of the successor International Select Equity Fund.

On June 3, 2020, the shareholders of the ICON International Equity Fund, a series of ICON Funds approved the agreement and plan of reorganization providing for the transfer of assets and assumption of liabilities into the Shelton International Select Equity Fund. The International Select Fund is the performance and accounting, legal and tax survivor of the reorganization. The reorganization was effective as of the open of business on June 29, 2020. See Note 6 for more information.

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codiﬁcation Topic 946, *Financial Services – Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Security Valuation* — Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available ("Other Market Information"). Equity securities listed on a national or international exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value.

Securities for which market quotes are not readily available from the Trust's third-party pricing service are valued at fair value, determined in good faith by the Pricing Committee of the Advisor, the Funds' valuation designee pursuant to Rule 2a-5. The Board has delegated to the Pricing Committee of the Advisor the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings. For a description of the Advisor, see Note 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Federal Income Taxes* — No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all their taxable income to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Short Sales* — Short sales are transactions under which the Tactical Credit Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Municipal Bonds* — Municipal bonds are debt obligations issued by the states, possessions, or territories of the United States (including the District of Columbia) or a political subdivision, public instrumentality, agency, public authority or other governmental unit of such states, possessions, or territories (e.g., counties, cities, towns, villages, districts and authorities). Municipal bonds may be issued as taxable securities, or as federally tax-exempt securities. States, possessions, territories and municipalities may issue municipal bonds to raise funds for various public purposes such as airports, housing, hospitals, mass transportation, schools, water and sewer works, gas, and electric utilities. They may also issue municipal bonds to refund outstanding obligations and to meet general operating expenses. Municipal bonds may be general obligation bonds or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable from revenues derived from particular facilities, from the proceeds of a special excise tax or from other specific revenue sources. They are not usually payable from the general taxing power of a municipality. In addition, certain types of "private activity" bonds may be issued by public authorities to obtain funding for privately operated facilities, such as housing and pollution control facilities, for industrial facilities and for water supply, gas, electricity and waste disposal facilities. Other types of private activity bonds are used to finance the construction, repair or improvement of, or to obtain equipment for, privately operated industrial or commercial facilities. Current federal tax laws place substantial limitations on the size of certain of such issues. In certain cases, the interest on a private activity bond may not be exempt from federal income tax or the alternative minimum tax.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Security Transactions, Investment Income and Distributions to Shareholders* — Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust's understanding of the applicable country's tax rules and rates. Tax reclaims are recorded on ex-dividend date. The Fund Accountant reconciles reclaims on their books to the Custodian's on a semi-annual basis and provides this reconciliation to the Fund Administrator. The reconciliation provides substantial detail about each of the receivables and this data is reviewed against Shelton's policy to determine reclaims that should be recorded or written off. Tax reclaims which are deemed de-minimis or uncollectible by the Fund Administrator are not recorded. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method or, where applicable, to the first call date of the securities.

Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from a Fund's investments in real estate investment trusts ("REITs") are reported to the Fund after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

Distributions to shareholders are recorded on the ex-dividend date for the Funds. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for PFICs, wash sales, REIT adjustments and post-October capital losses. These "Book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences do not require reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Foreign Currency Translation* — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g) Concentration* — The Shelton Emerging Markets Fund seeks to replicate the performance of its sectors. From time to time this replication may lead a Fund to concentrate in stocks of a particular sector, category or group of companies, which could cause each Fund to underperform the overall stock market.

The Tactical Credit Fund aims to use related credit asset classes on both the long and short side to generate an attractive rate of return with low volatility. Portfolio construction is implemented with a relative value framework and looks across the entire balance sheet of a corporation from senior secured down through subordinated, equity-linked bonds. This hedged approach is designed to generate performance that is less reliant on the direction of the overall market than a typical credit-based fund.

Cash & Cash Equivalents: The Funds consider their investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Funds maintain cash balances, which, at times may exceed federally insured limits. The Funds maintain these balances with a high-quality financial institution.

Concentration of Credit Risk: Each Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Funds to a credit risk. The Funds do not believe that such deposits are subject to any unusual risk associated with investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h) Use of Estimates in Financial Statements* — In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, Shelton Capital Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Share Valuations* — The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund's shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share of each Fund is equal to a Fund's NAV per share.

(*j) Accounting for Uncertainty in Income Taxes* — The Funds recognize the tax beneﬁts of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Shelton Capital Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax beneﬁts should be recorded related to uncertain tax positions taken on returns ﬁled for open tax years (2019-2021) or expected to be taken in the Fund's 2022 tax returns. The Funds identify its major tax jurisdictions as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax beneﬁts will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(k) Fair Value Measurements* — The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Funds' securities at December 31, 2022 using fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
|  Investments in Securities  | $2270537 <br>| $20735704 <br>| $— <br>| $23006241 <br>|
|  Investments Purchased With Proceeds From Securities Lending  | —<br> <sup>(d)</sup> |  |  | 1072255 |
|  Total | $2270537 <br>| $20735704 <br>| $— <br>| $24078496 <br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **International Select Fund** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
|  Investments in Securities  | $15568086 <br>| $60967065 <br>| $— <br>| $76535151 <br>|
|  Investments Purchased With Proceeds From Securities Lending  | —<br> <sup>(d)</sup> |  |  | 575926 |
|  Total | $15568086 <br>| $60967065 <br>| $— <br>| $77111077 <br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Credit Fund – Assets** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
|  Investments in Securities  | $41795 <br>| $35755630 <br>| $— <br>| $35797425 <br>|
|  Total | $41795 <br>| $35755630 <br>| $— <br>| $35797425 <br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Credit Fund – Liabilities** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
|  Investments in Securities  | $— <br>| $930769 <br>| $— <br>| $930769 <br>|
|  Total | $— <br>| $930769 <br>| $— <br>| $930769 <br>|

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(a)It is the Funds' policy to recognize transfers between levels on the last day of the fiscal reporting period.

(b)All publicly traded common stocks and purchased options held by the Funds are classified as level 1 securities, except as otherwise noted on the Portfolio of Investments for Tactical Credit Fund. For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments.

(c)All corporate bonds, municipal bonds, and term loans held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments.

(d)Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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| | |
|:---|:---|
| **Level 3 Securities** | **Level 3 Securities** |
|  | **Tactical<br>Credit Fund** |
|  Beginning Balance  | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  Net Purchases  |  |
|  Net Sales  |  |
|  Total Realized Gain/(Loss)  |  |
|  Change in Unrealized Appreciation/(Depreciation)  | 2868 |
|  Distributions | (2868) |
|  Transfers into Level 3  |  |
|  Transfers out of Level 3  |  |
|  Ending Balance  | &nbsp;&nbsp;&nbsp;&nbsp; $0  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>12/31/2022** | **Unobservable Input** | **Valuation<br>Techniques** | **Input Values** | **Impact to<br>valuation from an increase to input** |
| **Tactical Credit Fund** |  |  |  |  |  |
|  CHC Group LLC  | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| Estimated future cash flows | Market assessment | $0 | Increase |
|  Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| Estimated future cash flows | Market assessment | $0 | Increase |

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CHC Group LLC - The security trades infrequently on pink sheets and no active bids or offers are observed. The equity was substantially diluted by a recent recapitalization transaction.

Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC - Substantially all cash distributions have been received for this bond in liquidation. Pricing vendors have ceased providing valuations, however, it is still held at the Custodian and registered at DTC in the event that there may be further immaterial distributions before the security is eventually canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l) Disclosure about Derivative Instruments and Hedging Activities* — The Tactical Credit Fund has adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

The effect of derivative instruments on the Statements of Assets & Liabilities as of December 31, 2022:

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| | |
|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Tactical<br>Credit Fund** |
|  *Asset Derivatives* |  |
|  Purchased Options  | $23438 |

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The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022:

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| | |
|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Tactical<br>Credit Fund** |
|  *Amount of Realized Gain/(Loss) Recognized on Derivatives* |  |
|  Interest Rate Futures  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(31565) <br>|
|  Purchased Interest Rate Options  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111713 |
|  **Total**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **1080148** <br>|
|  *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |  |
|  Purchased Interest Rate Options  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $76172 <br>|
|  Written Interest Rate Options  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  **Total**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$** **76172** <br>|

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The previously disclosed derivative instruments outstanding as of December 31, 2022, and their effect on the Statements of Operations for the year January 1, 2022 through December 31, 2022, serve as indicators of the volume of financial derivative activity for the Funds. The following table indicates the average volume for the year:

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| | |
|:---|:---|
|  | **Average<br>Month End<br>Notional Value** |
|  Purchased Options  | $22600000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m) LIBOR Transition Risk* — The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR") by the end of 2021. On November 30, 2020 the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023. The remainder of LIBOR publications ended at the end of 2021. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

**Note 2 – INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS**

Shelton provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the applicable management agreement, the Advisor receives compensation at the following annual rates:

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| | |
|:---|:---|
| **Fund** | **Net Assets** |
|  Emerging Markets Fund  | 1.00% |
|  International Select Fund  | 0.74% |
|  Tactical Credit Fund  | 1.17% |

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The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement (excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) is effective until the dates listed below, unless renewed, and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees' review and approval. Reimbursements from the Advisor to affected Funds, and the contractual expense limits, for the year ended December 31, 2022 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Contractual Expense Limitation** | **Contractual Expense Limitation** | **Contractual Expense Limitation** |
| **Fund** | **Institutional<br>Shares** | **Investor<br>Shares** | **Expiration** |
|  International Select Fund  | 0.99% | 1.24% | 5/1/23 |
|  Tactical Credit Fund  | 1.39% | 1.64% | 5/1/23 |

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At December 31, 2022, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $305,398. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires 9/30/23** | **Expires 12/31/23** | **Expires 12/31/24** | **Expires 12/31/25** | **Total** |
|  Emerging Markets Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $634 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $634 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95263 | &nbsp;&nbsp;&nbsp;&nbsp; 140164 |
|  Tactical Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62140 | &nbsp;&nbsp;&nbsp;&nbsp; 47163 | &nbsp;&nbsp;&nbsp;&nbsp; 55297 | &nbsp;&nbsp;&nbsp;&nbsp; 164600 |
|  Total  | &nbsp;&nbsp;&nbsp;&nbsp; $634 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $107041 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $47163 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $150560 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $305398 <br>|

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A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon the Board of Trustees review and approval prior to the time the reimbursement is initiated.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

As compensation for administrative duties not covered by the management agreement, Shelton receives an administration fee. The administration fee is based on assets held, in aggregate, by the SCM Trust and other funds within the same "family" of investment companies managed and administered by Shelton. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. Administration fees are disclosed in the Statements of Operations.

Certain officers and trustees of the Trust are also partners of Shelton. Steve Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Adviser. Gregory T. Pusch has served as the Chief Compliance Officer ("CCO") of the Trust since March 2017. Mr. Pusch is also employed by Shelton, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton is reimbursed by the Trust for this portion of his salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.

The Trust has adopted a Distribution Plan (the "Plan"), as amended July 29, 2017, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Investor Shares of each Fund pays RFS Partners, the Funds' distributor (the "Distributor"), an affiliate of Shelton, for expenses that relate to the promotion and distribution of shares. Under the Plan, the Investor Shares of the Funds will pay the Distributor a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund's Investor Shares.

For the year ended December 31, 2022 the following were paid:

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| | |
|:---|:---|
| **Fund** | **Investor Class<br>12b-1 Fees** |
|  Emerging Markets Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2629 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41653 |
|  Tactical Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10287 |

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Management fees, Administration fees, Expense reimbursement from the manager, CCO fees and Trustees fees incurred during the year are included in the Statements of Operations.

**Note 3 – PURCHASES AND SALES OF SECURITIES**

Purchases and sales of securities other than short-term instruments for the year ended December 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Emerging Markets Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $11236642 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13037405 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 51967356 | &nbsp;&nbsp;&nbsp;&nbsp; 95616392 |
|  Tactical Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 21700052 | &nbsp;&nbsp;&nbsp;&nbsp; 18742927 |

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**Note 4 – TAX CHARACTER**

**Reclassifications:** Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The reclassifications were as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Paid-In Capital** | **Increase/<br>(Decrease)<br>Distributable<br>Earnings/(Loss)** |
|  Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(41344) <br>| &nbsp;&nbsp;&nbsp;&nbsp; $41344 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (159440) | &nbsp;&nbsp;&nbsp;&nbsp; 159440 |

---

The reclassification of net assets consists primarily of taxable over-distributions and Net Operating Losses.

**Tax Basis of Distributable Earnings:** For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation of investments on December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Emerging Markets Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $21534139 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $3726703 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1182364) <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2544339 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 80819925 | &nbsp;&nbsp;&nbsp;&nbsp; 7227929 | &nbsp;&nbsp;&nbsp;&nbsp; (10947528) | &nbsp;&nbsp;&nbsp;&nbsp; (3719599) |
|  Tactical Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 42474448 | &nbsp;&nbsp;&nbsp;&nbsp; 302298 | &nbsp;&nbsp;&nbsp;&nbsp; (6935750) | &nbsp;&nbsp;&nbsp;&nbsp; (6633452) |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2022 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions<br>Payable** | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Capital Gains<br>(Losses)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Other<br>Accumulated<br>Gains/Losses** | **Total<br>Distributable<br>Earnings** |
|  Emerging Markets Fund | $— <br>| $— <br>| $— <br>| $— <br>| $2544339 <br>| $(1772465 ) | $771874 <br>|
|  International Select Fund |  |  |  |  | (3719599) | (52673142) | (56392741) |
|  Tactical Credit Fund |  |  |  |  | (6633452) | (5575897) | (12209349) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the realization of unrealized gains/(losses) on future contracts for tax purposes, wash sales, straddle deferrals, Passive Foreign Investment Companies, and certain other investments.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

**Capital Losses:** Capital loss carry forwards, as of December 31, 2022, available to offset future capital gains, if any, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging<br>Markets** | **International<br>Select** | **Tactical<br>Credit\*** |
|  Long Term with no Limitation with no Limit | $1650197 <br>| $38792949 <br>| $2896415 <br>|
|  Short Term with no Limitation with no Limit | 116639 | 11592609 | 1432180 |
|  Long Term Subject to Annual Limitation |  |  |  |
|  Short Term Subject to Annual Limitation |  |  | 1089378 |
|  Total | $1766836 <br>| $50385558 <br>| $5417973 <br>|
|  Capital Loss Carry Forwards Utilized During the Fiscal Year Ending December 31, 2022 | $170252.00 <br>| $— <br>| $— <br>|

---

------

\*Subject to annual limitation of $561,798 under §382 of the Code through December 31, 2023, and $527,580 for the year ending December 31, 2024.

**Distributions to Shareholders:** Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

The tax character of distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year** | **Ordinary Income** | **Nontaxable<br>Distribution/ Return <br>of Capital** | **Long-Term<br>Capital<br>Gains<sup>(a)</sup>** | **Exempt-<br>Interest<br>Dividends** | **Total<br>Distributions** |
|  Emerging Markets Fund  | December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $351626 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $351626 <br>|
|  | December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 595238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 595238 |
|  International Select Fund  | December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; 4214693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4214693 |
|  | December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 1082019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1082019 |
|  Tactical Credit Fund  | December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; 642982 | &nbsp;&nbsp;&nbsp;&nbsp; 78540<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336073 | &nbsp;&nbsp;&nbsp;&nbsp; 1057595 |
|  | December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 1765078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1765078 |

---

------

(a)The Funds did not designate any Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended December 31, 2022.

(b)It is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital.

**Note 5 – SECURITIES LENDINGS**

The Funds have entered into an agreement with U.S. Bank, N.A. (the "Lending Agent"), dated January 19, 2020 (the "Securities Lending Agreement"), to provide securities lending services to the Funds. Under this program, the Funds may lend securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals). The securities lending agreement requires that loans are collateralized in an amount equal to at least (i) 105% of then current market value of any loaned foreign securities, or (ii) 102% of the then current market value of any other loaned securities at the outset of the loan and at least 100%, at all times thereafter. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. Cash collateral received by the Funds for securities loaned is invested by the Lending Agent in the Mount Vernon Liquid Assets Portfolio, LLC, ("Mount Vernon"). Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00.The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. Such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, and the risk that the investment may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. The Funds are not subject to a master netting arrangement.

Amounts earned from security lending is disclosed in each Fund's Statement of Operations as a securities lending credit.

As of December 31, 2022, the value of the securities on loan and payable for collateral were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of<br>Securities<br>on Loan** | **Fund<br>Collateral<br>Received<sup>\*</sup>** |
|  Emerging Markets Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $1029405 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1072255 <br>|
|  International Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $560345 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $575926 <br>|

---

------

\*The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, with an overnight and continuous maturity as shown on the Portfolios of Investments.

**Note 6 – BORROWINGS**

In connection with the short sale arrangement of Shelton Tactical Credit Fund, the Fund may borrow in excess of the short sale proceeds. At December 31, 2022, the total amount outstanding in excess of the short sale proceeds was $0. Amounts borrowed under this arrangement bear interest at an interest rate based on the bank's margin rate. For the year ended December 31, 2022, the weighted average interest rate of this arrangement was 0.32%, the average amount outstanding was $43,338 and the maximum outstanding balance was $2,082,464. The total amount of interest charged under the arrangement was $0.03 and is included in the balance of Interest and fees on borrowings and short sale arrangement in the Statement of Operations.

**SCM Trust** **Notes to Financial Statements** **December 31, 2022** <br>

**Note 7 – SUBSEQUENT EVENTS**

Subsequent to the end of the reporting period, Shelton Capital Management contractually agreed to reimburse expenses incurred by Shelton Tactical Credit Fund (the "Fund") to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.98% and 1.23% until January 26, 2024. This agreement may only be terminated with the approval of the Board of Trustees of SCM Trust. Shelton may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits, and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Board.

 **Liquidity Risk Management Program Disclosure (Unaudited)**<br>

The SCM Trust (the "Trust") has adopted and implemented a liquidity risk management program (the "Program"), as consistent with Rule 22e-4 to govern the Trust's approach to managing liquidity risk for each series of the Trust (each, a "Fund" and collectively, the "Funds"). The Program is overseen by the Liquidity Committee (the "Committee"), which is comprised of investment, operations and legal and compliance professionals from Shelton Capital Management. The Board of Trustees of the Trust (the "Board") has approved the designation of the Committee to oversee the Program.

The Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of the Fund's investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on November 10, 2022, the Committee provided a report (the "Report") to the Board addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period from the inception of the Trust's program in December 2020 through November 2022 ("Reporting Period"). The Report concluded that the Trust's Program was reasonably designed to assess and manage each Fund's liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the Program during the Reporting Period. The Report further concluded that each Fund's investment strategy continues to be appropriate given each Fund's status as an open-end fund.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Trust's investment portfolios, is found in the Trust's Prospectus and Statement of Additional Information.

 **Report of Independent Registered Public Accounting Firm**<br>

**To the Shareholders of the Shelton Funds and Board of Trustees of SCM Trust** 

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Shelton Emerging Markets Fund, Shelton International Select Equity Fund, and Shelton Tactical Credit Fund, each a series of SCM Trust, (the "Funds") as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the periods or years ended December 31, 2020, and prior, were audited by other auditors whose report dated March 1, 2021, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](scm-ncsr_123122img012.gif)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio <br>March 1, 2023

 **Additional Information**<br>

**Fund Holdings**

The Fund holdings shown in this report are as of December 31, 2022. Holdings are subject to change at any time, so holdings shown in the report may not reflect current Fund holdings. The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at www.sec.gov. The information filed in the Form N-PORT also may be obtained by calling (800) 955-9988.

**Proxy Voting Policy**

The Fund's Statement of Additional Information ("SAI") containing a description of the policies and procedures that the Shelton Funds uses to determine how to vote proxies relating to portfolio securities, along with each Fund's proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2022 is available upon request, at no charge, at the phone number above, or on the SEC's website at www.sec.gov.

**About this Report**

This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Fund's website at www.sheltoncap.com. Please read the prospectus carefully before you invest, as it explains the risks, fees and expenses of investing in the Fund.

 **Board of Trustees and Executive Officers (Unaudited)**<br>

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Address** | **Year of Birth** | **Position Held with the Trust** | **Length of Time Served** |
|  Stephen C Rogers | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1966 | Chairman of the Board, Trustee,<br> President | Since August 1999,<br> Since August 1999,<br> Since August 1999 |
|  Kevin T. Kogler | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1966 | Trustee | Since May 2006 |
|  Marco L. Quazzo | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1962 | Trustee | Since August 2014 |
|  Stephen H. Sutro | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1969 | Trustee | Since May 2006 |
|  William P. Mock | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1966 | Treasurer | Since February 2010 |
|  Gregory T. Pusch | 1875 Lawrence Street,<br> Suite 300<br>Denver, CO, 80202 | 1966 | Chief Compliance Officer, Secretary | Since March 2017 |

---

Each Trustee oversees the Trust's nine Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

---

| | |
|:---|:---|
|  Stephen C. Rogers\* | Chief Executive Officer, Shelton Capital Management, 1999 to present. |
|  Kevin T. Kogler | President & Founder of MicroBiz, LLC, 2012 to present. |
|  Marco L. Quazzo | Principal, Bartko Zankel Bunzel & Miller, March 2015-Present. |
|  Stephen H. Sutro | Managing Partner, Duane Morris, LLP (law firm) 2014 to present; Partner, Duane Morris LLP (law firm), 2003 to present. |
|  William P. Mock | Portfolio Manager, Shelton Capital Management, 2010 to present. |
|  Gregory T. Pusch | General Counsel and Chief Compliance Officer, Shelton Capital Management, 2017 to present. |

---

Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.

