# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001999371-26-005517
**Filing Date:** 2026-3
**Character Count:** 416827
**Document Hash:** 753f804c6b4c48346d741724e7c50766
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005517.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001999371-26-005517

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 26740002

**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           |

### Shelton Equity Premium Income ETF (Series ID: S000092397)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000260372 | Shelton Equity Premium Income ETF |  |

?xml version='1.0' encoding='ASCII'? scm_tsr

**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: **December 31**

Date of reporting period: **January 1, 2025 - December 31, 2025**

**Item 1. Reports to Stockholders.**

(a) **Shelton Emerging Markets Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **Annual Shareholder ReportDecember 31, 2025**<br> **Shelton Emerging Markets Fund**<br> **Institutional Class Shares**<br> Ticker: EMSQX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Emerging Markets Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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** | $100 | 0.98% |

---

#### What affected the Fund's performance this period?
The Shelton Emerging Markets Fund – Institutional class (EMSQX) returned 32.99% in 2025, underperforming the MSCI Emerging Markets Index's return of 34.32% by -1.33%. Country allocation effects contributed positively to performance, led by an underweight to Saudi Arabia and overweights to Poland and Indonesia. Stock selection also added value driven by overweight positions in Delta Electronics and Samsung Electronics, though partially offset by an underweight position in SK Hynix and an overweight position in Realtek Semiconductor. At the industry level, Semiconductors & Semiconductor Equipment was the top contributor, however industry selection weighed down performance overall led by the fund's overweight exposure to Airlines, Real Estate Management & Development, and Textiles, Apparel & Luxury Goods. Additionally, style factor exposures detracted overall, primarily due to the fund's underweight to Value, Size, and Momentum factors.

Key Insights

Data Center & AI Infrastructure: Emerging market technology companies benefited from the global AI infrastructure buildout in 2025. Memory chip makers SK Hynix and Samsung Electronics experienced increasing demand for high-bandwidth memory, with SK Hynix selling its entire 2026 chip lineup by October. TSMC raised its 2025 revenue growth guidance to approximately 30% driven by AI and high-performance computing demand and began mass production of its 2-nanometer chips in the fourth quarter. Delta Electronics share price more than doubled as a provider of power and cooling solutions for AI servers.

Currency & Monetary Policy: The US dollar had its worst annual performance since 2017, with the Bloomberg US Dollar Spot Index declining approximately 8% in 2025, providing a tailwind for international and emerging markets. Bloomberg noted that 17 out of 23 emerging market currencies that they track, appreciated against the dollar during the year. Additionally, easing inflation across many emerging market countries led some central banks to signal more accommodative policy rates in the coming year.

Commodities & Materials: Commodity markets experienced significant gains in 2025. Copper saw it's best year in over 15 years driven by supply strains in anticipation of potential tariffs.Gold broke the $3,500 per ounce mark in September on its way to closing the year over $4,300 per ounce. As a result, mining companies were some of the fund's top contributors to performance with Zijin Mining and CMOC Group respectively returning over 150% and over 280% respectively for the year.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes1gaz1mm52q0d0.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton Emerging Markets Fund - Institutional Class** | 32.99% | 6.14% | 8.20% |
| **MSCI Emerging Markets Index** | 33.57% | 4.19% | 8.41% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Emerging Markets Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlguxtsu.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Taiwan Semiconductor Manufacturing Co Ltd** | 14.2% |
| **Samsung Electronics Co Ltd** | 7.4% |
| **Tencent Holdings Ltd** | 7.3% |
| **HDFC Bank Ltd** | 4.0% |
| **Infosys Ltd** | 3.5% |
| **Ping An Insurance Group Co of China Ltd** | 3.4% |
| **Zijin Mining Group Co Ltd** | 3.4% |
| **FirstRand Ltd** | 3.2% |
| **Dr Reddy's Laboratories Ltd** | 3.1% |
| **Haier Smart Home Co Ltd** | 2.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21103624 |
| **Total Number of Portfolio Holdings** | 50 |
| **Total Advisory Fees Paid** | $27691 |
| **Portfolio Turnover Rate** | 82% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Emerging Markets Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton Emerging Markets Fund**<br> **Investor Class Shares**<br> Ticker: EMSLX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Emerging Markets Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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** | $125 | 1.23% |

---

#### What affected the Fund's performance this period?
The Shelton Emerging Markets Fund – Investor class (EMSLX) returned 32.63% in 2025, underperforming the MSCI Emerging Markets Index's return of 33.57% by -0.94%. Country allocation effects contributed positively to performance, led by an underweight to Saudi Arabia and overweights to Poland and Indonesia. Stock selection also added value driven by overweight positions in Delta Electronics and Samsung Electronics, though partially offset by an underweight position in SK Hynix and an overweight position in Realtek Semiconductor. At the industry level, Semiconductors & Semiconductor Equipment was the top contributor, however industry selection weighed down performance overall led by the fund's overweight exposure to Airlines, Real Estate Management & Development, and Textiles, Apparel & Luxury Goods. Additionally, style factor exposures detracted overall, primarily due to the fund's underweight to Value, Size, and Momentum factors.

Key Insights

Data Center & AI Infrastructure: Emerging market technology companies benefited from the global AI infrastructure buildout in 2025. Memory chip makers SK Hynix and Samsung Electronics experienced increasing demand for high-bandwidth memory, with SK Hynix selling its entire 2026 chip lineup by October. TSMC raised its 2025 revenue growth guidance to approximately 30% driven by AI and high-performance computing demand and began mass production of its 2-nanometer chips in the fourth quarter. Delta Electronics share price more than doubled as a provider of power and cooling solutions for AI servers.

Currency & Monetary Policy: The US dollar had its worst annual performance since 2017, with the Bloomberg US Dollar Spot Index declining approximately 8% in 2025, providing a tailwind for international and emerging markets. Bloomberg noted that 17 out of 23 emerging market currencies that they track, appreciated against the dollar during the year. Additionally, easing inflation across many emerging market countries led some central banks to signal more accommodative policy rates in the coming year.

Commodities & Materials: Commodity markets experienced significant gains in 2025. Copper saw it's best year in over 15 years driven by supply strains in anticipation of potential tariffs.Gold broke the $3,500 per ounce mark in September on its way to closing the year over $4,300 per ounce. As a result, mining companies were some of the fund's top contributors to performance with Zijin Mining and CMOC Group respectively returning over 150% and over 280% respectively for the year.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes403b9h1mm532707.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton Emerging Markets Fund - Investor Class** | 32.63% | 5.87% | 7.93% |
| **MSCI Emerging Markets Index** | 33.57% | 4.19% | 8.41% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Emerging Markets Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlguxtsu.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Taiwan Semiconductor Manufacturing Co Ltd** | 14.2% |
| **Samsung Electronics Co Ltd** | 7.4% |
| **Tencent Holdings Ltd** | 7.3% |
| **HDFC Bank Ltd** | 4.0% |
| **Infosys Ltd** | 3.5% |
| **Ping An Insurance Group Co of China Ltd** | 3.4% |
| **Zijin Mining Group Co Ltd** | 3.4% |
| **FirstRand Ltd** | 3.2% |
| **Dr Reddy's Laboratories Ltd** | 3.1% |
| **Haier Smart Home Co Ltd** | 2.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1596799 |
| **Total Number of Portfolio Holdings** | 50 |
| **Total Advisory Fees Paid** | $1763 |
| **Portfolio Turnover Rate** | 82% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton International Select Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton International Select Equity Fund**<br> **Institutional Class Shares**<br> Ticker: SISEX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton International Select Equity Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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** | $101 | 0.99% |

---

#### What affected the Fund's performance this period?
The Shelton International Select Equity Fund – Institutional class (SISEX) returned 30.67% in 2025, underperforming the MSCI ACWI Ex USA Net Total Return Index return of 32.39% by -1.72%. Country allocation effects contributed positively to performance, led by an overweight to Japan and underweights to China, and Taiwan. Stock selection also added value driven by positions in Smiths Group, BNP Paribas, and Konica Minolta, though partially offset by overweight holdings in Henkel, Socionext, and AMS-Osram. At the industry level, an underweight position in Metals & Mining and an overweight position in Electronic Equipment and Communications Equipment were top contributors, however industry selection weighed down performance overall led by an underweight to Semiconductors & Semiconductor Equipment and Aerospace & Defense as well as an overweight to REITs. Additionally, style factor exposures detracted overall, primarily due to the fund's underweight to Size, partially offset by positive contributions from Value and Market Sensitivity factors.

Key Insights

Data Center & AI Infrastructure: Asia-Pacific technology companies benefited from the global AI infrastructure buildout in 2025 with the combined weights of Taiwan and South Korea increasing from about 8.5% to over 10.3% during the period. Memory chip makers SK Hynix and Samsung Electronics experienced increasing demand for high-bandwidth memory, with SK Hynix selling its entire 2026 chip lineup by October. TSMC raised its 2025 revenue growth guidance to approximately 30% driven by AI and high-performance computing demand and began mass production of its 2-nanometer chips in the fourth quarter. Delta Electronics share price more than doubled as a provider of power and cooling solutions for AI servers.

Currency & Monetary Policy: The US dollar had its worst annual performance since 2017, with the Bloomberg US Dollar Spot Index declining approximately 8% in 2025, providing a tailwind for international markets broadly. Most major developed market currencies appreciated against the dollar (Euro, Swiss Franc, Canadian Dollar, British Pound, and Australian Dollar) with the Yen being a notable exception. In Japan, the Bank of Japan raised its benchmark interest rate twice during the period to 0.75% in December, the highest level in roughly 30 years, signaling a notable shift away from decades of loose monetary policy. The fund's overweight to Japan during the period contributed positively to country allocation, though yen weakness partially offset these gains on a currency adjusted basis.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes403b9h1mm52sqvh.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton International Select Equity Fund -**<br> **Institutional Class** | 30.67% | 5.77% | 8.98% |
| **MSCI ACWI ex USA Index** | 32.39% | 7.90% | 8.41% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgv4wsx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Konica Minolta Inc** | 2.5% |
| **Max Co Ltd** | 2.4% |
| **De' Longhi SpA** | 2.4% |
| **Asahi Intecc Co Ltd** | 2.2% |
| **Keller Group PLC** | 2.1% |
| **Nissan Chemical Corp** | 2.1% |
| **Bezeq The Israeli Telecommunication Corp Ltd** | 2.0% |
| **Renew Holdings PLC** | 1.9% |
| **Charter Hall Group** | 1.9% |
| **Gamma Communications PLC** | 1.9% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37656055 |
| **Total Number of Portfolio Holdings** | 111 |
| **Total Advisory Fees Paid** | $160698 |
| **Portfolio Turnover Rate** | 186% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton International Select Equity Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton International Select Equity Fund**<br> **Investor Class Shares**<br> Ticker: SISLX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton International Select Equity Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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** | $126 | 1.24% |

---

#### What affected the Fund's performance this period?
The Shelton International Select Equity Fund – Investor class (SISLX) returned 30.33% in 2025, underperforming the MSCI ACWI Ex USA Net Total Return Index return of 32.39% by -2.06%. Country allocation effects contributed positively to performance, led by an overweight to Japan and underweights to China, and Taiwan. Stock selection also added value driven by positions in Smiths Group, BNP Paribas, and Konica Minolta, though partially offset by overweight holdings in Henkel, Socionext, and AMS-Osram. At the industry level, an underweight position in Metals & Mining and an overweight position in Electronic Equipment and Communications Equipment were top contributors, however industry selection weighed down performance overall led by an underweight to Semiconductors & Semiconductor Equipment and Aerospace & Defense as well as an overweight to REITs. Additionally, style factor exposures detracted overall, primarily due to the fund's underweight to Size, partially offset by positive contributions from Value and Market Sensitivity factors.

Key Insights

Data Center & AI Infrastructure: Asia-Pacific technology companies benefited from the global AI infrastructure buildout in 2025 with the combined weights of Taiwan and South Korea increasing from about 8.5% to over 10.3% during the period. Memory chip makers SK Hynix and Samsung Electronics experienced increasing demand for high-bandwidth memory, with SK Hynix selling its entire 2026 chip lineup by October. TSMC raised its 2025 revenue growth guidance to approximately 30% driven by AI and high-performance computing demand and began mass production of its 2-nanometer chips in the fourth quarter. Delta Electronics share price more than doubled as a provider of power and cooling solutions for AI servers.

Currency & Monetary Policy: The US dollar had its worst annual performance since 2017, with the Bloomberg US Dollar Spot Index declining approximately 8% in 2025, providing a tailwind for international markets broadly. Most major developed market currencies appreciated against the dollar (Euro, Swiss Franc, Canadian Dollar, British Pound, and Australian Dollar) with the Yen being a notable exception. In Japan, the Bank of Japan raised its benchmark interest rate twice during the period to 0.75% in December, the highest level in roughly 30 years, signaling a notable shift away from decades of loose monetary policy. The fund's overweight to Japan during the period contributed positively to country allocation, though yen weakness partially offset these gains on a currency adjusted basis.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes31vyq1mlgskpa0.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton International Select Equity Fund -**<br> **Investor Class** | 30.33% | 5.51% | 8.70% |
| **MSCI ACWI ex USA Index** | 32.39% | 7.90% | 8.41% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgv4wsx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Konica Minolta Inc** | 2.5% |
| **Max Co Ltd** | 2.4% |
| **De' Longhi SpA** | 2.4% |
| **Asahi Intecc Co Ltd** | 2.2% |
| **Keller Group PLC** | 2.1% |
| **Nissan Chemical Corp** | 2.1% |
| **Bezeq The Israeli Telecommunication Corp Ltd** | 2.0% |
| **Renew Holdings PLC** | 1.9% |
| **Charter Hall Group** | 1.9% |
| **Gamma Communications PLC** | 1.9% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4432413 |
| **Total Number of Portfolio Holdings** | 111 |
| **Total Advisory Fees Paid** | $17764 |
| **Portfolio Turnover Rate** | 186% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**Shelton Tactical Credit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton Tactical Credit Fund**<br> **Institutional Class Shares**<br> Ticker: DEBIX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Tactical Credit Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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**<br> **Credit Fund -**<br> **Institutional Class** | $82 | 0.80% |

---

#### What affected the Fund's performance this period?
For the fiscal year ended December 31, 2025, the Fund outperformed its benchmark index, generating a return of 8.55%, as compared to the 7.30% return for the US Aggregate Bond Index.

For the overall market, 10-year US Treasury rates began the year at 4.57%, quickly reached an interim high of 4.79% in mid-January, declined to 4.00% into April, spiked again to 4.60% in late May, declined steadily to 3.95% in October as the Federal Reserve continued cutting rates, and then rose again to 4.17% into year-end.

Bonds of lower-rated companies outperformed higher-quality more rate-sensitive bonds in a period of strong economic growth and a risk-on environment generally, but even investment grade bonds benefitted from Federal Reserve interest rate cuts.Longer duration high quality bonds underperformed modestly as the US Treasury curve steepened in Q4.

The Fund's outperformance was generated by portfolio positioning that was shorter in duration and slightly more credit sensitive, and active trading around volatility. Strong underwriting and credit selection allowed the Fund to avoid any adverse credit events during the year.

In addition, the Fund realized event-driven gains in PetSmart, Sun Communities, Calpine, Acushnet, Digicel, Rivian, Guitar Center, Uniti Group, Bausch Health, Cinemark, and JBS Foods by mergers, acquisitions, refinancings, credit rating upgrades and other corporate events.

Portfolio hedges were a modest drag on performance.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes1gaz1mm52v094.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton Tactical Credit Fund - Institutional Class** | 8.55%. | 3.83% | 3.89% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Tactical Credit Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgv89ft.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **United States Treasury Bill** | 9.6% |
| **Six Flags Entertainment Corp /**<br> **Six Flags Theme Parks Inc/**<br> **Canada's Wonderland Co** | 3.6% |
| **Iron Mountain Inc** | 3.6% |
| **Sirius XM Radio LLC** | 3.3% |
| **Calpine Corp** | 3.2% |
| **Mars Inc** | 3.2% |
| **AMC Entertainment Holdings Inc** | 3.2% |
| **Talos Production Inc** | 2.8% |
| **1261229 BC Ltd** | 2.8% |
| **American Homes 4 Rent LP** | 2.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $53344195 |
| **Total Number of Portfolio Holdings** | 50 |
| **Total Advisory Fees Paid** | $179279 |
| **Portfolio Turnover Rate** | 107% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/ .
**Shelton Tactical Credit Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton Tactical Credit Fund**<br> **Investor Class Shares**<br> Ticker: DEBTX <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Tactical Credit Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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** | $110 | 1.08% |

---

#### What affected the Fund's performance this period?
For the fiscal year ended December 31, 2025, the Fund outperformed its benchmark index, generating a return of 8.21%, as compared to the 7.30% return for the US Aggregate Bond Index.

For the overall market, 10-year US Treasury rates began the year at 4.57%, quickly reached an interim high of 4.79% in mid-January, declined to 4.00% into April, spiked again to 4.60% in late May, declined steadily to 3.95% in October as the Federal Reserve continued cutting rates, and then rose again to 4.17% into year-end.

Bonds of lower-rated companies outperformed higher-quality more rate-sensitive bonds in a period of strong economic growth and a risk-on environment generally, but even investment grade bonds benefitted from Federal Reserve interest rate cuts.Longer duration high quality bonds underperformed modestly as the US Treasury curve steepened in Q4.

The Fund's outperformance was generated by portfolio positioning that was shorter in duration and slightly more credit sensitive, and active trading around volatility. Strong underwriting and credit selection allowed the Fund to avoid any adverse credit events during the year.

In addition, the Fund realized event-driven gains in PetSmart, Sun Communities, Calpine, Acushnet, Digicel, Rivian, Guitar Center, Uniti Group, Bausch Health, Cinemark, and JBS Foods by mergers, acquisitions, refinancings, credit rating upgrades and other corporate events.

Portfolio hedges were a modest drag on performance.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qesdjeno1mm3km57q.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Shelton Tactical Credit Fund - Investor Class** | 8.21% | 3.56% | 3.63% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Tactical Credit Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgv89ft.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **United States Treasury Bill** | 9.6% |
| **Six Flags Entertainment Corp /**<br> **Six Flags Theme Parks Inc/**<br> **Canada's Wonderland Co** | 3.6% |
| **Iron Mountain Inc** | 3.6% |
| **Sirius XM Radio LLC** | 3.3% |
| **Calpine Corp** | 3.2% |
| **Mars Inc** | 3.2% |
| **AMC Entertainment Holdings Inc** | 3.2% |
| **Talos Production Inc** | 2.8% |
| **1261229 BC Ltd** | 2.8% |
| **American Homes 4 Rent LP** | 2.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2230065 |
| **Total Number of Portfolio Holdings** | 50 |
| **Total Advisory Fees Paid** | $9415 |
| **Portfolio Turnover Rate** | 107% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/ .
**Shelton Equity Premium Income ETF** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **Shelton Equity Premium Income ETF**<br> Ticker: SEPI <br>| ![Shelton logo](d7qy2epism0e00ml3.jpg) |

---

This annual shareholder report contains important information about the Shelton Equity Premium Income ETF for the period September 8, 2025 to December 31, 2025. You can find additional information about the Fund at https://sheltonfunds.com/forms-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 year?
(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 Equity**<br> **Premium Income ETF -**<br> **Investor Class** | $55 | 0.54% |

---

#### What affected the Fund's performance this period?
• Performance from Key Holdings: Contributions from holdings such as Caterpillar Inc (CAT), Alphabet Inc (GOOGL), and Cardinal Health (CAH) enhanced the Fund's total return during the fiscal year ended December 31, 2025. During the period, these names benefited from strong earnings and favorable sector tailwinds, helping the Fund perform in line with the CBOE S&P500 BuyWrite Monthly Index (BXM).

• Use of Covered Call Strategy: The Fund's active strategy of writing covered calls on individual large-cap equities like Walmart Inc (WMT) and Nvidia Corp (NVDA) generated premiums that supported cash flow and helped buffer volatility during periods of market rotation.

• Sector Weighting Adjustments: Strategic allocations to sectors such as technology, Industrials, and Health Care aligned well with broader market trends. These tilts provided exposure to momentum areas while avoiding over-concentration in underperforming sectors like Consumer Staples.

• Market Dynamics and Economic Factors: The Fund navigated a complex backdrop of moderating inflation, interest rate pauses, and renewed AI enthusiasm. The Fund's focus on what we believe to be quality businesses with durable earnings supported the Fund's resilient performance during macro uncertainty in the period.

• Diversification Across Companies: A balanced portfolio of dividend-payers and growth leaders—such as Arista Networks (ANET), Newmont Corp (NEM), and Johnson & Johnson (JNJ)—reduced downside risk and contributed to overall gains during the fiscal year. This diversification helped offset weakness in holdings like Netflix (NFLX), Meta Platforms (META), and Fastenal Co (FAST).

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1gaz1mlv2e953.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Annual Performance**<br>  | **Since Inception**<br> **(9/8/25)**<br>  |
| **Shelton Equity Premium Income ETF - Investor Class** | 7.48% |
| **S&P 500 Index** | 5.78% |
| **CBOE S&P 500 Buy Write Index** | 7.83% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Shelton Equity Premium Income ETF** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgupcm3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Apple Inc** | 5.5% |
| **Caterpillar Inc** | 5.0% |
| **Alphabet Inc - Class A** | 5.0% |
| **NVIDIA Corp** | 4.2% |
| **Microsoft Corp** | 4.2% |
| **Broadcom Inc** | 4.2% |
| **The Goldman Sachs Group Inc** | 3.8% |
| **Amazon.com Inc** | 3.7% |
| **Meta Platforms Inc** | 3.7% |
| **Johnson & Johnson** | 3.5% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57234412 |
| **Total Number of Portfolio Holdings** | 40 |
| **Total Advisory Fees Paid** | $59123 |
| **Portfolio Turnover Rate** | 14% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://sheltonfunds.com/forms-literature/.
**ICON Consumer Select Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Consumer Select Fund**<br> **Institutional Class Shares**<br> Ticker: ICFSX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Consumer Select Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Select Fund - Institutional Class** | $150 | 1.47% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Consumer Select Fund underperformed the S&P 1500 Financials by 8.39%, as the portfolio delivered a total return of 5.95% versus the benchmark's 14.34%. The underperformance was primarily attributable to adverse stock selection of -3.42% and unfavorable sector allocation of -2.76%. The Financials sector detracted by -2.72%, with Diversified Banks within Financials further reducing returns by -3.96%. Conversely, unassigned exposures contributed positively by 33 basis points.

The Fund's largest detractor to performance versus the S&P 1500 Financials Index was Deckers Outdoor Corporation, a designer and marketer of premium footwear and apparel, with an average weight of 1.93% in the Fund throughout the period. The security's return of -59.88% significantly lagged the overall benchmark's return of 14.34%, thereby detracting -2.58% from the Fund's relative performance.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qesdjeno1mm520aoa.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Consumer Select Fund - Institutional Class** | 5.95% | 9.09% | 8.23% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Financials Index** | 14.34% | 14.90% | 12.90% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Consumer Select Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes721mlguf1c8.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **American Express Co** | 7.0% |
| **Equitable Holdings Inc** | 6.4% |
| **RenaissanceRe Holdings Ltd** | 6.3% |
| **Visa Inc** | 6.1% |
| **Coca-Cola Europacific**<br> **Partners PLC** | 5.9% |
| **LPL Financial Holdings Inc** | 5.8% |
| **The Hartford Insurance Group Inc** | 5.7% |
| **Gildan Activewear Inc** | 5.1% |
| **Huntington Bancshares Inc** | 5.1% |
| **Arch Capital Group Ltd** | 5.0% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $27555311 |
| **Total Number of Portfolio Holdings** | 25 |
| **Total Advisory Fees Paid** | $295750 |
| **Portfolio Turnover Rate** | 28% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Consumer Select Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Consumer Select Fund**<br> **Investor Class Shares**<br> Ticker: ICFAX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Consumer Select Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Select Fund - Investor Class** | $175 | 1.72% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Consumer Select Fund underperformed the S&P 1500 Financials by 8.60%, as the portfolio delivered a total return of 5.74% versus the benchmark's 14.34%. The underperformance was primarily attributable to adverse stock selection of -3.42% and unfavorable sector allocation of -2.76%. The Financials sector detracted by -2.72%, with Diversified Banks within Financials further reducing returns by -3.96%. Conversely, unassigned exposures contributed positively by 33 basis points.

The Fund's largest detractor to performance versus the S&P 1500 Financials Index was Deckers Outdoor Corporation, a designer and marketer of premium footwear and apparel, with an average weight of 1.93% in the Fund throughout the period. The security's return of -59.88% significantly lagged the overall benchmark's return of 14.34%, thereby detracting -2.58% from the Fund's relative performance.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1gaz1mlqqp3dt.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Consumer Select Fund - Investor Class** | 5.74% | 8.81% | 7.92% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Financials Index** | 14.34% | 14.90% | 12.90% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Consumer Select Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes721mlguf1c8.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **American Express Co** | 7.0% |
| **Equitable Holdings Inc** | 6.4% |
| **RenaissanceRe Holdings Ltd** | 6.3% |
| **Visa Inc** | 6.1% |
| **Coca-Cola Europacific**<br> **Partners PLC** | 5.9% |
| **LPL Financial Holdings Inc** | 5.8% |
| **The Hartford Insurance Group Inc** | 5.7% |
| **Gildan Activewear Inc** | 5.1% |
| **Huntington Bancshares Inc** | 5.1% |
| **Arch Capital Group Ltd** | 5.0% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1449395 |
| **Total Number of Portfolio Holdings** | 25 |
| **Total Advisory Fees Paid** | $15815 |
| **Portfolio Turnover Rate** | 28% |

---

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

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Equity Fund**<br> **Institutional Class Shares**<br> Ticker: IOLZX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Equity Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Equity Fund - Institutional Class** | $117 | 1.15% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Equity Fund underperformed the S&P Composite 1500 Index by 1.18%, as the portfolio delivered a total return of 15.84% versus the benchmark's 17.02%. The Consumer Discretionary sector added 2.03% to relative performance, with Broadline Retail within this sector contributing 45 basis points. Conversely, Industrials detracted -1.46%, primarily due to underperformance in Construction Machinery & Heavy Transportation Equipment, which subtracted -1.35%.

