# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001387131-25-000248
**Filing Date:** 2025-9
**Character Count:** 342236
**Document Hash:** 89f23bc723e7bda24a61295c89738e11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-25-000248.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001387131-25-000248

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267

**ORGANIZATION NAME:**
- **EIN:** 526400931
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 251299826

**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           |

?xml version='1.0' encoding='ASCII'? Semi-Annual Shareholder Report

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**811-05617**

(Investment Company Act file number)

**<u>SCM Trust</u>**

(Exact name of registrant as specified in charter)

**1125 17th Street Suite 2550**

**Denver, CO 80202**

(Address of principal executive offices)(Zip code)

**Stephen C. Rogers**

**SCM Trust**

**1125 17th St, Suite 2250**

**Denver, CO 80202**

(Name and address of agent for service)

**(800) 955-9988**

(Registrant's telephone number, including area code)

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

Date of reporting period: **<u>January 1, 2025 - June 30, 2025</u>**

**Item 1. Reports to Stockholders.**

**Shelton Tactical Credit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton Tactical Credit Fund**<br> **Institutional Class** <br> DEBIX<br>| ![logo](qes56mi11me2w02k6.jpg) |

---

This semi-annual shareholder report contains important information about Shelton Tactical Credit Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton Tactical Credit Fund, Institutional Class  | $46  | 0.91%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes5bomp1meu884k5.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| United States Treasury Bill  | 8.0%  |
| Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ <br> Canada's Wonderland Co  | 3.5%  |
| Iron Mountain Inc  | 3.5%  |
| PetSmart Inc / PetSmart Finance Corp  | 3.3%  |
| AMC Entertainment Holdings Inc  | 3.1%  |
| Sirius XM Radio LLC  | 3.1%  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl  | 3.0%  |
| American Homes 4 Rent LP  | 3.0%  |
| First Industrial LP  | 3.0%  |
| Cinemark USA Inc  | 2.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $49602702  |
| Number of Holdings  | 53  |
| Portfolio Turnover Rate  | 67%  |

---

Shelton Tactical Credit Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton Tactical Credit Fund**<br> **Investor Class** <br> DEBTX<br>| ![logo](qes56mi11me2w02k6.jpg) |

---

This semi-annual shareholder report contains important information about Shelton Tactical Credit Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton Tactical Credit Fund, Investor Class  | $59  | 1.17%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes5bomp1meu884k5.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| United States Treasury Bill  | 8.0%  |
| Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ <br> Canada's Wonderland Co  | 3.5%  |
| Iron Mountain Inc  | 3.5%  |
| PetSmart Inc / PetSmart Finance Corp  | 3.3%  |
| AMC Entertainment Holdings Inc  | 3.1%  |
| Sirius XM Radio LLC  | 3.1%  |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl  | 3.0%  |
| American Homes 4 Rent LP  | 3.0%  |
| First Industrial LP  | 3.0%  |
| Cinemark USA Inc  | 2.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $2251335  |
| Number of Holdings  | 53  |
| Portfolio Turnover Rate  | 67%  |

---

**Shelton International Select Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton International Select Equity Fund**<br> **Institutional Class** <br> SISEX<br>| ![logo](qese8r0pa1me09zbwf.jpg) |

---

This semi-annual shareholder report contains important information about Shelton International Select Equity Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton International Select Equity Fund, Institutional Class  | $50  | 0.99%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes9yga3y1meu5k4d3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4.3%  |
| Roche Holding AG  | 3.7%  |
| Novartis AG  | 3.2%  |
| BNP Paribas SA  | 3.0%  |
| AIA Group Ltd  | 2.7%  |
| Intesa Sanpaolo SpA  | 2.5%  |
| Smiths Group PLC  | 2.4%  |
| FUCHS SE  | 2.3%  |
| United States Treasury Bill  | 2.2%  |
| Tencent Holdings Ltd  | 1.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $40586564  |
| Number of Holdings  | 102  |
| Portfolio Turnover Rate  | 55%  |

---

Shelton International Select Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton International Select Equity Fund**<br> **Investor Class** <br> SISLX<br>| ![logo](qese8r0pa1me09zbwf.jpg) |

---

This semi-annual shareholder report contains important information about Shelton International Select Equity Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton International Select Equity Fund, Investor Class  | $63  | 1.25%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes9yga3y1meu5k4d3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4.3%  |
| Roche Holding AG  | 3.7%  |
| Novartis AG  | 3.2%  |
| BNP Paribas SA  | 3.0%  |
| AIA Group Ltd  | 2.7%  |
| Intesa Sanpaolo SpA  | 2.5%  |
| Smiths Group PLC  | 2.4%  |
| FUCHS SE  | 2.3%  |
| United States Treasury Bill  | 2.2%  |
| Tencent Holdings Ltd  | 1.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $4238594  |
| Number of Holdings  | 102  |
| Portfolio Turnover Rate  | 55%  |

---

Shelton Emerging Markets Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton Emerging Markets Fund**<br> **Institutional Class** <br> EMSQX<br>| ![logo](qese8r0pa1me2ups2a.jpg) |

---

This semi-annual shareholder report contains important information about Shelton Emerging Markets Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton Emerging Markets Fund, Institutional Class  | $50  | 0.99%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qesdges1mect9vma.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 12.5%  |
| Tencent Holdings Ltd  | 6.8%  |
| HDFC Bank Ltd  | 4.1%  |
| Dr Reddy's Laboratories Ltd  | 4.0%  |
| Iguatemi SA  | 3.6%  |
| Samsung Electronics Co Ltd  | 3.2%  |
| ICICI Bank Ltd  | 3.2%  |
| Alibaba Group Holding Ltd  | 3.0%  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 2.9%  |
| Realtek Semiconductor Corp  | 2.8%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $22925270  |
| Number of Holdings  | 51  |
| Portfolio Turnover Rate  | 21%  |

---

Shelton Emerging Markets Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **Shelton Emerging Markets Fund**<br> **Investor Class** <br> EMSLX<br>| ![logo](qese8r0pa1me2ups2a.jpg) |

---

This semi-annual shareholder report contains important information about Shelton Emerging Markets Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.sheltoncap.com/literature/. You can also request this information by calling (800) 955-9988 or by sending an e-mail to info@sheltoncap.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Shelton Emerging Markets Fund, Investor Class  | $62  | 1.23%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qesdges1mect9vma.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 12.5%  |
| Tencent Holdings Ltd  | 6.8%  |
| HDFC Bank Ltd  | 4.1%  |
| Dr Reddy's Laboratories Ltd  | 4.0%  |
| Iguatemi SA  | 3.6%  |
| Samsung Electronics Co Ltd  | 3.2%  |
| ICICI Bank Ltd  | 3.2%  |
| Alibaba Group Holding Ltd  | 3.0%  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 2.9%  |
| Realtek Semiconductor Corp  | 2.8%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **www.sheltoncap.com/literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $1331344  |
| Number of Holdings  | 54  |
| Portfolio Turnover Rate  | 21%  |

---

ICON Consumer Select Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Consumer Select Fund**<br> **Institutional Class** <br> ICFSX<br>| ![logo](qes56mi11me2ww0ng.jpg) |

---

This semi-annual shareholder report contains important information about ICON Consumer Select Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Consumer Select Fund, Institutional Class  | $79  | 1.55%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me2xogwo.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| LPL Financial Holdings Inc  | 8.0%  |
| Visa Inc  | 7.5%  |
| Equitable Holdings Inc  | 7.0%  |
| American Express Co  | 5.6%  |
| Coca-Cola Europacific Partners PLC  | 5.6%  |
| Koninklijke Ahold Delhaize NV  | 5.5%  |
| eBay Inc  | 5.1%  |
| RenaissanceRe Holdings Ltd  | 5.0%  |
| The Hartford Insurance Group Inc  | 4.9%  |
| Huntington Bancshares Inc  | 4.6%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $29774298  |
| Number of Holdings  | 26  |
| Portfolio Turnover Rate  | 13%  |

---

ICON Consumer Select Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Consumer Select Fund**<br> **Investor Class** <br> ICFAX<br>| ![logo](qes56mi11me2ww0ng.jpg) |

---

This semi-annual shareholder report contains important information about ICON Consumer Select Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Consumer Select Fund, Investor Class  | $92  | 1.81%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me2xogwo.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| LPL Financial Holdings Inc  | 8.0%  |
| Visa Inc  | 7.5%  |
| Equitable Holdings Inc  | 7.0%  |
| American Express Co  | 5.6%  |
| Coca-Cola Europacific Partners PLC  | 5.6%  |
| Koninklijke Ahold Delhaize NV  | 5.5%  |
| eBay Inc  | 5.1%  |
| RenaissanceRe Holdings Ltd  | 5.0%  |
| The Hartford Insurance Group Inc  | 4.9%  |
| Huntington Bancshares Inc  | 4.6%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $1580907  |
| Number of Holdings  | 26  |
| Portfolio Turnover Rate  | 13%  |

---

ICON Equity Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Equity Fund**<br> **Institutional Class** <br> IOLZX<br>| ![logo](qes13l8iczy1me30m9f4.jpg) |

---

This semi-annual shareholder report contains important information about ICON Equity Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Equity Fund, Institutional Class  | $65  | 1.29%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me30u3bx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Armstrong World Industries Inc  | 6.0%  |
| LPL Financial Holdings Inc  | 5.3%  |
| Seagate Technology Holdings PLC  | 4.5%  |
| Horace Mann Educators Corp  | 4.3%  |
| JPMorgan Chase & Co  | 4.1%  |
| Chart Industries Inc  | 4.0%  |
| Performance Food Group Co  | 3.9%  |
| Mastercard Inc  | 3.6%  |
| Baker Hughes Co  | 3.6%  |
| T-Mobile US Inc  | 3.5%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $33243420  |
| Number of Holdings  | 28  |
| Portfolio Turnover Rate  | 10%  |

---

**ICON Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Equity Fund**<br> **Investor Class** <br> ISTAX<br>| ![logo](qes13l8iczy1me30m9f4.jpg) |

---

This semi-annual shareholder report contains important information about ICON Equity Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Equity Fund, Investor Class  | $78  | 1.53%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me30u3bx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Armstrong World Industries Inc  | 6.0%  |
| LPL Financial Holdings Inc  | 5.3%  |
| Seagate Technology Holdings PLC  | 4.5%  |
| Horace Mann Educators Corp  | 4.3%  |
| JPMorgan Chase & Co  | 4.1%  |
| Chart Industries Inc  | 4.0%  |
| Performance Food Group Co  | 3.9%  |
| Mastercard Inc  | 3.6%  |
| Baker Hughes Co  | 3.6%  |
| T-Mobile US Inc  | 3.5%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $14910511  |
| Number of Holdings  | 28  |
| Portfolio Turnover Rate  | 10%  |

---

ICON Equity Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Equity Income Fund** <br> **Institutional Class** <br> IOEZX<br>| ![logo](qes13l8iczy1me318r1p.jpg) |

---

This semi-annual shareholder report contains important information about ICON Equity Income Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Equity Income Fund, Institutional Class  | $68  | 1.35%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes56mi11me31dojt.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| DTE Energy Co  | 5.9%  |
| ING Groep NV  | 5.5%  |
| National Fuel Gas Co  | 5.4%  |
| Evergy Inc  | 5.2%  |
| Nexstar Media Group Inc  | 4.9%  |
| Lockheed Martin Corp  | 4.9%  |
| KeyCorp  | 4.5%  |
| OneMain Holdings Inc  | 4.5%  |
| Horace Mann Educators Corp  | 4.3%  |
| Portland General Electric Co  | 3.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $29999246  |
| Number of Holdings  | 39  |
| Portfolio Turnover Rate  | 8%  |

---

ICON Equity Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Equity Income Fund** <br> **Investor Class** <br> IEQAX<br>| ![logo](qes13l8iczy1me318r1p.jpg) |

---

This semi-annual shareholder report contains important information about ICON Equity Income Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Equity Income Fund, Investor Class  | $81  | 1.59%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes56mi11me31dojt.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| DTE Energy Co  | 5.9%  |
| ING Groep NV  | 5.5%  |
| National Fuel Gas Co  | 5.4%  |
| Evergy Inc  | 5.2%  |
| Nexstar Media Group Inc  | 4.9%  |
| Lockheed Martin Corp  | 4.9%  |
| KeyCorp  | 4.5%  |
| OneMain Holdings Inc  | 4.5%  |
| Horace Mann Educators Corp  | 4.3%  |
| Portland General Electric Co  | 3.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $11741204  |
| Number of Holdings  | 39  |
| Portfolio Turnover Rate  | 8%  |

---

**ICON Flexible Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Flexible Bond Fund**<br> **Institutional Class** <br> IOBZX<br>| ![logo](qes56mi11me2zux5v.jpg) |

---

This semi-annual shareholder report contains important information about ICON Flexible Bond Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Flexible Bond Fund, Institutional Class  | $39  | 0.77%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes13l8iczy1me2zz015.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Argo Group US Inc  | 3.4%  |
| UMH Properties Inc  | 3.0%  |
| First American Government Obligations Fund  | 2.8%  |
| The PNC Financial Services Group Inc  | 2.7%  |
| Flexential Issuer 2021-1  | 2.5%  |
| Finance of America Structured Securities Trust Series 2022-S1  | 2.4%  |
| Western Asset High Yield Defined Opportunity Fund Inc  | 2.2%  |
| Farm Credit Bank of Texas  | 2.1%  |
| American Airlines 2019-1 Class B Pass Through Trust  | 2.0%  |
| United Airlines 2016-1 Class A Pass Through Trust  | 1.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $346202239  |
| Number of Holdings  | 120  |
| Portfolio Turnover Rate  | 60%  |

---

ICON Flexible Bond Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Flexible Bond Fund**<br> **Investor Class** <br> IOBAX<br>| ![logo](qes56mi11me2zux5v.jpg) |

---

This semi-annual shareholder report contains important information about ICON Flexible Bond Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Flexible Bond Fund, Investor Class  | $51  | 1.01%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes13l8iczy1me2zz015.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Argo Group US Inc  | 3.4%  |
| UMH Properties Inc  | 3.0%  |
| First American Government Obligations Fund  | 2.8%  |
| The PNC Financial Services Group Inc  | 2.7%  |
| Flexential Issuer 2021-1  | 2.5%  |
| Finance of America Structured Securities Trust Series 2022-S1  | 2.4%  |
| Western Asset High Yield Defined Opportunity Fund Inc  | 2.2%  |
| Farm Credit Bank of Texas  | 2.1%  |
| American Airlines 2019-1 Class B Pass Through Trust  | 2.0%  |
| United Airlines 2016-1 Class A Pass Through Trust  | 1.9%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $25774687  |
| Number of Holdings  | 120  |
| Portfolio Turnover Rate  | 60%  |

---

**ICON Health and Information Technology Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Health and Information Technology Fund** <br> **Institutional Class** <br> ICTEX<br>| ![logo](qes13l8iczy1me2ybzzw.jpg) |

---

This semi-annual shareholder report contains important information about ICON Health and Information Technology Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Health and Information Technology Fund, Institutional Class  | $69  | 1.37%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes13l8iczy1me2yitb3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Teradyne Inc  | 8.2%  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 7.0%  |
| Cisco Systems Inc  | 5.8%  |
| Arista Networks Inc  | 5.7%  |
| Meta Platforms Inc  | 5.7%  |
| Encompass Health Corp  | 5.6%  |
| Alphabet Inc  | 4.7%  |
| ServiceNow Inc  | 4.6%  |
| Universal Display Corp  | 4.5%  |
| Salesforce Inc  | 4.1%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $76713234  |
| Number of Holdings  | 28  |
| Portfolio Turnover Rate  | 27%  |

---

**ICON Health and Information Technology Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Health and Information Technology Fund** <br> **Investor Class** <br> ICTTX<br>| ![logo](qes13l8iczy1me2ybzzw.jpg) |

---

This semi-annual shareholder report contains important information about ICON Health and Information Technology Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Health and Information Technology Fund, Investor Class  | $83  | 1.63%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qes13l8iczy1me2yitb3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Teradyne Inc  | 8.2%  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 7.0%  |
| Cisco Systems Inc  | 5.8%  |
| Arista Networks Inc  | 5.7%  |
| Meta Platforms Inc  | 5.7%  |
| Encompass Health Corp  | 5.6%  |
| Alphabet Inc  | 4.7%  |
| ServiceNow Inc  | 4.6%  |
| Universal Display Corp  | 4.5%  |
| Salesforce Inc  | 4.1%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $1203372  |
| Number of Holdings  | 28  |
| Portfolio Turnover Rate  | 27%  |

---

**ICON Natural Resources and Infrastructure Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Natural Resources and Infrastructure Fund** <br> **Institutional Class** <br> ICBMX<br>| ![logo](qese8r0pa1me2yswcz.jpg) |

---

This semi-annual shareholder report contains important information about ICON Natural Resources and Infrastructure Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Natural Resources and Infrastructure Fund, Institutional Class  | $70  | 1.39%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qesibw61mecsxe7g.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| TETRA Technologies Inc  | 5.0%  |
| REV Group Inc  | 5.0%  |
| Carpenter Technology Corp  | 4.5%  |
| Kaiser Aluminum Corp  | 4.3%  |
| Century Aluminum Co  | 4.2%  |
| ZTO Express Cayman Inc  | 4.1%  |
| Cemex SAB de CV  | 4.1%  |
| Alaska Air Group Inc  | 3.8%  |
| Tetra Tech Inc  | 3.6%  |
| TriMas Corp  | 3.5%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $108379200  |
| Number of Holdings  | 40  |
| Portfolio Turnover Rate  | 85%  |

---

**ICON Natural Resources and Infrastructure Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Natural Resources and Infrastructure Fund** <br> **Investor Class** <br> ICBAX<br>| ![logo](qese8r0pa1me2yswcz.jpg) |

---

This semi-annual shareholder report contains important information about ICON Natural Resources and Infrastructure Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Natural Resources and Infrastructure Fund, Investor Class  | $83  | 1.63%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qesibw61mecsxe7g.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| TETRA Technologies Inc  | 5.0%  |
| REV Group Inc  | 5.0%  |
| Carpenter Technology Corp  | 4.5%  |
| Kaiser Aluminum Corp  | 4.3%  |
| Century Aluminum Co  | 4.2%  |
| ZTO Express Cayman Inc  | 4.1%  |
| Cemex SAB de CV  | 4.1%  |
| Alaska Air Group Inc  | 3.8%  |
| Tetra Tech Inc  | 3.6%  |
| TriMas Corp  | 3.5%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $5399245  |
| Number of Holdings  | 40  |
| Portfolio Turnover Rate  | 85%  |

---

**ICON Utilities and Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Utilities and Income Fund**<br> **Institutional Class** <br> ICTUX<br>| ![logo](qes56mi11me2zg4na.jpg) |

---

This semi-annual shareholder report contains important information about ICON Utilities and Income Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Utilities and Income Fund, Institutional Class  | $91  | 1.79%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me2zlcvp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Vodafone Group PLC  | 6.5%  |
| National Fuel Gas Co  | 6.4%  |
| Atmos Energy Corp  | 6.4%  |
| T-Mobile US Inc  | 5.9%  |
| American Electric Power Co Inc  | 5.6%  |
| Xcel Energy Inc  | 5.2%  |
| Spire Inc  | 5.1%  |
| Evergy Inc  | 5.1%  |
| Ameren Corp  | 5.1%  |
| DTE Energy Co  | 5.0%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $18883850  |
| Number of Holdings  | 23  |
| Portfolio Turnover Rate  | 9%  |

---

ICON Utilities and Income Fund Tailored Shareholder Report

---

| | |
|:---|:---|
| semi-annual SHAREHOLDER REPORT June 30, 2025 <br> **ICON Utilities and Income Fund**<br> **Investor Class** <br> ICTVX<br>| ![logo](qes56mi11me2zg4na.jpg) |

---

This semi-annual shareholder report contains important information about ICON Utilities and Income Fund, for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://iconadvisers.com/resource-center/mutual-fund-literature/. You can also request this information by calling (800) 828-4881 or by sending an e-mail to info@iconadvisers.com.

**What were the Fund costs for the last six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| ICON Utilities and Income Fund, Investor Class  | $103  | 2.04%  |

---

**What did the Fund invest in?**

(% of Investments as of June 30, 2025)

**Sector Breakdown** ![bar](qese8r0pa1me2zlcvp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Vodafone Group PLC  | 6.5%  |
| National Fuel Gas Co  | 6.4%  |
| Atmos Energy Corp  | 6.4%  |
| T-Mobile US Inc  | 5.9%  |
| American Electric Power Co Inc  | 5.6%  |
| Xcel Energy Inc  | 5.2%  |
| Spire Inc  | 5.1%  |
| Evergy Inc  | 5.1%  |
| Ameren Corp  | 5.1%  |
| DTE Energy Co  | 5.0%  |

---

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit **https://iconadvisers.com/resource-center/mutual-fund-literature/.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Net Assets  | $3975092  |
| Number of Holdings  | 23  |
| Portfolio Turnover Rate  | 9%  |

---

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable to this Report.

**Item 3. Audit Committee Financial Expert.**

Not applicable to this Report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to this Report.

**Item 5. Audit Committee of Listed Registrants.**

Not Applicable to the Registrant.

**Item 6. Investments.**

(a) The Schedule of Investments is included in the financial statements filed
under Item 7 of this Report.

