UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07883
ICON Funds
(Exact name of registrant as specified in charter)
5299 DTC Blvd. Suite 1200 Greenwood Village, | CO 80111 | |
(Address of principal executive offices) | (Zip code) |
Erik L. Jonson 5299 DTC Blvd. Suite 1200 Greenwood Village, CO 80111
(Name and address of agent for service)
Registrant’s telephone number, including area code: 303-790-1600
Date of fiscal year end: September 30, 2011
Date of reporting period: March 31, 2011
Item 1. Reports to Stockholders.
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2011 Semiannual Report
ICON Diversified Funds
Investment Update
ICON Diversified Funds
Investment Update
(Unaudited)
ICON Bond Fund
ICON Core Equity Fund
ICON Equity Income Fund
ICON Long/Short Fund
ICON Risk-Managed Equity Fund
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1-800-764-0442 ï www.iconfunds.com
SAR-DIV-11
K18056
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You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 • www.iconfunds.com
Table of Contents
About This Report (Unaudited) | 2 | |||
Schedules of Investments (Unaudited) | ||||
ICON Bond Fund | 4 | |||
ICON Core Equity Fund | 10 | |||
ICON Equity Income Fund | 13 | |||
ICON Long/Short Fund | 18 | |||
ICON Risk-Managed Equity Fund | 22 | |||
Financial Statements (Unaudited) | 28 | |||
Financial Highlights (Unaudited) | 38 | |||
Notes to Financial Statements (Unaudited) | 48 | |||
Six-Month Hypothetical Expense Example (Unaudited) | 66 | |||
Other Information (Unaudited) | 69 |
About This Report (unaudited)
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2011, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or
underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
There are risks associated with selling short, including the risk that the ICON Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The ICON Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. Call options involve certain risks, such as limited gains and lack of liquidity in the underlying securities, and are not suitable for all investors. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The ICON Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ICON Bond Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (87.1%) | ||||||||||||||||
$ | 220,000 | ACE INA Holdings, Inc. | 8.88 | % | 08/15/29 | $ | 286,443 | |||||||||
1,100,000 | AES Corp. | 7.75 | % | 10/15/15 | 1,188,000 | |||||||||||
1,000,000 | Alcoa, Inc. | 6.75 | % | 07/15/18 | 1,107,227 | |||||||||||
950,000 | Alcoa, Inc.(a) | 5.72 | % | 02/23/19 | 987,922 | |||||||||||
1,000,000 | Alcoa, Inc. | 6.75 | % | 01/15/28 | 1,046,070 | |||||||||||
1,000,000 | Allied Waste North America, Inc. | 6.88 | % | 06/01/17 | 1,090,000 | |||||||||||
2,000,000 | Ally Financial, Inc. | 6.88 | % | 09/15/11 | 2,037,500 | |||||||||||
2,000,000 | Ally Financial, Inc.(a) | 6.00 | % | 12/15/11 | 2,045,000 | |||||||||||
2,000,000 | Ally Financial, Inc. | 6.75 | % | 12/01/14 | 2,100,420 | |||||||||||
1,000,000 | Altria Group, Inc.(a) | 7.75 | % | 02/06/14 | 1,148,065 | |||||||||||
1,000,000 | Ameren Energy Generating Co.(a) | 7.00 | % | 04/15/18 | 1,013,555 | |||||||||||
1,440,000 | American Express Bank FSB(a)(b) | 0.56 | % | 06/12/17 | 1,371,080 | |||||||||||
1,000,000 | American Express Co. | 7.00 | % | 03/19/18 | 1,168,725 | |||||||||||
250,000 | American General Finance Corp.(a) | 5.20 | % | 12/15/11 | 249,375 | |||||||||||
400,000 | American International Group, Inc. | 5.38 | % | 10/18/11 | 404,500 | |||||||||||
900,000 | American International Group, Inc.(a) | 4.25 | % | 05/15/13 | 929,823 | |||||||||||
900,000 | American International Group, Inc. | 8.25 | % | 08/15/18 | 1,052,585 | |||||||||||
650,000 | Arizona Public Service Co. | 6.38 | % | 10/15/11 | 668,904 | |||||||||||
1,000,000 | Associated Banc Corp.(a) | 6.75 | % | 08/15/11 | 1,015,217 | |||||||||||
800,000 | Avnet, Inc. | 6.00 | % | 09/01/15 | 859,328 | |||||||||||