Seagate Technology Holdings PLC, a leading data storage solutions provider, was maintained in the portfolio throughout the period with an average overweight of 3.65%. The security delivered a return of 225.15%, substantially outpacing the benchmark's 17.02% and thereby contributed 5.34% to the fund's excess return.

Century Aluminum Company, an integrated primary aluminum producer, was maintained in the portfolio throughout the period with an average overweight of 1.67%. The security delivered a return of 115.04% compared to the benchmark's 17.02%, thereby contributing 2.31% to the fund's relative outperformance.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qesdjeno1mm527azz.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Equity Fund - Institutional Class** | 15.84% | 7.23% | 10.29% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Equity Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgub0wp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Seagate Technology Holdings PLC** | 7.3% |
| **Armstrong World Industries Inc** | 5.1% |
| **LPL Financial Holdings Inc** | 4.9% |
| **Kaiser Aluminum Corp** | 4.9% |
| **Horace Mann Educators Corp** | 4.6% |
| **JPMorgan Chase & Co** | 4.5% |
| **Lincoln National Corp** | 4.3% |
| **Truist Financial Corp** | 3.9% |
| **Century Aluminum Co** | 3.9% |
| **Delta Air Lines Inc** | 3.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33076799 |
| **Total Number of Portfolio Holdings** | 36 |
| **Total Advisory Fees Paid** | $250219 |
| **Portfolio Turnover Rate** | 23% |

---

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

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Equity Fund**<br> **Investor Class Shares**<br> Ticker: ISTAX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Equity Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Equity Fund - Investor Class** | $143 | 1.40% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Equity Fund underperformed the S&P Composite 1500 Index by 1.46%, as the portfolio delivered a total return of 15.56% versus the benchmark's 17.02%. The Consumer Discretionary sector added 2.03% to relative performance, with Broadline Retail within this sector contributing 45 basis points. Conversely, Industrials detracted -1.46%, primarily due to underperformance in Construction Machinery & Heavy Transportation Equipment, which subtracted -1.35%.

Seagate Technology Holdings PLC, a leading data storage solutions provider, was maintained in the portfolio throughout the period with an average overweight of 3.65%. The security delivered a return of 225.15%, substantially outpacing the benchmark's 17.02% and thereby contributed 5.34% to the fund's excess return.

Century Aluminum Company, an integrated primary aluminum producer, was maintained in the portfolio throughout the period with an average overweight of 1.67%. The security delivered a return of 115.04% compared to the benchmark's 17.02%, thereby contributing 2.31% to the fund's relative outperformance.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes31vyq1mlgqsuoz.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Equity Fund - Investor Class** | 15.56% | 6.97% | 10.00% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Equity Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgub0wp.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Seagate Technology Holdings PLC** | 7.3% |
| **Armstrong World Industries Inc** | 5.1% |
| **LPL Financial Holdings Inc** | 4.9% |
| **Kaiser Aluminum Corp** | 4.9% |
| **Horace Mann Educators Corp** | 4.6% |
| **JPMorgan Chase & Co** | 4.5% |
| **Lincoln National Corp** | 4.3% |
| **Truist Financial Corp** | 3.9% |
| **Century Aluminum Co** | 3.9% |
| **Delta Air Lines Inc** | 3.8% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15849461 |
| **Total Number of Portfolio Holdings** | 36 |
| **Total Advisory Fees Paid** | $110652 |
| **Portfolio Turnover Rate** | 23% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Equity Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Equity Income Fund**<br> **Institutional Class Shares**<br> Ticker: IOEZX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Equity Income Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Income Fund - Institutional Class** | $123 | 1.21% |

---

#### What affected the Fund's performance this period?
During 2025, ICON Equity Income Fund underperformed the S&P Composite 1500 by delivering a portfolio total return of 14.41% versus the benchmark's 17.02%, resulting in a total effect of -2.61%. Financials contributed significantly to relative performance with a total effect of 4.98%, particularly within Diversified Banks at 3.38%. Conversely, Industrials detracted from performance with a total effect of -2.48%, notably within Construction Machinery & Heavy Transportation Equipment at -1.68%.

With respect to the fund's fixed income investments, portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. As the year progressed, we reduced the fixed income allocation shifting assets to equities.

We were able to sustain a high dividend yield due to past purchases of airline equipment trust bonds as well as the floating rate securities. These experienced gradual reductions throughout the year due to sinking funds on the airline issues and calls on the fixed to float issues. We eliminated our closed end bond funds as we reallocated to equities.

We believe that the funds event driven, value-oriented fixed income strategy continues to be successful.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qesdjeno1mm578j7y.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Equity Income Fund - Institutional Class** | 14.41% | 6.44% | 8.12% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Equity Income Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgu7u4t.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **ING Groep NV** | 6.3% |
| **Evergy Inc** | 5.6% |
| **KeyCorp** | 5.3% |
| **National Fuel Gas Co** | 5.1% |
| **DTE Energy Co** | 5.0% |
| **The Western Union Co** | 4.9% |
| **The AES Corp** | 4.7% |
| **Horace Mann Educators Corp** | 4.7% |
| **Portland General Electric Co** | 4.6% |
| **OneMain Holdings Inc** | 4.5% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29328754 |
| **Total Number of Portfolio Holdings** | 32 |
| **Total Advisory Fees Paid** | $225419 |
| **Portfolio Turnover Rate** | 26% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Equity Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Equity Income Fund**<br> **Investor Class Shares**<br> Ticker: IEQAX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Equity Income Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $149 | 1.46% |

---

#### What affected the Fund's performance this period?
During 2025, ICON Equity Income Fund underperformed the S&P Composite 1500 by delivering a portfolio total return of 14.13% versus the benchmark's 17.02%, resulting in a total effect of -2.89%. Financials contributed significantly to relative performance with a total effect of 4.98%, particularly within Diversified Banks at 3.38%. Conversely, Industrials detracted from performance with a total effect of -2.48%, notably within Construction Machinery & Heavy Transportation Equipment at -1.68%.

With respect to the fund's fixed income investments, portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. As the year progressed, we reduced the fixed income allocation shifting assets to equities.

We were able to sustain a high dividend yield due to past purchases of airline equipment trust bonds as well as the floating rate securities. These experienced gradual reductions throughout the year due to sinking funds on the airline issues and calls on the fixed to float issues. We eliminated our closed end bond funds as we reallocated to equities.

We believe that the funds event driven, value-oriented fixed income strategy continues to be successful.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes721mlgqm3ge.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Equity Income Fund - Investor Class** | 14.13% | 6.18% | 7.85% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Equity Income Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgu7u4t.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **ING Groep NV** | 6.3% |
| **Evergy Inc** | 5.6% |
| **KeyCorp** | 5.3% |
| **National Fuel Gas Co** | 5.1% |
| **DTE Energy Co** | 5.0% |
| **The Western Union Co** | 4.9% |
| **The AES Corp** | 4.7% |
| **Horace Mann Educators Corp** | 4.7% |
| **Portland General Electric Co** | 4.6% |
| **OneMain Holdings Inc** | 4.5% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11846908 |
| **Total Number of Portfolio Holdings** | 32 |
| **Total Advisory Fees Paid** | $89559 |
| **Portfolio Turnover Rate** | 26% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Flexible Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Flexible Bond Fund**<br> **Institutional Class Shares**<br> Ticker: IOBZX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Flexible Bond Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Bond Fund - Institutional Class** | $78 | 0.76% |

---

#### What affected the Fund's performance this period?
2025 was largely a transition year from restrictive to neutral Federal Reserve policy. After peaking the federal funds rate in 2024, the Fed:

&nbsp;&nbsp;&nbsp;&nbsp;• Began gradual rate cuts in mid-to-late 2025 as inflation trended closer to target.

&nbsp;&nbsp;&nbsp;&nbsp;• Emphasized "data dependence," keeping policy tighter than prior easing cycles.

&nbsp;&nbsp;&nbsp;&nbsp;• The yield curve began the year inverted.

&nbsp;&nbsp;&nbsp;&nbsp;• As rate cuts approached, the curve partially re-steepened, driven mostly by declining short-term yields.

&nbsp;&nbsp;&nbsp;&nbsp;• US Treasury 10-year yield generally ranged between ~3.75%–4.50% during the year.

Corporate bond yield spreads (the yield in excess of comparable US Treasuries) continued to be narrower during the fiscal year than we found attractive generally tightening even further than in 2024.

Total returns for the fund was 5.69% for the year ending December 31, 2025 compared to 7.31% for the Bloomberg US Universal Index ex MBS. The fund's relative performance was hurt by several specific credit problems.

The fund's portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. We were able to sustain a high dividend yield due to success in our use of securities, which experienced high-interest rate resets as they moved to floating rate status pricing against high short-term rates. As the year went on, we saw many of these bonds retired by the issuers. The fund ended the year with a lower exposure to this sector.

In addition, we continued to capture higher yields with airline enhanced equipment trust certificates (EETCs). That sector experienced natural decline as their sinking funds and maturities reduced the fund's exposure from previous levels. We found what we believe to be attractive opportunities in select commercial mortgage-backed securities and asset backed securities.

We continued our use of high yielding closed end bond funds, and our preferred stock strategy involving dividend capture.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes403b9h1mm52bp6i.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Flexible Bond Fund - Institutional Class** | 5.69% | 4.22% | 4.48% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Universal Index ex MBS** | 7.31% | 0.02% | 2.68% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Flexible Bond Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgu423s.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Nuveen Floating Rate**<br> **Income Fund** | 3.1% |
| **STWD 2021-FL2 Ltd** | 2.9% |
| **UMH Properties Inc** | 2.7% |
| **The PNC Financial**<br> **Services Group Inc** | 2.7% |
| **BXMT 2021-FL4 Ltd** | 2.2% |
| **Flexential Issuer 2021-1** | 2.1% |
| **JPMorgan Chase & Co** | 1.8% |
| **Farm Credit Bank of Texas** | 1.7% |
| **Fifth Third Bancorp** | 1.6% |
| **Summit Midstream Holdings LLC** | 1.6% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $409687974 |
| **Total Number of Portfolio Holdings** | 146 |
| **Total Advisory Fees Paid** | $1903941 |
| **Portfolio Turnover Rate** | 158% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Flexible Bond Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Flexible Bond Fund**<br> **Investor Class Shares**<br> Ticker: IOBAX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Flexible Bond Fund for the period January 1, 2025 to December 31, 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 year?
(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**<br> **Bond Fund - Investor Class** | $103 | 1.01% |

---

#### What affected the Fund's performance this period?
2025 was largely a transition year from restrictive to neutral Federal Reserve policy. After peaking the federal funds rate in 2024, the Fed:

&nbsp;&nbsp;&nbsp;&nbsp;• Began gradual rate cuts in mid-to-late 2025 as inflation trended closer to target.

&nbsp;&nbsp;&nbsp;&nbsp;• Emphasized "data dependence," keeping policy tighter than prior easing cycles.

&nbsp;&nbsp;&nbsp;&nbsp;• The yield curve began the year inverted.

&nbsp;&nbsp;&nbsp;&nbsp;• As rate cuts approached, the curve partially re-steepened, driven mostly by declining short-term yields.

&nbsp;&nbsp;&nbsp;&nbsp;• US Treasury 10-year yield generally ranged between ~3.75%–4.50% during the year.

Corporate bond yield spreads (the yield in excess of comparable US Treasuries) continued to be narrower during the fiscal year than we found attractive generally tightening even further than in 2024.

Total returns for the fund was 5.47% for the year ending December 31, 2025 compared to 7.31% for the Bloomberg US Universal Index ex MBS. The fund's relative performance was hurt by several specific credit problems.

The fund's portfolio duration, a measure of interest rate risk, continued to be relatively short throughout the year. We were able to sustain a high dividend yield due to success in our use of securities, which experienced high-interest rate resets as they moved to floating rate status pricing against high short-term rates. As the year went on, we saw many of these bonds retired by the issuers. The fund ended the year with a lower exposure to this sector.

In addition, we continued to capture higher yields with airline enhanced equipment trust certificates (EETCs). That sector experienced natural decline as their sinking funds and maturities reduced the fund's exposure from previous levels. We found what we believe to be attractive opportunities in select commercial mortgage-backed securities and asset backed securities.

We continued our use of high yielding closed end bond funds, and our preferred stock strategy involving dividend capture.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes31vyq1mlgr3hzx.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Flexible Bond Fund - Investor Class** | 5.47% | 4.00% | 4.23% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg U.S. Universal Index ex MBS** | 7.31% | 0.02% | 2.68% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**ICON Flexible Bond Fund** Tailored Shareholder Report

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgu423s.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Nuveen Floating Rate**<br> **Income Fund** | 3.1% |
| **STWD 2021-FL2 Ltd** | 2.9% |
| **UMH Properties Inc** | 2.7% |
| **The PNC Financial**<br> **Services Group Inc** | 2.7% |
| **BXMT 2021-FL4 Ltd** | 2.2% |
| **Flexential Issuer 2021-1** | 2.1% |
| **JPMorgan Chase & Co** | 1.8% |
| **Farm Credit Bank of Texas** | 1.7% |
| **Fifth Third Bancorp** | 1.6% |
| **Summit Midstream Holdings LLC** | 1.6% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30027382 |
| **Total Number of Portfolio Holdings** | 146 |
| **Total Advisory Fees Paid** | $141008 |
| **Portfolio Turnover Rate** | 158% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Health and Information Technology Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Health and Information Technology Fund**<br> **Institutional Class Shares**<br> Ticker: ICTEX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Health and Information Technology Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $132 | 1.30% |

---

#### What affected the Fund's performance this period?
The ICON Health & Technology Fund underperformed the S&P Composite 1500 Information Technology Index during 2025, as evidenced by a portfolio total return of 17.30% versus the benchmark's 23.81%, resulting in a total effect of -6.51%. The Information Technology sector detracted 4.14%, with Semiconductors specifically reducing performance by 6.24%. Conversely, Communication Services contributed 1.93%, primarily driven by Interactive Media & Services at 1.93%.

The S&P Composite 1500 Information Technology Index delivered a robust return of 23.81% for the period. Because the ICON Health & Information Technology Fund held an average of 14.16% of its holdings in the Health Care sector, those holdings underperformed and only contributed 0.83% to overall fund performance.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes1gaz1mm52g9yn.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Health and Information Technology Fund Institutional Class** | 17.30% | 7.38% | 13.82% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Information Technology Index** | 23.81% | 20.48% | 23.87% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes721mlgu1y1x.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Taiwan Semiconductor Manufacturing Co Ltd** | 6.5% |
| **Cisco Systems Inc** | 6.5% |
| **Arista Networks Inc** | 5.9% |
| **Meta Platforms Inc** | 5.1% |
| **Alphabet Inc - Class C** | 5.1% |
| **HCA Healthcare Inc** | 5.0% |
| **Encompass Health Corp** | 4.9% |
| **Seagate Technology Holdings PLC** | 4.5% |
| **Teradyne Inc** | 4.5% |
| **TD SYNNEX Corp** | 3.9% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $76373412 |
| **Total Number of Portfolio Holdings** | 27 |
| **Total Advisory Fees Paid** | $758637 |
| **Portfolio Turnover Rate** | 42% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Health and Information Technology Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Health and Information Technology Fund**<br> **Investor Class Shares**<br> Ticker: ICTTX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Health and Information Technology Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $159 | 1.56% |

---

#### What affected the Fund's performance this period?
The ICON Health & Technology Fund underperformed the S&P Composite 1500 Information Technology Index during 2025, as evidenced by a portfolio total return of 17.06% versus the benchmark's 23.81%, resulting in a total effect of -6.75%. The Information Technology sector detracted 4.14%, with Semiconductors specifically reducing performance by 6.24%. Conversely, Communication Services contributed 1.93%, primarily driven by Interactive Media & Services at 1.93%.

The S&P Composite 1500 Information Technology Index delivered a robust return of 23.81% for the period. Because the ICON Health & Information Technology Fund held an average of 14.16% of its holdings in the Health Care sector, those holdings underperformed and only contributed 0.83% to overall fund performance.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes721mlgrlukk.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Health and Information Technology Fund -**<br> **Investor Class** | 17.06% | 7.11% | 13.51% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Information Technology Index** | 23.81% | 20.48% | 23.87% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes721mlgu1y1x.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Taiwan Semiconductor Manufacturing Co Ltd** | 6.5% |
| **Cisco Systems Inc** | 6.5% |
| **Arista Networks Inc** | 5.9% |
| **Meta Platforms Inc** | 5.1% |
| **Alphabet Inc - Class C** | 5.1% |
| **HCA Healthcare Inc** | 5.0% |
| **Encompass Health Corp** | 4.9% |
| **Seagate Technology Holdings PLC** | 4.5% |
| **Teradyne Inc** | 4.5% |
| **TD SYNNEX Corp** | 3.9% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1164894 |
| **Total Number of Portfolio Holdings** | 27 |
| **Total Advisory Fees Paid** | $12149 |
| **Portfolio Turnover Rate** | 42% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Natural Resources and Infrastructure Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Natural Resources and Infrastructure Fund**<br> **Institutional Class Shares**<br> Ticker: ICBMX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Natural Resources and Infrastructure Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $133 | 1.31% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Natural Resources Fund underperformed the S&P North American Natural Resources Sector Index, as evidenced by a portfolio total return of 15.89% versus the benchmark's 21.11% return, resulting in a total eﬀect of -5.22%. Stock selection contributed positively to fund performance during the period with 35.74%. Industrials detracted from performance with a total eﬀect of -14.05%, particularly within Industrial Machinery & Supplies & Components, which contributed -8.12%. Conversely, Energy contributed positively with a total eﬀect of 12.19%, notably within Oil & Gas Equipment & Services, which added 6.76%.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qes403b9h1mm52j64t.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Natural Resources and Infrastructure Fund - Institutional Class** | 15.89% | 13.57% | 11.26% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P North American Natural Resources Sector Index** | 21.11% | 20.54% | 9.75% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgtin1b.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Century Aluminum Co** | 6.2% |
| **Transocean Ltd** | 6.1% |
| **HF Sinclair Corp** | 5.0% |
| **TETRA Technologies Inc** | 5.0% |
| **Carpenter Technology Corp** | 4.1% |
| **Deluxe Corp** | 3.9% |
| **Phillips 66** | 3.7% |
| **Archrock Inc** | 3.6% |
| **REV Group Inc** | 3.5% |
| **CVR Energy Inc** | 3.5% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $116032580 |
| **Total Number of Portfolio Holdings** | 38 |
| **Total Advisory Fees Paid** | $1148387 |
| **Portfolio Turnover Rate** | 154% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Natural Resources and Infrastructure Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Natural Resources and Infrastructure Fund**<br> **Investor Class Shares**<br> Ticker: ICBAX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Natural Resources and Infrastructure Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $159 | 1.56% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Natural Resources Fund underperformed the S&P North American Natural Resources Sector Index, as evidenced by a portfolio total return of 15.64% versus the benchmark's 21.11% return, resulting in a total eﬀect of -5.47%. Stock selection contributed positively to fund performance during the period with 35.74%. Industrials detracted from performance with a total eﬀect of -14.05%, particularly within Industrial Machinery & Supplies & Components, which contributed -8.12%. Conversely, Energy contributed positively with a total eﬀect of 12.19%, notably within Oil & Gas Equipment & Services, which added 6.76%.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes1gaz1mm3irnyu.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Natural Resources and Infrastructure Fund -**<br> **Investor Class** | 15.64% | 13.30% | 10.99% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P North American Natural Resources Sector Index** | 21.11% | 20.54% | 9.75% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes31vyq1mlgtin1b.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **Century Aluminum Co** | 6.2% |
| **Transocean Ltd** | 6.1% |
| **HF Sinclair Corp** | 5.0% |
| **TETRA Technologies Inc** | 5.0% |
| **Carpenter Technology Corp** | 4.1% |
| **Deluxe Corp** | 3.9% |
| **Phillips 66** | 3.7% |
| **Archrock Inc** | 3.6% |
| **REV Group Inc** | 3.5% |
| **CVR Energy Inc** | 3.5% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5162798 |
| **Total Number of Portfolio Holdings** | 38 |
| **Total Advisory Fees Paid** | $54268 |
| **Portfolio Turnover Rate** | 154% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Utilities and Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Utilities and Income Fund**<br> **Institutional Class Shares**<br> Ticker: ICTUX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Utilities and Income Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $169 | 1.66% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Utilities and Income Fund underperformed the S&P Composite 1500 Utilities Index by 0.83%, as the portfolio delivered a total return of 15.26% versus the benchmark's 16.09%. The underperformance was primarily attributable to stock selection of 5.76%, which did not offset the negative sector allocation of -98 basis points. The Utilities sector contributed 4.76% to relative performance, with Gas Utilities specifically adding 2.35%. Conversely, Communication Services detracted -30 basis points, with the Alternative Carriers subindustry reducing performance by -1.66%.

The Fund's largest contributors to performance were Vodaphone and Natural Fuel Gas Co. Vodafone Group Public Limited Company Sponsored ADR, a global telecommunications services provider, was held as an off-benchmark position throughout the period with an average overweight of 5.65%. The security delivered a return of 76.89%, substantially outpacing the overall benchmark's return of 16.09%, and consequently contributed 2.78% to the fund's relative performance.

National Fuel Gas Company, a diversified energy company, was held throughout the period with an average overweight of 5.29%. The security delivered a return of 35.31%, significantly outpacing the benchmark's 16.09% and thereby contributed 1.71% to the fund's relative performance.

#### Cumulative Performance
(based on a hypothetical $500,000 investment)

![line](qesdjeno1mm52lqjn.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Utilities and Income Fund - Institutional Class** | 15.26% | 6.97% | 9.16% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Utilities Index** | 16.09% | 9.67% | 10.49% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgtea1y.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **American Electric Power Co Inc** | 6.0% |
| **Xcel Energy Inc** | 5.8% |
| **Vodafone Group PLC** | 5.8% |
| **Atmos Energy Corp** | 5.7% |
| **Evergy Inc** | 5.5% |
| **Ameren Corp** | 5.4% |
| **National Fuel Gas Co** | 5.3% |
| **NextEra Energy Inc** | 5.0% |
| **DTE Energy Co** | 5.0% |
| **Consolidated Edison Inc** | 5.0% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18199052 |
| **Total Number of Portfolio Holdings** | 22 |
| **Total Advisory Fees Paid** | $193418 |
| **Portfolio Turnover Rate** | 19% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
**ICON Utilities and Income Fund** Tailored Shareholder Report

---

| | |
|:---|:---|
| **annual Shareholder Report December 31, 2025**<br> **ICON Utilities and Income Fund**<br> **Investor Class Shares**<br> Ticker: ICTVX <br>| ![ICON logo](d7qy27ncom0dyi5s6.jpg) <br>|

---

This annual shareholder report contains important information about the ICON Utilities and Income Fund for the period January 1, 2025 to December 31, 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 year?
(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** | $195 | 1.92% |

---

#### What affected the Fund's performance this period?
During 2025, the ICON Utilities and Income Fund underperformed the S&P Composite 1500 Utilities Index by -1.18%, as the portfolio delivered a total return of 14.91% versus the benchmark's 16.09%. The underperformance was primarily attributable to stock selection of 5.76%, which did not offset the negative sector allocation of -98 basis points. The Utilities sector contributed 4.76% to relative performance, with Gas Utilities specifically adding 2.35%. Conversely, Communication Services detracted -30 basis points, with the Alternative Carriers subindustry reducing performance by -1.66%.

The Fund's largest contributors to performance were Vodaphone and Natural Fuel Gas Co. Vodafone Group Public Limited Company Sponsored ADR, a global telecommunications services provider, was held as an off-benchmark position throughout the period with an average overweight of 5.65%. The security delivered a return of 76.89%, substantially outpacing the overall benchmark's return of 16.09%, and consequently contributed 2.78% to the fund's relative performance.

National Fuel Gas Company, a diversified energy company, was held throughout the period with an average overweight of 5.29%. The security delivered a return of 35.31%, significantly outpacing the benchmark's 16.09% and thereby contributed 1.71% to the fund's relative performance.

#### Cumulative Performance
(based on a hypothetical $10,000 investment)

![line](qes31vyq1mlgsaksb.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| **Annual Performance**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Icon Utilities and Income Fund - Investor Class** | 14.91% | 6.72% | 8.88% |
| **S&P 1500 Index** | 17.02% | 13.95% | 14.45% |
| **S&P 1500 Utilities Index** | 16.09% | 9.67% | 10.49% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

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

#### What did the Fund invest in?
(% of Total Investments as of December 31, 2025)

#### Sector Breakdown
![bar](qes1gy31x1mlgtea1y.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **Percentage of**<br> **Total Investments**<br>  |
| **American Electric Power Co Inc** | 6.0% |
| **Xcel Energy Inc** | 5.8% |
| **Vodafone Group PLC** | 5.8% |
| **Atmos Energy Corp** | 5.7% |
| **Evergy Inc** | 5.5% |
| **Ameren Corp** | 5.4% |
| **National Fuel Gas Co** | 5.3% |
| **NextEra Energy Inc** | 5.0% |
| **DTE Energy Co** | 5.0% |
| **Consolidated Edison Inc** | 5.0% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3896919 |
| **Total Number of Portfolio Holdings** | 22 |
| **Total Advisory Fees Paid** | $40086 |
| **Portfolio Turnover Rate** | 19% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://iconadvisers.com/resource-center/mutual-fund-literature/.
(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988

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

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

(a)(2) Not applicable.