(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](qes56mi11me2w02k6.jpg)

**SEMI-ANNUAL Financial Statements and Additional Information**

------

June 30, 2025

Shelton Emerging Markets Fund

Shelton International Select Equity Fund

Shelton Tactical Credit Fund

![](shelton_scm-sarimg002.jpg)

---

| | |
|:---|:---|
| **Table of Contents** | **June 30, 2025** |

---

---

| | |
|:---|:---|
| [Portfolio of Investments](#shelton_scm-sara9) | 2 |
| [Statements of Assets & Liabilities](#shelton_scm-sara10) | 11 |
| [Statements of Operations](#shelton_scm-sara11) | 12 |
| [Statements of Changes in Net Assets](#shelton_scm-sara12) | 13 |
| [Financial Highlights](#shelton_scm-sara13) | 15 |
| [Notes to Financial Statements](#shelton_scm-sara14) | 18 |
| [Additional Information](#shelton_scm-sara15) | 25 |

---

**See accompanying notes to financial statements.**

**Shelton Emerging Markets Fund** **Portfolio of Investments (Unaudited) (Expressed in U.S. Dollars) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (95.09%)** |  |  |
| **Brazil (4.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosan SA\* | 106700  | $134698 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Iguatemi SA | 201700  | 862239  |
| **Total Brazil** |  | 996937  |
| **China (27.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd | 52100  | 728740  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd | 41700  | 501996  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co Ltd | 36000  | 561786  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd | 139000  | 141303  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd | 332000  | 325658  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co Ltd (144A) | 74000  | 528372  |
| &nbsp;&nbsp;&nbsp;&nbsp; GF Securities Co Ltd | 300400  | 504368  |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co Ltd | 111100  | 317733  |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc | 23000  | 374741  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Corp Ltd | 26000  | 135466  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan(144A)\* | 7000  | 111733  |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc | 6000  | 161275  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co of China Ltd | 19000  | 120657  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | 25600  | 1640365  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBTech Robotics Corp Ltd\* | 16250  | 171609  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co Ltd | 148748  | 379925  |
| **Total China** |  | 6705727  |
| **Hungary (0.91%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 7510  | 221371  |
| **India (14.69%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd | 64000  | 961920  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd | 12795  | 980993  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd | 23123  | 777858  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd | 10400  | 192712  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd<sup>#</sup> | 215400  | 650508  |
| **Total India** |  | 3563991  |
| **Indonesia (1.68%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 230000  | 122921  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciputra Development Tbk PT | 2364000  | 139085  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk PT | 110300  | 145757  |
| **Total Indonesia** |  | 407763  |
| **Mexico (2.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | 28000  | 296593  |
| &nbsp;&nbsp;&nbsp;&nbsp; GCC SAB de CV | 24000  | 230181  |
| **Total Mexico** |  | 526774  |
| **Philippines (2.92%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land Inc | 220000  | 105506  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co | 41970  | 401436  |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings Inc | 480600  | 200179  |
| **Total Philippines** |  | 707121  |
| **Poland (2.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | 32784  | 684406  |

---

**See accompanying notes to financial statements.**

**Shelton Emerging Markets Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **South Africa (4.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd | 29000  | $382528 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd | 985000  | 671559  |
| **Total South Africa** |  | 1054087  |
| **South Korea (11.51%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Innocean Worldwide Inc | 10407  | 152612  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co Ltd | 32600  | 552068  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kumho Tire Co Inc\* | 104000  | 346472  |
| &nbsp;&nbsp;&nbsp;&nbsp; S-1 Corp | 10000  | 507299  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd | 17612  | 778843  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co Ltd | 10000  | 454055  |
| **Total South Korea** |  | 2791349  |
| **Taiwan (21.48%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantech Co Ltd | 20000  | 232614  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadyan Technology Corp | 34000  | 233195  |
| &nbsp;&nbsp;&nbsp;&nbsp; CTBC Financial Holding Co Ltd | 124000  | 185366  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc | 15000  | 211918  |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek Inc | 11900  | 508843  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co Ltd | 12000  | 167277  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp | 35000  | 678856  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | 82500  | 2991480  |
| **Total Taiwan** |  | 5209549  |
| **Turkey (0.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 84016  | 196125  |
| **Total Common Stock (Cost $17,529,148)** |  | 23065200  |
| **Preferred Stock (2.97%)** |  |  |
| **Brazil (2.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA | 80520  | 546323  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itausa SA | 86500  | 174302  |
| **Total Preferred Stock (Cost $648,790)** |  | 720625  |
| **Collateral Received For Securities on Loan (2.84%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.50% (Cost $689,315) | 689315  | 689315  |
| **United States Treasury Bills (0.82%)** |  |  |
| United States Treasury Bill 0.000%, 7/31/2025<sup>(a)</sup> (Cost $199,310) | 200000  | 199308  |
| **Total Investments (Cost $19,066,563) (101.72%)** |  | 24674448  |
| **Liabilities in Excess of Other Assets (-1.72%)** |  | (417834) |
| **Net Assets (100.00%)** |  | $24256614  |

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

(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 June 30, 2025, these securities had a total aggregate market value of $640,105, which represented approximately 2.64% of net assets.

(a)A portion of these securities, a total of $99,655, have been pledged or segregated in connection with obligations for futures contracts.

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Value**  | **Unrealized Appreciation**  |
| Futures contracts at June 30, 2025 |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange<br>7 / SEP 2025 / Long / ICE | 427500  | 431725  | 4225  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Unaudited) (Expressed in U.S. Dollars) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (94.88%)** |  |  |
| **Australia (2.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd | 40283  | $612702 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; The Lottery Corp Ltd | 66252  | 232410  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd | 29915  | 383733  |
| **Total Australia** |  | 1228845  |
| **Brazil (1.79%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BRF SA<sup>#</sup> | 57131  | 208528  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA<sup>#</sup> | 32582  | 242084  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTVS SA | 45000  | 350371  |
| **Total Brazil** |  | 800983  |
| **Britain (8.19%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 17000  | 746678  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 77350  | 699118  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Sage Group PLC | 30597  | 525167  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 34600  | 1066647  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 40394  | 632889  |
| **Total Britain** |  | 3670499  |
| **Canada (8.74%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp | 21300  | 443323  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd | 12400  | 389631  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica Inc\* | 1800  | 281158  |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp | 1300  | 213376  |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd | 40  | 8020  |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial Inc | 18500  | 584292  |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | 47900  | 622790  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify Inc\* | 1900  | 219082  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec Inc | 4200  | 456875  |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy Inc | 12378  | 463547  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp | 2600  | 233752  |
| **Total Canada** |  | 3915846  |
| **China (7.45%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd | 16900  | 236386  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd | 1500  | 170115  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co Ltd | 18000  | 280893  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co Ltd (144A) | 85600  | 611198  |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd | 76000  | 197504  |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc | 20340  | 546721  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Gold Mining Co Ltd (144A) | 62250  | 216092  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | 13400  | 858629  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group | 11500  | 224135  |
| **Total China** |  | 3341673  |
| **Denmark (1.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 9636  | 392981  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 1494  | 310190  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S<sup>#</sup> | 2400  | 165648  |
| **Total Denmark** |  | 868819  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **France (5.41%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 15087  | $1356231 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 13205  | 249868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 1200  | 168551  |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB SA | 2432  | 229450  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel SE | 3978  | 419822  |
| **Total France** |  | 2423922  |
| **Germany (0.99%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 5199  | 221157  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (144A)\* | 6703  | 220670  |
| **Total Germany** |  | 441827  |
| **Hong Kong (5.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd | 135300  | 1213397  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd | 381000  | 225204  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd | 4500  | 240078  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 45000  | 563674  |
| **Total Hong Kong** |  | 2242353  |
| **Hungary (0.78%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 4371  | 349165  |
| **India (2.15%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd | 3400  | 260678  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd | 13900  | 467596  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd<sup>#</sup> | 78175  | 236089  |
| **Total India** |  | 964363  |
| **Indonesia (0.48%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalbe Farma Tbk PT | 2312300  | 217241  |
| **Ireland (1.28%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 4900  | 573300  |
| **Israel (0.68%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd\* | 1800  | 304038  |
| **Italy (4.52%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 415  | 203394  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 190459  | 1097327  |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (144A) | 14300  | 307223  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 69242  | 419367  |
| **Total Italy** |  | 2027311  |
| **Japan (15.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp | 3500  | 258922  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp | 40400  | 384281  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co Ltd | 9212  | 215222  |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-Reit | 471  | 424139  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd | 7700  | 224804  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co Ltd | 25000  | 269909  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co Ltd | 20600  | 191011  |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp | 2100  | 332649  |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group Inc | 18800  | 252050  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp | 10500  | 226797  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc | 19300  | 265722  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc | 38900  | 216284  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp | 8700  | $254845 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp | 19300  | 589733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp<sup>#</sup> | 8300  | 216049  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc | 18400  | 464248  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd | 1300  | 249837  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp | 48300  | 574784  |
| &nbsp;&nbsp;&nbsp;&nbsp; USS Co Ltd | 51200  | 564682  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp | 29300  | 784222  |
| **Total Japan** |  | 6960190  |
| **Netherlands (2.90%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 400  | 256019  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 351  | 281288  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 3500  | 260748  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV | 4129  | 230864  |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 5633  | 271266  |
| **Total Netherlands** |  | 1300185  |
| **Norway (0.49%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 7937  | 219405  |
| **Portugal (1.23%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 127592  | 553350  |
| **Singapore (0.50%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd | 19100  | 223515  |
| **South Africa (1.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd | 662284  | 451536  |
| **South Korea (4.80%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group Inc | 3270  | 268177  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co Ltd | 25930  | 439115  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co Ltd | 22174  | 351731  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Corp | 5000  | 402291  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd | 9524  | 421174  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Square Co Ltd\* | 1987  | 268899  |
| **Total South Korea** |  | 2151387  |
| **Spain (2.67%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 3238  | 582764  |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 70781  | 613102  |
| **Total Spain** |  | 1195866  |
| **Sweden (1.08%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson | 56348  | 482105  |
| **Switzerland (7.71%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 3000  | 363638  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 11800  | 1427918  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 5108  | 1663609  |
| **Total Switzerland** |  | 3455165  |
| **Taiwan (4.29%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | 8499  | 1924928  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Turkey (0.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO | 33551  | $238880 <br>|
| **Total Common Stock (Cost $36,152,020)** |  | 42526697  |
| **Preferred Stock (2.31%)** |  |  |
| **Germany (2.31%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FUCHS SE | 18802  | 1037321  |
| **Total Preferred Stock (Cost $810,413)** |  | 1037321  |
| **Collateral Received For Securities on Loan (2.44%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.50% (Cost $1,093,723) | 1093723  | 1093723  |
| **United States Treasury Bills (2.22%)** |  |  |
| United States Treasury Bill 0.000%, 7/31/2025<sup>(a)</sup> (Cost $996,502) | 1000000  | 996539  |
| **Total Investments (Cost $39,052,658) (101.85%)** |  | 45654280  |
| **Liabilities in Excess of Other Assets (-1.85%)** |  | (829122) |
| **Net Assets (100.00%)** |  | $44825158 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

(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 June 30, 2025, these securities had a total aggregate market value of $1,355,183 which represented approximately 3.02% of net assets.

(a)A portion of these securities, a total of $99,655, have been pledged or segregated in connection with obligations for futures contracts.

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Value**  | **Unrealized Appreciation**  |
| Futures contracts at June 30, 2025 |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange<br>7 / SEP 2025 / Long / ICE | 1165750  | 1206750  | 41015 |

---

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Unaudited) (Expressed in U.S. Dollars) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value**  |
| **Common Stock (1.81%)** |  |  |
| **Consumer, Non-cyclical (1.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxus International Inc<sup>#,</sup>\* | 180682  | $939546 <br>|
| **Energy (0.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CHC Group LLC\*<sup>,</sup><sup>(a)</sup>  | 9358  |  |
| **Financial (0.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates LP<sup>(a)</sup><sup>,</sup><sup>(b)</sup>  | 1526000  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates LP<sup>(a)</sup><sup>,</sup><sup>(b)</sup>  | 1000000  |  |
| **Total Financial** |  |  |
| **Total Common Stock (Cost $2,208,861)** |  | 939546 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| **Corporate Debt (87.22%)** |  |  |
| **Communications (6.47%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Midco Ltd / Difl US II LLC, 10.500%, 11/25/2028  | 1026250  | 1013422  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, 3.875%, 9/1/2031 (144A) | 1750000  | 1555162  |
| &nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC / Windstream Escrow Finance Corp, 8.250%, 10/1/2031 (144A) | 750000  | 785134  |
| **Total Communications** |  | 3353718  |
| **Consumer, Cyclical (30.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co, 7.375%, 10/15/2028 (144A) | 1250000  | 1303109  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A) | 1000000  | 1051370  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc, 7.500%, 2/15/2029 (144A) | 2000000  | 1590000  |
| &nbsp;&nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd, 5.308%, 10/20/2031 (144A) | 1000000  | 983771  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA Inc, 5.250%, 7/15/2028 (144A) | 1500000  | 1492478  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins Inc, 5.300%, 5/9/2035  | 1250000  | 1269662  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Inc, 8.500%, 1/15/2026 (144A) | 1750000  | 1407489  |
| &nbsp;&nbsp;&nbsp;&nbsp; The New Home Co Inc, 8.500%, 11/1/2030 (144A) | 1000000  | 1019188  |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A) | 1750000  | 1699878  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.000%, 1/15/2031 (144A) | 1250000  | 1230066  |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co, 6.625%, 5/1/2032 (144A) | 1750000  | 1801388 |
| &nbsp;&nbsp;&nbsp;&nbsp; WMG Acquisition Corp, 3.000%, 2/15/2031 (144A) | 1250000  | 1133502  |
| **Total Consumer, Cyclical** |  | 15981901 |
| **Consumer, Non-cyclical (21.91%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd, 10.000%, 4/15/2032 (144A) | 1000000  | 1009000  |
| &nbsp;&nbsp;&nbsp;&nbsp; The GEO Group Inc, 10.250%, 4/15/2031  | 1250000  | 1370948  |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl, 5.750%, 4/1/2033  | 1500000  | 1541754  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co, 4.375%, 6/1/2046  | 1250000  | 1010633  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co, 5.000%, 9/15/2034  | 1000000  | 992868  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars Inc, 5.650%, 5/1/2045 (144A) | 1000000  | 1003021  |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Water Holdings Inc / Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A) | 750000  | 755228  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings Inc, 5.593%, 11/13/2033 (144A) | 1350000  | 1431574  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America Inc, 6.000%, 12/15/2029 (144A) | 1000000  | 1024097  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp, 8.625%, 11/1/2031 (144A) | 1250000  | 1222779  |
| **Total Consumer, Non-cyclical** |  | 11361902  |
| **Energy (4.33%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Production Inc, 9.375%, 2/1/2031 (144A) | 750000  | 765827  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Inc, 8.000%, 2/1/2027 (144A) | 1500000  | 1478789  |
| **Total Energy** |  | 2244616  |

---

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value**  | **Value**  |
| **Financial (18.91%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041  | 1250000  | $1000186 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP, 5.500%, 2/1/2034  | 1500000  | 1525272  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial LP, 5.250%, 1/15/2031  | 1500000  | 1517462  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Inc, 6.250%, 1/15/2033 (144A) | 1750000  | 1799334  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co, 3.882%, 7/24/2038<sup>(c)</sup>  | 1250000  | 1102532  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 6.500%, 2/15/2029 (144A) | 750000  | 724972  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa Inc, 2.700%, 4/15/2040  | 1500000  | 1132600  |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, 5.125%, 7/1/2035  | 1000000  | 1004046  |
| **Total Financial** |  | 9806404  |
| **Industrial (0.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022<sup>#,</sup><sup>(a)</sup><sup>,</sup><sup>(b)</sup>  | 548153  |  |
| **Technology (2.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp, 4.700%, 2/1/2034  | 1250000  | 1244113  |
| **Utilities (2.38%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp, 5.000%, 2/1/2031 (144A) | 1250000 | 1236543 |
| **Total Corporate Debt (Cost $44,989,946)** |  | 45229197 |
| **Municipal Bonds (0.05%)** |  |  |
| **Development (0.05%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)<sup>(b)</sup>  | 250000  | 2813  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)<sup>(b)</sup>  | 2050000  | 23063  |
| **Total Development** |  | 25876  |
| **Total Municipal Debt (Cost $2,280,321)** |  | 25876  |
| **United States Treasury Bills (7.87%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill, 0.000%, 8/14/2025 (Cost $4,078,634) | 4100000  | 4078392  |
| **Term Loans (1.37%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxus Holdings Inc, TSFR1M (floor + 1.500%) + 8.000%, 12/27/2027<sup>(c</sup><sup>)</sup>  | 442113  | 417244  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxus Holdings Inc, TSFR1M (floor + 1.500%) + 8.000%, 12/31/2027<sup>(c)</sup>  | 294742  | 294742  |
| **Total Term Loans (Cost $732,617)** |  | 711986  |

---

---

| | | |
|:---|:---|:---|
| **Purchased Options - Puts (0.07%)** | **Contracts** | **Value**  |
| 10-Year US Treasury Note Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $547,500 premiums paid $16,406 exercise price $109.50, expires 8/22/25 | 50  | 10938  |
| 10-Year US Treasury Note Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $542,500 premiums paid $28,906, exercise price $108.50, expires 8/22/25 | 50  | 5469  |
| 10-Year US Treasury Note Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $163,500 premiums paid $7,500, exercise price $109.00, expires 8/22/25 | 15  | 2344  |
| iShares iBoxx High Yield Corporate Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $5,850,000, premiums paid $42,250,exercise price $78.00, expires 8/15/25 | 750  | 12000  |
| iShares iBoxx High Yield Corporate Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $3,800,000, premiums paid $15,000,exercise price $76.00, expires 8/15/25 | 500  | 4000  |
| **Total Options (Cost $110,062)** |  | 34751  |
| **Total Investments (Cost $54,400,441) (98.39%)** |  | $51019748 <br>|
| **Other Net Assets (1.61%)** |  | 834289 |
| **Net Assets (100.00%)** |  | $51854037 <br>|

---

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Unaudited) (Continued) 6/30/25** <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 June 30, 2025, these securities had a total aggregate market value of $25,663,192 which represented approximately 49.49% of net assets.

\*Non income security.

#Security is illiquid.

(a)Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value security is $0.00.

(b)Defaulted security

(c)Variable rate security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps<sup>\*,\*\*,\*\*\*</sup>** **(-0.06%)** | **Maturity Date**  | **Fixed Deal (Pay Rate)** | **Implied Credit Spread at June 30, 2025** | **Notional Amount**  | **Period Payment Frequency**  | **Fair Value**  | **Upfront Premiums Received**  | **Unrealized Depreciation** |
| **Buy Protection** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDXIG44 6/30 | 6/20/2030 | 1.00% | 0.51% | 15000000 | Quarterly | (330825) | (290678) | (40147) |
| **Total Buy Protection** |  |  |  |  |  | (330825) | (290678) | (40147) |

---

\*For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

\*\*For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period-end will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of the referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

\*\*\*For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract.

**See accompanying notes to financial statements.**

**Statements of Assets & Liabilities (Unaudited)<br>June 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Shelton<br>Emerging<br>Markets Fund** | **Shelton<br>International<br>Select Equity<br>Fund** | **Shelton<br>Tactical<br>Credit<br>Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $19066563 <br>| $39052658 <br>| $54290379 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of purchased options |  |  | 110063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1)\* | 24674448 | 45654280 | 50984997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of purchased options (Note 1) |  |  | 34751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 46222 | 23617 | 146733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker | 767 | 12317 | 142462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold receivable | 1489 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable |  |  | 833935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 94563 | 59705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable | 4516 | 331374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor | 20474 | 15457 | 19340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 177708 |  | 1027500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 25396 | 4939 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 20883 | 9240 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin receiveable |  |  | 45997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 157 | 176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $25066623 <br>| $46111105 <br>| $53240735 <br>|
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilites |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 689315 | 1093723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares repurchased | 39877 | 57687 | 302215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 21943 | 26742 | 25556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 360 | 98 | 5170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 274 | 873 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 1895 | 3345 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 604 | 22237 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees |  | 10006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | 9557 | 14407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 12695 | 12174 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued printing fees |  |  | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued registration fees | 13053 | 17140 | 4906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 22682 | 31530 | 13299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees | 899 | 835 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misc. fees and expense | 6413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 810009 | 1285947 | 1386698 |
| **Net assets** | $24256614 <br>| $44825158 <br>| $51854037 <br>|
| **Net assets at June 30, 2025 consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 19146187 | 85598483 | 63355026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 5110427 | (40773325) | (11500989) |
| **Total net assets** | $24256614 <br>| $44825158 <br>| $51854037 <br>|
| **Net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $22925270 <br>| $40586564 <br>| $49602702 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $1331344 <br>| $4238594 <br>| $2251335 <br>|
| **Shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 1200841 | 1453121 | 4791700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 70831 | 156725 | 219393 |
| **Net asset value per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $10.35 <br>| $27.93 <br>| $10.35 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $10.26 <br>| $27.04 <br>| $10.26 <br>|

---

\*Securities are on loan in the amount of $640,533, $1,057,709, and $— respectfully.