250,000 | Bank of America Corp. | 5.42 | % | 03/15/17 | 255,221 | |||||||||||
1,000,000 | Bank of America Corp. | 6.80 | % | 03/15/28 | 1,034,656 | |||||||||||
950,000 | Bank of America NA(b) | 0.61 | % | 06/15/17 | 871,104 | |||||||||||
1,000,000 | BB&T Corp.(a) | 5.25 | % | 11/01/19 | 1,023,020 | |||||||||||
1,000,000 | Bear Stearns Cos., Inc.(b) | 1.02 | % | 10/28/14 | 1,003,975 | |||||||||||
950,000 | Bear Stearns Cos., Inc.(b) | 0.70 | % | 11/21/16 | 935,976 | |||||||||||
401,000 | Bill Barrett Corp. | 9.88 | % | 07/15/16 | 451,125 | |||||||||||
1,000,000 | Boston Scientific Corp. | 4.50 | % | 01/15/15 | 1,031,386 | |||||||||||
950,000 | Citigroup, Inc. | 6.00 | % | 08/15/17 | 1,032,081 | |||||||||||
1,000,000 | Citigroup, Inc. | 6.13 | % | 05/15/18 | 1,090,711 | |||||||||||
400,000 | Comcast Cable Communications LLC | 8.88 | % | 05/01/17 | 500,486 | |||||||||||
500,000 | Comcast Cable Holdings LLC | 9.80 | % | 02/01/12 | 537,642 | |||||||||||
1,000,000 | Commercial Metals Co.(a) | 7.35 | % | 08/15/18 | 1,042,518 | |||||||||||
1,000,000 | Computer Sciences Corp. | 6.50 | % | 03/15/18 | 1,086,601 | |||||||||||
1,000,000 | Constellation Energy Group, Inc. | 4.55 | % | 06/15/15 | 1,039,358 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 900,000 | Cooper Tire & Rubber Co.(a) | 7.63 | % | 03/15/27 | $ | 873,000 | |||||||||
1,000,000 | Coventry Health Care, Inc. | 5.88 | % | 01/15/12 | 1,033,309 | |||||||||||
1,000,000 | Coventry Health Care, Inc. | 6.13 | % | 01/15/15 | 1,056,417 | |||||||||||
114,000 | Cox Communications, Inc. | 7.63 | % | 06/15/25 | 136,887 | |||||||||||
1,100,000 | CSX Corp. | 7.38 | % | 02/01/19 | 1,329,421 | |||||||||||
450,000 | Dean Foods Co. | 6.90 | % | 10/15/17 | 417,375 | |||||||||||
950,000 | Delphi Financial Group, Inc. | 7.88 | % | 01/31/20 | 1,043,159 | |||||||||||
1,000,000 | Delta Air Lines, Inc., Series 2001, Class 1B | 7.71 | % | 03/18/13 | 1,017,500 | |||||||||||
500,000 | Denbury Resources, Inc. | 9.75 | % | 03/01/16 | 563,750 | |||||||||||
31,000 | Dillard’s, Inc. | 9.13 | % | 08/01/11 | 31,465 | |||||||||||
210,000 | Dillard’s, Inc. | 7.85 | % | 10/01/12 | 221,550 | |||||||||||
607,000 | Dole Food Co., Inc. | 8.75 | % | 07/15/13 | 655,560 | |||||||||||
1,000,000 | Dow Chemical Co. | 5.70 | % | 05/15/18 | 1,077,601 | |||||||||||
450,000 | Exelon Generation Co. LLC | 5.35 | % | 01/15/14 | 483,426 | |||||||||||
750,000 | Exelon Generation Co. LLC | 6.20 | % | 10/01/17 | 830,789 | |||||||||||
23,000 | FirstEnergy Corp., Series B(a) | 6.45 | % | 11/15/11 | 23,689 | |||||||||||
950,000 | Fiserv, Inc. | 4.63 | % | 10/01/20 | 931,769 | |||||||||||
201,000 | Ford Motor Credit Co. LLC(a)(b) | 5.56 | % | 06/15/11 | 202,524 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC | 7.25 | % | 10/25/11 | 1,029,080 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC(a)(b) | 3.05 | % | 01/13/12 | 1,008,760 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC | 7.50 | % | 08/01/12 | 1,066,266 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC | 5.63 | % | 09/15/15 | 1,047,178 | |||||||||||
500,000 | Freeport-McMoRan Copper & Gold, Inc. | 8.25 | % | 04/01/15 | 521,250 | |||||||||||
600,000 | Freeport-McMoRan Copper & Gold, Inc. | 8.38 | % | 04/01/17 | 661,500 | |||||||||||
1,000,000 | Frontier Communications Corp.(a) | 8.13 | % | 10/01/18 | 1,076,250 | |||||||||||
500,000 | General Electric Capital Corp.(a) | 4.75 | % | 09/15/14 | 535,829 | |||||||||||
1,000,000 | General Electric Capital Corp.(b) | 0.51 | % | 05/11/16 | 956,892 | |||||||||||
397,000 | Genworth Financial, Inc.(a) | 5.65 | % | 06/15/12 | 413,140 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc.(b) | 0.76 | % | 03/22/16 | 964,150 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc. | 5.95 | % | 01/15/27 | 1,004,952 | |||||||||||
900,000 | Goodyear Tire & Rubber Co.(a) | 8.25 | % | 08/15/20 | 963,000 | |||||||||||