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

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

(a) Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $184,750 for the fiscal year ended December 31, 2025 and $152,450 for the fiscal year ended December 31, 2024.

(b) Audit-Related Fees

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

(c) Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $39,250 for the fiscal year ended December 31, 2025 and $33,575 for the fiscal year ended December 31, 2024.

(d) All Other Fees

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

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

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

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $39,250 for the fiscal year ended December 31, 2025 and $33,575 for the fiscal year ended December 31, 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

(a) Certain series of the Registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately designated standing audit
committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are Kevin Kogler,
Marco Quazzo and Stephen Sutro.

(b) Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

![](scm-fs_123125img001.gif)

![](scm-fs_123125img002.gif)

**Annual Financial Statements and Additional Information**

------

December 31, 2025

Shelton Emerging Markets Fund

Shelton International Select Equity Fund

Shelton Tactical Credit Fund

Shelton Equity Premium Income ETF

---

| | |
|:---|:---|
| **Table of Contents** | **December** **31, 2025** |

---

---

| | |
|:---|:---|
| [Portfolio of Investments](#scm-fs_123125a8) | 2 |
| [Statements of Assets & Liabilities](#scm-fs_123125a9) | 14 |
| [Statements of Operations](#scm-fs_123125a10) | 15 |
| [Statements of Changes in Net Assets](#scm-fs_123125a11) | 16 |
| [Financial Highlights](#scm-fs_123125a12) | 18 |
| [Notes to Financial Statements](#scm-fs_123125a13) | 23 |
| [Report of Independent Registered Public Accounting Firm](#scm-fs_123125a14) | 31 |
| [Additional Information](#scm-fs_123125a15) | 32 |

---

**See accompanying notes to financial statements.**

**Shelton Emerging Markets Fund** **Portfolio of Investments** (Expressed in U.S. Dollars) **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (94.96%)** |  |  |
| **Brazil (3.83%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosan SA\* | 319100 | $309896<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade SA | 129600 | 356294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiplan Empreendimentos Imobiliarios SA | 40700 | 202460 |
| **Total Brazil** |  | 868650 |
| **China (26.21%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China International Capital Corp Ltd (144A) | 69600 | 175012 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd | 55000 | 135968 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd | 154000 | 166808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fufeng Group Ltd | 165000 | 167062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co Ltd (144A) | 54800 | 473171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co Ltd (144A) | 240200 | 513564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co Ltd | 205900 | 642353 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc | 7750 | 111131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luye Pharma Group Ltd (144A)\* | 288000 | 101394 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc | 6800 | 187503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co of China Ltd | 91500 | 765957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings Inc | 4800 | 92496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | 21500 | 1654756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co Ltd | 166748 | 764030 |
| **Total China** |  | 5951205 |
| **Greece (3.33%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GEK TERNA SA | 17300 | 516642 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAMDA Development SA\* | 28608 | 239296 |
| **Total Greece** |  | 755938 |
| **India (13.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd | 50600 | 710424 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd | 24990 | 913135 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd | 15723 | 468545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd | 44100 | 785862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd | 100900 | 286556 |
| **Total India** |  | 3164522 |
| **Indonesia (0.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakuwon Jati Tbk PT | 5988800 | 121073 |
| **Mexico (2.04%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | 31225 | 463511 |
| **Philippines (3.59%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land Inc | 351100 | 133937 |
| &nbsp;&nbsp;&nbsp;&nbsp; JG Summit Holdings Inc | 615100 | 247190 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings Inc | 1120000 | 432965 |
| **Total Philippines** |  | 814092 |
| **South Africa (4.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AVI Ltd | 28622 | 182340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd | 132272 | 724843 |
| **Total South Africa** |  | 907183 |

---

**See accompanying notes to financial statements.**

**Shelton Emerging Markets Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **South Korea (15.41%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNK Financial Group Inc | 45068 | $495548<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Eo Technics Co Ltd\* | 558 | 105158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hansol Chemical Co Ltd | 1620 | 255351 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Co Ltd | 1387 | 181146 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group Inc | 1551 | 134004 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEENO Industrial Inc\* | 2653 | 110840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd | 20256 | 1682725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co Ltd | 10000 | 532803 |
| **Total South Korea** |  | 3497575 |
| **Taiwan (21.08%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Echem Materials Co Ltd | 4000 | 111762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airoha Technology Corp | 21000 | 296053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chroma ATE Inc | 6000 | 148146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc | 8700 | 266920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co Ltd | 64776 | 182226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp | 35000 | 545272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | 65500 | 3234516 |
| **Total Taiwan** |  | 4784895 |
| **Turkey (1.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 84016 | 228802 |
| **Total Common Stock (Cost $15,868,379)** |  | 21557446 |
| **Preferred Stock (2.62%)** |  |  |
| **Brazil (2.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, (Cost $481,302) | 82936 | 593933 |
| **United States Treasury Bills (2.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill, 0.000%, 01/29/26<sup>(a)</sup> (Cost $598,336) | 600000 | 598416 |
| **Total Investments (Cost $16,948,017) (100.22%)** |  | $22749795<br>|
| **Liabilities in Excess of Other Assets (-0.22%)** |  | (49372) |
| **Net Assets (100.00%)** |  | $22700423<br>|

---

\*Non-income producing security.

(144A)Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2025, these securities had a total aggregate market value of $1,263,141, which represented approximately 5.56% of net assets.

(a)A portion of these securities, a total of $99,736, have been pledged or segregated in connection with obligations for futures contracts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts at December** **31, 2025** |  |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange | **MSCI Emerging Markets** **Index Futures** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
|  | 8 / MAR 2026 / Long / ICE | 550975 | 564560 | 13585 |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

**Shelton International Select Equity Fund** **Portfolio of Investments** (Expressed in U.S. Dollars) **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (97.87%)** |  |  |
| **Australia (9.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMP Ltd | 381600  | $463410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 47567  | 776015  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 92339  | 251380  |
| &nbsp;&nbsp;&nbsp;&nbsp; Helia Group Ltd | 53873  | 197706  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynas Rare Earths Ltd\* | 41022  | 340504  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Ltd | 17038  | 212137  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perseus Mining Ltd | 115369  | 437243  |
| &nbsp;&nbsp;&nbsp;&nbsp; PEXA Group Ltd\* | 31293  | 280420  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qube Holdings Ltd | 89075  | 283504  |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolute Mining Ltd\* | 871561  | 712392  |
| **Total Australia** |  | 3954711  |
| **Austria (3.38%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG\* | 33300  | 329982  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group AG (144A) | 3968  | 601353  |
| &nbsp;&nbsp;&nbsp;&nbsp; EVN AG | 7894  | 251788  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wienerberger AG | 6642  | 238931  |
| **Total Austria** |  | 1422054  |
| **Belgium (1.51%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA | 7998  | 634240  |
| **Britain (12.84%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstgroup PLC | 92924  | 238752  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gamma Communications PLC | 62165  | 774308  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuit Group PLC | 115241  | 507984  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inchcape PLC | 18499  | 191765  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keller Group PLC | 39877  | 895557  |
| &nbsp;&nbsp;&nbsp;&nbsp; Man Group PLC | 121131  | 373600  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ninety One PLC | 43477  | 126710  |
| &nbsp;&nbsp;&nbsp;&nbsp; Renew Holdings PLC | 66574  | 799610  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotork PLC | 52071  | 228407  |
| &nbsp;&nbsp;&nbsp;&nbsp; TP ICAP Group PLC | 51745  | 181010  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trainline PLC (144A)\* | 248024  | 736887  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustpilot Group PLC (144A)\* | 44044  | 97608  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zigup PLC | 48679  | 251653  |
| **Total Britain** |  | 5403851  |
| **Canada (10.84%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altus Group Ltd | 9500  | 392508  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos Inc\* | 43141  | 299536  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Power Corp | 4900  | 209020  |
| &nbsp;&nbsp;&nbsp;&nbsp; DPM Metals Inc | 14140  | 437004  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finning International Inc | 2058  | 111509  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinaxis Inc\* | 2100  | 264808  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Commerce Inc\* | 9300  | 112204  |
| &nbsp;&nbsp;&nbsp;&nbsp; NexGen Energy Ltd\* | 27000  | 248446  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pet Valu Holdings Ltd | 22708  | 461416  |
| &nbsp;&nbsp;&nbsp;&nbsp; PrairieSky Royalty Ltd | 36400  | 716825  |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | 37200  | 506816  |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Plus Corp | 106600  | 546758  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy Inc | 30800  | 256261  |
| **Total Canada** |  | 4563111  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Denmark (1.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AL Sydbank | 3535  | $317048<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dfds A/S\* | 7468  | 112396  |
| &nbsp;&nbsp;&nbsp;&nbsp; H Lundbeck A/S | 46219  | 313880  |
| **Total Denmark** |  | 743324  |
| **France (1.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmila SA | 12308  | 245813  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louis Hachette Group | 89380  | 164122  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel SE | 1653  | 159629  |
| **Total France** |  | 569564  |
| **Germany (2.32%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cewe Stiftung & Co KGAA | 1419  | 173041  |
| &nbsp;&nbsp;&nbsp;&nbsp; MBB SE | 2699  | 654774  |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma SE | 5705  | 149461  |
| **Total Germany** |  | 977276  |
| **Hong Kong (1.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco International Development Ltd\* | 476000  | 266051  |
| &nbsp;&nbsp;&nbsp;&nbsp; The United Laboratories International Holdings Ltd | 104000  | 154876  |
| **Total Hong Kong** |  | 420927  |
| **Israel (3.07%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bezeq The Israeli Telecommunication Corp Ltd | 374219  | 833803  |
| &nbsp;&nbsp;&nbsp;&nbsp; Radware Ltd\* | 12600  | 303534  |
| &nbsp;&nbsp;&nbsp;&nbsp; Riskified Ltd\* | 31400  | 156058  |
| **Total Israel** |  | 1293395  |
| **Italy (5.14%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azimut Holding SpA | 15587  | 654464  |
| &nbsp;&nbsp;&nbsp;&nbsp; De' Longhi SpA | 23006  | 986512  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iren SpA | 97536  | 292883  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tamburi Investment Partners SpA | 21180  | 228670  |
| **Total Italy** |  | 2162529  |
| **Japan (35.92%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aica Kogyo Co Ltd | 23800  | 534565  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amada Co Ltd | 55500  | 656239  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amano Corp | 8000  | 215133  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anritsu Corp | 31800  | 455695  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co Ltd | 49000  | 918971  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daicel Corp | 23700  | 211687  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp/Aichi | 23800  | 553255  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuso Chemical Co Ltd | 16100  | 654777  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Gunma Bank Ltd | 12500  | 137866  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hirose Electric Co Ltd | 1300  | 143546  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanamoto Co Ltd | 7900  | 197463  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Paint Co Ltd | 15800  | 249666  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kissei Pharmaceutical Co Ltd | 7900  | 234535  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kitz Corp | 36600  | 406358  |
| &nbsp;&nbsp;&nbsp;&nbsp; Konica Minolta Inc | 239300  | 1039064  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Corp | 23900  | 390020  |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Co Ltd | 22800  | 1005867  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meidensha Corp | 15900  | 565432  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co Inc | 23800  | 431466  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miura Co Ltd | 7900  | 153280  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morinaga & Co Ltd | 15900  | 270027  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nifco Inc | 7900  | $244320<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Gas Co Ltd | 16000  | 303443  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Kayaku Co Ltd | 23800  | 255506  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp | 25100  | 859428  |
| &nbsp;&nbsp;&nbsp;&nbsp; Okamura Corp | 15900  | 232771  |
| &nbsp;&nbsp;&nbsp;&nbsp; Resorttrust Inc | 31800  | 398442  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seino Holdings Co Ltd | 15900  | 239166  |
| &nbsp;&nbsp;&nbsp;&nbsp; Socionext Inc | 40100  | 560554  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co Ltd | 11000  | 362596  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Pharma Co Ltd\* | 45000  | 665969  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co Ltd | 15900  | 589186  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyotokeiba Co Ltd | 7900  | 286486  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toshiba TEC Corp | 7900  | 138199  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wacoal Holdings Corp | 7900  | 222834  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co Ltd | 15900  | 334285  |
| **Total Japan** |  | 15118097  |
| **Luxembourg (0.47%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA\* | 63933  | 198889  |
| **Norway (1.20%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DOF Group ASA | 22660  | 214131  |
| &nbsp;&nbsp;&nbsp;&nbsp; Storebrand ASA | 17023  | 291665  |
| **Total Norway** |  | 505796  |
| **South Africa (0.44%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investec PLC | 25121  | 186758  |
| **South Korea (0.73%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Credit Suisse Power Stock Index-Linked Derivatives Investment Trust | 15900  | 305658  |
| **Spain (1.28%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas SA | 20159  | 311432  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacyr SA | 50075  | 227432  |
| **Total Spain** |  | 538864  |
| **Sweden (3.63%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alleima AB | 38691  | 343975  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elekta AB | 38577  | 237789  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordnet AB publ | 6880  | 201916  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson | 77200  | 744980  |
| **Total Sweden** |  | 1528660  |
| **Switzerland (0.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; dormakaba Holding AG | 3913  | 318106  |
| **United States (0.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co | 10622  | 153925  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Worldwide Corp Ltd | 74258  | 191256  |
| **Total United States** |  | 345181  |
| **Total Common Stock (Cost $39,829,875)** |  | 41190991  |

---

**See accompanying notes to financial statements.**

**Shelton International Select Equity Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **United States Treasury Bills (1.42%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill, 0.000%, 01/29/26<sup>(a)</sup> (Cost $598,336) | 600000  | $598416<br>|
| **Total Investments (Cost $40,428,211) (99.29%)** |  | $41789407<br>|
| **Other Net Assets (0.71%)** |  | 299061 |
| **Net Assets (100.00%)** |  | $42088468<br>|

---

\*Non-income producing security.

(144A)Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2025, these securities had a total aggregate market value of $1,435,848 which represented approximately 3.41% of net assets.

(a)A portion of these securities, a total of $99,736, have been pledged or segregated in connection with obligations for futures contracts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts at December** **31, 2025** |  |  |  |  |
| Contracts - $50 times premium / delivery month / commitment / exchange | **MSCI EAFE** **Index Futures** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
|  | 6 / MAR 2026 / Long / ICE | 864490 | 870630 | 6140 |

---

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

**Shelton Tactical Credit Fund** **Portfolio of Investments** (Expressed in U.S. Dollars) **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value**  |
| **Common Stock (1.35%)** |  |  |
| **Consumer, Non-cyclical (1.35%)** |  |  |
| Pyxus International Inc\*<sup>,#</sup> | 216937  | $763618<br>|
| **Energy (0.00%)** |  |  |
| CHC Group LLC\*<sup>,(a)</sup> | 9358  |  |
| **Total Common Stock (Cost $2,390,267)** |  | 763618 |
| **Corporate Debt (83.32%)** | **Par Value** | **Value** |
| **Communications (7.67%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media Inc, 7.250%, 0815/2033 (144A) | 1250000  | 1278036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, 3.875%, 09/01/2031 (144A) | 2000000  | 1841867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 6.500%, 02/15/2029 (144A) | 500000  | 480158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 8.625%, 06/15/2032 (144A) | 750000  | 738781 |
| **Total Communications** |  | 4338842 |
| **Consumer, Cyclical (28.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co, 5.625%, 12/01/2033 (144A) | 1500000  | 1516854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 07/15/2026 (144A) | 1000000  | 1027701 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc, 7.500%, 02/15/2029 (144A) | 2000000  | 1749880 |
| &nbsp;&nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd, 5.308%, 10/20/2031 (144A) | 1250000  | 1261268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA Inc, 5.250%, 07/15/2028 (144A) | 1500000  | 1499834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins Inc, 5.300%, 05/09/2035 | 1250000  | 1296212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, 8.625%, 11/15/2031 (144A) | 750000  | 765698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Inc, 8.500%, 01/15/2029 (144A) | 1837500  | 1497563 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart Inc / PetSmart Finance Corp, 7.500%, 09/15/2032 (144A) | 1000000  | 1017684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.000%, 01/15/2031 (144A) | 1250000  | 1228824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp /Six Flags Theme Parks Inc / Canada's Wonderland Co, 6.625%, 05/01/2032 (144A) | 2000000  | 2016828 |
| &nbsp;&nbsp;&nbsp;&nbsp; WMG Acquisition Corp, 3.000%, 02/15/2031 (144A)<sup>(b)</sup> | 1250000  | 1163994 |
| **Total Consumer, Cyclical** |  | 16042340 |
| **Consumer, Non-cyclical (23.08%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd, 10.000%, 04/15/2032 (144A) | 1500000  | 1560025 |
| &nbsp;&nbsp;&nbsp;&nbsp; The GEO Group Inc, 10.250%, 04/15/2031 | 1250000  | 1368354 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Food Co / JBS Lux Co Sarl, 5.750%, 04/01/2033 | 1250000  | 1305891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co, 4.375%, 06/01/2046<sup>(b)</sup> | 1750000  | 1445709 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co, 5.000%, 09/15/2034 | 1250000  | 1256905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars Inc, 5.650%, 05/01/2045 (144A) | 1750000  | 1764026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Water Holdings Inc / Triton Water Holdings Inc, 6.250%, 04/01/2029 (144A) | 750000  | 753625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings Inc, 5.593%, 11/13/2033 (144A) | 1000000  | 1069109 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America Inc, 6.000%, 12/15/2029 (144A)<sup>(b)</sup> | 1000000  | 1027363  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp, 8.625%, 11/01/2031 (144A) | 1500000  | 1504818  |
| **Total Consumer, Non-cyclical** |  | 13055825  |
| **Energy (3.23%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Production Inc, 9.375%, 02/01/2031 (144A) | 1500000  | 1564511  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Inc, 7.875%, 10/15/2032 (144A) | 250000  | 261100  |
| **Total Energy** |  | 1825611  |

---

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value** | **Value**  |
| **Financial (15.64%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041<sup>(b)</sup> | 1500000  | $1225777<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP, 5.500%, 02/01/2034 | 1500000  | 1548891  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial LP, 5.250%, 01/15/2031 | 1250000  | 1275853  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Inc, 6.250%, 01/15/2033 (144A)<sup>(b)</sup> | 2000000  | 2016732  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co, 3.882%, 07/24/2038<sup>(c)</sup> | 1250000  | 1122201  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa Inc, 2.700%, 04/15/2040 | 500000  | 385161  |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, 5.125%, 07/01/2035 | 1250000  | 1275729  |
| **Total Financial** |  | 8850344  |
| **Industrial (0.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eletson Holdings Inc\*<sup>,(a)</sup> | 548153  |  |
| **Utilities (5.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp, 5.000%, 02/01/2031 (144A) | 1750000  | 1777297  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance Inc, 6.250%, 04/01/2056<sup>(c)</sup> | 1250000  | 1247362  |
| **Total Utilities** |  | 3024659  |
| **Total Corporate Debt (Cost $46,180,706)** |  | 47137621  |
| **Municipal Bonds (0.05%)** |  |  |
| **Development (0.05%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 7.500%, 07/01/2032 (144A)<sup>(d)</sup> | 250000  | 2813  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, 8.000%, 07/01/2039 (144A)<sup>(d)</sup> | 2050000  | 23063  |
| **Total Development** |  | 25876  |
| **Total Municipal Debt (Cost $2,280,483)** |  | 25876  |
| **United States Treasury Bills (9.41%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill, 0.000%, 05/28/26 (Cost $5,320,422) | 5400000  | 5323267  |
| **Term Loans (3.91%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC, TSFR1M (floor 0.000%) + 4.000%, 08/18/2032<sup>(c)</sup>  | 500000  | 497345  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000% 12/27/2027<sup>(c)</sup>  | 442113  | 417797  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027<sup>(c)</sup> | 294742  | 294497  |
| &nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, TSFR1M (floor 0.000%) + 4.000%, 10/06/2032<sup>(c)</sup> | 1000000  | 1002500  |
| **Total Term Loans (Cost $2,218,738)** |  | 2212139  |
| **Purchased Options - Puts (0.03%)** | **Contracts**  | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 900  | 2700  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $7,020,000 premiums paid $26,802, exercise price $78.00, expires 01/16/2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 650  | 14950  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notional amount $5,135,000 premiums paid $19,500, exercise price $79.00, expires 02/20/2026 |  |  |
| **Total Options (Cost $63,952)** |  | 17650  |
| **Total Investments (Cost $58,454,568) (98.07%)** |  | 55480171 |
| **Other Net Assets (1.93%)** |  | 1094089 |
| **Net Assets (100.00%)** |  | $56574260<br>|

---

(144A)Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2025, these securities had a total aggregate market value of $32,409,453 which represented approximately 57.29% 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)Designated as collateral for Fund's activity in securities sold short. As of December 31, 2025, the Fund has no open short sales.

(c)Variable rate security.

(d)Defaulted security.

**See accompanying notes to financial statements.**

**Shelton Tactical Credit Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps (-0.60%)\*,\*\*,\*\*\***  | **Maturity Date**  | **Fixed Deal (Pay Rate)** | **Implied Credit Spread at December 31, 2025** | **Notional Amount**  | **Period Payment Frequency** | **Fair <br>Value** | **Upfront Premiums Received**  | **Unrealized Depreciation** |
| **Buy Protection** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDXIG45 12/30 | 12/20/2030 | 1.00 | 0.50% | 15000000 | Quarterly | (339656) | (314412) | (25244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Buy Protection |  |  |  |  |  | (339656) | (314412) | (25244) |

---

\*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.**

**Shelton Equity Premium Income ETF** **Portfolio of Investments (Continued)** **12/31/25**<br>

**Shelton Equity Premium Income ETF** **Portfolio of Investments** (Expressed in U.S. Dollars) **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (1.77%)** |  |  |
| **Basic Materials (1.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp<sup>(a)</sup> | 10165  | $1014975 <br>|
| **Communications (19.21%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc<sup>(a)</sup> | 8876  | 2778188  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc\*<sup>,</sup><sup>(a)</sup> | 8899  | 2054067  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks Inc\*<sup>,</sup><sup>(a)</sup> | 11311  | 1482080  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay Inc<sup>(a)</sup> | 13920  | 1212432  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc<sup>(a)</sup> | 3095  | 2042979  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix Inc\*<sup>,</sup><sup>(a)</sup> | 10729  | 1005951  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications Inc<sup>(a)</sup> | 10239  | 417034  |
| **Total Communications** |  | 10992731  |
| **Consumer, Cyclical (6.68%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton Inc<sup>(a)</sup> | 1814  | 261270  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co<sup>(a)</sup> | 18118  | 1473356  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings Inc<sup>(a)</sup> | 3629  | 1042430  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart Inc<sup>(a)</sup> | 9401  | 1047365  |
| **Total Consumer, Cyclical** |  | 3824421  |
| **Consumer, Non-Cyclical (12.31%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health Inc<sup>(a)</sup> | 5575  | 1145663  |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp<sup>(a)</sup> | 12354  | 980413  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Hershey Co<sup>(a)</sup> | 4642  | 844751  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson<sup>(a)</sup> | 9412  | 1947813  |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co Inc<sup>(a)</sup> | 15376  | 1618478  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co<sup>(a)</sup> | 3567  | 511187  |
| **Total Consumer, Non-Cyclical** |  | 7048305  |
| **Energy (2.99%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp<sup>(a)</sup> | 14209  | 1709911  |
| **Financial (14.94%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Inc\*<sup>,</sup><sup>(a)</sup> | 2349  | 1180725  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group Inc\*<sup>,</sup><sup>(a)</sup> | 6287  | 1010887  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group Inc<sup>(a)</sup> | 2436  | 2141244  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co<sup>(a)</sup> | 3414  | 1100059  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard Inc<sup>(a)</sup> | 1890  | 1078963  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Travelers Cos Inc<sup>(a)</sup> | 3567  | 1034644  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co<sup>(a)</sup> | 10788  | 1005442  |
| **Total Financial** |  | 8551964  |
| **Industrial (7.57%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Inc<sup>(a)</sup> | 4872  | 2791023  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp<sup>(a)</sup> | 2302  | 664633  |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp<sup>(a)</sup> | 4772  | 875185  |
| **Total Industrial** |  | 4330841  |
| **Technology (30.04%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc\*<sup>,</sup><sup>(a)</sup> | 8157  | 1746903  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Inc<sup>(a)</sup> | 11397  | 3098391  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc<sup>(a)</sup> | 6749  | 2335829  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp<sup>(a)</sup> | 5592  | 1656406  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit Inc<sup>(a)</sup> | 1759  | 1165197  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings Inc<sup>(a)</sup> | 3103  | 559781  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology Inc<sup>(a)</sup> | 3561  | 1016345  |

---

**See accompanying notes to financial statements.**

**Shelton Equity Premium Income ETF** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp<sup>(a)</sup> | 4854  | $2347491 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp<sup>(a)</sup> | 12702  | 2368923  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce Inc<sup>(a)</sup> | 3396  | 899634  |
| **Total Technology** |  | 17194900  |
| **Utilities (2.20%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy Inc<sup>(a)</sup> | 7900  | 1257996  |
| **Total Common Stock (Cost $53,471,602)** |  | 55926044 |
| **Total Investments (Cost $53,471,602) (97.71%)** |  | 55926044  |
| **Other Net Assets (2.29%)** |  | 1308368  |
| **Net Assets (100.00%)** |  | $57234412 <br>|

---

\*Non-income producing security.