**See accompanying notes to financial statements.**

**Statements of Operations<br>June 30, 2025**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Shelton Emerging Markets <br>Fund** | **Shelton International Select Equity Fund** | **Shelton Tactical <br>Credit <br>Fund** |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $8563 <br>| $15834 <br>| $1288423 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign tax witheld: $47,736, $106,447 and $— respectively) | 392539 | 692106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 3019 | 2295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $404121 <br>| $710235 <br>| $1288423 <br>|
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 115534 | 150761 | 185515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 10683 | 18845 | 16831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17578 | 19006 | 7616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 22343 | 19286 | 17937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10076 | 13710 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 17682 | 17115 | 13738 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 1197 | 2165 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 3826 | 3890 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 339 | 601 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 15444 | 15656 | 9853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 20974 | 23509 | 22566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees Investor Shares (Note 2) | 1532 | 4938 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fee | 1158 | 4440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | $238366 <br>| $293922 <br>| $287000 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from advisor (Note 2) | (123523) | (87012) | (119345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | $114843 <br>| $206910 <br>| $167655 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $289278 <br>| $503325 <br>| $1120768 <br>|
| **Realized and unrealized gain/(loss) on investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | $204951 <br>| $2971064 <br>| $150968 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 9266 | 5542 | (7793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  | (41127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts |  |  | (54828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net realized gain/(loss) | 214217 | 2976606 | 47220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and foriegn currency translation | 2463771 | 4008664 | 924102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures | 11945 | 41015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts |  |  | (138828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of swap contracts |  |  | (36114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | $2689933 <br>| $7026288 <br>| $796380 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $2979211 <br>| $7529613 <br>| $1917148 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>June 30, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shelton Emerging <br>Markets Fund**  | **Shelton Emerging <br>Markets Fund**  | **Shelton International <br>Select Equity Fund**  | **Shelton International <br>Select Equity Fund**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $289278 <br>| $408707 <br>| $503325 <br>| $794279 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 204951 | 1192292 | 2971064 | 4690870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 9266 | (12794) | 5542 | (17143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and foreign currency translation | 2463771 | (1073800) | 4008664 | (3689570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures | 11945 | (7720) | 41015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 2979211 | 506685 | 7529613 | 1778436 |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (1284587) |  | (1308432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (63699) |  | (129637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of Capital  |  |  |  | (14390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital |  |  |  | (1440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (1348286) |  | (1453899) |
| **Capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (2020292) | (5336579) | (3219252) | (11693675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | 958919 | (6178180) | 4310361 | (11369138) |
| **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 23297695 | 29475875 | 40514797 | 51883935 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $24256614 <br>| $23297695 <br>| $44825158 <br>| $40514797 <br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shelton Tactical <br>Credit Fund**  | **Shelton Tactical <br>Credit Fund**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended December 31, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $1120768 <br>| $1908163 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 150968 | (221040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (7793) | (13862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts | (41127) | (65937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts | (54828) | (102405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and foreign currency translation | 924102 | 397045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts | (138828) | 90078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of swap contracts | (36114) | (9806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 1917148 | 1982236 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (971748) | (1688354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (64368) | (132683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instiutional Return of Capital  |  | (33021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital |  | (2595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (1036116) | (1856653) |
| **Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in net assets resulting from capital share transactions | 15152225 | 4531253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | 16033257 | 4656836 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 35820779 | 31163943 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $51854037 <br>| $35820779 <br>|

---

**See accompanying notes to financial statements.**

**Statements of Changes in Net Assets<br>June 30, 2025 (Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging <br>Markets Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 69266 | $1208409 <br>| 439752 | $7758747 <br>| 19369 | $328720 <br>| 29535 | $517777 <br>|
| Shares issued in reinvestment of distributions  |  | (1243) | 64422 | 1094648 |  |  | 3585 | 60036 |
| Shares repurchased  | (187871) | (3292558) | (791771) | (14033881) | (16148) | (263620) | (40946) | (733906) |
| Net increase/(decrease)  | (118605) | $(2085392 ) | (287597) | $(5180486 ) | 3221 | $65100 <br>| (7826) | $(156093 ) |
| **Shelton International Select Equity Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold | 170931 | $4443212 <br>| 402849 | $9776460 <br>| 63711 | $1522983 <br>| 166503 | $3929688 <br>|
| Shares issued in reinvestment of distributions |  |  | 52973 | 1233219 |  |  | 5116 | 115475 |
| Shares repurchased | (292434) | (7311177) | (891539) | (21424935) | (77878) | (1874270) | (225654) | (5323582) |
| Net increase/(decrease)  | (121503) | $(2867965 ) | (435717) | $(10415256 ) | (14167) | $(351287 ) | (54035) | $(1278419 ) |
| **Shelton Tactical Credit Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  | **Year Ended<br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 1827148 | $18896094 <br>| 947629 | $9615208 <br>| 8211 | $82696 <br>| 11023 | $112148 <br>|
| Shares issued in reinvestment <br>of distributions  | 94660 | 968392 | 168333 | 1711900 | 5573 | 56605 | 12017 | 121863 |
| Shares repurchased  | (431845) | (4410707) | (606229) | (6171414) | (43462) | (440855) | (85294) | (858452) |
| Net increase/(decrease)  | 1489963 | $15453779 <br>| 509733 | $5155694 <br>| (29678) | $(301554 ) | (62254) | $(624441 ) |

---

**See accompanying notes to financial statements.**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging Markets Fund<br>Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Period Ended <br>December 31, 2020<sup>(b)</sup>**  | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $16.81 <br>| $17.53 <br>| $16.76 <br>| $19.86 <br>| $20.09 <br>| $15.33 <br>| $14.82 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c</sup><sup>)</sup>  | 0.22 | 0.28 | 0.26 | 0.17 | —<br> <sup>(d)</sup>  | (0.04) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (6.68) | 0.01 | 2.27 | (3.02) | 0.15 | 4.84 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.46) | 0.29 | 2.53 | (2.85) | 0.15 | 4.80 | 0.88 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.70) | (0.22) | (0.25) | (0.38) | (0.04) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (0.31) | (1.54) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.01) | (1.76) | (0.25) | (0.38) | (0.04) | (0.37) |
| Net asset value, end of year or period | $10.35 <br>| $16.81 <br>| $17.53 <br>| $16.76 <br>| $19.86 <br>| $20.09 <br>| $15.33 <br>|
| Total return | 13.56<br> %<sup>(e</sup><sup>)</sup>  | 1.66% | 15.43% | (14.33)% | 0.77% | 31.29<br> %<sup>(e)</sup>  | 5.78% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $22925 <br>| $22178 <br>| $28170 <br>| $22812 <br>| $30458 <br>| $25749 <br>| $21354 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 2.06<br> %<sup>(f)</sup>  | 1.77% | 1.70% | 1.77% | 1.58% | 1.48<br> %<sup>(f)</sup>  | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g)</sup>  | 0.99<br> %<sup>(f)</sup>  | 1.29% | 1.70% | 1.77% | 1.56% | 1.48<br> %<sup>(f)</sup>  | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.43<br> %<sup>(f)</sup>  | 1.09% | 1.34% | 1.00% | (0.04)% | (0.88)%<sup>(f)</sup>  | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 2.50<br> %<sup>(f)</sup>  | 1.57% | 1.34% | 1.00% | 0.04% | (0.88)%<sup>(f)</sup>  | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 21<br> %<sup>(e)</sup>  | 78% | 63% | 49% | 21% | 27<br> %<sup>(e)</sup>  | 58% |
| **Investor Shares<sup>(</sup>**<sup>**h**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Period Ended <br>December 31, 2020<sup>(b)</sup>**  | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $16.57 <br>| $17.31 <br>| $16.53 <br>| $19.64 <br>| $19.92 <br>| $15.20 <br>| $14.73 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup>  | 0.20 | 0.24 | 0.21 | 0.15 | (0.05) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (6.51) |  | 2.24 | (3.01) | 0.15 | 4.81 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.31) | 0.24 | 2.45 | (2.86) | 0.10 | 4.76 | 0.83 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.67) | (0.13) | (0.25) | (0.38) | (0.04) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (0.31) | (1.54) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.98) | (1.67) | (0.25) | (0.38) | (0.04) | (0.36) |
| Net asset value, end of year or period | $10.26 <br>| $16.57 <br>| $17.31 <br>| $16.53 <br>| $19.64 <br>| $19.92 <br>| $15.20 <br>|
| Total return | 13.46<br> %<sup>(e</sup><sup>)</sup>  | 1.41% | 15.15% | (14.56)% | 0.52% | 31.29<br> %<sup>(e)</sup>  | 5.48% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $1331 <br>| $1120 <br>| $1306 <br>| $914 <br>| $1260 <br>| $1588 <br>| $1432 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 2.30<br> %<sup>(f)</sup>  | 2.02% | 1.94% | 2.03% | 1.84% | 1.73<br> %<sup>(f)</sup>  | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g)</sup>  | 1.23<br> %<sup>(f)</sup>  | 1.53% | 1.94% | 2.03% | 1.81% | 1.73<br> %<sup>(f)</sup>  | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.25<br> %<sup>(f)</sup>  | 0.89% | 1.08% | 0.86% | (0.28)% | (1.12)%<sup>(f)</sup>  | (0.74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 2.32<br> %<sup>(f)</sup>  | 1.38% | 1.08% | 0.86% | (0.25)% | (1.12)%<sup>(f)</sup>  | (0.08)% |
| Portfolio turnover | 21<br> %<sup>(e)</sup>  | 78% | 63% | 49% | 21% | 27<br> %<sup>(e)</sup>  | 58% |

---

(a)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Emerging Markets Fund - Class S.

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

(c)Calculated based upon average shares outstanding.

(d)Amount less than $(0.005).

(e)Not annualized.

(f)Annualized.

(g)Effective for the year ended September 30, 2020 and thereafter, CCO Fees are not included in the expense limitation. For the year ended September 30, 2020, reorganization costs not included. For all years presented, interest expense, when applicable, is not included in the expense limitation.

(h)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Emerging Markets Fund - Class A.

**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** | **Six Months Ended <br>June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Year Ended <br>December 31, 2020** |
| Net asset value, beginning of year | $23.28 <br>| $23.28 <br>| $20.81 <br>| $27.20 <br>| $25.77 <br>| $22.02 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | 0.28 | 0.43 | 0.37 | 0.47 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 4.37 | 0.44 | 2.53 | (5.72) | 1.45 | 3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.65 | 0.87 | 2.90 | (5.25) | 1.61 | 3.96 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.86) | (0.43) | (1.14) | (0.18) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.87) | (0.43) | (1.14) | (0.18) | (0.21) |
| Redemption Fees |  |  |  |  |  |  |
| Net asset value, end of year | $27.93 <br>| $23.28 <br>| $23.28 <br>| $20.81 <br>| $27.20 <br>| $25.77 <br>|
| Total return | 19.97<br> %<sup>(b</sup><sup>)</sup>  | 3.68% | 13.97% | (19.29)% | 6.23% | 18.07% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $40587 <br>| $36658 <br>| $46806 <br>| $69446 <br>| $149505 <br>| $127893 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.41<br> %<sup>(c</sup><sup>)</sup>  | 1.26% | 1.18% | 1.08% | 0.99% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.99<br> %<sup>(c</sup><sup>)</sup>  | 0.99% | 0.98% | 1.00% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.88<br> %<sup>(c</sup><sup>)</sup>  | 1.45% | 1.44% | 1.99% | 0.61% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 2.30<br> %<sup>(c</sup><sup>)</sup>  | 1.72% | 1.64% | 2.07% | 0.61% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 55<br> %<sup>(b</sup><sup>)</sup>  | 56% | 55% | 44% | 46% | 46% |
| **Investor Shares** | **Six Months Ended <br>June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Year Ended <br>December 31, 2020** |
| Net asset value, beginning of year | $22.57 <br>| $22.58 <br>| $20.21 <br>| $27.04 <br>| $25.62 <br>| $21.91 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup>  | 0.25 | 0.35 | 0.31 | 0.47 | 0.11 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 4.22 | 0.43 | 2.45 | (5.73) | 1.42 | 3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.47 | 0.78 | 2.76 | (5.26) | 1.53 | 3.85 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.78) | (0.39) | (1.57) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.79) | (0.39) | (1.57) | (0.11) | (0.14) |
| Redemption Fees |  |  |  |  |  |  |
| Net asset value, end of year | $27.04 <br>| $22.57 <br>| $22.58 <br>| $20.21 <br>| $27.04 <br>| $25.62 <br>|
| Total return | 19.81<br> %<sup>(b</sup><sup>)</sup>  | 3.45% | 13.64% | (19.47)% | 5.97% | 17.64% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $4239 <br>| $3857 <br>| $5078 <br>| $6657 <br>| $30219 <br>| $15863 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.67<br> %<sup>(c</sup><sup>)</sup>  | 1.50% | 1.43% | 1.33% | 1.23% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.25<br> %<sup>(c</sup><sup>)</sup>  | 1.24% | 1.23% | 1.25% | 1.23% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.69<br> %<sup>(c</sup><sup>)</sup>  | 1.19% | 1.29% | 1.96% | 0.40% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 2.12<br> %<sup>(c</sup><sup>)</sup>  | 1.46% | 1.49% | 2.04% | 0.40% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 55<br> %<sup>(b</sup><sup>)</sup>  | 56% | 55% | 44% | 46% | 46% |

---

(a)Calculated based upon average shares outstanding.

(b)Not annualized.

(c)Annualized.

**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** | **Six Months Ended <br>June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Year Ended <br>December 31, 2020** |
| Net asset value, beginning of year | $10.09 <br>| $10.04 <br>| $9.98 <br>| $11.07 <br>| $10.70 <br>| $10.55 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(</sup><sup>a</sup><sup>)</sup>  | 0.29 | 0.55 | 0.50 | 0.28 | 0.23 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.22 | 0.04 | 0.04<br> <sup>(</sup><sup>b</sup><sup>)</sup>  | (1.08) | 0.53 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 | 0.59 | 0.54 | (0.80) | 0.76 | 0.58 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25 | (0.53) | (0.48) | (0.27) | (0.39) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  | (0.01) |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.25 | (0.54) | (0.48) | (0.29) | (0.39) | (0.43) |
| Redemption fees |  |  |  |  |  |  |
| Net asset value, end of year | $10.35 <br>| $10.09 <br>| $10.04 <br>| $9.98 <br>| $11.07 <br>| $10.70 <br>|
| Total return | 5.07 | 5.93% | 5.70% | (7.27)% | 7.09% | 5.89% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $49603 <br>| $33316 <br>| $28041 <br>| $32821 <br>| $50232 <br>| $40473 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.55 | 1.61<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.83<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.86<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.13<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 3.45<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.91 | 0.99<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.23<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.72<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.04<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 3.35<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 5.18 | 4.91% | 4.44% | 2.54% | 1.97% | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 5.83 | 5.52% | 5.04% | 2.68% | 2.06% | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 67 | 111% | 187% | 63% | 118% | 249% |
| **Investor Shares** | **Six Months Ended June 30, 2025 (Unaudited)** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** | **Year Ended <br>December 31, 2020** |
| Net asset value, beginning of year | $10.06 <br>| $10.03 <br>| $9.97 <br>| $11.05 <br>| $10.71 <br>| $10.55 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(</sup><sup>a</sup><sup>)</sup>  | 0.28 | 0.54 | 0.47 | 0.25 | 0.21 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.21 | 0.02 | 0.05<br> <sup>(</sup><sup>b</sup><sup>)</sup>  | (1.07) | 0.51 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.49 | 0.56 | 0.52 | (0.82) | 0.72 | 0.57 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29 | (0.52) | (0.46) | (0.24) | (0.38) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  | (0.01) |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.29 | (0.53) | (0.46) | (0.26) | (0.38) | (0.41) |
| Redemption fees |  |  |  |  |  |  |
| Net asset value, end of year | $10.26 <br>| $10.06 <br>| $10.03 <br>| $9.97 <br>| $11.05 <br>| $10.71 <br>|
| Total return | 4.90 | 5.67% | 5.43% | (7.42)% | 6.75% | 5.77% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $2251 <br>| $2505 <br>| $3123 <br>| $3523 <br>| $4556 <br>| $6510 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.81 | 1.86<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.13<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.11<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.41<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 3.70<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.17 | 1.24<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.52<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 1.97<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 2.31<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  | 3.60<br> %<sup>(</sup><sup>e</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 4.90 | 4.65% | 4.18% | 2.29% | 1.83% | 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 5.57 | 5.27% | 4.79% | 2.43% | 1.93% | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 67 | 111% | 187% | 63% | 118% | 249% |

---

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

(b) Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized unrealized losses on the Statements of Operations for the same period.

(c) Not Annualized.

(d) Annualized.

(e) If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the period ended June 30, 2025, 0.00% for the year ended December 31, 2024, 0.01% for the year ended December 31, 2023, 0.28% for the year ended December 31, 2022, 0.21% for the year ended December 31, 2021, and 1.93% for the year ended December 31, 2020, respectively.

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

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

Each fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each fund is the information utilized for the day-to-day management of the funds. Each fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

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, 2024, the Trust consists of ten separate series, three 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 June 26, 2020. 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.

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.

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.

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;*(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. Credit default swaps are valued by pricing services using various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

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 Advisor, the Funds' valuation designee pursuant to Rule 2a-5. The Board has delegated to 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;*(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;*(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;*(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;*(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

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

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.

Reported net realized gain/(loss) from futures contracts for the Shelton International Select Fund and Tactical Credit Fund are charges for the ability to trade futures in the respective funds. No futures transactions occurred during the year ended December 31, 2024.

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;*(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;*(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 the 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. This may result in the Fund having a larger concentration in certain sectors than others at a given point in time. As of June 30, 2025, Tactical Credit Fund had 31.5% of net assets invested in the Consumer-Cyclical sector.

Cash held at broker: Cash held at broker as shown in the Statement of Assets and Liabilities represents deposits with a broker pledged as collateral to meet margin requirements. This cash is restricted from being returned until either the position is closed or requirements change.

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;*(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;*(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.

&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 or expected to be taken in the Fund's future 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;*(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 (Unaudited)** **June 30, 2025** <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 June 30, 2025 using fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1**<sup>(a),(b)</sup>  | **Level 2**<sup>(a),(c)</sup>  | **Level 3**<sup>(a)</sup>  | **Total** |
| Investments in Securities | $23785825 | $199308 | $— | $23985133 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 689315 |
| Total | $23785825 | $199308 | $— | $24674448 |
| **Emerging Markets Fund - Future Contracts Liabilities** | **Level 1**<sup>(a),(e)</sup>  | **Level 2**<sup>(a),(c)</sup>  | **Level 3**<sup>(a)</sup>  | **Total** |
| Investments in Securities | $4225 | $— | $— | $4225 |
| Total | $4225 | $— | $— | $4225 |
| **International Select Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $43564018 | $996539 | $— | $44560557 |
| Investments Purchased With Proceeds From Securities Lending<sup>(d)</sup>  |  |  |  | 1093723 |
| Total | $43564018 | $996539 | $— | $45654280 |
| **International Select Fund - Future Contracts Liabilities** | **Level 1**<sup>(a),(e)</sup>  | **Level 2**<sup>(a),(c)</sup>  | **Level 3**<sup>(a)</sup>  | **Total** |
| Investments in Securities | $41015 | $— | $— | $41015 |
| Total | $41015 | $— | $— | $41015 |
| **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 | $974297 | $50045451 | $— | $51019748 |
| Total | $974297 | $50045451 | $— | $51019748 |
| **Tactical Credit Fund – Credit Default Swaps Liabilities** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $— | $40147 | $— | $40147 |
| Total | $— | $40147 | $— | $40147 |

---

(a)It is the Funds' policy to recognize transfers in and out of Level 3 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 except as otherwise noted on the Portfolio of Investments. 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.

(e)Represents unrealized appreciation/depreciation on the last day of the reporting period.

---

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

---

\*Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

The amount of change in unrealized appreciation/(depreciation) reflected in the Statement of Operations that is attributable to Level 3 securities still held as of year-end is $0.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>6/30/2025** | **Unobservable Input** | **Valuation<br>Techniques** | **Input<br>Values** | **Impact to<br>valuation from an<br>increase to input** |
| **Tactical Credit Fund** |  |  |  |  |  |
| CBL & Associates LP | $— <br>| Estimated future cash flows | Income approach | $0 <br>| Increase |
| CHC Group LLC | $— <br>| Estimated future cash flows | Income approach | $0 <br>| Increase |
| Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC | $— <br>| Estimated future cash flows | Income approach | $0 <br>| Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l) Disclosure about Derivative Instruments and Hedging Activities* — The Funds have 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.

The effect of derivative instruments on the Statements of Assets & Liabilities as of June 30, 2025:

---

| | |
|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Variation Margin Receivable/<br> (Payable)** |
| International Select Fund Futures- Equity Contracts | $— <br>|
| Emerging Markets Fund Futures - Equity Contracts | — <br>|
| Tactical Credit Fund- Credit Default Swap\* | 45997 <br>|

---

------

\*Includes cumulative appreciation/depreciation, unamortized upfront payments and cash held at broker (Note 1).

---

| | |
|:---|:---|
| **Tactical Credit Fund** |  |
| **Derivatives Not Accounted for as Hedging Instruments** |  |
| *Asset Derivatives* |  |
| *Interest Rate Risk* |  |
| Purchased Interest Rate Options | $34751 <br>|
| **Total** | **$** **34751** <br>|

---

The effect of derivative instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Amount of Realized Gain/(Loss)<br> from futures contracts** | **Amount of Change in Unrealized Appreciation/<br> Depreciation from futures contracts** |
| International Select Fund Futures - Equity contracts | $5542 <br>| $41015 <br>|
| Emerging Markets Fund Futures - Equity contracts | 9266 | 11945 |

---

---

| | |
|:---|:---|
| **Tactical Credit Fund** |  |
| **Derivatives Not Accounted for as Hedging Instruments** |  |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* |  |
| *Interest Rate Risk* |  |
| Purchased Interest Rate Options | $(41127 ) |
| *Credit Risk* |  |
| Credit Default Swap | (54828) |
| **Total** | **$** **(95955)** <br> |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |  |
| *Interest Rate Risk* |  |
| Purchased Interest Rate Options | $(138828 ) |
| *Credit Risk* |  |
| Credit Default Swap | (36114) |
| **Total** | **$** **(174942)** <br> |

---

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

The previously disclosed derivative instruments outstanding as of June 30, 2025, and their effect on the Statements of Operations for the year January 1, 2025 through June 30, 2025, serve as indicators of the volume of activity for futures contracts and credit default swaps. The following table indicates the average volume of derivatives for the year:

---

| | |
|:---|:---|
| **Tactical Credit Fund** | **Average<br>Month End<br>Notional<br>Value** |
| Purchased Options | $11078333 <br>|
| Credit Default Swaps | 10833333 |

---

---

| | |
|:---|:---|
| **Emerging Markets Fund** |  |
| Futures - Equity Contracts | 402,937 |
| **International Select Fund** |  |
| Futures - Equity Contracts | 194,292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m) Credit Default Swaps* — During the year ended December 31, 2024, the Shelton Tactical Credit Fund entered into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which they are not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Statements of Assets and Liabilities.

**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.

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 period ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual Expense Limitation** | **Contractual Expense Limitation** | **Contractual Expense Limitation** |
| **Fund** | **Institutional<br>Shares** | **Investor<br>Shares** | **Expiration** |
| Emerging Markets Fund | 0.97% | 1.22% | 5/1/26 |
| International Select Fund | 0.98% | 1.23% | 5/1/26 |
| Tactical Credit Fund\* | 0.73% | 0.98% | 5/1/26 |

---

\*Prior to May 1, 2025, the expense limitation was 0.98% for Institutional Shares and 1.23% for Investor Shares.

