ICON FUNDS PROSPECTUS
May 1, 2023
| INVESTOR
CLASS |
INSTITUTIONAL
CLASS | |
| ICON EQUITY INCOME FUND | ||
| ICON FLEXIBLE BOND FUND | ||
| ICON EQUITY FUND | ||
| ICON CONSUMER SELECT FUND | ||
| ICON NATURAL RESOURCES AND INFRASTRUCTURE FUND | ||
| ICON HEALTH AND INFORMATION TECHNOLOGY FUND | ||
| ICON UTILITIES AND INCOME FUND |
The Securities and Exchange Commission (the “SEC”) has not approved or disapproved these securities or passed on whether the information in this prospectus is adequate or accurate. Any representation to the contrary is a criminal offense. The Funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution or government entity such as the Federal Deposit Insurance Corporation (“FDIC”). Some funds or classes in this Prospectus may not be available in your state. Please check with your advisor to determine those funds and share classes available for sale in your state. The information contained in this Prospectus relates to all classes of shares of the Funds unless otherwise noted.
(800) 764-0442 ● www.iconfunds.com
Table of Contents
2
Fund Summaries
Seeks modest capital appreciation and income.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Acquired Fund Fees and Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses
or in the example, affect the Fund’s performance. During the most recent fiscal
year, the Fund’s portfolio turnover rate was
The Fund uses a quantitative methodology to identify securities ICON believes are underpriced relative to value. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization, including convertible and preferred securities, and in securities issued by dividend-paying companies. This strategy may not be changed unless Fund shareholders are given at least 60 days prior notice. To manage the risk of holding equity securities, the Fund may write call options or purchase put options on securities or securities indexes.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
ICON believes that equity markets go through themes over time, simply stated, stocks in industries that were market leaders at one time tend to become overpriced relative to intrinsic value, and stocks in industries that were not in favor tend to drop below intrinsic value. In general, the Fund will sell securities in industries ICON believes are overpriced and buy securities in industries we believe are underpriced. We believe ICON’s combination of industry rotation and bottom-up valuation distinguishes us from other investment managers.
The Fund will not change its principal investment strategy without providing shareholders at least 60 days’ notice.
Industry and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broad categories called sectors. The Fund may overweight industries within various sectors and may invest up to 25% of the Fund’s total assets in a single industry. The fact that the Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to political, economic, business or other developments that affect those industries or sectors. This overweighting means the Fund may be less diverse and more volatile than its benchmark..
Financial Sector Risk. The Fund may overweight industries within the Financial sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Financial Exchanges & Data, Insurance Brokers, Investment Banking & Brokerage, Life & Health Insurance, Mortgage REITS, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance industries. The Financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials sector. Companies operating in the Financials sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition.
3
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Investment in Other Investment Companies Risk. The Fund may invest in other investment companies. As with other investments, investments in other investment companies, including closed-end funds (which include business development companies (“BDCs”), unit investment trusts, open-end investment companies, and exchange traded funds, are subject to many of the same risks as investing directly in the underlying instruments, including market risk and, for non-index strategies, selection risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (including management and advisory fees). If the Fund acquires shares of one or more underlying funds, shareholders bear both their proportionate share of expenses in the Fund (excluding management and advisory fees attributable to those assets of the Fund invested in the underlying funds) and, indirectly, the expenses of the underlying funds (including management and advisory fees). Further, the closed-end fund market is inefficient. Many closed-end funds (“CEFs”), including many in which the Fund invests, are small or micro-cap securities. There is little independent research published on CEFs and limited availability of data makes research difficult and time consuming. CEFs may trade unpredictably. The underlying assets may be unknown and their value not readily determinable. The Fund often purchases CEFs believing they are trading at a discount to NAV, and an ongoing corporate action will cause the discount to narrow or disappear. With little independent analysis of the CEFs’ individual assets, the Fund essentially makes a value based arbitrage strategy. The Fund will look to events like pending or proposed tender offers, liquidations, take-over plays etc. If the event is not preceded by an official announcement — and is, instead, “pending” or “anticipated” — this strategy can be very risky. If the event is announced, there is still the possibility that it will not happen. In sum, investing in CEFs in general, and CEF arbitrage plays in particular carry unique and arguably heightened risks.
Credit Risk. The Fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal and interest or a decline or perception of decline in the credit quality of a fixed income security can cause a security’s price to fall, potentially affecting the Fund’s share price. Furthermore, the Fund invests primarily in corporate bonds, which are not guaranteed by the U.S. government. If the corporate issuer or guarantor of a debt security is unable or unwilling to honor its obligations, the government will not intervene if the issuer defaults and the Fund will lose its investment in the issue.
Changes in Debt Ratings. If a rating agency gives a convertible security a lower rating, the value of the security may decline because investors will demand a higher rate of return.
Bond Risk. Bond prices tend to move inversely with changes in interest rates. Bonds with longer maturities are more sensitive to changes in interest rates. Slower payoffs effectively increase duration, also heightening interest rate risk. The Fund could lose money if the issuer of the bonds is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal or interest, or a decline in the perception in the credit quality of a bond could affect bond prices. If a credit rating agency gives a debt security a lower rating, the value or liquidity of the bond may be adversely affected. Bonds, unlike equities listed on a national securities exchange, have less liquidity and the Fund may not be able to sell the bonds when it wants to sell, or if it can, it may need to sell at greatly reduced prices because of the lack of demand.
High Yield Risk. The Fund may invest 25% of its net assets in high yield securities (commonly known as “junk bonds”) which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. High yield securities may be considered speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for junk bonds and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its investment in the issue.
Options Risk. Investments in options involve certain risks. These risks include:
| ● | Limited Gains. By selling a call option, the Fund may forego the opportunity to benefit from an increase in price of the underlying stock or index above the exercise price, but continue to bear the risk of a decline in the value of the underlying stock or index. While the Fund receives a premium for writing the call option, the price the Fund realizes from the sale of stock or exposure to the underlying index upon exercise of the option could be substantially below its prevailing market price. | |
| ● | Premium Losses. By purchasing a put option for a premium, the Fund secures the right to sell a security to the writer of that option on or before a fixed date at a predetermined price. The Fund will realize a gain from the exercise of a put option if, during the option period, the price of the security declines by an amount in excess of the premium paid. The Fund will realize a loss equal to all or a portion of the premium paid for the option if the price of the security increases or does not decrease by more than the premium. | |
| ● | Lack of Liquidity for the Option. A liquid market may not exist for the option. If the Fund is not able to close out the options transaction, the Fund will not be able to sell the underlying security until the option expires or is exercised. | |
| ● | Lack of Liquidity for the Security. The Fund’s investment strategy may also result in a lack of liquidity of the purchase and sale of portfolio securities. Because the Fund may generally hold the stocks or exposure to the index underlying the option, the Fund may be less likely to sell the stocks in its portfolio to take advantage of new investment opportunities. This risk is less likely to be prevalent on options that are written on an index. | |
Tax Consequences. The sale of call options generates premiums. These premiums typically will result in ordinary income or short-term capital gains to the Fund for federal and state income tax purposes. Transactions involving the disposition of the Fund’s underlying securities (whether pursuant to the exercise of a call option or otherwise) will give rise to capital gains or losses. Due to the tax treatment of securities on which call options have been written, the majority, if not all, of the gains from the sale of the underlying security will be short-term capital gains. Short-term capital gains are taxable as ordinary income when distributed to shareholders. Because the Fund does not have control over the exercise of the call options it writes, shareholder redemptions or corporate events involving its equity securities investments (such as mergers, acquisitions or reorganizations), may force it to realize capital gains or losses at inopportune times. The Fund intends to make quarterly distributions of income (versus capital gains), if any.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
4
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
Interest Rate Risk. Prices of convertible securities tend to move inversely with changes in interest rates. For example, when interest rates rise, prices of convertible securities generally fall. Securities with longer maturities tend to be more sensitive to changes in interest rates. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive to interest rate changes than a fixed-rate corporate bond.
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
: % ()
: % ()
as of : %
Date of
inception: 11/8/2002
ICON Equity Income Fund (Institutional Class – IOEZX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | ( |
||
| S&P 1500 Index | ( |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Equity Income Fund of SCM Trust is the successor fund to two funds of ICON Funds trust, the ICON Equity Income Fund (the “Predecessor Equity Income Fund”) and, the ICON Risk-Managed Balanced Fund (the “Predecessor Risk-Managed Fund”). The Predecessor Equity Income Fund was reorganized into a new series of SCM Trust as the ICON Equity Income Fund (the “Successor Fund”) after the close of business on July 10, 2020, and the Predecessor Risk-Managed Fund was reorganized into the Successor Fund after the close of business on September 25, 2020. All historic performance and financial information for prior to the reorganization is that of the Predecessor Equity Income Fund, which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Equity Income Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
5
Portfolio Manager: Donovan J. (Jerry) Paul, Brian Callahan, and Scott Callahan have served as the Co-Portfolio Managers of the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions 4221 N. 203rd Street, Suite 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Subsequent withdrawals from such a tax-advantaged investment plan will be subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Seeks maximum total return.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Acquired Fund Fees and Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
| Expense Reimbursement1 | ( |
( |
||
| Net Annual Fund Operating Expenses After Expense Reimbursement(1) | ||||
| (1) |
| 1 | |
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund uses a valuation methodology to identify securities ICON Advisors, Inc. ("ICON"), the Fund’s investment sub-advisor, believes are underpriced relative to value. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in a broad range of U.S. dollar-denominated fixed income products. These include corporate bonds, notes and debentures, and closed-end funds that invest at least 80% of their assets in fixed income securities, as well as U.S. government and agency securities. This strategy may not be changed unless Fund shareholders are given at least 60 days prior notice. The Fund generally invests in investment-grade securities, although the Fund may invest up to 35% of its assets in securities with a lower rating by both S&P and Moody’s. There is no limit on the Fund’s average maturity or on the maturity of any individual issues in the Fund.
Financial Sector Risk. The Fund may overweight industries within the Financial sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Financial Exchanges & Data, Insurance Brokers, Investment Banking & Brokerage, Life & Health Insurance, Mortgage REITS, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance industries. The Financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials sector. Companies operating in the Financials sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition.
6
High Yield Risk. The Fund may invest up to 35% of the Fund’s total assets in high yield securities (commonly known as “junk bonds”) which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. These securities may be considered speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for junk bonds and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its investment in the issue.
Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investment in less liquid securities may reduce the Fund’s returns because it may be unable to sell the less liquid security at an advantageous time or price.
Portfolio Turnover Risk. Active trading generates transaction costs which, in turn, can affect performance. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.
Credit Risk. The Fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal and interest or a decline or perception of decline in the credit quality of a fixed income security can cause a security’s price to fall, potentially affecting the Fund’s share price. Furthermore, the Fund invests primarily in corporate bonds, which are not guaranteed by the U.S. government. If the corporate issuer or guarantor of a debt security is unable or unwilling to honor its obligations, the government will not intervene if the issuer defaults and the Fund will lose its investment in the issue.
Bond Risk. Bond prices tend to move inversely with changes in interest rates. Bonds with longer maturities are more sensitive to changes in interest rates. Slower payoffs effectively increase duration, also heightening interest rate risk. The Fund could lose money if the issuer of the bonds is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal or interest, or a decline in the perception in the credit quality of a bond could affect bond prices. If a credit rating agency gives a debt security a lower rating, the value or liquidity of the bond may be adversely affected. Bonds, unlike equities listed on a national securities exchange, have less liquidity and the Fund may not be able to sell the bonds when it wants to sell, or if it can, it may need to sell at greatly reduced prices because of the lack of demand.
Interest Rate Risk. Bond prices tend to move inversely with changes in interest rates. For example, when interest rates rise, bond prices generally fall. Securities with longer maturities are more sensitive to changes in interest rates. Performance could also be affected if unexpected interest rate trends cause the Fund’s mortgage or asset-backed securities to be paid off substantially earlier or later than expected. Slower payoffs effectively increase maturity, also heightening interest rate risk. When interest rates fall, many mortgages are refinanced and mortgage-backed securities may be repaid early. As a result, the Fund may not experience the increase in market value from these securities that normally accompanies a decline in interest rates.
Industry and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broad categories called sectors. The Fund may overweight industries within various sectors and may invest up to 25% of the Fund’s total assets in a single industry. The fact that the Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to political, economic, business or other developments that affect those industries or sectors. This overweighting means the Fund may be less diverse and more volatile than its benchmark.
Investment in Other Investment Companies Risk. The Funds may invest in other investment companies. As with other investments, investments in other investment companies, including closed-end funds (which include business development companies (BDCs), unit investment trusts, open-end investment companies, and exchange traded funds, are subject to many of the same risks as investing directly in the underlying instruments, including market risk and, for non-index strategies, selection risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (including management and advisory fees). If the Fund acquires shares of one or more underlying funds, shareholders bear both their proportionate share of expenses in the Fund (excluding management and advisory fees attributable to those assets of the Fund invested in the underlying funds) and, indirectly, the expenses of the underlying funds (including management and advisory fees). Further, the closed-end fund market is inefficient. Many closed-end funds (CEFs), including many in which the Fund invests, are small or micro-cap securities. There is little independent research published on CEFs and limited availability of data makes research difficult and time consuming. CEFs may trade unpredictably. The underlying assets may be unknown and their value not readily determinable. The Fund often purchases CEFs believing they are trading at a discount to NAV, and an ongoing corporate action will cause the discount to narrow or disappear. With little independent analysis of the CEFs’ individual assets, the Fund essentially makes a value based arbitrage strategy. The Fund will look to events like pending or proposed tender offers, liquidations, take-over plays etc. If the event is not preceded by an official announcement — and is, instead, “pending” or “anticipated” — this strategy can be very risky. If the event is announced, there is still the possibility that it will not happen. In sum, investing in CEFs in general, and CEF arbitrage plays in particular carry unique and arguably heightened risks.
Changes in Debt Ratings. If a rating agency gives a debt security a lower rating, the value of the security may decline because investors may demand a higher rate of return.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
7
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
: % ()
: % ()
as of : %
Date
of inception: 10/21/2002
ICON Flexible Bond Fund (Institutional Class – IOBZX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
( |
( |
| Return After Taxes on Distributions and Sale of Fund Shares | ( |
( |
( |
| Bloomberg U.S. Universal Index ex MBS(a) | ( |
||
| Bloomberg U.S. Universal Index(b) | ( |
| (a) |
| (b) |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Flexible Bond Fund of SCM Trust is the successor fund to the ICON Flexible Income Fund of ICON Funds trust (the “Predecessor Fund”). The Predecessor Fund was reorganized into a new series of SCM Trust as the ICON Flexible Bond Fund after the close of business on July 10, 2020. All historic performance and financial information for prior to the reorganization is that of the Predecessor Fund, which was the accounting and performance survivor of the reorganization. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Managers: Donovan J. (Jerry) Paul is the Portfolio Manager of the Fund. Mr. Paul has managed the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds C/O Ultimus Fund Solutions, 4221 N. 203rd St., Ste. 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan are subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
8
Seeks capital appreciation, with a secondary objective of capital preservation to provide long-term growth.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund uses a quantitative methodology to identify securities ICON Advisors, Inc. (“ICON”) the Fund’s investment sub-advisor, believes are underpriced relative to value. Normally the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities traded in the U.S. This strategy may not be changed unless Fund shareholders are given at least 60 days prior notice. To manage the risk of holding equity securities, the Fund may write call options or purchase put options on securities or securities indexes.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
ICON
believes that equity markets go through themes over time, simply stated, stocks
in industries that were market leaders at one time tend to become overpriced
relative to intrinsic value, and stocks in industries that were not in favor
tend to drop below intrinsic value. The Fund will sell securities in industries
ICON believes
are overpriced and buy securities in industries we
believe are underpriced.
The Fund may short securities and may also purchase exchange traded funds, including leveraged and inversed exchange-traded funds (“ETFs”). Leveraged ETFs seek to deliver multiples of the performance of the index or benchmark they track. Inverse ETFs (also called “short” funds) seek to deliver the opposite of the performance of the index or benchmark they track. Like traditional ETFs, some leveraged and inverse ETFs track broad indices, some are sector-specific, and others are linked to commodities, currencies, or some other benchmark.
Industry, Focus and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broad categories called sectors. The Fund may overweight industries within various sectors and may invest up to 25% of the Fund’s total assets in a single industry. The fact that the Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to political, economic, business or other developments that affect those industries or sectors. This overweighting means the Fund may be less diverse and more volatile than its benchmark. Moreover, the Fund generally maintains a portfolio of approximately 30 to 40 securities. Holding a smaller, more concentrated portfolio rather than a larger, more diversified portfolio may likewise cause the Fund to be more volatile and susceptible to political, economic, business and other developments, all of which could adversely affect performance.
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Short Sale Risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. Because the Fund screens and buys and sells securities using a value based, quantitative methodology, the Fund may be entirely long or entirely short depending on where the Portfolio Manager sees value and reads the market in general.
9
ETF Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.
Leveraged and Inverse ETF Risk. Risks associated with investing in inverse and leveraged ETFs include compounding risk, derivative securities risk, correlation risk and leverage. Most leveraged and inverse ETFs “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Their performance over longer periods of time - over weeks or months or years - can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. This effect can be magnified in volatile markets.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
: % ()
: % ()
as of : %
Date of inception: 10/17/2002
ICON Equity Fund (Institutional Class - IOLZX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | ( |
||
| S&P 1500 Index | ( |
| * |
S&P 1500 Index
It is not
possible for individuals to invest directly in an index.
10
The ICON Equity Fund of SCM Trust is the successor fund to three funds of ICON Funds trust, the ICON Fund, the ICON Long/Short Fund, and the ICON Opportunities Fund (the “Predecessor Funds”). The Predecessor Funds were reorganized into a new series of SCM Trust as the ICON Equity Fund after the close of business on July 10, 2020. All historic performance and financial information for prior to the reorganization is that of the predecessor ICON Long/Short Fund, which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the predecessor ICON Long/Short Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Manager: Dr. Craig Callahan, Founder, Chief Executive Officer and Chairman of the Investment Committee, Brian Callahan, and Scott Callahan have served as co-portfolio managers of the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800)764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions, 4221 N. 203rd St., Ste. 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Subsequent withdrawals from such a tax-advantaged investment plan will be subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Payments to Broker-Dealers and other Financial Intermediaries. If you purchase the Fund through an employee benefit plan, the Fund, Shelton Capital Management or related entities may make payments to the recordkeeper, broker/dealer, bank, or other financial institution or organization (each a “Financial Intermediary”) that provides shareholder recordkeeping or other administrative services to the plan as compensation for those services. These payments may create a conflict of interest by influencing your Financial Intermediary to recommend the Fund over other mutual funds or investments. You should ask your financial intermediary about differing and divergent interests and how it is compensated for administering your Fund investment.
Seeks long-term capital appreciation.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional | $ |
$ |
$ |
$ |
| Investor | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund
uses a quantitative methodology to identify securities ICON Advisers, Inc.
