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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay when 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. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zl6W7PCMyOe1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zyHt5g8RsyQ1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000054578Member_zNU41X0mOfV8">Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td> <td colspan="3" id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000174064Member_z0FdvEikKbP5" style="text-align: center">DEBIX</td> <td> </td> <td colspan="3" id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000171442Member_z8SLwtD4lCM" style="text-align: center">DEBTX</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zup0fnsDEku7" style="vertical-align: bottom"> <td style="width: 78%">Management Fees</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">0.74</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">0.74</td> <td style="width: 1%">%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zl4XRvHkG7pk" style="vertical-align: bottom"> <td>Distribution (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zriLECZwhdW7" style="vertical-align: bottom"> <td>Total Other Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.39</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.39</td> <td>%</td></tr> <tr id="xdx_40D_eoef--Component1OtherExpensesOverAssets_dp_zbZDA8Y3DPuj" style="vertical-align: bottom"> <td> Other Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.39</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.39</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--Component2OtherExpensesOverAssets_dpn_zja3kmxyXgJh" style="vertical-align: bottom"> <td style="padding-left: 8.65pt">Shareholder Service Fees</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_z4XYW5W577t7" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td> </td> <td style="text-align: right">1.13</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.38</td> <td>%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp_zjJTTITYlw35" style="vertical-align: bottom"> <td>Expense Reimbursement(1)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.39</td> <td style="border-bottom: black 1pt solid">)%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.39</td> <td style="border-bottom: black 1pt solid">)%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dp_znmT64fCncy9" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses After Expense Reimbursement</td> <td> </td> <td> </td> <td style="text-align: right">0.74</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.99</td> <td>%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td id="xdx_F15_z023mjMbMpp9" style="text-align: justify">The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.73% and 0.98%, for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees.</td></tr></table> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0 0.0025 0.0039 0.0039 0.0039 0.0039 0 0 0.0113 0.0138 -0.0039 -0.0039 0.0074 0.0099 May 1, 2027 May 1, 2027 Example of 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 that 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. This 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYs2V5oFbqbc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z7habNsMLxpi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; width: 20%"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zGXq8iBL5kIi" style="border-bottom: black 1pt solid; width: 20%">1 year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zjH2L42qIRTl" style="border-bottom: black 1pt solid; width: 20%">3 years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zrFHE2iW1wnk" style="border-bottom: black 1pt solid; width: 20%">5 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zGwIzc4MTctg" style="border-bottom: black 1pt solid; width: 20%">10 years</td></tr> <tr id="xdx_411_20260430__20260430__oef--ClassAxis__custom--C000174064Member_zzX9lySC0Nf" style="vertical-align: top"> <td>DEBIX</td> <td>$76</td> <td>$320</td> <td>$585</td> <td>$1,340</td></tr> <tr id="xdx_411_20260430__20260430__oef--ClassAxis__custom--C000171442Member_z4KvOYtHAqr4" style="vertical-align: top"> <td>DEBTX</td> <td>$101</td> <td>$399</td> <td>$718</td> <td>$1,624</td></tr> </table> 76 320 585 1340 101 399 718 1624 Portfolio Turnover 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 shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example of Expenses, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the portfolio turnover rate was 107% of the average value of its portfolio. 1.07 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in various credit-related instruments. “Credit-related instruments” are debt securities, instruments and obligations of U.S. and non-U.S. governments, non-governmental and corporate entities and issuers, and include (i) debt issued by or on behalf of states, territories, and possessions of the United States, (ii) U.S. and non-U.S. corporate bonds, notes and other debentures, (iii) securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored entities, (iv) sovereign debt, including emerging markets debt (v) zero coupon securities, (vi) collateralized debt and loan obligations, (vii) senior secured floating rate and fixed rate loans or debt, (viii) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and (ix) derivatives with similar economic characteristics. The Fund may invest up to 100% of its net assets in any one of the categories of instruments included in the preceding sentence. The Fund may invest its total assets, including borrowings for investment purposes and proceeds from short selling, if any, without restriction in debt securities of any maturity and credit quality, including securities that are rated at the time of investment below investment grade (that is, securities rated below the Baa3/BBB- categories by nationally recognized securities rating organizations or, if unrated, determined to be of comparable quality by Shelton), commonly referred to as “junk bonds.” The Fund is managed as a total return fund, employing a “credit long/short” investment strategy. Shelton makes assessments across the fixed income markets that include analyses of asset classes, economic sectors, individual credits, and security selection in order to identify undervalued securities and overlooked market opportunities, as well as to attempt to take advantage of certain arbitrage opportunities. The Fund’s short positions may equal up to 100% of the Fund’s net asset value. The Fund may take short positions in U.S. Treasuries, treasury futures, corporate bonds, credit default and/or interest rate swaps, exchange-traded funds (“ETFs”), non-U.S. bonds, equities and equity-related instruments, and options. The Fund’s investment strategy involves active and frequent trading. The Fund may also engage in borrowing for cash management purposes or for investment purposes, in order to increase its holdings of portfolio securities and/or to collateralize short sale positions. The Fund may use ETFs and derivatives, such as options, futures contracts, forward currency contracts and swap agreements (including, but not limited to, interest rate swaps, credit default swaps and total return swaps), both for hedging purposes and to seek investment returns consistent with the Fund’s investment objective. Under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in various credit-related instruments. Risk is inherent in all investing and you could lose money by investing in the Fund. Market Risk. Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. The Fund invests in stock markets primarily outside the U.S. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, investment in this Fund would lose money. Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund’s investments. These risks are greater during periods of rising inflation. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. High Yield (“Junk”) Bond Risk. High yield bonds are debt securities rated below investment grade (often called “junk bonds”). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. Prepayment or Call Risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the Fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Fund may also lose any premium it paid on the security. Borrowing Risk. Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. Collateralized Debt Obligations Risk. Collateralized debt obligations are subject to credit, interest rate, valuation, prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. Currency Risk. The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. Dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. Extension Risk. If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. Consumer Sector Risk. The Fund may concentrate durable and non-durable sectors. Because of this, the Fund’s performance may depend to a greater extent on the overall condition of the consumer sectors. Companies engaged in the consumer sector are subject to fluctuations in supply and demand. These companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, supply chain disruptions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations. Derivatives Risk. Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include futures, options, swaps and forward contracts. Using derivatives can have a leveraging effect and increase fund volatility. Derivatives transactions can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. However, additional risks are associated with derivatives trading that are possibly greater than the risks associated with investing directly in the underlying instruments. These additional risks include, but are not limited to, illiquidity risk, and counterparty credit risk. For derivatives that are required to be cleared by a regulated clearinghouse, other risks may arise from the Fund’s relationship with a brokerage firm through which it submits derivatives trades for clearing, including in some cases from other clearing customers of the brokerage firm. Call and Put Options Risk. The Fund’s option strategy may limit the upside performance of any position for which a call is sold and may increase costs when puts are purchased. When selling a call, the Fund is effectively selling upside stock performance in exchange for immediate cash flow. In markets where a stock position goes up dramatically, this could cause the Fund to under-perform its benchmark and the equity markets in general. When buying a put, the Fund is spending a premium to protect the downward movement of the value of a position in the Fund’s portfolio. In the event the value of the position went up during the life of the put option, the option would expire without value and the Fund will have lost the premium paid. Non-U.S. Investment Risk. Securities of non-U.S. issuers (including ADRs and other securities that represent interests in a non-U.S. issuer’s securities) may be less liquid, more volatile, and harder to value than U.S. securities. Non-U.S. issuers may be subject to political, economic, or market instability, or unfavorable government action in their local jurisdictions or economic sanctions or other restrictions imposed by U.S. or foreign regulators. There may be less information publicly available about non-U.S. issuers and their securities and those issuers may be subject to lower levels of government regulation and oversight. These risks may be higher when investing in emerging market issuers. Certain of these elevated risks may also apply to securities of U.S. issuers with significant non-U.S. operations. Foreign Sovereign Risk. Foreign governments rely on taxes and other revenue sources to pay interest and principal on their debt obligations. The payment of principal and interest on these obligations may be adversely affected by a variety of factors, including economic results within the foreign country, changes in interest and exchange rates, changes in debt ratings, changing political sentiments, legislation, policy changes, a limited tax base or limited revenue sources, natural disasters, or other economic or credit problems. Leveraging Risk. Certain Fund transactions, including entering into futures contracts and taking short positions in financial instruments, may give rise to a form of leverage. Leverage can magnify the effects of changes in the value of the Fund’s investments and make the Fund more volatile. Leverage creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had, potentially resulting in the loss of all assets. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. Liquidity Risk. The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. In addition, the reduction in dealer market-making capacity in the fixed income markets that has occurred in recent years has the potential to decrease the liquidity of the Fund’s investments. Illiquid assets may also be difficult to value. Short Sales Risk. In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase. Shorting options or futures may have an imperfect correlation to the assets held by the Fund and may not adequately protect against losses in or may result in greater losses for the Fund’s portfolio. Sector Concentration Risk. The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. ETF Investment 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. Manager Risk. Shelton Capital Management’s 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. Shelton Capital Management may not make timely purchases or sales of securities for the Fund. Portfolio Turnover Risk. The risk that high portfolio turnover is likely to lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover also is likely to result in higher short-term capital gains taxable to shareholders. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.sheltoncap.com or by calling (800) 955-9988. On June 21, 2019, the Cedar Ridge Unconstrained Credit Fund (the “Predecessor Fund”) was reorganized into the Fund. 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 periods prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Institutional and Investor Class shares, respectively, of the Predecessor Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.sheltoncap.com (800) 955-9988 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none"></th> <th style="display: none"></th></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"> </td> <td id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000174064Member_z5i8tsafFI2h" style="display: none"> </td></tr> <tr id="xdx_417_20160101__20161231_zaFtUdZx5PHa" style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td style="display: none; width: 50%">4.27</td></tr> <tr id="xdx_41D_20170101__20171231_zLuj17Fed9vf" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td style="display: none">3.31</td></tr> <tr id="xdx_41D_20180101__20181231_zEi36Ri8im67" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td style="display: none">2.53</td></tr> <tr id="xdx_419_20190101__20191231_zs4QqLRXbcO7" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td style="display: none">3.80</td></tr> <tr id="xdx_41F_20200101__20201231_zpqWXOnE05Z8" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td style="display: none">5.89</td></tr> <tr id="xdx_41F_20210101__20211231_zEJ3FjFmGt5a" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">7.09</td></tr> <tr id="xdx_41E_20220101__20221231_zQjPwfDri63a" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">-7.27</td></tr> <tr id="xdx_415_20230101__20231231_z0q0uRUan7me" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">5.70</td></tr> <tr id="xdx_415_20240101__20241231_zurhDVDp2pjg" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td style="display: none">5.93</td></tr> <tr id="xdx_418_20250101__20251231_zlA34TGnzj64" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td style="display: none">8.55</td></tr> </table> <img alt="" src="scm485bpos002.jpg" style="height: 244px; width: 550px"/> 0.0427 0.0331 0.0253 0.0380 0.0589 0.0709 -0.0727 0.0570 0.0593 0.0855 Best Quarter: 10.30% (Q2, 2020) Worst Quarter: -14.18% (Q1, 2020) Date of inception: 12/12/2013 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.1030 Worst Quarter -0.1418 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A84_eoef--PerformanceTableTextBlock_ziUDsccQPCte"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zOLMWZImQtNd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 61%">Average Annual Return (for the period ended 12/31/25) Shelton Tactical Credit Fund</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_490_20250101__20251231_zMb5GKjIrXLj" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%">1 year</td> <td id="xdx_49D_20210101__20251231_zWgHppwiJvxj" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%">5 year</td> <td id="xdx_499_20160101__20251231_zBWJfcUhP4z5" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 14%">10 year</td></tr> <tr style="vertical-align: top"> <td>Institutional Shares: DEBIX</td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174064Member_za0rlTYCb4T" style="vertical-align: top"> <td>Return Before Taxes</td> <td> </td> <td>8.55%</td> <td>3.83%</td> <td>3.89%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174064Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGxp9GWiaoWg" style="vertical-align: top"> <td>Return After Taxes on Distributions</td> <td> </td> <td>6.50%</td> <td>2.19%</td> <td>2.35%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174064Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHLVwLB4wdT5" style="vertical-align: top"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td>5.35%</td> <td>2.28%</td> <td>2.36%</td></tr> <tr style="vertical-align: top"> <td>Investor Shares: DEBTX</td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000171442Member_zMWhoeOMZH93" style="vertical-align: top"> <td>Return Before Taxes</td> <td> </td> <td>8.21%</td> <td>3.56%</td> <td>3.63%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zBXNhW8N42Na" style="vertical-align: top"> <td>Bloomberg U.S. Aggregate Bond Index</td> <td> </td> <td>7.30% </td> <td>-0.36%</td> <td>2.01%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.0855 0.0383 0.0389 0.0650 0.0219 0.0235 0.0535 0.0228 0.0236 0.0821 0.0356 0.0363 0.0730 -0.0036 0.0201 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. SHELTON INTERNATIONAL SELECT EQUITY FUND Ticker Symbols: SISEX and SISLX Investment Objective The Fund seeks to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay when 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. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_ztsxYKuRqZ14"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zH1Gh8vf9h05" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000055315Member_zNIHVREKlqR4">Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td> <td colspan="3" id="xdx_499_20260430__20260430__oef--ClassAxis__custom--C000174095Member_zQOXZbyuQXH8" style="text-align: center">SISEX</td> <td> </td> <td colspan="3" id="xdx_499_20260430__20260430__oef--ClassAxis__custom--C000174094Member_zI3zgbdo2RP5" style="text-align: center">SISLX</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zRyyu8MUd63l" style="vertical-align: bottom"> <td style="width: 76%">Management Fees</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">0.74</td> <td style="width: 2%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">0.74</td> <td style="width: 2%">%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcM95LKO9YO3" style="vertical-align: bottom"> <td>Distribution (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zHOfPKYw5irf" style="vertical-align: bottom"> <td>Total Other Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.57</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.57</td> <td>%</td></tr> <tr id="xdx_40D_eoef--Component1OtherExpensesOverAssets_dp_zyDNQFCwnCN9" style="vertical-align: bottom"> <td style="padding-left: 0.25in">Other Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.57</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--Component2OtherExpensesOverAssets_dpn_zl2qRmSDS0ql" style="vertical-align: bottom"> <td style="padding-left: 0.25in">Shareholder Service Fees</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zmFWQQ3Wvf0i" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td> </td> <td style="text-align: right">1.31</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.56</td> <td>%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dp_z76RVH8jq705" style="vertical-align: bottom"> <td>Expense Reimbursement(1)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.32</td> <td style="border-bottom: black 1pt solid">)%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.32</td> <td style="border-bottom: black 1pt solid">)%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dp_zTFzxWiZmjzi" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses After Expense Reimbursement</td> <td> </td> <td> </td> <td style="text-align: right">0.99</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.24</td> <td>%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F05_zNbxUpbL65E7" style="width: 0.25in">(1)</td><td id="xdx_F10_zEh94IoeHHwf" style="text-align: justify">The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.98% and 1.23% for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees. </td></tr></table> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0 0.0025 0.0057 0.0057 0.0057 0.0057 0 0 0.0131 0.0156 -0.0032 -0.0032 0.0099 0.0124 May 1, 2027 May 1, 2027 Example of 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 that 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. This 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeWsKNGUM5Jc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zzVLkr69Z4vl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; width: 18%"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_z77TQtGFZEdg" style="border-bottom: black 1pt solid; width: 15%; text-align: center">1 year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z90qQVHIfxK1" style="border-bottom: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_z7ivyAPHNO67" style="border-bottom: black 1pt solid; width: 9%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zErQNAmsMSD3" style="border-bottom: black 1pt solid; width: 33%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260430__20260430__oef--ClassAxis__custom--C000174095Member_zauexJznthw6" style="vertical-align: top"> <td>SISEX</td> <td style="text-align: center">$101</td> <td style="text-align: center">$384</td> <td style="text-align: center">$688</td> <td style="text-align: center">$1,551</td></tr> <tr id="xdx_41D_20260430__20260430__oef--ClassAxis__custom--C000174094Member_zYaByqPtTyfl" style="vertical-align: top"> <td>SISLX</td> <td style="text-align: center">$126</td> <td style="text-align: center">$461</td> <td style="text-align: center">$820</td> <td style="text-align: center">$1,829</td></tr> </table> 101 384 688 1551 126 461 820 1829 Portfolio Turnover 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 ended December 31, 2025, the Fund’s portfolio turnover rate was 186% of the average value of its portfolio. 1.86 Principal Investment Strategies The Fund primarily invests, under normal market conditions, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in a combination of equity securities of foreign (i.e., non-U.S.) companies with a suitable potential for earnings growth. The Fund invests its assets in equity securities of non-U.S. companies located in countries with developed markets but may also invest in companies domiciled in emerging markets. Under normal market conditions, the Fund seeks to achieve its investment objective by investing in a universe of stocks listed within the MSCI All-Country World ex USA index, the MSCI All-Country World ex USA Small Cap Index, and non-U.S. equities with market capitalizations comparable to those two indices. The Fund ordinarily invests in no fewer than three different countries outside the U.S. The Fund may invest a lesser amount of its assets in securities of non-U.S. companies when market conditions are not deemed favorable, in which case the Fund would invest at least 30% of its net assets, plus any borrowings for investment purposes, in securities of non-U.S. companies. The Fund’s investments in equity securities may include common and preferred stock, convertible preferred stock, warrants and rights. Additionally, in unusual or extreme market conditions, the manager may choose to hedge general market exposures. This may be done primarily with the use of certain ETF’s that create either long or short exposure to the desired market segment. The Fund’s investments are based on a principles-based investment philosophy, and the Fund seeks to invest in businesses it believes are overall beneficial to society, and in the first instance considers potential investments on that basis. Our criteria for such businesses are that they offer products and services that improve the lives of their customers, and of people in the communities in which they operate, and to exhibit responsible management practices. These practices may include dealings with customers, suppliers, employees, and the environment. Additionally, special care is taken when investing in companies in countries that have controversial governments and may involve the avoidance of some industries in certain countries or some countries altogether. There is no guarantee that the investment team will be able to successfully screen out all companies that are inconsistent with its ethical standards. With this perspective in mind, we apply a three-stage investment process to construct a portfolio with consistent returns with an appropriate level of risk. Classification: The team classifies companies in our investment universe according to different characteristics: what industry they belong to, where they are in their life-cycle, and what part of the world they are from. This classification guides the analysis of each company, focusing on the aspects of a company most relevant to future performance Analysis: With these qualities in mind the team uses data science and machine learning to conduct a deeper dive into each candidate firm to determine the investment merit, suitability for the portfolio, and pertinent risk factors. Portfolio Construction: We view the portfolio as a whole, adjusting, including or excluding positions in order to provide the greatest exposure to stocks with sustainable performance, while minimizing exposure to systematic risks such as interest rates, currency rate volatility, or the economic cycle. The Fund may invest in equity index futures contracts when holding cash or cash equivalents to keep the Fund more fully exposed to the equity markets. The Fund primarily invests, under normal market conditions, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in a combination of equity securities of foreign (i.e., non-U.S.) companies with a suitable potential for earnings growth. You could lose money by investing in the Fund, and the Fund could underperform other investments. Non-U.S. Investment Risk. Securities of non-U.S. issuers (including ADRs and other securities that represent interests in a non-U.S. issuer’s securities) may be less liquid, more volatile, and harder to value than U.S. securities. Non-U.S. issuers may be subject to political, economic, or market instability, or unfavorable government action in their local jurisdictions or economic sanctions or other restrictions imposed by U.S. or foreign regulators. There may be less information publicly available about non-U.S. issuers and their securities and those issuers may be subject to lower levels of government regulation and oversight. These risks may be higher when investing in emerging market issuers. Certain of these elevated risks may also apply to securities of U.S. issuers with significant non-U.S. operations. Market Risk. Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. The Fund invests in stock markets primarily outside the U.S. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, investment in this Fund would lose money. Economic and Political Risks. These effects may be short-term by causing a change in the global markets that is corrected in a year or less, or they may have long-term impacts which may cause changes in the markets that may last for many years. In any given country, some factors may affect changes in one sector of the economy or one stock, but don’t have an impact on the overall market. The particular sector of the economy or the individual stock may be affected for a short or long-term. Emerging Markets Risk. Emerging market securities may present issuer, market, currency, liquidity, volatility, valuation, legal, political, and other risks different from, and potentially greater than, the risks of investing in securities of issuers in more developed market. Equity Risk. Equity securities can be volatile and may decline in value because of changes in the actual or perceived financial condition of their issuers or other events affecting their issuers. The Fund’s target index may, at times, become focused in stocks of a particular sector, category or group of companies, which could cause Fund to underperform the overall stock market. Non-U.S. Currency Risk. Non-U.S. currencies may decline relative to the U.S. dollar, which reduces the unhedged value of securities denominated in or otherwise exposed to those currencies. Shelton Capital Management may not be able to determine accurately the extent to which a security or its issuer is exposed to currency risk. Valuation Risk. The risk that the Fund has valued certain of its securities at a higher price than it can sell them. Some or all of the securities held by the Fund may be valued using “fair value” techniques, rather than market quotations. Security values may differ depending on the methodology used to determine their values, and may differ from the last quoted sales or closing prices. MidCap Stock Risk. The risk that stocks of relatively smaller capitalization within the midcap range of companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Relatively smaller capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. SmallCap Stock Risk. The risk that stocks of smaller capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. ETF Investment Risk. In unusual or extreme market conditions, the manager may choose to hedge general market exposures. This may be done primarily with the use of certain ETF’s that create either long or short exposure to the desired market segment. 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. Ethical Investment Risk. In avoiding investments that are inconsistent with the Fund’s principles based screening approach, which may preclude an otherwise attractive investment opportunity, the Fund may not achieve the same level of performance as it would have without the application of the screening process. Derivatives Risk. Investing with derivatives, such as equity index futures, or other futures contracts involves risks additional to and possibly greater than those associated with investing directly in securities. The value of a derivative may not correlate to the value of the underlying instrument to the extent expected. Derivative transactions may be volatile, and can create leverage, which could cause the Fund to lose more than the amount of assets initially contributed to the transaction, if any. The Fund may not be able to close a derivatives position at an advantageous time or price. For over-the-counter derivatives transactions, the counterparty may be unable or unwilling to make required payments and deliveries, especially during times of financial market distress. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund. Manager Risk. Shelton Capital Management’s 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. Shelton may not make timely purchases or sales of securities for the Fund. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the MSCI All-Country World Ex USA Index, a broad-based securities market index, and the MSCI All-Country World Ex USA Small Cap Index, an additional index that is representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.sheltoncap.com or by calling (800) 955-9988. On July 28, 2017, the Shelton International Select Equity Fund (the “Predecessor Fund”) was reorganized into the Fund. 