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

---

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

---

At December 31, 2024, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was 934,025. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 12/31/25** | **Expires 12/31/26** | **Expires 12/31/27** | **Total** |
| Emerging Markets Fund | $— <br>| $— <br>| $126799 <br>| $126799 <br>|
| International Select Fund | 95263 | 118414 | 122022 | 335699 |
| Tactical Credit Fund | 55297 | 202410 | 213820 | 471527 |
| Total | $150560 <br>| $320824 <br>| $462641 <br>| $934025 <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.

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

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 period ended June 30, 2025 the following were incurred:

---

| | |
|:---|:---|
| **Fund** | **Investor Class<br>12b-1 Fees** |
| Emerging Markets Fund | $1532 <br>|
| International Select Fund | 4938 |
| Tactical Credit Fund | 2940 |

---

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 period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Emerging Markets Fund | $4748608 <br>| $6475663 <br>|
| International Select Fund | 22298560 | 25330414 |
| Tactical Credit Fund | 26987167 | 18797045 |

---

**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. For the year ended December 31, 2024, reclassifications were as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Paid-In Capital** | **Increase/<br>(Decrease)<br>Distributable<br>Earnings/(Loss)** |
| Emerging Markets Fund | $(109111 ) | $109111 <br>|

---

The reclassification of net assets consists primarily of over distributions from foreign taxes paid.

**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, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Emerging Markets Fund | $20900157 <br>| $3865781 <br>| $(1222904 ) | $2642877 <br>|
| International Select Fund | 39068529 | 4067235 | (2340413) | 1726822 |
| Tactical Credit Fund | 39400150 | 592925 | (4825937) | (4233012) |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2024 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 | $(282695 ) | $— <br>| $— <br>| $— <br>| $2642877 <br>| $(228966 ) | $2131216 <br>|
| International Select Fund |  |  |  |  | 1726822 | (50029760) | (48302938) |
| Tactical Credit Fund |  |  |  |  | (4233012) | (8149010) | (12382022) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the tax treatment of derivatives, wash sales, Passive Foreign Investment Companies, and certain other investments.

During the current year the Shelton Emerging Markets Fund deferred $193,918 of short-term and $35,048 of long-term post-October capital losses and the Tactical Credit Fund deferred $17,097 of post-October specified ordinary losses, which will be recognized on the first day of the following fiscal year.

**SCM Trust** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

**Capital Losses:** Capital loss carry forwards, as of December 31, 2024, 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 | $— <br>| $36809330 <br>| $5182545 <br>|
| Short Term with no Limitation with no Limit |  | 13175221 | 2949368 |
| Long Term Subject to Annual Limitation |  |  |  |
| Short Term Subject to Annual Limitation |  |  |  |
| Total | $— <br>| $49984551 <br>| $7859544 <br>|
| Capital Loss Carry Forwards Utilized During the Fiscal Year Ending December 31, 2024 | $— <br>| $3569549 <br>| $527580 <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, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year** | **Ordinary<br>Income** | **Nontaxable<br>Distribution/<br>Return<br>of Capital** | **Long-Term<br>Capital<br>Gains** | **Exempt-<br>Interest<br>Dividends** | **Total<br>Distributions** |
| Emerging Markets Fund | December 31, 2024 | $939511 <br>| $— <br>| $408775 <br>| $— <br>| $1348286 <br>|
|  | December 31, 2023 | 2048905 |  | 696057 |  | 2744962 |
| International Select Fund | December 31, 2024 | 1438083 | 15816<sup>(a)</sup>  |  |  | 1453899 |
|  | December 31, 2023 | 931628 |  |  |  | 931628 |
| Tactical Credit Fund | December 31, 2024 | 1821037 | 35616<sup>(a)</sup>  |  |  | 1856653 |
|  | December 31, 2023 | 1674318 |  |  |  | 1674318 |

---

(a)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 June 30, 2025, 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\*** |
| Emerging Markets Fund | $640533 <br>| $689315 <br>|
| International Select Fund | 1057709 | 1093723 |

---

\*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 between JP Morgan and Shelton Tactical Credit Fund, the Fund may borrow in excess of the short sale proceeds. There were no borrowings during the year.

**Note 7 – 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 and fund management has noted no additional events that require recognition or disclosure in the financial statement

**Additional Information (Unaudited)**<br>

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable to the period covered by this report.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the Statements of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited)**<br>

The Investment Company Act of 1940 (the "1940 Act") requires that the full board of the SCM Trust (the "Board") and a majority of the Independent Trustees annually approve the continuation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Advisory Agreement dated October 11, 2016, between SCM Trust, on behalf of the Shelton International Select Equity Fund (the "International Select Equity Fund") and the Shelton Tactical Credit Fund (the "Tactical Credit Fund") (each a "Fund" and together with the Shelton Emerging Markets Fund, the "Funds"), and Shelton Capital Management ("Shelton Capital" or "SCM"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Advisory Agreement dated February 6, 2020, between SCM Trust, on behalf of the Shelton Emerging Markets Fund (the "Emerging Markets Fund"), and Shelton Capital Management (collectively, the "SCM Advisory Agreements").

At a meeting held on March 6-7, 2025, the Board, including a majority of the Independent Trustees, considered and approved the continuation of the SCM Advisory Agreements for the maximum period permitted under the 1940 Act.

Prior to the Meeting, the Independent Trustees requested information from Shelton Capital and third-party sources. This information, together with other information provided by Shelton Capital, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board's subsequent approval are described below.

**Information Received**

*Materials Received.* During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided to the Funds by Shelton Capital, including reports on each Fund's investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; compliance; shareholder services; and other information relating to the nature, extent and quality of services provided by Shelton Capital to the Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund's investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding Shelton Capital, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund.

*Review Process.* The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees and fund counsel. The Board discussed the renewal of the SCM Advisory Agreements with respect to the Emerging Markets Fund, International Select Equity Fund, and Tactical Credit Fund, as applicable, with Shelton Capital representatives, and in a private session with independent legal counsel at which representatives of Shelton Capital were not present. In deciding to approve the renewal of the SCM Advisory Agreements, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

**Nature, Extent and Quality of Services**

*Shelton Capital, its personnel and its resources.* The Board considered the depth and quality of Shelton Capital's investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that Shelton Capital made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered Shelton Capital's continuing need to attract and retain qualified personnel and, noting Shelton Capital's additions over recent years, determined that Shelton Capital was adequately managing matters related to the Funds.

*Other Services.* The Board considered, in connection with the performance of its investment management services to the Funds: Shelton Capital's policies, procedures and systems to ensure compliance with applicable laws and regulations and Shelton Capital's commitment to these programs; each of their efforts to keep the Trustees informed; and Shelton Capital's attention to matters that may involve conflicts of interest with the Funds. The Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by Shelton Capital to the Funds under the administration servicing agreements.

The Board concluded that Shelton Capital had the quality and depth of personnel and investment methods necessary to performing its duties under the SCM Advisory Agreements, and that the nature, extent and overall quality of such services provided by Shelton Capital are satisfactory and reliable.

**Investment Performance**

The Board considered each Fund's investment results in comparison to its stated investment objectives. The Trustees also reviewed performance rankings for each Fund as provided by an independent third-party service provider. Among the factors considered in this regard, were the following for the periods ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Emerging Markets Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 5-year period, in the second highest performing quartile over the 3-year and 10-year periods, and in the lowest performing quartile over the 1-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Shelton International Select Equity Fund, it was noted that the performance of the Fund relative to its peer category was in the second lowest performing quartile over the 1-year period and in the lowest performing quartile over the 3-year and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Shelton Tactical Credit Fund, it was noted that the performance of the Fund relative to its peer category was in the second highest performing quartile over the 5-year period and in the second lowest performing quartile over the 1-year, 3-year, and 10-year periods.

The Board ultimately concluded that Shelton Capital's performance records in managing the applicable Funds were satisfactory, and in some cases excellent, supporting the determination that Shelton Capital's continued management under the applicable SCM Advisory Agreement would be consistent with the best interests of each Fund and its shareholders.

**Management Fees and Total Annual Operating Expense Ratios**

The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category as defined by a third-party independent service provider. The Board considered the asset size, advisory fees and total fees and expenses of each Fund in comparison to the asset size, advisory fees and other fees and expenses of other funds in each Fund's relevant category. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by Shelton Capital after taking into consideration the expense limitation arrangements on certain Funds.

The Board noted that the maximum management fee charged by each Class of each Fund was higher than the relevant Fund's peer category median.

**Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited) (Continued)**<br>

The Board also observed that the total annual operating expense ratios of the Institutional Classes of the Shelton Tactical Credit Fund and Shelton Emerging Markets Fund, after taking into account any applicable expense limitations and waivers, were lower than the relevant Fund's peer category median, while the total annual operating expense ratios of the Retail Classes of the Shelton Tactical Credit Fund and Shelton Emerging Markets Fund and each class of the Shelton International Select Equity Fund, after taking into account any applicable expense limitations and waivers, were higher than the relevant Fund's peer category median.

**Comparable Accounts**

The Board noted certain information provided by Shelton Capital regarding fees charged to other clients utilizing a strategy similar to that employed by certain Funds. The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Shelton Capital's other clients employing a comparable strategy to each applicable Fund was not indicative of any unreasonableness with respect to the advisory fee payable by such Fund.

**Cost Structure, Level of Profits, Economies of Scale and Ancillary Benefits**

The Board reviewed information regarding Shelton Capital's costs of providing services to the Funds. The Board also reviewed the resulting level of profits to SCM, including the cost allocation methodologies used to calculate such profits. The Independent Trustees received financial and other information from Shelton Capital.

The Board noted its intention to continue to monitor assets under management, and the resulting impact on Shelton Capital's profitability, in order to ensure that Shelton Capital has sufficient resources to continue to provide the services that shareholders in the Funds require. The Trustees also noted that currently, Shelton Capital has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations, and may extend those limits in the future.

The Board also considered whether Shelton Capital receives any material indirect benefits from managing the Funds, noting the soft dollars benefits accrued to Shelton Capital.

Based on the foregoing, together with the other information provided to it at the Meeting and throughout the year, the Board concluded that each Fund's cost structure and level of profits for Shelton Capital, were reasonable and that economies of scale and material indirect benefits, to the extent present with respect to a Fund, were of value to the Fund.

**Conclusions**

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the renewal of the SCM Advisory Agreements with respect to the Emerging Markets Fund, International Select Equity Fund, and Tactical Credit Fund, as applicable. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the SCM Advisory Agreements, the Board had received sufficient information to renew and approve the SCM Advisory Agreements with respect to the Emerging Markets Fund, International Select Equity Fund, and Tactical Credit Fund, as applicable.

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each SCM Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each applicable Fund and its shareholders, that each Fund's shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to Shelton Capital by the Funds, and that the renewal of the SCM Advisory Agreements with respect to the Emerging Markets Fund, International Select Equity Fund, and Tactical Credit Fund, as applicable, was in the best interests of each Fund and its shareholders.

![](qes56mi11me2w02k6.jpg)

![](shelton_icon-sarimg001.jpg)

**SEMI-ANNUAL Financial Statements and Additional Information**

------

June 30, 2025

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

ICON Utilities and Income Fund

![](shelton_icon-sarimg002.jpg)

---

| | |
|:---|:---|
| **쀈㊠๯瀀䠲ᙌᙓ** | **㊠๯瀀䠲ᙌ** |

---

---

| | |
|:---|:---|
| [Portfolio of Investments](#shelton_icon-sara12) | 2 |
| [Statements of Assets & Liabilities](#shelton_icon-sara13) | 15 |
| [Statements of Operations](#shelton_icon-sara14) | 16 |
| [Statements of Changes in Net Assets](#shelton_icon-sara15) | 17 |
| [Financial Highlights](#shelton_icon-sara16) | 21 |
| [Notes to Financial Statements](#shelton_icon-sara17) | 28 |
| [Additional Information](#shelton_icon-sara18) | 34 |

---

**See accompanying notes to financial statements.**

**ICON Consumer Select Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (99.46%)** |  |  |
| **Communications (10.74%)** |  |  |
| eBay Inc | 21680  | $1614293 <br>|
| Expedia Group Inc | 4752  | 801567  |
| The Walt Disney Co | 7683  | 952769  |
| **Total Communications** |  | 3368629  |
| **Consumer, Cyclical (13.02%)** |  |  |
| Deckers Outdoor Corp\* | 5788  | 596569  |
| Gentex Corp | 42783  | 940798  |
| Gentherm Inc\* | 14800  | 418692  |
| Lear Corp | 10300  | 978294  |
| Sabre Corp\* | 133230  | 421007  |
| Visteon Corp\* | 7800  | 727740  |
| **Total Consumer, Cyclical** |  | 4083100  |
| **Consumer, Non-cyclical (18.29%)** |  |  |
| The Boston Beer Co Inc\* | 2520  | 480841  |
| Coca-Cola Europacific Partners PLC | 18852  | 1747957  |
| Global Payments Inc | 12500  | 1000500  |
| Green Dot Corp\* | 71452  | 770253  |
| Koninklijke Ahold Delhaize NV<sup>#</sup> | 41619  | 1736761  |
| **Total Consumer, Non-cyclical** |  | 5736312  |
| **Financial (57.41%)** |  |  |
| American Express Co | 5500  | 1754390  |
| Arch Capital Group Ltd | 15200  | 1383960  |
| Assurant Inc | 4742  | 936498  |
| Equitable Holdings Inc | 39200  | 2199120  |
| Everest Group Ltd | 3200  | 1087520  |
| The Hartford Insurance Group Inc | 12020  | 1524977  |
| Huntington Bancshares Inc | 86316  | 1446656  |
| LPL Financial Holdings Inc | 6681  | 2505174  |
| Mastercard Inc | 2200  | 1236268  |
| RenaissanceRe Holdings Ltd | 6500  | 1578850  |
| Visa Inc | 6600  | 2343330  |
| **Total Financial** |  | 17996743  |
| **Total Common Stock (Cost $23,616,867)** |  | 31184784  |
| **Investment Companies (0.71%)** | **Shares** | **Value** |
| **Money Market Funds (0.70%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $220,534) | 220534  | 220534  |
| **Collateral Received For Securities on Loan (0.01%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.25%(Cost $4,250) | 4250  | 4250  |
| **Total Investments (Cost $23,841,651) (100.17%)** |  | $31409568 <br>|
| **Liabilities in Excess of Other Assets (-0.17%)** |  | (54363) |
| **Net Assets (100.00%)** |  | $31355205 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

**See accompanying notes to financial statements.**

**ICON Equity Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (99.35%)** |  |  |
| **Basic Materials (9.35%)** |  |  |
| Century Aluminum Co\* | 60200  | $1084804 <br>|
| The Chemours Co | 65800  | 753410  |
| Eastman Chemical Co | 13100  | 978046  |
| Kaiser Aluminum Corp | 21100  | 1685890  |
| **Total Basic Materials** |  | 4502150  |
| **Communications (9.98%)** |  |  |
| Extreme Networks Inc\* | 80000  | 1436000  |
| T-Mobile US Inc | 7200  | 1715472  |
| Vodafone Group PLC | 155000  | 1652300  |
| **Total Communications** |  | 4803772  |
| **Consumer, Cyclical (6.43%)** |  |  |
| Delta Air Lines Inc | 26900  | 1322942  |
| Magna International Inc | 27100  | 1046331  |
| Southwest Airlines Co | 22400  | 726656  |
| **Total Consumer, Cyclical** |  | 3095929  |
| **Consumer, Non-cyclical (8.31%)** |  |  |
| Euronet Worldwide Inc\* | 11683  | 1184423  |
| Global Payments Inc | 11837  | 947433  |
| Performance Food Group Co\* | 21375  | 1869671  |
| **Total Consumer, Non-cyclical** |  | 4001527  |
| **Energy (3.62%)** |  |  |
| Baker Hughes Co | 45406  | 1740866  |
| **Financial (30.68%)** |  |  |
| Bank of America Corp | 32488  | 1537332  |
| Horace Mann Educators Corp | 48800  | 2096936  |
| JPMorgan Chase & Co | 6850  | 1985884  |
| Lazard Inc | 31600  | 1516168  |
| Lincoln National Corp | 47900  | 1657340  |
| LPL Financial Holdings Inc | 6800  | 2549796  |
| Mastercard Inc | 3119  | 1752691  |
| Truist Financial Corp | 39100  | 1680909  |
| **Total Financial** |  | 14777056  |
| **Industrial (17.61%)** |  |  |
| Alamo Group Inc | 7400  | 1616012  |
| Armstrong World Industries Inc | 17750  | 2883309  |
| Chart Industries Inc\* | 11810  | 1944517  |
| CSX Corp | 36200  | 1181206  |
| Stanley Black & Decker Inc | 12600  | 853650  |
| **Total Industrial** |  | 8478694  |
| **Technology (10.54%)** |  |  |
| Adobe Inc\* | 2300  | 889824  |
| CEVA Inc\* | 29500  | 648410  |
| Power Integrations Inc | 13100  | 732290  |
| Seagate Technology Holdings PLC | 15000  | 2164950  |
| Synaptics Inc\* | 9900  | 641718  |
| **Total Technology** |  | 5077192  |

---

**See accompanying notes to financial statements.**

**ICON Equity Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Utilities (2.83%)** |  |  |
| Dominion Energy Inc | 24100  | 1362132  |
| **Total Common Stock (Cost $34,540,396)** |  | 47839318  |
| **Investment Companies (1.02%)** | **Shares**  | **Value**  |
| **Exchange-Traded Funds (0.93%)** |  |  |
| Direxion Daily Small Cap Bull 3X Shares<sup>#</sup> | 7550  | 253227  |
| iShares MSCI ACWI ETF | 1500  | 192900  |
| **Total Exchange-Traded Funds** |  | 446127  |
| **Money Market Funds (0.09%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $45,411) | 45411  | 45411  |
| **Total Investment Companies (Cost $495,648)** |  | 491538  |
| **Collateral Received For Securities on Loan (0.50%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.25%(Cost $239,750) | 239750  | 239750  |
| **Total Investments (Cost $35,275,794) (100.87%)** |  | $48570606 <br>|
| **Liabilities in Excess of Other Assets (-0.87%)** |  | (416675) |
| **Net Assets (100.00%)** |  | $48153931 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

**See accompanying notes to financial statements.**

**ICON Equity Income Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (89.44%)** |  |  |
| **Basic Materials (7.22%)** |  |  |
| The Chemours Co | 103100  | $1180495 <br>|
| Huntsman Corp | 62600  | 652292  |
| Kaiser Aluminum Corp | 14776  | 1180602  |
| **Total Basic Materials** |  | 3013389  |
| **Communications (6.52%)** |  |  |
| Nexstar Media Group Inc | 11800  | 2040810  |
| Vodafone Group PLC | 64031  | 682570  |
| **Total Communications** |  | 2723380  |
| **Consumer, Non-Cyclical (12.91%)** |  |  |
| Amgen Inc | 4500  | 1256445  |
| Bristol-Myers Squibb Co | 28500  | 1319265  |
| GSK PLC | 35800  | 1374720  |
| Ingredion Inc | 10600  | 1437572  |
| **Total Consumer, Non-Cyclical** |  | 5388002  |
| **Financial (32.02%)** |  |  |
| Horace Mann Educators Corp | 42300  | 1817631  |
| Huntington Bancshares Inc | 61654  | 1033321  |
| ING Groep NV | 105403  | 2305164  |
| KeyCorp | 107600  | 1874392  |
| Lazard Inc | 27400  | 1314652  |
| Lincoln National Corp | 46700  | 1615820  |
| OneMain Holdings Inc | 32800  | 1869600  |
| The Western Union Co | 182500  | 1536650  |
| **Total Financial** |  | 13367230  |
| **Industrial (9.52%)** |  |  |
| Cemex SAB de CV | 89240  | 618433  |
| Lockheed Martin Corp | 4400  | 2037816  |
| Trinity Industries Inc | 48800  | 1318088  |
| **Total Industrial** |  | 3974337  |
| **Utilities (21.25%)** |  |  |
| The AES Corp | 29906  | 314611  |
| DTE Energy Co | 18700  | 2477004  |
| Evergy Inc | 31900  | 2198867  |
| National Fuel Gas Co | 26537  | 2247949  |
| Portland General Electric Co | 40162  | 1631782  |
| **Total Industrial** |  | 8870213  |
| **Total Common Stock (Cost $34,106,479)** |  | 37336551  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Debt (8.58%)** |  | **Par Value**  | **Value**  |
| **Consumer, Cyclical (6.76%)** |  |  |  |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032  |  | 364356  | 329072  |
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028  |  | 303500  | 288590  |
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025  |  | 146129  | 145227  |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028  |  | 130693  | 126044  |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) |  | 363757  | 359348  |
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) |  | 385684  | 347332  |
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028  |  | 604258  | 577280  |
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030  |  | 340145  | 317078  |
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031  |  | 355072  | 332973  |
| **Total Consumer, Cyclical** |  |  | 2822944  |

---

**See accompanying notes to financial statements.**

**ICON Equity Income Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Debt (8.58%)** |  | **Par Value**  | **Value**  |
| **Consumer, Non-Cyclical (0.60%)** |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) |  | 250000  | 248422  |
| **Energy (0.62%)** |  |  |  |
| NuStar Logistics LP, 6.375%, 10/1/2030  |  | 250000  | 259050  |
| **Industrial (0.60%)** |  |  |  |
| MasTec Inc, 6.625%, 8/15/2029 (144A) |  | 250000  | 250000  |
| **Total Corporate Debt (Cost $3,451,549)** |  |  | 3580416  |
| **Asset Backed Securities (0.55%)** |  |  |  |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) (Cost $222,974) |  | 250000  | 229193  |
| **Money Market Funds (2.02%)** |  |  |  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $841,473) |  | 841473  | 841473  |
| **Total Investments (Cost $38,622,475) (100.59%)** |  |  | $41987633 <br>|
| **Liabilities in Excess of Other Assets (-0.59%)** |  |  | (247183) |
| **Net Assets (100.00%)** |  |  | $41740450 <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 June 30, 2025, these securities had a total aggregate market value of $1,434,295 which represented approximately 3.44% of net assets.