(“ICON”) the Fund’s investment sub-advisor believes are underpriced relative to
value.
The Consumer Discretionary sector includes, but is not limited to: Apparel Retail, Apparel, Accessories & Luxury Goods, Auto Parts & Equipment, Automobile Manufacturers, Automotive Retail, Casinos & Gaming, Computer & Electronics Retail, Consumer Electronics, Department Stores, Distributors, Education Services, Footwear, General Merchandise Stores, Home Furnishings, Home Improvement Retail, Homebuilding, Homefurnishing Retail, Hotels, Resorts & Cruise Lines, Household Appliances, Housewares & Specialties, Internet & Direct Marketing Retail, Leisure Facilities, Leisure Products, Motorcycle Manufacturers, Restaurants, Specialized Consumer Services, Specialty Stores, Textiles and Tires & Rubber.
The Consumer Staples sector includes, but is not limited to: Agricultural Products, Brewers, Distillers & Vintners, Drug Retail, Food Distributors, Food Retail, Household Products, Hypermarkets & Super Centers, Packaged Foods & Meats, Personal Products, Soft Drinks and Tobacco.
11
The Financial Sector includes, but is not limited to: Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Financial Exchanges & Data, Insurance Brokers, Investment Banking & Brokerage, Life & Health Insurance, Mortgage REITS, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
For these purposes “consumer select” generally includes, but is not limited to, financial firms which interact with and are affected by consumers, such as asset management and custody banks, consumer finance, diversified banks, diversified capital markets, financial exchanges and data, insurance brokers, investment banking and brokerage, life and health insurance, mortgage REITs, multi-line insurance, multi-sector holdings, other diversified financial services, property and casualty insurance, regional banks, reinsurance, specialized finance, and thrifts and mortgage finance, as well as issuers in the Consumer Discretionary and Consumer Staples sectors.
This strategy may not be changed unless the Fund shareholders are given at least 60 days prior notice. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
Industry, Sector, and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broader categories called sectors. The Fund may overweight industries within the Consumer Discretionary sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including, but not limited to, the Apparel Retail, Apparel, Accessories & Luxury Goods, Auto Parts & Equipment, Automobile Manufacturers, Automotive Retail, Casinos & Gaming, Computer & Electronics Retail, Consumer Electronics, Department Stores, Distributors, Education Services, Footwear, General Merchandise Stores, Home Furnishings, Home Improvement Retail, Homebuilding, Homefurnishing Retail, Hotels, Resorts & Cruise Lines, Household Appliances, Housewares & Specialties, Internet & Direct Marketing Retail, Leisure Facilities, Leisure Products, Motorcycle Manufacturers, Restaurants, Specialized Consumer Services, Specialty Stores, Textiles and Tires & Rubber industries. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary sector. The performance of companies operating in the Consumer Discretionary sector will also be affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary sector encompasses businesses that tend to be sensitive to economic cycles.
The Fund may overweight industries within the Consumer Staples sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Agricultural Products, Brewers, Distillers & Vintners, Drug Retail, Food Distributors, Food Retail, Household Products, Hypermarkets & Super Centers, Packaged Foods & Meats, Personal Products, Soft Drinks and Tobacco industries. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples sector. The performance of companies operating in the Consumer Staples sector will also be affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples sector may be subject to risks pertaining to the supply of, demand for, and prices of raw materials.
The Fund may overweight industries within the Financial sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Financial Exchanges & Data, Insurance Brokers, Investment Banking & Brokerage, Life & Health Insurance, Mortgage REITS, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance industries. The Financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials sector. Companies operating in the Financials sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition.
Stock Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.
Non-Diversified Portfolio Risk. The Fund is “non-diversified” which means it may own larger positions in a smaller number of securities than portfolios that are “diversified”. The Fund may invest up to 25% of its total assets in the securities of one issuer. This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund’s net asset value (“NAV”) and total return than a diversified portfolio. The Fund’s share prices may also be more volatile than those of a diversified fund.
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may offer greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect, or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
12
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
% ()
: % ()
as of : %
Date of
inception: 07/1/1997
ICON Consumer Select Fund (Institutional Class – ICFSX) |
1 year | 5 year |
10 year*Inception* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | ( |
||
| S&P 1500 Financial Index | ( |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Consumer Select Fund of SCM Trust is the successor fund to three funds of ICON Funds trust, the ICON Consumer Discretionary Fund (the “Predecessor Consumer Discretionary Fund”), the ICON Financial Fund (the “Predecessor Financial Fund”) and the ICON Consumer Staples Fund (the “Predecessor Consumer Staples Fund”). The Predecessor Consumer Discretionary Fund and the Predecessor Financial Fund were reorganized into a new series of SCM Trust as the ICON Consumer Select Fund after the close of business on July 10, 2020, and the Predecessor Consumer Staples Fund was reorganized into the Successor Fund after the close of business on July 31, 2020. All historic performance and financial information for prior to the organization is that of the Predecessor Financial Fund which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Financial Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Managers: Craig T. Callahan, Brian Callahan, and Scott Callahan have served as are the Co-Portfolio Managers of the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions, 4221 N. 203rd St., Ste. 100, Elkhorn, NE 68022).
13
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan are subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Seeks long-term capital appreciation.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |
| Management Fees | ||
| Distribution and/or Service (12b-1) Fees | ||
| Other Expenses | ||
| Total Annual Fund Operating Expenses | ||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund
uses a quantitative methodology to identify securities ICON Advisers, Inc.
(“ICON”) the Fund’s investment sub-advisor believes are underpriced relative to
value.
The Energy sector includes, but is not limited to: Coal & Consumable Fuels, Integrated Oil & Gas, Oil & Gas Drilling, Oil & Gas Equipment & Services, Oil & Gas Exploration & Production, Oil & Gas Refining & Marketing, and Oil & Gas Storage & Transportation.
The Industrials sector includes, but is not limited to: Aerospace & Defense, Agricultural & Farm Machinery, Air Freight & Logistics, Airlines, Airport Services, Building Products, Commercial Printing, Construction & Engineering, Construction Machinery & Heavy Trucks, Diversified Support Services, Electrical Components & Equipment, Environmental & Facilities Services, Heavy Electrical Equipment, Highways & Railtracks, Human Resources & Employment Services, Industrial Conglomerates, Industrial Machinery, Marine, Marine Ports & Services, Office Services & Supplies, Railroads, Research & Consulting Services, Security & Alarm Services, Trading Companies & Distributors, and Trucking.
The Materials sector includes, but is not limited to: Specialty Chemicals, Paper Products, Paper Packaging, Metal & Glass Containers, Silver, Diversified Metals & Mining, Construction Materials, Industrial Gases, Steel, Gold, Fertilizers & Agricultural Chemicals, Forest Products, Commodity Chemicals, Precious Metals & Minerals, Diversified Chemicals, Copper, and Aluminum.
The Utilities sector includes, but is not limited to: Electric Utilities, Gas Utilities, Multi-Utilities, Water Utilities, Independent Power Producers & Energy Traders, and Renewable Electricity.
This strategy may not be changed unless the Fund shareholders are given at least 60 days prior notice. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
The Fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions. While ICON typically seeks to anchor the Fund’s assets in the United States, the Fund may also invest in foreign securities. Exposure to companies in any one particular foreign country typically is less than 20% of the Fund’s total assets. The Fund also may have exposure to companies located in, and/or doing business in, emerging markets.
Generally, in determining whether to buy or sell a security, ICON identifies industries, sectors and countries that our methodology suggests are underpriced relative to our calculation of intrinsic value. In determining whether to buy or sell a security, the Fund may consider various other factors, including whether the security has sufficiently exceeded ICON’s calculation of the security’s intrinsic value price, whether a value-oriented company has failed to actualize that value, the effect of commodity price trends on certain holdings, the relative strength of the security in the industry, sector or market in general, or whether a company has experienced a change in its valuation. The Fund may also sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security, or to raise cash.
14
The Fund may also purchase exchange traded funds (“ETFs”). ETFs track broad indices, some are sector-specific, and others are linked to commodities, currencies, or some other benchmark.
Industry, Sector, and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broader categories called sectors.
The Fund may overweight industries within the Energy sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Energy Equipment & Services and Oil, Gas & Consumable Fuels industries. Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the Energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events (including, but not limited to, instability in the Middle East), energy conservation, alternative energy sources, increases in energy efficiencies and economic conditions. These companies may be at risk for environmental damage claims.
The Fund may overweight industries within the Industrials sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including but not limited to the Aerospace & Defense, Agricultural & Farm Machinery, Air Freight & Logistics, Airlines, Airport Services, Building Products, Commercial Printing, Construction & Engineering, Construction Machinery & Heavy Trucks, Diversified Support Services, Electrical Components & Equipment, Environmental & Facilities Services, Heavy Electrical Equipment, Highways & Railtracks, Human Resources & Employment Services, Industrial Conglomerates, Industrial Machinery, Marine, Marine Ports & Services, Office Services & Supplies, Railroads, Research & Consulting Services, Security & Alarm Services, Trading Companies & Distributors, and Trucking industries. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials sector. The prices of the securities of companies operating in the Industrials sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.
The Fund may overweight industries within the Natural Resources sectors, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, which include but are not limited to the energy (such as electricity and gas utilities, producers and developers, equipment and services, storage and transportation, gas/oil refining and marketing, service and drilling, pipelines and master limited partnerships (MLPs)), alternative energy (such as uranium, coal, nuclear, hydrogen, wind, solar, fuel cells), industrial products (such as building materials, cement, packaging, chemicals, materials infrastructure, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint, tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore and steel), precious metals and minerals (such as gold, silver, platinum, diamonds), and agricultural products (grains and other foods, seeds, fertilizers, water) industries. Investments in the natural resources and related sectors may be affected by numerous factors. For example, natural disaster (e.g. earthquakes or fires) and political events (such as coups or military campaigns) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which foreign securities are subject also may affect domestic companies in which the Fund invests if they have significant operations or investments in foreign countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both domestic and foreign) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources sectors. Securities of companies within specific natural resources sectors can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain natural resources sectors than others, the Fund’s performance may be more sensitive to developments which affect those sectors emphasized by the Fund.
Portfolio Turnover Risk. Active trading generates transaction costs which, in turn, can affect performance. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.
Non-Diversified Portfolio Risk. The Fund is “non-diversified” which means it may own larger positions in a smaller number of securities than portfolios that are “diversified”. The Fund may invest up to 25% of its total assets in the securities of one issuer. This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund’s net asset value (“NAV”) and total return than a diversified portfolio. The Fund’s share prices may also be more volatile than those of a diversified fund.
Developing and Emerging Markets Risk. The economies of developing or emerging market countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes than economies in more developed countries. The governments of developing and emerging market countries may be less stable than the governments of more developed countries. Countries in the emerging markets generally have less developed securities markets or exchanges, and less developed legal and accounting systems, reduced availability of public information, and lack of uniform financial reporting and regulatory practices, which in turn may adversely impact the Fund’s ability to calculate accurately the intrinsic value of the securities. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets. The value of developing or emerging market currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on foreign ownership of local companies and restrictions on withdrawing assets from the country. Investments in securities of issuers in developing or emerging market countries may be considered speculative and higher risk.
ETF Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.
15
Global Natural Resources Risk. Global natural resources risks include price fluctuation caused by inflationary trends (whether actual or imagined), political developments, changes in energy or materials costs, changes in the supply of or demand for different natural resources, the costs assumed by natural resources companies in complying with environmental and safety regulations, and the risks associated with natural and man-made disasters.
Globalization Risk. The growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, the adoption or prolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in the United States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. Those events might particularly affect companies in emerging and developing market countries.
Regional Focus. At times, the Fund might increase the relative emphasis of its investments in a particular region of the world. Stocks of issuers in a region might be affected by changes economic conditions or by changes in government regulations, availability of basic resources or supplies, or other events that affect that region more than others. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks from adverse events that occur in that region than the Fund that invests in a different region or that is more geographically diversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings.
Foreign Investment Risk. Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, less efficient trade settlement practices, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers. Foreign stock markets may also be less liquid and more volatile than U.S. stock markets.
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Stock Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
16
: % ()
: % ()
as of : %
Date of
inception: 05/05/1997
ICON Natural Resources and Infrastructure Fund (Institutional – ICBMX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | |||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | |||
| S&P 1500 Index | ( |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Natural Resources and Infrastructure Fund of SCM Trust is the successor fund to three funds of ICON Funds trust, the ICON Energy Fund, the ICON Industrials Fund, and the ICON Natural Resources Fund (the “Predecessor Funds”). The Predecessor Funds were reorganized into a new series of SCM Trust as the ICON Natural Resources and Infrastructure Fund after the close of business on July 10, 2020. All historic performance and financial information for prior to the reorganization is that of the predecessor ICON Natural Resources Fund which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the predecessor ICON Natural Resources Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Managers: Craig T. Callahan, Brian Callahan, and Scott Callahan have served as are the Co-Portfolio Managers of the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions, 4221 N. 203rd St. Ste. 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan are subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Seeks long-term capital appreciation.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
17
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund
uses a quantitative methodology to identify securities ICON Advisers, Inc.
(“ICON”) the Fund’s investment sub-advisor believes are underpriced relative to
value.
The Information Technology Sector includes, but is not limited to: Application Software, Communications Equipment, Data Processing & Outsourced Services, Electronic Components, Electronic Equipment & Instruments, Electronic Manufacturing Services, Internet Services & Infrastructure, IT Consulting & Other Services, Semiconductor Equipment, Semiconductors, Systems Software, Technology Distributors and Technology Hardware, Storage & Peripherals.
The Health Care Sector includes, but is not limited to: Biotechnology, Health Care Distributors, Health Care Equipment, Health Care Facilities, Health Care Services, Health Care Supplies, Health Care Technology, Life Sciences Tools & Services, Managed Health Care, and Pharmaceuticals.
This strategy may not be changed unless the Fund shareholders are given at least 60 days prior notice. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
Industry, Sector, and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broader categories called sectors.
The Fund may overweight industries within the Information Technology sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Application Software, Communications Equipment, Data Processing & Outsourced Services, Electronic Components, Electronic Equipment & Instruments, Electronic Manufacturing Services, Internet Services & Infrastructure, IT Consulting & Other Services, Semiconductor Equipment, Semiconductors, Systems Software, Technology Distributors and Technology Hardware, Storage & Peripherals industries. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology sector. The prices of the securities of companies operating in the Information Technology Sector are closely tied to market competition, and may also demonstrate increased sensitivity to short product cycles and aggressive pricing, and problems with bringing products to market.
The Fund may overweight industries within the Health Care sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Biotechnology, Health Care Distributors, Health Care Equipment, Health Care Facilities, Health Care Services, Health Care Supplies, Health Care Technology, Life Sciences Tools & Services, Managed Health Care, and Pharmaceuticals industries. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care sector. The prices of the securities of companies operating in the Health Care sector are closely tied to government regulation and approval of their products and services, which can have a significant effect on the price and availability of those products and services. Competition, patent considerations, regulatory approval of products, and government proposed and adopted regulation may impact the performance of the Fund. Many of these products and services are also subject to rapid obsolescence, which may lower the market value of the securities of the companies in this sector.
Non-Diversified Portfolio Risk. The Fund is “non-diversified” which means it may own larger positions in a smaller number of securities than portfolios that are “diversified”. The Fund may invest up to 25% of its total assets in the securities of one issuer. This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund’s net asset value (“NAV”) and total return than a diversified portfolio. The Fund’s share prices may also be more volatile than those of a diversified fund.
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Stock Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
18
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
% (, 2020)
: % (, 2020)
as of : %
Date
of inception: 02/19/1997
ICON Health and Information Technology Fund (Institutional – ICTEX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | ( |
||
| S&P 1500 Information Technology Index | ( |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Health and Information Technology Fund of SCM Trust is the successor fund to two funds of ICON Funds trust, the ICON Information Technology Fund, and the ICON Healthcare Fund (the “Predecessor Funds”). The Predecessor Funds were reorganized into a new series of SCM Trust as the ICON Health and Information Technology after the close of business on July 10, 2020. All historic performance and financial information for prior to the reorganization is that of the predecessor ICON Information Technology Fund which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class S and Class A shares, respectively, of the predecessor ICON Information Technology Fund.
Investment Adviser: Shelton Capital Management
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Managers: Craig T. Callahan, Brian Callahan, and Scott Callahan have served as are the Co-Portfolio Managers of the Fund since its inception on July 10, 2019.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions, 4221 N. 203rd St., Ste. 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan are subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
19
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Seeks long-term capital appreciation.
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.
| Institutional Class | Investor Class | |||
| Management Fees | ||||
| Distribution and/or Service (12b-1) Fees | ||||
| Other Expenses | ||||
| Total Annual Fund Operating Expenses | ||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class | $ |
$ |
$ |
$ |
| Investor Class | $ |
$ |
$ |
$ |
The Fund
pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was
The Fund
uses a quantitative methodology to identify securities ICON Advisers, Inc.
(“ICON”) the Fund’s investment sub-advisor believes are underpriced relative to
value.
ICON’s quantitative methodology calculates intrinsic value using average earnings per share, future earnings growth estimates, beta, and bond yield. This calculated intrinsic value for each individual stock is aggregated by industry and sector which enables ICON to identify value opportunities within industries and sectors. ICON then employs a tactical, rotation-based process that tilts the Fund toward industries and sectors ICON believes will outperform.
Industry, Sector, and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broader categories called sectors. The Fund overweights industries within the Utilities sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Electric Utilities, Gas Utilities, Independent Power Producers & Energy Traders, Multi-utilities, Renewable Electricity and Water Utilities industries. Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. The recent trend towards deregulation in the Utilities sector presents special risks. Utility companies may be subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Additional risks can include fuel and other operating cost increases, restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations, and difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices.
Non-Diversified Portfolio Risk. The Fund is “non-diversified” which means it may own larger positions in a smaller number of securities than portfolios that are “diversified”. The Fund may invest up to 25% of its total assets in the securities of one issuer. This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund’s net asset value (“NAV”) and total return than a diversified portfolio. The Fund’s share prices may also be more volatile than those of a diversified fund.
Small and Mid-Size Company Risk. The Fund may invest in small or mid-size companies which in turn may also involve greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Stock Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.
20
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct the Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for the Fund.
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
The
following bar chart and table are intended to help you understand the risks of
investing in the Fund.
: % ()
: % ()
as of : %
Date
of inception: 07/09/1997
ICON Utilities and Income Fund (Institutional Class – ICTUX) |
1 year | 5 year |
10 year* |
| Return Before Taxes | ( |
||
| Return After Taxes on Distributions | ( |
||
| Return After Taxes on Distributions and Sale of Fund Shares | |||
| S&P 1500 Utilities Index |
| * |
It is not
possible for individuals to invest directly in an index.