------

\*Trustee deemed to be an "interested person" of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust's Advisor and Administrator.

![](scm-ncsr_123122img013.gif)

![](icon-ncsr_123122img001.gif)

**ANNUAL REPORT**

------

December 31, 2022

ICON Consumer Select Fund<br>ICON Equity Fund<br>ICON Equity Income Fund<br>ICON Flexible Bond Fund<br>ICON Health and Information Technology Fund<br>ICON Natural Resources and Infrastructure Fund<br>ICON Utilities and Income Fund

![](icon-ncsr_123122img002.gif)

---

| | |
|:---|:---|
|  **Table of Contents** | **August 31, 2022** |

---

---

| | |
|:---|:---|
| [Historical Performance and Manager's Discussion](#icon-ncsr_123122a10) | 1 |
| [About Your Fund's Expenses](#icon-ncsr_123122a11) | 6 |
| [Top Holdings and Sector Breakdowns](#icon-ncsr_123122a12) | 8 |
| [Portfolio of Investments](#icon-ncsr_123122a13) | 10 |
| [Statements of Assets & Liabilities](#icon-ncsr_123122a14) | 24 |
| [Statements of Operations](#icon-ncsr_123122a15) | 25 |
| [Statements of Changes in Net Assets](#icon-ncsr_123122a16) | 26 |
| [Financial Highlights](#icon-ncsr_123122a17) | 30 |
| [Notes to Financial Statements](#icon-ncsr_123122a18) | 37 |
| [Liquidity Risk Management Program Disclosure](#icon-ncsr_123122a19) | 43 |
| [Report of Independent Registered Public Accounting Firm](#icon-ncsr_123122a20) | 44 |
| [Additional Information](#icon-ncsr_123122a21) | 45 |
| [Board of Trustees and Executive Officers](#icon-ncsr_123122a22) | 46 |

---

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited)** | **December 31, 2022** |

---

**ICON Bond Fund**

**Management Overview**

**Fixed Income Market Review:**

Throughout 2022, the fixed income market was dominated by concerns regarding the Federal Reserve and expectations for interest rate increases. In March they began a series of interest rate increases that is expected to continue in 2023 as they fight inflation.

The US Treasury 10 year yield traded in a range of 1.63% in early January to a high of 4.24% in October ending the year at 3.87%. At fiscal year end, it is currently trading in the area of 3.40%. Based on recent statements from Federal Reserve members it appears they will continue raising interest rates through 2023. Recent indications are that inflation is easing which could change their actions.

Corporate bond yield spreads (the yield in excess of comparable US Treasuries) increased through the year but narrowed in the fourth quarter. Exiting the fiscal year, current levels are slightly higher than where we began the year. Combined with the level of US Treasury yields there have been attractive opportunities for fixed income buyers to find yields not seen for some time.

**Flexible Bond Fund:**

Total returns for the fund was -5.63% for the year ending December 31, 2022 compared to -13.34% for its benchmark, the Bloomberg US Universal Index. We believe that the fund experienced a relatively good year despite the difficult fixed income market conditions.

Our portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. We were able to sustain a high dividend yield due to success in our yield to call strategy, use of high yielding closed end bond funds, and our preferred stock strategy involving dividend capture. We believe that the fund's event driven, value-oriented strategy continues to be successful with an abundance of the closed end fund arbitrage available and many yield to call opportunities. The fund benefited from a large exposure to floating rate securities including Fifth Third Bancorp. We negotiated a private sale of shares with Templeton Global Income at net asset value. We had acquired them at a discount to net asset value. We also used Special Purpose Acquisition Corporations (i.e. SPACs) as a defensive structure. We bought them at discounts to the cash escrow with the view we would receive the escrow when they failed to complete a transaction. This was successful in every instance during the year and involved co-investors with what we believe are strong reputations in this space.

**Jerry Paul**

**ICON Equity Funds**

The market peak, January 3, 2022, was very unusual. Typically, the Federal Reserve (Fed) will begin tightening monetary policy and interest rates will increase but stock prices continue rising a few months. At the market peak in January of 2022, however, the market peaked two and a half months before the Fed began to tighten. Also at peaks, stocks usually appear over priced in our valuation model, but not in January 2022 because the interest rate component of our valuation equation had not started to rise yet. As a result, our portfolios participated in the market decline of early 2022.

As interest rates rose, fewer and fewer industries had the combination of value and strength we require to be eligible to be purchased. With these conditions, we sold stocks in late May and mid-August (when the market was moving higher) and held much higher than normal levels of cash the second half of 2022.

Energy was by far the best performing sector, with Utilities being the only other sector with a positive return. Joining Utilities in the top four were two other defensive, so-called recession proof sectors. The three worst sectors all had a high growth theme; Information Technology, Consumer Discretionary and Communication Services.

**ICON Equity Fund** – For the fiscal year the Fund returned -18.11% versus -17.78% for its benchmark, the S&P 1500 Index. From January 1 through the market low of the first half, June 16, 2022, the Fund went down more than the S&P 1500 Index. From that short term low through the end of the year, the Fund beat the index, almost catching it for the fiscal year. From mid-June, the fund was void Real Estate and Communication Services and underweight Consumer Discretionary and Information Technology, the four worst performing sectors.

The three biggest contributing industries were Communication Equipment, Investment Banking and Brokerage and Oil & Gas Exploration & Production. The three biggest detracting industries were IT Consulting, Footware and Application Software.

**ICON Consumer Select Fund** – For the fiscal year period January 1, 2022 through December 31, 2022, the fund returned -10.56% vs. the S&P 1500 Financials benchmark return of -10.15 %. As the broad market dropped sharply during the first quarter of the year over inflation and recession concerns, the fund rotated its holdings to take on a more defensive position. The fund's overweight position in Consumer Discretionary was reduced and rotated into more recession-resistant industries in the Financials sector. The fund also rotated a significant portion of the holdings into cash for the latter part of the year.

Financials, which made up an average of 34% of the fund's holdings during the year, contributed the most to the positive performance. Overweight positions in Insurance, Reinsurance, and Investment Banking & Brokerage industries contributed the most to performance. The greatest detractors to performance came from the Consumer Discretionary sector, with the initial market decline during the first quarter creating the most disturbance to fund performance.

**ICON Health & Information Technology Fund** – For the fiscal year, the fund returned -19.87% vs. the S&P 1500 Information Technology benchmark return of -27.91%. The fund entered the year concentrated heavily in Information Technology industries, but after the initial declines during the first quarter and the turbulent market that followed the fund repositioned itself to an increase in Health Care holdings as well as a significant position holding cash. The fund ended the fiscal year with holdings in the Health Care sector making up the largest weighted portion of the fund at around 41% of all holdings.

Overweight positions in the Biotechnology and Managed Health Care industries positively contributed the most to the fund's performance. The biggest detractors from performance were holdings across the Information Technology sector.

**ICON Utilities and Income Fund** – During the fiscal year, the fund returned -1.15%, compared to the S&P 1500 Utilities Index, the fund's benchmark, which returned 1.37%.

The fund was most heavily concentrated in the Utilities sector throughout the year, with holdings in Multi-Utilities and Gas Utilities providing the largest contributions to the fund. Also, the fund had small positions in the Oil & Gas Storage & Transportation industry which contributed positively to fund performance, capitalizing on the strong Energy sector performance throughout the year. In addition, after the initial market declines of the first quarter, the fund moved a significant portion of its assets into cash to reduce the volatility of the uncertain market.

**ICON Equity Income Fund** – Total returns for the fund during the fiscal year was -13.63% vs - 17.78% for the S&P 1500 Index, the fund's benchmark. Positioned to the 2021 strong run in equities, the fund entered the year with a balance of around 92% equities to 8% fixed income. After the market declines in the first quarter of the year, the fund repositioned its equity-to-fixed income ratio to end the year close to a 65% to 35% of equity to fixed income, respectively. The repositioning into a larger holding of fixed income securities helped reduce fund volatility and contributed substantially to its outperformance of its all-equity benchmark.

Our fixed income portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. We were able to sustain a high yield due to success in our yield to call strategy and use of high yielding closed end bond funds. We believe that the fund's event driven, value-oriented strategy continues to be successful with an abundance of the closed end fund arbitrage available and many yield to call opportunities. We negotiated a private sale of shares with Templeton Global Income, a closed end bond fund, at net asset value. We had acquired them at a discount to net asset value.

The three biggest contributing sectors to overall fund equity performance were Energy, Health Care, and Industrials. The two biggest detracting sectors to fund performance were equity holdings in Consumer Discretionary and Financials.

**ICON Natural Resources and Infrastructure** – During the fiscal year period, January 11, 2022 through December 31, 2022, the Fund returned 0.38% vs. the S&P 1500 benchmark return of -17.78%. For the fiscal year, the average portfolio weightings were approximately 17% in the Energy sector, 41% in the Industrials sector, and 15% in the Materials sector. For much of the year, the Fund held more cash than usual as we experienced a bear market. During the bear market the Fund also utilized holdings in the Utilities sector, the Consumer Staples sector, and some ETFs. For the entire period fund holdings in the Energy sector returned 9.10%, fund holdings in the Industrials sector returned -15.89% and fund holdings in the Materials sector returned -8.69%. The three biggest contributors to performance during the year were holdings in the oil & gas exploration & production, oil & gas refining & marketing, and aerospace & defense industries respectively. The three biggest detractors were building products, construction materials, and trucking industries. Based on ICON's valuation methodology, the fund can rotate among companies and industries in the Energy, Materials, and Industrial sectors. As of December 31, 2022, our valuations suggest the possibility of opportunities in the Energy sector.

**Brian Callahan**

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img003.gif)  | ICON Consumer Select Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img003.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img003.gif)  | ICON Consumer Select Fund | -10.56% | 2.67% | 7.59% | 6.73% |
|  ![](icon-ncsr_123122img003.gif)  | S&P 1500 Financial Sector Index | -10.15% | 6.24% | 12.02% | 5.96% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ICON Consumer Select Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Consumer Select Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img004.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img004.gif)  |
|  ICON Consumer Select Fund | -10.81% | 2.40% | 7.28% | 6.89% | ![](icon-ncsr_123122img004.gif)  |
|  S&P 1500 Financial Sector Index | -10.15% | 6.24% | 12.02% | 11.36% | ![](icon-ncsr_123122img004.gif)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img005.gif)  | Icon Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img005.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img005.gif)  | Icon Equity Fund | -18.11% | 6.75% | 9.80% | 9.05% |
|  ![](icon-ncsr_123122img005.gif)  | S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 9.09% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Icon Equity Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img006.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img006.gif)  |
|  Icon Equity Fund | -18.34% | 6.46% | 9.48% | 8.74% | ![](icon-ncsr_123122img006.gif)  |
|  S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 9.05% | ![](icon-ncsr_123122img006.gif)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img007.gif)  | Icon Equity Income Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Income Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Income Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Income Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | Icon Equity Income Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img007.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img007.gif)  | Icon Equity Income Fund | -13.63% | 4.89% | 8.43% | 8.82% |
|  ![](icon-ncsr_123122img007.gif)  | S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 9.25% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Icon Equity Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | Icon Equity Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img008.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img008.gif)  |
|  Icon Equity Income Fund | -13.81% | 4.64% | 8.16% | 8.55% | ![](icon-ncsr_123122img008.gif)  |
|  S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 9.05% | ![](icon-ncsr_123122img008.gif)  |

---

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

---

------

\*Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img009.gif)  | ICON Flexible Bond Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img009.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img009.gif)  | ICON Flexible Bond Fund | -5.63% | 2.30% | 2.66% | 3.00% |
|  ![](icon-ncsr_123122img009.gif)  | Bloomberg US Universal Index ex-MBS | -13.34% | 0.38% | 1.51% | N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ICON Flexible Bond Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Flexible Bond Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img010.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img010.gif)  |
|  ICON Flexible Bond Fund | -5.96% | 2.03% | 2.38% | 2.74% | ![](icon-ncsr_123122img010.gif)  |
|  Bloomberg Barclays US Universal Index ex-MBS | -13.42% | 0.38% | 1.51% | 2.26% | ![](icon-ncsr_123122img010.gif)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img011.gif)  | ICON Health and Information Technology - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Health and Information Technology - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Health and Information Technology - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Health and Information Technology - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Health and Information Technology - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img011.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img011.gif)  | ICON Health and Information Technology | -19.87% | 10.09% | 14.30% | 13.29% |
|  ![](icon-ncsr_123122img011.gif)  | S&P 1500 Information Technology Sector Index | -27.91% | 15.46% | 18.01% | 10.31% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ICON Health and Information Technology - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Health and Information Technology - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Health and Information Technology - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Health and Information Technology - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Health and Information Technology - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img012.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img012.gif)  |
|  ICON Health and Information Technology | -20.07% | 9.80% | 13.92% | 13.29% | ![](icon-ncsr_123122img012.gif)  |
|  S&P 1500 Technology Sector Index | -27.91% | 15.46% | 18.01% | 16.85% | ![](icon-ncsr_123122img012.gif)  |

---

------

\*Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

---

| | |
|:---|:---|
|  **Historical Performance and Manager's Discussion (Unaudited) (Continued)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img013.gif)  | ICON Natural Resources and Infrastructure Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Institutional Shares <br>Average Annual Total Returns <br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img013.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img013.gif)  | ICON Natural Resources and Infrastructure Fund | 0.38% | 6.93% | 8.30% | 8.92% |
|  ![](icon-ncsr_123122img013.gif)  | S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 8.36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ICON Natural Resources and Infrastructure Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Natural Resources and Infrastructure Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img014.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img014.gif)  |
|  ICON Natural Resources and Infrastructure Fund | 0.09% | 6.64% | 8.00% | 7.62% | ![](icon-ncsr_123122img014.gif)  |
|  S&P 1500 Sector Index | -17.78% | 9.15% | 12.39% | 12.48% | ![](icon-ncsr_123122img014.gif)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ![](icon-ncsr_123122img015.gif)  | ICON Utilities and Income Fund - Institutional Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Institutional Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Institutional Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Institutional Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Institutional Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 |
|  ![](icon-ncsr_123122img015.gif)  | **Fund/<br>Benchmark** | **One<br>Year** | **Five Year<br>(Annualized)** | **Ten Year<br>(Annualized)** | **Since<br>Inception<br>(Annualized)** |
|  ![](icon-ncsr_123122img015.gif)  | ICON Utilities and Income Fund | -1.15% | 9.23% | 10.50% | 10.48% |
|  ![](icon-ncsr_123122img015.gif)  | S&P 1500 Utilities Sector Index | 1.37% | 9.14% | 11.09% | 8.60% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ICON Utilities and Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ICON Utilities and Income Fund - Investor Shares <br>Average Annual Total Returns<br>for the periods ended 12/31/22 | ![](icon-ncsr_123122img016.gif)  |
| **Fund/<br>Benchmark** | **One Year** | **Five Year <br>(Annualized)** | **Ten Year <br>(Annualized)** | **Since Inception<br>(Annualized)** | ![](icon-ncsr_123122img016.gif)  |
|  ICON Utilities and Income Fund | -1.34% | 8.96% | 10.21% | 9.84% | ![](icon-ncsr_123122img016.gif)  |
|  S&P 1500 Utilities Sector Index | 1.37% | 9.14% | 11.09% | 10.89% | ![](icon-ncsr_123122img016.gif)  |

---

------

\*Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 **About Your Fund's Expenses (unaudited)<br>December 31, 2022**<br>

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 30, 2022 to December 31, 2022.

**Actual Expenses**

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the tables below provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds do not charge any sales charges. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 30, 2022** | **Ending<br>Account Value<br>December 31, <br>2022** | **Expenses Paid<br>During Period**\* | **Net Annual<br>Expense Ratio** |
|  **ICON Consumer Select Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1093 | $7.02 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1018 | $6.76 | 1.33% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1091 | $8.27 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1017 | $7.98 | 1.57% |
|  **ICON Equity Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1084 | $5.88 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1019 | $5.70 | 1.12% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1082 | $7.19 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1018 | $6.97 | 1.37% |
|  **ICON Equity Income Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $992 | $5.02 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1020 | $5.09 | 1.00% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $991 | $6.32 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1019 | $6.41 | 1.26% |
|  **ICON Flexible Bond Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1027 | $3.88 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1021 | $3.87 | 0.76% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1025 | $5.16 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1020 | $5.14 | 1.01% |

---

------

\*Expenses are equal to the Fund's annualized expense ratio listed in the "Net Annual Expense Ratio" column, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 30, 2022** | **Ending<br>Account Value<br>December 31, <br>2022** | **Expenses Paid<br>During Period**\* | **Net Annual<br>Expense Ratio** |
|  **ICON Health and Information Technology Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1039 | $6.48 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1019 | $6.41 | 1.26% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1038 | $7.81 | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1017 | $7.73 | 1.52% |
|  **ICON Natural Resources and Infrastructure Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1000 | $6.60 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1018 | $6.66 | 1.31% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1055 | $8.08 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1017 | $7.93 | 1.56% |
|  **ICON Utilities and Income Fund** |  |  |  |  |
|  Institutional Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $1000 | $6.20 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1019 | $6.26 | 1.23% |
|  Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Actual Fund Return | $1000 | $998 | $7.45 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Based on Hypothetical 5% Return before expenses | $1000 | $1018 | $7.53 | 1.48% |

---

 **About Your Fund's Expenses (unaudited)<br>December 31, 2022 (Continued)**<br>

------

\*Expenses are equal to the Fund's annualized expense ratio listed in the "Net Annual Expense Ratio" column, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 **Top Holdings and Sector Breakdowns (unaudited)** **December 31, 2022** <br>

**ICON Consumer Select Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img017.gif)  |
| 1 | First American Government Obligations Fund | $11422210  | 24.8% | ![](icon-ncsr_123122img017.gif)  |
| 2 | LPL Financial Holdings Inc | 2831827  | 6.1% | ![](icon-ncsr_123122img017.gif)  |
| 3 | Deckers Outdoor Corp | 2315128  | 5.0% | ![](icon-ncsr_123122img017.gif)  |
| 4 | Skechers USA Inc | 2244325  | 4.9% | ![](icon-ncsr_123122img017.gif)  |
| 5 | NIKE Inc | 2152984  | 4.7% | ![](icon-ncsr_123122img017.gif)  |
| 6 | PulteGroup Inc | 1962343  | 4.3% | ![](icon-ncsr_123122img017.gif)  |
| 7 | Marsh & McLennan Cos Inc | 1903020  | 4.1% | ![](icon-ncsr_123122img017.gif)  |
| 8 | Mastercard Inc | 1808196  | 3.9% | ![](icon-ncsr_123122img017.gif)  |
| 9 | Darling Ingredients Inc | 1758779  | 3.8% | ![](icon-ncsr_123122img017.gif)  |
| 10 | Brunswick Corp | 1621800  | 3.5% | ![](icon-ncsr_123122img017.gif)  |

---

**ICON Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img018.gif)  |
| 1 | First American Government Obligations Fund | $10900299  | 18.7% | ![](icon-ncsr_123122img018.gif)  |
| 2 | Extreme Networks Inc | 3771475  | 6.5% | ![](icon-ncsr_123122img018.gif)  |
| 3 | LPL Financial Holdings Inc | 3026380  | 5.2% | ![](icon-ncsr_123122img018.gif)  |
| 4 | Mastercard Inc | 2931016  | 5.0% | ![](icon-ncsr_123122img018.gif)  |
| 5 | Alamo Group Inc | 2761200  | 4.7% | ![](icon-ncsr_123122img018.gif)  |
| 6 | NIKE Inc | 2656127  | 4.6% | ![](icon-ncsr_123122img018.gif)  |
| 7 | Trinity Industries Inc | 2566676  | 4.4% | ![](icon-ncsr_123122img018.gif)  |
| 8 | EPAM Systems Inc | 2566204  | 4.4% | ![](icon-ncsr_123122img018.gif)  |
| 9 | Performance Food Group Co | 2306405  | 4.0% | ![](icon-ncsr_123122img018.gif)  |
| 10 | Baker Hughes Co | 2161596  | 3.7% | ![](icon-ncsr_123122img018.gif)  |

