ICON Advisers, Inc. (“ICON,” “ICON Advisers,” “we” or “our”) was incorporated in 1986 as Meridian Asset Management Company and became a registered investment adviser with the SEC in 1991. ICON is headquartered near Denver, in Greenwood Village, Colorado. Dr. Craig Callahan, Founder of ICON, has sole control of ICON Management & Research Corporation (“IMRC”). IMRC owns 100% of ICON Advisers. Since IMRC owns ICON Advisers, it is considered to be an affiliate or under common control. ICON uses a disciplined, objective, non-emotional methodology to identify industries and sectors that our methodology suggests are underpriced relative to our calculation of intrinsic value. ICON provides investment advice only with respect to equities and fixed income products described below. Many investment managers characterize their style as falling into one of nine style boxes: by a company’s market capitalization (small-cap, mid-cap, or large-cap) and by style (value, growth or blend). ICON manages its products using an approach that imposes no limits or restrictions on the market capitalization of its investments. ICON has the freedom to invest in small-, mid-, and large-size companies because we believe stocks migrate through the grid over time. Please see Item 8 for information on our investment methodology. ICON offers a range of portfolio solutions including tactical allocation portfolios and strategy based investing portfolios; institutional accounts; and separately managed accounts. Each of these products is described in more detail in the following pages. ICON offers asset management services to individual and institutional investors. ICON also serves as the investment sub-adviser to the ICON Funds ("ICON Funds" or "Funds"), a series of diversified and multi-sector mutual funds in the SCM Trust. ICON manages, among other accounts, the ICON Tactical Allocation Portfolios and ICON Strategy Based Investing Portfolios that invest in the ICON Funds, which are sub-advised by ICON, and in certain mutual funds advised by Shelton Capital Management (“Shelton”), and may invest in certain non-affiliated mutual funds as deemed appropriate by ICON. Please see Item 8 for more information on the ITAP and SBI products. ICON’s total assets under management (“AUM”) across all accounts as of December 31, 2023, were $719,415,539 all discretionary with no non- discretionary accounts. Mutual Funds ICON Advisers provides investment sub-advisory services to the ICON Funds. More information about the risks and operations of, and services provided to, the ICON Funds can be found in the Registration Statement filed on Form N-1A with the U.S. Securities and Exchange Commission (www.sec.gov), which includes the Prospectus and Statement of Additional Information or at www.iconfunds.com. ICON Tactical Allocation Portfolios ICON offers a mutual fund allocation program called the ICON Tactical Allocation Portfolios (“ITAP(s)” or “Portfolios”). The ITAPs invest exclusively in the ICON Funds and in certain mutual funds advised by Shelton for which ICON receives compensation. ICON offers Domestic, International and Global ITAPs, which have a minimum initial investment of $25,000. You are allowed to place reasonable restrictions on the investments, which are generally at the fund level. You cannot make an investment restriction on a specific security. Depending on your restriction, ICON may not be able to manage the account like it would for other accounts in the same ITAP without restrictions. All Domestic ITAPs may hold foreign equity securities (as defined in the prospectuses of the respective funds) but the Portfolios will generally hold at least 80% of their respective investments in securities traded in the United States. ICON offers the following ITAPs: Domestic Allocation Portfolios  The U.S. Growth Portfolio strives to increase the value of your account through a rise in the market price of securities or net asset value (“NAV”) of mutual funds (capital appreciation) from investments in U.S. multi-sector and diversified mutual funds.  The U.S. Moderate Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) and, to a lesser extent, providing income from investments in U.S. multi-sector, diversified, and bond mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s U.S. Moderate Portfolio will generally invest a greater portion of assets in equity investments than ICON’s U.S. Conservative Portfolio would.  The U.S. Conservative Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) and to provide income from investments in U.S. multi-sector, diversified, and bond mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s U.S. Conservative Portfolio will generally invest a greater portion of assets in fixed-income and dividend-paying investments than ICON’s U.S. Moderate Portfolio would.  