The ICON Utilities and Income Fund of SCM Trust is the successor fund to a series of ICON Funds trust, the ICON Utilities Fund (the “Predecessor Fund”). The Predecessor Fund was reorganized into a new series of SCM Trust as the ICON Utilities and Income Fund after the close of business on July 10, 2020. All historic performance and financial information for prior to the reorganization is that of the predecessor ICON Utilities Fund which was the accounting and performance survivor of the reorganizations. Historic information for prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class A and Class S shares, respectively, of the predecessor ICON Utilities Fund.
Investment Adviser: Shelton Capital Management
21
Investment Sub-Adviser: ICON Advisers, Inc.
Portfolio Managers: Craig T. Callahan, Brian Callahan, and Scott Callahan have served as are the Co-Portfolio Managers of the Fund since its inception on July 10, 2020.
Purchase and Sale of Fund Shares: The minimum initial investment is $1,000 (no minimum if you begin an Automatic Investment Plan). The minimum additional investment is $100 ($100 for Automatic Investment Plan).
You may purchase or redeem shares of the Fund on any business day by telephone at (800) 764-0442, or by mail (ICON Funds, C/O Ultimus Fund Solutions, 4221 N. 203rd St., Ste. 100, Elkhorn, NE 68022).
Tax Information: For U.S. federal income tax purposes, the Fund’s distributions may be taxable as ordinary income, capital gains, qualified dividend income or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan are subject to special tax rules. The Fund intends to distribute all or a portion of net investment income and net capital gains, if any, generally on an annual basis.
Financial Intermediary Compensation: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.
More About Fund Summaries
The investment objectives, principal investment strategies, main risks of investing, and fees and expenses of each series of the Trust described in this Prospectus (each a “Fund” and collectively, the “Funds”) are described in each “Fund Summaries” section of this Prospectus. Additional information about the Funds’ investment strategies and associated risks are described in the “More About Investment Strategies and Risks” section of this Prospectus.
Comparative indexes are shown throughout this Prospectus to provide a basis for viewing a Fund’s historical performance against unmanaged securities market indexes. Each index shown accounts for both change in security price and reinvestment of dividends and distributions (where applicable) but does not reflect the impact of taxes and does not reflect the costs of managing a mutual fund. The Funds’ portfolios may differ significantly in holdings and composition from the indexes. You may not invest directly in these indexes.
| ● | The unmanaged Standard & Poor’s Composite 1500 (“S&P Composite 1500”) Index is a broad-based capitalization- weighted index comprising 1,500 stocks of large-cap, mid-cap, and small-cap U.S. companies. | |
| ● | The unmanaged Barclays Capital U.S. Universal Index (ex-MBS) represents the Barclay Capital U.S. Universal Index without including the CMBS Index and the CMBS High-Yield Index. | |
More About Investment Strategies and Risks
This section of the Prospectus discusses other investment strategies used by the Funds and describes additional risks associated with an investment in the Funds. The Statement of Additional Information (“SAI”) contains more detailed information about the Funds’ investment policies and risks.
Overall Investment Strategy for the Funds
ICON, the Funds’ sub-advisor (“ICON” or the “Sub-Adviser”), uses its methodology to identify stocks, industries and sectors in purchasing equity securities that our methodology suggests are trading below our calculation of intrinsic value.
The ICON valuation methodology is rooted in the fundamentals of finance. Earnings, future earnings growth, risk as measured by beta, and opportunity costs as determined by bond yields help us calculate our understanding of the intrinsic value of a company. We rely on the integrity of the financial statements released to the market as a part of our analysis.
The Sub-Adviser uses these fundamentals to analyze hundreds of companies included in approximately 160 separate sub-industries, that change over time, and eleven basic market sectors as classified by the Standard & Poor’s Global Industry Classification Standard. ICON compares our valuation of a security to its current market price to arrive at a “value-to- price” ratio for each stock, and in turn, develop a value-to-price ratio for each of the industries. Portfolio Managers then have discretion to choose the individual securities they determine should comprise the portfolio. The value-to-price ratio guides ICON’s determination as to whether stocks, sub-industries, industries or sectors are over- or underpriced. As themes in the market change over time, different countries, sub-industries, industries and sectors may become leaders.
ICON believes that the market goes through themes over time. Themes are defined simply: stocks in industries that were market leaders at one time tend to become overpriced relative to our estimate of their intrinsic value, and stocks in industries that were not in favor tend to drop below intrinsic value. The Sub-Adviser sells securities in industries ICON believes are overpriced and buy securities in industries ICON believes are underpriced, as identified by ICON’s valuation model, in an effort to capture developing industry and sector themes without restrictions on market capitalization. As themes in the market change over time, different countries, industries, and sectors may become leaders.
In addition to using the Sub-Adviser’s methodology to evaluate stocks and industries to categorize each as over- or underpriced relative to the broad market, ICON may factor in relative strength. In general, relative strength is a measure of the performance of an industry in relation to the performance of the broader market over a period of time.
For fixed income products, ICON uses various methods to determine value.
Multi-Cap Approach
Many investment managers characterize their style as falling into one of nine style boxes: by a company’s market capitalization (small-cap, mid-cap, or large-cap) and by style (either value, blend or growth). The Funds impose no limits or restrictions on the market capitalization of their investments. The Funds have the freedom to invest in small-, mid-, and large-size companies because we believe stocks migrate through the grid over time.
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Disclosure of Portfolio Holdings
A description of the Funds’ policies and procedures related to the disclosure of the Funds’ portfolio securities is available at www.iconfunds.com and in the Funds’ SAI.
Other Portfolio Investments and Strategies
ADRs and GDRs. The Funds may invest in American Depositary Receipts and American Depositary Shares (collectively, “ADRs”) and Global Depositary Receipts (“GDRs”). GDRs are very similar to ADRs except they may be issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank.
The shares trade as domestic shares, but are offered for sale globally. ADRs are receipts representing shares of a foreign corporation held by a U.S. bank that entitle the holder to all dividends and capital gains on the underlying foreign shares. ADRs are typically denominated in U.S. dollars and trade in the U.S. securities markets. ADRs and GDRs are subject to many of the same risks as direct investments in foreign securities, including the risk that material information about the issuer may not be disclosed in the United States and the risk that currency fluctuations may adversely affect the value of the ADR or GDR. ADRs are not considered foreign securities for purposes of the 20% limit stated above under foreign securities. GDRs may or may not be considered foreign securities for purposes of the 20% limitation stated above under foreign securities.
Fixed-Income Securities. While the Funds (other than the ICON Flexible Bond Fund) generally emphasize investments in equity securities such as common and preferred stocks, they also may invest in fixed-income securities. Fixed-income securities in which the Funds might invest include bonds, debentures, and other corporate or government obligations.
Convertible Securities and Credit Ratings. The ICON Equity Income Fund, ICON Flexible Bond Fund and the ICON Equity Fund may invest in Convertible securities, which are bonds, preferred stocks and other securities that may pay interest or dividends and are convertible into common stock or their equivalent value at maturity. These securities have the potential to offer both current income and capital appreciation. To pursue current income, the Fund ay buy convertible debt instruments that typically entitle the Fund to receive regular interest payments. Preferred stock may entitle the Fund to receive regular dividend payments. Convertible securities may also appreciate in value because, if the underlying common stock increases in value, the holder of the convertible security can exchange it for common stock and benefit from the appreciation in the stock’s value.
Many convertible securities are assigned credit ratings by agencies such as S&P or Moody’s that evaluate the quality of these securities. Securities with a credit rating of BBB, Baa or higher are generally considered investment grade. Lower rated securities, often called “high yield” securities, are rated BB or Ba or lower at the time of purchase or the unrated equivalent as determined by ICON. Because their issuers may be at an early stage of development or have been unable to repay past debts, these lower rated securities typically must offer higher yields than investment-grade securities to compensate investors for greater credit risk.
Derivatives. A Fund may use derivatives to hedge risks inherent in its portfolio, to enhance the potential return of a portfolio, to diversify a portfolio, as a substitute for taking a position in an underlying asset, to reduce transaction costs associated with managing a portfolio, or to implement an investment strategy through investments that may be more tax-efficient than a direct equity investment. Derivatives the Funds may use include futures contracts, forward contracts, purchasing and/or writing (selling) put and call options on securities and securities indexes, inverse exchange traded funds, and foreign currencies. The Funds have limits on the use of derivatives and are not required to use them in seeking their investment objective. A small investment in derivatives could have a potentially large impact on a Fund’s performance; certain gains or losses could be amplified, increasing share price movements. The use of derivatives involves risks that may be different from the risks associated with investing directly in the underlying assets, including the risk that changes in the value of a derivative held by a Fund may not correlate with the Fund’s other investments. Although hedging strategies involving derivative instruments may reduce the risk of loss, they may also reduce the opportunity for gain or result in losses by offsetting favorable price movements in other fund investments. Derivatives can be complex instruments and may be difficult to value properly. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund.
Foreign Securities. The ICON Consumer Select Fund, ICON Consumer, ICON Natural Resources and Infrastructure Fund, ICON Health and Information Technology Fund, and ICON Utilities and Income Fund may invest up to 20% of their net assets in foreign-traded securities. Foreign securities refer to securities of issuers, wherever organized, whose securities are listed or traded principally on a recognized stock exchange or over-the-counter market outside of the United States. Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers.
Securities That Are Not Readily Marketable. Each Fund may invest up to 15% of its net assets in securities that are not “readily marketable.” A security is not readily marketable if it cannot be sold within seven days in the ordinary course of business for approximately the amount at which it is valued. For example, some securities are not registered under U.S. securities laws and cannot be sold to the public because of Securities and Exchange Commission (“SEC”) regulations (these are known as “restricted securities”).
Investments in illiquid securities, which may include restricted securities, involve certain risks to the extent that a Fund may be unable to sell an illiquid security or sell at a reasonable price. Moreover, a security that is liquid one day may be illiquid on another day. In addition, in order to sell a restricted security, a Fund might have to bear the expense and incur the delays associated with registering the shares with the SEC.
Securities of Other Investment Companies. The Funds acquire securities of other investment companies, including exchange-traded funds, subject to the limitations of the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds’ purchase of securities of other investment companies may result in the payment of additional management and distribution fees, which may in turn decrease performance.
Temporary Defensive Investments. In times of unstable or adverse market or economic conditions, up to 100% of a Fund’s assets may be invested in temporary defensive instruments in an effort to enhance liquidity or preserve capital. Temporary defensive investments generally include cash, cash equivalents such as commercial paper, money market instruments, foreign time deposits, short-term debt securities, U.S. government securities, or repurchase agreements. A Fund could also hold these types of securities pending the investment of proceeds from the sale of Fund shares or portfolio securities or to meet anticipated redemptions of Fund shares. A Fund may invest in temporary defensive investments for undetermined periods of time, depending on market or economic conditions. To the extent a Fund invests defensively in these securities, it might not achieve its investment objective.
More About Risk
The Funds are mutual funds — pooled investments that are professionally managed and provide you the opportunity to participate in financial markets. They strive to meet their stated goals, although as with all mutual funds, they do not offer guaranteed results. As with any mutual fund, there is always the risk that you may lose all or a portion of the money on your investment in a Fund. The following table summarizes some of the risks involved in investing in each of the Funds and highlights certain differences and similarities among the Funds in their exposure to various types of risks. The table below is not a complete list of every risk involved in investing in the Funds and a Fund may have exposure to a risk factor even if it is not marked below.
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An investment in the Funds is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.
|
Principal and Other Risks |
ICON
Equity Income Fund |
ICON
Flexible Bond Fund |
ICON
Equity Fund |
ICON
Consumer Select Fund |
ICON
Natural Resources and Infrastructure Fund |
ICON
Health and Information Technology Fund |
ICON
Utilities and Income Fund |
| Active Management Risk | x | x | x | x | x | x | x |
| Bond Risk | x | x | |||||
| Call Risk | x | x | |||||
| Changes in Debt Ratings | x | x | |||||
| Company Risk | x | x | x | x | x | x | x |
| Consumer Sector Risk | x | ||||||
| Credit Risk | x | x | |||||
| Cyber Security Risk | x | x | x | x | x | x | x |
| Developing and Emerging Markets Risk | x | ||||||
| ETF Risk | x | x | |||||
| Financial Sector Risk | x | x | |||||
| Fixed-Income Investments Risk | x | x | |||||
| Foreign Investment Risk | x | ||||||
| Global Natural Resources Risk | x | ||||||
| Globalization Risk | x | ||||||
| Government Agency Securities Risk | x | x | |||||
| High Yield Risk | x | x | |||||
| Industry and Concentration Risk | x | x | x | x | x | x | x |
| Interest Rate Risk | x | x | |||||
| Investment in Other Investment Companies Risk | x | x | |||||
| Leveraged and Inverse ETF Risk | x | ||||||
| Liquidity Risk | x | ||||||
| Manager Risk | x | x | x | x | x | x | x |
| Market Risk | x | x | x | x | x | x | x |
| Non-Diversified Portfolio Risk | x | x | x | x | |||
| Opportunity Risk | x | x | x | x | |||
| Options Risk | x | ||||||
| Pandemic Risk | x | x | x | x | x | ||
| Political Risk: Russia and Ukraine | x | x | x | x | x | X | x |
| Portfolio Turnover Risk | x | x | x | x | |||
| Quantitative Model Risk | x | x | x | x | x | x | |
| Regional Focus | x | ||||||
| Short Sale Risk | x | ||||||
| Small and Mid-Size Company Risk | x | x | x | x | x | x | |
| Stock Market Risk | x | x | x | x | x | ||
| Tax Consequences | x | ||||||
| Volatility Risk | x | x | x | x | x |
The Funds’ investments are subject to changes in their value from a number of factors, including:
Active Management Risk. The Funds are subject to the risk that the investment adviser’s or portfolio manager’s judgments about the attractiveness, value, or potential appreciation of the Funds’ investments may prove to be incorrect. If the securities selected and strategies employed by the Funds fail to produce the intended results, the Funds could underperform other funds with similar objectives and investment strategies.
Bond Risk. Bond prices tend to move inversely with changes in interest rates. Bonds with longer maturities are more sensitive to changes in interest rates. Slower payoffs effectively increase duration, also heightening interest rate risk. The Fund could lose money if the issuer of the bonds is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal or interest, or a decline in the perception in the credit quality of a bond could affect bond prices. If a credit rating agency gives a debt security a lower rating, the value or liquidity of the bond may be adversely affected. Bonds, unlike equities listed on a national securities exchange, have less liquidity and the Fund may not be able to sell the bonds when it wants to sell, or if it can, it may need to sell at greatly reduced prices because of the lack of demand.
Call Risk. Some debt securities allow the issuer to repay the obligation early; these are referred to as “callable securities.” Issuers will often repay the obligation underlying a callable security when interest rates are low. To the extent that a Fund holds callable securities and the issuer repays the securities early, the Fund may not benefit fully from the increase in value that other debt securities experience when rates decline. In addition, the Fund likely would have to reinvest the proceeds of the payoff at current yields, which will likely be lower than those paid by the callable security that was paid off.
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Company Risk. The stocks in the Funds’ portfolios may not perform as expected. Factors that can negatively affect a particular stock’s price include poor earnings reports by the issuer, a restatement of earnings by the issuer, loss of major customers or management team members, major litigation against the issuer, or changes in government regulations affecting the issuer or its industry.
Credit Risk. A Fund could lose money if the issuer of a fixed income security is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal and interest or a decline or perception of decline in the credit quality of a fixed income security can cause a security’s price to fall, potentially affecting the Fund’s share price. Furthermore, corporate bonds are not guaranteed by the U.S. government. If the corporate issuer or guarantor of a debt security is unable or unwilling to honor its obligations, the government will not intervene if the issuer defaults and the Fund will lose its investment in the issue.
Cyber Security Risk. Failures or breaches of the electronic systems of a Fund, the Fund’s adviser, distributor, and other service providers (including, without limitation, its custodian or transfer agent), or the issuers of securities in which the Fund invests have the ability to disrupt and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. Examples of negative impacts that could occur as a result of a cybersecurity incident include, but are not limited to (i) the Funds’ inability to calculate its net asset value, (ii) the Funds’ inability to process transactions on behalf of its shareholders, and (iii) the inability of the Funds’ service providers to safeguard the personal information of the Funds’ shareholders. While the Fund has established risk management systems designed to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers, other relevant third parties or issuers of securities in which the Fund invests.
Developing and Emerging Markets Risk. The economies of developing or emerging market countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes than economies in more developed countries. The governments of developing and emerging market countries may be less stable than the governments of more developed countries. Countries in the emerging markets generally have less developed securities markets or exchanges, and less developed legal and accounting systems, reduced availability of public information, and lack of uniform financial reporting and regulatory practices, which in turn may adversely impact the Fund’s ability to calculate accurately the intrinsic value of the securities. Securities of emerging or developing market companies may be less liquid and more volatile than securities in countries with more mature markets. The value of developing or emerging market currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, restrictions on foreign ownership of local companies and restrictions on withdrawing assets from the country. Investments in securities of issuers in developing or emerging market countries may be considered speculative and higher risk.
ETF Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.
Financial Sector Risk. The Fund may overweight industries within the Financial sector, which causes the Fund’s performance to be susceptible to the economic, business or other developments that affect those industries, including the Asset Management & Custody Banks, Consumer Finance, Diversified Banks, Diversified Capital Markets, Financial Exchanges & Data, Insurance Brokers, Investment Banking & Brokerage, Life & Health Insurance, Mortgage REITS, Multi-line Insurance, Multi-sector Holdings, Other Diversified Financial Services, Property & Casualty Insurance, Regional Banks, Reinsurance, Specialized Finance, and Thrifts & Mortgage Finance industries. The Financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. The Fund is subject to the risk that securities within the sector will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials sector. Companies operating in the Financials sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition.
Fixed-Income Investments Risk. The Funds’ investments in fixed-income securities are subject to interest rate risk and credit risk, including changes in debt ratings.
| ● | Interest Rate Risk. When interest rates change, the value of a Fund’s fixed-income investments will be affected. Debt securities tend to move inversely with changes in interest rates. For example, when interest rates rise, debt security prices generally fall. | |
| ● | Credit Risk. The value of the debt securities held by a Fund fluctuates with the credit quality of the issuers of those securities. A Fund could lose money if the issuer of a security is unable to meet its financial obligations or goes bankrupt. Failure of an issuer to make timely payments of principal and interest or a decline or perception of decline in the credit quality of a debt security can cause the price of the debt security to fall, potentially lowering the Fund’s share price. | |
| ● | Changes in Debt Ratings. If a rating agency gives a debt security a lower rating, the value of the security will decline because investors may demand a higher rate of return. | |
Foreign Investment Risk. Investments in foreign securities involve different risks than U.S. investments, including fluctuations in currency exchange rates, potentially unstable political and economic structures, less efficient trade settlement practices, reduced availability of public information, and lack of uniform financial reporting and regulatory practices similar to those that apply to U.S. issuers. Foreign stock markets may also be less liquid and more volatile than U.S. stock markets.