1,000,000 | Hartford Financial Services Group, Inc. | 6.30 | % | 03/15/18 | 1,073,436 | |||||||||||
1,000,000 | HCP, Inc. | 5.65 | % | 12/15/13 | 1,083,122 | |||||||||||
1,500,000 | HCP, Inc. | 6.30 | % | 09/15/16 | 1,652,710 | |||||||||||
500,000 | HCP, Inc. | 6.70 | % | 01/30/18 | 554,161 | |||||||||||
1,000,000 | Horace Mann Educators Corp. | 6.85 | % | 04/15/16 | 1,075,047 | |||||||||||
500,000 | HSBC Finance Corp.(a) | 4.75 | % | 07/15/13 | 533,291 | |||||||||||
900,000 | HSBC Finance Corp.(b) | 3.83 | % | 11/10/13 | 915,453 | |||||||||||
1,000,000 | Humana, Inc. | 7.20 | % | 06/15/18 | 1,136,603 | |||||||||||
900,000 | International Paper Co. | 7.95 | % | 06/15/18 | 1,082,767 | |||||||||||
950,000 | JC Penney Corp., Inc.(a) | 7.95 | % | 04/01/17 | 1,061,625 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 450,000 | John Hancock Life Insurance Co.(c)(d) | 7.38 | % | 02/15/24 | $ | 485,794 | |||||||||
1,000,000 | JPMorgan Chase Bank NA(b) | 0.64 | % | 06/13/16 | 970,866 | |||||||||||
1,100,000 | Kraft Foods, Inc. | 6.13 | % | 08/23/18 | 1,230,155 | |||||||||||
1,000,000 | Lincoln National Corp.(a) | 7.00 | % | 03/15/18 | 1,137,952 | |||||||||||
1,000,000 | Lincoln National Corp.(a) | 8.75 | % | 07/01/19 | 1,266,260 | |||||||||||
1,400,000 | Lorillard Tobacco Co. | 6.88 | % | 05/01/20 | 1,514,162 | |||||||||||
500,000 | Macy’s Retail Holdings, Inc. | 5.90 | % | 12/01/16 | 537,500 | |||||||||||
1,000,000 | Masco Corp. | 6.13 | % | 10/03/16 | 1,025,668 | |||||||||||
450,000 | Massey Energy Co.(a) | 6.88 | % | 12/15/13 | 459,000 | |||||||||||
1,000,000 | Medco Health Solutions, Inc.(a) | 4.13 | % | 09/15/20 | 963,920 | |||||||||||
350,000 | Merrill Lynch & Co., Inc. | 5.45 | % | 02/05/13 | 371,020 | |||||||||||
1,100,000 | Merrill Lynch & Co., Inc.(b) | 3.55 | % | 05/05/14 | 1,082,070 | |||||||||||
1,500,000 | Morgan Stanley(a) | 4.75 | % | 04/01/14 | 1,563,024 | |||||||||||
900,000 | Morgan Stanley(b) | 0.78 | % | 10/15/15 | 864,045 | |||||||||||
950,000 | Morgan Stanley | 3.50 | % | 10/15/20 | 925,531 | |||||||||||
1,000,000 | National City Bank(b) | 0.68 | % | 06/07/17 | 942,604 | |||||||||||
1,000,000 | National City Corp.(a) | 6.88 | % | 05/15/19 | 1,141,597 | |||||||||||
1,000,000 | Newell Rubbermaid, Inc.(a) | 4.70 | % | 08/15/20 | 986,909 | |||||||||||
500,000 | Newfield Exploration Co.(a) | 7.13 | % | 05/15/18 | 537,500 | |||||||||||
122,000 | NLV Financial Corp.(c)(d) | 6.50 | % | 03/15/35 | 94,478 | |||||||||||
500,000 | NRG Energy, Inc. | 7.38 | % | 02/01/16 | 517,500 | |||||||||||
1,000,000 | NRG Energy, Inc. | 7.38 | % | 01/15/17 | 1,042,500 | |||||||||||
1,000,000 | PNC Funding Corp.(a)(b) | 0.50 | % | 01/31/14 | 992,319 | |||||||||||
750,000 | PPL Energy Supply LLC(a) | 6.50 | % | 05/01/18 | 837,373 | |||||||||||
180,000 | Provident Cos., Inc. | 7.00 | % | 07/15/18 | 199,129 | |||||||||||
1,000,000 | Reynolds American, Inc. | 7.25 | % | 06/01/12 | 1,066,913 | |||||||||||
900,000 | Reynolds American, Inc. | 7.25 | % | 06/01/13 | 1,006,711 | |||||||||||
800,000 | Rohm and Haas Co.(a) | 5.60 | % | 03/15/13 | 859,783 | |||||||||||
1,000,000 | Rohm and Haas Co. | 6.00 | % | 09/15/17 | 1,104,015 | |||||||||||
1,000,000 | Rowan Cos., Inc. | 7.88 | % | 08/01/19 | 1,186,176 | |||||||||||
500,000 | RR Donnelley & Sons Co. | 4.95 | % | 04/01/14 | 518,506 | |||||||||||
1,350,000 | RR Donnelley & Sons Co.(a) | 6.13 | % | 01/15/17 | 1,403,287 | |||||||||||
600,000 | Ryder System, Inc.(a) | 5.00 | % | 04/01/11 | 600,000 | |||||||||||
500,000 | Ryder System, Inc. | 5.85 | % | 03/01/14 | 550,214 | |||||||||||
750,000 | SLM Corp. | 5.13 | % | 08/27/12 | 774,027 | |||||||||||
1,000,000 | SLM Corp. | 5.38 | % | 01/15/13 | 1,040,152 | |||||||||||
950,000 | Southern Copper Corp.(a) | 5.38 | % | 04/16/20 | 965,675 | |||||||||||
1,000,000 | State Street Bank & Trust Co.(b) | 0.51 | % | 12/08/15 | 970,006 | |||||||||||
1,000,000 | Suntrust Banks, Inc.(b) | 0.60 | % | 04/01/15 | 954,664 | |||||||||||