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (3.05%)** |  |  |
| **Financial (3.05%)** |  |  |
| AGNC Investment Corp | 436537  | $4011775 <br>|
| Annaly Capital Management Inc | 250505  | 4714504  |
| Crescent Capital BDC Inc | 104901  | 1479104  |
| Goldman Sachs BDC Inc | 100827  | 1134304  |
| **Total Common Stock (Cost $11,481,154)** |  | 11339687  |
| **Corporate Debt (57.68%)** |  |  |
| **Basic Materials (0.91%)** |  |  |
| Huntsman International LLC, 5.700%, 10/15/2034  | 2000000  | 1864011  |
| Mercer International Inc, 12.875%, 10/1/2028 (144A) | 1500000  | 1521080  |
| **Total Basic Materials** |  | 3385091  |
| **Communications (1.92%)** |  |  |
| Cincinnati Bell Telephone Co LLC, 6.300%, 12/1/2028  | 4315000  | 4163975  |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 3/1/2030 (144A) | 2000000  | 1937369  |
| DISH Network Corp, 11.750%, 11/15/2027 (144A) | 1000000  | 1030771  |
| **Total Communications** |  | 7132115  |
| **Consumer, Cyclical (12.11%)** |  |  |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 1/15/2026 (144A) | 1646362  | 1626408  |
| Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/2027 (144A) | 710602  | 682869  |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 2/15/2032  | 2841974  | 2566763  |
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 6/15/2028  | 1195790  | 1137045  |
| American Airlines 2017-2 Class B, 3.700%, 10/15/2025  | 584513  | 580905  |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 2/15/2028  | 7300512  | 7040829  |
| American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 9/22/2027  | 1147235  | 1103772  |
| Aptiv Swiss Holdings Ltd, 6.875%, 12/15/2054<sup>(a)</sup>  | 2500000  | 2521938  |
| British Airways 2021-1 Class A Pass Through Trust, 2.900%, 3/15/2035 (144A) | 2078039  | 1871403  |
| British Airways 2021-1 Class B Pass Through Trust, 3.900%, 9/15/2031 (144A) | 1368606  | 1294020  |
| Century Communities Inc, 6.750%, 6/1/2027  | 1750000  | 1752511  |
| General Motors Financial Co Inc, 5.750%<sup>(a),(b)</sup>  | 1000000  | 983860  |
| JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/2028  | 1573392  | 1590875  |
| JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 5/15/2029  | 2216931  | 2245580  |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.500%, 6/20/2027 (144A) | 200000  | 200265  |
| United Airlines 2016-1 Class A Pass Through Trust, 3.450%, 7/7/2028  | 7251099  | 6927365  |
| United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 1/7/2026  | 2002315  | 1979635  |
| United Airlines 2018-1 Class A Pass Through Trust, 3.700%, 3/1/2030  | 6233493  | 5810779  |
| United Airlines 2019-1 Class A Pass Through Trust, 4.550%, 8/25/2031  | 2635040  | 2471042  |
| United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 3/1/2026  | 683452  | 674964  |
| **Total Consumer, Cyclical** |  | 45062828  |
| **Consumer, Non-cyclical (3.22%)** |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/2027 (144A) | 1250000  | 1242109  |
| CVS Pass-Through Trust Series 2013, 4.704%, 1/10/2036 (144A) | 608011  | 582268  |
| CVS Pass-Through Trust, 7.507%, 1/10/2032 (144A) | 3251076  | 3404008  |
| Embecta Corp, 5.000%, 2/15/2030 (144A)<sup>#</sup> | 2000000  | 1807154  |
| McKesson Corp, 7.650%, 3/1/2027  | 2000000  | 2096694  |
| Varex Imaging Corp, 7.875%, 10/15/2027 (144A) | 2830000  | 2853084  |
| **Total Consumer, Non-cyclical** |  | 11985317  |
| **Energy (8.52%)** |  |  |
| Andeavor LLC, 5.125%, 12/15/2026  | 4000000  | 4013736  |
| Baytex Energy Corp, 8.500%, 4/30/2030 (144A) | 1500000  | 1504314  |
| Coterra Energy Operating Co, 4.375%, 3/15/2029  | 3000000  | 2831785  |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Enbridge Inc, 6.000%, 1/15/2077<sup>(a)</sup>  | 3000000  | 2998157  |
| Enbridge Inc, 8.250%, 1/15/2084<sup>(a)</sup>  | 1000000  | 1057038  |
| Enerflex Ltd, 9.000%, 10/15/2027 (144A) | 1000000  | 1031148  |
| Energy Transfer LP, 6.000%, 2/1/2029 (144A) | 3000000  | 3048241  |
| Energy Transfer LP, 6.500%<sup>(a),(b)</sup>  | 2500000  | 2515335  |
| Enterprise Products Operating LLC, 7.573%, 8/16/2077<sup>(a)</sup>  | 1711000  | 1700400  |
| FTAI Infra Escrow Holdings LLC, 10.500%, 6/1/2027 (144A) | 1000000  | 1038792  |
| Northern Oil & Gas Inc, 8.125%, 3/1/2028 (144A) | 1250000  | 1261051  |
| NuStar Logistics LP, 6.375%, 10/1/2030  | 2000000  | 2072398  |
| Summit Midstream Holdings LLC, 8.625%, 10/31/2029 (144A) | 6490000  | 6625829  |
| **Total Energy** |  | 31698224  |
| **Financial (22.06%)** |  |  |
| Air Lease Corp, 4.125%<sup>(a),(b)</sup>  | 2500000  | 2423895  |
| The Allstate Corp, 7.526%, 8/15/2053<sup>(b</sup><sup>)</sup>  | 900000  | 900376  |
| Ally Financial Inc, 4.700%<sup>(a),(b)</sup>  | 2000000  | 1793696  |
| Aretec Group Inc, 10.000%, 8/15/2030 (144A) | 1500000  | 1648494  |
| Bank of Nova Scotia/The, 7.350%, 4/27/2085<sup>(a)</sup>  | 2000000  | 2015404  |
| Capital One Financial Corp, 5.500%<sup>#,</sup><sup>(a),(b</sup><sup>)</sup>  | 2000000  | 1974298  |
| The Charles Schwab Corp, 4.000%<sup>(a),(b</sup><sup>)</sup>  | 5000000  | 4924850  |
| The Charles Schwab Corp, 5.000%<sup>(a),(b)</sup>  | 4500000  | 4484365  |
| Citigroup Inc, 3.875%<sup>(a),(b)</sup>  | 3000000  | 2966399  |
| Citigroup Inc, 6.750%<sup>(a),(b)</sup>  | 2000000  | 2014822  |
| Citigroup Inc, 7.125%<sup>(a),(b)</sup>  | 3500000  | 3607506  |
| Corebridge Financial Inc, 6.875%, 12/15/2052<sup>(a)</sup>  | 4000000  | 4123522  |
| Enova International Inc, 11.250%, 12/15/2028 (144A) | 2000000  | 2148504  |
| Enstar Finance LLC, 5.500%, 1/15/2042<sup>(a)</sup>  | 2500000  | 2457574  |
| Fidus Investment Corp, 4.750%, 1/31/2026  | 1400000  | 1378983  |
| Fifth Third Bancorp, 7.590%<sup>(a),(b</sup><sup>)</sup>  | 500000  | 503517  |
| Fifth Third Bancorp, 7.686%<sup>(a),(b)</sup>  | 6718000  | 6712986  |
| F&G Annuities & Life Inc, 6.500%, 6/4/2029  | 2000000  | 2061679  |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 6/15/2027 (144A) | 2000000  | 2083712  |
| HSBC Holdings PLC, 7.399%, 11/13/2034<sup>(a</sup><sup>)</sup>  | 1000000  | 1116421  |
| Huntington Bancshares Inc, 4.450%<sup>(a),(b)</sup>  | 2000000  | 1968294  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 6/15/2030  | 3000000  | 2810804  |
| MetLife Inc, 10.750%, 8/1/2039  | 2000000  | 2677350  |
| The PNC Financial Services Group Inc, 3.400%<sup>(a),(b</sup><sup>)</sup>  | 10000000  | 9630819  |
| Sammons Financial Group Inc, 4.750%, 4/8/2032 (144A) | 2500000  | 2394518  |
| Talcott Resolution Life Inc, 7.650%, 6/15/2027  | 3000000  | 3077970  |
| Truist Financial Corp, 5.125%<sup>(a),(b)</sup>  | 2000000  | 1981835  |
| Wells Fargo & Co, 3.900%<sup>(a),(b)</sup>  | 4100000  | 4061938  |
| Wells Fargo & Co, 6.850%<sup>(a),(b)</sup>  | 2000000  | 2098197  |
| **Total Financial** |  | 82042728  |
| **Government (2.00%)** |  |  |
| Farm Credit Bank of Texas, 7.750%<sup>(a),(b)</sup>  | 7165000  | 7451600  |
| **Industrial (3.18%)** |  |  |
| Cascades Inc/Cascades USA Inc, 5.375%, 1/15/2028 (144A) | 2000000  | 1983201  |
| Danaos Corp, 8.500%, 3/1/2028 (144A) | 2010000  | 2035418  |
| FTAI Aviation Investors LLC, 5.500%, 5/1/2028 (144A) | 4000000  | 3978435  |
| MasTec Inc, 6.625%, 8/15/2029 (144A) | 2500000  | 2500000  |
| Vontier Corp, 2.950%, 4/1/2031  | 1500000  | 1340095  |
| **Total Industrial** |  | 11837149  |
| **Utilities (3.76%)** |  |  |
| AltaGas Ltd, 7.200%, 10/15/2054 (144A)<sup>(a)</sup>  | 2000000  | 2000442  |
| American Electric Power Co Inc, 7.050%, 12/15/2054<sup>(a)</sup>  | 2000000  | 2077962  |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| Dominion Energy Inc, 4.350%<sup>(a),(b)</sup>  | 3000000  | 2945264  |
| Entergy Corp, 7.125%, 12/1/2054<sup>(a)</sup>  | 4000000  | 4139604  |
| Vistra Operations Co LLC, 5.000%, 7/31/2027 (144A) | 1460000  | 1458706  |
| Vistra Operations Co LLC, 5.500%, 9/1/2026 (144A) | 1350000  | 1351350  |
| **Total Utilities** |  | 13973328  |
| **Total Corporate Debt (Cost $210,460,871)** |  | 214568380  |
| **Asset Backed Securities (17.37%)** |  |  |
| AG Trust 2024-NLP, 8.153%, 7/15/2041 (144A)<sup>(a)</sup>  | 5440000  | 5367165  |
| Atrium Hotel Portfolio Trust 2024-ATRM, 7.679%, 11/10/2029 (144A)<sup>(a)</sup>  | 5000000  | 5064901 |
| BX 2025-BIO3 Mortgage Trust, 6.961%, 2/10/2042 (144A)<sup>(a)</sup>  | 5000000  | 4887940 |
| Finance of America Structured Securities Trust 2022-S3, 2.000%, 6/25/2052 (144A)<sup>(a)</sup>  | 4470953  | 4469851 |
| Finance of America Structured Securities Trust Series 2022-S1, 2.000%, 2/25/2052 (144A) | 8919838  | 8713813 |
| Flexential Issuer 2021-1, 6.930%, 11/27/2051 (144A) | 9000000  | 8839679 |
| Frontier Issuer LLC, 11.160%, 6/20/2054 (144A) | 3000000  | 3367073 |
| Frontier Issuer LLC, 11.500%, 8/20/2053 (144A) | 6000000  | 6315331  |
| LoanCore 2021-CRE6 Issuer Ltd, 7.906%, 11/15/2038 (144A)<sup>(a)</sup>  | 5000000  | 4936696  |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061 (144A) | 6750000  | 6188212  |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, 10/20/2061 (144A) | 4000000  | 3765662  |
| SMB Private Education Loan Trust 2014-A, 4.500%, 9/15/2045 (144A) | 3000000  | 2703464  |
| **Total Asset Backed Securities (Cost $64,982,327)** |  | 64619787 |
| **Preferred Stock (7.98%)** |  |  |
| Argo Group US Inc, 6.500% | 596985  | 12023275 |
| Bank of America Corp, 7.250% | 1617  | 1961421  |
| Capital One Financial Corp, 5.000% | 10000  | 189000  |
| JPMorgan Chase & Co, 5.750%<sup>#</sup> | 32558  | 799950  |
| Raymond James Financial Inc, 6.375% | 102198  | 2566192  |
| UMH Properties Inc, 6.375% | 497535  | 10841288  |
| Wells Fargo & Co, 7.500% | 1112  | 1305633  |
| **Total Preferred Stock (Cost $31,254,050)** |  | 29686759 |
| **Investment Companies (9.93%)** |  |  |
| **Mutual Funds (7.21%)** |  |  |
| Carlyle Credit Income Fund\* | 26178  | 169633 |
| Eaton Vance California Municipal Bond Fund | 533734  | 4760908  |
| Eaton Vance New York Municipal Bond Fund | 111631  | 1037052  |
| MFS High Yield Municipal Trust | 821456  | 2735448  |
| MFS Investment Grade Municipal Trust | 244295  | 1866414  |
| Nuveen Credit Strategies Income Fund | 64776  | 349143  |
| Nuveen Floating Rate Income Fund | 490746  | 4156619  |
| Pioneer Municipal High Income Advantage Fund Inc | 329373  | 2733796  |
| RiverNorth Capital and Income Fund | 70825  | 1030504  |
| Western Asset High Yield Defined Opportunity Fund Inc | 664463  | 7960267  |
| **Total Mutual Funds** |  | 26799784 |
| **Money Market Funds (2.72%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $10,126,764) | 10126764  | 10126764  |
| **Total Investment Companies (Cost $37,047,923)** |  | 36926548  |
| **Right (0.00%)** |  |  |
| RiverNorth Capital and Income Fund (Cost $8,609) | 70827  | 3895  |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Collateral Received For Securities on Loan (1.52%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.25%(Cost $5,636,699) | 5636699  | 5636699  |
| **Total Investments (Cost $360,871,633) (97.53%)** |  | $362781755 |
| **Other Net Assets (2.47%)** |  | 9195171 |
| **Net Assets (100.00%)** |  | $371976926 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

(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 June 30, 2025, these securities had a total aggregate market value of $85,617,231 which represented approximately 23.02% of net assets.

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of June 30, 2025 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 (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (99.12%)** |  |  |
| **Communications (28.54%)** |  |  |
| Alphabet Inc | 20500  | $3636495 <br>|
| Arista Networks Inc\* | 43600  | 4460716  |
| CDW Corp | 11800  | 2107362  |
| Cisco Systems Inc | 65390  | 4536758  |
| Meta Platforms Inc | 6000  | 4428540  |
| Palo Alto Networks Inc\* | 15000  | 3069600  |
| **Total Communications** |  | 22239471  |
| **Consumer, Non-cyclical (15.49%)** |  |  |
| BioMarin Pharmaceutical Inc\* | 17706  | 973299  |
| Elevance Health Inc | 2185  | 849878  |
| Encompass Health Corp | 35840  | 4395059  |
| HCA Healthcare Inc | 8000  | 3064800  |
| Merck & Co Inc | 4890  | 387092  |
| Molina Healthcare Inc\* | 8056  | 2399882  |
| **Total Consumer, Non-cyclical** |  | 12070010  |
| **Industrial (8.33%)** |  |  |
| TD SYNNEX Corp | 21884  | 2969659  |
| Universal Display Corp | 22784  | 3519217  |
| **Total Industrial** |  | 6488876  |
| **Technology (46.76%)** |  |  |
| Amdocs Ltd | 24436  | 2229541  |
| Autodesk Inc\* | 10000  | 3095700  |
| Fortinet Inc\* | 7323  | 774188  |
| Globant SA\* | 15485  | 1406657  |
| Kulicke & Soffa Industries Inc | 38000  | 1314800  |
| MKS Inc | 14500  | 1440720  |
| Pegasystems Inc | 45848  | 2481752  |
| Salesforce Inc | 11862  | 3234649  |
| Seagate Technology Holdings PLC | 13919  | 2008929  |
| ServiceNow Inc\* | 3524  | 3622954  |
| Taiwan Semiconductor Manufacturing Co Ltd | 24000  | 5435760  |
| Teradyne Inc | 71091  | 6392503  |
| Tyler Technologies Inc\* | 5057  | 2997992  |
| **Total Technology** |  | 36436145  |
| **Total Common Stock (Cost $60,451,995)** |  | 77234502  |
| **Exchange-Traded Funds (1.07%)** |  |  |
| Invesco S&P SmallCap Information Technology ETF<sup>#</sup> (Cost $774,574) | 18000  | 832320  |
| **Collateral Received For Securities on Loan (0.07%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.25%(Cost $51,700) | 51700  | 51700  |
| **Total Investments (Cost $61,278,269) (100.26%)** |  | $78118522 <br>|
| **Liabilities in Excess of Other Assets (-0.26%)** |  | (201916) |
| **Net Assets (100.00%)** |  | $77916606 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

**See accompanying notes to financial statements.**

**ICON Natural Resources & Infrastructure Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (98.77%)** |  |  |
| **Basic Materials (31.60%)** |  |  |
| Barrick Mining Corp | 90000  | $1873800 <br>|
| BHP Group Ltd<sup>#</sup> | 45000  | 2164050  |
| Carpenter Technology Corp | 18500  | 5113030  |
| Century Aluminum Co\* | 265000  | 4775300  |
| The Chemours Co | 192000  | 2198400  |
| Cia de Minas Buenaventura SAA | 210000  | 3448200  |
| Eastman Chemical Co | 27000  | 2015820  |
| Huntsman Corp | 170000  | 1771400  |
| Ingevity Corp\* | 26000  | 1120340  |
| Kaiser Aluminum Corp | 61000  | 4873900  |
| Sensient Technologies Corp | 15500  | 1527060  |
| Stepan Co | 50000  | 2729000  |
| Trinseo PLC<sup>#</sup> | 750000  | 2340000  |
| **Total Basic Materials** |  | 35950300  |
| **Consumer, Cyclical (13.08%)** |  |  |
| Alaska Air Group Inc\* | 88000  | 4354240  |
| Delta Air Lines Inc | 25700  | 1263926  |
| OPENLANE Inc\* | 73000  | 1784850  |
| REV Group Inc | 120000  | 5710800  |
| Southwest Airlines Co | 54500  | 1767980  |
| **Total Basic Materials** |  | 14881796  |
| **Energy (12.03%)** |  |  |
| CVR Energy Inc | 79000  | 2121150  |
| DNOW Inc\* | 200000  | 2966000  |
| HF Sinclair Corp | 61000  | 2505880  |
| TETRA Technologies Inc\* | 1700000  | 5712000  |
| TPI Composites Inc\*<sup>,#</sup> | 450000  | 386685  |
| **Total Energy** |  | 13691715  |
| **Industrial (30.42%)** |  |  |
| 3M Co | 9000  | 1370160  |
| Cemex SAB de CV | 675000  | 4677750  |
| Chart Industries Inc\* | 8000  | 1317200  |
| Knight-Swift Transportation Holdings Inc | 71000  | 3140330  |
| Kornit Digital Ltd\* | 200000  | 3982000  |
| Materion Corp | 13300  | 1055621  |
| O-I Glass Inc\* | 200000  | 2948000  |
| Sonoco Products Co | 76000  | 3310560  |
| Tetra Tech Inc | 114000  | 4099440  |
| TriMas Corp | 140000  | 4005400  |
| ZTO Express Cayman Inc | 265000  | 4703750  |
| **Total Industrial** |  | 34610211  |
| **Technology (2.84%)** |  |  |
| 3D Systems Corp\*<sup>,#</sup> | 2100000  | 3234000  |
| **Utilities (8.80%)** |  |  |
| Dominion Energy Inc | 40000  | 2260800  |
| National Fuel Gas Co | 28000  | 2371880  |
| Southwest Gas Holdings Inc | 33000  | 2454870  |
| Spire Inc | 40000  | 2919600  |
| **Total Utilities** |  | 10007150  |
| **Total Common Stock (Cost $112,586,664)** |  | 112375172  |

---

**See accompanying notes to financial statements.**

**ICON Natural Resources & Infrastructure Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

**ICON Natural Resources & Infrastructure Fund** **Portfolio of Investments (Continued) (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Money Market Funds (1.38%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $1,571,170) | 1571170  | 1571170  |
| **Collateral Received For Securities on Loan (7.60%)** |  |  |
| First American Government Obligations Fund - Class X, 7-Day Yield: 4.25%(Cost $8,652,049) | 8652049  | 8652049  |
| **Total Investments (Cost $122,809,883) (107.75%)** |  | $122598391 <br>|
| **Liabilities in Excess of Other Assets (-7.75%)** |  | (8819946) |
| **Net Assets (100.00%)** |  | $113778445 <br>|

---

\*Non-income producing security.

#Loaned security; a portion of the security is on loan at June 30, 2025.