Global Natural Resources Risk. Global natural resources risks include price fluctuation caused by inflationary trends (whether actual or imagined), political developments, changes in energy or materials costs, changes in the supply of or demand for different natural resources, the costs assumed by natural resources companies in complying with environmental and safety regulations, and the risks associated with natural and man-made disasters.
Globalization Risk. The growing inter-relationship of global economies and financial markets has increased the effect of conditions in one country or region on issuers of securities in a different country or region. In particular, the adoption or prolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in the United States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products and reduced flows of capital and income to companies in other countries. Those events might particularly affect companies in emerging and developing market countries.
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Government Agency Securities Risk. Securities issued by U.S. government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Government National Mortgage Association (“Ginnie Mae”) is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. Government-related guarantors are not backed by the full faith and credit of the U.S. government and include the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae, but are not backed by the full faith and credit of the U.S. government. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. government.
High Yield Risk. High yield securities (commonly known as “junk bonds”) may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. High yield securities may be considered speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for junk bonds and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, a Fund may lose its investment in the issue.
Industry and Concentration Risk. Companies that have similar lines of business are grouped together in broad categories called industries. Certain industries are grouped together in broad categories called sectors. The Funds may overweight industries within various sectors. The fact that a Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to political, economic, business or other developments that affect those industries or sectors. This overweighting means a Fund may be less diverse and more volatile than its benchmark.
Interest Rate Risk. Bond prices tend to move inversely with changes in interest rates. For example, when interest rates rise, bond prices generally fall. Securities with longer maturities are more sensitive to changes in interest rates. Performance could also be affected if unexpected interest rate trends cause the Fund’s mortgage or asset-backed securities to be paid off substantially earlier or later than expected. Slower payoffs effectively increase maturity, also heightening interest rate risk. When interest rates fall, many mortgages are refinanced and mortgage-backed securities may be repaid early. As a result, the Fund may not experience the increase in market value from these securities that normally accompanies a decline in interest rates.
Investment in Other Investment Companies Risk. The Funds may invest in other investment companies. As with other investments, investments in other investment companies, including closed-end funds (which include business development companies (BDCs)), unit investment trusts, open-end investment companies, and exchange traded funds, are subject to many of the same risks as investing directly in the underlying instruments, including market risk and, for non-index strategies, selection risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (including management and advisory fees). If the Fund acquires shares of one or more underlying funds, shareholders bear both their proportionate share of expenses in the Fund (excluding management and advisory fees attributable to those assets of the Fund invested in the underlying funds) and, indirectly, the expenses of the underlying funds (including management and advisory fees). Further, the closed-end fund market is inefficient. Many closed-end funds (CEFs), including many in which the Fund invests, are small or micro-cap securities. There is little independent research published on CEFs and limited availability of data makes research difficult and time consuming. CEFs may trade unpredictably. The underlying assets may be unknown and their value not readily determinable. The Fund often purchases CEFs believing they are trading at a discount to NAV, and an ongoing corporate action will cause the discount to narrow or disappear. With little independent analysis of the CEFs’ individual assets, the Fund essentially makes a value based arbitrage strategy. The Fund will look to events like pending or proposed tender offers, liquidations, take-over plays etc. If the event is not preceded by an official announcement— and is, instead, “pending” or “anticipated” — this strategy can be very risky. If the event is announced, there is still the possibility that it will not happen. In sum, investing in CEFs in general, and CEF arbitrage plays in particular carry unique and arguably heightened risks.
Leveraged and Inverse ETF Risk. Risks associated with investing in inverse and leveraged ETFs include compounding risk, derivatives securities risk, correlation risk and leverage risk.
| ● | Compounding Risk — To the extent the ETF has a single day or other short term investment objective, the ETF’s performance for any other period is the result of its return for each day (or other short term period) compounded over the period. This may differ in amount, and possibly even direction, from the daily return of the ETFs benchmark index for the same period, before accounting for fees and expenses. Compounding affects all investments, but has a more significant impact on an inverse leveraged fund. This effect becomes more pronounced as Index volatility and holding periods increase. | |
| ● | Derivatives Securities Risk — Leveraged and Inverse ETFS may use various types of derivatives, investing in derivatives may be considered aggressive and may expose the Fund’s ETF investment to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. These risks include counterparty risk, liquidity risk and increased correlation risk. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested. These ETFs may use a combination of swaps on an index and swaps on an ETF that is designed to track the performance of an Index. The performance of an ETF may not track the performance of an index due to embedded costs and other factors. Thus, to the extent an inverse or leveraged ETF invests in swaps that use an ETF as the reference asset, the inverse or leveraged ETF may be subject to greater correlation risk and may not achieve as high a degree of correlation with the index as it would if it only used swaps on the Index. Moreover, with respect to the use of swap agreements, if the index has a dramatic intraday move that causes a material decline in the inverse or leveraged ETF’s net assets, the terms of a swap agreement between the inverse or leveraged ETF and its counterparty may permit the counterparty to immediately close out the transaction with the inverse or leveraged ETF. In that event, the inverse or leveraged ETF may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the inverse or leveraged ETF’s investment objective. This, in turn, may prevent the inverse or leveraged ETF from achieving its investment objective, even if the index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the inverse or leveraged ETF may change quickly and without warning. | |
| ● | Correlation Risk — A number of factors may affect an inverse ETF’s ability to achieve a high degree of inverse correlation with its index. Failure to achieve a high degree of inverse correlation may prevent the inverse ETF from achieving its investment objective, and the percentage change of the inverse ETF's net asset value (“NAV”) each day may differ, perhaps significantly in amount, and possibly even direction, from the inverse of the percentage change of the index on such day. |
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| ● | Leverage Risk — A leveraged ETF may obtain investment exposure in excess of its assets in seeking to achieve its investment objective — a form of leverage — and will lose more money in market environments adverse to its daily objective than a similar investment that does not employ such leverage. The use of such leverage increases the risk of a total loss of the Fund’s investment. In addition, the use of leverage may increase the volatility of the inverse or leveraged ETF and magnify any differences between the performance of the inverse or leveraged ETF and its underlying Index or benchmark. | |
Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. A Fund’s investment in less liquid securities may reduce the Fund’s returns because it may be unable to sell the less liquid security at an advantageous time or price.
Manager Risk. ICON Advisers’ opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. ICON Advisers may not make timely purchases or sales of securities for a Fund.
Market Risk. The Funds’ overall risk level will depend on the market sectors in which the Fund is invested and the current interest rates, liquidity conditions, and credit quality of such sectors. The market also may fail to recognize the intrinsic worth of an investment or ICON may misgauge that worth
Non-Diversified Portfolio Risk. A Fund that is “non-diversified” may own larger positions in a smaller number of securities than portfolios that are “diversified”. The Fund may invest up to 25% of its total assets in the securities of one issuer. This means that an increase or decrease in the value of a single security likely will have a greater impact on the Fund’s net asset value (“NAV”) and total return than a diversified portfolio. The Fund’s share prices may also be more volatile than those of a diversified fund.
Opportunity Risk. There is the risk of missing out on an investment opportunity because the assets necessary to take advantage of that opportunity are held in other investments.
Options Risk. Investments in options involve certain risks. These risks include:
| ● | Limited Gains. By selling a call option, a Fund may forego the opportunity to benefit from an increase in price of the underlying stock or index above the exercise price, but continue to bear the risk of a decline in the value of the underlying stock or index. While the Fund receives a premium for writing the call option, the price the Fund realizes from the sale of stock or exposure to the underlying index upon exercise of the option could be substantially below its prevailing market price. | |
| ● | Premium Losses. By purchasing a put option for a premium, a Fund secures the right to sell a security to the writer of that option on or before a fixed date at a predetermined price. The Fund will realize a gain from the exercise of a put option if, during the option period, the price of the security declines by an amount in excess of the premium paid. The Fund will realize a loss equal to all or a portion of the premium paid for the option if the price of the security increases or does not decrease by more than the premium. | |
| ● | Lack of Liquidity for the Option. A liquid market may not exist for the option. If a Fund is not able to close out the options transaction, the Fund will not be able to sell the underlying security until the option expires or is exercised. | |
| ● | Lack of Liquidity for the Security. A Fund’s investment strategy may also result in a lack of liquidity of the purchase and sale of portfolio securities. Because the Fund may generally hold the stocks or exposure to the index underlying the option, the Fund may be less likely to sell the stocks in its portfolio to take advantage of new investment opportunities. This risk is less likely to be prevalent on options that are written on an index. | |
Pandemic Risk: The impact of COVID-19, (and the variants of such virus) and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social, financial, and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.
Political Risk Relating to Russia’s Invasion of Ukraine: Russia began its invasion of Ukraine in February 2022. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the United States. Russia’s military invasion of Ukraine, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets, specifically on companies in the oil and gas sector, finance and resource extraction. The extent and duration of Russia’s military actions, resulting sanctions and consequent future market disruptions are impossible to predict, but could be significant and may negatively affect global supply chains, inflation, oil and gas supply, and global growth.
Portfolio Turnover Risk. Active trading generates transaction costs which, in turn, can affect performance. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance. If a Fund realizes net capital gains when it sells portfolio investments, it generally must distribute those gains to shareholders, thus increasing their taxable distributions. This may adversely affect the after-tax performance of the Funds for shareholders with taxable accounts.
Quantitative Model Risk. Quantitative models and the analysis of specific metrics are used to construct a Fund’s portfolio. The impact of these metrics on a stock’s performance can be difficult to predict, and stocks that previously possessed certain desirable quantitative characteristics may not continue to demonstrate those same characteristics in the future. In addition, relying on quantitative models entails the risk that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that ICON Advisers may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks based on quantitative analysis.
Regional Focus. At times, a Fund might increase the relative emphasis of its investments in a particular region of the world. Stocks of issuers in a region might be affected by changes economic conditions or by changes in government regulations, availability of basic resources or supplies, or other events that affect that region more than others. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks from adverse events that occur in that region than the Fund that invests in a different region or that is more geographically diversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings.
Stock Market Risk. The value of the stocks and other securities owned by a Fund will fluctuate depending on the performance of the companies that issued them, general market and economic conditions, and investor confidence. The market also may fail to recognize the intrinsic worth of an investment or ICON may misgauge that worth.
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Short Sale Risk. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. Because the Fund screens and buys and sells securities using a value based, quantitative methodology, the Fund may be entirely long or entirely short depending on where the Portfolio Manager sees value and reads the market in general.
Small and Mid-Size Company Risk. Small or mid-size companies may offer greater risk of loss and price fluctuation. The trading markets for securities of small-cap issuers may be less liquid and more volatile than securities of larger companies.
Volatility Risk. Volatility risk is the risk that a specific security price will increase or decrease by greater increments than the general market. Equity sector funds are generally more volatile than diversified equity funds. Sector funds can vary widely in volatility depending on the diversity and volatility of the industries and stocks in which they invest. A fund’s volatility risk can also be impacted by the correlation among price movements of the industries and stocks held. Potential for greater volatility in sector funds may also exist if concentrated stock and/or industry positions are taken
The Funds’ Investment Manager
Fund Organization and Management
SCM Trust, a Massachusetts business trust (the “Trust”), is a family of 10 no-load mutual funds, seven of which are described in this Prospectus. The Board of Trustees, consisting of four individuals, has primary responsibility for the oversight of the management of each Fund for the benefit of its shareholders, not day-to-day management. The Board authorizes the Trust to enter into service agreements with Shelton Capital Management and other service providers to provide necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this prospectus nor the SAI, any documents filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Board of Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Board) may amend or use a new prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents, or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret or amend the investment objective(s), policies, restrictions, and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment restrictions) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.
The investment advisor for the Funds is Shelton Capital Management, 1875 Lawrence Street, Suite 300 Denver, CO 80202-1805. Shelton manages over $3.1 billion of assets as of December 31, 2022. Shelton has been managing mutual funds since 1985. Shelton is responsible for managing the Funds and handling the administrative requirements of the Funds.
As compensation for managing the portfolios, Shelton Capital Management receives an investment management fee from each Fund. For the fiscal year ended December 31, 2022, the fees paid to Shelton Capital Management, net of reimbursements were:
| Management
Fees Net of Reimbursement |
|||
| ICON Consumer Select Fund | 1.00% | ||
| ICON Equity Fund | 0.75% | ||
| ICON Equity Income Fund | 0.71% | ||
| ICON Flexible Bond Fund | 0.52% | ||
| ICON Health and Information Technology Fund | 1.00% | ||
| ICON Natural Resources and Infrastructure Fund | 1.00% | ||
| ICON Utilities and Income Fund | 0.84% | ||
A discussion regarding the basis for the Board of Trustee’s approval of the investment advisory contract of the Funds is available in the Funds’ annual report to shareholders for the period ending December 31, 2022.
The ICON Equity Income Fund pays Shelton Capital Management an annual investment advisory fee equal to 0.75% of the Fund’s average daily net assets.
The ICON Flexible Bond Fund pays Shelton Capital Management an annual investment advisory fee equal to 0.60% of the Fund’s average daily net assets. Shelton Capital Management has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.75% and 1.00% for Institutional Class and Investor Class shares, respectively, until May 1, 2024. This agreement may only be terminated with the approval of the SCM Trust Board. Shelton may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits, and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the SCM Trust Board.
The ICON Equity Fund pays Shelton Capital Management an annual investment advisory fee equal to 0.75% of the Fund’s average daily net assets.
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The ICON Consumer Select Fund pays Shelton Capital Management an annual investment advisory fee equal to 1.00% of the Fund’s average daily net assets.
The ICON Natural Resources Fund pays Shelton Capital Management an annual investment advisory fee equal to 1.00% of the Fund’s average daily net assets.
The ICON Health and Information Technology Fund pays Shelton Capital Management an annual investment advisory fee equal to 1.00% of the Fund’s average daily net assets.
The ICON Utilities and Income Fund pays Shelton Capital Management an annual investment advisory fee equal to 1.00% of the Fund’s average daily net assets.
ICON serves as investment sub-adviser to each Fund and is responsible for selecting the Funds’ investments and handling their day-to-day business. ICON’s corporate offices are located at 8480 East Orchard Road, Suite 1200, Greenwood Village, Colorado 80111. ICON has been registered as an investment adviser since 1991. ICON also serves as investment adviser to mutual fund allocation portfolios invested in the Funds and to separate accounts, including pension and profit-sharing plans, and public retirement systems. As of December 31, 2022, ICON Advisers had $625 million in total assets under management. Shelton Capital Management compensates ICON for its services as sub-adviser in respect of each Fund out of Shelton Capital Management’s investment management fees from the Fund. ICON receives a sub-advisory fee from Shelton Capital Management of 62% of the effective investment management fee, adjusted for any reimbursements due to agreed expense limitations.
For the fiscal year ended December 31, 2022, the fees paid to ICON, net of reimbursements, were:
| Management
Fees Net of Reimbursement |
|||
| ICON Consumer Select Fund | 0.62% | ||
| ICON Equity Fund | 0.47% | ||
| ICON Equity Income Fund | 0.44% | ||
| ICON Flexible Bond Fund | 0.32% | ||
| ICON Health and Information Technology Fund | 0.62% | ||
| ICON Natural Resources and Infrastructure Fund | 0.62% | ||
| ICON Utilities and Income Fund | 0.52% | ||
The Funds are managed using ICON’s valuation model which was developed by Dr. Craig Callahan. Dr. Callahan has been chair of ICON’s Investment Committee since 1991 and served as ICON’s Chief Investment Officer until January 2005.
Portfolio Managers
The Portfolio Manager(s) for each Fund are:
| Fund | Portfolio Manager | Tenure |
| ICON Equity Income Fund | Brian Callahan | Since inception |
| Scott Callahan | Since inception | |
| Jerry Paul | Since inception | |
| ICON Flexible Bond Fund | Jerry Paul | Since inception |
| ICON Equity Fund | Craig Callahan | Since inception |
| Brian Callahan | Since inception | |
| Scott Callahan | Since inception | |
| ICON Consumer Select Fund | Craig Callahan | Since inception |
| Brian Callahan | Since inception | |
| Scott Callahan | Since inception | |
| ICON Natural Resources and Infrastructure Fund | Craig Callahan | Since inception |
| Brian Callahan | Since inception | |
| Scott Callahan | Since inception | |
| ICON Health and Information Technology | Craig Callahan | Since inception |
| Brian Callahan | Since inception | |
| Scott Callahan | Since inception | |
| ICON Utilities and Income Fund | Craig Callahan | Since inception |
| Brian Callahan | Since inception | |
| Scott Callahan | Since inception | |
Craig Callahan is the company Founder, CEO and Chairman of the Investment Committee of ICON Advisers, Inc. Dr. Callahan received his doctorate of business administration in finance and statistics from Kent State University in 1979 and a Bachelor of Science degree from Ohio State University in 1973. From 1986 to 2005, he served as ICON’s Chief Investment Officer.
Brian Callahan joined ICON in 2003 as a Research Analyst. In 2005 he left ICON to pursue his MBA at the Ohio State University. He graduated with his MBA in 2007 and rejoined ICON in 2008 as a Portfolio Manager. From 2008 until January 2011 he managed ICON’s separately managed accounts. From 2011 to 2014 Mr. Callahan was ICON’s Director of Marketing. From 2014 to 2018 Mr. Callahan managed ICON’s strategy based portfolios and tactical allocation portfolios. Mr. Callahan became President of ICON Advisers, Inc. in 2020.
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Donovan “Jerry” Paul, CFA, joined ICON in July 2013 as a Portfolio Manager. Mr. Paul is a Senior Vice President of Fixed Income. Before joining ICON he was a senior vice president, director of fixed-income research and portfolio manager of INVESCO Funds Group (1994-2001), founder and managing partner of Quixote Capital Management, LLC, (2002-2009), partner of Essential Investment Partners, LLC, (2009-2011) and Senior Vice President Western Alliance Bancorporation (2012). He holds an MBA from the University of Northern Iowa and BBA from the University of Iowa.
Scott Callahan joined ICON in 2005 as a Research Analyst and was promoted to Assistant Portfolio Manager in January 2006. He left ICON in August 2006 to pursue his MBA, which he received from New York University in 2008. Mr. Callahan became a Portfolio Manager in 2008. Mr. Callahan managed two Sector Funds, Healthcare and Information Technology, from 2009 to 2012 and co-managed those Funds in 2013. Mr. Callahan also co-managed the ICON Opportunities Fund from 2012 to 2013, when he left the firm to pursue a PhD in Finance from Rutgers University. Mr. Callahan rejoined ICON as a Portfolio Manager in January 2018. Mr. Callahan received a bachelor’s degree in Psychology from the University of Colorado. Mr. Callahan became Chief Investment Officer of ICON Advisers, Inc. in 2020.