1,000,000 | Suntrust Banks, Inc.(a) | 6.00 | % | 09/11/17 | 1,100,877 | |||||||||||
500,000 | Tennessee Gas Pipeline Co. | 7.00 | % | 10/15/28 | 555,603 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 500,000 | Tesoro Corp.(a) | 6.63 | % | 11/01/15 | $ | 515,000 | |||||||||
1,000,000 | Torchmark Corp.(a) | 6.38 | % | 06/15/16 | 1,066,645 | |||||||||||
1,800,000 | Toys R Us, Inc. | 7.38 | % | 10/15/18 | 1,804,500 | |||||||||||
1,000,000 | UIL Holdings Corp. | 4.63 | % | 10/01/20 | 950,879 | |||||||||||
1,000,000 | United States Steel Corp. | 6.05 | % | 06/01/17 | 1,031,250 | |||||||||||
1,660,000 | Valero Energy Corp. | 6.13 | % | 06/15/17 | 1,835,479 | |||||||||||
500,000 | Wachovia Corp.(a) | 5.25 | % | 08/01/14 | 534,736 | |||||||||||
1,950,000 | Wachovia Corp. | 5.75 | % | 02/01/18 | 2,148,210 | |||||||||||
900,000 | Wells Fargo Bank NA(b) | 0.52 | % | 05/16/16 | 858,505 | |||||||||||
1,000,000 | Whirlpool Corp. | 7.75 | % | 07/15/16 | 1,170,314 | |||||||||||
1,000,000 | Whiting Petroleum Corp. | 7.00 | % | 02/01/14 | 1,065,000 | |||||||||||
1,000,000 | Willis North America, Inc.(a) | 6.20 | % | 03/28/17 | 1,065,742 | |||||||||||
Total Corporate Bonds (Cost $111,853,974) | 118,442,997 | |||||||||||||||
U.S. Treasury Obligations (6.2%) | ||||||||||||||||
3,000,000 | U.S. Treasury Note | 2.38 | % | 07/31/17 | 2,940,000 | |||||||||||
1,000,000 | U.S. Treasury Note | 1.88 | % | 08/31/17 | 948,203 | |||||||||||
4,000,000 | U.S. Treasury Note | 3.63 | % | 02/15/20 | 4,108,752 | |||||||||||
500,000 | U.S. Treasury Note | 2.63 | % | 11/15/20 | 466,562 | |||||||||||
Total U.S. Treasury Obligations (Cost $8,575,317) | 8,463,517 | |||||||||||||||
Foreign Corporate Bonds (3.3%) | ||||||||||||||||
900,000 | AngloGold Ashanti Holdings PLC | 5.38 | % | 04/15/20 | 912,901 | |||||||||||
500,000 | BP Capital Markets PLC(a) | 1.55 | % | 08/11/11 | 501,787 | |||||||||||
1,000,000 | Gold Fields Orogen Holding BVI, Ltd.(d) | 4.88 | % | 10/07/20 | 958,492 | |||||||||||
1,900,000 | UBS AG | 5.88 | % | 12/20/17 | 2,074,718 | |||||||||||
Total Foreign Corporate Bonds (Cost $4,364,724) | 4,447,898 | |||||||||||||||
Foreign Government Bond (0.4%) | ||||||||||||||||
500,000 | Republic of South Africa, YD | 6.50 | % | 06/02/14 | 558,750 | |||||||||||
Total Foreign Government Bonds (Cost $510,024) | 558,750 | |||||||||||||||
Collateral for Securities on Loan (13.4%) | ||||||||||||||||
18,158,433 | State Street Navigator Prime Portfolio | 18,158,433 | ||||||||||||||
Total Collateral for Securities on Loan (Cost $18,158,433) | 18,158,433 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Short-Term Investment (2.4%) | ||||||||||||||||
$ | 3,330,686 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | $ | 3,330,686 | ||||||||||||
Total Short-Term Investments (Cost $3,330,686) | 3,330,686 | |||||||||||||||
Total Investments 112.8% (Cost $146,793,158) | 153,402,281 | |||||||||||||||
Liabilities Less Other Assets (12.8)% | (17,435,490 | ) | ||||||||||||||
Net Assets 100.0% | $ | 135,966,791 | ||||||||||||||
The accompanying notes are an integral part of the financial statements.
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
(b) | Floating Rate Security. Rate disclosed is as of March 31, 2011. | |
(c) | These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2011 was $580,272, which represent 0.4% of the Fund’s Net Assets. | |
(d) | Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. | |
YD | Yankee Dollar Bond |
ICON Bond Fund
Credit Diversification
March 31, 2011 (Unaudited)
Credit Diversification
March 31, 2011 (Unaudited)
A1 | 2.9% | |||
A2 | 4.9% | |||
A3 | 9.5% | |||
Aa2 | 1.8% | |||
Aa3 | 4.2% | |||
B1 | 8.0% | |||
B2 | 1.2% | |||
B3 | 2.2% | |||
Ba1 | 6.1% | |||
Ba2 | 6.0% | |||
Ba3 | 0.8% | |||
Baa1 | 8.1% | |||
Baa2 | 10.8% | |||
Baa3 | 23.9% | |||
90.4% | ||||
Percentages are based upon corporate and foreign corporate bond investments as a percentage of net assets.