(a)A portion of these securities, a total of $50,147,892, have been pledged or segregated in connection with obligations for written call options.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options**  | **Expiration Date**  | **Contracts**  | **Strike Price**  | **Notional Amount**  | **Value**  |
| Advanced Micro Devices Inc | 01/16/2026 | (4) | $240.00<br>| $96000<br>| $(504) |
| Advanced Micro Devices Inc | 01/16/2026 | (36) | 250.00 | 900000 | (2160) |
| Alphabet Inc | 01/16/2026 | (5) | 310.00 | 155000 | (4355) |
| Alphabet Inc | 01/16/2026 | (2) | 285.00 | 57000 | (5794) |
| Alphabet Inc | 01/16/2026 | (6) | 290.00 | 174000 | (14514) |
| Alphabet Inc | 01/16/2026 | (23) | 300.00 | 690000 | (36915) |
| Amazon.com Inc | 01/16/2026 | (1) | 245.00 | 24500 | (69) |
| Amazon.com Inc | 01/16/2026 | (3) | 240.00 | 72000 | (450) |
| Amazon.com Inc | 01/16/2026 | (27) | 235.00 | 634500 | (8235) |
| Apple Inc | 01/16/2026 | (4) | 285.00 | 114000 | (180) |
| Apple Inc | 01/16/2026 | (35) | 280.00 | 980000 | (4235) |
| Arista Networks Inc | 01/16/2026 | (19) | 140.00 | 266000 | (2375) |
| Arista Networks Inc | 01/16/2026 | (14) | 135.00 | 189000 | (3780) |
| Berkshire Hathaway Inc | 01/16/2026 | (1) | 525.00 | 52500 | (22) |
| Berkshire Hathaway Inc | 01/16/2026 | (5) | 510.00 | 255000 | (1035) |
| Berkshire Hathaway Inc | 01/16/2026 | (3) | 505.00 | 151500 | (1200) |
| Broadcom Inc | 01/16/2026 | (1) | 440.00 | 44000 | (9) |
| Broadcom Inc | 01/16/2026 | (1) | 430.00 | 43000 | (10) |
| Broadcom Inc | 01/16/2026 | (1) | 370.00 | 37000 | (305) |
| Broadcom Inc | 01/16/2026 | (2) | 380.00 | 76000 | (326) |
| Broadcom Inc | 01/16/2026 | (15) | 360.00 | 540000 | (8175) |
| Cardinal Health Inc | 01/16/2026 | (10) | 210.00 | 210000 | (1850) |
| Cardinal Health Inc | 01/16/2026 | (36) | 200.00 | 720000 | (32220) |
| Caterpillar Inc | 01/16/2026 | (26) | 560.00 | 1456000 | (58604) |
| CBRE Group Inc | 01/16/2026 | (28) | 165.00 | 462000 | (4340) |
| CVS Health Corp | 01/16/2026 | (1) | 85.00 | 8500 | (18) |
| CVS Health Corp | 01/16/2026 | (2) | 80.00 | 16000 | (266) |
| CVS Health Corp | 01/16/2026 | (1) | 77.50 | 7750 | (295) |
| CVS Health Corp | 01/16/2026 | (45) | 82.50 | 371250 | (2025) |
| DR Horton Inc | 01/16/2026 | (1) | 170.00 | 17000 | (8) |
| DR Horton Inc | 01/16/2026 | (10) | 160.00 | 160000 | (300) |
| eBay Inc | 01/16/2026 | (4) | 85.00 | 34000 | (1420) |
| eBay Inc | 01/16/2026 | (44) | 87.50 | 385000 | (7744) |
| Exxon Mobil Corp | 01/16/2026 | (2) | 125.00 | 25000 | (62) |
| Exxon Mobil Corp | 01/16/2026 | (54) | 120.00 | 648000 | (10530) |
| General Motors Co | 01/16/2026 | (9) | 82.50 | 74250 | (1260) |
| General Motors Co | 01/16/2026 | (6) | 77.50 | 46500 | (2790) |
| General Motors Co | 01/16/2026 | (15) | 80.00 | 120000 | (4140) |
| General Motors Co | 01/16/2026 | (5) | 67.50 | 33750 | (7175) |
| General Motors Co | 01/16/2026 | (14) | 72.50 | 101500 | (12992) |
| General Motors Co | 01/16/2026 | (85) | 70.00 | 595000 | (102339) |

---

**See accompanying notes to financial statements.**

**Shelton Equity Premium Income ETF** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options**  | **Expiration Date**  | **Contracts**  | **Strike Price**  | **Notional Amount**  | **Value**  |
| The Goldman Sachs Group Inc | 01/16/2026 | (9) | $890.00<br>| $801000<br>| $(16650) |
| The Goldman Sachs Group Inc | 01/16/2026 | (9) | 880.00 | 792000 | (20070) |
| The Hershey Co | 01/16/2026 | (2) | 185.00 | 37000 | (450) |
| The Hershey Co | 01/16/2026 | (16) | 195.00 | 312000 | (480) |
| The Hershey Co | 01/16/2026 | (9) | 190.00 | 171000 | (855) |
| Hilton Worldwide Holdings Inc | 01/16/2026 | (1) | 280.00 | 28000 | (1050) |
| Hilton Worldwide Holdings Inc | 01/16/2026 | (7) | 290.00 | 203000 | (2730) |
| Hilton Worldwide Holdings Inc | 01/16/2026 | (24) | 300.00 | 720000 | (2808) |
| International Business Machines Corp | 01/16/2026 | (7) | 315.00 | 220500 | (518) |
| International Business Machines Corp | 01/16/2026 | (9) | 310.00 | 279000 | (1233) |
| Intuit Inc | 01/16/2026 | (3) | 690.00 | 207000 | (998) |
| Intuit Inc | 01/16/2026 | (2) | 680.00 | 136000 | (1354) |
| Johnson & Johnson | 01/16/2026 | (8) | 210.00 | 168000 | (1608) |
| Johnson & Johnson | 01/16/2026 | (35) | 200.00 | 700000 | (29470) |
| JPMorgan Chase & Co | 01/16/2026 | (13) | 320.00 | 416000 | (10244) |
| Leidos Holdings Inc | 01/16/2026 | (2) | 195.00 | 39000 | (95) |
| Leidos Holdings Inc | 01/16/2026 | (10) | 190.00 | 190000 | (700) |
| Mastercard Inc | 01/16/2026 | (2) | 580.00 | 116000 | (760) |
| Mastercard Inc | 01/16/2026 | (9) | 570.00 | 513000 | (7155) |
| Merck & Co Inc | 01/16/2026 | (10) | 105.00 | 105000 | (2050) |
| Merck & Co Inc | 01/16/2026 | (26) | 100.00 | 260000 | (15288) |
| Merck & Co Inc | 01/16/2026 | (46) | 95.00 | 437000 | (46920) |
| Meta Platforms Inc | 01/16/2026 | (1) | 690.00 | 69000 | (325) |
| Meta Platforms Inc | 01/16/2026 | (1) | 670.00 | 67000 | (910) |
| Meta Platforms Inc | 01/16/2026 | (9) | 660.00 | 594000 | (12420) |
| Micron Technology Inc | 01/16/2026 | (10) | 260.00 | 260000 | (30000) |
| Microsoft Corp | 01/16/2026 | (3) | 495.00 | 148500 | (990) |
| Microsoft Corp | 01/16/2026 | (3) | 490.00 | 147000 | (1524) |
| Microsoft Corp | 01/16/2026 | (10) | 500.00 | 500000 | (2050) |
| Netflix Inc | 01/16/2026 | (3) | 110.00 | 33000 | (12) |
| Netflix Inc | 01/16/2026 | (34) | 100.00 | 340000 | (1190) |
| Newmont Corp | 01/16/2026 | (1) | 110.00 | 11000 | (61) |
| Newmont Corp | 01/16/2026 | (3) | 95.00 | 28500 | (1950) |
| Newmont Corp | 01/16/2026 | (79) | 100.00 | 790000 | (28440) |
| Norfolk Southern Corp | 01/16/2026 | (15) | 300.00 | 450000 | (1013) |
| NRG Energy Inc | 01/16/2026 | (3) | 180.00 | 54000 | (132) |
| NRG Energy Inc | 01/16/2026 | (24) | 170.00 | 408000 | (3984) |
| NVIDIA Corp | 01/16/2026 | (1) | 195.00 | 19500 | (214) |
| NVIDIA Corp | 01/16/2026 | (1) | 180.00 | 18000 | (965) |
| NVIDIA Corp | 01/16/2026 | (35) | 190.00 | 665000 | (13650) |
| NVIDIA Corp | 01/16/2026 | (1) | 200.00 | 20000 | (110) |
| The Procter & Gamble Co | 01/16/2026 | (1) | 150.00 | 15000 | (24) |
| The Procter & Gamble Co | 01/16/2026 | (13) | 145.00 | 188500 | (1573) |
| RTX Corp | 01/16/2026 | (18) | 185.00 | 333000 | (4554) |
| RTX Corp | 01/16/2026 | (1) | 190.00 | 19000 | (75) |
| Salesforce Inc | 01/16/2026 | (11) | 270.00 | 297000 | (3575) |
| The Travelers Cos Inc | 01/16/2026 | (8) | 300.00 | 240000 | (560) |
| The Travelers Cos Inc | 01/16/2026 | (14) | 290.00 | 406000 | (6580) |
| Verizon Communications Inc | 01/16/2026 | (3) | 41.00 | 12300 | (102) |
| Verizon Communications Inc | 01/16/2026 | (38) | 42.00 | 159600 | (418) |
| Walmart Inc | 01/16/2026 | (1) | 120.00 | 12000 | (8) |
| Walmart Inc | 01/16/2026 | (74) | 115.00 | 851000 | (4144) |
| Wells Fargo & Co | 01/16/2026 | (1) | 90.00 | 9000 | (430) |
| Wells Fargo & Co | 01/16/2026 | (5) | 95.00 | 47500 | (845) |
| Wells Fargo & Co | 01/16/2026 | (58) | 92.50 | 536500 | (17284) |
| **Total Written Call Options**  |  |  |  | $25641900<br>| $(648624) |
| **(Premiums Received $691,153)** |  |  |  |  |  |

---

**See accompanying notes to financial statements.**

**Statements of Assets & Liabilities<br>December 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shelton Emerging Markets Fund** | **Shelton International Select Equity Fund** | **Shelton Tactical Credit Fund** | **Shelton Equity Premium Income ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | $16948017<br>| $40428211<br>| $58390616<br>| $53471602<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of purchased options |  |  | 63952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1) | 22749795 | 41789407 | 55462521 | 55926044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of purchased options (Note 1) |  |  | 17650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 46685 | 82048 | 186439 | 1935393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held at broker |  |  | 6135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold receivable |  |  |  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1159 |  | 938360 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 12292 | 50944 |  | 17141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for credit default swap |  |  | 152134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable | 4372 | 284187 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 14972 | 164543 | 230136 | 657917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 13880 | 11184 | 23156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $22843155<br>| $42382313<br>| $57016531<br>| $58538402<br>|
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options, at value (proceeds $-, $-, $-, $691,153, respectively) |  |  |  | 648624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable | 1790 | 4860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares repurchased | 46384 | 129358 | 360738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | 4287 | 15256 | 22733 | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 41361 | 58164 | 4659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  |  |  | 643085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 359 | 1021 | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 1818 | 3475 | 4653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 434 | 21924 | 1062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3674 | 20970 | 21650 | 4423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees | 2593 | 4473 | 7029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued registration fees | 24315 | 9750 | 6912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 15445 | 24420 | 11299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees | 272 | 174 | 1031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 142732 | 293845 | 442271 | 1303990 |
| **Net assets** | $22700423<br>| $42088468<br>| $56574260<br>| $57234412<br>|
| **Net assets at December 31, 2025 consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 16692062 | 79756345 | 67849590 | 55209578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 6008361 | (37667877) | (11275330) | 2024834 |
| **Total net assets** | $22700423<br>| $42088468<br>| $56574260<br>| $57234412<br>|
| **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $21103624<br>| $37656055<br>| $54344195<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $1596799<br>| $4432413<br>| $2230065<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ETF Shares |  |  |  | $57234412<br>|
| **Shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 1103240 | 1259898 | 5227266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 84510 | 152311 | 216538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ETF Shares (no par value, unlimited shares authorized) |  |  |  | 2175000 |
| **Net asset value per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $19.13<br>| $29.89<br>| $10.40<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $18.89<br>| $29.10<br>| $10.30<br>| $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ETF Shares |  |  |  | $26.32<br>|

---

**See accompanying notes to financial statements.**

**Statements of Operations<br>Year Ended December 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shelton Emerging Markets <br>Fund** | **Shelton International Select Equity Fund** | **Shelton Tactical <br>Credit <br>Fund** | **Shelton <br>Equity Premium Income ETF\*** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $15159<br>| $31073<br>| $3138371<br>| $3496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash dividend income <br>(net of foreign tax witheld: $98,260, $168,543, $413, and $- respectively) | 633082 | 1124476 |  | 116923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 13395 | 4517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $661636<br>| $1160066<br>| $3138371<br>| $120419<br>|
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 233741 | 313698 | 388745 | 59123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 21496 | 38990 | 41948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 24630 | 29300 | 11934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 32291 | 39187 | 31785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 22367 | 21334 | 5911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 28938 | 27830 | 23743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 1891 | 3485 | 3752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 6277 | 6309 | 6397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 452 | 862 | 1086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 24877 | 25077 | 15830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broker fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 34790 | 37734 | 35992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on short positions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees Investor Shares (Note 2) | 3246 | 10471 | 5761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fee | 1158 | 10430 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | $436154<br>| $564707<br>| $572884<br>| $59123<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from advisor (Note 2) | (204288) | (135236) | (200052) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | $231866<br>| $429471<br>| $372832<br>| $59123<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $429770<br>| $730595<br>| $2765539<br>| $61296<br>|
| Realized and unrealized gain/(loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | $3689148<br>| $11745304<br>| $197937<br>| $(366349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 56975 | 93159 | (14248) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts |  |  | (268239) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  |  |  | (105776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts |  |  | (181205) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Realized gain/(loss) | 3746123 | 11838463 | (265755) | (472132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and <br>foreign currency translation | 2654259 | (1237152) | 1301389 | 2454442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures | 21305 | 6140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts |  |  | (109818) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written option contracts |  |  |  | 42524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of swap contracts |  |  | (16627) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | $6421687<br>| $10607451<br>| $909189<br>| $2024834<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $6851457<br>| $11338046<br>| $3674728<br>| $2086130<br>|

---

\*Commenced operations on September 8, 2025

**See accompanying notes to financial statements.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shelton Emerging <br>Markets Fund**  | **Shelton Emerging <br>Markets Fund**  | **Shelton International <br>Select Equity Fund**  | **Shelton International <br>Select Equity Fund**  |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $429770<br>| $408707<br>| $730595<br>| $794279<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 3689148 | 1192292 | 11745304 | 4690870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | 56975 | (12794) | 93159 | (17143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and foreign currency translation | 2654259 | (1073800) | (1237152) | (3689570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures | 21305 | (7720) | 6140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 6851457 | 506685 | 11338046 | 1778436 |
| **Distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3019946) | (1284587) | (655507) | (1308432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (237191) | (63699) | (47478) | (129637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of Capital  |  |  |  | (14390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital |  |  |  | (1440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (3257137) | (1348286) | (702985) | (1453899) |
| **Capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (4191592) | (5336579) | (9061390) | (11693675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (597272) | (6178180) | 1573671 | (11369138) |
| **Net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 23297695 | 29475875 | 40514797 | 51883935 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $22700423<br>| $23297695<br>| $42088468<br>| $40514797<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shelton Tactical <br>Credit Fund**  | **Shelton Tactical <br>Credit Fund**  | **Shelton Equity Premium Income ETF** |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Period Ended <br>December 31, <br>2025** |
| **Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $2765539<br>| $1908163<br>| $61296<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 197937 | (221040) | (366349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures contracts | (14248) | (13862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from written options contracts |  |  | (105776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from purchased option contracts | (268239) | (65937) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from swap contracts | (181205) | (102405) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments and foreign currency translation | 1301389 | 397045 | 2454442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of written option contracts |  |  | 42524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of purchased option contracts | (109818) | 90078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of swap contracts | (16627) | (9806) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 3674728 | 1982236 | 2086130 |
| **Distributions to shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2443246) | (1688354) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (124790) | (132683) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF Shares |  |  | (61296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of Capital  |  | (33021) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of Capital |  | (2595) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF Shares Return of Capital |  |  | (891700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (2568036) | (1856653) | (952996) |
| **Capital share transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in net assets resulting from capital share transactions | 19646789 | 4531253 | 56101278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | 20753481 | 4656836 | 57234412 |
| **Net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 35820779 | 31163943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | 56574260 | $35820779<br>| 57234412 |

---

**See accompanying notes to financial statements.**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging <br>Markets Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 188524 | $3591242<br>| 439752 | $7758747<br>| 48531 | $931846<br>| 29535 | $517777<br>|
| Shares issued in reinvestment of distributions  | 144952 | 2735170 | 64422 | 1094648 | 12049 | 223148 | 3585 | 60036 |
| Shares repurchased  | (549682) | (10865789) | (791771) | (14033881) | (43680) | (807209) | (40946) | (733906) |
| Net increase/(decrease)  | (216206) | $(4539377) | (287597) | $(5180486) | 16900 | $347785<br>| (7826) | $(156093) |
| **Shelton International <br>Select Equity Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold | 452340 | $12704424<br>| 402849 | $9776460<br>| 116463 | $3004521<br>| 166503 | $3929688<br>|
| Shares issued in reinvestment of distributions | 20265 | 605763 | 52973 | 1233219 | 1342 | 39060 | 5116 | 115475 |
| Shares repurchased | (787331) | (21889691) | (891539) | (21424935) | (136386) | (3525467) | (225654) | (5323582) |
| Net increase/(decrease)  | (314726) | (8579504) | (435717) | (10415256) | (18581) | (481886) | (54035) | (1278419) |
| **Shelton Tactical Credit Fund** | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 2873852 | $29777653<br>| 947629 | $9615208<br>| 13980 | $142104<br>| 11023 | $112148<br>|
| Shares issued in reinvestment <br>of distributions  | 236306 | 2437049 | 168333 | 1711900 | 10715 | 109429 | 12017 | 121863 |
| Shares repurchased  | (1184629) | (12236703) | (606229) | (6171414) | (57228) | (582743) | (85294) | (858452) |
| Net increase/(decrease)  | 1925529 | 19977999 | 509733 | 5155694 | (32533) | (331210) | (62254) | (624441) |
| **Shelton Equity Premium <br>Income ETF\*** | **ETF Shares** | **ETF Shares** |  |  |  |  |  |  |
|  | **Period Ended<br>December 31, 2025** | **Period Ended<br>December 31, 2025** |  |  |  |  |  |  |
|  | **Shares**  | **Value**  |  |  |  |  |  |  |
| Shares sold  | 2175000 | $56101278<br>|  |  |  |  |  |  |
| Shares issued in reinvestment <br>of distributions  |  |  |  |  |  |  |  |  |
| Shares repurchased  |  |  |  |  |  |  |  |  |
| Net increase/(decrease)  | 2175000 | 56101278 |  |  |  |  |  |  |

---

\*Commenced operations on September 8, 2025.

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton Emerging Markets Fund <br>Institutional Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $16.81<br>| $17.53<br>| $16.76<br>| $19.86<br>| $20.09<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.35 | 0.28 | 0.26 | 0.17 | —<br> <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 5.10 | 0.01 | 2.27 | (3.02) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.45 | 0.29 | 2.53 | (2.85) | 0.15 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.37) | (0.70) | (0.22) | (0.25) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (2.76) | (0.31) | (1.54) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.13) | (1.01) | (1.76) | (0.25) | (0.38) |
| Net asset value, end of year or period | $19.13<br>| $16.81<br>| $17.53<br>| $16.76<br>| $19.86<br>|
| Total return | 32.99% | 1.66% | 15.43% | (14.33)% | 0.77% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $21104<br>| $22178<br>| $28170<br>| $22812<br>| $30458<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.85% | 1.77% | 1.70% | 1.77% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.98% | 1.29% | 1.70% | 1.77% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.98% | 1.09% | 1.34% | 1.00% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.85% | 1.57% | 1.34% | 1.00% | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 82% | 78% | 63% | 49% | 21% |
| **Investor Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $16.57<br>| $17.31<br>| $16.53<br>| $19.64<br>| $19.92<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.29 | 0.24 | 0.21 | 0.15 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 5.02 |  | 2.24 | (3.01) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.31 | 0.24 | 2.45 | (2.86) | 0.10 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.67) | (0.13) | (0.25) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (2.76) | (0.31) | (1.54) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.99) | (0.98) | (1.67) | (0.25) | (0.38) |
| Net asset value, end of year or period | $18.89<br>| $16.57<br>| $17.31<br>| $16.53<br>| $19.64<br>|
| Total return | 32.63% | 1.41% | 15.15% | (14.56)% | 0.52% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $1597<br>| $1120<br>| $1306<br>| $914<br>| $1260<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 2.10% | 2.02% | 1.94% | 2.03% | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.23% | 1.53% | 1.94% | 2.03% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.71% | 0.89% | 1.08% | 0.86% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.58% | 1.38% | 1.08% | 0.86% | (0.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 82% | 78% | 63% | 49% | 21% |

---

------

(a)Calculated based upon average shares outstanding.

(b)Amount less than $(0.005).

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton International Select Equity Fund <br>Institutional Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $23.28<br>| $23.28<br>| $20.81<br>| $27.20<br>| $25.77<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.48 | 0.43 | 0.37 | 0.47 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 6.66 | 0.44 | 2.53 | (5.72) | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.14 | 0.87 | 2.90 | (5.25) | 1.61 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.53) | (0.86) | (0.43) | (1.14) | (0.18) |
| &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;&nbsp;&nbsp; Total distributions | (0.53) | (0.87) | (0.43) | (1.14) | (0.18) |
| Redemption Fees |  |  |  |  |  |
| Net asset value, end of year or period | $29.89<br>| $23.28<br>| $23.28<br>| $20.81<br>| $27.20<br>|
| Total return | 30.67% | 3.68% | 13.97% | (19.29)% | 6.23% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $37656<br>| $36658<br>| $46806<br>| $69446<br>| $149505<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.31% | 1.26% | 1.18% | 1.08% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.99% | 0.99% | 0.98% | 1.00% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.46% | 1.45% | 1.44% | 1.99% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.78% | 1.72% | 1.64% | 2.07% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 186% | 56% | 55% | 44% | 46% |
| **Investor Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $22.57<br>| $22.58<br>| $20.21<br>| $27.04<br>| $25.62<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.39 | 0.35 | 0.31 | 0.47 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 6.45 | 0.43 | 2.45 | (5.73) | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.84 | 0.78 | 2.76 | (5.26) | 1.53 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.31) | (0.78) | (0.39) | (1.57) | (0.11) |
| &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;&nbsp;&nbsp; Total distributions | (0.31) | (0.79) | (0.39) | (1.57) | (0.11) |
| Redemption Fees |  |  |  |  |  |
| Net asset value, end of year or period | $29.10<br>| $22.57<br>| $22.58<br>| $20.21<br>| $27.04<br>|
| Total return | 30.33% | 3.45% | 13.64% | (19.47)% | 5.97% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $4432<br>| $3857<br>| $5078<br>| $6657<br>| $30219<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.56% | 1.50% | 1.43% | 1.33% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.24% | 1.24% | 1.23% | 1.25% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.17% | 1.19% | 1.29% | 1.96% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.49% | 1.46% | 1.49% | 2.04% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 186% | 56% | 55% | 44% | 46% |

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------

(a)Calculated based upon average shares outstanding.