Investment Committee Members
ICON’s Investment Committee includes members who are responsible for managing mutual fund assets. Each Fund, except the ICON Flexible Bond Fund, is team-managed in that individual Portfolio Managers have responsibility for evaluating their respective sectors and countries and identifying themes and industries within their assigned sectors or countries based on value-to-price ratios and relative strength metrics, the core of the ICON system. However, the day-to-day management of the Fund’s portfolio is system-based and continuously monitored by the Portfolio Manager assigned to the relevant sector, country or Fund. The Portfolio Manager assigned to a Fund has the discretion to invest in and determine the amount of the various sectors within the Fund and the industries and securities within the sector.
Other Information
The SAI provides additional information about the Board of Trustees, portfolio managers’ compensation, other accounts managed by each portfolio manager and the portfolio manager’s ownership of securities of the respectively managed Fund.
Summary of Other Important Information About Fund Shares
How to Buy Shares.
You may buy shares directly from the Funds’ distributor, or through third-party distributors, brokerage firms and retirement plans. If you invest through a third-party distributor, many of the policies, options and fees charged for the transaction may be different. You should contact them directly for information regarding how to invest or redeem through third-party distributors.
The following information is specific to buying directly from the Funds’ distributor.
Opening an Account. You can open an account online or by downloading an application from our website at www.iconfunds.com and mailing the completed form to us. For questions, call us at (800) 764-0442.
You will find all the necessary application materials included in the packet accompanying this Prospectus. You may also open an account online by accessing our website at www.iconfunds.com. Additional paperwork may be required for entity investors, including corporations, associations, and trusts, and for certain fiduciaries. The minimum initial investments and subsequent investments for each Fund are as follows:
| Minimum Initial Investment | Minimum Subsequent Investment | |
| Institutional Class Shares | ||
| All Accounts | $500,000 | $2,500 |
| Investor Class Shares | ||
| Accounts with Automatic Investment Plan | $500 | $500 |
| All Other Accounts | $1,000 | $1,000 |
The Funds’ distributor may change the minimum investment amounts at any time or waive them at its discretion. To protect against fraud, it is the policy of the Funds not to accept unknown third-party checks for the purposes of opening new accounts or purchasing additional shares. If you have any questions concerning the application materials, wire transfers, our yields and net asset values, or our investment policies and objectives, please call us toll-free at (800) 764-0442.
Distribution (12b-1) Fees. The Funds have adopted a plan under rule 12b-1 that allows the Fund to pay distribution fees for the sale and distribution of its shares. Investor Class shares of the Funds pay RFS Partners, the Funds’ principal underwriter, a distribution (12b-1) fee. Because distribution (12b-1) fees are paid out of fund assets on an ongoing basis, 12b-1 fees will, over time, increase the cost of your investment in a fund and may cost you more than other types of sales charges.
These fees are computed by multiplying 0.25% by the average daily net assets of the Investor Class shares of a Fund.
How to Buy Shares – Initial Purchase. Make your check payable to the name of the Fund in which you are investing and mail it with the application to the transfer agent of the Funds, Ultimus Fund Solutions (“Ultimus” or the “Transfer Agent”), at the address indicated below. Please note the minimum initial investments previously listed.
ICON Funds
C/O Ultimus Fund Solutions
4221 N. 203rd Street, Suite 100
Elkhorn, NE 68022
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You may also forward your check (and application, for new accounts) to the Funds’ offices, which will in turn forward your check (and application, for new accounts) on your behalf to the Funds’ agent for processing. You will receive the share price next determined after your check has been received by the agent. Please note that this means that the shares will be purchased at the next calculated price after receipt by the agent, which is typically the next business day following receipt at the Funds’ offices. The Funds’ office is located at the following address:
SCM Trust
P.O. Box 87
Denver, CO 80201-0087
You also may buy shares of a Fund through selected securities brokers. Your broker is responsible for the transmission of your order to Ultimus Fund Solutions, the Fund’s transfer agent, and may charge you a fee. You will generally receive the share price next determined after your order is placed with your broker, in accordance with your broker’s agreed upon procedures with the Funds. Your broker can advise you of specific details.
Purchasing by Exchange. You may purchase shares in a Fund by exchanging shares from an account in one of our other Funds, including other mutual funds managed by Shelton Capital Management which are not described in this Prospectus. Please see our website, www.iconfunds.com, call the number above, or consult your financial adviser or broker for more information. Such exchanges must meet the minimum amounts required for initial or subsequent investments.
When opening an account by exchanging shares, your new account must be established with the same registration and an exchange authorization must be in effect. If you have an existing account with us and an exchange authorization in effect, call (800) 764-0442 during normal business hours (8:00 a.m. to 5:00 p.m. Mountain Time) to exchange shares. You may also exchange shares by accessing our website at www.iconfunds.com. You must complete the online access agreement in order to access your account online. Each exchange of one Fund’s shares for another of a second Fund is treated for U.S. federal income tax purposes as the sale of shares of the first Fund and the purchase of shares in the other Fund, which may produce a capital gain or loss for tax purposes. Transfers between classes of a single Fund are generally not taxable transactions. Certain significant holders of Fund shares are required to provide information concerning such a nontaxable exchange on their federal income tax returns for the year of the exchange. See the SAI under “FEDERAL INCOME TAXES-Special Tax Considerations.” All transactions are processed at the share price next calculated after receiving the instructions in good order (as described below), generally at the normally scheduled close of trading on the New York Stock Exchange (“NYSE”), typically 4:00 p.m. Eastern Time.
Wiring Instructions and Use of Checks. For wiring money to your account, you can obtain specific wire instructions by calling (800) 764-0442. In order to make your order effective, we must have your order in good form as described below. Please note a Fund and Shelton reserve the right to reject any purchase. Your purchase will be processed at the net asset value next calculated after your order has been received by the Fund’s agent. You will begin to earn dividends as of the first business day following the day of your purchase. All your purchases must be made in U.S. dollars, and checks must be drawn on banks located in the United States. We reserve the right to limit the number of investment checks processed at one time. If a check does not clear, we will cancel your purchase. You will be liable for any losses and fees incurred in connection with a check that does not clear for any reason, including insufficient funds. When you purchase by check, redemption proceeds will not be sent until we are satisfied that the investment has been collected (confirmation of clearance may take up to 15 days). Payments by check or other negotiable bank deposit will normally be effective within 2 business days for checks drawn on a member of the Federal Reserve System and longer for most other checks. You can wire federal funds from your bank or broker, which may charge you a fee. The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such delivery services does not constitute receipt by the Funds’ transfer agent or the Funds.
Purchasing Additional Shares. Make your check payable to the Fund in which you are investing, write your account number on the check, and mail your check with the deposit slip from your most recent statement to the address printed on your account statement. There is a $100 minimum for subsequent investments. After setting up your online account, you may obtain a history of transactions for your account(s) by accessing our website at www.iconfunds.com.
Automatic Investment Plan. Using the Funds’ Automatic Investment Plan, or AIP, you may arrange to make additional purchases automatically by electronic funds transfer (“EFT”) from your checking or savings account. Your bank must be a member of the Automated Clearing House. You can terminate the program with ten days written notice. There is no fee to participate in this program, however, a service fee of $25.00 will be deducted from your account for any AIP purchase that does not clear due to insufficient funds, or if prior to notifying the Funds in writing or by telephone to terminate the plan, you close your bank account or take other action in any manner that prevents withdrawal of the funds from the designated checking or savings account. Investors may enroll on our website or by calling the Funds and obtaining a paper form. The share prices of the Funds are subject to fluctuations. Before undertaking any plan for systematic investment, you should keep in mind that such a program does not assure a profit or protect against a loss. We reserve the right to suspend the offering of shares of any of the Funds for a period of time and to reject any specific purchase order in whole or in part. The Funds do not send individual transaction confirmations to individuals participating in an automatic investment plan. You will receive a quarterly statement of all transactions occurring during the most recent calendar quarter.
How Fund Shares are Priced. The share price (net asset value per share or NAV) for a Fund is normally calculated as of the scheduled close of trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time, each day that the NYSE is open for business. The NAV is calculated by dividing Fund net assets (i.e. total assets minus total liabilities) by the number of shares outstanding. For purposes of determining the NAV, security transactions are normally recorded one business day after the trade date. If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would normally be open for business, or if the NYSE has an unscheduled early closing, the Funds reserve the right to accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day. If a Fund’s authorized agent receives your request in good order (as described below) before the time as of which a Fund prices its shares (generally the normally scheduled close of trading on the NYSE, at 4:00 p.m. Eastern Time), your transactions will be priced at that day’s NAV. If your request is received after such time, it will be priced at the next business day’s NAV. A Fund cannot accept orders that request a particular day or price for your transaction or any other special conditions. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4:00 p.m. Eastern Time. Some securities may be listed on foreign exchanges that are open on days (such as U.S. holidays) when the Funds do not calculate their NAVs. This could cause the value of a Fund’s portfolio investments to be affected by trading on days when you cannot buy or sell shares. For purposes of calculating the NAV, portfolio holdings for which market quotations are readily available are valued at market value. Listed securities, for example, are generally valued using the official quoted close price or the last sale on the exchange that is determined to be the primary market for the security. Other portfolio holdings, such as debt securities, certain preferred stocks, and derivatives traded over the counter, are valued using prices received from independent pricing services which utilize dealer quotes, recent transaction data, pricing models, and other inputs to arrive at market-based valuations. Pricing models may consider quoted prices for similar securities, interest rates, cash flows (including prepayment speeds), and credit risk. Exchange traded derivatives are generally valued at the settlement price determined by the relevant exchange and centrally cleared derivatives are generally valued at the price determined by the relevant clearing house. Short-term securities with less than 60 days to maturity may be valued at amortized cost if amortized cost approximates current value. Mutual funds are valued at their respective net asset values. Security values are not discounted based on the size of the Fund’s position and may differ from the value a Fund receives upon the sale of the securities. If market quotations are not readily available or if normal valuation procedures produce valuations that are deemed unreliable or inappropriate under the circumstances existing at the time, the investment will be valued at fair value as determined in good faith by or under the direction of the Funds’ Board of Trustees. The Board of Trustees has appointed Shelton Capital Management to serve as the Funds’ “valuation designee” to make fair value determinations in accordance with the Funds’ Valuation Policies (“Valuation Policies”), subject to Board oversight.
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Shelton Capital Management has established a Pricing Committee to fulfill its obligations as the Funds’ valuation designee. The Pricing Committee is responsible for implementing the Valuation Policies, including determining the fair value of securities and other investments when necessary. The Pricing Committee considers relevant indications of value that are reasonably available to it in determining the fair value assigned to a particular security, such as the value of similar financial instruments, trading volumes, contractual restrictions on disposition, related corporate actions, and changes in economic conditions. As trading in securities on most foreign exchanges is normally completed before the close of the NYSE, the value of non-U.S. securities can change by the time the Fund calculates its NAV. Valuing securities through a fair value determination involves greater reliance on judgment than valuation of securities based on readily available market quotations. In some instances, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a security’s value. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.
Payments to Broker-Dealers and other Financial Intermediaries. If you purchase the Fund through an employee benefit plan, the Fund, Shelton Capital Management or related entities may make payments to the recordkeeper, broker/dealer, bank, or other financial institution or organization (each a “Financial Intermediary”) that provides shareholder recordkeeping or other administrative services to the plan as compensation for those services. These payments may create a conflict of interest by influencing your Financial Intermediary to recommend the Fund over other mutual funds or investments. You should ask your financial intermediary about differing and divergent interests and how it is compensated for administering your Fund investment.
How to Sell Shares. You may redeem all or a portion of your shares on any business day that the Fund is open for business by mail, telephone or our website (www.iconfunds.com).You may receive the redemption by wire, electronic funds transfer or check. The sale price of your shares will be the Fund’s next determined net asset value after the Fund’s transfer agent, or an authorized agent or sub-agent receives all required documents in good order as further described below. If you have questions or need assistance, you may call client services for SCM Trust at (800) 764-0442 during normal business hours (generally 8:00 a.m. to 5:00 p.m. Mountain Time).
Your shares will be redeemed at the net asset value next calculated (after the close of the NYSE which is 4:00 p.m. Eastern Time) after the Fund’s agent has received your redemption request in good order (as described below). Remember that a Fund may hold redemption proceeds until we are satisfied that we have collected the purchase price for any shares purchased by check. To avoid possible delays, which could be up to 15 days, you should consider making your investment by wire, following the instructions as described in the section titled “Wire Instructions” in this Prospectus.
By Mail. If you have not elected telephone redemption or transfer privileges, you must send a letter of instruction. Additionally, if the check is to be made payable to a third-party or sent to an address other than the address of record, you must obtain a “medallion signature guarantee” on the letter of instruction. The letter of instruction must specify (i) the name of the Fund, (ii) the number of shares to be sold and/or the dollar amount, (iii) your name(s), and (iv) your account number(s). The letter of instruction is to be mailed to the Funds’ offices. If you have additional questions, please contact us at (800) 764-0442. The Funds’ Transfer Agent requires that each individual’s signature(s) appearing on a redemption request be guaranteed by an eligible signature guarantor such as a commercial bank, broker-dealer, credit union, securities exchange or association, clearing agency or savings association. This policy is designed to protect shareholders who do not elect telephone privileges on their accounts.
By Exchange. You must meet the minimum investment requirement of the Fund into which you are exchanging. You can only exchange between accounts with identical account registrations. Same day exchanges are accepted until market close, normally 4:00 p.m. Eastern Time.
By Wire. You must have applied for the wire feature on your account. We will notify you when this feature is active, and you may then make wire redemptions by calling us before 4:00 p.m. Eastern Time (1:00 p.m., Pacific Time). This means your money will be wired to your bank the next business day.
By Electronic Funds Transfer. You must have applied for the EFT withdrawal feature on your account. Typically, money sent by EFT will be sent to your bank within three business days after the sales of your securities. There is no fee for this service.
Online. You can sell shares in a regular account by accessing our website at www.iconfunds.com. You may not buy or sell shares in a retirement account using our online feature. If you have recently added banking information or changed your address online, there is a 15-day delay from the date of the change to when the redemption will be sent out.
By Telephone. You must have telephone privileges set up in advance of any transaction on your account. Provide the name of the Fund from which you are redeeming shares, the exact name in which your account is registered, your account number, the required identification information and the number of shares or dollar amount that you wish to redeem. Unless you submit an account enrollment form that indicates that you have declined telephone and/or online exchange privileges, you agree, by signing your account enrollment form, to authorize and direct the Funds to accept and act upon telephone, online and fax instructions for exchanges involving your account or any other account with the same registration. The Funds employ reasonable procedures in an effort to confirm the authenticity of your instructions. These procedures will require a redeeming shareholder to give a special authorization number or password. Provided these procedures are followed, you further agree that neither the Funds nor the Funds’ agent will be responsible for any loss, damage, cost or expense arising out of any instructions received for an account. You should realize that by electing the telephone privileges and online access options, you may be giving up a measure of security that you might otherwise have if you were to exchange your shares in writing. For reasons involving the security of your account, telephone transactions maybe recorded.
Systematic Withdrawal Plan. If you own shares of a Fund with a value of $10,000 or more, you may establish a Systematic Withdrawal Plan. You may receive monthly or quarterly payments in amounts of not less than $100 per payment. Details of this plan may be obtained by calling the Funds at (800) 764-0442.
Other Redemption Policies. Payment of Redemption Proceeds: The Trust is committed to pay in cash all requests for redemption by any shareholder of record, limited in amount, however, during any 90-day period to the lesser of $250,000 or 1% of the value of the applicable Fund’s net assets at the beginning of such period. Such commitment is irrevocable without the prior approval of the SEC.
Redemption-in-Kind. In the case of requests for redemption in excess of such amounts, the Trustees reserve the right to make payments in whole or in part in securities or other assets of the Fund from which the shareholder is redeeming. Such payments-in -kind might be made, for example, in case of stressed market conditions, or if the payment of such a redemption in cash would be detrimental to the existing shareholders of that Fund or the Trust. In such circumstances, the securities distributed would be valued at the price used to compute such Fund’s net asset value (and will generally represent pro-rata slices of the portfolio). Should a Fund do so, a shareholder would likely incur transaction fees in converting the securities to cash. However, a Fund could be practically limited in its ability to redeem shares in-kind due to logistical or other issues.
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Redemption Methods Available. Generally, a Fund expects to pay redemption proceeds in cash. To do so, a Fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. These methods may be used during both normal and stressed market conditions.
Retirement Plan Redemptions. Retirement Plan shareholders should complete a Rollover Distribution Election Form in order to sell shares of the Funds so that the sale is treated properly for tax purposes. Once your shares are redeemed, the Fund will normally mail you the proceeds on the next business day, but within no later than 7 business days. When the markets are closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing, or under any emergency circumstances as determined by the SEC to merit such action, we may suspend redemption or postpone payment dates.
Low Balance Accounts. If you want to keep your account(s) open, please be sure that the value of your account does not fall below $1,000 due to redemptions. Shelton may elect to close an account that falls below the minimum and mail you the proceeds to the address of record. We will give you 30 days written notice that your account(s) will be closed unless you make an investment to increase your account balance(s) to the $1,000. If you close your account, any accrued dividends will be paid as part of your redemption proceeds. The share prices of the Funds will fluctuate, and you may receive more or less than your original investment when you redeem your shares.
Other Important Policies Related to Buying and Selling Shares
Good Order. Good order means that the request includes:
| ● | Fund name and account number; |
| ● | Amount of the transaction in dollars or shares; (if redemption is requested by internet or mail, the amount of the transaction may be stated in percentage terms); |
| ● | Signatures of all owners exactly as registered on the account (for written requests); |
| ● | Medallion Signature Guarantee, if required (see Medallion Signature Guarantees); and |
| ● | Any supporting legal documentation that may be required. |
| ● | Clear and actionable instructions to the Fund as applicable | |
Note: for corporate/institutional accounts only, the required signature(s) must be either (1) Medallion-guaranteed and clearly indicate the capacity of the signer to act for the corporation or institution or (2) that of an authorized signatory as indicated by the account records.
Medallion Signature Guarantees. You will need to have your signature Medallion guaranteed in certain situations, including but not limited to:
| ● | Sending redemption proceeds to any person, address, or bank account not on record; and |
| ● | Transferring redemption proceeds to a SCM Trust account with a different registration (name/ownership) from yours; and |
| ● | Changes to account ownership, signature authority or registration. | |
A Medallion Signature Guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which participates in a Medallion program recognized by the Securities Transfer Association. Signature guarantees from financial institutions which do not participate in a Medallion program will not be accepted. A notary public cannot provide Medallion Signature Guarantees.