The U.S. Income Portfolio strives to provide income from investments in U.S. multi-sector, diversified, and bond mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s U.S. Income Portfolio will generally invest a greater portion of assets in fixed-income and dividend-paying investments than ICON’s U.S. Conservative Portfolio would have invested at any given time. International Allocation Portfolio  The International Growth Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) from investments in international mutual funds. Global Allocation Portfolios  The Global Growth Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) from investments in U.S. multi-sector, diversified and international mutual funds.  The Global Moderate Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) and, to a lesser extent, providing income from investments in U.S. multi-sector, diversified, bond, and international mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s Global Moderate Portfolio will generally invest a greater portion of assets in equity investments than ICON’s Global Conservative Portfolio would.  The Global Conservative Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) and to provide income from investments in U.S. multi-sector, diversified, bond, and international mutual funds. The proportions of equity and fixed-income assets will vary through time, although ICON’s Global Conservative Portfolio will generally invest a greater portion of assets in fixed-income and dividend-paying investments than ICON’s Global Moderate Portfolio would. Like all investing, there is a risk of loss. This risk includes the chance that the portfolio’s return will be different than expected or the possibility of losing some or all of your original investment. ICON’s Growth Portfolios generally have a higher risk of loss than ICON’s Moderate Portfolios and Conservative Portfolios. ICON’s U.S. Income Portfolio is structured to provide the least amount of risk of the ITAPs. Please refer to Item 8 for more Risk Information. You must sign an investment management agreement with ICON and complete the applicable custodian’s paperwork. ICON currently uses Equity Advisor Solutions (“EAS”) and Charles Schwab & Co., Inc. (“Charles Schwab”) as custodians for its ITAPs. ICON Strategic Allocation

Portfolios ICON offers a mutual fund allocation program called the ICON Strategy Based Investing Allocation Portfolios (“SBI” or “SBI Portfolios”). The SBI Portfolios use a methodology developed and designed by AthenaInvest (“Athena”), which it has licensed to ICON. Athena’s Strategy Based Investing evaluates actively managed equity mutual funds based on the strategies being pursued by the fund managers. The funds are grouped and ranked by Athena based on the managers’ consistency in following their strategy. Athena believes that consistent managers beat the benchmark. The 10 Strategies include: Competitive Position, Economic Conditions, Future Growth, Market Conditions, Opportunity, Profitability, Quantitative, Risk, Social Considerations and Valuation. Athena is the sub- adviser to the SBI Portfolios and provides ICON with a model portfolio of mutual funds. Athena’s model portfolio is implemented under the supervision, control and discretion of ICON. The model portfolio will use ICON Funds for its fixed income allocation and when its strategy calls for a Valuation component. The model portfolio may also include certain funds advised by Shelton for which ICON receives compensation. The SBI Portfolios have a minimum initial investment of $25,000. You are allowed to place reasonable restrictions on the investments, which are generally at the fund level. You cannot make an investment restriction on a specific security. Depending on your restriction, ICON may not be able to manage the account like it would for other accounts in the same SBI Portfolios without restrictions. Additionally, depending on your account’s platform or custodian, certain securities may not be available. When this occurs, an alternate security with similar investment characteristics may be used. ICON offers the following SBI Portfolios: SBI Global Allocation Portfolios  The SBI Global Growth Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) from investments in U.S. and international mutual funds. The SBI Global Growth Portfolio is an all-equity mutual fund portfolio comprised of approximately 70% strategic allocation and a 30% managed tactical allocation. The SBI Global Growth Portfolio will hold certain ICON Funds, and certain mutual funds advised by Shelton, whenever the strategic allocation and/or tactical allocation fit the particular fund. The SBI Global Growth Portfolio will generally invest a greater portion of assets in equity mutual funds than the SBI Global Moderate Portfolio would.  