**See accompanying notes to financial statements.**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shelton Tactical Credit Fund <br>Institutional Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $10.09<br>| $10.04<br>| $9.98<br>| $11.07<br>| $10.70<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.63 | 0.55 | 0.50 | 0.28 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.22 | 0.04 | 0.04<br> <sup>(b)</sup> | (1.08) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 0.59 | 0.54 | (0.80) | 0.76 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.54) | (0.53) | (0.48) | (0.27) | (0.39) |
| &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;&nbsp;&nbsp; Total distributions | (0.54) | (0.54) | (0.48) | (0.29) | (0.39) |
| Redemption fees |  |  |  |  |  |
| Net asset value, end of year or period | $10.40<br>| $10.09<br>| $10.04<br>| $9.98<br>| $11.07<br>|
| Total return | 8.55% | 5.93% | 5.70% | (7.27)% | 7.09% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $54344<br>| $33316<br>| $28041<br>| $32821<br>| $50232<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.24<br> %<sup>(c)</sup> | 1.61<br> %<sup>(c)</sup> | 1.83<br> %<sup>(c)</sup> | 1.86<br> %<sup>(c)</sup> | 2.13<br> %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.80<br> %<sup>(c)</sup> | 0.99<br> %<sup>(c)</sup> | 1.23<br> %<sup>(c)</sup> | 1.72<br> %<sup>(c)</sup> | 2.04<br> %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 5.63% | 4.91% | 4.44% | 2.54% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 6.06% | 5.52% | 5.04% | 2.68% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 107% | 111% | 187% | 63% | 118% |

---

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2023** | **Year Ended <br>December 31, 2022** | **Year Ended <br>December 31, 2021** |
| Net asset value, beginning of year | $10.06<br>| $10.03<br>| $9.97<br>| $11.05<br>| $10.71<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.60 | 0.54 | 0.47 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.21 | 0.02 | 0.05<br> <sup>(b)</sup> | (1.07) | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.81 | 0.56 | 0.52 | (0.82) | 0.72 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.57) | (0.52) | (0.46) | (0.24) | (0.38) |
| &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;&nbsp;&nbsp; Total distributions | (0.57) | (0.53) | (0.46) | (0.26) | (0.38) |
| Redemption fees |  |  |  |  |  |
| Net asset value, end of year or period | $10.30<br>| $10.06<br>| $10.03<br>| $9.97<br>| $11.05<br>|
| Total return | 8.21% | 5.67% | 5.43% | (7.42)% | 6.75% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $2230<br>| $2505<br>| $3123<br>| $3523<br>| $4556<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.56<br> %<sup>(c)</sup> | 1.86<br> %<sup>(c)</sup> | 2.13<br> %<sup>(c)</sup> | 2.11<br> %<sup>(c)</sup> | 2.41<br> %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.08<br> %<sup>(c)</sup> | 1.24<br> %<sup>(c)</sup> | 1.52<br> %<sup>(c)</sup> | 1.97<br> %<sup>(c)</sup> | 2.31<br> %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 5.34% | 4.65% | 4.18% | 2.29% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 5.82% | 5.27% | 4.79% | 2.43% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 107% | 111% | 187% | 63% | 118% |

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------

(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)If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 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, and 0.21% for the year ended December 31, 2021, respectively.

**See accompanying notes to financial statements.**

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

---

| | |
|:---|:---|
| **Shelton Equity Premium Income ETF** | **Period Ended <br>December 31, 2025<sup>(a)</sup>** |
| Net asset value, beginning of year | $24.99<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(b)</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.87 |
| LESS DISTRIBUTIONS |  |
| Dividends from net investment income | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.54) |
| Redemption fees |  |
| Net asset value, end of year or period | $26.32<br>|
| Total return | 7.48<br> %<sup>(c)</sup> |
| RATIOS / SUPPLEMENTAL DATA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $57234<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.54<br> %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.54<br> %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.54<br> %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.54<br> %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover<sup>(e)</sup> | 14<br> %<sup>(c)</sup> |

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------

(a)Fund commenced operations on September 8, 2025.

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

(c)Not Annualized.

(d)Annualized.

(e)Portfolio turnover excludes the impact of in-kind transactions.

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| | | |
|:---|:---|:---|
|  **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

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**Note 1 – Organization and 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, management of 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, 2025, the Trust consists of eleven separate series, four 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.

Shelton Tactical Credit Fund ("Tactical Credit Fund") is an open-end, diversified series of the Trust. The inception date is December 12, 2013. The Fund's investment objective is to seek current income and capital appreciation. Effective July 1, 2016, Shelton Capital Management became the advisor to the Fund.

The Shelton Equity Premium Income ETF (the "ETF") seeks to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. Shares of the ETF are listed and traded on the NYSE Arca, Inc. market prices for the Shares may be different from their net asset value ("NAV"). The ETF issues and redeems Shares on a continuous basis at NAV, called "Creation Units", which generally consist of shares listed in the table below. Creation Units are issued and redeemed primarily in-kind for securities included in a specified index. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in quantities less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of the ETF. Shares of the ETF may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Paralel Distributors LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the ETF. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and may be subject to customary brokerage commissions or fees.

The ETF currently offers one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The ETF may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the ETF have equal rights and privileges.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement** **of Operations** | **Exchange** | **Transaction Fees** | **Creation Units** |
| Shelton Equity Premium Income ETF | SEPI | September 8, 2025 | NYSE Arca, Inc. | $150 | 25000 |

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Shelton International Select Equity Fund ("International Select Fund", and together with the Emerging Markets Fund, the Tactical Credit Fund, and the Shelton Equity Premium Income ETF, each a "Fund" and collectively, the "Funds") is an open-end, diversified series of the Trust. The inception date is July 18, 2016. The Fund's investment objective is to achieve long-term capital appreciation. Effective July 18, 2016, Shelton became the advisor to the Fund.

The 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. The Fund receives options pricing data from the Trust's third party pricing service who use the last traded price to quote options positions.

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.

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| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

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&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, sc

hools, 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. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Tax reclaims are recorded on ex-dividend date. The Fund Accountant reconciles reclaims on their books to the Custodian's on a semi-annual basis and provides this reconciliation to the Fund Administrator. The reconciliation provides substantial detail about each of the receivables and this data is reviewed against Shelton's policy to determine reclaims that should be recorded or written off. Tax reclaims which are deemed de-minimis or uncollectible by the Fund Administrator are not recorded. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method or, where applicable, to the first call date of the securities.

Reported net realized gain/(loss) from futures contracts for the Tactical Credit Fund are charges for the ability to trade futures. No futures transactions occurred during the year ended December 31, 2025.

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 and the Shelton International Select Equity Fund seek 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, region or group of companies, which could cause the Fund to underperform the overall stock market. As of December 31, 2025, the Shelton Emerging Markets Fund has a concentration of 26.21% in China and the Shelton International Select Equity Fund has a concentration of 35.92% in Japan.

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 December 31, 2025, Tactical Credit Fund had 28.35% 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.

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| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

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&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.

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

The following table summarizes the valuation of the Funds' securities at December 31, 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 | $22151379 | $598416 | $— | $22749795 |
| Total | $22151379 | $598416 | $— | $22749795 |
| **Emerging Markets Fund<sup>(d)</sup>** | **Level 1<sup>(a),(e)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Future Contracts Assets/(Liabilities) | $13585 | $— | $— | $13585 |
| Total | $13585 | $— | $— | $13585 |
| **International Select Equity Fund** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Investments in Securities | $41190991 | $598416 | $— | $41789407 |
| Total | $41190991 | $598416 | $— | $41789407 |
| **International Select Equity Fund<sup>(d)</sup>** | **Level 1<sup>(a),(b)</sup>**  | **Level 2<sup>(a),(c)</sup>**  | **Level 3<sup>(a)</sup>**  | **Total** |
| Future Contracts Assets/(Liabilities) | $6140 | $— | $— | $6140 |
| Total | $6140 | $— | $— | $6140 |
| **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 | $781268 | $54698903 | $— | $55480171 |
| Total | $781268 | $54698903 | $— | $55480171 |
| **Tactical Credit Fund** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
| Credit Default Swaps Assets/(Liabilities) | $— | $(339656) | $— | $(339656) |
| Total | $— | $(339656) | $— | $(339656) |
| **Shelton Equity Premium Income ETF** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | **Level 3<sup>(a)</sup>** | **Total** |
| Investments in Securities | $55926044 | $— | $— | $55926044 |
| Total | $55926044 | $— | $— | $55926044 |
| **Shelton Equity Premium Income ETF** | **Level 1<sup>(a),(b)</sup>** | **Level 2<sup>(a),(c)</sup>** | <br> **Level 3<sup>(a)</sup>** | <br> **Total** |
| Written Option Assets/(Liabilities) | $(648624) | $— | $— | $(648624) |
| Total |  |  |  |  |

---

------

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

---

| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

---

---

| | |
|:---|:---|
| **Level 3 Securities** | **Level 3 Securities** |
|  | **Tactical<br>Credit Fund** |
| Beginning Balance | $0 |
| Net Purchases |  |
| Net Sales | (13777) |
| Total Realized Gain/(Loss) | 13777 |
| Change in Unrealized Appreciation/(Depreciation) |  |
| Distributions |  |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending Balance | $0 |

---

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>12/31/2025** | **Unobservable Input** | **Valuation<br>Techniques** | **Input<br>Values** | **Impact to**<br> **valuation from an<br>increase to input** |
| Tactical Credit Fund |  |  |  |  |  |
| CHC Group LLC | &nbsp;&nbsp;&nbsp; $—<br>| Estimated future cash flows | Income approach | $0 | Increase |
| Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC | &nbsp;&nbsp;&nbsp; $—<br>| Estimated future cash flows | Income approach | $0 | 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. See note 4 for this information as it relates to Shelton Equity Premium Income ETF.

The effect of derivative instruments on the Statements of Assets & Liabilities as of December 31, 2025:

---

| | |
|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** |  |
| International Select Equity Fund – Equity Contracts – Receivable/(Payable) | $(4860) |
| Emerging Markets Fund – Equity Contracts – Receivable/(Payable) | (1790) |
| Tactical Credit Fund – Credit Risk – Receivable/(Payable) for Credit Default Swaps | 152134<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 | $17650 |
| **Total** | $17650 |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Amount of Realized Gain/(Loss) From Futures Contracts** | **Amount of Change in Unrealized Appreciation/ Depreciation from Futures Contracts** |
| International Select Fund – Equity Contracts | $93159 | $6140<br>|
| Emerging Markets Fund – Equity Contracts  | 56975 | 21305 |
| **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 |  | $(268239) |
| *Credit Risk* |  |  |
| Credit Default Swap |  | (181205) |
| **Total** |  | **$** **(449444)** |
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |  |  |
| *Interest Rate Risk* |  |  |
| Purchased Interest Rate Options |  | $(109818) |
| *Credit Risk* |  |  |
| Credit Default Swap |  | (16627) |
| **Total** |  | **$** **(126445)** |

---

---

| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

---

The previously disclosed derivative instruments outstanding as of December 31, 2025, and their effect on the Statements of Operations for the year January 1, 2025 through December 31, 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:

---

| | |
|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Average<br>Month End<br>Notional<br>Value** |
| Tactical Credit Fund - Purchased Options | $23212083 |
| Tactical Credit Fund - Credit Default Swaps | 12916667 |
| Emerging Markets Fund – Equity Contracts | 395993 |
| International Select Equity Fund – Equity Contracts | 507275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m) Credit Default Swaps* — During the year ended December 31, 2025, 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 year ended December 31, 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 Equity Fund | 0.98% | 1.23% | 5/1/26 |
| Tactical Credit Fund\*\* | 0.73% | 0.98% | 5/1/26 |

---

------

\*Prior to May 1, 2024, there was no expense limitation for both classes.

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

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 Equity Fund | 0.74% |
| Tactical Credit Fund | 0.74% |
| Shelton Equity Premium Income ETF | 0.54% |

---

At December 31, 2025, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was 1,204,627. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 12/31/26** | **Expires 12/31/27** | **Expires 12/31/28** | **Total** |
| Emerging Markets Fund | $— | $126799 | $204288 | $331087 |
| International Select Equity Fund | 118414 | 122022 | 135236 | 257258 |
| Tactical Credit Fund | 202410 | 213820 | 200052 | 616282 |
| Total | $320824 | $462641 | $539576 | $1204627 |

---

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** | **December** **31, 2025**<br>|

---

Pursuant to the investment advisory agreement between the Advisor and SCM Trust, on behalf of the ETF, the Advisor pays substantially all of the ETF's expenses, subject to certain exclusions.

Pursuant to an investment sub-advisory agreement ("the Sub-Advisory Agreement) between the Advisor and Vident Advisory, LLC.(the "Sub-Adviser"), the Sub-Adviser is responsible for trading portfolio securities for the Shelton Equity Premium Income ETF, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser from its management fee.

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

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

For the year ended December 31, 2025 the following were incurred:

---

| | |
|:---|:---|
| **Fund** | **Investor Class<br>12b-1 Fees** |
| Emerging Markets Fund | $3246<br>|
| International Select Equity Fund | 10471 |
| Tactical Credit Fund | 5761 |

---

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

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

Purchases and sales of securities other than short-term instruments for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Purchases** | **Sales** | **In-Kind Purchases** | **In-Kind <br>Sales** |
| Emerging Markets Fund | $18765133<br>| $25826988<br>| $—<br>| $—<br>|
| International Select Equity Fund | 77353987 | 86436620 |  |  |
| Tactical Credit Fund | 53545627 | 36081618 |  |  |
| Shelton Equity Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7454839 | &nbsp;&nbsp;&nbsp;&nbsp; 5367982 | &nbsp;&nbsp;&nbsp;&nbsp; 51764804 |  |

---

**NOTE 4 – OPTION CONTRACTS**

Written Options Contracts – Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund. A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

At December 31, 2025, the Shelton Equity Premium Income ETF had written option contracts outstanding:

---

| | | |
|:---|:---|:---|
| **Derivatives not Accounted for as <br>Hedging Instruments** | **Liability Derivatives Statement of Assets <br>and Liabilities Location** | **Fair Value** |
| **Equity Contracts**<br> (written option contracts) | Written options, at value | $(648624) |

---

The effect of derivative instruments on the ETF's Statement of Operations for the year ended December 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not Accounted <br>for as Hedging Instruments** | **Location of Gains/(Loss) on Derivatives <br>Recognized in Income** | **Realized Gain/ <br>(Loss) on Derivatives** | **Change in Unrealized <br>Gain/(Loss) on <br>Derivatives** |
| **Equity Contracts**<br> (written option contracts) | Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) of written option contracts | $(105776) | $42524 |

---

Volume of derivative instruments held by the ETF during the year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Average** |
| Written Option Contracts | Dollars | $(513045) |

---

---

| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

---

**Note 5 – 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, 2025, reclassifications were as follows:

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Paid-In Capital** | **Increase/<br>(Decrease)<br>Distributable<br>Earnings/(Loss)** |
| Emerging Markets Fund | $(282825) | $282825 |

---

The reclassification of net assets consists primarily of taxable over distributions and non-deductible excise tax paid.

**Tax Basis of Distributable Ear** **nings:** For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation of investments including derivatives and foreign currency on December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Emerging Markets Fund | $17245747 | $6106599 | $(602647) | $5503952 |
| International Select Equity Fund | 40709861 | 2995286 | (1899468) | 1095818 |
| Tactical Credit Fund | 58455184 | 1438473 | (4419714) | (2981241) |
| Shelton Equity Premium Income ETF | 52823302 | 3630179 | (1176066) | 2454113 |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2025 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 | $— | $— | $289503 | $229762 | $5503952 | $(14856) | $6008361 |
| International Select Equity Fund |  |  | 138430 |  | 1095818 | (38902125) | (37667877) |
| Tactical Credit Fund |  |  | 3365 |  | (2981241) | (8297454) | (11275330) |
| Shelton Equity Premium Income ETF |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2454113 | &nbsp;&nbsp;&nbsp;&nbsp; (429279) | &nbsp;&nbsp;&nbsp;&nbsp; 2024834 |

---

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 $14,856 of post-October specified ordinary losses and the Tactical Credit Fund deferred $17,454 of post-October specified ordinary losses, which will be recognized on the first day of the following fiscal year.

**Capital Losses:** Capital loss carry forwards, as of December 31, 2025, available to offset future capital gains, if any, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets**  | **International<br>Select** | **Tactical**<br> **Credit** | **Shelton Equity Premium Income ETF** |
| Long Term with no Limitation with no Limit | $—<br>| $29966300<br>| $5334565<br>| $—<br>|
| Short Term with no Limitation with no Limit |  | 8895833 | 2945435 | 284701 |
| Long Term Subject to Annual Limitation |  |  |  |  |
| Short Term Subject to Annual Limitation |  |  |  |  |
| Total | $—<br>| $38862133<br>| $8280000<br>| $284701<br>|
| Capital Loss Carry Forwards Utilized During the Fiscal Year Ending December 31, 2025 | $—<br>| $11122418<br>| $—<br>| $—<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, 2025 and 2024 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, 2025 | $1581062<br>| $—<br>| $1676075<br>| $—<br>| $3257137<br>|
|  | December 31, 2024 | 939511 |  | 408775 |  | 1348286 |
| International Select Fund | December 31, 2025 | 702985 |  |  |  | 702985 |
|  | December 31, 2024 | 1438083 | 15816<br> <sup>(a)</sup> |  |  | 1453899 |

---

---

| | | |
|:---|:---|:---|
| **SCM Trust** | **Notes to Financial Statements** | **December** **31, 2025**<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Tactical Credit Fund | December 31, 2025 | 2568032 |  |  |  | 2568032 |
|  | December 31, 2024 | 1821037 | 35616<br> <sup>(a)</sup> |  |  | 1856653 |
| Shelton Equity Premium Income ETF | December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61296 | &nbsp;&nbsp;&nbsp;&nbsp; 891700 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 952996 |

---

------

(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 6 – SECURITIES LENDING**

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

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

As of December 31, 2025, no securities were on loan.

**Note 7 – 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 8 – New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, but it does not have a material impact on the financial statements for the year ended December 31, 2025.

**Note 9 – 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

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

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

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Shelton Funds, comprising the funds listed below (the "Funds"), each a series of SCM Trust, as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of <br>Operations** | **Statements of Changes <br>in Net Assets**  | **Financial <br>Highlights**  |
| Shelton Emerging Markets Fund <br>Shelton International Select Equity Fund<br>Shelton Tactical Credit Fund | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 and 2024 | For the years ended <br>December 31, 2025, 2024, <br>2023, 2022, and 2021 2025  |
| Shelton Equity Premium Income ETF  | For the period from September 8, 2025 (commencement of operations) through December 31, 2025  | For the period from September 8, 2025 (commencement of operations) through December 31, 2025  | For the period from September 8, 2025 (commencement of operations) through December 31, 2025  |

---

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](scm-fs_123125img003.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

**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>

For the Shelton Emerging Markets Fund, Shelton International Select Equity Fund, and the Shelton Tactical Credit Fund, this is not applicable to the period covered by this Report.

**Shelton Equity Premium Income ETF**

At a meeting held on August 14, 2025, the Board of Trustees of SCM Trust (the "Board"), including a majority of the Independent Trustees, considered and approved the Investment Advisory Agreement between SCM Trust, on behalf of the Shelton Equity Premium Income ETF and CCM Partners LP (d/b/a Shelton Capital Management) ("Shelton Capital" or "SCM"), and the Investment Sub-Advisory Agreement between Shelton Capital, Vident Advisory, LLC (dba Vident Asset Management), and SCM Trust, on behalf of the Shelton Equity Premium Income ETF.

Prior to the Meeting, the Independent Trustees requested information from Shelton Capital, Vident, and third-party sources. This information, together with other information provided by representatives of Shelton Capital and Vident during the Meeting, and, with respect to Shelton Capital, the information provided by Shelton Capital 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. The 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 with respect to the existing series of SCM Trust, including reports on investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; compliance; and other information relating to the nature, extent and quality of services provided by Shelton Capital to series of SCM Trust. In addition, the Board considered the information provided by Shelton Capital in connection with the annual consideration of the renewal of the advisory agreement for each series of SCM Trust at its March 2025 meeting.

*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 approval of the Advisory Agreement and Sub-Advisory Agreement with Shelton Capital and Vident representatives. In deciding to approve the Advisory and Sub-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**

*The Adviser, its personnel and its resources.* The Board considered the depth and quality of the Adviser'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 the Adviser makes available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered the Adviser's continuing need to attract and retain qualified personnel and determined that the Adviser was adequately managing matters related to its other registered mutual fund clients.

*Vident, its personnel and its resources.* The Board considered the depth and quality of Vident'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 Vident.

*Other Services.* The Board considered, in connection with the performance of its investment management services to its other registered mutual fund clients: the Shelton Capital's and Vident's policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; the Adviser's past efforts to keep the Trustees informed; and each of their attention to matters that may involve conflicts of interest with the ETF.

The Board concluded that the Adviser and Vident each had the quality and depth of personnel and investment methods necessary to perform its duties under the Advisory Agreement and Sub-Adviser Agreement, as applicable, and that the nature, extent and overall quality of such services to be provided by the Adviser and Vident were satisfactory and reliable.

**Investment Performance**

The Trustees noted that because the ETF had not yet launched, investment performance information was not yet available for review.

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

The Board reviewed the contractual annual management fee to be paid by the ETF to the Adviser, of 0.54%, in light of the extent and quality of the advisory services to be provided by the Adviser to the ETF. The Board noted that the ETF would be subject to a "unitary fee" structure, pursuant to which the Adviser would, subject to certain exclusions, pay the ETF's operating expenses out of the contractual management fee it received from the ETF. The Board reviewed the ETF's contractual management fee and projected total operating expenses 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 observed that the ETF's management fee of 0.54% and total net expense ratio of 0.54% were each lower than the ETF's category median for comparable funds. With respect to Vident, the Board noted that pursuant to the Sub-Advisory Agreement, the Adviser, and not the ETF would be responsible for paying Vident's sub-advisory fees. The Board also noted the presence of breakpoints in Vident's sub-advisory fee structure.

**Comparable Accounts**

The Board noted certain information provided by Shelton Capital regarding fees charged to its other clients utilizing a strategy similar to that employed by the ETF. 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 the ETF were not indicative of any unreasonableness with respect to the advisory fee to be paid by the ETF. With respect to Vident, the Board noted Vident's statement that it does not manage any other investment companies or other large institutional clients, including pension funds, with comparable investment objectives or strategies at this time.

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

The Board reviewed information regarding Shelton Capital's and Vident's projected costs for providing services to the ETF. The Board also reviewed the resulting level of projected profits to Shelton Capital and Vident, respectively. The Independent Trustees received financial and other information from Shelton Capital and Vident.

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

The Board also considered whether Shelton Capital or Vident would receive any material indirect benefits from managing the ETF, noting the possibility that soft dollar benefits might accrue to Shelton Capital or Vident in the future.

Based on the foregoing, the Board concluded that the ETF's proposed cost structure and projected level of profits for Shelton Capital and Vident were reasonable and that at this time, neither Shelton Capital nor Vident were experiencing economies of scale or material indirect benefits. The Board noted that the sub-advisory fee was subject to breakpoints based on the assets in the ETF.

**Conclusions**

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the approval of the Advisory Agreement and Sub-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 and provided during the Meeting, 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 Advisory Agreement and Sub-Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement and Sub-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 the Advisory Agreement is, and would be, fair and reasonable to the ETF and its shareholders, that the ETF's shareholders should receive reasonable value in return for the advisory fees paid to Shelton Capital by the ETF and that the approval of the Advisory Agreement was in the best interests of the ETF and its shareholders.

In addition, also based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that the Sub-Advisory Agreement is, and would be, fair and reasonable to the ETF and its shareholders, that the ETF's shareholders should receive reasonable value in return for the sub-advisory fees paid to Vident by Shelton Capital and that the approval of the Sub-Advisory Agreement was in the best interests of the ETF and its shareholders.

![](scm-fs_123125img004.gif)

![](icon-fs_123125img001.gif)

**Annual Financial Statements and Additional Information**

December 31, 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

![](icon-fs_123125img002.jpg)

---

| | |
|:---|:---|
| **Table of Contents** | **December** **31, 2025** |

---

---

| | |
|:---|:---|
| [Portfolios of Investments](#icon-fs_123125a12) | 2 |
| [Statements of Assets & Liabilities](#icon-fs_123125a13) | 15 |
| [Statements of Operations](#icon-fs_123125a14) | 16 |
| [Statements of Changes in Net Assets](#icon-fs_123125a15) | 17 |
| [Financial Highlights](#icon-fs_123125a16) | 21 |
| [Notes to Financial Statements](#icon-fs_123125a17) | 28 |
| [Report of Independent Registered Public Accounting Firm](#icon-fs_123125a18) | 34 |
| [Additional Information](#icon-fs_123125a19) | 35 |

---

**See accompanying notes to financial statements.**

**ICON Consumer Select Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.92%)** |  |  |
| **Communications (3.60%)** |  |  |
| eBay Inc | 11980 | $1043458<br>|
| **Consumer, Cyclical (15.69%)** |  |  |
| Gentherm Inc\* | 12800 | 465536 |
| Gildan Activewear Inc | 24000 | 1499040 |
| Lear Corp | 6290 | 720834 |
| Steven Madden Ltd | 27000 | 1124280 |
| Visteon Corp | 7800 | 741780 |
| **Total Consumer, Cyclical** |  | 4551470 |
| **Consumer, Non-cyclical (12.60%)** |  |  |
| The Boston Beer Co Inc\* | 2520 | 491728 |
| Coca-Cola Europacific Partners PLC | 18852 | 1709876 |
| Koninklijke Ahold Delhaize NV | 35619 | 1454324 |
| **Total Consumer, Non-cyclical** |  | 3655928 |
| **Financial (68.02%)** |  |  |
| American Express Co | 5500 | 2034724 |
| Arch Capital Group Ltd\* | 15200 | 1457984 |
| Assurant Inc | 4742 | 1142111 |
| Equitable Holdings Inc | 39200 | 1867880 |
| Everest Group Ltd | 3200 | 1085920 |
| F&G Annuities & Life Inc | 1230 | 37946 |
| Fidelity National Financial Inc | 20500 | 1119095 |
| The Hartford Insurance Group Inc | 12020 | 1656356 |
| Huntington Bancshares Inc | 86316 | 1497583 |
| Kearny Financial Corp | 14000 | 103740 |
| LPL Financial Holdings Inc | 4711 | 1682628 |
| Mastercard Inc | 2200 | 1255936 |
| RenaissanceRe Holdings Ltd | 6500 | 1827540 |
| Visa Inc | 5100 | 1788621 |
| Voya Financial Inc | 15733 | 1171951 |
| **Total Financial** |  | 19730015 |
| **Total Common Stock (Cost $20,413,219)** |  | 28980871 |
| **Money Market Funds (0.59%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67% (Cost $171,828) | 171828 | 171828 |
| **Total Investments (Cost $20,585,047) (100.51%)** |  | $29152699<br>|
| **Liabilities in Excess of Other Assets (-0.51%)** |  | (147993) |
| **Net Assets (100.00%)** |  | $29004706<br>|

---

\*Non-income producing security.