Keep in mind the following important policies:
| ● | A Fund may take up to 7 business days to pay redemption proceeds. |
| ● | If your shares were purchased by check, the Fund will not release your redemption proceeds until payment of the check can be verified which may take up to 15 days. |
| ● | Exchange purchases must meet the minimum investment amounts of the Fund you are purchasing. |
| ● | You must obtain and read the Prospectus for the Fund you are buying prior to making the exchange. |
| ● | If you have not selected the convenient exchange privileges on your original account application, you must provide a medallion signature guaranteed letter of instruction to the Fund, directing any changes in your account. |
| ● | The Funds may refuse any purchase or exchange purchase transaction for any reason. |
| ● | Each signature on a request for redemption or account registration change must be medallion signature guaranteed separately. |
| ● | All share activity is subject to federal and state rules and regulations. These are in place to prevent, among other things, money laundering and other illegal movements of money. | |
THE FUNDS AND SHELTON RESERVE CERTAIN RIGHTS, INCLUDING THE FOLLOWING:
| ● | To automatically redeem your shares if your account balance falls below the minimum balance due to the sale of shares. |
| ● | To modify or terminate the exchange privilege on 60 days written notice. |
| ● | To refuse any purchase or exchange purchase order. |
| ● | To change or waive a Fund’s minimum investment amount. |
| ● | To suspend the right to redeem shares, and delay sending proceeds, during times when trading on the principal markets for the Funds are restricted or halted, or otherwise as permitted by the SEC. |
| ● | To withdraw or suspend any part of the offering made by this Prospectus. |
| ● | To automatically redeem your shares if you fail to provide all required enrollment information and documentation. | |
Other Policies
Tax-Saving Retirement Plans. We can set up your new account in a Fund under one of several tax-sheltered plans. The following plans let you save for your retirement and shelter your investment earnings from current income taxes: IRAs/Roth IRAs: You can also make investments in the name of your spouse if your spouse has no earned income. SIMPLE, SEP, 401(k)/Profit-Sharing and Money-Purchase Plans (Keogh): Open to corporations, self-employed people and partnerships, to benefit themselves and their employees. 403(b) Plans. Open to eligible employees of certain states and non-profit organizations. Each IRA is subject to an annual custodial fee of $10.00 per social security number. The annual custodial fee will be waived for IRAs with a balance greater than $10,000. The Funds reserve the right to change, modify or eliminate this waiver at any time. We can provide you with complete information on any of these plans, including information that discusses benefits, provisions and fees.
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Cash Distributions. Unless you otherwise indicate on the account application, we will reinvest all dividends and capital gains distributions back into your account. You may indicate on the application that you wish to receive either income dividends or capital gains distributions in cash. EFT is available to those investors who would like their dividends electronically transferred to their bank accounts. For those investors who do not request this feature, dividend checks will be mailed via regular mail. If you elect to receive distributions by mail and the U.S. Postal Service cannot deliver your checks or if the checks remain uncashed for six months or more, we will void the checks and reinvest your money in your account at the then current net asset value and reinvest your subsequent distributions.
Statements and Reports. Shareholders of the Funds will receive statements at least quarterly and after every transaction (other than AIP transactions) that affects their share balance and/or account registration. Shareholders receiving paper statements may be required to pay an account fee of $25. A statement with tax information will be mailed to you by January 31 of each year, a copy of which will be filed with the IRS if it reflects any taxable distributions. Twice a year you will receive our financial statements, at least one of which will be audited. The account statements you receive will show the total number of shares you own and a current market value. You may rely on these statements in lieu of share certificates which are not necessary and are not issued. You should keep your statements to assist in record keeping and tax calculations. We pay for regular reporting services, but not for special services. Special services would include a request for a historical transcript of an account. You may be required to pay a separate fee for these special services. As an alternative to requesting special services, you can establish an online account. Once the online account is established, you may also obtain a transaction history for your account(s) by accessing our website at www.iconfunds.com.
Consolidated Mailings & Householding. Consolidated statements offer convenience to investors by summarizing account information and reducing unnecessary mail. We send these statements to all shareholders unless shareholders specifically request otherwise. These statements include a summary of all funds held by each shareholder as identified by the first line of registration, social security number and zip code. Householding refers to the practice of mailing one Prospectus, Annual Report and Semi-Annual Report to each home for all household investors. If you would like extra copies of these reports, please download a copy from www.iconfunds.com or call the Funds at (800) 764-0442. If you would like to elect out of household-based mailings or to receive a complimentary copy of the current SAI, annual or semi-annual report, please call Shelton or write to the Secretary of the Funds at 1875 Lawrence Street, Suite 300 Denver, CO 80202.
Electronic Delivery of Documents. You may sign up for electronic statements online or by calling shareholder services at (800) 764-0442. If you sign up over the telephone, a temporary password will be issued to you and you must reset the password to secure your account and access.
Financial Intermediaries. You may purchase or sell Fund shares through a financial intermediary, which may charge you a fee for this service and may require different minimum initial and subsequent investments than the Funds. Financial intermediaries may also impose other charges or restrictions different from those applicable to shareholders who invest in the Funds directly. In addition, a broker may charge a commission to its customers on transactions in Fund shares, provided the broker acts solely on an agency basis for its customer and does not receive any distribution-related payment in connection with the transaction. Shareholders who are customers of financial intermediaries or participants in programs serviced by them should contact the financial intermediaries for additional information. A financial intermediary may be the shareholder of record of your shares. The Funds, Shelton Capital Management, Ultimus Fund Solutions, and each of their respective directors, trustees, officers, employees, and agents are not responsible for the failure of any financial intermediary to carry out its obligations to its customers. Shelton Capital Management, out of its own resources, and without additional cost to the Funds or their shareholders, may provide additional cash payments or non-cash compensation to financial intermediaries who sell shares of the Funds. Such payments and compensation are in addition to service fees paid by the Funds. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to financial intermediaries for the inclusion of the Funds on the sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to Fund shareholders.
Risks of Frequent Trading in Fund Shares. The Funds are intended for long-term investment purposes and not for market timing or excessive short-term trading. Frequent trading of significant portions of a Fund’s shares may adversely affect Fund performance and therefore, the interests of long-term investors. Volatility in portfolio cash balances resulting from excessive purchases or sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management and make it difficult to implement long-term investment strategies. In particular, frequent trading of Fund shares may:
| ● | Cause a Fund to keep more assets in money market instruments or other very liquid holdings than it would otherwise like, causing the Fund to miss out on gains in a rising market, or |
| ● | Force a Fund to sell some of its investments sooner than it would otherwise like in order to honor redemptions, and |
| ● | Increase brokerage commissions and other portfolio transaction expenses if securities are constantly being bought and sold by the Fund as assets and move in and out. | |
To the extent any fund significantly invests in illiquid or restricted securities, such as high-yield bonds or small-cap equity securities, because these securities are often infrequently traded, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of these securities.
Procedures to Limit Short-Term Trading in Fund Shares. The Funds have adopted policies and procedures designed to discourage short-term trading. Although market-timing can take place in many forms, the Funds generally define a market-timing account as an account that habitually redeems or exchanges Fund shares in an effort to profit from short-term movements in the price of securities held by the Funds. The Funds seek to eliminate such purchases and have taken steps that it believes to be reasonable to discourage such activity. The Board has adopted policies and procedures with respect to the Funds that seek to identify frequent trading by monitoring purchase and redemption activities in each Fund over certain periodic intervals and above certain dollar thresholds. The policies include communicating with relevant shareholders or financial intermediaries, and placing restrictions on share transactions, when deemed appropriate by the Fund. The Fund reserves the right to reject any purchase order. While the Funds make efforts to identify and restrict frequent trading that could impact the management of a Fund, the Funds receive purchase and sales orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or by the use of combined or omnibus accounts by those intermediaries. If a shareholder, in the opinion of a Fund, continues to attempt to use the Fund for market-timing strategies after being notified by the Fund or its agent, the account(s) of that shareholder may be closed to new purchases and exchange privileges may be suspended. Additionally, if any transaction is deemed to have the potential to adversely impact a Fund, the Fund has certain rights listed and detailed later in this prospectus.
The application of the Funds’ excessive trading policies involves judgments that are inherently subjective and involve some selectivity in their application. The Funds, however, seek to make judgments that are consistent with the interests of the Funds’ shareholders. No matter how the Funds define excessive trading, other purchases and sales of Fund shares may have adverse effects on the management of a Fund’s portfolio and its performance. Additionally, due to the complexity and subjectivity involved in identifying excessive trading and the volume of Fund shareholder transactions, there can be no guarantee that the Funds will be able to identify violations of the excessive trading policy or to reduce or eliminate all detrimental effects of excessive trading.
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The restrictions above may not apply to shares held in omnibus accounts for which the Funds do not receive sufficient transactional detail to enforce such restrictions.
Identity Verification Procedures Notice. The USA PATRIOT Act requires financial institutions, including mutual funds, to adopt certain policies and programs to prevent money laundering activities, including procedures to verify the identity of customers opening new accounts. When completing the account application, you will be required to supply the Funds with your taxpayer identification number and other information the Fund considers appropriate to assist the Funds in verifying your identity. Until such verification is made, the Funds may temporarily limit additional share purchases. In addition, the Funds may limit additional share purchases or close an account if it is unable to verify a customer’s identity. As required by law, the Funds may employ various procedures to ensure that the information supplied by you is correct. These procedures may incorporate comparing the information provided to fraud databases or requesting additional information or documentation from you. Your information will be handled by us as discussed in our privacy statement below.
Disclosure of Portfolio Holdings. The Funds’ portfolio holdings are made available semi-annually in shareholder reports within 60 days after the close of the period for which the report is being made, as required by federal securities laws. The Funds also file monthly portfolio holdings on Form N-PORT on a quarterly basis, with the schedule of portfolio holdings filed on Form N-PORT for the third month of each Fund’s fiscal quarter made publicly available 60 days after the end of the Funds’ fiscal quarter.
Shareholders will receive portfolio holdings information via annual and semi-annual reports, which will be mailed to shareholders and posted on the Funds’ website. Portfolio holdings will be made available by Ultimus Fund Solutions, the Trust’s service provider, ten business day after month-end by releasing the information to ratings agencies. A more complete description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio securities is available in the Funds’ SAI.
Dividends and Federal Income Taxes
Dividends. Any investment in the Funds typically involves several tax considerations. The information below is meant as a general summary for U.S. citizens and residents. Because your situation may be different, it is important that you consult your tax advisor about the tax implications of your investment in any of the Funds. As a shareholder, you are entitled to your share of the dividends your Fund earns.
The ICON Equity Fund intends to distribute all or a portion of its net investment income and net capital gains, if any, on an annual basis generally each December. The ICON Equity Income Fund intends to distribute all or a portion of its net investment income, if any, at least quarterly every March, June, September, and December, and to distribute all or a portion of net capital gains, if any, generally each December. The ICON Flexible Bond Fund intends to distribute all or a portion of its net investment income on a monthly basis and to distribute all or a portion of its net capital gains, if any, generally each December. The ICON Consumer Select Fund, ICON Natural Resources and Infrastructure Fund, and the ICON Health and Information Technology Fund intend to distribute all or a portion of their respective net investment income and net capital gains, if any, generally on an annual basis each December. The ICON Utilities and Income Fund generally intends to distribute all or a portion of its net investment income, if any, on a quarterly basis and net capital gains, if any, generally on an annual basis. From time to time, the Funds may make additional distributions.
For quarterly distributions, shareholders of record on the second to last business day of the quarter will receive the dividends. For annual distributions, shareholders of record on the second to last business day of the month will receive the dividends. At the beginning of each year, shareholders are provided with information detailing the tax status of any dividend the Funds have paid during the previous year. After every distribution, the value of a Fund share drops by the amount of the distribution.
Federal Income Taxes. This discussion only addresses the U.S. federal income tax consequences of an investment in a Fund for U.S. persons and does not address any foreign tax consequences or, except where specifically noted, any state or local tax consequences. For purposes of this discussion, U.S. persons are:
(i) U.S. citizens or residents;
(ii) U.S. corporations;
(iii) an estate whose income is subject to U.S. federal income taxation regardless of its source; or
(iv) a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, if the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.
This discussion does not address issues of significance to U.S. persons in special situations such as (i) certain types of tax-exempt organizations, (ii) shareholders holding shares through tax-advantaged accounts (such as 401(k) plan accounts or individual retirement accounts), (iii) shareholders holding investments through foreign institutions (financial and non-financial) or through foreign accounts, (iv) financial institutions or insurance companies, (v) broker-dealers, (vi) entities not organized under the laws of the United States or a political subdivision thereof, (vii) shareholders holding shares as part of a hedge, straddle or conversion transaction, (viii) shareholders who are subject to the U.S. federal alternative minimum tax or U.S. federal corporate alternative minimum tax, and (ix) insurance companies. If a partnership (including for this purpose any entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. For further information regarding the U.S. federal income tax consequences of an investment in a Fund, investors should see the SAI under “FEDERAL INCOME TAXES-Taxation of the Funds.”
Each Fund intends to meet all requirements under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Code”) necessary to qualify for treatment as a “regulated investment company” (“RIC”) and thus does not expect to pay any U.S. federal income tax on income and capital gains distributed to shareholders. The Funds also intend to meet certain distribution requirements so that they are not subject to U.S. federal income tax in general. The following discussion assumes that the Funds will qualify under Subchapter M of the Code as RICs and will satisfy such distribution requirements. There can be no guarantee that this assumption will be correct.
Taxation of Fund Distributions. For U.S. federal income tax purposes, shareholders of a Fund are generally subject to taxation based on the underlying character of the income and gain recognized by the Fund and distributed to the shareholders. Distributions of net capital gains that are properly designated by a Fund as capital gain dividends (“capital gain dividends”) will be taxable to shareholders as long-term capital gains.
Generally, distributions of earnings derived from ordinary income and short-term capital gains will be taxable as ordinary income. Certain distributions from a Fund may be “qualified dividend income;’ which will be taxed to individuals and other non-corporate shareholders at favorable rates applicable to long-term capital gains so long as certain holding period and other requirements are met. Corporate shareholders may be able to take a 50% dividends-received deduction for a portion of the dividends they receive from a Fund, to the extent such dividends are received by the Fund from a domestic corporation and to the extent a portion of interest paid or accrued on certain high yield discount obligations owned by the Fund are treated as dividends, subject to certain holding period requirements and debt financing limitations.
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A Fund may realize long-term capital gains when it sells or redeems a security that it has owned for more than one year and when it receives capital gain distributions from exchange-traded funds (“ETFs”) in which the Fund owns investments. A Fund may realize short-term capital gains from the sale of investments that the Fund owned for one year or less. A Fund may realize ordinary income from distributions from exchange traded funds, from foreign currency gains, from interest on indebtedness owned by the Fund, and from other sources.
Some of the Funds’ investments, such as certain option transactions, foreign currency contracts, certain futures transactions, may be “section 1256 contracts.” Section 1256 contracts owned by a Fund generally will be treated for income tax purposes as if sold for their fair market values (i.e., “marked to market”) on an annual basis, and resulting gains or losses generally will be treated as sixty percent long-term capital gains or losses and forty percent short-term capital gains or losses.
A Fund that invests in stock of a real estate investment trust (“REIT”) may be eligible to pay “section 199A dividends” to its shareholders with respect to qualified dividends received by it from its investment in REITs for taxable years beginning before 2026. Dividends that are eligible to be treated as section 199A dividends for a taxable year may not exceed the “qualified REIT dividends” received by the Fund from REITs for the year reduced by allocable expenses. Section 199A dividends may be taxed to individual and other noncorporate shareholders at a reduced effective federal income tax rate, provided that the shareholder receiving the dividends satisfies certain holding period requirements for the shareholder’s Fund shares and satisfies certain other conditions. For more information, see the discussion in the SAI under “FEDERAL INCOME TAXES-Special Tax Considerations – Real Estate Investment Trusts.”
Distributions of a Fund’s earnings are taxable whether a shareholder receives them in cash or reinvests them in additional shares. A dividend or distribution made shortly after a shareholder purchases shares of a Fund will be taxable even though such distribution is in effect a return of capital. This is sometimes referred to as buying a dividend. An investor can avoid this result by investing after a Fund has paid a dividend.
Sale or Redemption of Fund Shares. A shareholder who sells or redeems shares of a Fund generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the amount received in the sale or redemption (net of any applicable redemption fees) and the shareholder’s aggregate adjusted basis in the shares sold or redeemed.
Any capital gain or loss realized upon the sale or redemption of shares of a Fund is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as a short-term capital gain or loss if the shares have been held for one year or less. The deductibility of capital losses is subject to significant limitations. In certain situations, a loss on the sale or redemption of shares held for six months or less will be a long-term capital loss. For more information, see the SAI under “FEDERAL INCOME TAXES-Sale or Redemption of Shares.”
Any loss realized on a disposition of shares of a Fund may be disallowed under “wash sale” rules to the extent that the shares disposed of are replaced with other substantially identical shares of the same Fund within a period of 61 days beginning 30 days before the shares are disposed of, such as pursuant to a dividend reinvestment in shares of a Fund. Persons redeeming shares should consult their tax advisor with respect to whether the wash sale rules apply and when such a loss might be deductible.
Taxation of Certain Investments. The Funds may, at times, buy debt obligations that are newly issued at a discount from their stated redemption price at maturity. For U.S. federal income tax purposes, any original issue discount inherent in such investments will be included in a Fund’s ordinary income as such income accrues over the life of the instrument. Even though payment of that amount may not be received until a later time and will be subject to the risk of nonpayment, it will be distributed to shareholders as taxable dividends. The Funds may also buy debt obligations in the secondary market that are treated as having market discount. Generally, gain recognized on the disposition of such an investment is taxed as ordinary income for U.S. federal income tax purposes to the extent of the accrued market discount, but a Fund may elect instead to currently include the amount of market discount as ordinary income over the term of the investment. A Fund’s investments in certain mortgage-backed securities, asset-backed securities and derivatives may also cause the Fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund could be required at times to liquidate other investments in order to satisfy its distribution requirements, potentially increasing the amount of capital gain dividends made to shareholders.
A Fund’s investments in foreign securities may be subject to foreign withholding or other taxes, which would reduce a Fund’s yield on those securities. Shareholders generally will not be entitled to claim a foreign tax credit or deduction with respect to foreign taxes paid by a Fund. In addition, a Fund’s investments in foreign securities or foreign currencies may increase or accelerate the Fund’s recognition of ordinary income and may affect the timing or amount of the Fund’s distributions. For more information, see the SAI under “FEDERAL INCOME TAXES-Special Tax Considerations.”
Surtax on Net Investment Income. A 3.8% surtax applies to net investment income of individual taxpayers, and on the undistributed net investment income of certain trusts or estates, to the extent that a taxpayer’s gross income (as adjusted) exceeds certain amounts. Net investment income generally includes distributions paid by a Fund and capital gains from the sale or exchange of Fund shares. For information regarding the surtax on net investment income, see the SAI under “FEDERAL INCOME TAXES-Surtax on Net Investment Income.”
Backup Withholding. The Funds are required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder who does not furnish to a Fund certain information and certifications or who has been identified by the IRS as otherwise subject to backup withholding. The backup withholding tax rate is currently 24% for tax years beginning before 2026. For more information regarding backup withholding, see the SAI under “FEDERAL INCOME TAXES-Backup Withholding.”