---

**ICON Equity Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img019.gif)  |
| 1 | Bristol-Myers Squibb Co | $3410430  | 5.3% | ![](icon-ncsr_123122img019.gif)  |
| 2 | Lockheed Martin Corp | 3162185  | 4.9% | ![](icon-ncsr_123122img019.gif)  |
| 3 | Vector Group Ltd | 2885538  | 4.5% | ![](icon-ncsr_123122img019.gif)  |
| 4 | Amgen Inc | 2521344  | 3.9% | ![](icon-ncsr_123122img019.gif)  |
| 5 | OceanFirst Financial Corp | 2507500  | 3.9% | ![](icon-ncsr_123122img019.gif)  |
| 6 | First American Government Obligations Fund | 2135823  | 3.3% | ![](icon-ncsr_123122img019.gif)  |
| 7 | Manulife Financial Corp | 2101552  | 3.3% | ![](icon-ncsr_123122img019.gif)  |
| 8 | Nexstar Media Group Inc | 2065354  | 3.2% | ![](icon-ncsr_123122img019.gif)  |
| 9 | Nuveen Intermediate Duration Municipal Term Fund | 2054448  | 3.2% | ![](icon-ncsr_123122img019.gif)  |
| 10 | New York Community Bancorp Inc | 2020140  | 3.1% | ![](icon-ncsr_123122img019.gif)  |

---

**ICON Flexible Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img020.gif)  |
| 1 | Argo Group US Inc | $8177453  | 5.3% | ![](icon-ncsr_123122img020.gif)  |
| 2 | Principal Financial Group Inc | 6878925  | 4.5% | ![](icon-ncsr_123122img020.gif)  |
| 3 | Fifth Third Bancorp | 6577847  | 4.3% | ![](icon-ncsr_123122img020.gif)  |
| 4 | Nuveen Intermediate Duration Municipal Term Fund | 6325060  | 4.1% | ![](icon-ncsr_123122img020.gif)  |
| 5 | American Airlines 2017-1 Class B Pass Through Trust | 4848779  | 3.2% | ![](icon-ncsr_123122img020.gif)  |
| 6 | Dell International LLC / EMC Corp | 4744806  | 3.1% | ![](icon-ncsr_123122img020.gif)  |
| 7 | USB Capital IX | 3937498  | 2.6% | ![](icon-ncsr_123122img020.gif)  |
| 8 | Andeavor LLC | 3880958  | 2.5% | ![](icon-ncsr_123122img020.gif)  |
| 9 | Cincinnati Bell Telephone Co LLC | 3646175  | 2.4% | ![](icon-ncsr_123122img020.gif)  |
| 10 | JetBlue 2019-1 Class B Pass Through Trust | 3526342  | 2.3% | ![](icon-ncsr_123122img020.gif)  |

---

 **Top Holdings and Sector Breakdowns (Continued) (unaudited)** **December 31, 2022** <br>

**ICON Health and Information Technology Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img021.gif)  |
| 1 | First American Government Obligations Fund | $19944555  | 21.5% | ![](icon-ncsr_123122img021.gif)  |
| 2 | Elevance Health Inc | 6976392  | 7.5% | ![](icon-ncsr_123122img021.gif)  |
| 3 | UnitedHealth Group Inc | 6945358  | 7.5% | ![](icon-ncsr_123122img021.gif)  |
| 4 | Molina Healthcare Inc | 4887256  | 5.3% | ![](icon-ncsr_123122img021.gif)  |
| 5 | TD SYNNEX Corp | 4489254  | 4.8% | ![](icon-ncsr_123122img021.gif)  |
| 6 | Humana Inc | 4456053  | 4.8% | ![](icon-ncsr_123122img021.gif)  |
| 7 | Cigna Corp | 3346534  | 3.6% | ![](icon-ncsr_123122img021.gif)  |
| 8 | Mastercard Inc | 3268662  | 3.5% | ![](icon-ncsr_123122img021.gif)  |
| 9 | EPAM Systems Inc | 2982434  | 3.2% | ![](icon-ncsr_123122img021.gif)  |
| 10 | Euronet Worldwide Inc | 2963532  | 3.2% | ![](icon-ncsr_123122img021.gif)  |

---

**ICON Natural Resources and Infrastructure Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img022.gif)  |
| 1 | First American Government Obligations Fund | $20142719  | 17.7% | ![](icon-ncsr_123122img022.gif)  |
| 2 | Plains All American Pipeline LP | 4704000  | 4.1% | ![](icon-ncsr_123122img022.gif)  |
| 3 | Ranger Oil Corp | 4326010  | 3.8% | ![](icon-ncsr_123122img022.gif)  |
| 4 | Ecopetrol SA | 4188000  | 3.6% | ![](icon-ncsr_123122img022.gif)  |
| 5 | CSX Corp | 3872500  | 3.4% | ![](icon-ncsr_123122img022.gif)  |
| 6 | MRC Global Inc | 3358200  | 2.9% | ![](icon-ncsr_123122img022.gif)  |
| 7 | Union Pacific Corp | 3313120  | 2.9% | ![](icon-ncsr_123122img022.gif)  |
| 8 | UGI Corp | 3039740  | 2.6% | ![](icon-ncsr_123122img022.gif)  |
| 9 | National Fuel Gas Co | 3038400  | 2.6% | ![](icon-ncsr_123122img022.gif)  |
| 10 | Old Dominion Freight Line Inc | 2979690  | 2.6% | ![](icon-ncsr_123122img022.gif)  |

---

**ICON Utilities and Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Security** | **Market<br>Value** | **Percentage<br>of Total<br>Investment** | ![](icon-ncsr_123122img023.gif)  |
| 1 | First American Government Obligations Fund | $7444938  | 20.9% | ![](icon-ncsr_123122img023.gif)  |
| 2 | New Jersey Resources Corp | 2793606  | 7.7% | ![](icon-ncsr_123122img023.gif)  |
| 3 | National Fuel Gas Co | 2532000  | 7.0% | ![](icon-ncsr_123122img023.gif)  |
| 4 | Ameren Corp | 2169648  | 6.0% | ![](icon-ncsr_123122img023.gif)  |
| 5 | NextEra Energy Inc | 2156880  | 5.9% | ![](icon-ncsr_123122img023.gif)  |
| 6 | Evergy Inc | 1963416  | 5.4% | ![](icon-ncsr_123122img023.gif)  |
| 7 | Xcel Energy Inc | 1921014  | 5.3% | ![](icon-ncsr_123122img023.gif)  |
| 8 | American Electric Power Co Inc | 1880010  | 5.2% | ![](icon-ncsr_123122img023.gif)  |
| 9 | Black Hills Corp | 1730364  | 4.8% | ![](icon-ncsr_123122img023.gif)  |
| 10 | UGI Corp | 1634602  | 4.5% | ![](icon-ncsr_123122img023.gif)  |

---

**See accompanying notes to financial statements.**

 **ICON Consumer Select Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (75.32%)** |  |  |
|  **Communications (1.78%)** |  |  |
|  eBay Inc | 19700 | $816959 <br>|
|  **Consumer, Cyclical (29.92%)** |  |  |
|  Brunswick Corp | 22500 | 1621800 |
|  Deckers Outdoor Corp\* | 5800 | 2315128 |
|  Gentex Corp | 34100 | 929907 |
|  Lear Corp | 10300 | 1277406 |
|  NIKE Inc | 18400 | 2152984 |
|  PulteGroup Inc | 43100 | 1962343 |
|  Skechers USA Inc\* | 53500 | 2244325 |
|  Visteon Corp\* | 9600 | 1255968 |
|  **Total Consumer, Cyclical** |  | 13759861 |
|  **Consumer, Non-cyclical (8.05%)** |  |  |
|  Darling Ingredients Inc\* | 28100 | 1758779 |
|  Global Payments Inc | 7900 | 784628 |
|  Hormel Foods Corp | 15600 | 710580 |
|  Performance Food Group Co\* | 7700 | 449603 |
|  **Total Consumer, Non-cyclical** |  | 3703590 |
|  **Financial (35.57%)** |  |  |
|  American Equity Investment Life Holding Co | 35100 | 1601262 |
|  Arch Capital Group Ltd\* | 20500 | 1286990 |
|  Assurant Inc<sup>#</sup> | 10300 | 1288118 |
|  Bank of America Corp | 34300 | 1136016 |
|  Equitable Holdings Inc | 21600 | 619920 |
|  Everest Re Group Ltd | 3200 | 1060064 |
|  LPL Financial Holdings Inc | 13100 | 2831827 |
|  Marsh & McLennan Cos Inc | 11500 | 1903020 |
|  Mastercard Inc | 5200 | 1808196 |
|  RenaissanceRe Holdings Ltd | 6500 | 1197495 |
|  Visa Inc | 7800 | 1620528 |
|  **Total Financial** |  | 16353436 |
|  **Total Common Stock (Cost $30,834,096)** |  | 34633846 |

---

---

| | | |
|:---|:---|:---|
| **Investment Companies (24.84%)** | **Shares** | **Value** |
|  **Money Market Funds (24.84%)** |  |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 11422210 | 11422210 |
|  **Total Investment Companies (Cost $11,422,210)** |  | 11422210 |
|  **Collateral Received For Securities on Loan (2.90%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $1,333,929) | 1333929 | 1333929 |
|  **Total Investments (Cost $43,590,235) (103.06%)** |  | $47389985 <br>|
|  **Liabilities in Excess of Other Assets (-3.06%)** |  | (1405798) |
|  **Net Assets (100.00%)** |  | $45984187 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at December 31, 2022 in the amount of $1,275,237

**See accompanying notes to financial statements.**

 **ICON Equity Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (78.91%)** |  |  |
|  **Basic Materials (0.99%)** |  |  |
|  The Chemours Co | 18800 | $575656 <br>|
|  **Communications (6.48%)** |  |  |
|  Extreme Networks Inc\* | 205979 | 3771475 |
|  **Consumer, Cyclical (7.28%)** |  |  |
|  Magna International Inc | 28200 | 1584276 |
|  NIKE Inc | 22700 | 2656127 |
|  **Total Consumer, Cyclical** |  | 4240403 |
|  **Consumer, Non-cyclical (13.32%)** |  |  |
|  Anheuser-Busch InBev SA | 18800 | 1128752 |
|  The Boston Beer Co Inc\* | 3600 | 1186272 |
|  Euronet Worldwide Inc\* | 13350 | 1259973 |
|  Global Payments Inc | 18862 | 1873374 |
|  Performance Food Group Co\* | 39500 | 2306405 |
|  **Total Consumer, Non-cyclical** |  | 7754776 |
|  **Energy (3.71%)** |  |  |
|  Baker Hughes Co | 73200 | 2161596 |
|  **Financial (20.94%)** |  |  |
|  American Equity Investment Life Holding Co | 46200 | 2107644 |
|  Bank of America Corp | 32488 | 1076003 |
|  JPMorgan Chase & Co | 10200 | 1367820 |
|  LPL Financial Holdings Inc | 14000 | 3026380 |
|  Mastercard Inc | 8429 | 2931016 |
|  Truist Financial Corp | 39100 | 1682473 |
|  **Total Financial** |  | 12191336 |
|  **Industrial (19.99%)** |  |  |
|  Advanced Drainage Systems Inc | 19900 | 1631203 |
|  Alamo Group Inc | 19500 | 2761200 |
|  Armstrong World Industries Inc | 21600 | 1481544 |
|  CSX Corp | 36200 | 1121476 |
|  Chart Industries Inc\* | 18000 | 2074140 |
|  Trinity Industries Inc | 86800 | 2566676 |
|  **Total Industrial** |  | 11636239 |
|  **Technology (6.20%)** |  |  |
|  Adobe Inc\* | 3100 | 1043243 |
|  EPAM Systems Inc\* | 7830 | 2566204 |
|  **Total Technology** |  | 3609447 |
|  **Total Common Stock (Cost $34,169,256)** |  | 45940928 |

---

**See accompanying notes to financial statements.**

 **ICON Equity Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Investment Companies (21.28%)** | **Shares** | **Value** |
|  **Exchange-Traded Funds (2.56%)** |  |  |
|  Direxion Daily Semiconductors Bear 3x Shares | 13400 | $529434 <br>|
|  ProShares Short QQQ<sup>#</sup> | 65100 | 958272 |
|  **Total Exchange-Traded Funds** |  | 1487706 |
|  **Money Market Funds (18.72%)** |  |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 10900299 | 10900299 |
|  **Total Investment Companies (Cost $12,276,155)** |  | 12388005 |
|  **Collateral Received For Securities on Loan (1.66%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $966,025) | 966025 | 966025 |
|  **Total Investments (Cost $47,411,436) (101.85%)** |  | $59294958 <br>|
|  **Liabilities in Excess of Other Assets (-1.85%)** |  | (1075105) |
|  **Net Assets (100.00%)** |  | $58219853 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at December 31, 2022 in the amount of $942,080

**See accompanying notes to financial statements.**

 **ICON Equity Income Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (62.38%)** |  |  |
|  **Basic Materials (2.57%)** |  |  |
|  Eastman Chemical Co | 19900 | $1620656 <br>|
|  **Communications (4.82%)** |  |  |
|  Nexstar Media Group Inc | 11800 | 2065354 |
|  Verizon Communications Inc | 24800 | 977120 |
|  **Total Communications**  |  | 3042474 |
|  **Consumer, Cyclical (8.78%)** |  |  |
|  Hooker Furnishings Corp | 39200 | 733040 |
|  Leggett & Platt Inc | 42600 | 1372998 |
|  MDC Holdings Inc | 58676 | 1854162 |
|  Whirlpool Corp | 11200 | 1584352 |
|  **Total Consumer, Cyclical** |  | 5544552 |
|  **Consumer, Non-Cyclical (16.21%)** |  |  |
|  Amgen Inc | 9600 | 2521344 |
|  Bristol-Myers Squibb Co | 47400 | 3410428 |
|  Ingredion Inc | 14700 | 1439571 |
|  Vector Group Ltd | 243300 | 2885538 |
|  **Total Consumer, Non-Cyclical** |  | 10256881 |
|  **Energy (2.16%)** |  |  |
|  Plains All American Pipeline LP | 115900 | 1362984 |
|  **Financial (15.38%)** |  |  |
|  Huntington Bancshares Inc | 142600 | 2010660 |
|  Manulife Financial Corp | 117800 | 2101552 |
|  New York Community Bancorp Inc | 234900 | 2020140 |
|  OceanFirst Financial Corp | 118000 | 2507500 |
|  Webster Financial Corp | 22800 | 1079352 |
|  **Total Financial** |  | 9719204 |
|  **Industrial (8.31%)** |  |  |
|  Lockheed Martin Corp | 6500 | 3162185 |
|  Trinity Industries Inc | 48800 | 1443016 |
|  Union Pacific Corp | 3129 | 647922 |
|  **Total Industrial** |  | 5253123 |
|  **Technology (1.32%)** |  |  |
|  International Business Machines Corp | 5900 | 831251 |
|  **Utilities (2.83%)** |  |  |
|  Evergy Inc | 28400 | 1787212 |
|  **Total Common Stock (Cost $38,439,822)** |  | 39418337 |

---

**See accompanying notes to financial statements.**

 **ICON Equity Income Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Preferred Stock (9.08%)** | **Shares** | **Value** |
|  **Financial (7.51%)** |  |  |
|  Annaly Capital Management Inc, 9.775% | 34283 | $835820 <br>|
|  Argo Group US Inc, 6.500% | 53853 | 1055519 |
|  Bank of America Corp, 7.250% | 1007 | 1168120 |
|  Capital One Financial Corp, 5.000% | 11075 | 199350 |
|  Equity Commonwealth, 6.500% | 45594 | 1142244 |
|  Raymond James Financial Inc, 6.375% | 13741 | 342151 |
|  **Total Financial** |  | 4743204 |
|  **Government (1.57%)** |  |  |
|  Farm Credit Bank of Texas, 6.750% (144A) | 10000 | 991261 |
|  **Total Preferred Stock (Cost $6,091,513)** |  | 5734465 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Debt (16.89%)** | **Par Value** | **Value** |
|  **Communications (2.81%)** |  |  |
|  Sprint LLC, 7.125%, 6/15/2024  | $1000000 <br>| 1020026 |
|  Uber Technologies Inc, 8.000%, 11/1/2026 (144A) | 750000 | 752581 |
|  **Total Communications**  |  | 1772607 |
|  **Consumer, Cyclical (6.02%)** |  |  |
|  Air Canada 2015-1 Class B Pass Through Trust, 3.875%, 3/15/2023 (144A) | 470418 | 467096 |
|  American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 1/15/2024  | 243656 | 237395 |
|  American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025  | 515500 | 484878 |
|  American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028  | 190632 | 160365 |
|  American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030  | 500000 | 397290 |
|  Delta Air Lines Inc, 7.000%, 5/1/2025 (144A) | 500000 | 511389 |
|  MGM Resorts International, 6.750%, 5/1/2025  | 750000 | 753952 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A) | 450029 | 447420 |
|  United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031  | 417245 | 351192 |
|  **Total Consumer, Cyclical** |  | 3810977 |
|  **Consumer, Non-Cyclical (2.24%)** |  |  |
|  Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 250000 | 232218 |
|  Conagra Brands Inc, 7.125%, 10/1/2026  | 175000 | 184352 |
|  HCA Inc, 5.875%, 2/15/2026  | 500000 | 503709 |
|  Williams Scotsman International Inc, 6.125%, 6/15/2025 (144A) | 500000 | 495000 |
|  **Total Consumer, Non-Cyclical** |  | 1415279 |
|  **Financial (4.61%)** |  |  |
|  Bank of America Corp, 5.200% | 500000 | 484501 |
|  Cowen Inc, 7.250%, 5/6/2024  | 250000 | 251846 |
|  Credit Acceptance Corp, 6.625%, 3/15/2026  | 220000 | 208480 |
|  Greystar Real Estate Partners LLC, 5.750%, 12/1/2025 (144A) | 250000 | 244313 |
|  Nationwide Mutual Insurance Co, 3M US LIBOR + 2.290%, 12/15/2024 (144A)<sup>(a)</sup> | 1000000 | 997367 |
|  Principal Financial Group Inc, 3M US LIBOR + 3.044%, 5/15/2055<sup>(a)</sup>  | 750000 | 725625 |
|  **Total Financial** |  | 2912132 |
|  **Industrial (1.21%)** |  |  |
|  Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/1/2025 (144A) | 250000 | 235051 |
|  MasTec Inc, 6.625%, 8/15/2029 (144A) | 250000 | 223750 |
|  WESCO Distribution Inc, 7.125%, 6/15/2025 (144A) | 300000 | 303751 |
|  **Total Industrial** |  | 762552 |
|  **Total Corporate Debt (Cost $10,778,327)** |  | 10673547 |

---

**See accompanying notes to financial statements.**

 **ICON Equity Income Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Investment Companies (13.30%)** | **Shares** | **Value** |
|  **Mutual Funds (9.92%)** |  |  |
|  Blackstone Strategic Credit Fund | 93569 | $989960 <br>|
|  Delaware Ivy High Income Opportunities Fund<sup>#</sup> | 65329 | 716006 |
|  Invesco High Income 2023 Target Term Fund | 86671 | 696835 |
|  Nuveen Intermediate Duration Municipal Term Fund | 156589 | 2054448 |
|  Nuveen Intermediate Duration Quality Municipal Term Fund | 25000 | 312250 |
|  Templeton Global Income Fund | 71325 | 308837 |
|  Vertical Capital Income Fund | 136327 | 1187408 |
|  **Total Mutual Funds** |  | 6265744 |
|  **Money Market Funds (3.38%)** |  |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 2135823 | 2135823 |
|  **Total Investment Companies (Cost $8,575,302)** |  | 8401567 |
|  **Collateral Received For Securities on Loan (0.52%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $328,297) | 328297 | 328297 |
|  **Total Investments (Cost $64,213,261) (102.17%)** |  | $64556213 <br>|
|  **Liabilities in Excess of Other Assets (-2.17%)** |  | (1373466) |
|  **Net Assets (100.00%)** |  | $63182747 <br>|

---

(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 December 31, 2022, these securities had a total aggregate market value of $5,901,197, which represented approximately 9.34% of net assets.