The SBI Global Moderate Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) from investments in U.S. and international mutual funds. The SBI Global Moderate Portfolio is a mutual fund portfolio comprised of approximately 50% strategic allocation, a 20% managed tactical allocation, and a 30% fixed income allocation. The SBI Global Moderate Portfolio will hold certain ICON Funds, and certain mutual funds advised by Shelton, whenever the strategic allocation and/or tactical allocation fit the particular fund, and in all cases for the fixed income allocation. The SBI Global Moderate Portfolio will generally invest a greater portion of assets in equity mutual funds than the SBI Global Conservative Portfolio would.  The SBI Global Conservative Portfolio strives to increase the value of your account through a rise in the market price of securities or NAV of mutual funds (capital appreciation) from investments in U.S. and international mutual funds. The SBI Global Conservative Portfolio is a mutual fund portfolio comprised of approximately 20% strategic allocation, a 10% managed tactical allocation, and a 70% fixed income allocation. The SBI Global Conservative Portfolio will hold certain ICON Funds, and certain mutual funds advised by Shelton, whenever the strategic allocation and/or tactical allocation fit the particular fund, and in all cases for the fixed income allocation. The SBI Global Conservative Portfolio will generally invest a greater portion of assets in fixed-income funds than the SBI Global Moderate Portfolio would. Like all investing, there is a risk of loss. This risk could be the chance that the portfolio’s return will be different than expected or the possibility of losing some or all of your original investment. ICON’s SBI Global Growth Portfolios generally have a higher risk of loss than ICON’s SBI Global Moderate Portfolios and SBI Global Conservative Portfolios. Please refer to Item 8 for more Risk Information. You must sign an investment management agreement with ICON and complete the applicable custodian’s paperwork. ICON currently uses Equity Advisor Solutions (“EAS”) as custodian for its SBI Portfolios. Separately Managed Accounts ICON Advisers also advises Separately Managed Accounts (“SMAs”). SMAs are accounts that invest directly in individual stocks. Investors can place reasonable restrictions on SMAs, such as not investing in a particular security. ICON’s SMAs have a minimum initial investment of $100,000. ICON offers the following SMAs:  The ICON Multi-Cap U.S. Equity Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) from investments primarily in U.S. common stock investments in selected industries and sectors utilizing a value-based sector allocation strategy.  The ICON U.S. SRI (Socially Responsible Investing) Portfolio strives to increase the value of your account through a rise in the market price of securities (capital appreciation) from investments primarily in U.S. securities of companies that comprise the top 40% of companies ranked at the time of purchase by Sustainalytics, an independent environmental, social, and governance (ESG) and corporate governance research, ratings and analysis firm. For more detailed information on Sustainalytics, see www.sustainalytics.com. After an investment is identified as within the top 40% of companies ranked by Sustainalytics, ICON utilizes its value based sector allocation strategy to determine whether an investment is appropriate for the portfolio. To establish an SMA you must sign an investment management agreement with ICON and complete the applicable custodian’s paperwork. ICON currently uses Charles Schwab as custodian for its SMAs, but has the flexibility to use various custodians for this product. Institutional Accounts The Institutional Domestic Core Equity Portfolio (“DCE Portfolio”) strives to increase the value of your account through a rise in the market price of securities (capital appreciation) by investing in U.S. common stocks in selected industries and sectors using a value-based sector allocation strategy. The DCE Portfolio is offered to institutional investors such as public retirement systems, banks, foundations, endowments and pension plans or certain accredited investors. You can impose reasonable investment restrictions on DCE Portfolios. ERISA Accounts If you are subject to ERISA, you and/or your investment professional must inform ICON in writing. ICON does not serve as a trustee or plan administrator for any client ERISA plans and does not advise such plans on issues such as funding, diversification or distribution of plan assets. 403(b) Plan Accounts ICON no longer directly accepts new 403(b) accounts. However, 403(b) accounts are allowed in the ICON Funds through various broker-dealers. Please refer to the ICON Funds statutory prospectus for more information. ICON reserves the right to accept accounts below the minimum investment requirement, or to retain accounts that have dropped below a minimum account value requirement due to market fluctuation or investment activity. ICON may consider a group of accounts that have a family, corporate or other relationship to meet the minimum requirements.