**See accompanying notes to financial statements.**

**ICON Equity Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.13%)** |  |  |
| **Basic Materials (13.02%)** |  |  |
| Century Aluminum Co\* | 49000 | $1919820<br>|
| The Chemours Co | 65800 | 775782 |
| International Paper Co | 31700 | 1248663 |
| Kaiser Aluminum Corp | 21100 | 2423546 |
| **Total Basic Materials** |  | 6367811 |
| **Communications (7.84%)** |  |  |
| Extreme Networks Inc\* | 80000 | 1332000 |
| T-Mobile US Inc | 7200 | 1461888 |
| Vodafone Group PLC | 78800 | 1040948 |
| **Total Communications** |  | 3834836 |
| **Consumer, Cyclical (12.40%)** |  |  |
| Delta Air Lines Inc | 26900 | 1866860 |
| Gildan Activewear Inc | 21300 | 1330398 |
| Magna International Inc | 27100 | 1444430 |
| RH\* | 2800 | 501620 |
| Southwest Airlines Co | 22400 | 925792 |
| **Total Consumer, Cyclical** |  | 6069100 |
| **Consumer, Non-cyclical (6.72%)** |  |  |
| Euronet Worldwide Inc\* | 11683 | 889193 |
| Global Payments Inc | 11837 | 916184 |
| Performance Food Group Co\* | 16475 | 1481432 |
| **Total Consumer, Non-cyclical** |  | 3286809 |
| **Energy (4.67%)** |  |  |
| Baker Hughes Co | 24400 | 1111176 |
| Phillips 66 | 9100 | 1174264 |
| **Total Energy** |  | 2285440 |
| **Financial (30.88%)** |  |  |
| Bank of America Corp | 32488 | 1786840 |
| Horace Mann Educators Corp | 48800 | 2253584 |
| JPMorgan Chase & Co | 6850 | 2207207 |
| Lazard Inc | 31600 | 1534496 |
| Lincoln National Corp | 47900 | 2132987 |
| LPL Financial Holdings Inc | 6800 | 2428756 |
| Mastercard Inc | 1477 | 843190 |
| Truist Financial Corp | 39100 | 1924111 |
| **Total Financial** |  | 15111171 |
| **Industrial (9.59%)** |  |  |
| Alamo Group Inc | 7400 | 1242238 |
| Armstrong World Industries Inc | 13150 | 2512965 |
| Stanley Black & Decker Inc | 12600 | 935928 |
| **Total Industrial** |  | 4691131 |
| **Technology (11.12%)** |  |  |
| CEVA Inc\* | 29500 | 634840 |
| NVIDIA Corp | 2500 | 466250 |
| Seagate Technology Holdings PLC | 13100 | 3607608 |
| Synaptics Inc\* | 9900 | 732798 |
| **Total Technology** |  | 5441496 |

---

**See accompanying notes to financial statements.**

**ICON Equity Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Utilities (2.89%)** |  |  |
| Dominion Energy Inc | 24100 | $1412019<br>|
| **Total Common Stock (Cost $33,915,115)** |  | 48499813 |
| **Investment Companies (1.21%)** | **Shares** | **Value** |
| **Exchange-Traded Funds (1.14%)** |  |  |
| Direxion Daily Small Cap Bull 3X Shares | 7550 | 343827 |
| iShares MSCI ACWI ETF | 1500 | 212235 |
| **Total Exchange-Traded Funds** |  | 556062 |
| **Money Market Funds (0.07%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67%  | 35712 | 35712 |
| **Total Investment Companies (Cost $485,949)** |  | 591774 |
| **Total Investments (Cost $34,401,064) (100.34%)** |  | $49091587<br>|
| **Liabilities in Excess of Other Assets (-0.34%)** |  | (165327) |
| **Net Assets (100.00%)** |  | $48926260<br>|

---

\*Non-income producing security.

**See accompanying notes to financial statements.**

**ICON Equity Income Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (96.34%)** |  |  |
| **Basic Materials (4.57%)** |  |  |
| The Chemours Co | 118100 | $1392399<br>|
| Huntsman Corp | 49100 | 491000 |
| **Total Basic Materials** |  | 1883399 |
| **Communications (9.03%)** |  |  |
| Iridium Communications Inc | 62640 | 1088683 |
| Nexstar Media Group Inc | 8075 | 1639629 |
| Vodafone Group PLC | 75031 | 991160 |
| **Total Communications** |  | 3719472 |
| **Consumer, Non-Cyclical (13.81%)** |  |  |
| Amgen Inc | 4500 | 1472895 |
| Archer-Daniels-Midland Co | 25000 | 1437250 |
| GSK PLC | 32800 | 1608512 |
| Ingredion Inc | 10600 | 1168756 |
| **Total Consumer, Non-Cyclical** |  | 5687413 |
| **Energy (3.79%)** |  |  |
| Archrock Inc | 60000 | 1561200 |
| **Financial (32.18%)** |  |  |
| Horace Mann Educators Corp | 42300 | 1953414 |
| Huntington Bancshares Inc | 61654 | 1069697 |
| ING Groep NV | 93403 | 2615284 |
| Kearny Financial Corp | 40000 | 296400 |
| KeyCorp | 107600 | 2220864 |
| Lazard Inc | 23643 | 1148104 |
| OneMain Holdings Inc | 28000 | 1891400 |
| The Western Union Co | 220500 | 2052855 |
| **Total Financial** |  | 13248018 |
| **Industrial (7.71%)** |  |  |
| Lockheed Martin Corp | 3900 | 1886313 |
| Trinity Industries Inc | 48800 | 1290272 |
| **Total Industrial** |  | 3176585 |
| **Utilities (25.25%)** |  |  |
| The AES Corp | 136428 | 1956377 |
| DTE Energy Co | 16100 | 2076578 |
| Evergy Inc | 31900 | 2312431 |
| National Fuel Gas Co | 26537 | 2124552 |
| Portland General Electric Co | 40162 | 1927374 |
| **Total Utilities** |  | 10397312 |
| **Total Common Stock (Cost $34,389,941)** |  | 39673399 |
| **Corporate Debt (1.43%)** |  |  |
| **Consumer, Cyclical (0.79%)** |  |  |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 02/15/2032 | 350784 | 323801 |
| **Energy (0.64%)** |  |  |
| NuStar Logistics LP, 6.375%, 10/01/2030 | 250000 | 263124 |
| **Total Corporate Debt (Cost $551,381)** |  | 586925 |

---

**See accompanying notes to financial statements.**

**ICON Equity Income Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Asset Backed Securities (2.11%)** |  |  |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 01/15/2026(144A) | 314815 | $314552<br>|
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 06/15/2028 | 292250 | 283503 |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 02/15/2028 | 118705 | 116198 |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/2061(144A) | 250000 | 153386 |
| **Total Asset Backed Securities (Cost $915,990)** |  | 867639 |
| **Money Market Funds (1.29%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67% (Cost $530,630) | 530630 | 530630 |
| **Total Investments (Cost $36,387,942) (101.17%)** |  | $41658593<br>|
| **Liabilities in Excess of Other Assets (-1.17%)** |  | (482931) |
| **Net Assets (100.00%)** |  | $41175662<br>|

---

(144A)Security was purchased pursuant to Rule 144A or Section 4<sup>(a)</sup><sup>(2)</sup> under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2025, these securities had a total aggregate market value of $467,938 which represented approximately 1.14% of net assets.

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (2.16%)** |  |  |
| **Financial (2.16%)** |  |  |
| AGNC Investment Corp | 77513 | $830939.00<br>|
| Ares Capital Corp | 48622 | 983623 |
| California First Leasing Corp\* | 10000 | 279000 |
| Crescent Capital BDC Inc | 109294 | 1535581 |
| Goldman Sachs BDC Inc | 336000 | 3118080 |
| Oaktree Specialty Lending Corp | 215000 | 2739100 |
| **Total Common Stock (Cost $10,003,264)** |  | 9486323 |
| **Corporate Debt (49.03%)** |  |  |
| **Basic Materials (1.07%)** |  |  |
| Huntsman International LLC, 5.700%, 10/15/34 | 2000000 | 1814363 |
| Mercer International Inc, 12.875%, 10/01/28 (144A) | 1000000 | 775218 |
| Mineral Resources Ltd, 9.250%, 10/01/28 (144A) | 2000000 | 2099001 |
| **Total Basic Materials** |  | 4688582 |
| **Communications (1.87%)** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp, 4.750%, 03/01/30 (144A) | 2000000 | 1910097 |
| Cincinnati Bell Telephone Co LLC, 6.300%, 12/01/28 | 5315000 | 5275138 |
| DISH Network Corp, 11.750%, 11/15/27 (144A) | 1000000 | 1040780 |
| **Total Communications** |  | 8226015 |
| **Consumer, Cyclical (3.99%)** |  |  |
| American Airlines 2019-1 Class A Pass Through Trust, 3.500%, 02/15/32 | 2736114 | 2525652 |
| Aptiv Swiss Holdings Ltd, 6.875%, 12/15/54<sup>(a)</sup> | 2500000 | 2607509 |
| Champ Acquisition Corp, 8.375%, 12/01/31 (144A) | 3497000 | 3777124 |
| General Motors Financial Co Inc, 5.750%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 1000000 | 987553 |
| Odeon Finco PLC, 12.750%, 11/01/27 (144A) | 4500000 | 4639788 |
| Tenneco Inc, 8.000%, 11/17/28 (144A) | 3000000 | 3009600 |
| **Total Consumer, Cyclical** |  | 17547226 |
| **Consumer, Non-cyclical (3.05%)** |  |  |
| Bausch + Lomb Corp, 8.375%, 10/01/28 (144A) | 2180000 | 2275375 |
| CVS Pass-Through Trust Series 2013, 4.704%, 01/10/36 (144A) | 585571 | 543523 |
| Embecta Corp, 5.000%, 02/15/30 (144A) | 2000000 | 1911446 |
| Horizon Mutual Holdings Inc, 6.200%, 11/15/34 (144A) | 3500000 | 3384988 |
| McKesson Corp, 7.650%, 03/01/27 | 2000000 | 2076639 |
| Veritiv Operating Co, 10.500%, 11/30/30 (144A) | 3000000 | 3225639 |
| **Total Consumer, Non-cyclical** |  | 13417610 |
| **Energy (8.66%)** |  |  |
| Andeavor LLC, 5.125%, 12/15/26 | 4000000 | 3996913 |
| APA Corp, 5.250%, 02/01/42 | 2000000 | 1697647 |
| APA Corp, 5.350%, 07/01/49 | 2000000 | 1662299 |
| Bristow Group Inc, 6.875%, 03/01/28 (144A) | 4000000 | 4004924 |
| Coterra Energy Operating Co, 4.375%, 03/15/29 | 3000000 | 2904285 |
| Enbridge Inc, 8.250%, 01/15/84<sup>(a)</sup> | 1000000 | 1070031 |
| Energy Transfer LP, 6.000%, 02/01/29 (144A) | 3000000 | 3032671 |
| Energy Transfer LP, 6.500%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2500000 | 2511010 |
| Enterprise Products Operating LLC, 7.099%, 08/16/77<sup>(a)</sup> | 1711000 | 1707640 |
| NuStar Logistics LP, 6.375%, 10/01/30 | 2000000 | 2104996 |
| Phillips 66 Co, 5.875%, 03/15/56<sup>(a)</sup> | 4000000 | 3957203 |
| Summit Midstream Holdings LLC, 8.625%, 10/31/29 (144A) | 6490000 | 6729793 |
| Tidewater Inc, 9.125%, 07/15/30 (144A) | 2500000 | 2682348 |
| **Total Energy** |  | 38061760 |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Financial (21.52%)** |  |  |
| Air Lease Corp, 4.125%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 5500000 | $5369025<br>|
| The Allstate Corp, 7.051%, 08/15/53<sup>(a)</sup> | 900000 | 900187 |
| Ally Financial Inc, 4.700%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 5000000 | 4754095 |
| Aretec Group Inc, 10.000%, 08/15/30 (144A) | 1350000 | 1456843 |
| The Bank of Nova Scotia, 7.350%, 04/27/85<sup>(a)</sup> | 2000000 | 2079854 |
| Capital One Financial Corp, 5.500%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 2006660 |
| The Charles Schwab Corp, 4.000%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 5000000 | 4969446 |
| The Charles Schwab Corp, 5.000%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 4500000 | 4529007 |
| Citigroup Inc, 3.875%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 3000000 | 2989538 |
| Citigroup Inc, 6.750%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 2035858 |
| Citigroup Inc, 7.125%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 3500000 | 3608388 |
| Corebridge Financial Inc, 6.875%, 12/15/52<sup>(a)</sup> | 4000000 | 4096143 |
| Enova International Inc, 11.250%, 12/15/28 (144A) | 2000000 | 2115054 |
| Enstar Finance LLC, 5.500%, 01/15/42<sup>(a)</sup> | 2500000 | 2462201 |
| F&G Annuities & Life Inc, 6.500%, 06/04/29  | 2000000 | 2083561 |
| Fifth Third Bancorp, 6.967%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 500000 | 500989 |
| Fifth Third Bancorp, 7.063%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 6718000 | 6761120 |
| Genworth Holdings Inc, 6.116%, 11/15/36<sup>(a)</sup> | 4151000 | 3475346 |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/27 (144A) | 540000 | 560506 |
| Huntington Bancshares Inc, 4.450%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 1966777 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp, 9.000%, 06/15/30  | 3000000 | 2867631 |
| M&T Bank Corp, 3.500%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 1937704 |
| MetLife Inc, 10.750%, 08/01/39  | 2000000 | 2667852 |
| The PNC Financial Services Group Inc, 3.400%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 12000000 | 11764070 |
| PXRE Capital Trust VI, 7.834%, 09/30/33 (144A)<sup>(a)</sup> | 1000000 | 937990 |
| Sammons Financial Group Inc, 4.750%, 04/08/32 (144A) | 2500000 | 2432186 |
| Talcott Resolution Life Inc, 7.650%, 06/15/27 | 3000000 | 3067646 |
| Truist Financial Corp, 5.125%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 1999758 |
| Truist Financial Corp, 6.669%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 2005470 |
| Wells Fargo & Co, 3.900%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 4100000 | 4087245 |
| Wells Fargo & Co, 6.850%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 2090028 |
| **Total Financial** |  | 94578178 |
| **Government (2.17%)** |  |  |
| Farm Credit Bank of Texas, 7.000%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 2000000 | 2061657 |
| Farm Credit Bank of Texas, 7.750%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 7165000 | 7499935 |
| **Total Government** |  | 9561592 |
| **Industrial (2.31%)** |  |  |
| Cascades Inc/Cascades USA Inc, 5.375%, 01/15/28 (144A) | 2000000 | 1994871 |
| Danaos Corp, 8.500%, 03/01/28 (144A) | 2010000 | 2023463 |
| FTAI Aviation Investors LLC, 5.500%, 05/01/28 (144A) | 4000000 | 4003500 |
| MasTec Inc, 6.625%, 08/15/29 (144A) | 750000 | 754875 |
| Vontier Corp, 2.950%, 04/01/31 | 1500000 | 1376032 |
| **Total Industrial** |  | 10152741 |
| **Technology (0.75%)** |  |  |
| Pitney Bowes Inc, 6.875%, 03/15/27 (144A) | 2000000 | 2001302 |
| Rocket Software Inc, 9.000%, 11/28/28 (144A) | 1245000 | 1283790 |
| **Total Technology** |  | 3285092 |
| **Utilities (3.66%)** |  |  |
| AltaGas Ltd, 7.200%, 10/15/54 (144A)<sup>(a)</sup> | 2000000 | 2073484 |
| American Electric Power Co Inc, 5.800%, 03/15/56<sup>(a)</sup> | 3290000 | 2088750 |
| American Electric Power Co Inc, 7.050%, 12/15/54<sup>(a)</sup> | 2000000 | 3266182 |
| Entergy Corp, 7.125%, 12/01/54<sup>(a)</sup> | 4000000 | 4199814 |
| Spire Inc, 6.250%, 06/01/56<sup>(a)</sup> | 3000000 | 2985083 |
| Vistra Operations Co LLC, 5.000%, 07/31/27 (144A) | 1460000 | 1463359 |
| **Total Utilities** |  | 16076672 |
| **Total Corporate Debt (Cost $211,695,066)** |  | 215595468 |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Asset Backed Securities (29.14%)** |  |  |
| AG Trust 2024-NLP, 7.561%, 08/15/41 (144A)<sup>(a)</sup> | 5440000 | $5473352<br>|
| Air Canada 2015-2 Class A Pass Through Trust, 4.125%, 12/15/27 (144A) | 680621 | 669388 |
| Air Canada 2017-1 Class B Pass Through Trust, 3.700%, 01/15/26 (144A) | 1424852 | 1423662 |
| American Airlines 2015-2 Class A Pass Through Trust, 4.000%, 09/22/27 | 1099835 | 1080326 |
| American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 06/15/28 | 1151465 | 1117002 |
| American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 02/15/28 | 6630868 | 6490792 |
| Atrium Hotel Portfolio Trust 2024-ATRM, 7.935%, 11/10/29 (144A)<sup>(a)</sup> | 5000000 | 5102370 |
| British Airways 2021-1 Class B Pass Through Trust, 3.900%, 09/15/31 (144A) | 1258917 | 1208563 |
| BRSP 2021-FL1 Ltd, 7.296%, 08/19/38 (144A)<sup>(a)</sup> | 3000000 | 2972475 |
| BX 2025-BIO3 Mortgage Trust, 7.193%, 02/10/42 (144A)<sup>(a)</sup> | 5000000 | 5071701 |
| BXMT 2020-FL2 LTD, 6.277%, 02/15/38 (144A)<sup>(a)</sup> | 2000000 | 1915674 |
| BXMT 2021-FL4 Ltd, 6.100%, 05/15/38 (144A)<sup>(a)</sup> | 10000000 | 9618731 |
| CVS Pass-Through Trust, 7.507%, 01/10/32 (144A) | 3047811 | 3234879 |
| Finance of America Structured Securities Trust, 3.500%, 11/25/74 (144A) | 1257195 | 1219213 |
| Flexential Issuer 2021-1, 6.930%, 11/27/51 (144A) | 9000000 | 8931888 |
| Frontier Issuer LLC, 11.160%, 06/20/54 (144A) | 3000000 | 3343887 |
| Frontier Issuer LLC, 11.500%, 08/20/53 (144A) | 6000000 | 6177064 |
| GPMT 2021-FL3 Ltd, 7.499%, 07/16/35 (144A)<sup>(a)</sup> | 4465000 | 4103528 |
| GPMT 2021-FL4 Ltd, 7.298%, 12/15/36 (144A)<sup>(a)</sup> | 5000000 | 4302119 |
| JetBlue 2019-1 Class B Pass Through Trust, 8.000%, 05/15/29 | 2714074 | 2761438 |
| JetBlue 2020-1 Class B Pass Through Trust, 7.750%, 11/15/28 | 3260140 | 3321088 |
| KREF 2021-FL2 Ltd, 6.050%, 02/15/39 (144A)<sup>(a)</sup> | 5000000 | 4941099 |
| LoanCore 2021-CRE6 Issuer Ltd, 7.315%, 11/15/38 (144A)<sup>(a)</sup> | 5000000 | 4947323 |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, 10/20/61 (144A) | 4000000 | 3339170 |
| New Economy Assets - Phase 1 Sponsor LLC, 2.410%, 10/20/61 (144A) | 6750000 | 4141412 |
| Onity Loan Investment Trust 2025-HB1, 3.000%, 06/25/38 (144A)<sup>(a)</sup> | 1877000 | 1766938 |
| Pioneer Aircraft Finance Ltd, 3.967%, 06/15/44 (144A) | 444534 | 441691 |
| SMB Private Education Loan Trust 2014-A, 4.500%, 09/15/45 (144A) | 3000000 | 2605278 |
| STWD 2021-FL2 Ltd, 6.649%, 04/18/38 (144A)<sup>(a)</sup> | 12654000 | 12685870 |
| STWD 2022-FL3 Ltd, 7.234%, 11/15/38 (144A)<sup>(a)</sup> | 3590000 | 3518626 |
| United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 01/07/26 | 1788194 | 1787648 |
| United Airlines 2018-1 Class B Pass Through Trust, 4.600%, 03/01/26 | 600826 | 600390 |
| UNIV Trust 2025-APTS, 6.650%, 11/15/42 (144A)<sup>(a)</sup> | 3000000 | 3003733 |
| VMC Finance 2021-FL4 LLC, 6.099%, 06/16/36 (144A)<sup>(a)</sup> | 5000000 | 4831741 |
| **Total Asset Backed Securities (Cost $132,737,910)** |  | 128150059 |
| **Preferred Stock (9.44%)** |  |  |
| Annaly Capital Management Inc, 8.101%<sup>(a)</sup> | 112405 | 2802257 |
| Annaly Capital Management Inc, 8.922%<sup>(a)</sup><sup>,</sup><sup>(b)</sup> | 49365 | 1256833 |
| Bank of America Corp, 7.250% | 4950 | 6185644 |
| Capital One Financial Corp, 5.000% | 96467 | 1833838 |
| The Goldman Sachs Group Inc, 4.797%<sup>(a)</sup> | 341016 | 6632761 |
| JPMorgan Chase & Co, 5.750% | 304870 | 7597360 |
| Public Storage, 5.150%<sup>(b)</sup> | 5604 | 115723 |
| Raymond James Financial Inc, 6.375%<sup>(a)</sup> | 33761 | 843687 |
| UMH Properties Inc, 6.375% | 546248 | 11919131 |
| Wells Fargo & Co, 7.500% | 1907 | 2313253 |
| **Total Preferred Stock (Cost $42,500,119)** |  | 41500487 |

---

**See accompanying notes to financial statements.**

**ICON Flexible Bond Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Investment Companies (8.94%)** |  |  |
| **Exchange-Traded Funds (0.51%)** |  |  |
| Invesco Senior Loan ETF | 107699 | $2261679<br>|
| **Mutual Funds (7.03%)** |  |  |
| BlackRock Floating Rate Income Trust | 82618 | 936062 |
| Eaton Vance Floating-Rate Income Trust | 150337 | 1697305 |
| Eaton Vance Senior Floating-Rate Trust | 50000 | 557000 |
| MFS High Yield Municipal Trust | 821456 | 2883311 |
| MFS Investment Grade Municipal Trust | 244295 | 1942145 |
| Nuveen California Select Tax-Free Income Portfolio | 71644 | 945701 |
| Nuveen Credit Strategies Income Fund | 256035 | 1285296 |
| Nuveen Floating Rate Income Fund | 1697471 | 13291190 |
| Nuveen New York Select Tax-Free Income Portfolio | 109888 | 1326403 |
| Pioneer Diversified High Income Fund Inc | 245326 | 345910 |
| Pioneer Floating Rate Fund Inc | 364437 | 76532 |
| Pioneer High Income Fund Inc | 613257 | 110386 |
| Pioneer Municipal High Income Advantage Fund Inc | 704314 | 288769 |
| Pioneer Municipal High Income Fund Trust | 163375 | 58815 |
| Pioneer Municipal High Income Opportunities Fund Inc | 194683 | 29202 |
| RiverNorth Capital and Income Fund | 120282 | 1727250 |
| Total Return Securities Fund | 545899 | 3395492 |
| **Total Mutual Funds** |  | 30896769 |
| **Money Market Funds (1.40%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67% (Cost $6,166,954) | 6166954 | 6166954 |
| **Total Investment Companies (Cost $39,402,201)** |  | 39325402 |
| **Total Investments (Cost $436,338,560) (98.71%)** |  | $434057739<br>|
| **Other Net Assets (1.29%)** |  | 5657617 |
| **Net Assets (100.00%)** |  | $739715356<br>|

---

(144A)Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of December 31, 2025, these securities had a total aggregate market value of $179,156,923 which represented approximately 40.74% of net assets.

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 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** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (98.64%)** |  |  |
| **Communications (28.21%)** |  |  |
| Alphabet Inc | 12500 | $3922500<br>|
| Arista Networks Inc\* | 35000 | 4586050 |
| CDW Corp | 11800 | 1607160 |
| Cisco Systems Inc | 65390 | 5036992 |
| Meta Platforms Inc | 6000 | 3960540 |
| Palo Alto Networks Inc\* | 15000 | 2763000 |
| **Total Communications** |  | 21876242 |
| **Consumer, Non-cyclical (9.93%)** |  |  |
| Encompass Health Corp | 35840 | 3804058 |
| HCA Healthcare Inc | 8352 | 3899215 |
| **Total Consumer, Non-cyclical** |  | 7703273 |
| **Industrial (14.33%)** |  |  |
| Arrow Electronics Inc\* | 25590 | 2819506 |
| Avnet Inc | 57000 | 2740560 |
| TD SYNNEX Corp | 20320 | 3052674 |
| Universal Display Corp | 21384 | 2497224 |
| **Total Industrial** |  | 11109964 |
| **Technology (46.18%)** |  |  |
| Amdocs Ltd | 24436 | 1967342 |
| Autodesk Inc\* | 10000 | 2960100 |
| Globant SA\* | 15485 | 1012254 |
| Intel Corp\* | 52508 | 1937545 |
| Kulicke & Soffa Industries Inc | 58000 | 2642480 |
| MKS Inc | 18000 | 2876400 |
| Pegasystems Inc | 41493 | 2477962 |
| Salesforce Inc | 10862 | 2877452 |
| Seagate Technology Holdings PLC | 12719 | 3502685 |
| ServiceNow Inc\* | 17620 | 2699208 |
| Taiwan Semiconductor Manufacturing Co Ltd | 16700 | 5074963 |
| Teradyne Inc | 17915 | 3467627 |
| Tyler Technologies Inc\* | 5057 | 2295625 |
| **Total Technology** |  | 35791643 |
| **Total Common Stock (Cost $56,699,765)** |  | 76481122 |
| **Investment Companies (1.45%)** |  |  |
| **Exchange-Traded Funds (1.31%)** |  |  |
| Invesco S&P SmallCap Information Technology ETF | 18000 | 1018910 |
| **Money Market Funds (0.13%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67%  | 104466 | 104466 |
| **Total Investment Companies (Cost $879,040)** |  | 1123376 |
| **Total Investments (Cost $57,578,805) (100.09%)** |  | $77604498<br>|
| **Liabilities in Excess of Other Assets (-0.09%)** |  | (66192) |
| **Net Assets (100.00%)** |  | $77538306<br>|

---

\*Non-income producing security.