Ratings based on Moody’s Investors Service, Inc.
ICON Core Equity Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.8%) | ||||||||
22,100 | Accenture PLC, Class A | $ | 1,214,837 | |||||
53,800 | Alpha Natural Resources, Inc.†(a) | 3,194,106 | ||||||
7,900 | Apple, Inc.† | 2,752,755 | ||||||
34,900 | Archer-Daniels-Midland Co. | 1,256,749 | ||||||
55,100 | Bed Bath & Beyond, Inc.† | 2,659,677 | ||||||
29,000 | CACI International, Inc., Class A†(a) | 1,778,280 | ||||||
15,800 | Cash America International, Inc.(a) | 727,590 | ||||||
31,000 | Caterpillar, Inc. | 3,451,850 | ||||||
27,100 | Chevron Corp. | 2,911,353 | ||||||
13,500 | Cliffs Natural Resources, Inc. | 1,326,780 | ||||||
114,700 | Comcast Corp., Class A | 2,835,384 | ||||||
28,500 | ConocoPhillips | 2,276,010 | ||||||
31,800 | Cooper Industries PLC | 2,063,820 | ||||||
98,400 | Corning, Inc. | 2,029,992 | ||||||
20,600 | CSX Corp. | 1,619,160 | ||||||
18,400 | Dover Corp. | 1,209,616 | ||||||
21,600 | Eaton Corp. | 1,197,504 | ||||||
48,100 | Emerson Electric Co. | 2,810,483 | ||||||
33,200 | Exxon Mobil Corp. | 2,793,116 | ||||||
38,700 | Ezcorp, Inc., Class A† | 1,214,793 | ||||||
15,400 | General Dynamics Corp. | 1,179,024 | ||||||
126,400 | General Electric Co. | 2,534,320 | ||||||
2,700 | Google, Inc., Class A† | 1,582,767 | ||||||
44,300 | Hewlett-Packard Co. | 1,814,971 | ||||||
10,400 | Honeywell International, Inc. | 620,984 | ||||||
31,000 | Illinois Tool Works, Inc. | 1,665,320 | ||||||
12,500 | International Business Machines Corp. | 2,038,375 | ||||||
47,900 | Kirby Corp.†(a) | 2,744,191 | ||||||
35,700 | Monsanto Co. | 2,579,682 | ||||||
40,200 | Nike, Inc., Class B | 3,043,140 | ||||||
26,400 | Nucor Corp.(a) | 1,214,928 | ||||||
22,700 | Omnicom Group, Inc. | 1,113,662 | ||||||
6,300 | Parker Hannifin Corp. | 596,484 | ||||||
29,200 | Praxair, Inc. | 2,966,720 | ||||||
28,600 | Research In Motion, Ltd.† | 1,617,902 | ||||||
16,800 | Ross Stores, Inc. | 1,194,816 | ||||||
40,700 | RPM International, Inc. | 965,811 | ||||||
22,900 | Siemens AG, ADR | 3,145,086 | ||||||
137,900 | Steel Dynamics, Inc. | 2,588,383 | ||||||
37,300 | Time Warner Cable, Inc. | 2,660,982 | ||||||
48,600 | TJX Cos., Inc. | 2,416,878 | ||||||
22,100 | Tupperware Brands Corp. | 1,319,591 | ||||||
50,700 | Tyco International, Ltd. | 2,269,839 | ||||||
46,000 | U.S. Bancorp | 1,215,780 | ||||||
14,500 | Union Pacific Corp. | 1,425,785 | ||||||
50,900 | Valero Energy Corp. | 1,517,838 | ||||||
30,200 | Viacom, Inc., Class B | 1,404,904 | ||||||
30,100 | Walt Disney Co. | 1,297,009 |
Shares or Principal Amount | Value | |||||||
9,300 | Walter Energy, Inc. | $ | 1,259,499 | |||||
73,800 | Wells Fargo & Co. | 2,339,460 | ||||||
18,500 | Wolverine World Wide, Inc.(a) | 689,680 | ||||||
7,700 | WW Grainger, Inc. | 1,060,136 | ||||||
Total Common Stocks (Cost $78,935,492) | 97,407,802 | |||||||
Collateral for Securities on Loan (8.6%) | ||||||||
8,345,135 | State Street Navigator Prime Portfolio | 8,345,135 | ||||||
Total Collateral for Securities on Loan (Cost $8,345,135) | 8,345,135 | |||||||
Short-Term Investments (0.2%) | ||||||||
$ | 226,978 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 226,978 | |||||
Total Short-Term Investments (Cost $226,978) | 226,978 | |||||||
Total Investments 108.6% (Cost $87,507,605) | 105,979,915 | |||||||
Liabilities Less Other Assets (8.6)% | (8,401,379 | ) | ||||||
Net Assets 100.0% | $ | 97,578,536 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Core Equity Fund
Sector Composition
March 31, 2011 (Unaudited)
Sector Composition
March 31, 2011 (Unaudited)
Industrials | 30.3% | |||
Consumer Discretionary | 21.2% | |||
Information Technology | 15.2% | |||
Materials | 13.2% | |||
Energy | 13.0% | |||
Financial | 5.6% | |||
Consumer Staples | 1.3% | |||
99.8% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Core Equity Fund
Industry Composition
March 31, 2011 (Unaudited)