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 2022 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 December 31, 2022 in the amount of $317,840

**See accompanying notes to financial statements.**

 **ICON Flexible Bond Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (0.80%)** |  |  |
|  **Financial (0.80%)** |  |  |
|  Goldman Sachs BDC Inc | 91239 | $1251799 <br>|
|  **Total Common Stock (Cost $1,313,963)** |  | 1251799 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Debt (76.86%)** | **Par Value**  | **Value**  |
|  **Communications (7.06%)** |  |  |
|  Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028  | $4315000 <br>| 3646175 |
|  Hughes Satellite Systems Corp, 5.250%, 8/1/2026  | 3000000 | 2877600 |
|  Uber Technologies Inc, 8.000%, 11/1/2026 (144A) | 1500000 | 1505163 |
|  The Walt Disney Co, 7.750%, 2/1/2024  | 3000000 | 3074448 |
|  **Total Communications** |  | 11103386 |
|  **Consumer, Cyclical (25.67%)** |  |  |
|  Abercrombie & Fitch Management Co, 8.750%, 7/15/2025 (144A)<sup>#</sup> | 1000000 | 979957 |
|  Air Canada 2015-1 Class B Pass Through Trust, 3.875%, 3/15/2023 (144A) | 1689269 | 1677342 |
|  American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 9/22/2023  | 992397 | 975368 |
|  American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 1/15/2024  | 730968 | 712185 |
|  American Airlines 2017-1 Class B Pass Through Trust, 4.950%, 2/15/2025  | 5155000 | 4848780 |
|  American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028  | 2096957 | 1764020 |
|  American Airlines 2021-1 Class B Pass Through Trust, 3.950%, 7/11/2030  | 2500000 | 1986449 |
|  American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032  | 1210201 | 918508 |
|  Beazer Homes USA Inc, 6.750%, 3/15/2025<sup>#</sup>  | 1000000 | 964812 |
|  Delta Air Lines Inc, 7.000%, 5/1/2025 (144A) | 1000000 | 1022777 |
|  G-III Apparel Group Ltd, 7.875%, 8/15/2025 (144A) | 1350000 | 1259147 |
|  Guitar Center Inc, 8.500%, 1/15/2026 (144A) | 1000000 | 821857 |
|  IHO Verwaltungs GmbH, 4.750%, 9/15/2026 (144A) | 1000000 | 865364 |
|  JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 11/15/2027  | 3608582 | 3526342 |
|  JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028  | 2347063 | 2272111 |
|  MGM Resorts International, 6.750%, 5/1/2025  | 2500000 | 2513173 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A) | 2250145 | 2237098 |
|  SeaWorld Parks & Entertainment Inc, 8.750%, 5/1/2025 (144A)<sup>#</sup> | 355000 | 363431 |
|  Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd, 8.000%, 9/20/2025 (144A) | 1500000 | 1504830 |
|  United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030  | 3641011 | 3038735 |
|  United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026  | 1096580 | 1002072 |
|  United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031  | 3096440 | 2606247 |
|  US Airways 2011-1 Class A Pass Through Trust, 7.125%, 10/22/2023  | 2536872 | 2549323 |
|  **Total Consumer, Cyclical** |  | 40409928 |
|  **Consumer, Non-cyclical (6.22%)** |  |  |
|  Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 1250000 | 1161088 |
|  Conagra Brands Inc, 7.125%, 10/1/2026  | 1150000 | 1211457 |
|  HCA Inc, 5.875%, 2/15/2026  | 1000000 | 1007417 |
|  McKesson Corp, 7.650%, 3/1/2027  | 2000000 | 2150021 |
|  Spectrum Brands Inc, 5.750%, 7/15/2025  | 1500000 | 1483026 |
|  Varex Imaging Corp, 7.875%, 10/15/2027 (144A) | 2800000 | 2780876 |
|  **Total Consumer, Non-cyclical** |  | 9793885 |
|  **Energy (4.13%)** |  |  |
|  Andeavor LLC, 5.125%, 12/15/2026  | 4000000 | 3880958 |
|  EQM Midstream Partners LP, 7.500%, 6/1/2027 (144A) | 1000000 | 979260 |
|  Hess Corp, 7.300%, 8/15/2031  | 1500000 | 1633456 |
|  **Total Energy** |  | 6493674 |

---

**See accompanying notes to financial statements.**

 **ICON Flexible Bond Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Corporate Debt (76.86%)** | **Par Value**  | **Value**  |
|  **Financial (22.16%)** |  |  |
|  BAC Capital Trust XIV, 5.169%, 3M US LIBOR + 0.400%<sup>(a),(b)</sup>  | $1850000 <br>| $1415842 <br>|
|  Bank of America Corp, 5.200%<sup>(b)</sup>  | 2858000 | 2769406 |
|  Cowen Inc, 7.250%, 5/6/2024  | 1750000 | 1762924 |
|  Credit Acceptance Corp, 6.625%, 3/15/2026  | 2600000 | 2463858 |
|  Fidelity & Guaranty Life Holdings Inc, 5.500%, 5/1/2025 (144A) | 1000000 | 986032 |
|  Fifth Third Bancorp, 7.883%, 3M US LIBOR + 3.129%<sup>(a),(b)</sup> | 6718000 | 6577847 |
|  First-Citizens Bank & Trust Co, 6.125%, 3/9/2028  | 2000000 | 2035875 |
|  Greystar Real Estate Partners LLC, 5.750%, 12/1/2025 (144A) | 1250000 | 1221566 |
|  Nationwide Mutual Insurance Co, 3M US LIBOR + 2.290%, 12/15/2024 (144A)<sup>(a)</sup> | 3000000 | 2992102 |
|  Principal Financial Group Inc, 3M US LIBOR + 3.044%, 5/15/2055<sup>(a)</sup>  | 7110000 | 6878925 |
|  TMX Finance LLC / TitleMax Finance Corp, 11.125%, 4/1/2023 (144A) | 2000000 | 1836606 |
|  USB Capital IX, 5.099%, 3M US LIBOR + 1.020%<sup>(a),(b)</sup>  | 5000000 | 3937498 |
|  **Total Financial** |  | 34878481 |
|  **Industrial (4.44%)** |  |  |
|  Fluor Corp, 3.500%, 12/15/2024<sup>#</sup>  | 688000 | 660480 |
|  Fortress Transportation and Infrastructure Investors LLC, 6.500%, 10/1/2025 (144A) | 1646000 | 1547576 |
|  Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/2027 (144A) | 1500000 | 1503750 |
|  MasTec Inc, 6.625%, 8/15/2029 (144A) | 1250000 | 1118750 |
|  Mauser Packaging Solutions Holding Co, 5.500%, 4/15/2024 (144A) | 1500000 | 1458351 |
|  WESCO Distribution Inc, 7.125%, 6/15/2025 (144A) | 688000 | 696603 |
|  **Total Industrial** |  | 6985510 |
|  **Technology (5.07%)** |  |  |
|  Dell Inc, 7.100%, 4/15/2028<sup>#</sup>  | 3000000 | 3227197 |
|  Dell International LLC / EMC Corp, 6.100%, 7/15/2027  | 4612000 | 4744806 |
|  **Total Technology** |  | 7972003 |
|  **Utilities (2.11%)** |  |  |
|  Calpine Corp, 5.250%, 6/1/2026 (144A) | 703000 | 669623 |
|  Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1350000 | 1300723 |
|  Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1460000 | 1351521 |
|  **Total Utilities** |  | 3321867 |
|  **Total Corporate Debt (Cost $129,147,286)** |  | 120958734 |
|  **Asset Backed Securities (1.62%)** |  |  |
|  SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) | 3000000 | 2543526 |
|  **Total Asset Backed Securities (Cost $2,904,990)** |  | 2543526 |
|  **Preferred Stock (8.73%)** |  |  |
|  Argo Group US Inc, 6.500% | 417217 | 8177453 |
|  Bank of America Corp, 7.250% | 953 | 1105480 |
|  Equity Commonwealth, 6.500% | 101492 | 2542628 |
|  JPMorgan Chase & Co, 5.750% | 7286 | 170420 |
|  Raymond James Financial Inc, 6.375% | 69766 | 1737173 |
|  **Total Preferred Stock (Cost $15,688,395)** |  | 13733154 |

---

**See accompanying notes to financial statements.**

 **ICON Flexible Bond Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Investment Companies (9.79%)** | **Shares**  | **Value**  |
|  **Mutual Funds (9.77%)** |  |  |
|  Blackstone Strategic Credit Fund | 65257 | $690419 <br>|
|  Delaware Ivy High Income Opportunities Fund | 263004 | 2882524 |
|  Ellsworth Growth and Income Fund Ltd | 37685 | 300726 |
|  Nuveen Intermediate Duration Municipal Term Fund | 482093 | 6325060 |
|  Nuveen Intermediate Duration Quality Municipal Term Fund<sup>#</sup> | 115017 | 1436562 |
|  RiverNorth Capital and Income | 41213 | 697736 |
|  Templeton Global Income Fund | 87493 | 378845 |
|  Vertical Capital Income Fund | 305843 | 2663893 |
|  **Total Mutual Funds** |  | 15375765 |
|  **Exchange Traded Funds (0.02%)** |  |  |
|  iShares iBoxx High Yield Corporate Bond ETF | 500 | 36815 |
|  **Total Investment Companies (Cost $16,150,254)** |  | 15412580 |
|  **Collateral Received For Securities on Loan (5.13%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $8,072,996) | 8072996 | 8072996 |
|  **Total Investments (Cost $173,277,884) (102.93%)** |  | $161972789 <br>|
|  **Other Net Assets (-2.93%)** |  | (4603563) |
|  **Net Assets (100.00%)** |  | $157369226 <br>|

---

#Loaned security; a portion of the security is on loan at December 31, 2022 in the aggregate amount of $7,778,019

(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 December 31, 2022, these securities had a total aggregate market value of $36,384,919, which represented approximately 23.12% of net assets.

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.

(b)This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

**See accompanying notes to financial statements.**

 **ICON Health and Information Technology Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (78.02%)** |  |  |
|  **Communications (2.28%)** |  |  |
|  CDW Corp | 11800 | $2107244 <br>|
|  **Consumer, Non-cyclical (47.48%)** |  |  |
|  Catalent Inc\* | 44000 | 1980440 |
|  Cigna Corp | 10100 | 3346534 |
|  Elevance Health Inc | 13600 | 6976391 |
|  Euronet Worldwide Inc\* | 31400 | 2963532 |
|  Global Payments Inc | 28893 | 2869653 |
|  HCA Healthcare Inc | 8000 | 1919680 |
|  Humana Inc | 8700 | 4456053 |
|  Incyte Corp\* | 23500 | 1887520 |
|  IQVIA Holdings Inc\* | 9238 | 1892774 |
|  Jazz Pharmaceuticals PLC\* | 11900 | 1895789 |
|  Molina Healthcare Inc\* | 14800 | 4887256 |
|  Select Medical Holdings Corp | 78800 | 1956604 |
|  UnitedHealth Group Inc | 13100 | 6945358 |
|  **Total Consumer, Non-cyclical** |  | 43977584 |
|  **Energy (2.48%)** |  |  |
|  SolarEdge Technologies Inc\* | 8100 | 2294487 |
|  **Financial (6.56%)** |  |  |
|  Mastercard Inc | 9400 | 3268662 |
|  Visa Inc | 13480 | 2800605 |
|  **Total Financial** |  | 6069267 |
|  **Industrial (6.79%)** |  |  |
|  TD SYNNEX Corp | 47400 | 4489254 |
|  Universal Display Corp | 16600 | 1793464 |
|  **Total Industrial** |  | 6282718 |
|  **Technology (12.43%)** |  |  |
|  Adobe Inc\* | 8500 | 2860505 |
|  Autodesk Inc\* | 14500 | 2709615 |
|  EPAM Systems Inc\* | 9100 | 2982434 |
|  Genpact Ltd | 63700 | 2950584 |
|  **Total Technology** |  | 11503138 |
|  **Total Common Stock (Cost $62,826,665)** |  | 72234438 |

---

**See accompanying notes to financial statements.**

 **ICON Health and Information Technology Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Investment Companies (22.12%)** | **Shares**  | **Value**  |
|  **Money Market (21.55%)** |  |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 19944555 | $19944555 <br>|
|  **Exchange Traded Funds (0.57%)** |  |  |
|  Direxion Daily Semiconductors Bear 3x Shares<sup>#</sup> | 13400 | 529434 |
|  **Total Investment Companies (Cost $20,674,757)** |  | 20473989 |
|  **Collateral Received For Securities on Loan (0.32%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $295,669) | 295669 | 295669 |
|  **Total Investments (Cost $83,797,091) (100.46%)** |  | $93004096 <br>|
|  **Liabilities in Excess of Other Assets (-0.46%)** |  | (429204) |
|  **Net Assets (100.00%)** |  | $92574892 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at December 31, 2022 in the amount of $288,423

**See accompanying notes to financial statements.**

 **ICON Natural Resources and Infrastructure Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (82.21%)** |  |  |
|  **Consumer, Cyclical (6.99%)** |  |  |
|  Cummins Inc | 8000 | $1938320 <br>|
|  MRC Global Inc\* | 290000 | 3358200 |
|  WW Grainger Inc | 4750 | 2642188 |
|  **Total Consumer, Cyclical** |  | 7938708 |
|  **Energy (19.89%)** |  |  |
|  Ecopetrol SA<sup>#</sup> | 400000 | 4188000 |
|  Enterprise Products Partners LP | 100000 | 2412000 |
|  Imperial Oil Ltd | 42000 | 2047080 |
|  Magellan Midstream Partners LP | 45000 | 2259450 |
|  Plains All American Pipeline LP | 400000 | 4704000 |
|  Ranger Oil Corp | 107000 | 4326010 |
|  Suncor Energy Inc | 84000 | 2665320 |
|  **Total Energy** |  | 22601860 |
|  **Industrial (47.41%)** |  |  |
|  Advanced Drainage Systems Inc | 10000 | 819700 |
|  Alamo Group Inc | 16000 | 2265600 |
|  Armstrong World Industries Inc | 40000 | 2743600 |
|  Berry Global Group Inc | 33000 | 1994190 |
|  Canadian National Railway Co | 20000 | 2377600 |
|  Caterpillar Inc | 10000 | 2395600 |
|  Chart Industries Inc\* | 20000 | 2304600 |
|  CSX Corp | 125000 | 3872499 |
|  Eagle Materials Inc | 18000 | 2391300 |
|  The Greenbrier Cos Inc | 72000 | 2414160 |
|  Hexcel Corp | 19500 | 1147575 |
|  JB Hunt Transport Services Inc | 10000 | 1743600 |
|  Martin Marietta Materials Inc | 6500 | 2196805 |
|  Masco Corp | 35000 | 1633450 |
|  Myers Industries Inc | 90000 | 2000700 |
|  Northrop Grumman Corp | 4000 | 2182440 |
|  Old Dominion Freight Line Inc | 10500 | 2979690 |
|  Oshkosh Corp | 27000 | 2381130 |
|  Saia Inc\* | 13000 | 2725840 |
|  Terex Corp | 45000 | 1922400 |
|  Trinity Industries Inc | 100000 | 2957000 |
|  Union Pacific Corp | 16000 | 3313120 |
|  Woodward Inc | 11719 | 1132173 |
|  Xylem Inc | 18000 | 1990260 |
|  **Total Industrial** |  | 53885032 |
|  **Utilities (7.92%)** |  |  |
|  National Fuel Gas Co | 48000 | 3038400 |
|  NextEra Energy Inc | 35000 | 2926000 |
|  UGI Corp | 82000 | 3039740 |
|  **Total Utilities** |  | 9004140 |
|  **Total Common Stock (Cost $89,518,621)** |  | 93429740 |

---

**See accompanying notes to financial statements.**

 **ICON Natural Resources and Infrastructure Fund** **Portfolio of Investments (Continued)** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Investment Companies (18.95%)** | **Shares**  | **Value**  |
|  **Exchange-Traded Funds (1.23%)** |  |  |
|  Direxion Daily Energy Bull 2X Shares<sup>#</sup> | 21000 | $1397550 <br>|
|  **Money Market Funds (17.72%)** |  |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 20142719 | 20142719 |
|  **Total Investment Companies (Cost $21,390,253)** |  | 21540269 |
|  **Collateral Received For Securities on Loan (1.70%)** |  |  |
|  First American Government Obligations Fund - Class X (Cost $1,932,179) | 1932179 | 1932179 |
|  **Total Investments (Cost $112,841,053) (102.86%)** |  | $116902188 <br>|
|  **Liabilities in Excess of Other Assets (-2.86%)** |  | (3255779) |
|  **Net Assets (100.00%)** |  | $113646409 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at December 31, 2022 in the amount of $1,922,546

**See accompanying notes to financial statements.**

 **ICON Utilities and Income Fund** **Portfolio of Investments** **12/31/22** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
|  **Common Stock (81.20%)** |  |  |
|  **Energy (3.72%)** |  |  |
|  Magellan Midstream Partners LP | 7400 | $371554 <br>|
|  Plains All American Pipeline LP | 81100 | 953736 |
|  **Total Energy** |  | 1325290 |
|  **Utilities (77.48%)** |  |  |
|  ALLETE Inc | 20700 | 1335357 |
|  Ameren Corp | 24400 | 2169648 |
|  American Electric Power Co Inc | 19800 | 1880010 |
|  Avangrid Inc | 32100 | 1379658 |
|  Black Hills Corp | 24600 | 1730364 |
|  Duke Energy Corp | 5400 | 556146 |
|  Evergy Inc | 31200 | 1963416 |
|  Eversource Energy | 18000 | 1509120 |
|  National Fuel Gas Co | 40000 | 2532000 |
|  New Jersey Resources Corp | 56300 | 2793606 |
|  NextEra Energy Inc | 25800 | 2156880 |
|  NiSource Inc | 58251 | 1597242 |
|  ONE Gas Inc | 18800 | 1423536 |
|  Spire Inc | 15400 | 1060444 |
|  UGI Corp | 44095 | 1634602 |
|  Xcel Energy Inc | 27400 | 1921014 |
|  **Total Utilities** |  | 27643043 |
|  **Total Common Stock (Cost $26,029,378)** |  | 28968333 |

---

---

| | |
|:---|:---|
| **Money Market Funds (20.87%)** |  |
|  First American Government Obligations Fund (Subsidized 7-Day Yield, 4.09%) | 7444938 |
|  **Total Money Market Funds (Cost $7,444,938)** | 7444938 |
|  **Total Investments (Cost $33,474,316) (102.07%)** | $36413271 <br>|
|  **Liabilities in Excess of Other Assets (-2.07%)** | (739328) |
|  **Net Assets (100.00%)** | $35673943 <br>|

---

**See accompanying notes to financial statements.**

 **Statements of Assets & Liabilities<br>December 31, 2022**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Consumer Select Fund** | **Icon Equity Fund** | **Icon Equity Income Fund** | **Icon Flexible Bond Fund** | **Icon Health & Information Technology Fund** | **Icon Natural Resources and Infrastructure Fund** | **Icon Utilities and Income Fund** |
|  **Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $43590235 <br>| $47411436 <br>| $64213261 <br>| $173277884 <br>| $83797091 <br>| $112841053 <br>| $33474316 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1)\* | 47389985 | 59294958 | 64556213 | 161972789 | 93004096 | 116902188 | 36413271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 35287 | 32717 | 127840 | 1865776 | 66780 | 75893 | 24107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 6896 |  | 149370 | 219084 | 6851 | 73132 | 84313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  |  |  | 2089 |  |  | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 27 | 303 | 10207 | 69540 | 1051 | 11282 | 17549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold |  |  |  | 4579299 |  |  | 358955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Lending income receivable |  | 1039 | 809 | 19123 | 714 | 2505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable |  | 4766 | 16072 |  |  | 18966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 34605 | 35268 | 23296 | 38330 | 30820 | 61221 | 18710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $47466800 <br>| $59369051 <br>| $64883807 <br>| $168766030 <br>| $93110312 <br>| $117145187 <br>| $36919765 <br>|
|  **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker | $— <br>| $— <br>| $— <br>| $1616052 <br>| $— <br>| $— <br>| $— <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 1333929 | 966025 | 328297 | 8072996 | 295669 | 1932179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 39084 | 37363 | 47458 | 87344 | 79888 | 97895 | 35437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased | 14563 | 12779 | 321305 | 237693 | 37616 | 121722 | 22907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  | 775334 | 1140170 |  | 1129818 | 1086313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable |  | 4458 | 34410 | 116977 |  | 44843 | 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend payable |  |  | 2203 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 420 | 3453 | 4800 | 1576 | 408 | 1315 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 3675 | 4684 | 5196 | 12571 | 7512 | 9205 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 9004 | 18540 | 28608 | 42384 | 23812 | 30429 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 1726 | 4537 | 7328 | 5441 | 3660 | 5354 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees |  |  | 152 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 593 | 11119 | 18930 | 9936 | 5411 | 5759 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued state registration fees | 49232 | 49546 | 59677 | 15876 | 38711 | 12681 | 33979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 27793 | 29879 | 51275 | 25328 | 35995 | 100073 | 16374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees | 325 | 2316 | 5780 | 3984 | 1967 | 2313 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2269 | 4499 | 10307 | 8476 | 4771 | 5192 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | $1482613 <br>| $1149198 <br>| $1701060 <br>| $11396804 <br>| $535420 <br>| $3498778 <br>| $1245822 <br>|
|  **Net assets** | $45984187 <br>| $58219853 <br>| $63182747 <br>| $157369226 <br>| $92574892 <br>| $113646409 <br>| $35673943 <br>|
|  **Net assets at December 31, 2022 consist of** | **Net assets at December 31, 2022 consist of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $42570820 <br>| $46571912 <br>| $63833748 <br>| $177267936 <br>| $76847291 <br>| $317103791 <br>| $33018305 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 3413367 | 11647941 | (651001) | (19898710) | 15727601 | (203457382) | 2655638 |
|  **Total net assets** | $45984187 <br>| $58219853 <br>| $63182747 <br>| $157369226 <br>| $92574892 <br>| $113646409 <br>| $35673943 <br>|
|  **Net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $44013501 <br>| $42057451 <br>| $41820748 <br>| $150090299 <br>| $90741711 <br>| $107544287 <br>| $30209464 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $1970686 <br>| $16162402 <br>| $21361999 <br>| $7278927 <br>| $1833181 <br>| $6102122 <br>| $5464479 <br>|
|  **Shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 4784766 | 1622143 | 2641241 | 17952825 | 6188821 | 6684520 | 3086413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 216492 | 663729 | 1355011 | 876747 | 135850 | 384725 | 570655 |
|  **Net asset value per share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $9.20 <br>| $25.93 <br>| $15.83 <br>| $8.36 <br>| $14.66 <br>| $16.09 <br>| $9.79 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $9.10 <br>| $24.35 <br>| $15.77 <br>| $8.30 <br>| $13.49 <br>| $15.86 <br>| $9.58 <br>|

---

\*Securities are on on loan in the amount of 1,275,237, 942,080, 317,840, 7,778,019, 288,423, 1,922,546, and -- respectively.