**See accompanying notes to financial statements.**

**ICON Natural Resources and Infrastructure Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (92.01%)** |  |  |
| **Basic Materials (24.70%)** |  |  |
| ArcelorMittal SA | 27000 | $1230390<br>|
| Barrick Mining Corp | 80000 | 3484000 |
| BHP Group Ltd | 40000 | 2414800 |
| Cameco Corp | 41000 | 3751090 |
| Carpenter Technology Corp | 16000 | 5037440 |
| Century Aluminum Co\* | 193000 | 7561739 |
| Cia de Minas Buenaventura SAA | 83000 | 2309890 |
| Kaiser Aluminum Corp | 20000 | 2297200 |
| Steel Dynamics Inc | 8000 | 1355600 |
| Trinseo PLC<sup>#</sup> | 1000000 | 497000 |
| **Total Basic Materials** |  | 29939149 |
| **Consumer, Cyclical (8.43%)** |  |  |
| REV Group Inc | 70000 | 4256700 |
| Stellantis NV | 330000 | 3593700 |
| Thor Industries Inc | 23000 | 2361410 |
| **Total Consumer Cyclical** |  | 10211810 |
| **Consumer, Non-Cyclical (5.41%)** |  |  |
| The Brink's Co | 16000 | 1867680 |
| Deluxe Corp | 210000 | 4689300 |
| **Total Consumer, Non-Cyclical** |  | 6556980 |
| **Energy (27.07%)** |  |  |
| Archrock Inc | 170000 | 4423400 |
| CVR Energy Inc\* | 165000 | 4197600 |
| HF Sinclair Corp | 133000 | 6128640 |
| Phillips 66 | 35000 | 4516400 |
| TETRA Technologies Inc\* | 650000 | 6090500 |
| TPI Composites Inc\*<sup>,#</sup> | 650000 | 7508 |
| Transocean Ltd\* | 1800000 | 7434000 |
| **Total Energy** |  | 32798048 |
| **Industrial (16.14%)** |  |  |
| Ball Corp | 25000 | 1324250 |
| Brady Corp | 24000 | 1880880 |
| Knight-Swift Transportation Holdings Inc | 55000 | 2875400 |
| Kornit Digital Ltd\* | 165000 | 2372700 |
| O-I Glass Inc\* | 265000 | 3911400 |
| Tetra Tech Inc | 90000 | 3018600 |
| ZTO Express Cayman Inc | 200000 | 4178000 |
| **Total Industrial** |  | 19561230 |
| **Technology (2.04%)** |  |  |
| 3D Systems Corp\* | 1400000 | 2478000 |
| **Utilities (8.22%)** |  |  |
| Dominion Energy Inc | 40000 | 2343600 |
| National Fuel Gas Co | 28000 | 2241680 |
| Southwest Gas Holdings Inc | 30000 | 2400600 |
| Spire Inc | 36000 | 2977200 |
| **Total Utilities** |  | 9963080 |
| **Total Common Stock (Cost $94,507,448)** |  | 111508297 |

---

**See accompanying notes to financial statements.**

**ICON Natural Resources and Infrastructure Fund** **Portfolio of Investments (Continued)** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Investment Companies (8.28%)** |  |  |
| **Exchange-Traded Funds (3.91%)** |  |  |
| Direxion Daily Small Cap Bull 3X Shares | 78000 | $3552120<br>|
| iShares Global Energy ETF | 28000 | 1174040 |
| **Total Exchange Traded Funds**  |  | 4726160 |
| **Mutual Funds (1.67%)** |  |  |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 147000 | 2022720 |
| **Money Market Funds (2.71%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67% | 3290403 | 3290403 |
| **Total Investment Companies (Cost $9,604,043)** |  | 10039283 |
| **Total Investments (Cost $104,111,491) (100.29%)** |  | $121547580<br>|
| **Liabilities in Excess of Other Assets (-0.29%)** |  | (352202) |
| **Net Assets (100.00%)** |  | $121195378<br>|

---

\*Non-income producing security.

<sup>#</sup>Security is illiquid.

**See accompanying notes to financial statements.**

**ICON Utilities and Income Fund** **Portfolio of Investments** **12/31/25**<br>

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**  | **Value**  |
| **Common Stock (99.58%)** |  |  |
| **Communications (12.97%)** |  |  |
| Iridium Communications Inc | 46827 | $813853<br>|
| T-Mobile US Inc | 3800 | 771552 |
| Vodafone Group PLC | 97000 | 1281370 |
| **Total Communications** |  | 2866775 |
| **Consumer, Cyclical (3.10%)** |  |  |
| Suburban Propane Partners LP | 36914 | 684386 |
| **Utilities (83.50%)** |  |  |
| Ameren Corp | 12082 | 1206510 |
| American Electric Power Co Inc | 11440 | 1319146 |
| Atmos Energy Corp | 7480 | 1253872 |
| Black Hills Corp | 12237 | 849493 |
| CMS Energy Corp | 12200 | 853146 |
| Consolidated Edison Inc | 11100 | 1102452 |
| DTE Energy Co | 8559 | 1103940 |
| Evergy Inc | 16900 | 1225081 |
| Eversource Energy | 15300 | 1030149 |
| National Fuel Gas Co | 14641 | 1172158 |
| New Jersey Resources Corp | 19700 | 908564 |
| NextEra Energy Inc | 13762 | 1104813 |
| NiSource Inc | 24300 | 1014768 |
| ONE Gas Inc | 12600 | 973350 |
| Portland General Electric Co | 20104 | 964791 |
| Spire Inc | 13100 | 1083370 |
| Xcel Energy Inc | 17400 | 1285164 |
| **Total Utilities** |  | 18450767 |
| **Total Common Stock (Cost $17,983,381)** |  | 22001928 |
| **Money Market Funds (0.62%)** |  |  |
| First American Government Obligations Fund, 7-Day Yield: 3.67% (Cost $137,327) | 137327 | 137327 |
| **Total Investments (Cost $18,120,708) (100.20%)** |  | $22139255<br>|
| **Liabilities in Excess of Other Assets (-0.20%)** |  | (43284) |
| **Net Assets (100.00%)** |  | $22095971<br>|

---

**See accompanying notes to financial statements.**

**Statement of Assets & Liabilities<br>December 31, 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;&nbsp;&nbsp; Cost of investments | $20585047<br>| $34401064<br>| $36387942<br>| $436338560<br>| $57578805<br>| $104111491<br>| $18120708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value of investments (Note 1) | 29152699 | 49091587 | 41658593 | 434057739 | 77604498 | 121547580 | 22139255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 734 | 48 | 17630 | 3106901 | 889 | 8328 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 20591 | 48381 | 96536 | 361251 | 49216 | 52880 | 87045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment advisor |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 45394 | 65006 | 8702 | 1555006 | 47765 | 134609 | 6753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold |  | 135120 |  | 3081939 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Lending income receivable |  | 20 | 13 | 1287 | 20 | 997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim receivable |  |  | 3133 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 31404 |  |  | 46636 | 36974 | 43982 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $29250822<br>| $49340162<br>| $41784607<br>| $442210759<br>| $77739362<br>| $121788376<br>| $22239376<br>|
| **Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to investment advisor | $26021<br>| $33041<br>| $27994<br>| $243601<br>| $70651<br>| $110016<br>| $20495<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased | 43978 | 77168 | 19817 | 445670 | 46876 | 272680 | 11470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 104513 | 108015 | 298608 | 1302375 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 1498 | 15331 | 28086 | 297975 |  | 80493 | 12034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 fees | 326 | 3581 | 2687 | 6793 | 266 | 1194 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued administration fees | 2372 | 4016 | 3403 | 35787 | 6440 | 10029 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued CCO fees | 254 | 6917 | 8973 | 8659 | 334 | 2157 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued custody fees |  | 3689 | 6089 | 1517 |  |  | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund accounting fees |  | 27001 | 37832 | 8816 |  | 1726 | 10663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued printing fees |  | 17566 | 13136 |  |  |  | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued registration fees | 44702 | 26061 | 45692 | 16327 | 36565 | 34983 | 33037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees | 10595 | 36821 | 54391 | 53113 | 15499 | 46839 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee fees |  | 6847 | 7395 | 709 |  |  | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 11857 | 47848 | 54842 | 74061 | 24425 | 32881 | 27446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 246116 | 413902 | 608945 | 2495403 | 201056 | 592998 | 143405 |
| **Commitments and contingencies (Note 2)** |  |  |  |  |  |  |  |
| **Net assets** | $29004706<br>| $48926260<br>| $41175662<br>| $439715356<br>| $77538306<br>| $121195378<br>| $22095971<br>|
| **Net assets at December 31, 2025 consist of** | **Net assets at December 31, 2025 consist of** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $23281511<br>| $33761640<br>| $37115430<br>| $457283893<br>| $55345510<br>| $311521213<br>| $18962783<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings/(loss) | 5723195 | 15164620 | 4060232 | (17568537) | 22192796 | (190325835) | 3133188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $29004706<br>| $48926260<br>| $41175662<br>| $439715356<br>| $77538306<br>| $121195378<br>| $22095971<br>|
| **Net assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $27555311<br>| $33076799<br>| $29328754<br>| $409687974<br>| $76373412<br>| $116032580<br>| $18199052<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $1449395<br>| $15849461<br>| $11846908<br>| $30027382<br>| $1164894<br>| $5162798<br>| $3896919<br>|
| **Shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares (no par value, unlimited shares authorized) | 2982803 | 1203628 | 1654763 | 47854927 | 4958652 | 6416817 | 1712699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares (no par value, unlimited shares authorized) | 160354 | 624305 | 671152 | 3550280 | 86295 | 289842 | 378125 |
| **Net asset value per share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | $9.24<br>| $27.48<br>| $17.72<br>| $8.56<br>| $15.40<br>| $18.08<br>| $10.63<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | $9.04<br>| $25.39<br>| $17.65<br>| $8.46<br>| $13.50<br>| $17.81<br>| $10.31<br>|

---

**See accompanying notes to financial statements.**

**Statement of Operations<br>Year Ended December 31, 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** |
| **Investment income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $2953<br>| $588<br>| $324415<br>| $19720285<br>| $6095<br>| $40442<br>| $1829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash dividend income (net of foreign tax withheld: $11,785, $11,639, $25,891, $-, $14,000, $26,137, $2,450 respectively) | 447776 | 1042571 | 1706768 | 8641775 | 565564 | 2083532 | 833907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income | 41193 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 781 | 2718 | 8053 | 57891 | 389 | 55737 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 492703 | 1045877 | 2039236 | 28419951 | 572048 | 2179711 | 835744 |
| **Expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 2) | 311565 | 360871 | 314977 | 2307604 | 770786 | 1202655 | 233504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 2) | 28655 | 44239 | 38621 | 353545 | 70866 | 110576 | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 23961 | 26326 | 35302 | 141567 | 41704 | 92940 | 24305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 22040 | 31782 | 34228 | 80974 | 25756 | 31367 | 23619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1997 | 3673 | 2522 | 23889 | 2958 | 5374 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit fees | 21070 | 31669 | 35209 | 88628 | 26475 | 35293 | 24159 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO fees (Note 2) | 2537 | 5166 | 4423 | 31935 | 6001 | 9647 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 6288 | 8313 | 8076 | 6483 | 6080 | 6257 | 7098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 599 | 1229 | 1071 | 8523 | 1484 | 2317 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 17460 | 26294 | 29403 | 51931 | 24600 | 42567 | 16779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and dues | 20630 | 13464 | 5585 | 85750 | 27299 | 39530 | 33661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class 12b-1 fees (Note 2) | 3960 | 36899 | 29857 | 66780 | 3045 | 13586 | 10016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 460762 | 589925 | 539274 | 3247609 | 1007054 | 1592109 | 398800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less reimbursement from manager (Note 2) |  |  |  | (262655) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 460762 | 589925 | 539274 | 2984954 | 1007054 | 1592109 | 398800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | 31941 | 455952 | 1499962 | 25434997 | (435006) | 587602 | 436944 |
| **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 | 1321830 | 5316791 | 1835769 | (922741) | 11527946 | 3639142 | 444605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | 259035 | 1312529 | 2280351 | (3953164) | 1187682 | 12522447 | 2336070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 1580865 | 6629320 | 4116120 | (4875905) | 12715628 | 16161589 | 2780675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | $1612806<br>| $7085272<br>| $5616082<br>| $20559092<br>| $12280622<br>| $16749191<br>| $3217619<br>|

---

**See accompanying notes to financial statements.**

**Statement of Changes In Net Assets**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Icon Consumer <br>Select Fund**  | **Icon Consumer <br>Select Fund**  | **Icon Equity Fund**  | **Icon Equity Fund**  | **Icon Equity Income Fund**  | **Icon Equity Income Fund**  | **Icon Flexible Bond Fund**  | **Icon Flexible Bond Fund**  |
|  | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** |
| **Operations** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $31941<br>| $(65786) | $455952<br>| $320065<br>| $1499962<br>| $1869530<br>| $25434997<br>| $20548122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 1321830 | 5506781 | 5316791 | 5504365 | 1835769 | (635383) | (922741) | (565232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | 259035 | (987525) | 1312529 | (3084670) | 2280351 | 1523951 | (3953164) | 3691922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 1612806 | 4453470 | 7085272 | 2739760 | 5616082 | 2758098 | 20559092 | 23674812 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares<sup>(a)</sup> | (2841765) | (5056524) | (3285032) | (3816102) | (1115782) | (1390205) | (24311815) | (18908583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(b)</sup> | (153772) | (268477) | (1618656) | (1566054) | (411052) | (551690) | (1739218) | (1479685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of capital |  |  |  |  | (6582) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of capital |  |  |  |  | (2658) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (2995537) | (5325001) | (4903688) | (5382156) | (1536074) | (1941895) | (26051033) | (20388268) |
| **Capital share transactions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (4306755) | (10709668) | (3016213) | (4653267) | (5934912) | (10856289) | 93135579 | 95339912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (5689486) | (11581199) | (834629) | (7295663) | (1854904) | (10040086) | 87643638 | 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 | $29004706<br>| $34694192<br>| $48926260<br>| $49760889<br>| $41175662<br>| $43030566<br>| $439715356<br>| $352071718<br>|

---

**See accompanying notes to financial statements.**

**Statement 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**  |
|  | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2024** |
| **Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) | $(435006) | $(401292) | $587602<br>| $1001877<br>| $436944<br>| $483436<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from security transactions and foreign currency | 11527946 | 5188296 | 3639142 | 18114166 | 444605 | (26109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) of investments | 1187682 | 6456788 | 12522447 | (5479299) | 2336070 | 2622376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 12280622 | 11243792 | 16749191 | 13636744 | 3217619 | 3079703 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares<sup>(a)</sup> | (13523871) | (4339166) | (10892784) | (10078825) | (364556) | (453160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares<sup>(b)</sup> | (229730) | (79717) | (464807) | (444050) | (65662) | (86182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (13753601) | (4418883) | (11357591) | (10522875) | (430218) | (539342) |
| **Capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in net assets resulting from capital share transactions | (1564783) | (14553051) | (8354719) | 12741237 | (2491250) | (3966139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) | (3037762) | (7728142) | (2963119) | 15855106 | 296151 | (1425778) |
| **Net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 80576068 | 88304210 | 124158497 | 108303391 | 21799820 | 23225598 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $77538306<br>| $80576068<br>| $121195378<br>| $124158497<br>| $22095971<br>| $21799820<br>|

---

**See accompanying notes to financial statements.**

**Statement of Changes In Net Assets<br>(Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Consumer Select Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 197343 | $1845684<br>| 147745 | $1557617<br>| 2170 | $18905<br>| 974 | $9661<br>|
| Shares issued in reinvestment <br>of distributions  | 301813 | 2714120 | 474356 | 4762537 | 14973 | 131608 | 26056 | 256908 |
| Shares repurchased  | (901047) | (8623719) | (1624365) | (16874711) | (42772) | (393353) | (39560) | (421680) |
| Net increase/(decrease)  | (401891) | $(4063915) | (1002264) | $(10554557) | (25629) | $(242840) | (12530) | $(155111) |
| **Icon Equity Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 77257 | $2118449<br>| 142887 | $3823202<br>| 55620 | $1342814<br>| 4352 | $113890<br>|
| Shares issued in reinvestment <br>of distributions  | 117018 | 3155152 | 124796 | 3550491 | 63546 | 1577650 | 57763 | 1528914 |
| Shares repurchased  | (338812) | (9280863) | (422722) | (11700579) | (76791) | (1929415) | (76237) | (1969185) |
| Net increase/(decrease)  | (144537) | $(4007262) | (155039) | $(4326886) | 42375 | $991049<br>| (14122) | $(326381) |
| **Icon Equity Income Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 149653 | $2504208<br>| 226600 | $3637031<br>| 6135 | $106569<br>| 3059 | $48804<br>|
| Shares issued in reinvestment <br>of distributions  | 63516 | 1075393 | 83792 | 1345312 | 21539 | 362941 | 30979 | 495111 |
| Shares repurchased  | (464323) | (7803641) | (748688) | (11970477) | (130536) | (2180382) | (275356) | (4412070) |
| Net increase/(decrease)  | (251154) | $(4224040) | (438296) | $(6988134) | (102862) | $(1710872) | (241318) | $(3868155) |
| **Icon Flexible Bond Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold | 21052961 | $181739598<br>| 14890576 | $128942275<br>| 3161339 | $27006253<br>| 2424858 | $20880328<br>|
| Shares issued in reinvestment <br>of distributions | 2583263 | 22239860 | 1916863 | 16537710 | 198904 | 1695807 | 165284 | 1416330 |
| Shares repurchased | (12799804) | (110343673) | (7310245) | (63345143) | (3457200) | (29202266) | (1056800) | (9091588) |
| Net increase/(decrease)  | 10836420 | $93635785<br>| 9497194 | $82134842<br>| (96957) | $(500206) | 1533342 | $13205070<br>|
| **Icon Health & Information Technology Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 139978 | $2191730<br>| 88559 | $1396965<br>| 5317 | $76110<br>| 5606 | $79689<br>|
| Shares issued in reinvestment <br>of distributions  | 848700 | 13129389 | 257542 | 4177337 | 15999 | 216942 | 5183 | 75674 |
| Shares repurchased  | (1031992) | (16738699) | (1247872) | (19831838) | (31115) | (440255) | (31190) | (450878) |
| Net increase/(decrease)  | (43314) | $(1417580) | (901771) | $(14257536) | (9799) | $(147203) | (20401) | $(295515) |

---

**See accompanying notes to financial statements.**

**Statement of Changes In Net Assets<br>(Continued)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Icon Natural Resources and Infrastructure Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 763333 | $13368837<br>| 1499894 | $26673318<br>| 117264 | $2034419<br>| 38240 | $683159<br>|
| Shares issued in reinvestment <br>of distributions  | 577048 | 10457020 | 519119 | 9692253 | 24609 | 436740 | 22466 | 412218 |
| Shares repurchased  | (1842361) | (31652897) | (1290904) | (23308634) | (167261) | (2998838) | (79508) | (1411077) |
| Net increase/(decrease)  | (501980) | $(7827040) | 728109 | $13056937<br>| (25388) | $(527679) | (18802) | $(315700) |
| **Icon Utilities and Income Fund**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Institutional Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  | **Investor Shares**  |
|  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2025**  | **Year Ended <br>December 31, 2024**  | **Year Ended <br>December 31, 2024**  |
|  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  | **Shares**  | **Value**  |
| Shares sold  | 360290 | $3703781<br>| 184992 | $1706109<br>| 35791 | $354264<br>| 16360 | $140035<br>|
| Shares issued in reinvestment <br>of distributions  | 31952 | 335650 | 46581 | 419717 | 5271 | 53628 | 7416 | 65077 |
| Shares repurchased  | (586259) | (6066035) | (669150) | (5882069) | (88225) | (872538) | (47184) | (415008) |
| Net increase/(decrease)  | (194017) | $(2026604) | (437577) | $(3756243) | (47163) | $(464646) | (23408) | $(209896) |

---

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Consumer Select Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $9.73<br>| $10.10<br>| $9.20<br>| $12.06<br>| $10.90<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.01 | (0.02) | 0.01 | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.54 | 1.33 | 1.63 | (1.22) | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 | 1.31 | 1.64 | (1.23) | 2.48 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.03) | (1.68) | (0.73) | (1.63) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.04) | (1.68) | (0.74) | (1.63) | (1.32) |
| Net asset value, end of year or period | $9.24<br>| $9.73<br>| $10.10<br>| $9.20<br>| $12.06<br>|
| Total return | 5.95% | 12.48% | 18.06% | (10.56)% | 22.80% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $27555<br>| $32918<br>| $44297<br>| $44014<br>| $60747<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.47% | 1.39% | 1.27% | 1.33% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.47% | 1.39% | 1.27% | 1.33% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.11% | (0.15)% | 0.09% | (0.13)% | (0.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.11% | (0.15)% | 0.09% | (0.13)% | (0.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 15% | 23% | 40% | 40% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $9.55<br>| $9.97<br>| $9.10<br>| $11.98<br>| $10.87<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | (0.01) | (0.04) | (0.02) | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 0.53 | 1.30 | 1.62 | (1.21) | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 1.26 | 1.60 | (1.25) | 2.43 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.03) | (1.68) | (0.73) | (1.63) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.03) | (1.68) | (0.73) | (1.63) | (1.32) |
| Net asset value, end of year or period | $9.04<br>| $9.55<br>| $9.97<br>| $9.10<br>| $11.98<br>|
| Total return<sup>(b)</sup> | 5.74% | 12.13% | 17.83% | (10.81)% | 22.40% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1449<br>| $1776<br>| $1979<br>| $1971<br>| $2486<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.72% | 1.64% | 1.52% | 1.57% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.72% | 1.64% | 1.52% | 1.57% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.14)% | (0.38)% | (0.17)% | (0.36)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.14)% | (0.38)% | (0.17)% | (0.36)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 15% | 23% | 40% | 40% |

---

------

(a)Calculated based upon average shares outstanding.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Equity Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $26.33<br>| $27.68<br>| $25.93<br>| $37.28<br>| $33.57<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.28 | 0.19 | 0.19 | 0.07 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 3.81 | 1.48 | 2.87 | (6.61) | 9.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.09 | 1.67 | 3.06 | (6.54) | 8.97 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.19) | (0.19) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (2.67) | (2.83) | (1.12) | (4.75) | (5.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.94) | (3.02) | (1.31) | (4.81) | (5.26) |
| Net asset value, end of year or period | $27.48<br>| $26.33<br>| $27.68<br>| $25.93<br>| $37.28<br>|
| Total return | 15.84% | 5.29% | 12.11% | (18.11)% | 26.73% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $33077<br>| $35503<br>| $41606<br>| $42057<br>| $59306<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.15% | 1.19% | 1.10% | 1.12% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.15% | 1.19% | 1.10% | 1.12% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.02% | 0.68% | 0.70% | 0.22% | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.02% | 0.68% | 0.70% | 0.22% | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23% | 30% | 4% | 17% | 24% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $24.50<br>| $25.92<br>| $24.35<br>| $35.37<br>| $32.14<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.20 | 0.11 | 0.11 | (0.01) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 3.53 | 1.41 | 2.69 | (6.26) | 8.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.73 | 1.52 | 2.80 | (6.27) | 8.49 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.11) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (2.67) | (2.83) | (1.12) | (4.75) | (5.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2.84) | (2.94) | (1.23) | (4.75) | (5.26) |
| Net asset value, end of year or period | $25.39<br>| $24.50<br>| $25.92<br>| $24.35<br>| $35.37<br>|
| Total return<sup>(b)</sup> | 15.56% | 5.05% | 11.83% | (18.34)% | 26.42% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $15849<br>| $14258<br>| $15451<br>| $16162<br>| $22689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.40% | 1.44% | 1.35% | 1.37% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.40% | 1.44% | 1.35% | 1.37% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.78% | 0.43% | 0.44% | (0.03)% | (0.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.78% | 0.43% | 0.44% | (0.03)% | (0.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23% | 30% | 4% | 17% | 24% |

---

------

(a)Calculated based upon average shares outstanding.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Equity Income Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $16.08<br>| $15.82<br>| $15.83<br>| $20.75<br>| $18.89<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.61 | 0.65 | 0.72 | 0.60 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 1.67 | 0.31 | 0.05<br> <sup>(b)</sup> | (3.36) | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.28 | 0.96 | 0.77 | (2.76) | 4.54 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.64) | (0.70) | (0.78) | (0.58) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | —<br> <sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (1.58) | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.64) | (0.70) | (0.78) | (2.16) | (2.68) |
| Net asset value, end of year or period | $17.72<br>| $16.08<br>| $15.82<br>| $15.83<br>| $20.75<br>|
| Total return | 14.41% | 6.11% | 5.05% | (13.63)% | 24.14% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $29329<br>| $30642<br>| $37083<br>| $41821<br>| $45535<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.21% | 1.25% | 1.09% | 1.15% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.21% | 1.25% | 1.05% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 3.65% | 4.01% | 4.53% | 3.11% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 3.65% | 4.01% | 4.56% | 3.26% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 26% | 62% | 43% | 78% | 25% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $16.01<br>| $15.75<br>| $15.77<br>| $20.73<br>| $18.87<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.56 | 0.60 | 0.67 | 0.54 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 1.67 | 0.31 | 0.05 | (3.34) | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.23 | 0.91 | 0.72 | (2.80) | 4.48 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.59) | (0.65) | (0.74) | (0.58) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital | —<br> <sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (1.58) | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.59) | (0.65) | (0.74) | (2.16) | (2.62) |
| Net asset value, end of year or period | $17.65<br>| $16.01<br>| $15.75<br>| $15.77<br>| $20.73<br>|
| Total return<sup>(d)</sup> | 14.13% | 5.83% | 4.75% | (13.81)% | 23.84% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $11847<br>| $12389<br>| $15987<br>| $21362<br>| $37994<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.46% | 1.50% | 1.34% | 1.42% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.46% | 1.50% | 1.30% | 1.26% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 3.39% | 3.75% | 4.24% | 2.74% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 3.39% | 3.75% | 4.28% | 2.90% | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 26% | 62% | 43% | 78% | 25% |

---

------

(a)Calculated based upon average shares outstanding.