Industry Composition
March 31, 2011 (Unaudited)
Integrated Oil & Gas | 8.2% | |||
Industrial Conglomerates | 8.1% | |||
Cable & Satellite | 5.6% | |||
Steel | 5.3% | |||
IT Consulting & Other Services | 5.2% | |||
Electrical Components & Equipment | 5.0% | |||
Industrial Machinery | 4.8% | |||
Computer Hardware | 4.7% | |||
Footwear | 3.8% | |||
Apparel Retail | 3.7% | |||
Diversified Banks | 3.6% | |||
Construction & Farm Machinery & Heavy Trucks | 3.5% | |||
Coal & Consumable Fuels | 3.3% | |||
Railroads | 3.1% | |||
Industrial Gases | 3.0% | |||
Marine | 2.8% | |||
Movies & Entertainment | 2.8% | |||
Homefurnishing Retail | 2.7% | |||
Fertilizers & Agricultural Chemicals | 2.6% | |||
Electronic Components | 2.1% | |||
Consumer Finance | 2.0% | |||
Aerospace & Defense | 1.8% | |||
Communications Equipment | 1.7% | |||
Internet Software & Services | 1.6% | |||
Oil & Gas Refining & Marketing | 1.6% | |||
Housewares & Specialties | 1.4% | |||
Diversified Metals & Mining | 1.3% | |||
Agricultural Products | 1.3% | |||
Advertising | 1.1% | |||
Trading Companies & Distributors | 1.1% | |||
Specialty Chemicals | 1.0% | |||
99.8% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Equity Income Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (79.4%) | ||||||||
8,500 | 3M Co.(a) | $ | 794,750 | |||||
97,700 | Advance America Cash Advance Centers, Inc.(a) | 517,810 | ||||||
14,600 | Aflac, Inc. | 770,588 | ||||||
5,300 | Air Products & Chemicals, Inc. | 477,954 | ||||||
11,400 | Alliance Resource Partners L.P. | 928,302 | ||||||
45,000 | Annaly Capital Management, Inc., REIT | 785,250 | ||||||
54,000 | Anworth Mortgage Asset Corp., REIT | 382,860 | ||||||
79,900 | Apollo Investment Corp.(a) | 963,594 | ||||||
11,000 | Arch Coal, Inc.(a) | 396,440 | ||||||
12,700 | Automatic Data Processing, Inc.(a) | 651,637 | ||||||
7,000 | Bank of Montreal | 454,860 | ||||||
11,800 | BCE, Inc. | 428,812 | ||||||
22,600 | Bristol-Myers Squibb Co. | 597,318 | ||||||
4,100 | Capital One Financial Corp. | 213,036 | ||||||
12,900 | Cardinal Health, Inc. | 530,577 | ||||||
7,300 | Caterpillar, Inc.(a) | 812,855 | ||||||
11,600 | Chevron Corp. | 1,246,188 | ||||||
14,500 | Comcast Corp., Class A | 358,440 | ||||||
27,900 | Commercial Metals Co.(a) | 481,833 | ||||||
13,000 | ConocoPhillips | 1,038,180 | ||||||
7,100 | Darden Restaurants, Inc.(a) | 348,823 | ||||||
8,400 | Diebold, Inc.(a) | 297,864 | ||||||
8,800 | Dominion Resources, Inc. of Virginia(a) | 393,360 | ||||||
10,300 | DST Systems, Inc. | 544,046 | ||||||
10,700 | E.I. du Pont de Nemours & Co. | 588,179 | ||||||
5,500 | Eastman Chemical Co. | 546,260 | ||||||
8,000 | Eaton Corp. | 443,520 | ||||||
12,400 | Exxon Mobil Corp. | 1,043,212 | ||||||
12,200 | Federated Investors, Inc., Class B(a) | 326,350 | ||||||
8,200 | FirstEnergy Corp. | 304,138 | ||||||
6,600 | General Dynamics Corp. | 505,296 | ||||||
66,600 | General Electric Co. | 1,335,330 | ||||||
10,900 | Genuine Parts Co.(a) | 584,676 | ||||||
43,100 | H&R Block, Inc.(a) | 721,494 | ||||||
9,700 | Home Depot, Inc.(a) | 359,482 | ||||||
8,700 | Hubbell, Inc., Class B | 617,961 | ||||||
1,116 | Huntington Ingalls Industries, Inc.† | 46,314 | ||||||
21,800 | Intel Corp. | 439,706 | ||||||
4,900 | International Business Machines Corp. | 799,043 | ||||||
19,400 | JPMorgan Chase & Co. | 894,340 | ||||||
6,200 | Kellogg Co. | 334,676 | ||||||
6,400 | Kimberly-Clark Corp.(a) | 417,728 | ||||||
16,700 | Kraft Foods, Inc., Class A(a) | 523,712 | ||||||
19,300 | Lincare Holdings, Inc.(a) | 572,438 | ||||||
10,800 | Linear Technology Corp. | 363,204 | ||||||
8,800 | Lockheed Martin Corp. | 707,520 | ||||||
21,300 | Manulife Financial Corp.(a) | 376,797 | ||||||
17,600 | Maxim Integrated Products, Inc. | 450,560 | ||||||
8,200 | Meredith Corp.(a) | 278,144 | ||||||
70,700 | MFA Financial, Inc., REIT(a) | 579,740 | ||||||
10,200 | Microchip Technology, Inc.(a) | 387,702 | ||||||