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 periods prior to the reorganization for the Institutional Class and Investor Classes shares is based on that of the Class I shares and Class A shares, respectively, of the Predecessor Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the MSCI All-Country World Ex USA Index, a broad-based securities market index, and the MSCI All-Country World Ex USA Small Cap Index, an additional index that is representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.sheltoncap.com (800) 955-9988 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none"></th> <th style="display: none"></th></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000174095Member_zEgUB98ew7Tk" style="display: none; width: 50%"> </td></tr> <tr id="xdx_41F_20170101__20171231_zhp1WyRY6r56" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td style="display: none">35.30</td></tr> <tr id="xdx_416_20180101__20181231_zyRGf4jfyevh" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td style="display: none">-13.17</td></tr> <tr id="xdx_410_20190101__20191231_zgmsvLZnMkDk" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td style="display: none">22.53</td></tr> <tr id="xdx_41D_20200101__20201231_zaTdNDrDBS7k" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td style="display: none">18.07</td></tr> <tr id="xdx_418_20210101__20211231_z90ANnz4pTV6" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">6.23</td></tr> <tr id="xdx_416_20220101__20221231_zo2nFFuyidXg" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">-19.29</td></tr> <tr id="xdx_412_20230101__20231231_zAw3Mxer042k" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">13.97</td></tr> <tr id="xdx_417_20240101__20241231_zkSMstfkeaY9" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td style="display: none">3.68</td></tr> <tr id="xdx_41F_20250101__20251231_zrPDce4UOlP7" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td style="display: none">30.67</td></tr> </table> <img alt="" src="scm485bpos003.jpg" style="height: 253px; width: 550px"/> 0.3530 -0.1317 0.2253 0.1807 0.0623 -0.1929 0.1397 0.0368 0.3067 Best Quarter: 17.55% (Q2, 2020) Worst Quarter: -19.21% (Q1, 2020) Date of inception: 07/18/2016 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.1755 Worst Quarter -0.1921 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A83_eoef--PerformanceTableTextBlock_zX2Kor79cNu4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zaD0XfxLk0h9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Average Annual Return (for the period ended 12/31/25) Shelton International Select Equity Fund</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_490_20250101__20251231_zjTv0KiefYO" style="border-bottom: black 1pt solid; text-align: center"> 1 year</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_49D_20210101__20251231_zVUkwFkffoJc" style="border-bottom: black 1pt solid; text-align: center"> 5 year</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_499_20160718__20251231_zIEzL4euWLMf" style="border-bottom: black 1pt solid; text-align: center"> Period from Inception*</td></tr> <tr style="vertical-align: bottom"> <td>Institutional Shares: SISEX</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174095Member_zQjZ2OqyCB3i" style="vertical-align: bottom"> <td style="width: 67%">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">30.67</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">5.77</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">8.98</td> <td style="width: 1%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174095Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z078x2nCdBh1" style="vertical-align: bottom"> <td>Return After Taxes on Distributions</td> <td> </td> <td> </td> <td style="text-align: right">29.83</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.75</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">8.11</td> <td>%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174095Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zI2wuuRxMCql" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td> </td> <td style="text-align: right">19.32</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.14</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.09</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td>Investor Shares: SISLX</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000174094Member_zufdwKLPXwXc" style="vertical-align: bottom"> <td>Return Before Taxes</td> <td> </td> <td> </td> <td style="text-align: right">30.33</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5.51</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">8.70</td> <td>%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSAIndexMember_zWmHpTU6cMDc" style="vertical-align: bottom"> <td>MSCI All-Country World Ex USA Index (1)</td> <td> </td> <td> </td> <td style="text-align: right">32.39</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.90</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">8.67</td> <td>%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIAllCountryWorldExUSASmallCapIndexMember_zNPew766rFI5" style="vertical-align: bottom"> <td>MSCI All-Country World Ex USA Small Cap Index</td> <td> </td> <td> </td> <td style="text-align: right">29.87</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.38</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">8.77</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-indent: -0.25in">* Inception date: 07/18/2016</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">*</td><td id="xdx_F19_zs5yVn3XvgUc" style="text-align: justify">Inception date: 07/18/2016 </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; display: none; visibility: hidden; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td id="xdx_F10_zo2q1P3aBU5g" style="text-align: justify">The MSCI All-Country World Ex USA Index is a free float-adjusted market capitalization index that is designed to measure developed and developing market equity performance, excluding the U.S. MSCI, Inc. publishes two versions of this Index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the gross dividends version, MSCI reinvests as much as possible of a company’s dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. </td></tr></table> Average Annual Return (for the period ended 12/31/25) 0.3067 0.0577 0.0898 0.2983 0.0475 0.0811 0.1932 0.0414 0.0709 0.3033 0.0551 0.0870 0.3239 0.0790 0.0867 0.2987 0.0738 0.0877 2016-07-18 2016-07-18 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. <div id="xdx_A80_eoef--PerformanceTableFootnotesTextBlock_zPCo36BDtxQc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in">(1)</td><td style="text-align: justify">The MSCI All-Country World Ex USA Index is a free float-adjusted market capitalization index that is designed to measure developed and developing market equity performance, excluding the U.S. MSCI, Inc. publishes two versions of this Index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the gross dividends version, MSCI reinvests as much as possible of a company’s dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. </td></tr></table> SHELTON EMERGING MARKETS FUND Ticker Symbols: EMSQX, EMSLX Investment Objective The Fund seeks to achieve long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay when 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. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zXYMzMiYRgL3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zwsQuNUzx8ca" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067906Member_zTB5hpc0xBr1">Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td> <td colspan="3" id="xdx_49D_20260430__20260430__oef--ClassAxis__custom--C000217721Member_zOff4ACa78C4" style="text-align: center">EMSQX</td> <td> </td> <td colspan="3" id="xdx_491_20260430__20260430__oef--ClassAxis__custom--C000217722Member_zGYPXdrBVG24" style="text-align: center">EMSLX</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zN4cbv90BOwb" style="vertical-align: bottom"> <td style="width: 76%">Management Fees</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">1.00</td> <td style="width: 2%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 7%; text-align: right">1.00</td> <td style="width: 3%">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_z9VCPTEJkLR1" style="vertical-align: bottom"> <td>Distribution (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zf2CSfMRxXe5" style="vertical-align: bottom"> <td>Total Other Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.85</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.85</td> <td>%</td></tr> <tr id="xdx_40D_eoef--Component1OtherExpensesOverAssets_dp_z4UUqtfsFTrk" style="vertical-align: bottom"> <td style="padding-left: 0.25in">Other Expenses</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.85</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.85</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: white 1pt solid"> Shareholder Service Fees</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">none</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td> </td> <td style="text-align: right">1.85</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2.10</td> <td>%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dp_z2feowWovpml" style="vertical-align: bottom"> <td> Expense Reimbursement(1)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.87</td> <td style="border-bottom: black 1pt solid">)%</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(0.87</td> <td style="border-bottom: black 1pt solid">)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp_zZnuUvsSIDPi" style="vertical-align: bottom"> <td> Total Annual Fund Operating Expenses After Expense Reimbursement</td> <td> </td> <td> </td> <td style="text-align: right">0.98</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.23</td> <td>%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(1)</td><td id="xdx_F1F_zqVvanceeHZ5" style="text-align: justify">The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.97% and 1.22% for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees.</td> </tr></table> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0 0.0025 0.0085 0.0085 0.0085 0.0085 0 0 0.0185 0.0210 -0.0087 -0.0087 0.0098 0.0123 May 1, 2027 May 1, 2027 Example of 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 that 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. This 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: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDZb0LBprx1b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPlVZ2T3cOV9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; width: 32%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zYH8KtdiaMcl" style="border-bottom: black 1pt solid; width: 17%; text-align: right">1 year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zHJ814Z8STvl" style="border-bottom: black 1pt solid; width: 17%; text-align: right">3 years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_zj6nSWYVI3H7" style="border-bottom: black 1pt solid; width: 17%; text-align: right">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zO6Tx7zQQDWl" style="border-bottom: black 1pt solid; width: 17%; text-align: right">10 years</td></tr> <tr id="xdx_411_20260430__20260430__oef--ClassAxis__custom--C000217721Member_zwilDcxIP6Rg" style="vertical-align: top"> <td>EMSQX</td> <td style="text-align: right">$100</td> <td style="text-align: right">$497</td> <td style="text-align: right">$920</td> <td style="text-align: right">$2,098</td></tr> <tr id="xdx_415_20260430__20260430__oef--ClassAxis__custom--C000217722Member_zXQi8OV003e2" style="vertical-align: top"> <td>EMSLX</td> <td style="text-align: right">$125</td> <td style="text-align: right">$574</td> <td style="text-align: right">$1,049</td> <td style="text-align: right">$2,362</td></tr> </table> 100 497 920 2098 125 574 1049 2362 Portfolio Turnover 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 ended December 31, 2025, the Fund’s portfolio turnover rate was 82% of the average value of its portfolio. 0.82 Principal Investment Strategies The Fund primarily invests, under normal market conditions, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in a combination of equity securities of foreign (i.e., non-U.S.) companies in “Emerging Markets” with a suitable potential for earnings growth. “Emerging Markets” for this purpose are markets included in MSCI Emerging Markets Index (the “Index”). The Fund invests its assets in equity securities of non-U.S. companies located in countries with emerging markets but may also invest in companies domiciled in developed markets. Under normal market conditions, the Fund seeks to achieve its investment objective by investing primarily in a universe of stocks listed within the MSCI Emerging Markets Index. In determining whether an issuer not included in the Index is within the geographies represented as emerging markets by the Index, the Advisor may consider the domicile determination of a leading provider of global indexes, such as Morgan Stanley Capital International, and may also take into account such factors as where the company’s securities are listed and where the company is legally organized, maintains principal corporate offices, conducts its principal operations and/or generates revenues. The Fund will normally invest in the securities of approximately 30 to 50 issuers. The Fund’s investments in equity securities may include common and preferred stock, convertible preferred stock, warrants and rights. Additionally, in unusual or extreme market conditions, the manager may choose to hedge general market exposures. This may be done primarily with the use of certain ETF’s that create either long or short exposure to the desired market segment. The Fund’s investments are based on a principles-based investment philosophy, and the Fund seeks to invest in businesses it believes are overall beneficial to society, and in the first instance considers potential investments on that basis. Our criteria for such businesses are that they offer products and services that improve the lives of their customers, and of people in the communities in which they operate, and to exhibit responsible management practices. These practices may include dealings with customers, suppliers, employees, and the environment. Additionally, special care is taken when investing in companies in countries that have controversial governments and may involve the avoidance of some industries in certain countries or some countries altogether. There is no guarantee that the investment team will be able to successfully screen out all companies that are inconsistent with its ethical standards. With this perspective in mind, we apply a three-stage investment process to construct a portfolio with consistent returns with an appropriate level of risk. Classification: The team classifies companies in our investment universe according to different characteristics: what industry they belong to, where they are in their life-cycle, and what part of the world they are from. This classification guides the analysis of each company, focusing on the aspects of a company most relevant to future performance. Analysis: With these qualities in mind the team uses data science and machine learning to conduct a deeper dive into each candidate firm to determine the investment merit, suitability for the portfolio, and pertinent risk factors. Portfolio Construction: We view the portfolio as a whole, adjusting, including or excluding positions in order to provide the greatest exposure to stocks with sustainable performance, while minimizing exposure to systematic risks such as interest rates, currency rate volatility, or the economic cycle. The Fund may invest in equity index futures contracts when holding cash or cash equivalents to keep the Fund more fully exposed to the equity markets. The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy. The Advisor will sell or reallocate a Fund’s securities if the Advisor believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if it believes that more attractive opportunities are available. The team strives to preserve capital as part of its investment process. The Fund primarily invests, under normal market conditions, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in a combination of equity securities of foreign (i.e., non-U.S.) companies in “Emerging Markets” with a suitable potential for earnings growth. You could lose money by investing in the Fund, and the Fund could underperform other investments. Emerging Markets Risk. Emerging market securities may present issuer, market, currency, liquidity, volatility, valuation, legal, political, and other risks different from, and potentially greater than, the risks of investing in securities of issuers in more developed markets. Emerging markets may have less established legal and accounting systems than those in more developed markets. Governments in emerging markets may be less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. The economies of emerging markets may be dependent on relatively few industries and thus affected more severely by local or global changes. Emerging market securities may also be more volatile, more difficult to value, and have lower overall liquidity than securities economically tied to U.S. or developed non-U.S. issuer. Non-U.S. Investment Risk. Securities of non-U.S. issuers (including American depository receipts (“ADRs”) and other securities that represent interests in a non-U.S. issuer’s securities) may be less liquid, more volatile, and harder to value than U.S. securities. Non-U.S. issuers may be subject to political, economic, or market instability, or unfavorable government action in their local jurisdictions or economic sanctions or other restrictions imposed by U.S. or foreign regulators. There may be less information publicly available about non-U.S. issuers and their securities and those issuers may be subject to lower levels of government regulation and oversight. These risks may be higher when investing in emerging market issuers. Certain of these elevated risks may also apply to securities of U.S. issuers with significant non-U.S. operations. Economic and Political Risks. These effects may be short-term by causing a change in the global markets that is corrected in a year or less, or they may have long-term impacts which may cause changes in the markets that may last for many years. In any given country, some factors may affect changes in one sector of the economy or one stock, but don’t have an impact on the overall market. The particular sector of the economy or the individual stock may be affected for a short or long-term. Non-U.S. Currency Risk. Non-U.S. currencies may decline relative to the U.S. dollar, which reduces the unhedged value of securities denominated in or otherwise exposed to those currencies. Shelton Capital Management may not be able to determine accurately the extent to which a security or its issuer is exposed to currency risk. Equity 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. Market Risk. Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. The Fund invests in stock markets primarily outside the U.S. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, investment in this Fund would lose money. MidCap Stock Risk. The risk that stocks of relatively smaller capitalization within the midcap range of companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Relatively smaller capitalization companies may have limited product lines or financial resources or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. SmallCap Stock Risk. The risk that stocks of smaller capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. Technology Sector Risk. The Fund may invest some of its assets in the Information Technology sector, which may cause the Fund’s performance to be susceptible to the economic, business or other developments that affect the Information Technology sector. 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. Information technology companies are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of, or inability to enforce, those rights. Financial Sector Risk. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, and the availability and cost of capital. These factors and events have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in this sector. Valuation Risk. The risk that the Fund has valued certain of its securities at a higher price than it can sell them. Some or all of the securities held by the Fund may be valued using “fair value” techniques, rather than market quotations. Security values may differ depending on the methodology used to determine their values and may differ from the last quoted sales or closing prices. Ethical Investment Risk. In avoiding investments that are inconsistent with the Fund’s principles based screening approach, which may preclude an otherwise attractive investment opportunity, the Fund may not achieve the same level of performance as it would have without the application of the screening process. Manager Risk. Shelton Capital Management’s 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. Shelton Capital Management may not make timely purchases or sales of securities for the Fund. Derivatives Risk. Investing with derivatives, such as equity index futures, or other futures contracts involves risks additional to and possibly greater than those associated with investing directly in securities. The value of a derivative may not correlate to the value of the underlying instrument to the extent expected. Derivative transactions may be volatile, and can create leverage, which could cause the Fund to lose more than the amount of assets initially contributed to the transaction, if any. The Fund may not be able to close a derivatives position at an advantageous time or price. For over-the-counter derivatives transactions, the counterparty may be unable or unwilling to make required payments and deliveries, especially during times of financial market distress. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.sheltoncap.com or by calling (800) 955-9988. The Shelton Emerging Markets Fund of SCM Trust is the successor fund to the ICON Emerging Markets Fund (the “Predecessor Fund”), which was reorganized into the Shelton Emerging Markets Fund June 26, 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 Class shares is based on that of the Class S and Class A shares, respectively, of the Predecessor Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.sheltoncap.com (800) 955-9988 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none"></th> <th style="display: none"></th></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000217721Member_z8ym1Zwb1Z2h" style="display: none; width: 50%"> </td></tr> <tr id="xdx_418_20160101__20161231_zRuX7Mlbqfha" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2016</td> <td style="display: none">0.84</td></tr> <tr id="xdx_41A_20170101__20171231_zm7A2Kz3TV2k" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td style="display: none">24.48</td></tr> <tr id="xdx_41F_20180101__20181231_zOpRcyzUebng" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td style="display: none">-10.15</td></tr> <tr id="xdx_416_20190101__20191231_zhuefJh8Fxu5" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td style="display: none">18.30</td></tr> <tr id="xdx_41A_20200101__20201231_z8MjENfOE4Fl" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td style="display: none">22.35</td></tr> <tr id="xdx_412_20210101__20211231_znMdMPsKdiq9" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">0.77</td></tr> <tr id="xdx_419_20220101__20221231_zhGEHwLOoN07" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">-14.33</td></tr> <tr id="xdx_411_20230101__20231231_zj1XC9eQ01ib" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">15.43</td></tr> <tr id="xdx_41D_20240101__20241231_zhoqq2cQdFK8" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td style="display: none">1.66</td></tr> <tr id="xdx_416_20250101__20251231_z9owjPtVO7U3" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td style="display: none">32.99</td></tr> </table> <img alt="" src="scm485bpos004.jpg" style="height: 248px; width: 550px"/> 0.0084 0.2448 -0.1015 0.1830 0.2235 0.0077 -0.1433 0.1543 0.0166 0.3299 Best Quarter: 31.29% (Q4, 2020) Worst Quarter: -28.27% (Q1, 2020) Date of inception: 2/25/1997 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.3129 Worst Quarter -0.2827 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A87_eoef--PerformanceTableTextBlock_zDuOt6GWriz2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zwxfOtpgfTDf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Average Annual Return (for the period ended 12/31/25) Shelton Emerging Markets Fund</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_490_20250101__20251231_zI9tFysRk0Z7" style="border-bottom: black 1pt solid; text-align: center"> 1 year</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_493_20210101__20251231_zoOgoQLYjhA8" style="border-bottom: black 1pt solid; text-align: center"> 5 year</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" id="xdx_491_20160101__20251231_zFYBeKeKHYZc" style="border-bottom: black 1pt solid; text-align: center"> 10 year</td></tr> <tr style="vertical-align: bottom"> <td>Institutional Shares: EMSQX</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217721Member_zdrksLv0CDH5" style="vertical-align: bottom"> <td style="width: 67%">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">32.99</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">6.14</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">8.20</td> <td style="width: 1%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217721Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zTdtNo6sZ6Z8" style="vertical-align: bottom"> <td>Return After Taxes on Distributions</td> <td> </td> <td> </td> <td style="text-align: right">27.39</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">6.99</td> <td>%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217721Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zNKJrQc2yBSj" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td> </td> <td style="text-align: right">22.21</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.18</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">6.43</td> <td>%</td></tr> <tr style="vertical-align: bottom"> <td>Investor Shares: EMSLX</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217722Member_zG1UIxwE0JDj" style="vertical-align: bottom"> <td>Return Before Taxes</td> <td> </td> <td> </td> <td style="text-align: right">32.63</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5.87</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.93</td> <td>%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zYdtksTwmwPd" style="vertical-align: bottom"> <td>MSCI Emerging Markets Index </td> <td> </td> <td> </td> <td style="text-align: right">33.57</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">4.19</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">8.41</td> <td>%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.3299 0.0614 0.0820 0.2739 0.0407 0.0699 0.2221 0.0418 0.0643 0.3263 0.0587 0.0793 0.3357 0.0419 0.0841 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. SHELTON EQUITY PREMIUM INCOME ETF Ticker Symbol: SEPI Investment Objective The Shelton Equity Premium Income ETF (“SEPI”) seeks to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay when you buy, hold, and sell shares of SEPI. 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. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zp4WvpzTvnXj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zftU7K7QRFFj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom"> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1)</td> <td style="vertical-align: bottom"> </td> <td colspan="3" style="vertical-align: bottom; padding-left: 7.5pt; text-align: right">SEPI</td> <td style="vertical-align: bottom"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Management Fees</td> <td> </td> <td> </td> <td style="text-align: right">0.54</td> <td colspan="2">%</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Distribution (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">none</td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Other Expenses</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00</td> <td colspan="2" style="border-bottom: black 1pt solid">%(2)</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.54</td> <td colspan="2">%</td> <td style="border-top: black 1pt solid"> </td></tr> <tr> <td style="width: 83%"> </td> <td style="width: 4%"> </td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td id="xdx_F11_zwiEx2yhaUs4" style="text-align: justify">The Fund’s advisory agreement provides that Shelton Capital Management (“Shelton,” or the Adviser) will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund’s business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">“Other Expenses” are based on estimated amounts for the current fiscal year.</td></tr></table> Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)(1) 0.0054 0 0.0000 0.0054 “Other Expenses” are based on estimated amounts for the current fiscal year. Example of Expenses This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that 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. This 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: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVVNY3PxGGQa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9x7YlqMmq8k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 40%"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zFHmlg2FbBd2" style="border-bottom: Black 1pt solid; width: 15%">1 year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zSe3iPlT8ky5" style="border-bottom: Black 1pt solid; width: 15%">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zANlsj2BKGVb" style="border-bottom: Black 1pt solid; width: 15%">5 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zpB6PLWckml9" style="border-bottom: Black 1pt solid; text-align: left; width: 15%">10 years</td></tr> <tr id="xdx_41D_20260430__20260430__oef--ClassAxis__custom--C000260372Member_zdmM2x4zKhX2" style="vertical-align: top"> <td>SEPI</td> <td>$55</td> <td>$173</td> <td>$302</td> <td>$677</td></tr> </table> 55 173 302 677 Portfolio Turnover 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 shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example of Expenses, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. 0.14 Principal Investment Strategies The Fund seeks a high level of current income by investing primarily in income-producing equity securities. The Fund will also consider the potential for price appreciation when consistent with seeking current income. In order to meet its investment objectives, the Fund invests primarily in U.S. equity securities that generate a relatively high level of dividend income (relative to other equities in the same industry) and have the potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. The Fund currently considers “medium U.S. corporations” to be those included in the S&P MidCap 400 Index at the time of purchase, and “large U.S. corporations” to be those with market capitalizations that are larger than those included in the S&P MidCap 400 Index at the time of purchase. As of March 31, 2026, medium corporations included in the S&P MidCap 400 Index range from $1.7 billion to $27.7 billion in market capitalization. It is the Fund’s policy that, under normal market conditions, it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks. The Fund’s policy of investing in common stocks may not be changed unless Fund shareholders are given at least 60 days prior notice. Shelton, the investment advisor to the Fund, seeks to purchase equity securities for the Fund’s portfolio consistent with the Fund’s investment objective, such as when Shelton believes such securities have income producing potential, a potential for capital appreciation or value potential. When the market price of a stock equals or exceeds the strike price of a covered call option written against it, Shelton may allow all or a portion of the stock to be sold or “called away” by the option buyer. Shelton may sell portfolio securities for a variety of reasons, including when it believes that securities are no longer consistent with the Fund’s investment objective, other securities appear to offer more compelling opportunities, or to meet redemption requests. Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in cash, U.S. Treasury bills or money market instruments to meet redemption requests and other liquidity needs. The Fund may invest in stock futures contracts to keep the net assets of the Fund fully invested in the equity markets in circumstances when the Fund is holding treasury bills, money market instruments, similar investments or cash in the portfolio. Utilizing futures allows the Fund to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs. It is the Fund’s policy that, under normal market conditions, it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks. You could lose money by investing in the Fund, and the Fund could underperform other investments. Equity 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. Market Risk. Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. The Fund is primarily invested in the U.S. stock markets. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, investment in this Fund would lose money. Call and Put Options Risk. The Fund’s option strategy may limit the upside performance of any position for which a call is sold and may increase costs when puts are purchased. When selling a call, the Fund is effectively selling upside stock performance in exchange for immediate cash flow. In markets where a stock position goes up dramatically, this could cause the Fund to under-perform its benchmark and the equity markets in general. When buying a put, the Fund is spending a premium to protect the downward movement of the value of a position in the Fund’s portfolio. In the event the value of the position went up during the life of the put option, the option would expire without value and the Fund will have lost the premium paid. Derivatives Risk. Investing with derivatives, such as options, and equity index futures, or other futures contracts involves risks additional to and possibly greater than those associated with investing directly in securities. The value of a derivative may not correlate to the value of the underlying instrument to the extent expected. Derivative transactions may be volatile, and can create leverage, which could cause the Fund to lose more than the amount of assets initially contributed to the transaction, if any. The Fund may not be able to close a derivatives position at an advantageous time or price. For over-the-counter derivatives transactions, the counterparty may be unable or unwilling to make required payments and deliveries, especially during times of financial market distress. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund. LargeCap Stock Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or smaller, more innovative competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. MidCap Stock Risk. The risk that stocks of relatively smaller capitalization within the midcap range of companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Relatively smaller capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. Economic and Political Risks. Many factors will affect the performance of the stock market. Two major factors are economic and political events. The impact of positive or negative events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market. Sector Risks. The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as the potential for capital appreciation. At times, the Fund may hold a concentrated position in the banking and financial sector. Therefore, the Funds’ performance may be significantly impacted by the performance of this sector. Stock Futures Risk. The Fund’s primary risks are associated with changes in the stock market. However, there are other risks associated with the Fund. For example, the Fund may invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts owned by the Fund do not perform well, the Fund’s performance will be impacted. Value Stock Risks. Value stocks are typically purchased at prices that appear to be low relative to other similar securities. Often these companies might be “out of favor” with the market as a whole because of business weakness or failures. Value stocks may fall out of favor with investors and underperform other asset types during any given period. A company may never achieve a normalization of the stock price that the Adviser anticipates. Exchange-Traded Fund Risk. Because shares of ETFs (“ETF Shares”) are traded on an exchange, they are subject to additional risks. The Fund’s ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (“NAV”), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. Further, although the Fund’s ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained. ETF Liquidity Risk. Trading of the Fund’s ETF Shares may be halted by the activation of individual or market wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Fund’s shares may result in the Fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. Manager Risk. Shelton’s 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. Shelton may not make timely purchases or sales of securities for the Fund. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, Shelton, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance is available on the Fund’s website www.sheltoncap.com or by calling (800) 955-9988. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. www.sheltoncap.com (800) 955-9988 ICON Equity Income Fund Investment Objective/Goals Seeks modest capital appreciation and income. Fees and Expenses of the Fund 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. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zetOBbPVGGkc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zku0k3EOJIG2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: top; width: 69%; text-align: center"> </td> <td id="xdx_495_20260430__20260430__oef--ClassAxis__custom--C000217711Member_z0TaTKX4vnlg" style="vertical-align: bottom; width: 17%; text-align: center">Institutional Class</td> <td id="xdx_49D_20260430__20260430__oef--ClassAxis__custom--C000217712Member_zOpFEZB3IkSb" style="vertical-align: bottom; width: 14%; text-align: center">Investor Class</td></tr> <tr style="vertical-align: top"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067901Member_z0w91NePLM85">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="text-align: right"> </td> <td style="text-align: right"> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zj2M4dQamBWh" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: right">0.75%</td> <td style="text-align: right">0.75%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_z0k7S1Qw0D7d" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: right">0.00%</td> <td style="text-align: right">0.25%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zyEkxq97gaz1" style="vertical-align: top"> <td>Total Other Expenses</td> <td style="text-align: right">0.46%</td> <td style="text-align: right">0.46%</td></tr> <tr id="xdx_40D_eoef--Component1OtherExpensesOverAssets_dp_zhsR9gWj347b" style="vertical-align: top"> <td>Other Expenses</td> <td style="text-align: right">0.46%</td> <td style="text-align: right">0.46%</td></tr> <tr id="xdx_409_eoef--Component2OtherExpensesOverAssets_dpn_zLjEI3EDkiUb" style="vertical-align: top"> <td>Shareholder Service Fees</td> <td style="text-align: right">none</td> <td style="text-align: right">none</td></tr> <tr id="xdx_401_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zNipcCvEcyb9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-left: 9pt">Acquired Fund Fees and Expenses</td> <td style="border-bottom: black 1pt solid; text-align: right">0.02%</td> <td style="border-bottom: black 1pt solid; text-align: right">0.02%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zD0MbZ7F1Jqj" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses</td> <td style="text-align: right">1.23%</td> <td style="text-align: right">1.48%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0000 0.0025 0.0046 0.0046 0.0046 0.0046 0 0 0.0002 0.0002 0.0123 0.0148 Example 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaUYGlIou9gk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zRp5lFrtzJoh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; width: 40%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zc0IEztfoDEb" style="border-bottom: black 1pt solid; width: 15%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zINaWVqQzzR4" style="border-bottom: black 1pt solid; width: 15%; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zJKceSr1FxK9" style="border-bottom: black 1pt solid; width: 15%; text-align: center">5 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_znJMDVp9LAO4" style="border-bottom: black 1pt solid; width: 15%; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260430__20260430__oef--ClassAxis__custom--C000217711Member_zWOGdNDyoVI" style="vertical-align: top"> <td>Institutional Class</td> <td style="text-align: center">$125</td> <td style="text-align: center">$390</td> <td style="text-align: center">$676</td> <td style="text-align: center">$1,489</td></tr> <tr id="xdx_417_20260430__20260430__oef--ClassAxis__custom--C000217712Member_zv4dNtobcwcf" style="vertical-align: top"> <td>Investor Class</td> <td style="text-align: center">$151</td> <td style="text-align: center">$468</td> <td style="text-align: center">$808</td> <td style="text-align: center">$1,768</td></tr> </table> 125 390 676 1489 151 468 808 1768 Portfolio Turnover 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 26% of the average value of its portfolio. 0.26 Principal Investment Strategies The Fund uses 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. The Fund may invest up to 25% of its assets in a single industry. The Fund may also invest in U.S. government agencies or government sponsored enterprises and investment-grade securities, although the Fund may invest up to 25% of its total assets in securities with a lower rating by both S&P and Moody’s. 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. 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. Like all investments in securities, you risk losing money by investing in the Fund. 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. Utilities Sector Risk. Companies in the utilities sector are affected by supply and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable and may have an adverse impact on profitability. Utility companies are subject to the high cost of borrowing to finance capital construction during inflationary periods, restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations, and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. 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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_zLgehVUugbRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. 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: <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedGainsMember_zZfaa5WoyaV8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 25.2pt"></td><td style="width: 12.25pt">●</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PremiumLossesMember_zu1kU4QO17if"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 25.2pt"></td><td style="width: 12.25pt">●</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LackOfLiquidityForOptionMember_zkQlBcDmJUA6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 25.2pt"></td><td style="width: 12.25pt">●</td><td style="text-align: justify">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.</td></tr></table> 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. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of the pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 each 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 Equity Income Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217711Member_zcWh7ZIVqUnb" style="display: none; width: 50%">18.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217711Member_zLjKcS6rKPkj" style="display: none">13.59%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217711Member_zFblrifKri04" style="display: none">-10.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217711Member_zKtSiOYMqzyd" style="display: none">27.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217711Member_zkI2TMevKWS1" style="display: none">3.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217711Member_zr9sI2JfaCV7" style="display: none">24.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217711Member_zaoRRsN990sc" style="display: none">-13.63%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217711Member_zmetrD5wf5pf" style="display: none">5.05%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217711Member_z5MhHcqvvOi3" style="display: none">6.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217711Member_zhB3pnvFrOxi" style="display: none">14.41%</td></tr> </table> <img alt="" src="image_001.jpg" style="height: 301px; width: 620px"/> 0.1873 0.1359 -0.1011 0.2769 0.0315 0.2414 -0.1363 0.0505 0.0611 0.1441 Best Quarter: 17.25% (Q4, 2020) Worst Quarter: -28.91% (Q1, 2020) Date of inception: 11/8/2002 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.1725 Worst Quarter -0.2891 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zdt96ACDavFl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zHrNU9NZdHXj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td id="xdx_981_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000067901Member_z9XAWvbGS7Aj" style="font-weight: bold">Average Annual Return (for the period ended 12/31/25)</td><td> </td> <td colspan="2" id="xdx_490_20250101__20251231_zR5iSJ5rJOw6"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20210101__20251231_zjIAr3MbNDIg"> </td><td> </td><td> </td> <td colspan="2" id="xdx_499_20160101__20251231_zdoSm6omDpkl"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">ICON Equity Income Fund</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">Institutional Shares: IOEZX</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217711Member_zHPCFGDbEfbi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">14.41</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6.44</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">8.12</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217711Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJJed5vEJIT7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.84</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.97</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.16</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217711Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkxm3qyxXLa5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.86</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Investor Shares: IEQAX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217712Member_zgHAgxFWEN6f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.85</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zzCQVNDhe1Ab" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.1441 0.0644 0.0812 0.1284 0.0397 0.0516 0.0902 0.0418 0.0486 0.1413 0.0618 0.0785 0.1702 0.1395 0.1445 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Flexible Bond Fund Investment Objective/Goals Seeks maximum total return. Fees and Expenses of the Fund 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 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zrCFfTJFLy54"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z8hZ7LHVqQSa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" id="xdx_492_20260430__20260430__oef--ClassAxis__custom--C000217714Member_zwkxWdqA4Ga3" style="text-align: center">Institutional Class</td><td> </td><td> </td> <td colspan="2" id="xdx_495_20260430__20260430__oef--ClassAxis__custom--C000217713Member_zJrfMHCIJoLj" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_984_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067902Member_zZXdBQtf62O6" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zeGxGLaDGt7l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.60</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.60</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgcZHCDBqBQh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zZOIQYhrLCv9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.23</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--Component1OtherExpensesOverAssets_dpn_zQzFeyJZQeo4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.23</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.23</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--Component2OtherExpensesOverAssets_dpn_zD23ZUs0zPqc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Shareholder Service Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> none</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> none</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zn1TqFzm7hn5" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Acquired Fund Fees and Expenses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.12</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.12</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zgN6gmHA1Qjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.20</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0000 0.0025 0.0023 0.0023 0.0023 0.0023 0 0 0.0012 0.0012 0.0095 0.0120 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUiAJYJ2sdal"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdAdj36sYpS" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear01_zztBXKNiwkca" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleYear03_zk85UyeWRABf" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear05_zg6jncwEE4k5" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_483_eoef--ExpenseExampleYear10_zfY5clih2n47" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_416_20260430__20260430__oef--ClassAxis__custom--C000217714Member_ze3PJBGlqrm4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional Class</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">97</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">303</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">525</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,166</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_412_20260430__20260430__oef--ClassAxis__custom--C000217713Member_zMeRVCruw943" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor Class</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">660</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,455</td><td style="text-align: left"> </td></tr> </table> 97 303 525 1166 122 381 660 1455 Portfolio Turnover 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 158% of the average value of its portfolio. 