**See accompanying notes to financial statements.**

**ICON Utilities and Income Fund** **Portfolio of Investments (unaudited)** **6/30/25** <br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (99.44%)** |  |  |
| **Communications (12.47%)** |  |  |
| T-Mobile US Inc | 5700  | $1358082 <br>|
| Vodafone Group PLC | 140000  | 1492401  |
| **Total Utilities** |  | 2850483  |
| **Consumer, Cyclical (1.96%)** |  |  |
| Suburban Propane Partners LP | 24214  | 448685  |
| **Utilities (85.01%)** |  |  |
| The AES Corp | 47317  | 497775  |
| ALLETE Inc | 13500  | 864945  |
| Ameren Corp | 12082  | 1160355  |
| American Electric Power Co Inc | 12240  | 1270022  |
| Atmos Energy Corp | 9500  | 1464045  |
| Black Hills Corp | 12237  | 686496  |
| CMS Energy Corp | 12200  | 845216  |
| Consolidated Edison Inc | 11100  | 1113885  |
| DTE Energy Co | 8559  | 1133725  |
| Evergy Inc | 16900  | 1164917  |
| Eversource Energy | 15300  | 973386  |
| National Fuel Gas Co | 17341  | 1468956  |
| New Jersey Resources Corp | 21000  | 941220  |
| NextEra Energy Inc | 13762  | 955358  |
| NiSource Inc | 26500  | 1069010  |
| ONE Gas Inc | 12600  | 905436  |
| Portland General Electric Co | 13880  | 563944  |
| Spire Inc | 16000  | 1167840  |
| Xcel Energy Inc | 17400  | 1184940  |
| **Total Utilities** |  | 19431471  |
| **Total Common Stock (Cost $19,266,476)** |  | 22730639  |
| **Money Market Funds (0.53%)** | **Shares**  | **Value**  |
| First American Government Obligations Fund, 7-Day Yield: 4.25%(Cost $121,920) | 121920  | 121920  |
| **Total Investments (Cost $19,388,396) (99.97%)** |  | $22852559 <br>|
| **Other Net Assets (0.03%)** |  | 6383  |
| **Net Assets (100.00%)** |  | $22858942 <br>|

---

**See accompanying notes to financial statements.**

**Statement of Assets & Liabilities (Unaudited)<br>June 30, 2025**<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; Investments in securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $23841651 <br>| $35275794 <br>| $38622475 <br>| $360871633 <br>| $61278269 <br>| $122809883 <br>| $19388396 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments\* | 31409568  | 48570606  | 41987633  | 362781755  | 78118522  | 122598391  | 22852559  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 211  | 67  | 51303  | 2599466  | 413  | 4603  | 538  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 23795  | 66048  | 96782  | 507256  | 54023  | 85800  | 93240  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor | —  | —  | —  | 25613  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 296  | 394  | 69245  | 12745857  | 1569  | 6541  | 59753  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Lending income receivable | 32  | 26  | 70  | 1830  | 211  | 7328  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable | —  | —  | 3157  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 24793  | 24757  | 15561  | 11459 | 26204  | 38814  | 6358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $31458695 <br>| $48661898 <br>| $42223751 <br>| $378673236 <br>| $78200942 <br>| $122741477 <br>| $23012448 <br>|
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral for securities loaned | 4250  | 239750  | —  | 5636699  | 51700  | 8652049  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 26473  | 29886  | 26391  | 181987  | 64188  | 96618  | 19393  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | —  | —  | —  | —  | 42277  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased | 2095  | 18432  | 161166  | 488388  | 36293  | 67975  | 23419  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | —  | —  | 26294  | 177626  | —  | —  | 11895  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend payable | —  | 2713  | 1389  | —  | —  | —  | 2450  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 325  | 2981  | 2405  | 2822  | 251  | 994  | 828  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 2450  | 3688  | 3257  | 28075  | 5941  | 8943  | 1795  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 4037  | 29664  | 30193  | 31420  | 12762  | 17048  | 16002  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 535  | 6553  | 8753  | 10944  | 1064  | 3069  | 1364  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees | —  | 3613  | 5972  | 1852  | —  | —  | 993  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 3386  | 27173  | 38255  | 24441  | 3689  | 8242  | 12814  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued printing fees | —  | 18230  | 15234  | —  | —  | —  | 4765  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued state registration fees | 40099  | 59430  | 78750  | 9977  | 31768  | 26710  | 26155  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 17193  | 52654  | 67194  | 85590  | 28759  | 73597  | 24476  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees | —  | 6279  | 6957  | 1285  | —  | 340  | 2480  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2647  | 6921  | 11091  | 15204  | 5644  | 7447  | 4677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 103490  | 507967  | 483301  | 6696310  | 284336  | 8963032  | 153506  |
| **Commitments and contingencies (Note 2)** |  |  |  |  |  |  |  |
| **Net assets** | $31355205 <br>| $48153931 <br>| $41740450 <br>| $371976926 <br>| $77916606 <br>| $113778445 <br>| $22858942 <br>|
| **Net assets at June 30, 2025 consist of** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $24528210 <br>| $34380554 <br>| $41093514 <br>| $386576248 <br>| $50830573 <br>| $312987290 <br>| $20838806 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 6826995  | 13773377 | 646936 | (14599322) | 27086033 | (199208845) | 2020136  |
| **Total net assets** | $31355205 <br>| $48153931 <br>| $41740450 <br>| $371976926 <br>| $77916606 <br>| $113778445 <br>| $22858942 <br>|
| **Net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $29774298 <br>| $33243420 <br>| $29999246 <br>| $346202239 <br>| $76713234 <br>| $108379200 <br>| $18883850 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $1580907 <br>| $14910511 <br>| $11741204 <br>| $25774687 <br>| $1203372 <br>| $5399245 <br>| $3975092 <br>|
| **Shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 3073063  | 1238960  | 1835668  | 40167350  | 4617993  | 6442137  | 1862433  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 166359  | 598008  | 721707  | 3029371  | 80608  | 327123  | 404319  |
| **Net asset value per share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $9.69 <br>| $26.83 <br>| $16.34 <br>| $8.62 <br>| $16.61 <br>| $16.82 <br>| $10.14 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $9.50 <br>| $24.93 <br>| $16.27 <br>| $8.51 <br>| $14.93 <br>| $16.51 <br>| $9.83 <br>|

---

\*Securities are on loan in the amount of $4,173, $234,780, $-, $5,488,739, $50,864, $7,660,973, and $- respectfully.

**See accompanying notes to financial statements.**

**Statement of Operations <br>June 30, 2025**<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** |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** |
| **Investment income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3426 <br>| $1927 <br>| $220057 <br>| $9109453 <br>| $11661 <br>| $53696 <br>| $6706 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income(net of foreign tax withheld: $6,414, $7,340, $19,218, $-, $7,135, $17,140, $2,450 respectively) | 210225  | 528314  | 906076  | 4291442  | 268917  | 1086159  | 424753  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Income | —  | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 779  | 1306  | 4935  | 28550  | 213  | 14099  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 214430  | 531547  | 1131068  | 13429445  | 280791  | 1153954  | 431459  |
| **Expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 159600  | 175616  | 157202  | 1076568  | 375331  | 591302  | 114544  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 14755  | 21647  | 19380  | 165912  | 34698  | 54662  | 10593  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | —  | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16854  | 24941  | 27206  | 90269  | 29602  | 64167  | 15508  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 12749  | 17071  | 18621  | 45081  | 15216  | 18689  | 12612  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1435  | 2104  | 1426  | 13448  | 1932  | 2945  | 894  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 13567  | 18081  | 20120  | 53043  | 17105  | 22203  | 14458  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 1713  | 3013  | 2664  | 19530  | 3881  | 6164  | 1360  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 3927  | 4666  | 4559  | 3979  | 3812  | 3786  | 4238  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 472  | 835  | 742  | 5472  | 1079  | 1699  | 384  |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 11155  | 15207  | 17094  | 34127  | 15999  | 27452  | 10261  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 12711  | 17974  | 14227  | 51818  | 16891  | 23635  | 19855  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class 12b-1 fees (Note 2) | 2029  | 17268  | 14895  | 33016  | 1545  | 6658  | 4999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 250967  | 318423  | 298136  | 1592263  | 517091  | 823362  | 209706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from manager (Note 2) | —  | —  | —  | (194071) | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 250967  | 318423  | 298136  | 1398192  | 517091  | 823362  | 209706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (36537) | 213124  | 832932  | 12031253  | (236300) | 330592  | 221753  |
| **Realized and unrealized gain/(loss) on investments** | **Realized and unrealized gain/(loss) on investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 498306  | 660400 | 289227 | (3210985) | 5654316 | 1304452 | (113012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (740700) | (83183) | 375274  | 237779  | (1997758) | (5125134) | 1781686  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | (242394) | 577217 | 664501 | (2973206) | 3656558 | (3820682) | 1668674  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $(278931 ) | $790341 <br>| $1497433 <br>| $9058047 <br>| $3420258 <br>| $(3490090 ) | $1890427 <br>|

---

**See accompanying notes to financial statements.**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Consumer <br>Select Fund**  | **Icon Consumer <br>Select Fund**  | **Icon <br>Equity Fund**  | **Icon <br>Equity Fund**  | **Icon <br>Equity Income Fund**  | **Icon <br>Equity Income Fund**  | **Icon <br>Flexible Bond Fund**  | **Icon <br>Flexible Bond Fund**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** |
| **Operations** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | (36537) | (65786) | $213124 <br>| $320065 <br>| $832932 <br>| $1869530 <br>| $12031253 <br>| $20548122 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 498306 | 5506781 | 660400 | 5504365 | 289227 | (635383) | (3210985) | (565232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (740700) | (987525) | (83183) | (3084670) | 375274 | 1523951 | 237779 | 3691922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (278931) | 4453470 | 790341 | 2739760 | 1497433 | 2758098 | 9058047 | 23674812 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (5056524) |  | (3816102) | (599028) | (1390205) | (10751778) | (18908583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (268477) |  | (1566054) | (222451) | (551690) | (828995) | (1479685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (5325001) |  | (5382156) | (821480) | (1941895) | (11580773) | (20388268) |
| **Capital share transactions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (3060056) | (10709668) | (2397299) | (4653267) | (1966069) | (10856289) | 22427934 | 95339912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (3338987) | (11581199) | (1606958) | (7295663) | (1290116) | (10040086) | 19905208 | 98626456 |
| **Net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 34694192 | 46275391 | 49760889 | 57056552 | 43030566 | 53070652 | 352071718 | 253445262 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $31355205 <br>| $34694192 <br>| 48153931 | 49760889 | $41740450 <br>| $43030566 <br>| $371976926 <br>| $352071718 <br>|

---

**See accompanying notes to financial statements.**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Health & Information Technology Fund**  | **Icon Health & Information Technology Fund**  | **Icon Natural Resources and Infrastructure Fund**  | **Icon Natural Resources and Infrastructure Fund**  | **Icon Utilities and<br>Income Fund**  | **Icon Utilities and<br>Income Fund**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended <br>December 31, 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(236300 ) | $(401292 ) | 330592 | 1001877 | $221753 <br>| $483436 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 5654316 | 5188296 | 1304452 | 18114166 | (113012) | (26109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | (1997758) | 6456788 | (5125134) | (5479299) | 1781686 | 2622376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 3420258 | 11243792 | (3490090) | 13636744 | 1890427 | 3079703 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (4339166) |  | (10078825) | (182414) | (453160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (79717) |  | (444050) | (33665) | (86182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (4418883) |  | (10522875) | (216079) | (539342) |
| **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (6079720) | (14553051) | (6889962) | 12741237 | (615227) | (3966139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (2659462) | (7728142) | (10380052) | 15855106 | 1059121 | (1425778) |
| **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 80576068 | 88304210 | 124158497 | 108303391 | 21799820 | 23225598 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $77916606 <br>| $80576068 <br>| 113778445 | 124158497 | $22858942 <br>| $21799820 <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**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 46029 | $433237 <br>| 147745 | $1557617 <br>| 1556 | $13419 <br>| 974 | $9661 <br>|
| Shares issued in reinvestment of distributions  |  |  | 474356 | 4762537 |  |  | 26056 | 256908 |
| Shares repurchased  | (357660) | (3322842) | (1624365) | (16874711) | (21180) | (183870) | (39560) | (421680) |
| Net increase/(decrease)  | (311631) | $(2889605 ) | (1002264) | $(10554557 ) | (19624) | $(170451 ) | (12530) | $(155111 ) |
| **Icon Equity Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 17244 | $439333 <br>| 142887 | 3823202 | 51815 | $1244167 <br>| 4352 | $113890 <br>|
| Shares issued in reinvestment of distributions  |  |  | 124796 | 3550491 |  |  | 57763 | 1528914 |
| Shares repurchased  | (126449) | (3233295) | (422722) | (11700579) | (35737) | (847504) | (76237) | (1969185) |
| Net increase/(decrease)  | (109205) | $(2793962 ) | (155039) | $(4326886 ) | 16078 | $396663 <br>| (14122) | $(326381 ) |
| **Icon Equity Income Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 82756 | $1349758 <br>| 226600 | $3637031 <br>| 507 | $8311 <br>| 3059 | $48804 <br>|
| Shares issued in reinvestment of distributions  | 35000 | 576021 | 83792 | 1345312 | 11989 | 196407 | 30979 | 495111 |
| Shares repurchased  | (188005) | (3038400) | (748688) | (11970477) | (64803) | (1058166) | (275356) | (4412070) |
| Net increase/(decrease)  | $(70249 ) | $(1112621 ) | (438296) | $(6988134 ) | (52307) | $(853448 ) | (241318) | $(3868155 ) |
| **Icon Flexible Bond Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold | 6675393 | $57734566 <br>| 14890576 | $128942275 <br>| 2416615 | $20663057 <br>| 2424858 | $20880328 <br>|
| Shares issued in reinvestment of distributions | 1139479 | 9834726 | 1916863 | 16537710 | 93883 | 804650 | 165284 | 1416330 |
| Shares repurchased | (4666029) | (40206471) | (7310245) | (63345143) | (3128364) | (26402594) | (1056800) | (9091588) |
| Net increase/(decrease)  | 3148843 | $27362821 <br>| 9497194 | $82134842 <br>| (617866) | $(4934887 ) | 1533342 | $13205070 <br>|
| **Icon Health & Information Technology Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 42754 | $641624 <br>| 88559 | $1396965 <br>| 3138 | $45380 <br>| 5606 | $79689 <br>|
| Shares issued in reinvestment of distributions  |  |  | 257542 | 4177337 |  |  | 5183 | 75674 |
| Shares repurchased  | (426727) | (6517710) | (1247872) | (19831838) | (18624) | (249014) | (31190) | (450878) |
| Net increase/(decrease)  | (383973) | $(5876086 ) | (901771) | $(14257536 ) | (15486) | $(203634 ) | (20401) | $(295515 ) |

---

**See accompanying notes to financial statements.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Natural Resources And Infrastructure Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 524872 | $8930592 <br>| 1499894 | $26673318 <br>| 54297 | $887184 <br>| 38240 | $683159 <br>|
| Shares issued in reinvestment of distributions  |  |  | 519119 | 9692253 |  |  | 22466 | 412218 |
| Shares repurchased  | (1001532) | (16022450) | (1290904) | (23308634) | (42404) | (685288) | (79508) | (1411077) |
| Net increase/(decrease)  | (476660) | $(7091858 ) | 728109 | $13056937 <br>| 11893 | $201896 <br>| (18802) | $(315700 ) |
| **Icon Utilities And Income Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Six Months Ended <br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 229994 | $2329263 <br>| 184992 | $1706109 <br>| 34884 | $344762 <br>| 16360 | $140035 <br>|
| Shares issued in reinvestment of distributions  | 16307 | 167662 | 46581 | 419717 | 2764 | 27545 | 7416 | 65077 |
| Shares repurchased  | (290584) | (2915584) | (669150) | (5882069) | (58617) | (568875) | (47184) | (415008) |
| Net increase/(decrease)  | (44283) | $(418659 ) | (437577) | $(3756243 ) | (20969) | $(196568 ) | (23408) | $(209896 ) |

---

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

**See accompanying notes to financial statements.**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Consumer Select Fund** |  |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $9.73 <br>| $10.10 <br>| $9.20 <br>| $12.06 <br>| $10.90 <br>| $9.46 <br>| $10.75 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | (0.01) | (0.02) | 0.01 | (0.01) | (0.06) | (0.01) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities <br>(both realized and unrealized) | (0.03) | 1.33 | 1.63 | (1.22) | 2.54 | 1.45 | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.04) | 1.31 | 1.64 | (1.23) | 2.48 | 1.44 | (1.06) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.01) |  |  |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (1.68) | (0.73) | (1.63) | (1.32) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.68) | (0.74) | (1.63) | (1.32) |  | (0.23) |
| Net asset value, end of year or period | $9.69 <br>| $9.73 <br>| $10.10 <br>| $9.20 <br>| $12.06 <br>| $10.90 <br>| $9.46 <br>|
| Total return | (0.41)%<sup>(c</sup><sup>)</sup>  | 12.48% | 18.06% | (10.56)% | 22.80% | 15.22<br> %<sup>(c</sup><sup>)</sup>  | (10.29)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $29774 <br>| $32918 <br>| $44297 <br>| $44014 <br>| $60747 <br>| $53198 <br>| $48832 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.55<br> %<sup>(d</sup><sup>)</sup>  | 1.39% | 1.27% | 1.33% | 1.32% | 1.32<br> %<sup>(d</sup><sup>)</sup>  | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e</sup><sup>)</sup>  | 1.55<br> %<sup>(d</sup><sup>)</sup>  | 1.39% | 1.27% | 1.33% | 1.32% | 1.32<br> %<sup>(d</sup><sup>)</sup>  | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.22)%<sup>(d</sup><sup>)</sup>  | (0.15)% | 0.09% | (0.13)% | (0.48)% | (0.48)%<sup>(d</sup><sup>)</sup>  | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.22)%<sup>(d</sup><sup>)</sup>  | (0.15)% | 0.09% | (0.13)% | (0.48)% | (0.48)%<sup>(d</sup><sup>)</sup>  | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 13<br> %<sup>(c</sup><sup>)</sup>  | 15% | 23% | 40% | 40% | 14<br> %<sup>(</sup><sup>c</sup><sup>)</sup>  | 82% |
| **Investor Shares<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $9.55 <br>| $9.97 <br>| $9.10 <br>| $11.98 <br>| $10.87 <br>| $9.44 <br>| $10.74 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(</sup><sup>b</sup><sup>)</sup>  | (0.02) | (0.04) | (0.02) | (0.04) | (0.09) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities <br>(both realized and unrealized) | (0.03) | 1.30 | 1.62 | (1.21) | 2.52 | 1.45 | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.05) | 1.26 | 1.60 | (1.25) | 2.43 | 1.43 | (1.08) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (1.68) | (0.73) | (1.63) | (1.32) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.68) | (0.73) | (1.63) | (1.32) |  | (0.22) |
| Net asset value, end of year or period | $9.50 <br>| $9.55 <br>| $9.97 <br>| $9.10 <br>| $11.98 <br>| $10.87 <br>| $9.44 <br>|
| Total return<sup>(h)</sup>  | (0.52)%<sup>(c</sup><sup>)</sup>  | 12.13% | 17.83% | (10.81)% | 22.40% | 15.15<br> %<sup>(c</sup><sup>)</sup>  | (10.46)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1581 <br>| $1776 <br>| $1979 <br>| $1971 <br>| $2486 <br>| $2376 <br>| $2484 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.81<br> %<sup>(d</sup><sup>)</sup>  | 1.64% | 1.52% | 1.57% | 1.58% | 1.57<br> %<sup>(d</sup><sup>)</sup>  | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e</sup><sup>)</sup>  | 1.81<br> %<sup>(d</sup><sup>)</sup>  | 1.64% | 1.52% | 1.57% | 1.58% | 1.57<br> %<sup>(d</sup><sup>)</sup>  | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.46)%<sup>(d</sup><sup>)</sup>  | (0.38)% | (0.17)% | (0.36)% | (0.73)% | (0.68)%<sup>(d</sup><sup>)</sup>  | (0.41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.46)%<sup>(d</sup><sup>)</sup>  | (0.38)% | (0.17)% | (0.36)% | (0.73)% | (0.68)%<sup>(d</sup><sup>)</sup>  | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 13<br> %<sup>(c</sup><sup>)</sup>  | 15% | 23% | 40% | 40% | 14<br> %<sup>(c</sup><sup>)</sup>  | 82% |

---

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

(b)Calculated based upon average shares outstanding.

(c)Not annualized.

(d)Annualized.

(e)Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

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

(g)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** |  |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $26.33 <br>| $27.68 <br>| $25.93 <br>| $37.28 <br>| $33.57 <br>| $28.07 <br>| $26.83 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | 0.13 | 0.19 | 0.19 | 0.07 | (0.07) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.37 | 1.48 | 2.87 | (6.61) | 9.04 | 5.52 | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | 1.67 | 3.06 | (6.54) | 8.97 | 5.50 | 2.24 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.19) | (0.19) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (2.83) | (1.12) | (4.75) | (5.26) |  | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (3.02) | (1.31) | (4.81) | (5.26) |  | (1.00) |
| Net asset value, end of year or period | $26.83 <br>| $26.33 <br>| $27.68 <br>| $25.93 <br>| $37.28 <br>| $33.57 <br>| $28.07 <br>|
| Total return | 1.90<br> %<sup>(c</sup><sup>)</sup>  | 5.29% | 12.11% | (18.11)% | 26.73% | 19.59<br> %<sup>(c</sup><sup>)</sup>  | 8.27% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $33243 <br>| $35503 <br>| $41606 <br>| $42057 <br>| $59306 <br>| $49362 <br>| $45176 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.29<br> %<sup>(d</sup><sup>)</sup>  | 1.19% | 1.10% | 1.12% | 1.04% | 1.10<br> %<sup>(d</sup><sup>)</sup>  | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e)</sup>  | 1.29<br> %<sup>(d</sup><sup>)</sup>  | 1.19% | 1.10% | 1.12% | 1.04% | 1.10<br> %<sup>(d</sup><sup>)</sup>  | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.99<br> %<sup>(d</sup><sup>)</sup>  | 0.68% | 0.70% | 0.22% | (0.17)% | (0.28)%<sup>(d</sup><sup>)</sup>  | (0.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.99<br> %<sup>(d</sup><sup>)</sup>  | 0.68% | 0.70% | 0.22% | (0.17)% | (0.28)%<sup>(d</sup><sup>)</sup>  | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 10<br> %<sup>(c</sup><sup>)</sup>  | 30% | 4% | 17% | 24% | 14<br> %<sup>(c</sup><sup>)</sup>  | 65% |
| **Investor Shares<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $24.50 <br>| $25.92 <br>| $24.35 <br>| $35.37 <br>| $32.14 <br>| $26.89 <br>| $25.81 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | 0.09 | 0.11 | 0.11 | (0.01) | (0.16) | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.34 | 1.41 | 2.69 | (6.26) | 8.65 | 5.29 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.43 | 1.52 | 2.80 | (6.27) | 8.49 | 5.25 | 2.08 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.11) | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (2.83) | (1.12) | (4.75) | (5.26) |  | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.94) | (1.23) | (4.75) | (5.26) |  | (1.00) |
| Net asset value, end of year or period | $24.93 <br>| $24.50 <br>| $25.92 <br>| $24.35 <br>| $35.37 <br>| $32.14 <br>| $26.89 <br>|
| Total return<sup>(g</sup><sup>)</sup>  | 1.76<br> %<sup>(c</sup><sup>)</sup>  | 5.05% | 11.83% | (18.34)% | 26.42% | 19.52<br> %<sup>(c</sup><sup>)</sup>  | 7.97% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $14911 <br>| $14258 <br>| $15451 <br>| $16162 <br>| $22689 <br>| $20910 <br>| $19080 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.53<br> %<sup>(d</sup><sup>)</sup>  | 1.44% | 1.35% | 1.37% | 1.29% | 1.35<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(d</sup><sup>)</sup>  | 1.53<br> %<sup>(d</sup><sup>)</sup>  | 1.44% | 1.35% | 1.37% | 1.29% | 1.35<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.75<br> %<sup>(d</sup><sup>)</sup>  | 0.43% | 0.44% | (0.03)% | (0.43)% | (0.52)%<sup>(d</sup><sup>)</sup>  | (0.54)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.75<br> %<sup>(d</sup><sup>)</sup>  | 0.43% | 0.44% | (0.03)% | (0.43)% | (0.52)%<sup>(d</sup><sup>)</sup>  | (0.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 10<br> %<sup>(c</sup><sup>)</sup>  | 30% | 4% | 17% | 24% | 14<br> %<sup>(c</sup><sup>)</sup>  | 65% |

---

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

(b)Calculated based upon average shares outstanding.