For more information, see the SAI under “FEDERAL INCOME TAXES.” Investors should consult with their tax advisers regarding the U.S. federal, foreign, state and local tax consequences of an investment in the Funds.
Financial Highlights
The financial highlights table is intended to help you understand each Fund’s performance for the past five fiscal years. Certain information reflects financial results of a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). For the fiscal years ended December 31, 2022, December 31, 2021, September 30 2019 and September 30, 2018, for each Fund, this information has been audited by Cohen & Company, Ltd., the Funds’ independent registered public accounting firm, whose report, along with the Funds’ financial statements are included in the Annual Report and available upon request. The fiscal years or periods ended December 31, 2020 and September 30, 2020 were audited by other auditors.
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| Icon Equity Income Fund | ||||||||||||||||||||||||
| Institutional Shares(a) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 20.75 | $ | 18.89 | $ | 16.44 | $ | 18.00 | $ | 17.96 | $ | 17.61 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(b) | 0.60 | 0.42 | 0.12 | 0.43 | 0.50 | 0.53 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (3.36 | ) | 4.12 | 2.72 | (1.12 | ) | 0.09 | 0.38 | ||||||||||||||||
| Total from investment operations | (2.76 | ) | 4.54 | 2.84 | (0.69 | ) | 0.59 | 0.91 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.58 | ) | (0.43 | ) | (0.39 | ) | (0.58 | ) | (0.53 | ) | (0.56 | ) | ||||||||||||
| Distributions from capital gains | (1.58 | ) | (2.25 | ) | — | (0.29 | ) | (0.02 | ) | — | ||||||||||||||
| Total distributions | (2.16 | ) | (2.68 | ) | (0.39 | ) | (0.87 | ) | (0.55 | ) | (0.56 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 15.83 | $ | 20.75 | $ | 18.39 | $ | 16.44 | $ | 18.00 | $ | 17.96 | ||||||||||||
| Total return | (13.63 | )% | 24.14 | % | 17.25 | %(c) | (4.03 | )% | 3.45 | % | 5.19 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 41,821 | $ | 45,535 | $ | 44,345 | $ | 42,624 | $ | 51,853 | $ | 51,185 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.15 | % | 1.04 | % | 1.06 | %(d) | 1.30 | % | 1.21 | % | 1.16 | % | ||||||||||||
| After expense reimbursements(e) | 1.00 | % | 1.00 | % | 1.00 | %(d) | 1.05 | % | 0.99 | % | 0.99 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 3.11 | % | 1.87 | % | 2.66 | %(d) | 2.28 | % | 2.66 | % | 2.76 | % | ||||||||||||
| After expense reimbursements | 3.26 | % | 1.91 | % | 2.72 | %(d) | 2.53 | % | 2.88 | % | 2.93 | % | ||||||||||||
| Portfolio turnover | 78 | % | 25 | % | 7 | %(c) | 78 | % | 117 | % | 171 | % | ||||||||||||
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| Icon Equity Income Fund | ||||||||||||||||||||||||
| Investor Shares(f) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 20.73 | $ | 18.87 | $ | 16.42 | $ | 17.96 | $ | 17.92 | $ | 17.56 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(b) | 0.54 | 0.36 | 0.11 | 0.38 | 0.46 | 0.49 | ||||||||||||||||||
| Net gain/(loss) an securities (both realized and unrealized) | (3.34 | ) | 4.12 | 2.72 | (1.12 | ) | 0.08 | 0.38 | ||||||||||||||||
| Total from investment operations | (2.80 | ) | 4.48 | 2.83 | (0.74 | ) | 0.54 | 0.87 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.58 | ) | (0.37 | ) | (0.38 | ) | (0.51 | ) | (0.48 | ) | (0.51 | ) | ||||||||||||
| Distributions from capital gains | (1.58 | ) | (2.25 | ) | — | (0.29 | ) | (0.02 | ) | — | ||||||||||||||
| Total distributions | (2.16 | ) | (2.62 | ) | (0.38 | ) | (0.80 | ) | (0.50 | ) | (0.51 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 15.77 | $ | 20.73 | $ | 18.87 | $ | 16.42 | $ | 17.96 | $ | 17.92 | ||||||||||||
| Total return(g) | (13.81 | )% | 23.84 | % | 17.21 | %(c) | (4.33 | )% | 3.20 | % | 4.98 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 21,362 | $ | 37,994 | $ | 37,752 | $ | 37,563 | $ | 10,852 | $ | 10,685 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.42 | % | 1.29 | % | 1.31 | %(d) | 1.50 | % | 1.50 | % | 1.45 | % | ||||||||||||
| After expense reimbursements(e) | 1.26 | % | 1.25 | % | 1.25 | %(d) | 1.29 | % | 1.24 | % | 1.24 | % | ||||||||||||
| Ratio
of net investment income/(loss) to average net assets Before expense reimbursements |
2.74 | % | 1.62 | % | 2.41 | %(d) | 2.07 | % | 2.38 | % | 2.48 | % | ||||||||||||
| After expense reimbursements | 2.90 | % | 1.66 | % | 2.46 | %(d) | 2.29 | % | 2.64 | % | 2.69 | % | ||||||||||||
| Portfolio turnover | 78 | % | 25 | % | 7 | %(c) | 78 | % | 117 | % | 171 | % | ||||||||||||
| (a) | Formerly named ICON Equity Income Fund - Class S. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized. |
| (d) | Annualized. |
| (e) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (f) | Formerly named ICON Equity Income Fund - Class A |
| (g) | The total return calculation excludes any sales charges. |
| Icon Flexible Bond Fund | ||||||||||||||||||||||||
| Institutional Shares(a) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year
Ended September 30, 2018(b) |
||||||||||||||||||
| Net asset value, beginning of year | $ | 9.32 | $ | 9.39 | $ | 9.07 | $ | 9.36 | $ | 9.26 | $ | 9.43 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.45 | 0.42 | 0.10 | 0.40 | 0.36 | 0.36 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.97 | ) | (0.03 | ) | 0.31 | (0.28 | ) | 0.18 | (0.19 | ) | ||||||||||||||
| Total from investment operations | (0.52 | ) | 0.39 | 0.41 | 0.12 | 0.54 | 0.17 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.44 | ) | (0.46 | ) | (0.09 | ) | (0.41 | ) | (0.44 | ) | (0.34 | ) | ||||||||||||
| Distributions from return of capital(d) | — | — | — | — | — | — | ||||||||||||||||||
| Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
| Total distributions | (0.44 | ) | (0.46 | ) | (0.09 | ) | (0.41 | ) | (0.44 | ) | (0.34 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 8.36 | $ | 9.32 | $ | 9.39 | $ | 9.07 | $ | 9.36 | $ | 9.26 | ||||||||||||
| Total return | (5.63 | )% | 4.17 | % | 4.52 | %(e) | 1.32 | % | 6.02 | % | 1.89 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 150,090 | $ | 138,093 | $ | 131,094 | $ | 141,158 | $ | 143,633 | $ | 97,303 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 0.84 | % | 0.85 | % | 0.86 | %(f) | 1.01 | % | 0.96 | % | 0.92 | % | ||||||||||||
| After expense reimbursements(g) | 0.76 | % | 0.77 | % | 0.76 | %(f) | 0.80 | % | 0.75 | % | 0.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 5.10 | % | 4.32 | % | 4.38 | %(f) | 4.20 | % | 3.70 | % | 3.65 | % | ||||||||||||
| After expense reimbursements | 5.18 | % | 4.40 | % | 4.48 | %(f) | 4.41 | % | 3.91 | % | 3.82 | % | ||||||||||||
| Portfolio turnover | 157 | % | 262 | % | 29 | %(e) | 133 | % | 144 | % | 153 | % | ||||||||||||
38
| Icon Flexible Fund | ||||||||||||||||||||||||
| Investor Shares(h) |
Year
Ended |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018(b) |
||||||||||||||||||
| Net asset value, beginning of year | $ | 9.27 | $ | 9.33 | $ | 9.02 | $ | 9.31 | $ | 9.21 | $ | 9.39 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | 0.42 | 0.39 | 0.10 | 0.38 | 0.34 | 0.33 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.97 | ) | (0.01 | ) | 0.29 | (0.28 | ) | 0.18 | (0.19 | ) | ||||||||||||||
| Total from Investment operations | (0.55 | ) | 0.38 | 0.39 | 0.10 | 0.52 | 0.14 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.42 | ) | (0.44 | ) | (0.08 | ) | (0.39 | ) | (0.42 | ) | (0.32 | ) | ||||||||||||
| Distributions from return of capital(d) | — | — | — | — | — | — | ||||||||||||||||||
| Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
| Total distributions | (0.42 | ) | (0.44 | ) | (0.08 | ) | (0.39 | ) | (0.42 | ) | (0.32 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 8.30 | $ | 9.27 | $ | 9.33 | $ | 9.02 | $ | 9.31 | $ | 9.21 | ||||||||||||
| Total return(i) | (5.96 | )% | 4.06 | % | 4.36 | %(e) | 1.12 | % | 5.76 | % | 1.55 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 7,279 | $ | 9,318 | $ | 10,667 | $ | 10,661 | $ | 5,733 | $ | 3,685 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.10 | % | 1.10 | % | 1.11 | %(f) | 1.32 | % | 1.39 | % | 1.45 | % | ||||||||||||
| After expense reimbursements(g) | 1.01 | % | 1.02 | % | 1.01 | %(f) | 1.05 | % | 1.00 | % | 1.00 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 4.77 | % | 4.07 | % | 4.13 | %(f) | 3.90 | % | 3.29 | % | 3.13 | % | ||||||||||||
| After expense reimbursements | 4.86 | % | 4.15 | % | 4.23 | %(f) | 4.17 | % | 3.68 | % | 3.58 | % | ||||||||||||
| Portfolio turnover | 157 | % | 262 | % | 29 | %(e) | 133 | % | 144 | % | 153 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding. |
| (b) | Prior to January 23, 2018, the ICON Flexible Bond Fund was known as the ICON Bond Fund. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Less than .01 per share |
| (e) | Not annualized. |
| (f) | Annualized. |
| (g) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (h) | Formerly named ICON Flexible Bond Fund - Class A. |
| (i) | The total return calculation excludes any sales charges. |
| Icon Equity Fund(a) | ||||||||||||||||||||||||
| Institutional Shares(b) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 37.28 | $ | 33.57 | $ | 28.07 | $ | 26.83 | $ | 27.11 | $ | 25.13 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.07 | (0.07 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.06 | ) | |||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (6.61 | ) | 9.04 | 5.52 | 2.27 | 0.09 | 2.04 | |||||||||||||||||
| Total from investment operations | (6.54 | ) | 8.97 | 5.50 | 2.24 | 0.07 | 1.98 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.06 | ) | — | — | — | — | — | |||||||||||||||||
| Distributions from capital gains | (4.75 | ) | (5.26 | ) | — | (1.00 | ) | (0.35 | ) | — | ||||||||||||||
| Total distributions | (4.81 | ) | (5.26 | ) | — | (1.00 | ) | (0.35 | ) | — | ||||||||||||||
| Net asset value, end of year or period | $ | 25.93 | $ | 37.28 | $ | 33.57 | $ | 28.07 | $ | 26.83 | $ | 27.11 | ||||||||||||
| Total return | (18.11 | )% | 26.73 | % | 19.59 | %(f) | 8.27 | % | 0.56 | % | 7.88 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 42,057 | $ | 59,306 | $ | 49,362 | $ | 45,176 | $ | 12,764 | $ | 18,580 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.12 | % | 1.04 | % | 1.10 | %(d) | 1.35 | % | 1.53 | % | 1.38 | % | ||||||||||||
| After expense reimbursements(e) | 1.12 | % | 1.04 | % | 1.10 | %(d) | 1.22 | % | 1.25 | % | 1.25 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 0.22 | % | (0.17 | )% | (0.28 | )%(d) | (0.23 | )% | (0.36 | )% | (0.33 | )% | ||||||||||||
| After expense reimbursements | 0.22 | % | (0.17 | )% | (0.28 | )%(d) | (0.10 | )% | (0.08 | )% | (0.20 | )% | ||||||||||||
| Portfolio turnover | 17 | % | 24 | % | 14 | %(f) | 65 | % | 31 | % | 36 | % | ||||||||||||
39
| Icon Equity Fund(a) | ||||||||||||||||||||||||
| Investor Shares(g) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 35.37 | $ | 32.14 | $ | 26.89 | $ | 25.81 | $ | 26.16 | $ | 24.33 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | (0.01 | ) | (0.16 | ) | (0.04 | ) | (0.09 | ) | (0.09 | ) | (0.14 | ) | ||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (6.26 | ) | 8.65 | 5.29 | 2.17 | 0.09 | 1.97 | |||||||||||||||||
| Total from investment operations | (6.27 | ) | 8.49 | 5.25 | 2.08 | — | 1.83 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Distributions from capital gains | (4.75 | ) | (5.26 | ) | — | (1.00 | ) | (0.35 | ) | — | ||||||||||||||
| Total distributions | (4.75 | ) | (5.26 | ) | — | (1.00 | ) | (0.35 | ) | — | ||||||||||||||
| Net asset value, end of year or period | $ | 24.35 | $ | 35.37 | $ | 32.14 | $ | 26.89 | $ | 25.81 | $ | 26.16 | ||||||||||||
| Total return(h) | (18.34 | )% | 26.42 | % | 19.52 | %(f) | 7.97 | % | 0.31 | % | 7.52 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 16,162 | $ | 22,689 | $ | 20,910 | $ | 19,080 | $ | 4,894 | $ | 5,351 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.37 | % | 1.29 | % | 1.35 | %(d) | 1.67 | % | 2.08 | % | 1.83 | % | ||||||||||||
| After expense reimbursements(e) | 1.37 | % | 1.29 | % | 1.35 | %(d) | 1.46 | % | 1.55 | % | 1.55 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | (0.03 | )% | (0.43 | )% | (0.52 | )%(d) | (0.54 | )% | (0.92 | )% | (0.80 | )% | ||||||||||||
| After expense reimbursements | (0.03 | )% | (0.43 | )% | (0.52 | )%(d) | (0.34 | )% | (0.39 | )% | (0.52 | )% | ||||||||||||
| Portfolio turnover | 17 | % | 24 | % | 14 | %(f) | 65 | % | 31 | % | 36 | % | ||||||||||||
| (a) | Formerly named ICON Long/Short Fund. |
| (b) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Long/Short Fund - Class S. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Annualized. |
| (e) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (f) | Not annualized. |
| (g) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Long/Short Fund - Class A. |
| (h) | The total return calculation excludes and sales charge. |
| Icon Consumer Select Fund(a) | ||||||||||||||||||||||||
| Institutional Shares(b) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 12.06 | $ | 10.90 | $ | 9.46 | $ | 10.75 | $ | 10.97 | $ | 9.95 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | (0.01 | ) | (0.06 | ) | (0.01 | ) | 0.03 | 0.08 | 0.05 | |||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (1.22 | ) | 2.54 | 1.45 | (1.09 | ) | (0.23 | ) | 0.99 | |||||||||||||||
| Total from investment operations | (1.23 | ) | 2.48 | 1.44 | (1.06 | ) | (0.15 | ) | 1.04 | |||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | — | — | — | (0.08 | ) | (0.07 | ) | (0.02 | ) | |||||||||||||||
| Distributions from capital gains | (1.63 | ) | (1.32 | ) | — | (0.15 | ) | — | — | |||||||||||||||
| Total distributions | (1.63 | ) | (1.32 | ) | — | (0.23 | ) | (0.07 | ) | (0.02 | ) | |||||||||||||
| Net asset value, end of year or period | $ | 9.20 | $ | 12.06 | $ | 10.90 | $ | 9.46 | $ | 10.75 | $ | 10.97 | ||||||||||||
| Total return | (10.56 | )% | 22.80 | % | 15.22 | %(d) | (10.29 | )% | (1.26 | )% | 10.48 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 44,014 | $ | 60,747 | $ | 53,198 | $ | 48,832 | $ | 34,578 | $ | 43,500 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.33 | % | 1.32 | % | 1.32 | %(e) | 1.56 | % | 1.54 | % | 1.44 | % | ||||||||||||
| After expense reimbursements(f) | 1.33 | % | 1.32 | % | 1.32 | %(e) | 1.52 | % | 1.50 | % | 1.44 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | (0.13 | )% | (0.48 | )% | (0.48 | )%(e) | 0.28 | % | 0.77 | % | 0.41 | % | ||||||||||||
| After expense reimbursements | (0.13 | )% | (0.48 | )% | (0.48 | )%(e) | 0.33 | % | 0.81 | % | 0.41 | % | ||||||||||||
| Portfolio turnover | 40 | % | 40 | % | 14 | %(d) | 82 | % | 28 | % | 44 | % | ||||||||||||
40
| Icon Consumer Select Fund(a) | ||||||||||||||||||||||||
| Investor Shares(g) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 11.98 | $ | 10.87 | $ | 9.44 | $ | 10.74 | $ | 10.98 | $ | 9.99 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | (0.04 | ) | (0.09 | ) | (0.02 | ) | — | 0.06 | 0.01 | |||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (1.21 | ) | 2.52 | 1.45 | (1.08 | ) | (0.24 | ) | 0.99 | |||||||||||||||
| Total from investment operations | (1.25 | ) | 2.43 | 1.43 | (1.08 | ) | (0.18 | ) | 1.00 | |||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | — | — | — | (0.07 | ) | (0.06 | ) | (0.01 | ) | |||||||||||||||
| Distributions from capital gains | (1.63 | ) | (1.32 | ) | — | (0.15 | ) | — | — | |||||||||||||||
| Total distributions | (1.63 | ) | (1.32 | ) | — | (0.22 | ) | (0.06 | ) | (0.01 | ) | |||||||||||||
| Net asset value, end of year or period | $ | 9.10 | $ | 11.98 | $ | 10.87 | $ | 9.44 | $ | 10.74 | $ | 10.98 | ||||||||||||
| Total return(h) | (10.81 | )% | 22.40 | % | 15.15 | %(d) | (10.46 | )% | (1.51 | )% | 10.04 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 1,971 | $ | 2,486 | $ | 2,376 | $ | 2,484 | $ | 1,487 | $ | 1,512 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.57 | % | 1.58 | % | 1.57 | %(e) | 2.17 | % | 2.24 | % | 1.98 | % | ||||||||||||
| After expense reimbursements(f) | 1.57 | % | 1.58 | % | 1.57 | %(e) | 1.80 | % | 1.75 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | (0.36 | )% | (0.73 | )% | (0.68 | )%(e) | (0.41 | )% | 0.06 | % | (0.13 | )% | ||||||||||||
| After expense reimbursements | (0.36 | )% | (0.73 | )% | (0.68 | )%(e) | (0.05 | )% | 0.55 | % | 0.10 | % | ||||||||||||
| Portfolio turnover | 40 | % | 40 | % | 14 | %(d) | 82 | % | 28 | % | 44 | % | ||||||||||||
| (a) | Formerly Named ICON Financials Fund. |
| (b) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Financials Fund - Class S. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (g) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Financials Fund - Class A |
| (h) | The total return calculation excludes and sales charge. |
| Icon Natural Resources And Infrastructure Fund(a) | ||||||||||||||||||||||||
| Institutional Shares(b) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 17.74 | $ | 13.76 | $ | 11.78 | $ | 12.49 | $ | 16.45 | $ | 15.32 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.17 | 0.20 | 0.02 | 0.08 | 0.19 | 0.31 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.04 | ) | 4.01 | 2.00 | (0.59 | ) | (1.80 | ) | 1.01 | |||||||||||||||
| Total from investment operations | 0.13 | 4.21 | 2.02 | (0.51 | ) | (1.61 | ) | 1.32 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.19 | ) | (0.23 | ) | (0.04 | ) | (0.20 | ) | (0.33 | ) | — | |||||||||||||