1.58 Principal Investment Strategies 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. 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. Like all investments in securities, you risk losing money by investing 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. 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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_ze3Ft3G7HEWe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of the pandemic and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the U.S. Aggregate Bond Index, a broad-based securities market index, and the Bloomberg U.S. Universal ex MBS Total Return Index Value Hedged USD, an index more representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the U.S. Aggregate Bond Index, a broad-based securities market index, and the Bloomberg U.S. Universal ex MBS Total Return Index Value Hedged USD, an index more representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217714Member_zijVN5HUv5a9" style="display: none; width: 50%">6.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217714Member_zuR8orP3B0Tl" style="display: none">4.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217714Member_zrAgqmouAjG5" style="display: none">0.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217714Member_z7Y6tRe5tZIf" style="display: none">8.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217714Member_zPwutqaTb9fj" style="display: none">4.60%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217714Member_zSHgnsgy0wxb" style="display: none">4.17%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">-5.63% </td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217714Member_zILIuayuZ345" style="display: none">9.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217714Member_zIavQ5iLUosf" style="display: none">8.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217714Member_zbuiAOFDGaqk" style="display: none">5.69%</td></tr> </table> <img alt="" src="icon485bpos004.jpg" style="height: 242px; width: 550px"/> 0.0614 0.0424 0.0077 0.0814 0.0460 0.0417 -0.0563 0.0924 0.0833 0.0569 Best Quarter: 8.06% (Q2, 2020) Worst Quarter: -9.96% (Q1, 2020) Date of inception: 10/21/2002 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.0806 Worst Quarter -0.0996 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zig681klaVmh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zLRwLoTgNlo8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td id="xdx_983_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000067902Member_zMRunUh4CLS6" style="font-weight: bold">Average Annual Return (for the period ended 12/31/25)</td><td> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zBkBVdL59Gye"> </td><td> </td><td> </td> <td colspan="2" id="xdx_496_20210101__20251231_zjDkwaDv1rYd"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49F_20160101__20251231_zDQxbjK6Fjlg"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">ICON Flexible Bond Fund</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Institutional Shares: IOBZX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217714Member_zZx38pFq1xGh" style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.69</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.22</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.48</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217714Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zphnAekHqpT" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.94</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.43</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217714Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0LC7xZ28Ap2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.54</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.28</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.55</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Investor Shares: IOBAX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217713Member_zuZTmmVbVgvc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.23</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z2fDcJ3zCag5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Bloomberg U.S. Aggregate Bond Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-0.36</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.01</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSUniversalexMBSTotalReturnIndexValueHedgedUSDMember_zfhU65cury14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Bloomberg U.S. Universal ex MBS Total Return Index Value Hedged USD</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.68</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.0569 0.0422 0.0448 0.0311 0.0194 0.0143 0.0354 0.0228 0.0155 0.0547 0.0400 0.0423 0.0730 -0.0036 0.0201 0.0731 0.0002 0.0268 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Equity Fund Investment Objective/Goals Seeks capital appreciation, with a secondary objective of capital preservation to provide long-term growth. Fees and Expenses of the Fund 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. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zXKk1qQHxPQd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zaSoMBaWbLR9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" id="xdx_498_20260430__20260430__oef--ClassAxis__custom--C000217709Member_z4EAlhktZg8" style="text-align: center">Institutional Class</td><td> </td><td> </td> <td colspan="2" id="xdx_498_20260430__20260430__oef--ClassAxis__custom--C000217710Member_zwS1DOb020Sd" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_987_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067900Member_zjWcNl8sWjh7" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zjEQtWh5qBsa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.75</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">0.75</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2ZUBRDgxQ9a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zmfHHxE4uO0g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--Component1OtherExpensesOverAssets_dpn_zhYrAY56JNda" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--Component2OtherExpensesOverAssets_dpn_zqN9AGFMpBk7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Shareholder Service Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">none</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">none</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zm4WXSTy5U8k" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Acquired Fund Fees and Expenses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zAN0q7sf0aok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.16</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.41</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0000 0.0025 0.0040 0.0040 0.0040 0.0040 0 0 0.0001 0.0001 0.0116 0.0141 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsJ0PRDJqR3i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zxj2fQ648iVf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear01_zxcHK9tSgrx7" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear03_zsaGCPFSmgZc" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_487_eoef--ExpenseExampleYear05_zfIHBXlhoGm5" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear10_zzWqlwm8abP8" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_412_20260430__20260430__oef--ClassAxis__custom--C000217709Member_z8LUc17z5AHf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional Class</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">118</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">368</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">638</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,409</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_411_20260430__20260430__oef--ClassAxis__custom--C000217710Member_zsqRnFOPoHM4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor Class</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">446</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,691</td><td style="text-align: left"> </td></tr> </table> 118 368 638 1409 144 446 771 1691 Portfolio Turnover 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 23% of the average value of its portfolio. 0.23 Principal Investment Strategies 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 invest up to 25% of its assets in a single industry. We believe ICON’s combination of industry rotation and bottom-up valuation distinguishes us from other investment managers. Equity securities in which the Fund may invest include common stocks and preferred stocks of companies of any market capitalization. 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. 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. Like all investments in securities, you risk losing money by investing in the Fund. 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. 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. 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. 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. Industrial Sector Risk. The Fund may invest some of its assets in the industrial sector. The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, tariffs and trade barriers, and tax and governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of the pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 each 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 ICON Long/Short Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a broad-based securities market index. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217709Member_zLxrPQwd3MM5" style="display: none; width: 50%">10.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217709Member_zRgOYc8BpXnh" style="display: none">26.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217709Member_z0uiMcrDF8g6" style="display: none">-16.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217709Member_zEfiQReIHsQ3" style="display: none">38.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217709Member_zHb0ZtTWnpXb" style="display: none">16.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217709Member_zi3xa1n9PPle" style="display: none">26.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217709Member_ziMagCmWJKSb" style="display: none">-18.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217709Member_zX5BB5U6d25a" style="display: none">12.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217709Member_zSRx4KRxxH78" style="display: none">5.29%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217709Member_zv1vcKXeghNf" style="display: none">15.84%</td></tr> </table> <img alt="" src="image_002.gif" style="height: 299px; width: 600px"/> 0.1085 0.2678 -0.1666 0.3821 0.1600 0.2673 -0.1811 0.1211 0.0529 0.1584 Best Quarter: 22.91% (Q2, 2020) Worst Quarter: -28.51% (Q1, 2020) Date of inception: 10/17/2002 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter 0.2291 Worst Quarter -0.2851 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A81_eoef--PerformanceTableTextBlock_z7Ln3K2AKQS8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zAlXOshwmVd7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Average Annual Return (for the period ended 12/31/25) ICON Equity Fund </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_494_20250101__20251231_z7qqJsbZwe73" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_49B_20210101__20251231_zRwlfARFUZ3e" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_496_20160101__20251231_zELeAyH3v3jk" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Institutional Shares: IOLZX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217709Member_zw2AJUD9la65" style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">15.84</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7.23</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10.29</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217709Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGZySJvwYo21" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.16</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.88</td><td style="text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217709Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zzELS5M2d37c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.48</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.41</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Investor Shares: ISTAX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217710Member_zbK3ft0Ili03" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.55</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.97</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.00</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zS5gqumAF3Be" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.1584 0.0723 0.1029 0.1316 0.0472 0.0888 0.1148 0.0541 0.0849 0.1555 0.0697 0.1000 0.1702 0.1395 0.1445 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Consumer Select Fund Investment Objective/Goals Seeks long-term capital appreciation. Fees and Expenses of the Fund 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 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zuqqavN89mrj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z6PfsnZ8vg0i" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" id="xdx_492_20260430__20260430__oef--ClassAxis__custom--C000217708Member_zCXqZ4uMhko5" style="text-align: center">Institutional Class</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49B_20260430__20260430__oef--ClassAxis__custom--C000217707Member_zzoy1Mymnr6h" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_981_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067899Member_zxrmaEoDRo1a" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zDVYPqiOCZTd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0ulUFI8h9Qg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zlqkXwQwW2ee" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.47</td><td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--Component1OtherExpensesOverAssets_dpn_zBftdfksEelg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.47</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--Component2OtherExpensesOverAssets_dpn_zaPMkaKQPS7c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 10pt; text-align: left">Shareholder Service Fees</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zsxsx4qehIt2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.47</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.72</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0047 0.0047 0.0047 0.0047 0 0 0.0147 0.0172 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zK0XopFx6is2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zo9aILJQePw9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_484_eoef--ExpenseExampleYear01_zsPOhBN5zFba" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear03_z4co39BPOB69" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear05_z6npdk5G2r93" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear10_zfSc03UfrvZd" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_419_20260430__20260430__oef--ClassAxis__custom--C000217708Member_zPWDtmuX8UZ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">465</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">803</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,757</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_417_20260430__20260430__oef--ClassAxis__custom--C000217707Member_zElrwkLHoQvb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,030</td><td style="text-align: left"> </td></tr> </table> 150 465 803 1757 175 542 933 2030 Portfolio Turnover 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 28% of the average value of its portfolio. 0.28 Principal Investment Strategies 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Consumer Discretionary, Consumer Staples and Financial sectors (as determined by the Global Industry Classification Standard). There is no minimum or maximum with respect to the amount the Fund may invest in any particular sector. 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. 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Consumer Discretionary, Consumer Staples and Financial sectors (as determined by the Global Industry Classification Standard). Like all investments in securities, you risk losing money by investing in the Fund. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of the pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Financials Index, an index more representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 each 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 Financial Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Financials Index, an index more representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z12IVHDtNj44" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217708Member_zueP9SwfVVh5" style="display: none; visibility: hidden">14.43</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217708Member_zCx6kvLqp3sf" style="display: none; visibility: hidden">20.03</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217708Member_zbc3mzw20rsk" style="display: none; visibility: hidden">-18.03</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217708Member_z7D8ufUqIapd" style="display: none; visibility: hidden">36.93</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217708Member_zB8S0wcJW9Fi" style="display: none; visibility: hidden">-7.47</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217708Member_zO44pocUIs7c" style="display: none; visibility: hidden">22.80</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217708Member_zOAXBISDeZK2" style="display: none; visibility: hidden">-10.56</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217708Member_zrvLk6XPkgMi" style="display: none; visibility: hidden">18.06</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217708Member_z8cbsTzffA9a" style="display: none; visibility: hidden">12.48</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217708Member_z2oEIJ0qMhI7" style="display: none; visibility: hidden">5.95%</td></tr> </table> <img alt="" src="icon485bpos006.jpg" style="height: 237px; width: 550px"/> 0.1443 0.2003 -0.1803 0.3693 -0.0747 0.2280 -0.1056 0.1806 0.1248 0.0595 Best Quarter: 18.46% (Q4, 2017) Worst Quarter: -36.93% (Q1, 2020) Date of inception: 07/1/1997 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter: 0.1846 Worst Quarter: -0.3693 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A86_eoef--PerformanceTableTextBlock_ztBS5OfL9kH6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zt50KtdJ1cna" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Average Annual Return (for the period ended 12/31/25) ICON Consumer Select Fund </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zFzQRIz8zUHe" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_494_20210101__20251231_zxBF5EPAnZIf" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_497_20160101__20251231_zPltyzexDX1f" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Institutional Shares: ICFSX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217708Member_zmduwfqmKAVf" style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.95</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9.09</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">8.23</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217708Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zmLqVzlHw1J4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.73</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.46</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.61</td><td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217708Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zKKD7HoAcf9b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.51</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.04</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.48</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Investor Shares: ICFAX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217707Member_zc8iPRZSf9p5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.74</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.81</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.92</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zw4e4nkS72mj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP1500FinancialsIndexMember_z7rVJDt8Wo62" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">S&P 1500 Financials Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.34</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.90</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.0595 0.0909 0.0823 0.0373 0.0646 0.0661 0.0551 0.0704 0.0648 0.0574 0.0881 0.0792 0.1702 0.1395 0.1445 0.1434 0.1490 0.1290 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Natural Resources and Infrastructure Fund Investment Objective/Goals Seeks long-term capital appreciation. Fees and Expenses of the Fund 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 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z7C2r8sCzu52"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zTn2jGQLITgf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="3" id="xdx_499_20260430__20260430__oef--ClassAxis__custom--C000217718Member_zvppTR98Ohxd" style="text-align: center">Institutional Class</td><td style="text-align: center"> </td> <td colspan="2" id="xdx_499_20260430__20260430__oef--ClassAxis__custom--C000217717Member_zk2Stlo9uVdi" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067904Member_zl4CwqUAc2Bg" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zy2KdB6E5kEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zPWQKikQ0pDb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zZc5dgrDCBjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--Component1OtherExpensesOverAssets_dp_zxHLadfHx3Xe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--Component2OtherExpensesOverAssets_dpn_zTThSmjwWFSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 10pt; text-align: left">Shareholder Service Fees</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zZ1VjnMvi3T2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.56</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0031 0.0031 0.0031 0.0031 0 0 0.0131 0.0156 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRhKI1zE5uHe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zALMHgIYsmda" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_481_eoef--ExpenseExampleYear01_zGbvHnM5L0P4" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_481_eoef--ExpenseExampleYear03_z1I7HBHNYEng" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear05_z9qKfNyjjnTj" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear10_zuGLiHkk94ff" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_415_20260430__20260430__oef--ClassAxis__custom--C000217718Member_zsxnutofk7Fl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional Class</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">133</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">415</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">718</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,579</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41F_20260430__20260430__oef--ClassAxis__custom--C000217717Member_ziyXYKuGChCe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor Class</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,856</td><td style="text-align: left"> </td></tr> </table> 133 415 718 1579 159 493 850 1856 Portfolio Turnover 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 154% of the average value of its portfolio. 1.54 Principal Investment Strategies 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies the Fund considers Natural Resources and/or Infrastructure focused, which are companies in the Energy, Industrials, Materials and Utilities sectors (as determined by the Global Industry Classification Standard) and otherwise described below. There is no minimum or maximum with respect to the amount the Fund may invest in any particular sector. 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. 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies the Fund considers Natural Resources and/or Infrastructure focused, which are companies in the Energy, Industrials, Materials and Utilities sectors (as determined by the Global Industry Classification Standard) and otherwise described below. Like all investments in securities, you risk losing money by investing in the Fund. 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. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts b in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P North American Natural Resources Index, an index more representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 each 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 ICON Natural Resources Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P North American Natural Resources Index, an index more representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zpUfTcroBCw4" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217718Member_zicGxnof757i" style="display: none; visibility: hidden">23.43</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217718Member_z17LjX6pwyd7" style="display: none; visibility: hidden">16.92</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217718Member_zJBNxC6HOOUk" style="display: none; visibility: hidden">-17.27</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217718Member_zUqOzRiA7Af9" style="display: none; visibility: hidden">22.10</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217718Member_z3JFVjFAuJkl" style="display: none; visibility: hidden">5.53</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217718Member_zPVvJTpmraE7" style="display: none; visibility: hidden">30.62</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217718Member_zW2IbaUMyBP5" style="display: none; visibility: hidden">0.38</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217718Member_zxk5FpBJiC13" style="display: none; visibility: hidden">10.97</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217718Member_zoK8aozzd1Hf" style="display: none; visibility: hidden">12.07</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217718Member_z68Ff7vwTQwh" style="display: none; visibility: hidden">15.89</td></tr> </table> <img alt="" src="icon485bpos007.jpg" style="height: 234px; width: 550px"/> 0.2343 0.1692 -0.1727 0.2210 0.0553 0.3062 0.0038 0.1097 0.1207 0.1589 Best Quarter: 21.44% (Q2, 2020) Worst Quarter: -32.95% (Q1, 2020) Date of inception: 05/05/1997 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter: 0.2144 Worst Quarter: -0.3295 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A89_eoef--PerformanceTableTextBlock_ztf87PYe3WWa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zI4i9Ot42l56" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Average Annual Return (for the period ended 12/31/25) ICON Natural Resources and Infrastructure Fund</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_490_20250101__20251231_z6t8gTCTV79h" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_49D_20210101__20251231_z7ciUXciWpk8" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_499_20160101__20251231_zHYFtNjff1w" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">Institutional Shares: ICBMX</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217718Member_zga8Ei2Wox05" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">15.89</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">13.57</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11.26</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBt8fS8HuC8k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.80</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.32</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.11</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zzROz9eRtNf1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.87</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.44</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Investor Shares: ICBAX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217717Member_z1cjAWucRBVl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.89</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.57</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.26</td><td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zkpNsf2HVss7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPNorthAmericanNaturalResourcesIndexMember_zPsIX9iwzmi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">S&P North American Natural Resources Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21.11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20.54</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.87</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.1589 0.1357 0.1126 0.1280 0.1132 0.0911 0.1087 0.1045 0.0844 0.1589 0.1357 0.1126 0.1702 0.1395 0.1445 0.2111 0.2054 0.2387 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Health and Information Technology Fund Investment Objective/Goals Seeks long-term capital appreciation. Fees and Expenses of the Fund 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 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zLb8vuMKLRe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMqFTG1OiNb3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" id="xdx_496_20260430__20260430__oef--ClassAxis__custom--C000217716Member_z69b46Tmtedh" style="white-space: nowrap; text-align: center">Institutional Class</td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" id="xdx_49F_20260430__20260430__oef--ClassAxis__custom--C000217715Member_zHbKGcjAyTi9" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_98A_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067903Member_zjTTSBFiqPn1" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_zE7wLmZ3tpEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYj6XgztJltf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zyskmpYcIoyd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--Component1OtherExpensesOverAssets_dpn_zMEvkKMMEGFa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.31</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--Component2OtherExpensesOverAssets_dpn_zUhNyhTD3Sak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Shareholder Service Fees</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_z66JW7OSMiEc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.30</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.56</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0030 0.0031 0.0030 0.0031 0 0 0.0130 0.0156 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5ABwo6CtNL"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zCvE61tRPdKe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear01_zfIl0KytDX66" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear03_z9ZrtdndB4Qa" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48D_eoef--ExpenseExampleYear05_zxlhaMm2vig3" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_488_eoef--ExpenseExampleYear10_z4SK4KIv3REe" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_418_20260430__20260430__oef--ClassAxis__custom--C000217716Member_zqT9wYZ45Dhf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional Class</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">132</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">412</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">713</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,568</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41A_20260430__20260430__oef--ClassAxis__custom--C000217715Member_zFAy3iWXlUFe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor Class</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">850</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,856</td><td style="text-align: left"> </td></tr> </table> 132 412 713 1568 159 493 850 1856 Portfolio Turnover 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 42% of the average value of its portfolio. 0.42 Principal Investment Strategies 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Information Technology and Health Care sectors (as determined by the Global Industry Classification Standard). There is no minimum or maximum with respect to the amount the Fund may invest in any particular sector. 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Information Technology and Health Care sectors (as determined by the Global Industry Classification Standard). Like all investments in securities, you risk losing money by investing in the Fund. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Information Technology Index, an index more representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 each 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 ICON Information Technology Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Information Technology Index, an index more representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z415h1O0zi5f" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217716Member_zyiw1CB7bzRb" style="display: none; visibility: hidden">12.47</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217716Member_zFlBaPycTwN8" style="display: none; visibility: hidden">32.55</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217716Member_zwypgFyoTQc2" style="display: none; visibility: hidden">-10.90</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217716Member_zvboCh03BYza" style="display: none; visibility: hidden">43.67</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217716Member_zT2OjQqw6GSk" style="display: none; visibility: hidden">33.95</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217716Member_zHNW72W5ENRd" style="display: none; visibility: hidden">17.71</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217716Member_zVlKm1T0cKA2" style="display: none; visibility: hidden">-19.87</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217716Member_zQMNkSeo2eWf" style="display: none; visibility: hidden">13.43</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217716Member_zGngKwvobZc" style="display: none; visibility: hidden">13.73</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217716Member_zD3Pc6ZL7bGf" style="display: none; visibility: hidden">17.30</td></tr> </table> <img alt="" src="icon485bpos008.jpg" style="height: 233px; width: 550px"/> 0.1247 0.3255 -0.1090 0.4367 0.3395 0.1771 -0.1987 0.1343 0.1373 0.1730 Best Quarter: 28.62% (Q2, 2020) Worst Quarter: -18.55% (Q1, 2020) Date of inception: 02/19/1997 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter: 0.2862 Worst Quarter: -0.1855 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zB0QZmWJxoCg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z6ZNXYV5OoZ8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Average Annual Return (for the period ended 12/31/25) ICON Health and Information Technology Fund</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zdz1jm83RjZ2" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_496_20210101__20251231_zQ0hMORxPZG2" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_49F_20160101__20251231_zsXkmgqWirz2" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Institutional Shares: ICTEX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217716Member_zVwxs2YN2yYf" style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17.30</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7.38</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">13.82</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217716Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zthcJbtiJ53d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.92</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.37</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.50</td><td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217716Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTmjWccWyd3g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.98</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.40</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.58</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Investor Shares: ICTTX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217715Member_z15MOCo1M1Th" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.06</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.51</td><td style="text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zVCXihhT3QYg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP1500InformationTechnologyIndexMember_zd9fzVZ6woQ5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">S&P 1500 Information Technology Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.81</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20.48</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.87</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.1730 0.0738 0.1382 0.1292 0.0437 0.1050 0.1398 0.0540 0.1058 0.1706 0.0711 0.1351 0.1702 0.1395 0.1445 0.2381 0.2048 0.2387 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. ICON Utilities and Income Fund Investment Objective/Goals Seeks long-term capital appreciation. Fees and Expenses of the Fund 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 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zR1PiTOcWUk4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zf7gWR6j3HSe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" id="xdx_497_20260430__20260430__oef--ClassAxis__custom--C000217719Member_zPXh1l9wDpl1" style="white-space: nowrap; text-align: center">Institutional Class</td><td> </td><td> </td> <td colspan="2" id="xdx_49A_20260430__20260430__oef--ClassAxis__custom--C000217720Member_znCakOb1Hybd" style="text-align: center">Investor Class</td><td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000067905Member_zSPi6QDxBtYk" style="font-weight: bold">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_znL5RoDN2vN5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Management Fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zb1iPEaQdnxl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution and/or Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zsZUz9BJClt9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.66</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.67</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--Component1OtherExpensesOverAssets_dpn_zAMeMRS9LUO3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Other Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.66</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.67</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--Component2OtherExpensesOverAssets_dpn_zn7yzUZ8kpQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 10pt">Shareholder Service Fees</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">none</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zQmLveXsbpih" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total Annual Fund Operating Expenses </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.66</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.92</td><td style="text-align: left">%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0066 0.0067 0.0066 0.0067 0 0 0.0166 0.0192 Example 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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8nJlu8ur3Rj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zsBlFCXOieCf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear01_zWWAcgC62IU7" style="border-bottom: Black 1pt solid; text-align: center">1 Year</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear03_zxcUOH1Wi3H4" style="border-bottom: Black 1pt solid; text-align: center">3 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_48F_eoef--ExpenseExampleYear05_zV3D1RLq0tj2" style="border-bottom: Black 1pt solid; text-align: center">5 Years</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_481_eoef--ExpenseExampleYear10_zXEcDBUdDY7" style="border-bottom: Black 1pt solid; text-align: center">10 Years</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_416_20260430__20260430__oef--ClassAxis__custom--C000217719Member_zJfEvb6MdiEb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Institutional Class</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">169</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">523</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">902</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,965</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_416_20260430__20260430__oef--ClassAxis__custom--C000217720Member_zhPSX6UQB6ge" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Investor Class</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">603</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,037</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,243</td><td style="text-align: left"> </td></tr> </table> 169 523 902 1965 195 603 1037 2243 Portfolio Turnover 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 19% of the average value of its portfolio. 0.19 Principal Investment Strategies 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Utilities sectors (as determined by the Global Industry Classification Standard ) including, but not limited to: Electric Utilities, Gas Utilities, Independent Power Producers & Energy Traders, Multi-utilities, Renewable Electricity and Water Utilities. 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. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies in the Utilities sectors (as determined by the Global Industry Classification Standard ) Like all investments in securities, you risk losing money by investing in the Fund. 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. 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. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflicts in the Middle East, and the impact of pandemics and other public health issues. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. Wars and other recent military conflicts have contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund. Bar Chart and Performance Table The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Utilities Index, an index more representative of the Fund’s investment strategy. These figures assume that all distributions are reinvested. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. Updated performance information may be obtained on our website www.iconfunds.com or by calling (800) 764-0442. 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 reorganization. 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. The bar chart shows calendar year returns and the average annual total return table indicates risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of the S&P 1500 Index, a broad-based securities market index, and the S&P 1500 Utilities Index, an index more representative of the Fund’s investment strategy. The Fund’s performance will fluctuate, and past performance (before and after taxes) is no guarantee of future results. www.iconfunds.com (800) 764-0442 <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zBcJYGpTcXEg" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000217719Member_zMLTmpKvQbEi" style="display: none; visibility: hidden">22.56</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000217719Member_zvRk1OES8PV5" style="display: none; visibility: hidden">8.06</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000217719Member_z5St1x7Ej8f5" style="display: none; visibility: hidden">3.78</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000217719Member_zi44vfObTKr3" style="display: none; visibility: hidden">22.24</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000217719Member_z96VmAY9UjT3" style="display: none; visibility: hidden">2.05</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000217719Member_z9GjQHoYyoc3" style="display: none; visibility: hidden">21.51</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000217719Member_zynmgl0wzwhb" style="display: none; visibility: hidden">-1.15</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000217719Member_zz6uj0dfXZw4" style="display: none; visibility: hidden">-12.25</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000217719Member_zQWtbfWMvpg2" style="display: none; visibility: hidden">15.31</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000217719Member_za8gw4bZqybk" style="display: none; visibility: hidden">15.26</td></tr> </table> <img alt="" src="icon485bpos009.jpg" style="height: 233px; width: 550px"/> 0.2256 0.0806 0.0378 0.2224 0.0205 0.2151 -0.0115 -0.1225 0.1531 0.1526 Best Quarter: 17.29% (Q1, 2016) Worst Quarter: -17.64% (Q1, 2020) Date of inception: 07/09/1997 The returns above are for the Institutional share class of the Fund. The Investor shares would have substantially similar annual returns to the Institutional share class because the classes are invested in the same portfolio securities. The Investor share class’s returns will be lower over the long-term when compared to the Institutional share class’s returns to the extent that the Institutional share class has lower expenses. Best Quarter: 0.1729 Worst Quarter: -0.1764 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. <div id="xdx_A82_eoef--PerformanceTableTextBlock_zvgfwOycC8Ph"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_ztARdwk0CZJ9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Average Annual Return (for the period ended 12/31/25) ICON Utilities and Income Fund</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" id="xdx_494_20250101__20251231_ztwBqtzFcCwi" style="border-bottom: Black 1pt solid; text-align: center">1 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_49B_20210101__20251231_z7TjTLO1Xoyl" style="border-bottom: Black 1pt solid; text-align: center">5 year</td><td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" id="xdx_496_20160101__20251231_z4ftdjG88Gjd" style="border-bottom: Black 1pt solid; text-align: center">10 year</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Institutional Shares: ICTUX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217719Member_za0mDQB4Rrr6" style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left">Return Before Taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">15.26</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">6.97</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9.16</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHam8nJIwak7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return After Taxes on Distributions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.42</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.25</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcpzHVBUij2i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.60</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.80</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic">Investor Shares: ICTVX</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000217720Member_z1m8OAWrBTRf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Return Before Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.91</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.72</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.88</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP1500IndexMember_zQT9jUpTfTfk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">S&P 1500 Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.45</td><td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP1500UtilitiesIndexMember_zXYj4mCusp1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">S&P 1500 Utilities Index</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.09</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.49</td><td style="text-align: left">%</td></tr> </table> Average Annual Return (for the period ended 12/31/25) 0.1526 0.0697 0.0916 0.1445 0.0542 0.0625 0.0960 0.0502 0.0580 0.1491 0.0672 0.0888 0.1702 0.1395 0.1445 0.1609 0.0967 0.1049 It is not possible for individuals to invest directly in an index. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. Performance figures for an index do not reflect deductions for sales charges, commissions, expenses or taxes. The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.73% and 0.98%, for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees. The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.98% and 1.23% for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees. Inception date: 07/18/2016 The MSCI All-Country World Ex USA Index is a free float-adjusted market capitalization index that is designed to measure developed and developing market equity performance, excluding the U.S. MSCI, Inc. publishes two versions of this Index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the gross dividends version, MSCI reinvests as much as possible of a company’s dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. The Fund’s Advisor, Shelton Capital Management (the “Advisor”), 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 (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 0.97% and 1.22% for the Institutional and Investor class shares, respectively, until May 1, 2027. This agreement may only be terminated or modified in respect of the Funds with the approval of the Board of Trustees. The Advisor will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. Any such reimbursement is subject to the review and approval of the Board of Trustees. The Fund’s advisory agreement provides that Shelton Capital Management (“Shelton,” or the Adviser) will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund’s business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. “Other Expenses” are based on estimated amounts for the current fiscal year.