**See accompanying notes to financial statements.**

 **Statements of Operations <br>For the Year Ended December 31, 2022**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Consumer Select Fund** | **Icon Equity Fund** | **Icon Equity Income Fund** | **Icon Flexible Bond Fund** | **Icon Health & Information Technology Fund** | **Icon Natural Resources and Infrastructure Fund** | **Icon Utilities and Income Fund** |
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  **Investment income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $138915 <br>| $156921 <br>| $269711 <br>| $5215584 <br>| $267835 <br>| $370727 <br>| $98159 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign tax withheld: $-, $9,021, $23,076, $-, $7,003, $809, $1,017 respectively) | 484804 | 702168 | 2798853 | 3234650  | 710874 | 2382623 | 1214895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 21 | 13785 | 10564 | 194842 | 7809 | 30461 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 623740 | 872874 | 3079128 | 8645076  | 986518 | 2783811 | 1313531 |
|  **Expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 518086 | 488420 | 547112 | 871625 | 1026529 | 1215250 | 419570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 48024 | 60373 | 67634 | 134852 | 95175 | 112732 | 38907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 28096 | 46027 | 60831 | 57191 | 52949 | 106159 | 23087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 21499 | 32535 | 40052 | 39547 | 28651 | 33500 | 23836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 2204 | 4451 | 7282 | 9541 | 4463 | 5974 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 13459 | 21522 | 27538 | 34412 | 22986 | 29195 | 14821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 5571 | 9314 | 12608 | 17077 | 11402 | 14445 | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5287 | 7067 | 8506 | 5951 | 5489 | 5935 | 6256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1433 | 2459 | 3303 | 4847 | 3002 | 3923 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 8821 | 13381 | 17769 | 16114 | 11677 | 18657 | 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 36721 | 44153 | 54516 | 39594 | 37797 | 44824 | 43211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class 12b-1 fees (Note 2) | 5253 | 44660 | 77174 | 20172 | 5598 | 16765 | 14362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 694454 | 774362 | 924325 | 1250923 | 1305718 | 1607359 | 604468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from manager (Note 2) |  |  | (112874) | (123960) |  |  | (73231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 694454 | 774362 | 811451 | 1126963 | 1305718 | 1607359 | 531237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (70714) | 98512 | 2267677 | 7518113  | (319200) | 1176452 | 782294 |
|  **Realized and unrealized gain/(loss) on investments** | **Realized and unrealized gain/(loss) on investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 8504745 | 10270013 | 4647516 | (3794295) | 7329456 | 22776387 | 2138960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (15342378) | (25112296) | (18070124) | (11868090) | (32308755) | (23536547) | (3774843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | (6837633) | (14842283) | (13422608) | (15662385) | (24979299) | (760160) | (1635883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $(6908347 ) | $(14743771 ) | $(11154931 ) | $(8144272 ) | $(25298499 ) | $416292 <br>| $(853589 ) |

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Consumer <br>Select Fund**  | **Icon Consumer <br>Select Fund**  | **Icon Equity Fund**  | **Icon Equity Fund**  | **Icon Equity Income Fund**  | **Icon Equity Income Fund**  | **Icon Flexible Bond Fund**  | **Icon Flexible Bond Fund**  |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br> 2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(70714 ) | $(296637 ) | $98512 <br>| $(195263 ) | $2267677 <br>| $1548565 <br>| $7518113 <br>| $6339476 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 8504745 | 7748660 | 10270013 | 9142472 | 4647516 | 10870079 | (3794295) | 1594848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (15342378) | 4522838 | (25112296) | 9122436 | (18070124) | 6023418 | (11868090) | (1974679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (6908347) | 11974861 | (14743771) | 18069645 | (11154931) | 18442062 | (8144272) | 5959645 |
|  **Distributions to shareholders** | **Distributions to shareholders** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (6774478) | (6037209) | (6791065) | (7406419) | (5175172) | (5347621) | (6856544) | (6531778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (304524) | (248135) | (2707920) | (2966504) | (2982043) | (4404866) | (377907) | (451025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return <br>of Capital |  |  |  |  |  |  | (156275) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return <br>of Capital |  |  |  |  |  |  | (7632) |  |
|  **Capital share transactions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (3261688) | 1968917 | 467458 | 4026788 | (1034235) | (7257800) | 25500802 | 6673648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (17249037) | 7658434 | (23775298) | 11723510 | (20346381) | 1431775 | 9958172 | 5650490 |
|  **Net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 63233224 | 55574790 | 81995151 | 70271641 | 83529128 | 82097353 | 147411054 | 141760564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $45984187 <br>| $63233224 <br>| $58219853 <br>| $81995151 <br>| $63182747 <br>| $83529128 <br>| $157369226 <br>| $147411054 <br>|

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets<br>(Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Health & Information<br>Technology Fund** | **Icon Health & Information<br>Technology Fund** | **Icon Natural Resources<br>and Infrastructure Fund** | **Icon Natural Resources<br>and Infrastructure Fund** | **Icon Utilities and<br>Income Fund** | **Icon Utilities and<br>Income Fund** |
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(319200 ) | $(772054 ) | $1176452 <br>| $1658012 <br>| $782294 <br>| $798945 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 7329456 | 28283022 | 22776387 | 25975595 | 2138960 | 2438273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (32308755) | (6677259) | (23536547) | 5486379 | (3774843) | 3469762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (25298499) | 20833709 | 416292 | 33119986 | (853589) | 6706980 |
|  **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (14850546) | (18088294) | (11129793) | (1593802) | (2682642) | (2776594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (332428) | (478138) | (627155) | (69062) | (475152) | (433950) |
|  **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | 3914940 | (1382419) | (4365359) | (12003699) | (6674776) | 12508509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (36566533) | 884858 | (15706015) | 19453423 | (10686159) | 16004945 |
|  **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 129141425 | 128256566 | 129352424 | 109899001 | 46360102 | 30355157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $92574892 <br>| $129141425 <br>| $113646409 <br>| $129352424 <br>| $35673943 <br>| $46360102 <br>|

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets<br>(Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Consumer Select Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 229921 | $2488186 <br>| 552633 | $7090152 <br>| 1874 | $19535 <br>| 2394 | $30603 <br>|
|  Shares issued in reinvestment of distributions  | 703545 | 6648499 | 492322 | 5937406 | 31176 | 291498 | 19866 | 237996 |
|  Shares repurchased  | (1185906) | (12458015) | (887302) | (10902010) | (24054) | (251391) | (33443) | (425230) |
|  Net increase/(decrease)  | (252440) | $(3321330 ) | 157652 | $2125548 <br>| 8996 | $59642 <br>| (11183) | $(156631 ) |
| **Icon Equity Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 77945 | $2585320 <br>| 126026 | $5034716 <br>| 2480 | $76073 <br>| 13812 | $519383 <br>|
|  Shares issued in reinvestment of distributions  | 239338 | 6514795 | 188577 | 7030142 | 102551 | 2618120 | 79805 | 2822702 |
|  Shares repurchased  | (285900) | (8815489) | (194118) | (7592163) | (82814) | (2511361) | (102617) | (3787992) |
|  Net increase/(decrease)  | 31383 | $284626 <br>| 120485 | $4472695 <br>| 22217 | $182832 <br>| (9000) | $(445907 ) |
| **Icon Equity Income Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 580061 | $10489496 <br>| 162414 | $3626666 <br>| 11481 | $210093 <br>| 10196 | $220734 <br>|
|  Shares issued in reinvestment of distributions  | 300649 | 5045320 | 248324 | 5187892 | 162825 | 2733226 | 194893 | 4064545 |
|  Shares repurchased  | (433704) | (7973203) | (564140) | (12327999) | (652065) | (11539167) | (372899) | (8029637) |
|  Net increase/(decrease)  | 447006 | $7561613 <br>| (153402) | $(3513441 ) | (477759) | $(8595848 ) | (167810) | $(3744359 ) |
| **Icon Flexible Bond Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold | 7106449 | $61047381 <br>| 4185296 | $39595238 <br>| 54572 | $468038 <br>| 40629 | $382261 <br>|
|  Shares issued in reinvestment of distributions | 746345 | 6390532 | 643780 | 6073487 | 41073 | 350151 | 43326 | 406300 |
|  Shares repurchased | (4710547) | (40824294) | (3983478) | (37702645) | (224420) | (1931006) | (221249) | (2080994) |
|  Net increase/(decrease)  | 3142247 | $26613619 <br>| 845598 | $7966080 <br>| (128775) | $(1112817 ) | (137294) | $(1292433 ) |
| **Icon Health & Information Technology Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 124775 | $2249712 <br>| 126231 | $2966237 <br>| 1067 | $16261 <br>| 5805 | $132533 <br>|
|  Shares issued in reinvestment of distributions  | 958782 | 14439258 | 812125 | 17582514 | 22385 | 310263 | 21685 | 438909 |
|  Shares repurchased  | (715372) | (12397589) | (947771) | (21826080) | (41973) | (702965) | (30677) | (676531) |
|  Net increase/(decrease)  | 368185 | $4291381 <br>| (9415) | $(1277329 ) | (18521) | $(376441 ) | (3187) | $(105089 ) |

---

**See accompanying notes to financial statements.**

 **Statements of Changes in Net Assets<br>(Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Natural Resources and Infrastructure Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 565245 | $9834986 <br>| 4140431 | $68517177 <br>| 71835 | $1243113 <br>| 171415 | $2857492 <br>|
|  Shares issued in reinvestment of distributions  | 640978 | 10805550 | 87091 | 1545003 | 34954 | 580353 | 3622 | 63457 |
|  Shares repurchased  | (1423587) | (24836733) | (4903264) | (81700428) | (115216) | (1992628) | (198683) | (3286400) |
|  Net increase/(decrease)  | (217364) | $(4196197 ) | (675742) | $(11638248 ) | (8427) | $(169162 ) | (23646) | $(365450 ) |
| **Icon Utilities and Income Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2022**  | **Year Ended <br>December 31, 2021**  | **Year Ended <br>December 31, 2021**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
|  Shares sold  | 1017068 | $10803948 <br>| 1871230 | $20603179 <br>| 94619 | $989586 <br>| 348299 | $3787804 <br>|
|  Shares issued in reinvestment of distributions  | 251831 | 2539044 | 245316 | 2643091 | 23815 | 234528 | 21883 | 231097 |
|  Shares repurchased  | (1905785) | (19909599) | (1054638) | (11401121) | (129185) | (1332283) | (313827) | (3355540) |
|  Net increase/(decrease)  | (636886) | $(6566607 ) | 1061908 | $11845149 <br>| (10751) | $(108169 ) | 56355 | $663360 <br>|

---

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Consumer Select Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year <br>Ended December 31, <br>2022** | **Year <br>Ended December 31, <br>2021** | **Period <br>Ended December 31, <br>2020** | **Year <br>Ended September 30, <br>2020** | **Year <br>Ended<br>September 30, <br>2019** | **Year <br>Ended<br>September 30, <br>2018** |
|  Net asset value, beginning of year | $12.06 <br>| $10.90 <br>| $9.46 <br>| $10.75 <br>| $10.97 <br>| $9.95 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | (0.01) | (0.06) | (0.01) | 0.03 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (1.22) | 2.54 | 1.45 | (1.09) | (0.23) | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.23) | 2.48 | 1.44 | (1.06) | (0.15) | 1.04 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.08) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.63) | (1.32) |  | (0.15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.63) | (1.32) |  | (0.23) | (0.07) | (0.02) |
|  Net asset value, end of year or period | $9.20 <br>| $12.06 <br>| $10.90 <br>| $9.46 <br>| $10.75 <br>| $10.97 <br>|
|  Total return | (10.56)% | 22.80% | 15.22 | (10.29)% | (1.26)% | 10.48% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $44014 <br>| $60747 <br>| $53198 <br>| $48832 <br>| $34578 <br>| $43500 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.33% | 1.32% | 1.32 | 1.56% | 1.54% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.33% | 1.32% | 1.32 | 1.52% | 1.50% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.13)% | (0.48)% | (0.48 | 0.28% | 0.77% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.13)% | (0.48)% | (0.48 | 0.33% | 0.81% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 40% | 40% | 14 | 82% | 28% | 44% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Year Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30, 2018** |
|  Net asset value, beginning of year | $11.98 <br>| $10.87 <br>| $9.44 <br>| $10.74 <br>| $10.98 <br>| $9.99 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | (0.04) | (0.09) | (0.02) |  | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (1.21) | 2.52 | 1.45 | (1.08) | (0.24) | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.25) | 2.43 | 1.43 | (1.08) | (0.18) | 1.00 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.07) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.63) | (1.32) |  | (0.15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.63) | (1.32) |  | (0.22) | (0.06) | (0.01) |
|  Net asset value, end of year or period | $9.10 <br>| $11.98 <br>| $10.87 <br>| $9.44 <br>| $10.74 <br>| $10.98 <br>|
|  Total return<sup>(h)</sup> | (10.81)% | 22.40% | 15.15 | (10.46)% | (1.51)% | 10.04% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1971 <br>| $2486 <br>| $2376 <br>| $2484 <br>| $1487 <br>| $1512 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.57% | 1.58% | 1.57 | 2.17% | 2.24% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.57% | 1.58% | 1.57 | 1.80% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.36)% | (0.73)% | (0.68 | (0.41)% | 0.06% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.36)% | (0.73)% | (0.68 | (0.05)% | 0.55% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 40% | 40% | 14 | 82% | 28% | 44% |

---

------

(a)Formerly Named ICON Financials Fund.

(b)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Financials Fund - Class S.

(c)Calculated based upon average shares outstanding.

(d)Not annualized.

(e)Annualized.

(f)Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(g)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Financials Fund - Class A

(h)The total return calculation excludes and sales charge.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Equity Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $37.28 <br>| $33.57 <br>| $28.07 <br>| $26.83 <br>| $27.11 <br>| $25.13 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.07 | (0.07) | (0.02) | (0.03) | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (6.61) | 9.04 | 5.52 | 2.27 | 0.09 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.54) | 8.97 | 5.50 | 2.24 | 0.07 | 1.98 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (4.75) | (5.26) |  | (1.00) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.81) | (5.26) |  | (1.00) | (0.35) |  |
|  Net asset value, end of year or period | $25.93 <br>| $37.28 <br>| $33.57 <br>| $28.07 <br>| $26.83 <br>| $27.11 <br>|
|  Total return | (18.11)% | 26.73% | 19.59 | 8.27% | 0.56% | 7.88% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $42057 <br>| $59306 <br>| $49362 <br>| $45176 <br>| $12764 <br>| $18580 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.12% | 1.04% | 1.10 | 1.35% | 1.53% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e)</sup> | 1.12% | 1.04% | 1.10 | 1.22% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.22% | (0.17)% | (0.28 | (0.23)% | (0.36)% | (0.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.22% | (0.17)% | (0.28 | (0.10)% | (0.08)% | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 17% | 24% | 14 | 65% | 31% | 36% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $35.37 <br>| $32.14 <br>| $26.89 <br>| $25.81 <br>| $26.16 <br>| $24.33 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | (0.01) | (0.16) | (0.04) | (0.09) | (0.09) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (6.26) | 8.65 | 5.29 | 2.17 | 0.09 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.27) | 8.49 | 5.25 | 2.08 |  | 1.83 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (4.75) | (5.26) |  | (1.00) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (4.75) | (5.26) |  | (1.00) | (0.35) |  |
|  Net asset value, end of year or period | $24.35 <br>| $35.37 <br>| $32.14 <br>| $26.89 <br>| $25.81 <br>| $26.16 <br>|
|  Total return<sup>(h)</sup> | (18.34)% | 26.42% | 19.52 | 7.97% | 0.31% | 7.52% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $16162 <br>| $22689 <br>| $20910 <br>| $19080 <br>| $4894 <br>| $5351 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.37% | 1.29% | 1.35 | 1.67% | 2.08% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e)</sup> | 1.37% | 1.29% | 1.35 | 1.46% | 1.55% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.03)% | (0.43)% | (0.52 | (0.54)% | (0.92)% | (0.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.03)% | (0.43)% | (0.52 | (0.34)% | (0.39)% | (0.52)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 17% | 24% | 14 | 65% | 31% | 36% |

---

------

(a) Formerly named ICON Long/Short Fund.

(b) Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Long/Short Fund - Class S.

(c) Calculated based upon average shares outstanding.

(d) Annualized.

(e) Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(f) Not annualized.

(g) Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Long/Short Fund - Class A.

(h) The total return calculation excludes and sales charge.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Equity Income Fund** |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $20.75 <br>| $18.89 <br>| $16.44 <br>| $18.00 <br>| $17.96 <br>| $17.61 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup> | 0.60 | 0.42 | 0.12 | 0.43 | 0.50 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (3.36) | 4.12 | 2.72 | (1.12) | 0.09 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.76) | 4.54 | 2.84 | (0.69) | 0.59 | 0.91 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.58) | (0.43) | (0.39) | (0.58) | (0.53) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.58) | (2.25) |  | (0.29) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.16) | (2.68) | (0.39) | (0.87) | (0.55) | (0.56) |
|  Net asset value, end of year or period | $15.83 <br>| $20.75 <br>| $18.89 <br>| $16.44 <br>| $18.00 <br>| $17.96 <br>|
|  Total return | (13.63)% | 24.14% | 17.25 | (4.03)% | 3.45% | 5.19% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $41821 <br>| $45535 <br>| $44345 <br>| $42624 <br>| $51853 <br>| $51185 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.15% | 1.04% | 1.06 | 1.30% | 1.21% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e)</sup> | 1.00% | 1.00% | 1.00 | 1.05% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 3.11% | 1.87% | 2.66 | 2.28% | 2.66% | 2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 3.26% | 1.91% | 2.72 | 2.53% | 2.88% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 78% | 25% | 7 | 78% | 117% | 171% |
| **Investor Shares<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $20.73 <br>| $18.87 <br>| $16.42 <br>| $17.96 <br>| $17.92 <br>| $17.56 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup> | 0.54 | 0.36 | 0.11 | 0.38 | 0.46 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (3.34) | 4.12 | 2.72 | (1.12) | 0.08 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.80) | 4.48 | 2.83 | (0.74) | 0.54 | 0.87 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.58) | (0.37) | (0.38) | (0.51) | (0.48) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.58) | (2.25) |  | (0.29) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.16) | (2.62) | (0.38) | (0.80) | (0.50) | (0.51) |
|  Net asset value, end of year or period | $15.77 <br>| $20.73 <br>| $18.87 <br>| $16.42 <br>| $17.96 <br>| $17.92 <br>|
|  Total return<sup>(g)</sup> | (13.81)% | 23.84% | 17.21 | (4.33)% | 3.20% | 4.98% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $21362 <br>| $37994 <br>| $37752 <br>| $37563 <br>| $10852 <br>| $10685 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.42% | 1.29% | 1.31 | 1.50% | 1.50% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e)</sup> | 1.26% | 1.25% | 1.25 | 1.29% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 2.74% | 1.62% | 2.41 | 2.07% | 2.38% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 2.90% | 1.66% | 2.46 | 2.29% | 2.64% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 78% | 25% | 7 | 78% | 117% | 171% |

---

------

(a) Formerly named ICON Equity Income Fund - Class S.