6,700 | Northrop Grumman Corp. | 420,157 | ||||||
12,500 | Nucor Corp.(a) | 575,250 |
Shares or Principal Amount | Value | |||||||
7,600 | Omnicare, Inc.(a) | $ | 227,924 | |||||
37,700 | Pfizer, Inc. | 765,687 | ||||||
7,300 | Philip Morris International, Inc. | 479,099 | ||||||
23,500 | Pitney Bowes, Inc.(a) | 603,715 | ||||||
17,800 | Portland General Electric Co.(a) | 423,106 | ||||||
24,500 | Redwood Trust, Inc., REIT(a) | 380,975 | ||||||
13,900 | Repsol YPF S.A., ADR | 478,855 | ||||||
19,000 | Reynolds American, Inc.(a) | 675,070 | ||||||
5,900 | Royal Dutch Shell PLC, ADR | 429,874 | ||||||
11,700 | RPM International, Inc. | 277,641 | ||||||
6,400 | SCANA Corp.(a) | 251,968 | ||||||
9,200 | Sonoco Products Co.(a) | 333,316 | ||||||
22,900 | Sun Life Financial, Inc. | 719,747 | ||||||
15,600 | TECO Energy, Inc.(a) | 292,656 | ||||||
9,300 | Thomson Reuters Corp. | 364,932 | ||||||
8,800 | Time Warner Cable, Inc.(a) | 627,792 | ||||||
12,500 | TransCanada Corp.(a) | 506,625 | ||||||
7,300 | Tupperware Brands Corp. | 435,883 | ||||||
47,900 | United Online, Inc.(a) | 302,009 | ||||||
6,300 | United Parcel Service, Inc., Class B | 468,216 | ||||||
5,600 | United Technologies Corp. | 474,040 | ||||||
10,000 | Verizon Communications, Inc. | 385,400 | ||||||
5,000 | Viacom, Inc., Class B | 232,600 | ||||||
8,100 | Watsco, Inc. | 564,651 | ||||||
6,900 | WGL Holdings, Inc. | 269,100 | ||||||
11,400 | Willis Group Holdings PLC(a) | 460,104 | ||||||
36,100 | World Wrestling Entertainment, Inc.(a) | 453,777 | ||||||
Total Common Stocks (Cost $34,953,977) | 41,843,068 | |||||||
Preferred Stocks (3.9%) | ||||||||
31,300 | Capital One Capital II | 797,524 | ||||||
28,800 | Comcast Corp., Series B | 736,992 | ||||||
20,400 | Viacom, Inc. | 530,196 | ||||||
Total Preferred Stocks (Cost $2,074,053) | 2,064,712 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (8.5%) | ||||||||||||||||
$ | 400,000 | Aetna, Inc.(a) | 6.63 | % | 06/15/36 | $ | 442,006 | |||||||||
240,000 | Archer-Daniels-Midland Co. | 6.63 | % | 05/01/29 | 279,439 | |||||||||||
600,000 | Bank of America Corp. | 5.42 | % | 03/15/17 | 612,530 | |||||||||||
400,000 | Cardinal Health, Inc. | 4.63 | % | 12/15/20 | 397,844 | |||||||||||
350,000 | Commercial Metals Co. | 7.35 | % | 08/15/18 | 364,881 | |||||||||||
350,000 | Computer Sciences Corp. | 6.50 | % | 03/15/18 | 380,310 | |||||||||||
300,000 | Delphi Financial Group, Inc. | 7.88 | % | 01/31/20 | 329,419 | |||||||||||
500,000 | Goldman Sachs Group, Inc. | 5.38 | % | 03/15/20 | 507,667 | |||||||||||
400,000 | Hartford Financial Services Group, Inc. | 6.00 | % | 01/15/19 | 420,456 | |||||||||||
400,000 | UnitedHealth Group, Inc.(a) | 3.88 | % | 10/15/20 | 380,798 | |||||||||||
350,000 | Valero Energy Corp. | 6.13 | % | 02/01/20 | 378,550 | |||||||||||
Total Corporate Bonds (Cost $4,463,454) | 4,493,900 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Convertible Corporate Bonds (0.6%) | ||||||||||||||||
$ | 350,000 | Central European Distribution Corp. | 3.00 | % | 03/15/13 | $ | 304,063 | |||||||||
Total Convertible Corporate Bonds (Cost $315,169) | 304,063 | |||||||||||||||
U.S. Government Bonds (2.5%) | ||||||||||||||||
800,000 | Federal Home Loan Bank | 5.50 | % | 07/15/36 | 865,943 | |||||||||||
350,000 | Federal Home Loan Mortgage Corp. | 6.75 | % | 03/15/31 | 446,077 | |||||||||||
Total U.S. Government Bonds (Cost $1,378,630) | 1,312,020 | |||||||||||||||
U.S. Treasury Obligation (1.0%) | ||||||||||||||||
500,000 | U.S. Treasury Bond | 4.50 | % | 02/15/36 | 504,844 | |||||||||||
Total U.S. Treasury Obligations (Cost $500,312) | 504,844 | |||||||||||||||
Convertible Preferred Stock (0.8%) | ||||||||||||||||
8,900 | Omnicare Capital Trust II, Series B† | 4.00 | % | 06/15/33 | 400,500 | |||||||||||
Total Convertible Preferred Stocks (Cost $389,636) | 400,500 |
Underlying Security/Expiration Date/Exercise Price | Contracts* | Value | ||||||