(c)Not annualized.

(d)Annualized.

(e)Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

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

(g)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>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $16.08 <br>| $15.82 <br>| $15.83 <br>| $20.75 <br>| $18.89 <br>| $16.44 <br>| $18.00 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup>  | 0.33 | 0.65 | 0.72 | 0.60 | 0.42 | 0.12 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.26 | 0.31 | 0.05<br> <sup>(c)</sup>  | (3.36) | 4.12 | 2.72 | (1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.59 | 0.96 | 0.77 | (2.76) | 4.54 | 2.84 | (0.69) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.70) | (0.78) | (0.58) | (0.43) | (0.39) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (1.58) | (2.25) |  | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.33) | (0.70) | (0.78) | (2.16) | (2.68) | (0.39) | (0.87) |
| Net asset value, end of year or period | $16.34 <br>| $16.08 <br>| $15.82 <br>| $15.83 <br>| $20.75 <br>| $18.89 <br>| $16.44 <br>|
| Total return | 3.64<br> %<sup>(d</sup><sup>)</sup>  | 6.11% | 5.05% | (13.63)% | 24.14% | 17.25<br> %<sup>(d)</sup>  | (4.03)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $29999 <br>| $30642 <br>| $37083 <br>| $41821 <br>| $45535 <br>| $44345 <br>| $42624 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.35<br> %<sup>(e</sup><sup>)</sup>  | 1.25% | 1.09% | 1.15% | 1.04% | 1.06<br> %<sup>(e)</sup>  | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup>  | 1.35<br> %<sup>(e</sup><sup>)</sup>  | 1.25% | 1.05% | 1.00% | 1.00% | 1.00<br> %<sup>(e)</sup>  | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 4.05<br> %<sup>(e</sup><sup>)</sup>  | 4.01% | 4.53% | 3.11% | 1.87% | 2.68<br> %<sup>(e)</sup>  | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 4.05<br> %<sup>(e</sup><sup>)</sup>  | 4.01% | 4.56% | 3.26% | 1.91% | 2.72<br> %<sup>(e)</sup>  | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 8<br> %<sup>(d</sup><sup>)</sup>  | 62% | 43% | 78% | 25% | 7<br> %<sup>(d)</sup>  | 78% |
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $16.01 <br>| $15.75 <br>| $15.77 <br>| $20.73 <br>| $18.87 <br>| $16.42 <br>| $17.96 <br>|
| INCOME FROM INVESTMENT <br>OPERATIONS | INCOME FROM INVESTMENT <br>OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup>  | 0.30 | 0.60 | 0.67 | 0.54 | 0.36 | 0.11 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.27 | 0.31 | 0.05<br> <sup>(c)</sup>  | (3.34) | 4.12 | 2.72 | (1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.57 | 0.91 | 0.72 | (2.80) | 4.48 | 2.83 | (0.74) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.65) | (0.74) | (0.58) | (0.37) | (0.38) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (1.58) | (2.25) |  | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.31) | (0.65) | (0.74) | (2.16) | (2.62) | (0.38) | (0.80) |
| Net asset value, end of year or period | $16.27 <br>| $16.01 <br>| $15.75 <br>| $15.77 <br>| $20.73 <br>| $18.87 <br>| $16.42 <br>|
| Total return<sup>(h</sup><sup>)</sup>  | 3.53<br> %<sup>(d</sup><sup>)</sup>  | 5.83% | 4.75% | (13.81)% | 23.84% | 17.21<br> %<sup>(d)</sup>  | (4.33)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $11741 <br>| $12389 <br>| $15987 <br>| $21362 <br>| $37994 <br>| $37752 <br>| $37563 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.59<br> %<sup>(e</sup><sup>)</sup>  | 1.50% | 1.34% | 1.42% | 1.29% | 1.31<br> %<sup>(e)</sup>  | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup>  | 1.59<br> %<sup>(e</sup><sup>)</sup>  | 1.50% | 1.30% | 1.26% | 1.25% | 1.25<br> %<sup>(e)</sup>  | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 3.79<br> %<sup>(e</sup><sup>)</sup>  | 3.75% | 4.24% | 2.74% | 1.62% | 2.41<br> %<sup>(e)</sup>  | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 3.79<br> %<sup>(e</sup><sup>)</sup>  | 3.75% | 4.28% | 2.90% | 1.66% | 2.46<br> %<sup>(e)</sup>  | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 8<br> %<sup>(d</sup><sup>)</sup>  | 62% | 43% | 78% | 25% | 7<br> %<sup>(d)</sup>  | 78% |

---

(a)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Equity Income Fund - Class S.

(b)Calculated based upon average shares outstanding.

(c)Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized unrealized losses on the Statements of Operations for the same period.

(d)Not annualized.

(e)Annualized.

(f)Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

(g)Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Equity Income 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 Flexible Bond Fund** |  |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $8.66 <br>| $8.56 <br>| $8.36 <br>| $9.32 <br>| $9.39 <br>| $9.07 <br>| $9.36 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup>  | 0.29 | 0.58 | 0.53 | 0.45 | 0.42 | 0.10 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.05) | 0.10 | 0.23 | (0.97) | (0.03) | 0.31 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 0.68 | 0.76 | (0.52) | 0.39 | 0.41 | 0.12 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.58) | (0.56) | (0.44) | (0.46) | (0.09) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | —<br> <sup>(c)</sup>  | —<br> <sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.28) | (0.58) | (0.56) | (0.44) | (0.46) | (0.09) | (0.41) |
| Net asset value, end of year or period | $8.62 <br>| $8.66 <br>| $8.56 <br>| $8.36 <br>| $9.32 <br>| $9.39 <br>| $9.07 <br>|
| Total return | 2.75<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 8.20<br> %<sup>(e</sup><sup>)</sup>  | 9.24% | (5.63)% | 4.17% | 4.52<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 1.32% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $346202 <br>| $320697 <br>| $235493 <br>| $150090 <br>| $138093 <br>| $131094 <br>| $141158 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.87<br> %<sup>(f</sup><sup>)</sup>  | 0.84% | 0.84% | 0.84% | 0.85% | 0.88<br> %<sup>(f</sup><sup>)</sup>  | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g</sup><sup>)</sup>  | 0.77<br> %<sup>(f</sup><sup>)</sup>  | 0.76% | 0.76% | 0.76% | 0.77% | 0.76<br> %<sup>(f</sup><sup>)</sup>  | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 6.61<br> %<sup>(f</sup><sup>)</sup>  | 6.70% | 6.56% | 5.10% | 4.32% | 4.40<br> %<sup>(f</sup><sup>)</sup>  | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 6.72<br> %<sup>(f</sup><sup>)</sup>  | 6.79% | 6.65% | 5.18% | 4.40% | 4.52<br> %<sup>(f</sup><sup>)</sup>  | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 60<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 134% | 163% | 157% | 262% | 29<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 133% |
| **Investor Shares<sup>(</sup>**<sup>**h**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $8.60 <br>| $8.49 <br>| $8.30 <br>| $9.27 <br>| $9.33 <br>| $9.02 <br>| $9.31 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup>  | 0.27 | 0.55 | 0.51 | 0.42 | 0.39 | 0.10 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.05) | 0.11 | 0.22 | (0.97) | (0.01) | 0.29 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.22 | 0.66 | 0.73 | (0.55) | 0.38 | 0.39 | 0.10 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.55) | (0.54) | (0.42) | (0.44) | (0.08) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | —<br> <sup>(c)</sup>  | —<br> <sup>(c)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.31) | (0.55) | (0.54) | (0.42) | (0.44) | (0.08) | (0.39) |
| Net asset value, end of year or period | $8.51 <br>| $8.60 <br>| $8.49 <br>| $8.30 <br>| $9.27 <br>| $9.33 <br>| $9.02 <br>|
| Total return<sup>(i</sup><sup>)</sup>  | 2.64<br> %<sup>(d</sup><sup>)</sup>  | 8.05% | 9.08% | (5.96)% | 4.06% | 4.36<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 1.12% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $25775 <br>| $31375 <br>| $17952 <br>| $7279 <br>| $9318 <br>| $10667 <br>| $10661 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.11<br> %<sup>(f</sup><sup>)</sup>  | 1.08% | 1.10% | 1.10% | 1.10% | 1.11<br> %<sup>(f</sup><sup>)</sup>  | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g</sup><sup>)</sup>  | 1.01<br> %<sup>(f</sup><sup>)</sup>  | 1.01% | 1.01% | 1.01% | 1.02% | 1.01<br> %<sup>(f</sup><sup>)</sup>  | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 6.33<br> %<sup>(f</sup><sup>)</sup>  | 6.39% | 5.97% | 4.77% | 4.07% | 4.13<br> %<sup>(f</sup><sup>)</sup>  | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 6.43<br> %<sup>(f</sup><sup>)</sup>  | 6.47% | 6.06% | 4.86% | 4.15% | 4.23<br> %<sup>(f</sup><sup>)</sup>  | 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 60<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 134% | 163% | 157% | 262% | 29<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 133% |

---

(a) Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Flexible Bond Fund - Class S.

(b) Calculated based upon average shares outstanding.

(c) Less than .01 per share.

(d) Not annualized.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from those reported for marketing purposes.

(f) Annualized.

(g) Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

(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** | **Icon Health & Information Technology Fund** |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $15.84 <br>| $14.69 <br>| $14.66 <br>| $21.65 <br>| $21.45 <br>| $18.75 <br>| $15.46 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | (0.05) | (0.07) |  | (0.05) | (0.14) | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.82 | 2.12 | 1.86 | (4.18) | 3.94 | 3.47 | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.77 | 2.05 | 1.86 | (4.23) | 3.80 | 3.44 | 4.01 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (0.90) | (1.83) | (2.76) | (3.60) | (0.74) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.90) | (1.83) | (2.76) | (3.60) | (0.74) | (0.72) |
| Net asset value, end of year or period | $16.61 <br>| $15.84 <br>| $14.69 <br>| $14.66 <br>| $21.65 <br>| $21.45 <br>| $18.75 <br>|
| Total return | 4.86<br> %<sup>(c</sup><sup>)</sup>  | 13.81<br> %<sup>(d</sup><sup>)</sup>  | 13.43% | (19.87)% | 17.71% | 18.59<br> %<sup>(c</sup><sup>)</sup>  | 26.59% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $76713 <br>| $79207 <br>| $86751 <br>| $90742 <br>| $126017 <br>| $125057 <br>| $109619 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.37<br> %<sup>(e</sup><sup>)</sup>  | 1.29% | 1.23% | 1.26% | 1.25% | 1.29<br> %<sup>(e</sup><sup>)</sup>  | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup>  | 1.37<br> %<sup>(e</sup><sup>)</sup>  | 1.29% | 1.23% | 1.26% | 1.25% | 1.29<br> %<sup>(e</sup><sup>)</sup>  | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements<sup>(e</sup><sup>)</sup>  | (0.63)%<sup>(e</sup><sup>)</sup>  | (0.46)% | (0.03)% | (0.30)% | (0.60)% | (0.53)%<sup>(e</sup><sup>)</sup>  | (0.54)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.63)%<sup>(e</sup><sup>)</sup>  | (0.46)% | (0.03)% | (0.30)% | (0.60)% | (0.53)%<sup>(e</sup><sup>)</sup>  | (0.54)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 27<br> %<sup>(c</sup><sup>)</sup>  | 17% | 48% | 39% | 33% | 13<br> %<sup>(c</sup><sup>)</sup>  | 67% |
| **Investor Shares<sup>(</sup>**<sup>**g**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $14.25 <br>| $13.33 <br>| $13.49 <br>| $20.24 <br>| $20.31 <br>| $17.80 <br>| $14.74 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | (0.06) | (0.10) | (0.04) | (0.09) | (0.19) | (0.04) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities <br>(both realized and unrealized) | 0.74 | 1.92 | 1.71 | (3.90) | 3.72 | 3.29 | 3.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 1.82 | 1.67 | (3.99) | 3.53 | 3.25 | 3.78 |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (0.90) | (1.83) | (2.76) | (3.60) | (0.74) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.90) | (1.83) | (2.76) | (3.60) | (0.74) | (0.72) |
| Net asset value, end of year or period | $14.93 <br>| $14.25 <br>| $13.33 <br>| $13.49 <br>| $20.24 <br>| $20.31 <br>| $17.80 <br>|
| Total return<sup>(h)</sup>  | 4.77<br> %<sup>(c</sup><sup>)</sup>  | 13.49% | 13.10% | (20.07)% | 17.37% | 18.52<br> %<sup>(c</sup><sup>)</sup>  | 26.31% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1203 <br>| $1369 <br>| $1553 <br>| $1833 <br>| $3125 <br>| $3199 <br>| $2948 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.63<br> %<sup>(e</sup><sup>)</sup>  | 1.54% | 1.48% | 1.52% | 1.50% | 1.54<br> %<sup>(e)</sup>  | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup>  | 1.63<br> %<sup>(e</sup><sup>)</sup>  | 1.54% | 1.48% | 1.52% | 1.50% | 1.54<br> %<sup>(e)</sup>  | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.87)%<sup>(e</sup><sup>)</sup>  | (0.71)% | (0.27)% | (0.57)% | (0.84)% | (0.76)%<sup>(e)</sup>  | (1.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.87)%<sup>(e</sup><sup>)</sup>  | (0.71)% | (0.27)% | (0.57)% | (0.84)% | (0.76)%<sup>(e)</sup>  | (0.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 27<br> %<sup>(c</sup><sup>)</sup>  | 17% | 48% | 39% | 33% | 13<br> %<sup>(c</sup><sup>)</sup>  | 67% |

---

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

(b) Calculated based upon average shares outstanding.

(c) Not annualized.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from those reported for marketing purposes.

(e) Annualized.

(f) Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

(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) 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** | **Icon Natural Resources and Infrastructure Fund** | **Icon Natural Resources and Infrastructure Fund** |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $17.18 <br>| $16.61 <br>| $16.09 <br>| $17.74 <br>| $13.76 <br>| $11.78 <br>| $12.49 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | 0.05 | 0.15 | 0.24 | 0.17 | 0.20 | 0.02 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.41) | 1.97 | 1.46 | (0.04) | 4.01 | 2.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.36) | 2.12 | 1.70 | 0.13 | 4.21 | 2.02 | (0.51) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.14) | (0.15) | (0.19) | (0.23) | (0.04) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (1.41) | (1.02) | (1.59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.55) | (1.18) | (1.78) | (0.23) | (0.04) | (0.20) |
| Net asset value, end of year or period | $16.82 <br>| $17.18 <br>| $16.61 <br>| $16.09 <br>| $17.74 <br>| $13.76 <br>| $11.78 <br>|
| Total return | (2.10)%<sup>(c</sup><sup>)</sup>  | 12.07% | 10.97% | 0.38% | 30.62% | 17.18<br> %<sup>(c</sup><sup>)</sup>  | (4.21)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $108379 <br>| $118840 <br>| $102842 <br>| $107544 <br>| $122465 <br>| $104241 <br>| $98786 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.39<br> %<sup>(d</sup><sup>)</sup>  | 1.31% | 1.25% | 1.31% | 1.28% | 1.35<br> %<sup>(d</sup><sup>)</sup>  | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e</sup><sup>)</sup>  | 1.39<br> %<sup>(d</sup><sup>)</sup>  | 1.31% | 1.25% | 1.31% | 1.28% | 1.35<br> %<sup>(d</sup><sup>)</sup>  | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.56<br> %<sup>(d</sup><sup>)</sup>  | 0.83% | 1.46% | 0.98% | 1.20% | 0.48<br> %<sup>(d</sup><sup>)</sup>  | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.56<br> %<sup>(d</sup><sup>)</sup>  | 0.83% | 1.46% | 0.98% | 1.20% | 0.48<br> %<sup>(d</sup><sup>)</sup>  | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 85<br> %<sup>(c</sup><sup>)</sup>  | 119% | 137% | 149% | 94% | 22<br> %<sup>(c</sup><sup>)</sup>  | 133% |
| **Investor Shares<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $16.87 <br>| $16.35 <br>| $15.86 <br>| $17.52 <br>| $13.57 <br>| $11.64 <br>| $12.36 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | 0.03 | 0.10 | 0.21 | 0.13 | 0.17 | 0.01 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.39) | 1.93 | 1.43 | (0.05) | 3.96 | 1.97 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.36) | 2.03 | 1.64 | 0.08 | 4.13 | 1.98 | (0.52) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.10) | (0.12) | (0.15) | (0.18) | (0.04) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (1.41) | (1.02) | (1.59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1.51) | (1.15) | (1.74) | (0.18) | (0.04) | (0.20) |
| Net asset value, end of year or period | $16.51 <br>| $16.87 <br>| $16.35 <br>| $15.86 <br>| $17.52 <br>| $13.57 <br>| $11.64 <br>|
| Total return<sup>(g</sup><sup>)</sup>  | (2.13)%<sup>(c</sup><sup>)</sup>  | 11.72% | 10.73% | 0.09% | 30.41% | 16.96<br> %<sup>(c</sup><sup>)</sup>  | (4.40)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $5399 <br>| $5319 <br>| $5461 <br>| $6102 <br>| $6888 <br>| $5658 <br>| $5001 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.63<br> %<sup>(d</sup><sup>)</sup>  | 1.56% | 1.51% | 1.56% | 1.52% | 1.60<br> %<sup>(d</sup><sup>)</sup>  | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(e</sup><sup>)</sup>  | 1.63<br> %<sup>(d</sup><sup>)</sup>  | 1.56% | 1.51% | 1.56% | 1.52% | 1.60<br> %<sup>(d</sup><sup>)</sup>  | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.34<br> %<sup>(d</sup><sup>)</sup>  | 0.58% | 1.25% | 0.73% | 1.00% | 0.30<br> %<sup>(d</sup><sup>)</sup>  | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.34<br> %<sup>(d</sup><sup>)</sup>  | 0.58% | 1.25% | 0.73% | 1.00% | 0.30<br> %<sup>(d</sup><sup>)</sup>  | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 85<br> %<sup>(c</sup><sup>)</sup>  | 119% | 137% | 149% | 94% | 22<br> %<sup>(c</sup><sup>)</sup>  | 133% |

---

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

(b) Calculated based upon average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

(f) Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survivor, ICON Natural Resources 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 Utilities and Income Fund** | **Icon Utilities and Income Fund** |  |  |  |  |  |  |
| **Institutional Shares<sup>(</sup>**<sup>**a**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $9.40 <br>| $8.36 <br>| $9.79 <br>| $10.80 <br>| $9.56 <br>| $8.99 <br>| $10.25 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(c)</sup>  | 0.10 | 0.20 | 0.23 | 0.20 | 0.22 | 0.05 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.74 | 1.07 | (1.42) | (0.32) | 1.82 | 0.97 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.84 | 1.27 | (1.19) | (0.12) | 2.04 | 1.02 | (0.73) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.23) | (0.24) | (0.20) | (0.21) | (0.05) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (0.69) | (0.59) | (0.40) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.10) | (0.23) | (0.24) | (0.89) | (0.80) | (0.45) | (0.53) |
| Net asset value, end of year or period | $10.14 <br>| $9.40 <br>| $8.36 <br>| $9.79 <br>| $10.80 <br>| $9.56 <br>| $8.99 <br>|
| Total return | 8.89<br> %<sup>(c</sup><sup>)</sup>  | 15.31% | (12.25)% | (1.15)% | 21.51% | 11.42<br> %<sup>(c</sup><sup>)</sup>  | (7.35)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $18884 <br>| $17923 <br>| $19590 <br>| $30209 <br>| $40208 <br>| $25430 <br>| $25038 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.79<br> %<sup>(d</sup><sup>)</sup>  | 1.66% | 1.45% | 1.41% | 1.39% | 1.47<br> %<sup>(d</sup><sup>)</sup>  | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(g</sup><sup>)</sup>  | 1.79<br> %<sup>(d</sup><sup>)</sup>  | 1.66% | 1.35% | 1.23% | 1.23% | 1.23<br> %<sup>(d</sup><sup>)</sup>  | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.98<br> %<sup>(d</sup><sup>)</sup>  | 2.22% | 2.44% | 1.72% | 1.89% | 1.88<br> %<sup>(d</sup><sup>)</sup>  | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.98<br> %<sup>(d</sup><sup>)</sup>  | 2.22% | 2.54% | 1.89% | 2.06% | 2.12<br> %<sup>(</sup><sup>d</sup><sup>)</sup>  | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 9<br> %<sup>(c</sup><sup>)</sup>  | 27% | 11% | 28% | 33% | 3<br> %<sup>(c</sup><sup>)</sup>  | 24% |
| **Investor Shares<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup>  | **Six Months Ended <br>June 30, 2025<br>(Unaudited)**  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** | **Period Ended December 31, 2020** | **Year Ended September 30, 2020** |
| Net asset value, beginning of year | $9.12 <br>| $8.10 <br>| $9.58 <br>| $10.58 <br>| $9.38 <br>| $8.83 <br>| $10.07 <br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b</sup><sup>)</sup>  | 0.08 | 0.17 | 0.20 | 0.18 | 0.19 | 0.04 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities <br>(both realized and unrealized) | 0.71 | 1.05 | (1.40) | (0.31) | 1.79 | 0.96 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.79 | 1.22 | (1.20) | (0.13) | 1.98 | 1.00 | (0.75) |
| LESS DISTRIBUTIONS |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.20) | (0.28) | (0.18) | (0.19) | (0.05) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (0.69) | (0.59) | (0.40) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.08) | (0.20) | (0.28) | (0.87) | (0.78) | (0.45) | (0.49) |
| Net asset value, end of year or period | $9.83 <br>| $9.12 <br>| $8.10 <br>| $9.58 <br>| $10.58 <br>| $9.38 <br>| $8.83 <br>|
| Total return<sup>(g</sup><sup>)</sup>  | 8.68<br> %<sup>(c</sup><sup>)</sup>  | 15.17% | (12.56)% | (1.34)% | 21.24% | 11.33<br> %<sup>(c</sup><sup>)</sup>  | (7.69)% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $3975 <br>| $3877 <br>| $3636 <br>| $5464 <br>| $6152 <br>| $4925 <br>| $4797 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 2.04<br> %<sup>(d</sup><sup>)</sup>  | 1.90% | 1.70% | 1.65% | 1.65% | 1.72<br> %<sup>(d</sup><sup>)</sup>  | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements<sup>(f)</sup>  | 2.04<br> %<sup>(d</sup><sup>)</sup>  | 1.90% | 1.60% | 1.48% | 1.48% | 1.48<br> %<sup>(d</sup><sup>)</sup>  | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.73<br> %<sup>(d</sup><sup>)</sup>  | 1.99% | 2.19% | 1.53% | 1.63% | 1.65<br> %<sup>(d</sup><sup>)</sup>  | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.73<br> %<sup>(d</sup><sup>)</sup>  | 1.99% | 2.29% | 1.70% | 1.80% | 1.89<br> %<sup>(d</sup><sup>)</sup>  | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 9<br> %<sup>(c</sup><sup>)</sup>  | 27% | 11% | 28% | 33% | 3<br> %<sup>(c</sup><sup>)</sup>  | 24% |

---

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

(b) Calculated based upon average shares outstanding.