(b) Calculated based upon average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(f) Formerly named ICON Equity Income Fund - Class A

(g) The total return calculation excludes any sales charges.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Flexible Bond Fund** |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> |
|  Net asset value, beginning of year | $9.32 <br>| $9.39 <br>| $9.07 <br>| $9.36 <br>| $9.26 <br>| $9.43 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.45 | 0.42 | 0.10 | 0.40 | 0.36 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.97) | (0.03) | 0.31 | (0.28) | 0.18 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.52) | 0.39 | 0.41 | 0.12 | 0.54 | 0.17 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.46) | (0.09) | (0.41) | (0.44) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.44) | (0.46) | (0.09) | (0.41) | (0.44) | (0.34) |
|  Net asset value, end of year or period | $8.36 <br>| $9.32 <br>| $9.39 <br>| $9.07 <br>| $9.36 <br>| $9.26 <br>|
|  Total return | (5.63)% | 4.17% | 4.52 | 1.32% | 6.02% | 1.89% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $150090 <br>| $138093 <br>| $131094 <br>| $141158 <br>| $143633 <br>| $97303 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.84% | 0.85% | 0.86 | 1.01% | 0.96% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g)</sup> | 0.76% | 0.77% | 0.76 | 0.80% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 5.10% | 4.32% | 4.38 | 4.20% | 3.70% | 3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 5.18% | 4.40% | 4.48 | 4.41% | 3.91% | 3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 157% | 262% | 29 | 133% | 144% | 153% |
| **Investor Shares<sup>(</sup>**<sup>**h**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> |
|  Net asset value, beginning of year | $9.27 <br>| $9.33 <br>| $9.02 <br>| $9.31 <br>| $9.21 <br>| $9.39 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.42 | 0.39 | 0.10 | 0.38 | 0.34 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.97) | (0.01) | 0.29 | (0.28) | 0.18 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.55) | 0.38 | 0.39 | 0.10 | 0.52 | 0.14 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.44) | (0.08) | (0.39) | (0.42) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital<sup>(d)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.42) | (0.44) | (0.08) | (0.39) | (0.42) | (0.32) |
|  Net asset value, end of year or period | $8.30 <br>| $9.27 <br>| $9.33 <br>| $9.02 <br>| $9.31 <br>| $9.21 <br>|
|  Total return<sup>(i)</sup> | (5.96)% | 4.06% | 4.36 | 1.12% | 5.76% | 1.55% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $7279 <br>| $9318 <br>| $10667 <br>| $10661 <br>| $5733 <br>| $3685 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.10% | 1.10% | 1.11 | 1.32% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g)</sup> | 1.01% | 1.02% | 1.01 | 1.05% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 4.77% | 4.07% | 4.13 | 3.90% | 3.29% | 3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 4.86% | 4.15% | 4.23 | 4.17% | 3.68% | 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 157% | 262% | 29 | 133% | 144% | 153% |

---

------

(a)Calculated based upon average shares outstanding.

(b)Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund.

(c)Calculated based upon average shares outstanding.

(d)Less than .01 per share

(e)Not annualized.

(f)Annualized.

(g)Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(h)Formerly named ICON Flexible Bond Fund - Class A.

(i)The total return calculation excludes any sales charges.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Health & Information Technology Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $21.65 <br>| $21.45 <br>| $18.75 <br>| $15.46 <br>| $17.19 <br>| $19.14 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | (0.05) | (0.14) | (0.03) | (0.09) | (0.04) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (4.18) | 3.94 | 3.47 | 4.10 | 0.35 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.23) | 3.80 | 3.44 | 4.01 | 0.31 | 1.99 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (2.76) | (3.60) | (0.74) | (0.72) | (2.04) | (3.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.76) | (3.60) | (0.74) | (0.72) | (2.04) | (3.94) |
|  Net asset value, end of year or period | $14.66 <br>| $21.65 <br>| $21.45 <br>| $18.75 <br>| $15.46 <br>| $17.19 <br>|
|  Total return | (19.87 | 17.71 | 18.59% | 26.59% | 5.12% | 11.82% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $90742 <br>| $126017 <br>| $125057 <br>| $109619 <br>| $54263 <br>| $61474 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.26 | 1.25 | 1.29 | 1.46% | 1.49% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.26 | 1.25 | 1.29 | 1.46% | 1.49% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.30 | (0.60 | (0.53 | (0.54)% | (0.25)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.30 | (0.60 | (0.53 | (0.54)% | (0.25)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 39 | 33 | 13 | 67% | 92% | 98% |
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $20.24 <br>| $20.31 <br>| $17.80 <br>| $14.74 <br>| $16.55 <br>| $18.55 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | (0.09) | (0.19) | (0.04) | (0.13) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (3.90) | 3.72 | 3.29 | 3.91 | 0.30 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.99) | 3.53 | 3.25 | 3.78 | 0.23 | 1.86 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
|  Dividends from net investment income |  |  |  |  |  | (0.00)<sup>(h)</sup> |
|  Distributions from capital gains | (2.76) | (3.60) | (0.74) | (0.72) | (2.04) | (3.86) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.76) | (3.60) | (0.74) | (0.72) | (2.04) | (3.86) |
|  Net asset value, end of year or period | $13.49 <br>| $20.24 <br>| $20.31 <br>| $17.80 <br>| $14.74 <br>| $16.55 <br>|
|  Total return<sup>(i)</sup> | (20.07)% | 17.37% | 18.52 | 26.31% | 4.79% | 11.43% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1833 <br>| $3125 <br>| $3199 <br>| $2948 <br>| $1463 <br>| $2101 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.52% | 1.50% | 1.54 | 2.13% | 2.30% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.52% | 1.50% | 1.54 | 1.76% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.57)% | (0.84)% | (0.76 | (1.21)% | (1.05)% | (1.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.57)% | (0.84)% | (0.76 | (0.83)% | (0.50)% | (0.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 39% | 33% | 13 | 67% | 92% | 98% |

---

------

(a)Formerly named ICON Information Technology Fund.

(b)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Information Technology Fund - Class S.

(c)Calculated based upon average shares outstanding.

(d)Not annualized.

(e)Annualized.

(f)Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(g)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Information Technology Fund - Class A.

(h)Amount less than $(0.005).

(i)The total return calculation excludes any sales charges.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Natural Resources and Infrastructure Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $17.74 <br>| $13.76 <br>| $11.78 <br>| $12.49 <br>| $16.45 <br>| $15.32 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.17 | 0.20 | 0.02 | 0.08 | 0.19 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.04) | 4.01 | 2.00 | (0.59) | (1.80) | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 4.21 | 2.02 | (0.51) | (1.61) | 1.32 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.23) | (0.04) | (0.20) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.59) |  |  |  | (2.02) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.78) | (0.23) | (0.04) | (0.20) | (2.02) | (0.19) |
|  Net asset value, end of year or period | $16.09 <br>| $17.74 <br>| $13.76 <br>| $11.78 <br>| $12.49 <br>| $16.45 <br>|
|  Total return | 0.38% | 30.62% | 17.18 | (4.21)% | (7.63)% | 8.68% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $107544 <br>| $122465 <br>| $104241 <br>| $98786 <br>| $55353 <br>| $76916 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.31% | 1.28% | 1.35 | 1.58% | 1.70% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.31% | 1.28% | 1.35 | 1.48% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.98% | 1.20% | 0.55 | 0.58% | 1.33% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.98% | 1.20% | 0.55 | 0.68% | 1.53% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 149% | 94% | 22 | 133% | 111% | 117% |
| **Investor Shares<sup>(</sup>** **<sup>g)</sup>** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $17.52 <br>| $13.57 <br>| $11.64 <br>| $12.36 <br>| $16.25 <br>| $15.17 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.13 | 0.17 | 0.01 | 0.05 | 0.16 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.05) | 3.96 | 1.97 | (0.57) | (1.78) | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.08 | 4.13 | 1.98 | (0.52) | (1.62) | 1.27 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.18) | (0.04) | (0.20) | (1.62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.59) |  |  |  | (2.02) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.74) | (0.18) | (0.04) | (0.20) | (2.27) | (0.19) |
|  Net asset value, end of year or period | $15.86 <br>| $17.52 <br>| $13.57 <br>| $11.64 <br>| $12.36 <br>| $16.25 <br>|
|  Total return<sup>(h)</sup> | 0.09% | 30.41% | 16.96 | (4.40)% | (7.92)% | 8.43% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $6102 <br>| $6888 <br>| $5658 <br>| $5001 <br>| $2733 <br>| $4231 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.56% | 1.52% | 1.60 | 2.10% | 2.19% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.56% | 1.52% | 1.60 | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.73% | 1.00% | 0.30 | 0.05% | 0.85% | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.73% | 1.00% | 0.30 | 0.40% | 1.29% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 149% | 94% | 22 | 133% | 111% | 117% |

---

------

(a)Formerly named ICON Natural Resources Fund.

(b)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Natural Resources Fund - Class S.

(c)Calculated based upon average shares outstanding.

(d)Not annulaized.

(e)Annualized.

(f)Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(g)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Natural Resources Fund - Class A.

(h)The total return calculation excludes any sales charges.

**See accompanying notes to financial statements.**

 **Financial Highlights<br>For a Share Outstanding Throughout Each Year or Period (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Icon Utilities and Income Fund<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup> |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**b**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $10.80 <br>| $9.56 <br>| $8.99 <br>| $10.25 <br>| $8.85 <br>| $9.29 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.20 | 0.22 | 0.05 | 0.18 | 0.26 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.32) | 1.82 | 0.97 | (0.91) | 1.45 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | 2.04 | 1.02 | (0.73) | 1.71 | 0.35 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.21) | (0.05) | (0.20) | (0.26) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (0.69) | (0.59) | (0.40) | (0.33) | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.89) | (0.80) | (0.45) | (0.53) | (0.31) | (0.79) |
|  Net asset value, end of year or period | $9.79 <br>| $10.80 <br>| $9.56 <br>| $8.99 <br>| $10.25 <br>| $8.85 <br>|
|  Total return | (1.15)% | 21.51% | 11.42%<br> <sup>(d)</sup>  | (7.35)% | 19.76% | 4.17% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $30209 <br>| $40208 <br>| $25430 <br>| $25038 <br>| $46006 <br>| $30883 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.41% | 1.39% | 1.47%<br> <sup>(e)</sup>  | 1.63% | 1.57% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.23% | 1.23% | 1.23%<br> <sup>(e)</sup>  | 1.28% | 1.22% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.72% | 1.89% | 1.87%<br> <sup>(e)</sup>  | 1.62% | 2.38% | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.89% | 2.06% | 2.11%<br> <sup>(e)</sup>  | 1.96% | 2.73% | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 33% | 3%<br> <sup>(d)</sup>  | 24% | 144% | 156% |
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup> | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** | **Year Ended<br>September 30, 2019** | **Year Ended<br>September 30,<br>2018** |
|  Net asset value, beginning of year | $10.58 <br>| $9.38 <br>| $8.83 <br>| $10.07 <br>| $8.70 <br>| $9.14 <br>|
|  INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup> | 0.18 | 0.19 | 0.04 | 0.16 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.31) | 1.79 | 0.96 | (0.91) | 1.43 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.13) | 1.98 | 1.00 | (0.75) | 1.66 | 0.33 |
|  LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.19) | (0.05) | (0.16) | (0.24) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (0.69) | (0.59) | (0.40) | (0.33) | (0.05) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.87) | (0.78) | (0.45) | (0.49) | (0.29) | (0.77) |
|  Net asset value, end of year or period | $9.58 <br>| $10.58 <br>| $9.38 <br>| $8.83 <br>| $10.07 <br>| $8.70 <br>|
|  Total return<sup>(h)</sup> | (1.34)% | 21.24% | 11.33%<br> <sup>(d)</sup>  | (7.69)% | 19.47% | 3.97% |
|  RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $5464 <br>| $6152 <br>| $4925 <br>| $4797 <br>| $6052 <br>| $5540 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.65% | 1.65% | 1.72%<br> <sup>(e)</sup>  | 1.83% | 1.77% | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup> | 1.48% | 1.48% | 1.48%<br> <sup>(e)</sup>  | 1.53% | 1.47% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.53% | 1.63% | 1.65%<br> <sup>(e)</sup>  | 1.45% | 2.20% | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.70% | 1.80% | 1.89%<br> <sup>(e)</sup>  | 1.75% | 2.50% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 33% | 3%<br> <sup>(d)</sup>  | 24% | 144% | 156% |

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(a)Formerly named ICON Utilities Fund.

(b)Formerly named ICON Utilities Fund - Class S.

(c)Calculated based upon average shares outstanding.

(d)Not annualized.

(e)Annualized.

(f)Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example.

(g)Formerly named ICON Utilities Fund - Class A.

(h)The total return calculation excludes any sales charges.

**ICON Funds** **Notes to Financial Statements** **December 31, 2022** <br>

**Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

SCM Trust (the "Trust"), a Massachusetts business trust formed in July 1988 is registered as an investment company under the Investment Company Act of 1940, as amended. The Trust consists of ten separate series, seven of which are included in these financial statements. Shelton Capital Management ("Shelton") serves as Investment Advisor (the "Advisor") to the funds of the Trust. On August 13, 2020, the fiscal year end of the ICON Equity Fund, the ICON Equity Income Fund, the ICON Consumer Select Fund, the ICON Flexible Bond Fund, ICON Health and Information Technology Fund, The ICON Natural Resources Fund, and the ICON Utilities and Income Fund was changed from September 30 to December 31, effective June 30, 2020.

ICON Consumer Select Fund is an open-end non-diversified series of the Trust. The inception date of the Fund is July 01, 1997. The Fund's investment objective is to seek long-term capital appreciation. The Fund is the successor fund to three series of ICON Funds, the ICON Consumer Discretionary Fund, the ICON Financial Fund, and the ICON Consumer Staples Fund. The ICON Consumer Discretionary Fund and the ICON Financial Fund were reorganized into the Fund pursuant to a reorganization that took place after the close of business on July 10, 2020. The ICON Consumer Staples Fund was reorganized into the Fund pursuant to a reorganization that took place after the close of business on July 31, 2020. All historic performance and financial information presented is that of the ICON Financial Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Financial Fund.

ICON Equity Fund is an open-end diversified series of the Trust. The inception date of the Fund is October 17, 2002. The Fund's investment objective is to seek capital appreciation, with a secondary objective of capital preservation to provide long-term growth. The Fund is the successor fund to three series of ICON Funds, the ICON Fund, the ICON Long/Short Fund, and the ICON Opportunities Fund, pursuant to a reorganization that that took place after the close of business on July 10, 2020. All historic performance and financial information presented is that of the ICON Long/Short Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Long/Short Fund. The ICON Fund and the ICON Long/Short Fund each also had Class C shares, each of which were reorganized into the Investor Class of the ICON Equity Fund.

ICON Equity Income Fund is an open-end diversified series of the Trust. The inception date of the Fund is November 8, 2002. The Fund's investment objective is to seek modest capital appreciation and income. The Fund is the successor fund to two series of ICON Funds, the ICON Equity Income Fund (the "Predecessor Equity Income Fund") and the ICON Risk-Managed Balanced Fund, pursuant to reorganizations that that took place after the close of business on July 10, 2020 and September 25, 2020, respectively. All historic performance and financial information presented is that of the Predecessor Equity Income Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Equity Income Fund. The Predecessor Equity Income Fund and the ICON Risk-Managed Balanced Fund each also had Class C shares, each of which were reorganized into the Investor Class of the ICON Equity Income Fund.

ICON Flexible Bond Fund is an open-end diversified series of the Trust. The inception date of the Fund is October 21, 2002. The Fund's investment objective is to seek maximum total return. The Fund is the successor fund to the ICON Flexible Bond Fund, a series of ICON Funds (the "Predecessor Flexible Bond Fund"), pursuant to a reorganization that that took place after the close of business on July 10, 2020. All historic performance and financial information presented is that of the Predecessor Flexible Bond Fund, which was the accounting and performance survivor of the reorganization. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Flexible Bond Fund. The Predecessor Flexible Bond Fund also had Class C shares, each of which were reorganized into the Investor Class of the ICON Flexible Bond Fund.

ICON Health and Information Technology Fund is an open-end non-diversified series of the Trust. The inception date of the Fund is February 19, 1997. The Fund's investment objective is to seek long-term capital appreciation. The Fund is the successor fund to two series of ICON Funds, the ICON Information Technology Fund and the ICON Healthcare Fund pursuant to a reorganization that took place after the close of business on July 10, 2020. All historic performance and financial information presented is that of the ICON Information Technology Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Information Technology Fund.

ICON Natural Resources and Infrastructure Fund is an open-end non-diversified series of the Trust. The inception date of the Fund is May 5, 1997. The Fund's investment objective is to seek long-term capital appreciation. The Fund is the successor fund to three series of ICON Funds, the ICON Energy Fund, the ICON Natural Resources Fund, and the ICON Industrials Fund, pursuant to a reorganization that that took place after the close of business on July 10, 2020. All historic performance and financial information presented is that of the ICON Natural Resources Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Natural Resources Fund. The ICON Energy Fund and the ICON Natural Resources Fund each also had Class C shares, each of which were reorganized into the Investor Class of the ICON Natural Resources and Infrastructure Fund.

ICON Utilities and Income Fund is an open-end non-diversified series of the Trust. The inception date of the Fund is July 9, 1997. The Fund's investment objective is to seek long-term capital appreciation. The Fund is the successor fund to the ICON Utilities Fund, a series of ICON Funds, pursuant to a reorganization that occurred after the close of business on July 10, 2020. All historic performance and financial information presented is that of the ICON Utilities Fund, which was the accounting and performance survivor of the reorganizations. Historic information presented for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the ICON Utilities Fund.

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codiﬁcation Topic 946, Financial Services – Investment Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Security Valuation* — Inputs used to value corporate debt securities generally include relative credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data, such as market research publications, when available ("Other Market Information"). Equity securities listed on a national or international exchange are valued at the last reported sales price. Investments in mutual funds are valued at that fund's net asset value. Asset-backed securities (ABS) are valued by an independent pricing service using market-based measurements that are processed through a rules-based pricing application and represent the good faith determination as to what the holder may receive in an orderly transaction for an institutional round lot position (typically 1MM or greater current value USD or local currency equivalent). Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value.

**ICON Funds** **Notes to Financial Statements (Continued)** **December 31, 2022** <br>

Securities for which market quotes are not readily available from the Trust's third-party pricing service are valued at fair value, determined in good faith by the Pricing Committee of the Advisor, the Funds' valuation designee pursuant to Rule 2a-5. The Board has delegated to the Pricing Committee of the Advisor the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings. For a description of the Advisor, see Note 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Federal Income Taxes* — No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all their taxable income to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Short Sales* — Short sales are transactions under which a Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Municipal Bonds* — Municipal bonds are debt obligations issued by the states, possessions, or territories of the United States (including the District of Columbia) or a political subdivision, public instrumentality, agency, public authority or other governmental unit of such states, possessions, or territories (e.g., counties, cities, towns, villages, districts and authorities). Municipal bonds may be issued as taxable securities, or as federally tax-exempt securities. States, possessions, territories and municipalities may issue municipal bonds to raise funds for various public purposes such as airports, housing, hospitals, mass transportation, schools, water and sewer works, gas, and electric utilities. They may also issue municipal bonds to refund outstanding obligations and to meet general operating expenses. Municipal bonds may be general obligation bonds or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable from revenues derived from particular facilities, from the proceeds of a special excise tax or from other specific revenue sources. They are not usually payable from the general taxing power of a municipality. In addition, certain types of "private activity" bonds may be issued by public authorities to obtain funding for privately operated facilities, such as housing and pollution control facilities, for industrial facilities and for water supply, gas, electricity and waste disposal facilities. Other types of private activity bonds are used to finance the construction, repair or improvement of, or to obtain equipment for, privately operated industrial or commercial facilities. Current federal tax laws place substantial limitations on the size of certain of such issues. In certain cases, the interest on a private activity bond may not be exempt from federal income tax or the alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Security Transactions, Investment Income and Distributions to Shareholders* — Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust's understanding of the applicable country's tax rules and rates. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method or, where applicable, to the first call date of the securities.

Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from a Fund's investments in real estate investment trusts ("REITs") and master limited partnerships ("MLPs") are reported to the Fund after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT and MLP distribution information available.

Distributions to shareholders are recorded on the ex-dividend date for the Funds. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for PFICs, wash sales, REIT adjustments and post-October capital losses. These "Book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences do not require reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Foreign Currency Translation* — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g) Concentration* — Cash & Cash Equivalents: The Funds consider their investment in a Federal Deposit Insurance Corporation ("FDIC") insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Funds maintain cash balances, which, at times may exceed federally insured limits. The Funds maintain these balances with a high-quality financial institution.

The ICON Consumer Select Fund, ICON Equity Income Fund, ICON Health and Information Technology Fund, ICON Natural Resources & Infrastructure Fund, and ICON Utilities and Income Fund seek to replicate the performance of their respective sectors. From time to time this replication may lead a Fund to concentrate in stocks of a particular sector, category or group of companies, which could cause such Fund to underperform the overall stock market. Refer to each Fund's Portfolio of Investments for instances where these concentration might exist as of December 31, 2022. The ICON Consumer Select Fund had 27.74% invested in the First American Government Obligations Fund. (https://www.sec.gov/edgar/browse/?CIK=356134).

Concentration of Credit Risk: Each Fund places its cash with a banking institution, which is insured by FDIC. The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Funds to a credit risk. The Funds do not believe that such deposits are subject to any unusual risk associated with investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h) Use of Estimates in Financial Statements* — In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, Shelton Capital Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Share Valuations* — The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund's shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share of each Fund is equal to a Fund's NAV per share.