(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)Less than .01 per share.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Flexible Bond Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $8.66<br>| $8.56<br>| $8.36<br>| $9.32<br>| $9.39<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.58 | 0.58 | 0.53 | 0.45 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.10) | 0.10 | 0.23 | (0.97) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.48 | 0.68 | 0.76 | (0.52) | 0.39 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.58) | (0.58) | (0.56) | (0.44) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | —<br> <sup>(b)</sup> | —<br> <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.58) | (0.58) | (0.56) | (0.44) | (0.46) |
| Net asset value, end of year or period | $8.56<br>| $8.66<br>| $8.56<br>| $8.36<br>| $9.32<br>|
| Total return | 5.69% | 8.20<br> %<sup>(c)</sup> | 9.24% | (5.63)% | 4.17% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $409688<br>| $320697<br>| $235493<br>| $150090<br>| $138093<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.83% | 0.84% | 0.84% | 0.84% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.76% | 0.76% | 0.76% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 6.56% | 6.70% | 6.56% | 5.10% | 4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 6.63% | 6.79% | 6.65% | 5.18% | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 158% | 134% | 163% | 157% | 262% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $8.60<br>| $8.49<br>| $8.30<br>| $9.27<br>| $9.33<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.55 | 0.55 | 0.51 | 0.42 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | (0.10) | 0.11 | 0.22 | (0.97) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.45 | 0.66 | 0.73 | (0.55) | 0.38 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.59) | (0.55) | (0.54) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | —<br> <sup>(b)</sup> | —<br> <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.59) | (0.55) | (0.54) | (0.42) | (0.44) |
| Net asset value, end of year or period | $8.46<br>| $8.60<br>| $8.49<br>| $8.30<br>| $9.27<br>|
| Total return<sup>(d)</sup> | 5.47% | 8.05% | 9.08% | (5.96)% | 4.06% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $30027<br>| $31375<br>| $17952<br>| $7279<br>| $9318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.08% | 1.08% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.01% | 1.01% | 1.01% | 1.01% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 6.30% | 6.39% | 5.97% | 4.77% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 6.37% | 6.47% | 6.06% | 4.86% | 4.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 158% | 134% | 163% | 157% | 262% |

---

------

(a)Calculated based upon average shares outstanding.

(b)Less than .01 per share.

(c)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 the those reported for marketing purposes.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Health & Information Technology Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $15.84<br>| $14.69<br>| $14.66<br>| $21.65<br>| $21.45<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | (0.09) | (0.07) |  | (0.05) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 2.85 | 2.12 | 1.86 | (4.18) | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.76 | 2.05 | 1.86 | (4.23) | 3.80 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (3.20) | (0.90) | (1.83) | (2.76) | (3.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.20) | (0.90) | (1.83) | (2.76) | (3.60) |
| Net asset value, end of year or period | $15.40<br>| $15.84<br>| $14.69<br>| $14.66<br>| $21.65<br>|
| Total return | 17.30% | 13.81<br> %<sup>(b)</sup> | 13.43% | (19.87)% | 17.71% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $76373<br>| $79207<br>| $86751<br>| $90742<br>| $126017<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.30% | 1.29% | 1.23% | 1.26% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.30% | 1.29% | 1.23% | 1.26% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.56)% | (0.46)% | (0.03)% | (0.30)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.56)% | (0.46)% | (0.03)% | (0.30)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42% | 17% | 48% | 39% | 33% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $14.25<br>| $13.33<br>| $13.49<br>| $20.24<br>| $20.31<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | (0.12) | (0.10) | (0.04) | (0.09) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 2.57 | 1.92 | 1.71 | (3.90) | 3.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.45 | 1.82 | 1.67 | (3.99) | 3.53 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (3.20) | (0.90) | (1.83) | (2.76) | (3.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (3.20) | (0.90) | (1.83) | (2.76) | (3.60) |
| Net asset value, end of year or period | $13.50<br>| $14.25<br>| $13.33<br>| $13.49<br>| $20.24<br>|
| Total return<sup>(c)</sup> | 17.06% | 13.49% | 13.10% | (20.07)% | 17.37% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $1165<br>| $1369<br>| $1553<br>| $1833<br>| $3125<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.56% | 1.54% | 1.48% | 1.52% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.56% | 1.54% | 1.48% | 1.52% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | (0.81)% | (0.71)% | (0.27)% | (0.57)% | (0.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | (0.81)% | (0.71)% | (0.27)% | (0.57)% | (0.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42% | 17% | 48% | 39% | 33% |

---

------

(a)Calculated based upon average shares outstanding.

(b)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 the those reported for marketing purposes.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Natural Resources and Infrastructure Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $17.18<br>| $16.61<br>| $16.09<br>| $17.74<br>| $13.76<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.09 | 0.15 | 0.24 | 0.17 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 2.62 | 1.97 | 1.46 | (0.04) | 4.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.71 | 2.12 | 1.70 | 0.13 | 4.21 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.30) | (0.14) | (0.15) | (0.19) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.51) | (1.41) | (1.02) | (1.59) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.81) | (1.55) | (1.18) | (1.78) | (0.23) |
| Net asset value, end of year or period | $18.08<br>| $17.18<br>| $16.61<br>| $16.09<br>| $17.74<br>|
| Total return | 15.89% | 12.07% | 10.97% | 0.38% | 30.62% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $116033<br>| $118840<br>| $102842<br>| $107544<br>| $122465<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.31% | 1.31% | 1.25% | 1.31% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.31% | 1.31% | 1.25% | 1.31% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.52% | 0.83% | 1.46% | 0.98% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.52% | 0.83% | 1.46% | 0.98% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 154% | 119% | 137% | 149% | 94% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $16.87<br>| $16.35<br>| $15.86<br>| $17.52<br>| $13.57<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.05 | 0.10 | 0.21 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 2.56 | 1.93 | 1.43 | (0.05) | 3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.61 | 2.03 | 1.64 | 0.08 | 4.13 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| Dividends from net investment income | (0.16) | (0.10) | (0.12) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from return of capital |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | (1.51) | (1.41) | (1.02) | (1.59) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.67) | (1.51) | (1.15) | (1.74) | (0.18) |
| Net asset value, end of year or period | $17.81<br>| $16.87<br>| $16.35<br>| $15.86<br>| $17.52<br>|
| Total return<sup>(b)</sup> | 15.64% | 11.72% | 10.73% | 0.09% | 30.41% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $5163<br>| $5319<br>| $5461<br>| $6102<br>| $6888<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.56% | 1.56% | 1.51% | 1.56% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.56% | 1.56% | 1.51% | 1.56% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 0.27% | 0.58% | 1.25% | 0.73% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 0.27% | 0.58% | 1.25% | 0.73% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 154% | 119% | 137% | 149% | 94% |

---

------

(a)Calculated based upon average shares outstanding.

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

**See accompanying notes to financial statements.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ICON Utilities and Income Fund** |  |  |  |  |  |
| **Institutional Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $9.40<br>| $8.36<br>| $9.79<br>| $10.80<br>| $9.56<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.20 | 0.20 | 0.23 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 1.23 | 1.07 | (1.42) | (0.32) | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.43 | 1.27 | (1.19) | (0.12) | 2.04 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.23) | (0.24) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (0.69) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.20) | (0.23) | (0.24) | (0.89) | (0.80) |
| Net asset value, end of year or period | $10.63<br>| $9.40<br>| $8.36<br>| $9.79<br>| $10.80<br>|
| Total return | 15.26% | 15.31% | (12.25)% | (1.15)% | 21.51% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year or period (000s) | $18199<br>| $17923<br>| $19590<br>| $30209<br>| $40208<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.66% | 1.66% | 1.45% | 1.41% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.66% | 1.66% | 1.35% | 1.23% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.91% | 2.22% | 2.44% | 1.72% | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.91% | 2.22% | 2.54% | 1.89% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 19% | 27% | 11% | 28% | 33% |
| **Investor Shares** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** | **Year Ended December 31, 2022** | **Year Ended December 31, 2021** |
| Net asset value, beginning of year | $9.12<br>| $8.10<br>| $9.58<br>| $10.58<br>| $9.38<br>|
| INCOME FROM INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(a)</sup> | 0.17 | 0.17 | 0.20 | 0.18 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on securities (both realized and unrealized) | 1.19 | 1.05 | (1.40) | (0.31) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.36 | 1.22 | (1.20) | (0.13) | 1.98 |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.20) | (0.28) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  |  |  | (0.69) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.17) | (0.20) | (0.28) | (0.87) | (0.78) |
| Net asset value, end of year or period | $10.31<br>| $9.12<br>| $8.10<br>| $9.58<br>| $10.58<br>|
| Total return<sup>(b)</sup> | 14.91% | 15.17% | (12.56)% | (1.34)% | 21.24% |
| RATIOS / SUPPLEMENTAL DATA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (000s) | $3897<br>| $3877<br>| $3636<br>| $5464<br>| $6152<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.92% | 1.90% | 1.70% | 1.65% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.92% | 1.90% | 1.60% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income/(loss) to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursements | 1.67% | 1.99% | 2.19% | 1.53% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursements | 1.67% | 1.99% | 2.29% | 1.70% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 19% | 27% | 11% | 28% | 33% |

---

------

(a)Calculated based upon average shares outstanding.

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

---

| | | |
|:---|:---|:---|
| **ICON Funds** | **Notes to Financial Statements** | **December** **31** **, 2025**<br>|

---

**Note 1 – Organization & 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, management of the Adviser 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. Each Fund is an open-end series of the Trust. Each Fund is classified as "diversified" as such term is defined under the Investment Company Act of 1940, as amended, with the exception of the ICON Consumer Select Fund, the ICON Health and Information Technology Fund, the ICON Natural Resources and Infrastructure Fund, and the ICON Utilities and Income Fund, which are classified as non-diversified. The investment objective of the ICON Consumer Select Fund, ICON Health and Information Technology Fund, ICON Utilities and Income Fund, ICON Natural Resources and Infrastructure Fund ICON Utilities and Income Fund is to seek long-term capital appreciation. The ICON Equity Fund's investment objective is to seek capital appreciation, with a secondary objective of capital preservation to provide long-term growth. The ICON Equity Income Fund's investment objective is to seek modest capital appreciation and income. The ICON Flexible Bond Fund's investment objective is to seek maximum total return.

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. 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 one million or greater current value USD or local currency equivalent). Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value.

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. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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.

---

| | | |
|:---|:---|:---|
| **ICON Funds** | **Notes to Financial Statements (Continued)** | **December** **31** **, 2025**<br>|

---

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 Fund, ICON Equity Income Fund, ICON Health and Information Technology Fund, ICON Natural Resources & Infrastructure Fund, and ICON Utilities and Income Fund seek to replicate the performance of their respective sectors. From time to time this replication may lead a Fund to concentrate in stocks of a particular sector, category or group of companies, which could cause such Fund to underperform the overall stock market. Refer to each Fund's Portfolio of Investments for instances where these concentration might exist as of December 31, 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.

&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 filed for open tax years or expected to be taken in the Fund's 2023 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.

---

| | | |
|:---|:---|:---|
| **ICON Funds** | **Notes to Financial Statements (Continued)** | **December** **31** **, 2025**<br>|

---

The following table summarizes the valuation of the Funds' securities at December 31, 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 | $29152699 | $— | $— | $29152699 |
| ICON Equity Fund | 49091587 |  |  | 49091587 |
| ICON Equity Income Fund | 40204029 | 1454564 |  | 41658593 |
| ICON Flexible Bond Fund | 89402606 | 344655133 |  | 434057739 |
| ICON Health and Information Technology Fund | 77604498 |  |  | 77604498 |
| ICON Natural Resources & Infrastructure Fund | 121547580 |  |  | 121547580 |
| ICON Utilities and Income Fund | 22139255 |  |  | 22139255 |

---

------

(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.

Disclosures surrounding Level 3 inputs have been omitted given that the overall fair value is immaterial to the financial statements.

&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 year-ended December 31, 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 reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees' review and approval. Reimbursements from the Advisor to affected Funds, and the expense limits, for the year ended December 31, 2025 are as follows:

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

---

At December 31, 2025, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $722,949. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br>12/31/2026** | **Expires<br>12/31/2027** | **Expires<br>12/31/2028** | **Total** |
| ICON Equity Income Fund | $22138<br>| $—<br>| $—<br>| $22138<br>|
| ICON Flexible Bond Fund | 163722 | 244484 | 262655 | 670861 |
| ICON Utilities and Income Fund | 29950 |  |  | 29950 |
| Total | $215810<br>| $244484<br>| $262655<br>| $722949<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.

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| | | |
|:---|:---|:---|
| **ICON Funds** | **Notes to Financial Statements (Continued)** | **December** **31** **, 2025**<br>|

---

Pursuant to an investment sub-advisory agreement ("the Sub-Advisory Agreement) between the Advisor and ICON Advisers, Inc.(the "Sub-Adviser"), the Sub-Adviser is responsible for trading portfolio securities for each fund, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser from its management fee.

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

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

For the year ended December 31, 2025 the following were incurred:

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| | |
|:---|:---|
| **Fund** | **Investor Class<br>12b-1 Fees** |
| ICON Consumer Select Fund | $3960 |
| ICON Equity Fund | 36899 |
| ICON Equity Income Fund | 29857 |
| ICON Flexible Bond Fund | 66780 |
| ICON Health and Information Technology Fund | 3045 |
| ICON Natural Resources & Infrastructure Fund | 13586 |
| ICON Utilities and Income Fund | 10016 |

---

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

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

Purchases and sales of securities other than short-term instruments for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ICON Consumer Select Fund | $8775099 | $16022751 |
| ICON Equity Fund | 15756121 | 23099229 |
| ICON Equity Income Fund | 10832622 | 15099837 |
| ICON Flexible Bond Fund | 550076673 | 456519128 |
| ICON Health and Information Technology Fund | 32054088 | 46356370 |
| ICON Natural Resources & Infrastructure Fund | 181365402 | 200492061 |
| ICON Utilities and Income Fund | 4411150 | 5846112 |

---

**Note 4 – TAX CHARACTER**

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

---

| | | |
|:---|:---|:---|
|  | **Increase/<br>(Decrease)<br>Paid-In Capital** | **Increase/<br>(Decrease)<br>Distributable<br>Earnings/(Loss)** |
| ICON Natural Resources & Infrastructure Fund | (1320) | 1320 |

---

The reclassification of net assets consists primarily of non-deductible expenses.

---

| | | |
|:---|:---|:---|
| **ICON Funds** | **Notes to Financial Statements (Continued)** | **December** **31** **, 2025**<br>|

---

**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, 2025 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 | $20585047 | $9388558 | $(820906) | $8567652 |
| ICON Equity Fund | 34424235 | 16854143 | (2186793) | 14667350 |
| ICON Equity Income Fund | 36399098 | 7802500 | (2542950) | 5259550 |
| ICON Flexible Bond Fund | 436708855 | 5888314 | (8539430) | (2651116) |
| ICON Health and Information Technology Fund | 57641273 | 26214358 | (6251131) | 19963227 |
| ICON Natural Resources & Infrastructure Fund | 108542593 | 19465143 | (6460156) | 13004987 |
| ICON Utilities and Income Fund | 18156128 | 4674000 | (690874) | 3983126 |

---

**Tax Basis of Distributable Earnings:** The tax character of distributable earnings at December 31, 2025 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 | $361 | $— | $8567652 | $(2844818) | $5723195 |
| ICON Equity Fund | 32084 | 1291848 | 14667350 | (826662) | 15164620 |
| ICON Equity Income Fund |  |  | 5259550 | (1199318) | 4060232 |
| ICON Flexible Bond Fund | 387066 |  | (2651116) | (15304487) | (17568537) |
| ICON Health and Information Technology Fund | 1010772 | 1218797 | 19963227 |  | 22192796 |
| ICON Natural Resources & Infrastructure Fund | 1168359 | 823261 | 13004987 | (205322442) | (190325835) |
| ICON Utilities and Income Fund | 9702 |  | 3983126 | (859640) | 3133188 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to partnership investments and wash sales.

During the current year the ICON Consumer Select Fund deferred $168,163 of short-term and $418,957 of long-term post-October capital losses and $216 specified late year ordinary losses and the ICON Equity Fund deferred $280,493 of short-term post-October capital losses, which will be recognized on the first day of the following fiscal year.

**Capital Losses:** Capital loss carry forwards, as of December 31, 2025, 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>| $1199318<br>| $7056870<br>| $—<br>| $695223<br>|
| Short Term with no Limitation with no Limit |  |  |  | 8247620 |  | 164417 |
| Long Term Subject to Annual Limitation | 621515 |  |  |  | 117902378 |  |
| Short Term Subject to Annual Limitation | 1635967 | 546169 |  |  | 87420061 |  |
| Total | $2257482<br>| $546169<br>| $1199318<br>| $15304490<br>| $205322439<br>| $859640<br>|
| Capital Loss Carry Forwards Utilized During the Fiscal Year Ending December 31, 2025 | $270264<br>| $133945<br>| $1789883 | $—<br>| $678984<br>| $504437<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 (Continued)** | **December** **31** **, 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, 2025 and 2024 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, 2025 | 31580 |  | 2963956 |  | 2995536 |
|  | December 31, 2024 |  |  | 5325000 |  | 5325000 |
| ICON Equity Fund | December 31, 2025 | 866379 |  | 4037309 |  | 4903688 |
|  | December 31, 2024 | 320065 |  | 5062091 |  | 5382156 |
| ICON Equity Income Fund | December 31, 2025 | 1526834 | 9240 |  |  | 1536074 |
|  | December 31, 2024 | 1941896 |  |  |  | 1941896 |
| ICON Flexible Bond Fund | December 31, 2025 | 26051029 |  |  |  | 26051029 |
|  | December 31, 2024 | 20388268 |  |  |  | 20388268 |
| ICON Health and Information Technology Fund | December 31, 2025 | 1466924 |  | 12286677 |  | 13753601 |
|  | December 31, 2024 |  |  | 4418883 |  | 4418883 |
| ICON Natural Resources & Infrastructure Fund | December 31, 2025 | 5842515 |  | 5515076 |  | 11357591 |
|  | December 31, 2024 | 1722871 |  | 8800004 |  | 10522875 |
| ICON Utilities and Income Fund | December 31, 2025 | 430219 |  |  |  | 430219 |
|  | December 31, 2024 | 539342 |  |  |  | 539342 |

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------

(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, 2025.

**Note 5 – SECURITIES LENDING**

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. There were no securities out on loan for any of the Funds as of December 31, 2025.

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

**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.

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

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

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of ICON Consumer Select Fund, ICON Equity Fund, ICON Equity Income Fund, ICON Flexible Bond Fund, ICON Health and Information Technology Fund, ICON Natural Resources and Infrastructure Fund, and ICON Utilities and Income Fund (the "Funds"), each a series of SCM Trust, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](icon-fs_123125img003.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

**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**

Not applicable to the period covered by this Report.

**For more information about the ICON Funds, contact us:**

---

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

---

![](icon-fs_123125img002.jpg)

![](icon-fs_123125img004.gif)

**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 basis for approval of 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 Registrant's 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) [Code of Ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.](ex19-a1.htm)

---

| | |
|:---|:---|
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.](ex19-a3.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.](ex19-b.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.

SHELTON FUNDS

---

| | |
|:---|:---|
| By: | /s/ Stephen C. Rogers |
|  | Stephen C. Rogers |
|  | President (Principal Executive Officer) |
| Date: | March 10, 2026 |

---

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: | March 10, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Trevor Shippee |
|  | Trevor Shippee |
|  | Treasurer (Principal Financial Officer) |
| Date: | March 10, 2026 |

---

## Ex-99.Code

**[SCM Trust NCSR](scm-ncsr_123125.htm)**

**Exhibit 19.(a)(1)**

**Code of Ethics**

**Policy** 

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

**Introduction** 

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

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

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

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

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

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

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

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

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

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

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

**Statement of General Fiduciary Principles** 

Fiduciary Standards. The Code is based on the fundamental principle that the Trusts and the Advisor must put clients' interest first. As an investment adviser, the Advisor has fiduciary responsibilities to clients, including the Trusts and each Fund for which it serves as investment adviser. Among the Advisor's fiduciary responsibilities is the responsibility to ensure that its employees conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any Fund or client transactions or otherwise take unfair advantage of their relationship to the Funds or other clients. All Advisor employees must adhere to this fundamental principle as well as comply with the specific provisions set forth herein. It bears emphasis that technical compliance with such provisions will not insulate from scrutiny transactions that show a pattern of compromise or abuse of an employee's fiduciary responsibilities to the Funds or other clients. Accordingly, all Advisor employees must seek to avoid any actual or potential conflicts between their personal interests and the interest of the Funds. In sum, all Advisor employees shall place the interest of the Funds and other clients before personal interests. Compliance with Applicable Federal Securities Laws. In particular, Rule 204A-1 requires that all Advisor employees must comply with all applicable federal securities laws ("Federal Securities Laws").

**General Anti-Fraud and Other Obligations** 

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

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

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

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

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

Examples of this violation include:

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

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

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

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

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

**Standard of Conduct and Reporting of Violations** 

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

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

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

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

**Implementation** 

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

The compliance officer shall create a list of Advisory Persons and other Access Persons and update the list with reasonable frequency. The compliance officer shall circulate a copy of this Code to each Access Person, together with an acknowledgment of receipt, which shall be signed and returned to the compliance officer by each Access Person, except Independent Trustees. The compliance officer is charged with responsibility for insuring that the reporting requirements of this Code under the *Reporting* section are adhered to by all Access Persons. The compliance officer shall be responsible for ensuring that the review requirements of this Code set forth in the *Review* section are performed in a prompt manner. The compliance officer shall also be responsible for giving special prior approval to transactions that would otherwise be prohibited under the *Prohibited Purchases and Sales* section of this Code. Independent Trustees who do not have day-to-day contact with the Funds and who do not have specific knowledge of the Funds' intended investments are not required to file any reports, and there is no restriction on their personal securities trading activities except as provided for under the Exceptions to Reporting Requirements section of this Code.

**Additional Definitions** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Prohibited Purchases and Sales** 

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

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

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

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

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

Exempted Transactions/Securities

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

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

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

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

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

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

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

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

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

**Confidentiality** 

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

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

**Reporting** 

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

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

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

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

3. The price at which the transaction was effected;

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

5. The date that the report is being submitted.

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

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

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

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

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

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

3. the date that the report is being submitted.

Receipt and Acknowledgment of Code

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

Exceptions to Reporting Requirements

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

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

**Review** 

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

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

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

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

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

**Board Oversight** 

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

**Records** 

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

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

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

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

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

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

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

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

**Sanctions** 

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

## Ex-99.Cert

**[SCM Trust NCSR](scm-ncsr_123125.htm)**

**Exhibit 99.CERT**

CERTIFICATIONS

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| Date: March 10, 2026 | /s/ Stephen C. Rogers |
| | Stephen C. Rogers<br> President (Principal Executive Officer) |

---

Exhibit 99.CERT

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| Date: March 10, 2026 | /s/ Trevor Shippee |
|  | Trevor Shippee<br> Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**[SCM Trust NCSR](scm-ncsr_123125.htm)**

**Exhibit 99.906 CERT**

**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 Shelton Funds (the "Registrant"), each certify to the best of their knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the fiscal year ended December 31, 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.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Stephen C. Rogers | By: | /s/ Trevor Shippee |
|  | Stephen C. Rogers<br> President (Principal Executive Officer) |  | Trevor Shippee<br> Treasurer (Principal Financial Officer) |
| Date: | March 10, 2026 | Date: | March 10, 2026 |

---