| Distributions from capital gains | (1.59 | ) | — | — | — | (2.02 | ) | (0.19 | ) | |||||||||||||||
| Total distributions | (1.78 | ) | (0.23 | ) | (0.04 | ) | (0.20 | ) | (2.02 | ) | (0.19 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 16.09 | $ | 17.74 | $ | 13.76 | $ | 11.78 | $ | 12.49 | $ | 16.45 | ||||||||||||
| Total return | 0.38 | % | 30.62 | % | 17.18 | %(d) | (4.21 | )% | (7.63 | )% | 8.68 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 107,544 | $ | 122,465 | $ | 104,241 | $ | 98,786 | $ | 55,353 | $ | 76,916 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.31 | % | 1.28 | % | 1.35 | %(e) | 1.58 | % | 1.70 | % | 1.58 | % | ||||||||||||
| After expense reimbursements(f) | 1.31 | % | 1.28 | % | 1.35 | %(e) | 1.48 | % | 1.50 | % | 1.50 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 0.98 | % | 1.20 | % | 0.55 | %(e) | 0.58 | % | 1.33 | % | 1.86 | % | ||||||||||||
| After expense reimbursements | 0.98 | % | 1.20 | % | 0.55 | %(e) | 0.68 | % | 1.53 | % | 1.94 | % | ||||||||||||
| Portfolio turnover | 149 | % | 94 | % | 22 | %(d) | 133 | % | 111 | % | 117 | % | ||||||||||||
41
| Icon Natural Resources and Infrastructure Fund(a) | ||||||||||||||||||||||||
| Investor Shares(g) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 17.52 | $ | 13.57 | $ | 11.64 | $ | 12.36 | $ | 16.25 | $ | 15.17 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.13 | 0.17 | 0.01 | 0.05 | 0.16 | 0.29 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.05 | ) | 3.96 | 1.97 | (0.57 | ) | (1.78 | ) | 0.98 | |||||||||||||||
| Total from investment operations | 0.08 | 4.13 | 1.98 | (0.52 | ) | (1.62 | ) | 1.27 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.15 | ) | (0.18 | ) | (0.04 | ) | (0.20 | ) | (1.62 | ) | — | |||||||||||||
| Distributions from capital gains | (1.59 | ) | — | — | — | (2.02 | ) | (0.19 | ) | |||||||||||||||
| Total distributions | (1.74 | ) | (0.18 | ) | (0.04 | ) | (0.20 | ) | (2.27 | ) | (0.19 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 15.86 | $ | 17.52 | $ | 13.57 | $ | 11.64 | $ | 12.36 | $ | 16.25 | ||||||||||||
| Total return(h) | 0.09 | % | 30.41 | % | 16.96 | %(d) | (4.40 | )% | (7.92 | )% | 8.43 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 6,102 | $ | 6,888 | $ | 5,658 | $ | 5,001 | $ | 2,733 | 4,231 | |||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.56 | % | 1.52 | % | 1.60 | %(e) | 2.10 | % | 2.19 | % | 1.86 | % | ||||||||||||
| After expense reimbursements(f) | 1.56 | % | 1.52 | % | 1.60 | %(e) | 1.75 | % | 1.75 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 0.73 | % | 1.00 | % | 0.30 | %(e) | 0.05 | % | 0.85 | % | 1.71 | % | ||||||||||||
| After expense reimbursements | 0.73 | % | 1.00 | % | 0.30 | %(e) | 0.40 | % | 1.29 | % | 1.82 | % | ||||||||||||
| Portfolio turnover | 149 | % | 94 | % | 22 | %(d) | 133 | % | 111 | % | 117 | % | ||||||||||||
| (a) | Formerly named ICON Natural Resources Fund. |
| (b) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Natural Resources Fund - Class S. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annulaized. |
| (e) | Annualized. |
| (f) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (g) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Natural Resources Fund - Class A. |
| (h) | The total return calculation excludes any sales charges. |
| Icon Health & Information Technology Fund(a) | ||||||||||||||||||||||||
| Institutional Shares(b) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 21.65 | $ | 21.45 | $ | 18.75 | $ | 15.46 | $ | 17.19 | $ | 19.14 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | (0.05 | ) | (0.14 | ) | (0.03 | ) | (0.09) | (0.04 | ) | (0.10 | ) | |||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (4.18 | ) | 3.94 | 3.47 | 4.10 | 0.35 | 2.09 | |||||||||||||||||
| Total from investment operations | (4.23 | ) | 3.80 | 3.44 | 4.01 | 0.31 | 1.99 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | — | — | — | — | — | (0.08 | ) | |||||||||||||||||
| Distributions from capital gains | (2.76 | ) | (3.60 | ) | (0.74 | ) | (0.72 | ) | (2.04 | ) | (3.86 | ) | ||||||||||||
| Total distributions | (2.76 | ) | (3.60 | ) | (0.74 | ) | (0.72 | ) | (2.04 | ) | (3.94 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 14.66 | $ | 21.65 | $ | 21.45 | $ | 18.75 | $ | 15.46 | $ | 17.19 | ||||||||||||
| Total return | (19.87 | )%(d) | 17.71 | %(d) | 18.59 | % | 26.59 | % | 5.12 | % | 11.82 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 90,742 | $ | 126,017 | $ | 125,057 | $ | 109,169 | $ | 54,263 | $ | 61,474 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.26 | %(e) | 1.25 | %(e) | 1.29 | %(d) | 1.46 | % | 1.49 | % | 1.41 | % | ||||||||||||
| After expense reimbursements(f) | 1.26 | %(e) | 1.25 | %(e) | 1.29 | %(d) | 1.46 | % | 1.49 | % | 1.41 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | (0.30 | )%(e) | (0.60 | )%(e) | (0.53 | )%(d) | (0.54 | )% | (0.25 | )% | (0.60 | )% | ||||||||||||
| After expense reimbursements | (0.30 | )%(e) | (0.60 | )%(e) | (0.53 | )%(d) | (0.54 | )% | (0.25 | )% | (0.60 | )% | ||||||||||||
| Portfolio turnover | 39 | %(d) | 33 | %(d) | 13 | %(f) | 67 | % | 92 | % | 98 | % | ||||||||||||
42
| Icon Health & Information Technology Fund(a) | ||||||||||||||||||||||||
| Investor Shares(g) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 20.24 | $ | 20.31 | $ | 17.80 | $ | 14.74 | $ | 16.55 | $ | 18.55 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | (0.09 | ) | (0.19 | ) | (0.04 | ) | (0.13 | ) | (0.07 | ) | (0.16 | ) | ||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (3.90 | ) | 3.72 | 3.29 | 3.91 | 0.30 | 2.02 | |||||||||||||||||
| Total from investment operations | (3.99 | ) | 3.53 | 3.25 | 3.78 | 0.23 | 1.86 | |||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | — | — | — | — | — | (0.00 | )(h) | |||||||||||||||||
| Distributions from capital gains | (2.76 | ) | (3.60 | ) | (0.74 | ) | (0.72 | ) | (2.04 | ) | (3.86 | ) | ||||||||||||
| Total distributions | (2.76 | ) | (3.60 | ) | (0.74 | ) | (0.72 | ) | (2.04 | ) | (3.86 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 13.49 | $ | 20.24 | $ | 20.31 | $ | 17.80 | $ | 14.74 | $ | 16.55 | ||||||||||||
| Total return(f) | (20.07 | )% | 17.37 | % | 18.52 | %(d) | 26.31 | % | 4.79 | % | 11.43 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 1,833 | $ | 3,125 | $ | 3,199 | $ | 2,948 | $ | 1,463 | $ | 2,101 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.52 | % | 1.50 | % | 1.54 | %(e) | 2.13 | % | 2.30 | % | 2.00 | % | ||||||||||||
| After expense reimbursements(f) | 1.52 | % | 1.50 | % | 1.54 | %(e) | 1.76 | % | 1.75 | % | 1.75 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | (0.57 | )% | (0.84 | )% | (0.76 | )%(e) | (1.21 | )% | (1.05 | )% | (1.20 | )% | ||||||||||||
| After expense reimbursements | (0.57 | )% | (0.84 | )% | (0.76 | )%(e) | (0.83 | )% | (0.50 | )% | (0.95 | )% | ||||||||||||
| Portfolio turnover | 39 | % | 33 | % | 13 | %(d) | 67 | % | 92 | % | 98 | % | ||||||||||||
| (a) | Formerly named ICON Information Technology Fund. |
| (b) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Information Technology Fund - Class S. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, taxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (g) | Information prior to the reorganization date of July 10, 2020 is that of the accounting and performance survior, ICON Information Technology Fund - Class A. |
| (h) | Amount less than $(0.005). |
| (i) | The total return calculation excludes any sales charges. |
| Icon Utilities and Income Fund(a) | ||||||||||||||||||||||||
| Institutional Shares(b) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 10.80 | $ | 9.56 | $ | 8.99 | $ | 10.25 | $ | 8.85 | $ | 9.29 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.20 | 0.22 | 0.05 | 0.18 | 0.26 | 0.28 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.32 | ) | 1.82 | 0.97 | (0.91 | ) | 1.45 | 0.07 | ||||||||||||||||
| Total from investment operations | (0.12 | ) | 2.04 | 1.02 | (0.73 | ) | 1.71 | 0.35 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.20 | ) | (0.21 | ) | (0.05 | ) | (0.20 | ) | (0.26 | ) | (0.31 | ) | ||||||||||||
| Distributions from capital gains | (0.69 | ) | (0.59 | ) | (0.40 | ) | (0.33 | ) | (0.05 | ) | (0.48 | ) | ||||||||||||
| Total distributions | (0.89 | ) | (0.80 | ) | (0.45 | ) | (0.53 | ) | (0.31 | ) | (0.79 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 9.79 | $ | 10.80 | $ | 9.56 | $ | 8.99 | $ | 10.25 | $ | 8.85 | ||||||||||||
| Total return | (1.15 | )% | 21.51 | % | 11.42 | %(d) | (7.35 | )% | 19.76 | % | 4.17 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year or period (000s) | $ | 30,209 | $ | 40,208 | $ | 25,430 | $ | 25,038 | $ | 46,006 | $ | 30,883 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.41 | % | 1.39 | % | 1.47 | %(e) | 1.63 | % | 1.57 | % | 1.60 | % | ||||||||||||
| After expense reimbursements(f) | 1.23 | % | 1.23 | % | 1.23 | %(e) | 1.28 | % | 1.22 | % | 1.22 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 1.72 | % | 1.89 | % | 1.87 | %(e) | 1.62 | % | 2.38 | % | 2.82 | % | ||||||||||||
| After expense reimbursements | 1.89 | % | 2.06 | % | 2.11 | %(e) | 1.96 | % | 2.73 | % | 3.20 | % | ||||||||||||
| Portfolio turnover | 28 | % | 33 | % | 3 | %(d) | 24 | % | 144 | % | 156 | % | ||||||||||||
43
| Icon Utilities and Income Fund(a) | ||||||||||||||||||||||||
| Investor Shares(g) | Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Period Ended December 31, 2020 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
Year Ended September 30, 2018 |
||||||||||||||||||
| Net asset value, beginning of year | $ | 10.58 | $ | 9.38 | $ | 8.83 | $ | 10.07 | $ | 8.70 | $ | 9.14 | ||||||||||||
| INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
| Net investment income/(loss)(c) | 0.18 | 0.19 | 0.04 | 0.16 | 0.23 | 0.25 | ||||||||||||||||||
| Net gain/(loss) on securities (both realized and unrealized) | (0.31 | ) | 1.79 | 0.96 | (0.91 | ) | 1.43 | 0.08 | ||||||||||||||||
| Total from investment operations | (0.13 | ) | 1.98 | 1.00 | (0.75 | ) | 1.66 | 0.33 | ||||||||||||||||
| LESS DISTRIBUTIONS | ||||||||||||||||||||||||
| Dividends from net investment income | (0.18 | ) | (0.19 | ) | (0.05 | ) | (0.16 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||
| Distributions from Capital gains | (0.69 | ) | (0.69 | ) | (0.40 | ) | (0.33 | ) | (0,05 | ) | (0.48 | ) | ||||||||||||
| Total distributions | (0.87 | ) | (0.78 | ) | (0.45 | ) | (0.49 | ) | (0.29 | ) | (0.77 | ) | ||||||||||||
| Net asset value, end of year or period | $ | 9.58 | $ | 10.58 | $ | 9.38 | $ | 3.83 | $ | 10,07 | $ | 8.70 | ||||||||||||
| Total return(h) | (1.34 | )% | 21.24 | % | 11.33 | %(d) | (7.69 | )% | 19.47 | % | 3.97 | % | ||||||||||||
| RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
| Net assets, end of year (000s) | $ | 5,464 | $ | 6,152 | $ | 4,925 | $ | 4,797 | $ | 6,502 | $ | 5,540 | ||||||||||||
| Ratio of expenses to average net assets: | ||||||||||||||||||||||||
| Before expense reimbursements | 1.65 | % | 1.65 | % | 1.72 | %(e) | 1.83 | % | 1.77 | % | 1.73 | % | ||||||||||||
| After expense reimbursements(f) | 1.48 | % | 1.48 | % | 1.48 | %(e) | 1.53 | % | 1.47 | % | 1.47 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | ||||||||||||||||||||||||
| Before expense reimbursements | 1.53 | % | 1.63 | % | 1.65 | %(e) | 1.45 | % | 2.20 | % | 2.62 | % | ||||||||||||
| After expense reimbursements | 1.70 | % | 1.80 | % | 1.89 | %(e) | 1.75 | % | 2.50 | % | 2.88 | % | ||||||||||||
| Portfolio turnover | 28 | % | 33 | % | 3 | %(d) | 24 | % | 144 | % | 156 | % | ||||||||||||
| (a) | Formerly named ICON Utilities Fund. |
| (b) | Formerly named ICON Utilities Fund - Class S. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Effective for the year ended September 30, 2020, excluding acquired fund fees and expenses, certain compliance costs, interest and broker expenses relating to investment strategies, Laxes, and extraordinary expenses such as litigation or merger and reorganization expenses, for example. |
| (g) | Formerly named ICON Utilities Fund - Class A. |
| (h) | The total return calculation excludes any sales charges. |
For Further Information
This Prospectus contains important information on the Fund and should be read and kept for future reference. You can also get more information from the following sources:
Annual and Semi-Annual Reports
Additional information about the Funds’ investments is available in the Funds’ annual and semi-annual reports to shareholders. Annual and semi-annual reports are automatically made available to all shareholders without charge. In the Annual Report, you will find a discussion of market conditions and investment strategies that significantly affected the Predecessor Funds’ performance during their most recent fiscal year. The December 31, 2022 Annual Report of the Funds is incorporated by reference into this Prospectus, making it a legal part of the Prospectus.
Statement of Additional Information
The SAI includes more details about each Fund, including a detailed discussion of the risks associated with the various investments. The SAI is incorporated by reference into this Prospectus, making it a legal part of the Prospectus. You may obtain a copy of these documents free of charge by calling the Fund at (800) 764-0442, or by accessing the Fund’s website at www.iconfunds.com. These reports and other information about the Fund are also available on the EDGAR Database on the SEC’s website at http://www.sec.gov; copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: [email protected].
44
Notice of Privacy Policy (Rev. 9/18/2019)
| FACTS | WHAT DO SHELTON CAPITAL MANAGEMENT AND SCM TRUST DO WITH YOUR PERSONAL INFORMATION? | |||
| WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |||
| WHAT? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number and account transactions ● Account balances and transaction history ● Wire transfer instructions | |||
| HOW? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing. | |||
| REASONS WE CAN SHARE YOUR PERSONAL INFORMATION | DO WE SHARE: | CAN YOU LIMIT THIS SHARING? | ||
| For our everyday business purpose - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
| For our marketing purposes - to offer our products and services to you | No | We do not share. | ||
| For joint marketing with other financial companies | No | We do not share. | ||
| For our affiliates’ everyday business purposes - information about your transactions and experiences | Yes | No | ||
| For our affiliates’ everyday business purposes - information about your creditworthiness | No | We do not share. | ||
| For non-affiliates to market to you | No | We do not share. | ||
| WHO WE ARE | |
| Who is providing this notice? | Shelton Capital Management |
| WHAT WE DO | |
| How does Shelton Capital Management protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Shelton Capital Management collect my personal information? |
We collect your personal information, for example, when you ● open an account ● provide account information or give us your contact information ● make a wire transfer or deposit money |
| Why can’t I limit all sharing? |
Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes-information about your creditworthiness ● affiliates from using your information to market to you ● sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. [See below for more on your rights under state law.] |
| DEFINITIONS | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| Non-affiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Shelton Capital Management does not share with non-affiliates so they can market to you. |
| Joint marketing |
A formal agreement between non-affiliated financial companies that together market financial products or services to you. ● Shelton Capital Management does not jointly market. |
| OTHER IMPORTANT INFORMATION | |
| California Residents | If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us. |
Use of Email Addresses:
If you have requested information regarding Shelton Capital Management products and services and supplied your email address to us, we may occasionally send you follow-up communications or information on additional products or services. Additionally, registered clients can subscribe to the following email services:
| ● | Prospectus and Shareholder Reports- Receive prospectuses and shareholder reports online instead of by U.S. Mail. | |
| ● | Paperless Statements- Receive an e-mail with a link to our Website informing you that our investor statements are available online to view, print or download. | |
| ● | Tax Form Alerts- Receive an e-mail in early January informing you if you will receive tax forms for your taxable Shelton mutual funds, including the approximate date they will be mailed. | |
We also include instructions and links for unsubscribing from Shelton Capital Management emails. We do not sell email addresses to anyone, although we may disclose email addresses to third parties that perform administrative or marketing services for us. We may track receipt of emails to gauge the effectiveness of our communications.
45
You can now sign up for electronic delivery of SCM Trust shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at (800) 764-0442.
46
(800)
764-0442 ●
WWW.ICONFUNDS.COM
SCM Trust Investment Company Act file no. 811-05617
47