**ICON Funds** **Notes to Financial Statements (Continued)** **December 31, 2022** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(j) Accounting for Uncertainty in Income Taxes* — The Funds recognize the tax beneﬁts of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Shelton Capital Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax beneﬁts should be recorded related to uncertain tax positions taken on returns ﬁled for open tax years (2019-2021) or expected to be taken in the Fund's 2022 tax returns. The Funds identify its major tax jurisdictions as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax beneﬁts will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(k) Fair Value Measurements* — The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Funds' securities at December 31, 2022 using fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<sup>(a)</sup>** | **Level 2<sup>(a)</sup>** | **Level 3<sup>(a)</sup>** |  |
| **Fund** | **Investments in Securities<sup>(b)</sup>** | **Investments in Securities<sup>(c)</sup>** | **Investments in Securities** | **Total <br>Assets** |
|  ICON Consumer Select Fund  | $47389985 <br>| $— <br>| $— <br>| $47389985 <br>|
|  ICON Equity Fund  | 59294958 |  |  | 59294958 |
|  ICON Equity Income Fund  | 52891405 | 11664808 |  | 64556213 |
|  ICON Flexible Bond Fund  | 38470529 | 123502260 |  | 161972789 |
|  ICON Health and Information Technology Fund  | 93004096 |  |  | 93004096 |
|  ICON Natural Resources & Infrastructure Fund  | 116902188 |  |  | 116902188 |
|  ICON Utilities and Income Fund  | 36413271 |  |  | 36413271 |

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(a)It is the Funds' policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 2, and Level 3 during the year.

(b)All publicly traded common stocks, preferred stocks, and investments in investment companies held in the Funds are Level 1 securities. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments.

(c)All corporate debt and asset-backed securities held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l) Disclosure about Derivative Instruments and Hedging Activities* — The Fund has adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m) LIBOR Transition Risk* — The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR") by the end of 2021. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023. The remainder of LIBOR publications ended at the end of 2021. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

**Note 2 – INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS**

Shelton provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:

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| | |
|:---|:---|
| **Fund** | **% of Net Assets** |
|  ICON Consumer Select Fund  | 1.00% |
|  ICON Equity Fund  | 0.75% |
|  ICON Equity Income Fund  | 0.75% |
|  ICON Flexible Bond Fund  | 0.60% |
|  ICON Health and Information Technology Fund  | 1.00% |
|  ICON Natural Resources & Infrastructure Fund  | 1.00% |
|  ICON Utilities and Income Fund  | 1.00% |

---

**ICON Funds** **Notes to Financial Statements (Continued)** **December 31, 2022** <br>

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement (excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) is effective until the dates listed below, unless renewed, and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees' review and approval. Reimbursements from the Advisor to affected Funds, and the expense limits, for the year ended December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** |
| **Fund** | **Institutional Shares** | **Investor <br>Shares** | **Expiration** |
|  ICON Equity Income Fund  | 0.99% | 1.24% | 5/1/23 |
|  ICON Flexible Bond Fund  | 0.75% | 1.00% | 5/1/23 |
|  ICON Utilities and Income Fund  | 1.22% | 1.47% | 5/1/23 |

---

At December 31, 2022, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $670,010. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires <br>9/30/2023** | **Expires <br>12/31/2023** | **Expires <br>12/31/2024** | **Expires 12/31/2025** | **Total** |
|  ICON Equity Income Fund  | $17775 <br>| $11132 <br>| $33805 <br>| $112874 <br>| $175586 <br>|
|  ICON Flexible Bond Fund  | 45652 | 38363 | 115484 | 123960 | 323459 |
|  ICON Utilities and Income Fund  | 14724 | 18050 | 64960 | 73231 | 170965 |
|  Total  | $78151 <br>| $67545 <br>| $214249 <br>| $310065 <br>| $670010 <br>|

---

A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon the Board of Trustees review and approval prior to the time the reimbursement is initiated.

As compensation for administrative duties not covered by the management agreement, Shelton receives an administration fee. The administration fee is based on assets held, in aggregate, by the SCM Trust and other funds within the same "family" of investment companies managed and administered by Shelton. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. Administration fees are disclosed in the Statements of Operations.

Certain officers and trustees of the Trust are also partners of Shelton. Steve Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Adviser. Gregory T. Pusch has served as the Chief Compliance Officer ("CCO") of the Trust since March 2017. Mr. Pusch is also employed by Shelton, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton is reimbursed by the Trust for this portion of his salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.

The Trust has adopted a Distribution Plan (the "Plan"), as amended July 29, 2017, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Investor Shares of each Fund pays RFS Partners, the Funds' distributor (the "Distributor"), an affiliate of the Advisor, for expenses that relate to the promotion and distribution of shares. Under the Plan, the Investor Shares of the Funds will pay the Distributor a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund's Investor Shares.

For the year ended December 31, 2022 the following were incurred:

---

| | |
|:---|:---|
| **Fund** | **Investor Class 12b-1 Fees\*** |
|  ICON Consumer Select Fund  | $5253 <br>|
|  ICON Equity Fund  | $44660 <br>|
|  ICON Equity Income Fund  | $77174 <br>|
|  ICON Flexible Bond Fund  | $20172 <br>|
|  ICON Health and Information Technology Fund  | $5598 <br>|
|  ICON Natural Resources & Infrastructure Fund  | $16765 <br>|
|  ICON Utilities and Income Fund  | $14362 <br>|

---

Management fees, administration fees, expense reimbursement from the Advisor, CCO fees and Trustees fees incurred during the period are included in the Statements of Operations.

**Note 3 – PURCHASES AND SALES OF SECURITIES**

Purchases and sales of securities other than short-term instruments for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  ICON Consumer Select Fund  | $18494926 <br>| $40444622 <br>|
|  ICON Equity Fund  | 9998403 | 30560317 |
|  ICON Equity Income Fund  | 53537133 | 67887558 |
|  ICON Flexible Bond Fund  | 175809024 | 155964179 |
|  ICON Health and Information Technology Fund  | 36490781 | 68766206 |
|  ICON Natural Resources & Infrastructure Fund  | 160323199 | 193087879 |
|  ICON Utilities and Income Fund  | 10701625 | 26472128 |

---

**ICON Funds** **Notes to Financial Statements (Continued)** **December 31, 2022** <br>

**Note 4 – TAX CHARACTER**

**Reclassifications:** Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The reclassification was as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Paid-In Capital** | **Increase/<br>(Decrease)<br>Distributable<br>Earnings/(Loss)** |
|  ICON Natural Resources & Infrastructure Fund  | $(312186 ) | $312186 <br>|
|  ICON Utilities and Income Fund  | 14722 | (14722) |
|  ICON Health and Information Technology Fund | (319200) | 319200 |

---

The reclassification of net assets consists primarily of return of capital distributions, net operating losses, non-deductible excise tax paid and prior year tax return adjustments impacting distributable earnings.

**Tax Basis of Distributable Earnings:** For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation of investments on December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross <br>Unrealized Appreciation** | **Gross <br>Unrealized Depreciation** | **Net Unrealized Appreciation/Depreciation**  |
|  ICON Consumer Select Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $43591926 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $5145202 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1347142) <br>| &nbsp;&nbsp;&nbsp;&nbsp; $3798060 <br>|
|  ICON Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 47434607 | &nbsp;&nbsp;&nbsp;&nbsp; 13129165 | &nbsp;&nbsp;&nbsp;&nbsp; (1268814) | &nbsp;&nbsp;&nbsp;&nbsp; 11860351 |
|  ICON Equity Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 64180575 | &nbsp;&nbsp;&nbsp;&nbsp; 3782482 | &nbsp;&nbsp;&nbsp;&nbsp; (3406843) | &nbsp;&nbsp;&nbsp;&nbsp; 375639 |
|  ICON Flexible Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 173580003 | &nbsp;&nbsp;&nbsp;&nbsp; (12592) | &nbsp;&nbsp;&nbsp;&nbsp; (11594622) | &nbsp;&nbsp;&nbsp;&nbsp; (11607214) |
|  ICON Health and Information Technology Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 83797091 | &nbsp;&nbsp;&nbsp;&nbsp; 15586483 | &nbsp;&nbsp;&nbsp;&nbsp; (6379478) | &nbsp;&nbsp;&nbsp;&nbsp; 9207005  |
|  ICON Natural Resources & Infrastructure Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 112998771 | &nbsp;&nbsp;&nbsp;&nbsp; 7311326 | &nbsp;&nbsp;&nbsp;&nbsp; (3409317) | &nbsp;&nbsp;&nbsp;&nbsp; 3902009 |
|  ICON Utilities and Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 33431834 | &nbsp;&nbsp;&nbsp;&nbsp; 3686140 | &nbsp;&nbsp;&nbsp;&nbsp; (704703) | &nbsp;&nbsp;&nbsp;&nbsp; 2981437 |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2022 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions<br>Payable** | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary Income** | **Undistributed<br>Capital Gains<br>(Losses)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Other<br>Accumulated<br>Gains/Losses** | **Total<br>Distributable<br>Earnings** |
|  ICON Consumer Select Fund | $74122 <br>| $— <br>| $— <br>| $2609459 <br>| $3798060 <br>| $(3068274 ) | $3413367 <br>|
|  ICON Equity Fund |  |  |  | 735594 | 11860351 | (948004) | 11647941 |
|  ICON Equity Income Fund |  |  |  |  | 375639 | (1026640) | (651001) |
|  ICON Flexible Bond Fund  |  |  |  |  | (11607214) | (8291496) | (19898710) |
|  ICON Health and Information Technology Fund |  |  |  |  | 9207005 | 6520596 | 15727601 |
|  ICON Natural Resources & Infrastructure Fund |  |  |  |  | 3902009 | (207359391) | (203457382) |
|  ICON Utilities and Income Fund |  |  |  |  | 2981437 | (325799) | 2655638 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to return of capital from corporations, partnership investment, and investment in trust preferred securities.

**Capital Losses:** Capital loss carry forwards, as of December 31, 2022, available to offset future capital gains, if any, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ICON Consumer<br>Select Fund\*** | **ICON Equity<br>Fund\*\*** | **ICON Flexible<br>Bond Fund** | **ICON Health<br>& Information<br>Technology<br>Fund** | **ICON Natural<br>Resources &<br>Infrastructure<br>Fund\*\*\*** |
|  Long Term with no Limitation with no Limit | $— <br>| $— <br>| $3808386 <br>| $— <br>| $— <br>|
|  Short Term with no Limitation with no Limit |  |  | 3329731 | 203390 |  |
|  Long Term Subject to Annual Limitation | 853970 |  |  |  | 119026499 |
|  Short Term Subject to Annual Limitation | 2214304 | 948004 |  |  | 88332892 |
|  Total | $3068274 <br>| $948004 <br>| $7138117 <br>| $203390 <br>| $207359391 <br>|
|  Capital Loss Carry Forwards Utilized During the Fiscal Year Ending December 31, 2022 | $270264 <br>| $133945 <br>| $— <br>| $601938 <br>| $12793365 <br>|

---

------

\*Subject to annual limitation of $270,264 under §382 of The Code through December 31, 2032, $252,613 for the year ending December 31, 2033 and $113,021 for the year ending December 31, 2024.

\*\*Subject to annual limitation of $133,945 under §382 of The Code through December 31, 2029, and $10,389 for the year ending December 31, 2030.

\*\*\*Subject to annual limitation of $678,984 under §382 of The Code through December 31, 2026, $644,536 through December 31, 2027 and $194,965 for the year ending December 31, 2038.

**ICON Funds** **Notes to Financial Statements (Continued)** **December 31, 2022** <br>

**Distributions to Shareholders:** Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The tax character of distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year**  | **Ordinary<br>Income** | **Nontaxable<br>Distribution/ Return <br>of Capital** | **Long-Term<br>Capital<br>Gains<sup>(a)</sup>** | **Exempt-<br>Interest<br>Dividends** | **Total <br>Distributions** |
|  ICON Consumer Select Fund  | December 31, 2022 | 78909 |  | 7000093 |  | 7079002 |
|  | December 31, 2021 | 2442189 |  | 3843155 |  | 6285344 |
|  ICON Equity Fund  | December 31, 2022 | 98512 |  | 9400473 |  | 9498985 |
|  | December 31, 2021 | 3472936 | 10400 | 6889587 |  | 10372923 |
|  ICON Equity Income Fund  | December 31, 2022 | 2157338 |  | 5999877 |  | 8157215 |
|  | December 31, 2021 | 7641522 |  | 2110965 |  | 9752487 |
|  ICON Flexible Bond Fund  | December 31, 2022 | 7234449 | 163907<sup>(b)</sup> |  |  | 7398356 |
|  | December 31, 2021 | 6856649 | 126154 |  |  | 6982803 |
|  ICON Health and Information Technology Fund  | December 31, 2022 | 2957771 |  | 12225203  |  | 15182974 |
|  | December 31, 2021 | 2926353 |  | 15640079 |  | 18566432 |
|  ICON Natural Resources & Infrastructure Fund  | December 31, 2022 | 6628318 |  | 5128630 |  | 11756948 |
|  | December 31, 2021 | 1662864 |  |  |  | 1662864 |
|  ICON Utilities and Income Fund  | December 31, 2022 | 711198 |  | 2446596 |  | 3157794 |
|  | December 31, 2021 | 3154584 | 55960 |  |  | 3210544 |

---

------

(a)The Funds designate any Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended December 31, 2022.

(b)It is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital.

**Note 5 – SECURITIES LENDINGS**

The Funds have entered into an agreement with U.S. Bank, N.A. (the "Lending Agent"), dated September 29, 2020 (the "Securities Lending Agreement"), to provide securities lending services to the Funds. Under this program, the Funds may lend securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals). The securities lending agreement requires that loans are collateralized in an amount equal to at least (i) 105% of then current market value of any loaned foreign securities, or (ii) 102% of the then current market value of any other loaned securities at the outset of the loan and at least 100%, at all times thereafter. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. Cash collateral received by the Funds for securities loaned is invested by the Lending Agent in the First American Government Obligations Fund – Class X. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. Such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, and the risk that the investment may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. The Funds are not subject to a master netting arrangement.

Amounts earned from security lending is disclosed in each Fund's Statement of Operations as a securities lending credit.

As of December 31, 2022, the value of the securities on loan and payable for collateral were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of<br>Securities<br>on Loan** | **Fund<br>Collateral<br>Received<sup>\*</sup>** |
|  ICON Consumer Select Fund:  | &nbsp;&nbsp;&nbsp;&nbsp; $1275237 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1333929 <br>|
|  ICON Equity Fund:  | &nbsp;&nbsp;&nbsp;&nbsp; $942080 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $966025 <br>|
|  ICON Equity Income Fund:  | &nbsp;&nbsp;&nbsp;&nbsp; $317840 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $328297 <br>|
|  ICON Flexible Bond Fund: | &nbsp;&nbsp;&nbsp;&nbsp; $7778019 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8072996 <br>|
|  ICON Health and Information Technology Fund: | &nbsp;&nbsp;&nbsp;&nbsp; $288423 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $295669 <br>|
|  ICON Natural Resources & Infrastructure: | &nbsp;&nbsp;&nbsp;&nbsp; $1922546 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1932179 <br>|

---

------

\*The cash collateral received was invested in the First American Government Obligations Fund – Class X as shown on Portfolios of Investments.

**Note 6 – SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

**ICON Funds** **Liquidity Risk Management Program Disclosure (Unaudited)** **December 31, 2022** <br>

The SCM Trust (the "Trust") has adopted and implemented a liquidity risk management program (the "Program"), as consistent with Rule 22e-4 to govern the Trust's approach to managing liquidity risk for each series of the Trust (each, a "Fund" and collectively, the "Funds"). The Program is overseen by the Liquidity Committee (the "Committee"), which is comprised of investment, operations and legal and compliance professionals from Shelton Capital Management. The Board of Trustees of the Trust (the "Board") has approved the designation of the Committee to oversee the Program.

The Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of the Fund's investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on November 10, 2022, the Committee provided a report (the "Report") to the Board addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period from the inception of the Trust's program in December 2020 through November 2022 ("Reporting Period"). The Report concluded that the Trust's Program was reasonably designed to assess and manage each Fund's liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the Program during the Reporting Period. The Report further concluded that each Fund's investment strategy continues to be appropriate given each Fund's status as an open-end fund.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Trust's investment portfolios, is found in the Trust's Prospectus and Statement of Additional Information.

 **Report of Independent Registered Public Accounting Firm**<br>

**To the Shareholders of the ICON Funds and Board of Trustees of SCM Trust** 

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of ICON Consumer Select Fund, ICON Equity Fund, ICON Equity Income Fund, ICON Flexible Bond Fund, ICON Health and Information Technology Fund, ICON Natural Resources and Infrastructure Fund, and ICON Utilities and Income Fund, each a series of SCM Trust (the "Funds"), as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for the years ended December 31, 2022, December 31, 2021, September 30, 2019, September 30, 2018, and September 30, 2017 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated above, and the related notes, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the year ended September 30, 2020, and the period October 1, 2020 through December 31, 2020, were audited by other auditors whose report dated March 1, 2021, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021. In addition, we served as the Funds' auditors from 2016 through 2019.

![](icon-ncsr_123122img024.gif)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio <br>March 1, 2023

**ICON Funds** **Additional Information** **December 31, 2022** <br>

**Fund Holdings**

The Funds holdings shown in this report are as of December 31, 2022. Holdings are subject to change at any time, so holdings shown in the report may not reflect current Funds' holdings. The Funds file its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at www.sec.gov. The information filed in the Form N-PORT also may be obtained by calling (800) 955-9988.

**Proxy Voting Policy**

The Funds' Statement of Additional Information ("SAI") containing a description of the policies and procedures that the SCM Trust uses to determine how to vote proxies relating to portfolio securities, along with each Fund's proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2022 is available upon request, at no charge, at the phone number above, or on the SEC's website at www.sec.gov.

 **Board of Trustees and Executive Officers (Unaudited)**<br>

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Address** | **Year of Birth** | **Position Held with The Trust** | **Length of Time Served** |
|  Stephen C Rogers | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1966 | Chairman of the Board, Trustee,<br> President | Since August 1999,<br> Since August 1999,<br> Since August 1999 |
|  Kevin T. Kogler | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1966 | Trustee | Since May 2006 |
|  Marco L. Quazzo | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1962 | Trustee | Since August 2014 |
|  Stephen H. Sutro | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1969 | Trustee | Since May 2006 |
|  William P. Mock | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1966 | Treasurer | Since February 2010 |
|  Gregory T. Pusch | 1875 Lawrence Street,<br> Suite 300 <br>Denver, CO, 80202 | 1966 | Chief Compliance Officer, Secretary | Since March 2017 |

---

Each Trustee oversees the Trust's nine Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

---

| | |
|:---|:---|
|  Stephen C. Rogers\* | Chief Executive Officer, Shelton Capital Management, 1999 to present. |
|  Kevin T. Kogler | President & Founder of MicroBiz, LLC, 2012 to present. |
|  Marco L. Quazzo | Principal, Bartko Zankel Bunzel & Miller, March 2015-Present. |
|  Stephen H. Sutro | Managing Partner, Duane Morris, LLP (law firm) 2014 to present; Partner, Duane Morris LLP (law firm), 2003 to present. |
|  William P. Mock | Portfolio Manager, Shelton Capital Management, 2010 to present. |
|  Gregory T. Pusch | General Counsel and Chief Compliance Officer, Shelton Capital Management, 2017 to present. |

---

Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.

------

\*Trustee deemed to be an "interested person" of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust's Advisor and Administrator.

For more information about the ICON Funds, contact us:

---

| | |
|:---|:---|
|  **By Telephone** | 1-800-764-0442 |
|  **By E-Mail** | info@iconadvisers.com |
|  **By Mail** | ICON Funds \| P.O. Box 1920 \| Denver, CO 80201 |
|  **In Person** | ICON Funds \| 5299 DTC Boulevard, Suite 1200<br>Greenwood Village, CO 80111 |
|  **On the Internet** | www.iconfunds.com |

---

![](icon-ncsr_123122img002.gif)

![](icon-ncsr_123122img025.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) Registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $138,000 for the fiscal year ended December 31, 2022 and $138,000 for the fiscal year ended December 31, 2021.

(b) Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.

(c) Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $31,000 for the fiscal year ended December 31, 2022 and $34,000 for the fiscal year ended December 31, 2021. These fees were related to the preparation of Federal Forms 1220-RIC and 8613 and review of excise distribution calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) All Other Fees

The aggregate fees paid to the principal accountant other than the services reported in paragraphs (a) through (c) were $0 for the fiscal year ended December 31, 2022 and $936 for the fiscal year ended December 31, 2021. These fees were related to expenses associated with the August Board of Trustees meeting and the November Board of Trustees meeting.

(e)(1) The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit-related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant 's investment
adviser or to any entity that controls, is controlled by or is under common control with the Registrant 's investment adviser and that
provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the
Registrant.

(e)(2) All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee.

(f) Not applicable.

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant
and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser
that provides ongoing services to the Registrant were $31,000 for the fiscal year ended
December 31, 2022 and $34,936 for the fiscal year ended December 31, 2021.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

ITEM 13. EXHIBITS.

[(a)(1)](ex99-coe.htm) Code of Ethics is filed as Exhibit 13(a)(1) to this Form N-CSR.