(c) Not annualized.

(d) Annualized.

(e) Effective for the year ended September 30, 2020, CCO Fees and reorganization costs are not included in the expense limitation. For all years presented, interest expense, when applicable, is not included in the expense limitation.

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

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

**ICON Funds** **Notes to Financial Statements (Unaudited)** **June 30, 2025** <br>

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

Each fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each fund is the information utilized for the day-to-day management of the funds. Each fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

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, the 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 Class 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 Class 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 Class 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 Class 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 Class 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 Class 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 Class 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 Codifiication Topic 946, Financial Services – Investment Companies.

&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.

**ICON Funds** **Notes to Financial Statements (Unaudited) (Continued)** **June 30, 2025** <br>

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;*(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;*(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;*(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;*(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;*(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;*(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 June 30, 2025.

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;*(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.

**ICON Funds** **Notes to Financial Statements (Unaudited) (Continued)** **June 30, 2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) ShareValuations* — 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(j) Accounting for Uncertainty in Income Taxes* — The Funds recognize the tax benefiits 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 benefiits should be recorded related to uncertain tax positions taken on returns fiiled for open tax years (2021-2023) or expected to be taken in the Fund's 2024 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 benefiits will change materially in the next twelve months.

&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 June 30, 2025 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<br>in Securities<sup>(b)</sup>**  | **Investments<br>in Securities<sup>(c)</sup>**  | **Investments<br>in Securities** | **Total <br>Assets** |
| ICON Consumer Select Fund | $31409568 | $— | $— | $31409568 |
| ICON Equity Fund | 48570606 |  |  | 48570606 |
| ICON Equity Income Fund | 38178024 | 3809609 |  | 41987633 |
| ICON Flexible Bond Fund | 83589693 | 279192062 |  | 362781755 |
| ICON Health and Information Technology Fund | 78118522 |  |  | 78118522 |
| ICON Natural Resources & Infrastructure Fund | 122598391 |  |  | 122598391 |
| ICON Utilities and Income Fund | 22852559 |  |  | 22852559 |

---

(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 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;*(l) Disclosure about Derivative Instruments and Hedging Activities* — The Funds have 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. There was no activity in derivative instruments for any of the Funds for the period-ended June, 30, 2025.

**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% |

---

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

**ICON Funds** **Notes to Financial Statements (Unaudited) (Continued)** **June 30, 2025** <br>

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 period ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expense Limitation** | **Expense Limitation** | **Expense Limitation** |
| **Fund** | **Institutional<br>Shares** | **Investor<br>Shares** | **Expiration** |
| ICON Flexible Bond Fund | 0.75% | 1.00% | 5/1/26 |

---

At December 31, 2024, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $770,359. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br>12/31/2025** | **Expires<br>12/31/2026** | **Expires<br>12/31/2027** | **Total** |
| ICON Equity Income Fund | $112874 <br>| $22138 <br>| $— <br>| $135012 <br>|
| ICON Flexible Bond Fund | 123960 | 163722 | 244484 | 532166 |
| ICON Utilities and Income Fund | 73231 | 29950 |  | 103181 |
| Total | $310065 <br>| $215810 <br>| $244484 <br>| $770359 <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 period ended June 30, 2025 the following were incurred:

---

| | |
|:---|:---|
| **Fund** | **Investor Class<br>12b-1 Fees** |
| ICON Consumer Select Fund | $2029 |
| ICON Equity Fund | 17268 |
| ICON Equity Income Fund | 14895 |
| ICON Flexible Bond Fund | 33016 |
| ICON Health and Information Technology Fund | 1545 |
| ICON Natural Resources & Infrastructure Fund | 6658 |
| ICON Utilities and Income Fund | 4999 |

---

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 period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ICON Consumer Select Fund | $4152937 | $7373201 |
| ICON Equity Fund | 4721945 | 6933156 |
| ICON Equity Income Fund | 3513217 | 4271248 |
| ICON Flexible Bond Fund | 171258007 | 172435397 |
| ICON Health and Information Technology Fund | 20068680 | 24745100 |
| ICON Natural Resources & Infrastructure Fund | 98811850 | 103857416 |
| ICON Utilities and Income Fund | 2501723 | 2095974 |

---

**ICON Funds** **Notes to Financial Statements (Unaudited) (Continued)** **June 30, 2025** <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 Consumer Select Fund | $(65786) | $65786 |
| ICON Equity Income Fund | (357) | 357 |
| ICON Health and Information Technology Fund | (40760) | 40760 |
| ICON Natural Resources & Infrastructure Fund | (62683) | 62683 |
| ICON Utilities and Income Fund | (393) | 393 |

---

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

**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, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>Depreciation** |
| ICON Consumer Select Fund | $26494279 | $9902800 | $(1659764) | $8243036 |
| ICON Equity Fund | 36771938 | 15459708 | (2104887) | 13354821 |
| ICON Equity Income Fund | 40234662 | 4219097 | (1284833) | 2934264 |
| ICON Flexible Bond Fund | 354178238 | 4178147 | (3950828) | 227319 |
| ICON Health and Information Technology Fund | 60275662 | 21152926 | (2318333) | 18834593 |
| ICON Natural Resources & Infrastructure Fund | 120098754 | 14048455 | (8091168) | 5957287 |
| ICON Utilities and Income Fund | 20158593 | 2711226 | (1040946) | 1670280 |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| ICON Consumer Select Fund | $— | $1390636 | $8243036 | $(2527746) | $7105926 |
| ICON Equity Fund |  | 308329 | 13354821 | (680114) | 12983036 |
| ICON Equity Income Fund | 9999 |  | 2934264 | (2973277) | (29014) |
| ICON Flexible Bond Fund | 265141 |  | 227319 | (12569056) | (12076596) |
| ICON Health and Information Technology Fund |  | 4831182 | 18834593 |  | 23665775 |
| ICON Natural Resources & Infrastructure Fund | 1759445 | 3503717 | 5957287 | (206939204) | (195718755) |
| ICON Utilities and Income Fund | 39584 |  | 1670280 | (1364077) | 345787 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to partnership investment, investment in trust preferred securities, and wash sales.

**Capital Losses:** Capital loss carry forwards, as of December 31, 2024, available to offset future capital gains, if any, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ICON<br>Consumer<br>Select Fund\*** | **ICON<br>Equity<br>Fund\*\*** | **ICON<br>Equity<br>Income<br>Fund** | **ICON<br>Flexible<br>Bond Fund** | **ICON Natural<br>Resources &<br>Infrastructure<br>Fund\*\*\*** | **ICON Utilities and Income Fund** |
| Long Term with no Limitation with no Limit | $— <br>| $— <br>| $2659918 <br>| $8177190 <br>| $— <br>| $1031943 <br>|
| Short Term with no Limitation with no Limit |  |  | 313359 | 4391866 |  | 332134 |
| Long Term Subject to Annual Limitation | 699000 |  |  |  | 118277085 |  |
| Short Term Subject to Annual Limitation | 1828746 | 680114 |  |  | 87724338 |  |
| Total | $2527746 <br>| $680114 <br>| $2973277 <br>| $12569056 <br>| $206001423 <br>| $1364077 <br>|
| Capital Loss Carry Forwards Utilized <br>During the Fiscal Year Ending <br>December 31, 2024 | $270264 <br>| $133945 <br>| $— <br>| $— <br>| $678984 <br>| $— <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, 2034.

\*\*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, $577,350 through December 31, 2380, and $194,965 for the year ending December 31, 2381.

**ICON Funds** **Notes to Financial Statements (Unaudited) (Continued)** **June 30, 2025** <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, 2024 and 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Year**  | **Ordinary<br>Income** | **Nontaxable<br>Distribution/ Return<br>of Capital<sup>(a)</sup>**  | **Long-Term<br>Capital<br>Gains<sup>(b)</sup>**  | **Exempt-<br>Interest<br>Dividends** | **Total<br>Distributions** |
| ICON Consumer Select Fund | December 31, 2024 |  |  | 5325000 |  | 5325000 |
|  | December 31, 2023 | 109489 |  | 3105286 |  | 3214775 |
| ICON Equity Fund | December 31, 2024 | 320065 |  | 5062091 |  | 5382156 |
|  | December 31, 2023 | 565863 |  | 2066294 |  | 2632157 |
| ICON Equity Income Fund | December 31, 2024 | 1941896 |  |  |  | 1941896 |
|  | December 31, 2023 | 2804143 |  |  |  | 2804143 |
| ICON Flexible Bond Fund | December 31, 2024 | 20388268 |  |  |  | 20388268 |
|  | December 31, 2023 | 13092250 | 22528 |  |  | 13114778 |
| ICON Health and Information Technology Fund | December 31, 2024 |  |  | 4418883 |  | 4418883 |
|  | December 31, 2023 |  |  | 9999761 |  | 9999761 |
| ICON Natural Resources & Infrastructure Fund | December 31, 2024 | 1722871 |  | 8800004 |  | 10522875 |
|  | December 31, 2023 | 4411864 | 48206 | 2880755 |  | 7340825 |
| ICON Utilities and Income Fund | December 31, 2024 | 539342 |  |  |  | 539342 |
|  | December 31, 2023 | 784692 |  |  |  | 784692 |

---

(a)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.

(b)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, 2024.

**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 June 30, 2025, 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\*** |
| ICON Consumer Select Fund: | $4173 <br>| $4250 <br>|
| ICON Equity Fund: | 234780 | 239750 |
| ICON Flexible Bond Fund: | 5488739 | 5636699 |
| ICON Health and Information Technology Fund:  | 50864 | 51700 |
| ICON Natural Resources & Infrastructure: | 7660973 | 8652049 |

---

\*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 and fund management has noted no additional events that require recognition or disclosure in the financial statements.

**Additional Information (Unaudited)**<br>

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable to the period covered by this report.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the Statements of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited)**<br>

The Investment Company Act of 1940 (the "1940 Act") requires that the full board of the SCM Trust (the "Board") and a majority of the Independent Trustees annually approve the continuation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Advisory Agreement between SCM Trust, Shelton Capital, and ICON, dated February 6, 2020 (the "ICON Advisory Agreement"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Sub-Advisory Agreement between SCM Trust, Shelton Capital, and ICON, dated February 6, 2020 (the "ICON Sub-Advisory Agreement") (collectively, the "ICON Advisory Agreements").

At a meeting held on March 6-7, 2025, the Board, including a majority of the Independent Trustees, considered and approved the continuation of the ICON Advisory Agreements for the maximum period permitted under the 1940 Act.

Prior to the Meeting, the Independent Trustees requested information from Shelton Capital, ICON, and third-party sources. This information, together with other information provided by Shelton Capital and ICON, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board's subsequent approval are described below.

**Information Received**

*Materials Received*. During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by Shelton Capital and ICON to the series of SCM Trust for which ICON serves as the investment sub-adviser (collectively, the "ICON Funds"), including reports on each ICON Fund's investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; compliance shareholder services; and other information relating to the nature, extent and quality of services provided by Shelton Capital and ICON to the ICON Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each ICON Fund's investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding Shelton Capital and ICON, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each ICON Fund.

*Review Process*. The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees and fund counsel. The Board discussed the renewal of the ICON Advisory Agreement and the ICON Sub-Advisory Agreement (collectively, the "ICON Advisory Agreements") with Shelton Capital and ICON representatives, and in a private session with independent legal counsel at which representatives of SCM and ICON were not present. In deciding to approve the renewal of the ICON Advisory Agreements, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

**Nature, Extent and Quality of Services**

*Shelton Capital, its personnel and its resources*. The Board considered the depth and quality of Shelton Capital's investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that Shelton Capital made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered Shelton Capital's continuing need to attract and retain qualified personnel and determined that Shelton Capital was adequately managing matters related to the Funds.

*ICON, its personnel and its resources.* The Board considered the depth and quality of ICON's investment management process; the experience, capability and integrity of its management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered the operations and compliance environment at ICON. The Board determined that ICON was adequately managing matters related to the ICON Funds.

*Other Services*. The Board considered, in connection with the performance of its investment management services to the Funds: Shelton Capital's and ICON's policies, procedures and systems to ensure compliance with applicable laws and regulations and each of their commitment to these programs; each of their efforts to keep the Trustees informed; and each of their attention to matters that may involve conflicts of interest with the Funds. The Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by Shelton Capital to the Funds under the administration servicing agreements.

The Board concluded that Shelton Capital and ICON had the quality and depth of personnel and investment methods necessary to performing its duties under the applicable ICON Advisory Agreements, and that the nature, extent and overall quality of such services provided by Shelton Capital and ICON, respectively, were satisfactory and reliable.

**Investment Performance**

The Board considered each Fund's investment results in comparison to its stated investment objectives. The Trustees also reviewed performance rankings for each Fund as provided by an independent third-party service provider. Among the factors considered in this regard, were the following for the Institutional Class of each ICON Fund for the periods ended December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the Consumer Select Fund, it was noted that the Fund was in the second lowest performing quartile relative to its peer category over the 3-year and 5-year periods and the lowest performing quartile over the 1-year and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Equity Fund, it was noted that the performance of the Fund was in the lowest performing quartile relative to its peer category over the 1-year, 3-year, 5-year, and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Equity Income Fund, it was noted that the performance of the Fund was in the lowest performing quartile over the 1-year, 3-year, 5-year, and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Health and Information Technology Fund, it was noted that the performance of the Fund relative to its peer category was in the second lowest performing quartile over the 1-year, 3-year, and 5-year periods and in the lowest performing quartile for the 10-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Natural Resources and Infrastructure Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 1-year, 3-year, 5-year, and 10-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Utilities and Income Fund, it was noted that the performance of the Fund relative to its peer category was in the second lowest performing quartile over the 10-year period and in the lowest performing quartile over the 1-year, 3-year, and 5-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the ICON Flexible Bond Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 1-year, 3-year, 5-year, and 10-year periods.

**Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited) (Continued)**<br>

The Board received an explanation of the reasons underlying the performance of the lower performing Funds and Shelton Capital and ICON articulated a strategy for improving performance of these Funds. The Board ultimately concluded that Shelton Capital's and ICON's performance records in managing the applicable Funds were satisfactory, and in some cases excellent, supporting the determination that Shelton Capital's and ICON's continued management under the applicable ICON Advisory Agreement would be consistent with the best interests of each ICON Fund and its shareholders.

**Management Fees and Total Annual Operating Expense Ratios**

The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category as defined by a third-party independent service provider. The Board considered the asset size, advisory fees and total fees and expenses of each Fund in comparison to the asset size, advisory fees and other fees and expenses of other funds in each Fund's relevant category. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by Shelton Capital after taking into consideration the expense limitation arrangements on certain Funds.

The Board noted that the maximum management fee charged to each ICON Fund was higher than the ICON Funds' respective peer category medians.

The Board also observed that except for the Institutional Class of the ICON Equity Income Fund which was lower than its peer category median, and the Institutional Class of the ICON Consumer Select Fund, which was equal to its peer category median, each ICON Fund's total annual operating expense ratios, after taking into account the expense limitations and waivers applicable to certain Funds, were higher than the category median for other comparable funds.

**Comparable Accounts**

The Board noted certain information provided by Shelton Capital and ICON regarding fees charged to other clients utilizing a strategy similar to that employed by an ICON Fund. The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Shelton Capital's and ICON's other clients employing a comparable strategy to each applicable ICON Fund was not indicative of any unreasonableness with respect to the advisory fee payable by such ICON Fund.

**Cost Structure, Level of Profits, Economies of Scale and Ancillary Benefits**

The Board reviewed information regarding Shelton Capital's and ICON's costs of providing services to the ICON Funds. The Board also reviewed the resulting level of profits to Shelton Capital and ICON, respectively, including the cost allocation methodologies used to calculate such profits. The Independent Trustees received financial and other information from Shelton Capital and ICON.

The Board noted its intention to continue to monitor assets under management, and the resulting impact on Shelton Capital's and ICON's profitability, in order to ensure that each has sufficient resources to continue to provide the services that shareholders in the ICON Funds require. The Trustees also noted that currently, Shelton Capital has contractually agreed to limit its advisory fees on certain ICON Funds so that those Funds do not exceed their respective specified operating expense limitations and may extend those limits in the future.

The Board also considered whether Shelton Capital and ICON receive any material indirect benefits from managing the ICON Funds, noting the soft dollars benefits accrued to ICON.

Based on the foregoing, together with the other information provided to it at the Meeting and throughout the year, the Board concluded that each ICON Fund's cost structure and level of profits for Shelton Capital and ICON, respectively, were reasonable and that economies of scale and material indirect benefits, to the extent present with respect to an ICON Fund, were of value to the ICON Fund.

**Conclusions**

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the renewal of each ICON Advisory Agreement. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to each ICON Advisory Agreement, the Board had received sufficient information to renew and approve the applicable ICON Advisory Agreement.

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each ICON Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each ICON Fund and its shareholders, that each ICON Fund's shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to Shelton Capital and ICON by the ICON Funds, as applicable, and that the renewal of each ICON Advisory Agreement was in the best interests of each ICON Fund and its shareholders.

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 |

---

![](shelton_icon-sarimg002.jpg)

![](shelton_icon-sarimg003.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The renumeration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The statement regarding the basis for approval of the investment advisory contract, if applicable, is included as part of the report to stockholders filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There were no changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Trustees during the period.

**Item 16. Controls and Procedures.**

(a) Based on an evaluation of the Fund's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the 1940 Act), the Registrant's principal executive officer and principal financial officer have
concluded that the Registrant's disclosure controls and procedures are effective as of a date within 90 days of the filing date
of this report.

(b) There were no significant changes in the Fund's internal control over
financial reporting that occurred during the Fund's last fiscal half-year that have materially affected, or are reasonably likely
to materially affect, the Fund's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable to this Report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT](ex-99cert.htm). |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT](ex99-906.htm). |

---

**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 | SCM Trust |
| By: | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers |
|  | President (Principal Executive Officer) |
| Date: | September 8, 2025 |

---

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 (Principal Executive Officer) |
| Date: | September 8, 2025 |
| By: | /s/ Trevor Shippee |
|  | Trevor Shippee |
|  | Treasurer (Principal Financial Officer) |
| Date: | September 8, 2025 |

---

## Ex-99.Cert

**[SCM TRUST N-CSRS](scm-ncsrs_063025.htm)**

**Exhibit 99.CERT**

CERTIFICATIONS

I, Stephen C. Rogers, President and Principal Executive Officer of the SCM Trust, (the "Registrant"), certify that:

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

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:

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;

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

c) Evaluated the effectiveness of the 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

d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the second fiscal quarter of 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):

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

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: September 8, 2025 | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers<br> President (Principal Executive Officer) |

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**Exhibit 99.CERT**

I, Trevor Shippee, Treasurer and Chief Financial Officer of the SCM Trust, (the "Registrant"), certify that:

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

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:

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;

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

c) Evaluated the effectiveness of the 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

d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the second fiscal quarter of 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):

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;&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: September 8, 2025 | /s/ Trevor Shippee |
|  | Trevor Shippee<br> Treasurer (Principal Financial Officer) |

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## Exhibit 99.906

**[SCM TRUST N-CSRS](scm-ncsrs_063025.htm)**

**Exhibit 99.906CERT**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

Stephen C. Rogers, President and Principal Executive Officer and Trevor Shippee, Treasurer and Chief Financial Officer, of the SCM Trust (the "Registrant"), each certify to the best of their knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended
June 30, 2025 (the "Form N-CSR") fully complies with the requirements of sections 13(a) or 15(d) of the Securities and Exchange
Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| By: | /s/ Stephen C. Rogers | /s/ Trevor Shippee |
|  | Stephen C. Rogers | Trevor Shippee |
|  | President (Principal Executive Officer) | Treasurer (Principal Financial Officer) |
|  | Date: September 8 , 2025 | Date: September 8, 2025 |

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