[(a)(2)](ex99cert.htm) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, as amended ("SOX"), are filed as Exhibit 13(a)(2) to this Form N-CSR.

(a)(3) Not applicable

(a)(4) Not applicable

[(b)](ex99-906cert.htm) Certifications required by Rule 30a-2(b) under the 1940 Act, Section 906 of SOX, Rule 13a-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code are furnished as Exhibit 13(b) to this Form N-CSR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SCM Trust

---

| | |
|:---|:---|
| By | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers, President |
|  | Date: March 10, 2023 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
| By | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers, President |
|  | Date: March 10, 2023 |
| By | /s/ William P. Mock |
|  | William P. Mock, Treasurer |
|  | Date: March 10, 2023 |

---

## Ex-99.Code

[SCM Trust N-CSR](scm-ncsr_123122.htm)

**Exhibit 13(a)(1)**

**Code of Ethics**

**Policy** 

This Code of Ethics (the "Code") is adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") by the Boards of Trustees of Shelton Funds and SCM Trust (the "Trusts"), RFS Partners (the "Distributor"), and by Shelton Capital Management (the "Advisor"), which additionally adopts the Code pursuant to the requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act").

**Introduction** 

Section 17(j) under the 1940 Act makes it unlawful for persons affiliated with investment companies, their principal underwriters, or their investment advisers to engage in fraudulent personal securities transactions. Rule 17j-1 and Rule 204A-1 under the Advisers Act (the "Rules") require each fund, investment adviser and principal underwriter to adopt a code of ethics that contains provisions reasonably necessary to prevent an employee from engaging in conduct prohibited by the principles of the Rules. The Rules also require that reasonable diligence be used and procedures be instituted that are reasonably necessary to prevent violations of the code of ethics.

Rule 17j-1 requires Board oversight of personal trading practices, reporting of employee securities trading and preclearance of employee purchases of initial public offerings and private placements. Under Rule 17j-1, the Advisor and the Trusts each provide to the Boards annually a written report that:

1. describes issues that arose during the previous year under the Code, including information about material Code violations and sanctions imposed, and

2. certifies to the Board that it has adopted procedures reasonably necessary to prevent access persons from violating the Code.

Rule 204A-1 requires that an investment adviser registered under the Advisers Act must establish, maintain and enforce a written code of ethics that at a minimum includes:

1. A standard (or standards) of business conduct that the advisor requires of its supervised persons, which standard must reflect the advisor's fiduciary obligations and those of its supervised persons;

2. Provisions requiring the advisor's supervised persons to comply with applicable federal securities laws;

3. Provisions that require the advisor's access persons to report, and the advisor to review, their personal securities transactions and holdings periodically as provided under Rule 204A-1;

4. Provisions requiring the advisor's supervised persons to report any violations of the advisor's code of ethics promptly to the chief compliance officer or, provided the chief compliance officer also receives reports of all violations, to other persons who the advisor designates in its code of ethics; and

5. Provisions requiring the advisor to provide each of its supervised persons with a copy of the advisor's code of ethics and any amendments, and requiring its supervised persons to provide the advisor with a written acknowledgement of their receipt of the code and any amendments.

The Code is designed to provide a program for detecting and preventing insider trading and other violations of fiduciary duties by requiring Access Persons, as defined herein, to report personal holdings and securities transactions of securities of the types, which any series Fund of the Trusts (each a "Fund") and other clients of the Advisor may purchase. The reason underlying this reporting requirement is the potential for insiders who have knowledge of what a Fund or other client is doing to take advantage of this information to trade in advance of a Fund or other client. If the Security involved is thinly traded or if the Fund or other client buys or sells in big enough blocks to move the market, this type of insider trading could disadvantage the Fund or unfairly benefit the insider. The Code is also aimed at minimizing conflicts of interest and the appearance of such conflicts.

**Statement of General Fiduciary Principles** 

Fiduciary Standards. The Code is based on the fundamental principle that the Trusts and the Advisor must put clients' interest first. As an investment adviser, the Advisor has fiduciary responsibilities to clients, including the Trusts and each Fund for which it serves as investment adviser. Among the Advisor's fiduciary responsibilities is the responsibility to ensure that its employees conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any Fund or client transactions or otherwise take unfair advantage of their relationship to the Funds or other clients. All Advisor employees must adhere to this fundamental principle as well as comply with the specific provisions set forth herein. It bears emphasis that technical compliance with such provisions will not insulate from scrutiny transactions that show a pattern of compromise or abuse of an employee's fiduciary responsibilities to the Funds or other clients. Accordingly, all Advisor employees must seek to avoid any actual or potential conflicts between their personal interests and the interest of the Funds. In sum, all Advisor employees shall place the interest of the Funds and other clients before personal interests.

Compliance with Applicable Federal Securities Laws. In particular, Rule 204A-1 requires that all Advisor employees must comply with all applicable federal securities laws ("Federal Securities Laws").

**General Anti-Fraud and Other Obligations** 

Under Rule 17j-1 and this Code, no Access Person shall:

1. employ any device, scheme or artifice to defraud the Trusts or any Fund of the Trusts.

2. make to the Trusts any untrue statement of a material fact or omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

3. engage in any act, practice or course of business that would operate as a fraud or deceit upon any Fund of the Trusts; or

4. engage in any manipulative act or practice with respect to the Trusts or any Fund of the Trusts, including, but not limited to, intentionally inducing or causing the Trusts to take action or to fail to take action, for the purpose of achieving a personal benefit rather than to benefit the Fund, shall be a violation of this Code.

Examples of this violation include:

1. causing any Fund of the Trusts to purchase a Covered Security owned by the individual for the purpose of supporting or increasing the price of the Covered Security;

2. causing any Fund of the Trusts to refrain from selling a Covered Security in an attempt to protect the value of the individual's investment, such as an outstanding option; and

3. using actual knowledge of transactions for any Fund of the Trusts to profit by the market effect of such transactions shall be a violation of this Code.

This Code is not intended to cover all possible areas of potential liability under the 1940 Act or under the federal securities laws in general. For example, other provisions of Section 17 of the 1940 Act prohibit various transactions between a registered investment company and affiliated persons, including the knowing sale or purchase of property to or from a registered investment company on a principal basis, and joint transactions (e.g., combining to achieve a substantial position in a Covered Security or commingling of funds) between an investment company and an affiliated person. Persons covered by this Code are advised to seek advice before engaging in any transactions involving securities held or under consideration for purchase or sale by a Fund or other client.

In addition, the Securities Exchange Act of 1934, as amended (the "1934 Act") may impose fiduciary obligations and trading restrictions on Access Persons in certain situations. It is expected that Access Persons will be sensitive to these areas of potential conflict, even though this Code does not address specifically these other areas of fiduciary responsibility.

**Standard of Conduct and Reporting of Violations** 

As stated above, the core ethical standard of conduct of the Advisor is that as a fiduciary we put clients' interests first in the conduct of our business.

Each employee or other Supervised Person of the Advisor must report any violation or suspected violation of this Code or any other compliance policy of the Advisor, RFS Partners (or any of their affiliates) to his or her supervisor or to the CCO immediately upon identifying any violation. In making such a report you are protected against any form of retaliation, even if it turns out after inquiry and investigation there was no violation of the Code or other compliance policies so long as you acted in good faith.

A violation or suspected violation of this Code or any other joint compliance policy of the Funds, Advisor, RFS Partners (or any of their affiliates) relating to the Funds may also be reported to the Board of Trustees of the Funds. Further, any violation or suspected violation relating to accounting or auditing matters, or the financial statements generally of the Funds, may be confidentially reported to the Audit Committee of the Board of Trustees of the Funds.

The obligation to report violations or suspected violations of this Code or other compliance policies does not preclude your ability to voluntarily communicate with the Securities and Exchange Commission ("SEC") under the provisions of the whistleblowers rules of the SEC.

**Implementation** 

In order to implement this Code, a compliance officer and an alternate should be designated. For the purpose of this Code, these individuals are: Greg Pusch, CCO.

The compliance officer shall create a list of Advisory Persons and other Access Persons and update the list with reasonable frequency. The compliance officer shall circulate a copy of this Code to each Access Person, together with an acknowledgment of receipt, which shall be signed and returned to the compliance officer by each Access Person, except Independent Trustees. The compliance officer is charged with responsibility for insuring that the reporting requirements of this Code under the *Reporting* section are adhered to by all Access Persons. The compliance officer shall be responsible for ensuring that the review requirements of this Code set forth in the *Review* section are performed in a prompt manner. The compliance officer shall also be responsible for giving special prior approval to transactions that would otherwise be prohibited under the *Prohibited Purchases and Sales* section of this Code.

Independent Trustees who do not have day-to-day contact with the Funds and who do not have specific knowledge of the Funds' intended investments are not required to file any reports, and there is no restriction on their personal securities trading activities except as provided for under the Exceptions to Reporting Requirements section of this Code.

**Additional Definitions** 

*You should pay particular attention to the following definitions to correctly understand your obligations under the Code, including "Beneficial ownership", "Security" and "Covered Security".* 

"Access persons" means any Trustee, Director or General Partner, Officer or Advisory person of a Fund, Trust or the Advisor. Spouses, children and "immediate family members" sharing the household of such persons may also be considered an "Access Person" under this Code to the extent provided in the definition of "Beneficial ownership" below.

"Advisory person" means (1) any employee of (a) the Trusts, (b) the Advisor or (c) any company in control relationship to the Trusts, who, in connection with his or her regular functions or duties:

i. makes, participates in, or has access to nonpublic information regarding, the purchase or sale of a Security by a Fund or other client of the Advisor, or whose functions relate to the making of any recommendations with respect to such purchases or sales;

ii. has access to nonpublic information regarding the portfolio holdings of any Fund;

and (2) any natural person in a control relationship to the Trusts or the Advisor who has access to nonpublic information concerning recommendations made to the Trusts with regard to the purchase or sale of a Security.

A Security is "being considered for purchase or sale" when a recommendation to purchase or sell a Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

"Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the 1934 Act, and the rules and regulations thereunder, with the exception that the determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires. The rules promulgated under Section 16 of the 1934 Act provide that persons are presumed to have an indirect pecuniary interest, and therefore "Beneficial ownership" of, securities that are held by members of a person's "immediate family" sharing the same household, and that "immediate family" includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

"Control" has the same meaning as in Section 2(a) (9) of the 1940 Act, which states that "control" means "the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company." Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company. Such presumption may be countered by the facts and circumstances of a given situation.

"Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of Treasury.

"Independent Trustee" means a member of the Boards of Trustees of the Trusts who is not an "interested person" of the Trusts within the meaning of Section 2(a)(19) of the 1940 Act.

"IPO" means an offering of securities registered under the Securities Act of 1933, the issuer or which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act.

"Limited Offering" means an offering exempt from the registration under the Securities Act of 1933 pursuant to Section 4(2), 4(6) or Rule 504, 505 or 506 under the Securities Act of 1933.

"Purchase or sale of a Security" includes the writing of an option to purchase or sell a Security.

"Security" means: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing; and it shall include derivative instruments that may not otherwise be defined as securities.

"Covered Security" means any Security, other than: (1) shares of open-end mutual funds other than the Funds; (2) securities issued by the Government of the United States (including Government agencies or instrumentalities); (3) short term debt securities which are "government securities" issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; or (4) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, repurchase agreements and other money market instruments.

**Prohibited Purchases and Sales** 

Access Persons (other than Independent Trustees) are required to obtain prior written approval from the CCO before making any investment in an Initial Public Offering ("IPO") or Limited Offering. Before approval of any such investment, the transaction will be carefully reviewed for any immediate or future potential conflicts of interest.

No Access Person (except Independent Trustees, who are presumed to have no actual knowledge of the following matters described in sub-clauses (1) and (2) below) shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transactions acquires, any direct or indirect beneficial ownership, which Covered Security to his or her actual knowledge at the time of such purchase or sale:

1. is being considered for purchase or sale by a Fund (with the exception of Index Funds which are defined as funds that seek to match or track the components of a market index) or other client account;

2. has been purchased or sold by a Fund or other client account within the most recent 7 days if such person participated in the recommendation to, or the decision with respect to the purchase or sale of such Covered Security (with the exception of Index Funds).

These restrictions shall continue to apply until the recommendation has been rejected or any trade instruction to buy or sell has been completed or canceled.

Exempted Transactions/Securities

The prohibitions under the *Prohibited Purchases and Sales* section of this Code shall not apply to:

1. Purchases or sales of Covered Securities effected in any account over which the Access Person has no direct or indirect influence or control.

2. Purchases or sales of Covered Securities, which fall below $2,000 (except IPOs and Limited Offerings).

3. Purchases or sales of Covered Securities, which are non-volitional on the part of the Access Person (except IPOs and Limited Offerings) (e.g., receipt of gifts).

4. Purchases of Covered Securities which are part of an automatic dividend reinvestment plan.

5. Purchases effected of Covered Securities upon the exercise of rights issued by an issuer made pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

6. Purchases and sales of Covered Securities, which have received the prior approval in writing (including email) of the compliance officer. Such prior approval may be granted, based on the business judgment of the compliance officer, if the purchase or sale is deemed to pose only a remote potential harm to a Fund or other client, or because the purchase or sale would be unlikely to affect a highly institutional market, or because the purchase or sale are not related economically to the Covered securities to be purchased, sold or held by a Fund or other client

7. Purchases and sales of shares issued by an Index Fund.

Notwithstanding the foregoing, no exception or exemption applies to any transaction which would violate the *General Anti-Fraud Obligations* of this Code.

**Confidentiality** 

No Access Person shall reveal to any other person (except in the normal course of his or her duties) any information regarding Securities transactions in respect of the Trusts or other clients, or consideration any such Securities transaction.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**Reporting** 

Subject to the exceptions set forth below, all Access Persons, with the exception of the Independent Trustees who meet the requirements under the *Exceptions to Reporting Requirements* section, shall report to the Trusts or the Advisor the information described in this section with respect to transactions in any Security or Covered Security, as applicable, in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership.

Quarterly Reporting: Every report shall be made not later than thirty (30) days after the end of each calendar quarter and shall contain the following information:

1. The date of the transaction, the title and the number of shares, the interest rate and maturity date (if applicable), and the principal amount of each Covered Security involved;

2. The nature of the transaction (i.e., purchase, sale, or any other type of acquisition of disposition);

3. The price at which the transaction was effected;

4. The name of the broker, dealer, or bank with or through whom the transaction was effected; and

5. The date that the report is being submitted.

Copies of statements or confirmations containing the information specified above when practicable are received directly by the CCO by mail or electronically, or such information may be provided through the SCT system.

For periods in which no reportable transactions were effected, the report shall contain a representation that no transactions subject to the reporting requirements were effected during the relevant time period.

Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

Initial and Annual Reporting. Each Access Person (with the exception of the Independent Trustees) must make an Initial Holdings Report within 10 days of becoming an Access Person and, at least once every 12 months or as otherwise determined by the CCO, an Annual Holdings Report. The information may be provided in paper format or through the SCT system as directed by the CCO. Each of these reports must contain the following information current within 30 days before the report is submitted:

1. the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

2. the name of any broker, dealer or bank with whom the Access Person maintained an account where any Security was held; and

3. the date that the report is being submitted.

Receipt and Acknowledgment of Code

Each Access Person is provided with a copy of the Code and all amendments by the common access to the most up to date version of the Code and other compliance policies in the F: drive, and is required to acknowledge of their effective ongoing receipt of the Code as amended through quarterly certification in the SCT system.

Exceptions to Reporting Requirements

An Independent Trustee of the Trusts, is not required to file a report on a transaction in a Covered Security; provided, however, that such Trustee neither knew nor, in the ordinary course of fulfilling his or her official duties as a Trustee of the Trusts, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee, such Covered Security is or was purchased or sold by the Trusts or is or was being considered for purchase by its investment adviser.

An Independent Trustee is not required to furnish the Initial Holdings Report or the Annual Holdings Report specified under the *Reporting* section of this Code.

**Review** 

The compliance officer (or the alternate, as appropriate) shall compare all reports of personal securities transactions contained in the Initial, Quarterly and Annual Reports described above with completed and contemplated portfolio transactions of each Fund to determine whether a violation of the Code may have occurred (except the Exempted Transactions/Securities described above). If a pattern emerges that indicates abusive trading of Access Persons in relation to the Funds, the matter will be referred to the Boards of Trustees as outlined below.

If the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of the Funds or the Trusts, he or she shall, following consultation with counsel to the Trusts, submit his or her written determination, together with the transaction report, if any, and any additional explanatory material provided by the individual(s) concerned, to the Boards of the Trusts, which may elect to make an independent determination of whether a violation has occurred, or undertake further review and inquiry, or take further action, if determined necessary.

The compliance officer (or the alternate, as appropriate) may, in his or her discretion, compare reports of personal securities transactions with completed and contemplated portfolio transactions of other client accounts. If a pattern emerges that indicates abusive trading of Access Persons in relation to investments of clients other than the Funds, or the compliance officer determines that any violation of the Code of Ethics, including but not limited to possible abusive trading, has or may have occurred in respect of clients other than the Funds, or otherwise, senior management of the Advisor will undertake further review, inquiry and take further action, if determined necessary, including making a report to the Boards of the Trustees.

No person shall review his or her own report. Before making any determination that a violation has been committed by any person, the compliance officer shall give such person an opportunity to supply additional explanatory material. If a Covered Securities transaction of the compliance officer is under consideration, the Chairman shall act in all respects in the manner prescribed herein for the compliance officer.

The compliance officer shall take steps to ensure that all reporting Access Persons, except Independent Trustees, have submitted reports in a timely manner. Repeated failure to submit timely reports will be communicated to the Boards of Trustees.

**Board Oversight** 

The Boards of Trustees must initially approve the Code for the Trusts and the Advisor, and the Boards of Trustees must approve any material changes to the Code within six (6) months of such change. The compliance officer shall (1) promptly notify the Boards of any material violation of the Code; (2) provide to the Boards a written report summarizing any and all material issues that arose during the previous year, and (3) annually certify that the Advisor has adopted procedures in compliance with the Code and Rule 17j-1 under the 1940 Act.

**Records** 

The Trusts and the Advisor shall maintain records for a period of not less than five years from the end of the fiscal year in which the record was created, unless noted otherwise, as follows:

1. A copy of the applicable Code and any amendments thereto shall be retained on the F drive. (including for five (5) years after the Code or the amendment, as applicable, is no longer in effect).

2. A record of any violation of the Code and of any action taken as a result of such violation shall be retained on the F drive, if any.

3. A record of all written acknowledgements from all Access Persons, as required by this Code, shall be retained on the F drive.

4. A copy of each report, including any information provided in lieu of the report, made by an Access Person pursuant to the Code shall be retained in the CCO's office.

5. A list of all Access Persons who are, or within the past five (5) years have been, required to make reports pursuant to the Code and all persons who are, or within the past five (5) years have been, responsible for reviewing the reports shall be retained on the F drive.

6. A copy of each report of the Trusts or the Advisor detailing any violations of its code of ethics, or certifying that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics shall be part of the CCO Report maintained in the board materials which are retained on the F drive.

7. A copy of any decisions, and reasons supporting the decisions, to approve the purchase of private placement securities or public offerings by investment personnel shall be retained on the F drive (from the end of the fiscal year in which the approval is granted, if any).

**Sanctions** 

If a material violation of this Code occurs or a preliminary determination is made that a violation may have occurred, a report of the alleged violation shall be made to the Boards of Trustees in accordance with the process outlined under "Review" above. The Boards of Trustees or the Advisor may impose such sanctions as they or it deem(s) appropriate, including, a letter of censure, suspension, or termination of the employment of the violator, and/or a disgorging of any profits made by the violator.

## Ex-99.Cert

[SCM Trust N-CSR](scm-ncsr_123122.htm)

**Exhibit 13(a)(2)**

**CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT**

I, Stephen C. Rogers, certify that:

1. I have reviewed this report on Form N-CSR of the SCM Trust;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 registrant, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 registrant's ability to record, process, summarize, and report financial information; and

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

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| |
|:---|
| Date: March 10, 2023 |
| /s/ Stephen C. Rogers |
| Stephen C. Rogers |
| President |

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**CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT**

I, William P. Mock, certify that:

1. I have reviewed this report on Form N-CSR of the SCM Trust;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 registrant, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 registrant's ability to record, process, summarize, and report financial information; and

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

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| |
|:---|
| Date: March 10, 2023 |
| /s/ William P. Mock |
| William P. Mock |
| Treasurer |

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## Exhibit 99.906

[SCM Trust N-CSR](scm-ncsr_123122.htm)

**Exhibit 13(b)**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Stephen C. Rogers, President of the SCM Trust (the "Registrant"), certify, to the officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 10, 2023 | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers, President |
|  | (Chief Executive Officer) |

---

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, William P. Mock, Treasurer of the SCM Trust (the "Registrant"), certify, to the officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 10, 2023 | /s/ William P. Mock |
|  | William P. Mock, Treasurer |
|  | (Chief Financial Officer) |

---