Call Options Purchased (0.4%) | ||||||||
Aetna, Inc., January 2012, $35.00 | 115 | $ | 57,213 | |||||
Apple, Inc., January 2012, $320.00 | 7 | 44,975 | ||||||
Bank Of America Corp., January 2012, $17.50 | 343 | 12,176 | ||||||
Computer Sciences Corp., January 2012, $60.00 | 58 | 6,960 | ||||||
Delphi Financial Group, Inc., April 2011, $30.00 | 100 | 9,500 | ||||||
Goldman Sachs Group, Inc., January 2012, $185.00 | 27 | 12,285 | ||||||
Hewlett-Packard Co., January 2012, $50.00 | 50 | 4,975 | ||||||
UnitedHealth Group, Inc., January 2012, $40.00 | 100 | 75,250 | ||||||
Total Call Options Purchased (Cost $231,524) | 223,334 | |||||||
Put Option Purchased (0.0%) | ||||||||
S&P 500 Index, April 2011, $1,300.00 | 20 | 15,200 | ||||||
Total Put Options Purchased (Cost $68,260) | 15,200 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (28.7%) | ||||||||
15,123,921 | State Street Navigator Prime Portfolio | $ | 15,123,921 | |||||
Total Collateral for Securities on Loan (Cost $15,123,921) | 15,123,921 | |||||||
Short-Term Investment (1.6%) | ||||||||
$ | 827,492 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 827,492 | |||||
Total Short-Term Investments (Cost $827,492) | 827,492 | |||||||
Total Investments 127.4% (Cost $60,326,428) | 67,113,054 | |||||||
Liabilities Less Other Assets (27.4)% | (14,439,777 | ) | ||||||
Net Assets 100.0% | $ | 52,673,277 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
* | All options have 100 shares per contract. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
ICON Equity Income Fund
Sector Composition
March 31, 2011 (Unaudited)
Sector Composition
March 31, 2011 (Unaudited)
Financial | 16.4% | |||
Industrials | 14.8% | |||
Energy | 11.5% | |||
Consumer Discretionary | 11.5% | |||
Information Technology | 8.0% | |||
Materials | 6.2% | |||
Health Care | 5.9% | |||
Telecommunication & Utilities | 5.2% | |||
Consumer Staples | 4.6% | |||
84.1% | ||||
Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.
ICON Equity Income Fund
Industry Composition
March 31, 2011 (Unaudited)
Industry Composition
March 31, 2011 (Unaudited)
Integrated Oil & Gas | 8.0% | |||
Aerospace & Defense | 4.1% | |||
Industrial Conglomerates | 4.0% | |||
Mortgage REIT’s | 4.0% | |||
Life & Health Insurance | 3.5% | |||
Cable & Satellite | 3.3% | |||
Semiconductors | 3.1% | |||
Consumer Finance | 2.9% | |||
Pharmaceuticals | 2.6% | |||
Coal & Consumable Fuels | 2.5% | |||
Asset Management & Custody Banks | 2.5% | |||
Movies & Entertainment | 2.3% | |||
Health Care Services | 2.3% | |||
Data Processing & Outsourced Services | 2.3% | |||
Tobacco | 2.2% | |||
Diversified Chemicals | 2.2% | |||
Steel | 2.0% | |||
Multi-Utilities | 1.8% | |||
Other Diversified Financial Services | 1.7% | |||
Packaged Foods & Meats | 1.6% | |||
Integrated Telecommunication Services | 1.5% | |||
Construction & Farm Machinery & Heavy Trucks | 1.5% | |||
IT Consulting & Other Services | 1.5% | |||
Electric Utilities | 1.4% | |||
Specialized Consumer Services | 1.4% | |||
Publishing | 1.2% | |||
Electrical Components & Equipment | 1.2% | |||
Office Services & Supplies | 1.1% | |||
Distributors | 1.1% | |||
Trading Companies & Distributors | 1.1% | |||
Health Care Distributors | 1.0% | |||
Oil & Gas Storage & Transportation | 1.0% | |||
Other Industries (each less than 1%) | 10.2% | |||
84.1% | ||||
Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.
ICON Long/Short Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (100.2%) | ||||||||
9,500 | Accenture PLC, Class Ax | $ | 522,215 | |||||
7,300 | Alpha Natural Resources, Inc.†(a) | 433,401 | ||||||
1,700 | Apple, Inc.† | 592,365 | ||||||
7,100 | Archer-Daniels-Midland Co. | 255,671 | ||||||
4,400 | Automatic Data Processing, Inc.x | 225,764 | ||||||
10,300 | Bed Bath & Beyond, Inc.† | 497,181 | ||||||
6,400 | CACI International, Inc., Class A†(a) | 392,448 | ||||||
4,700 | Capital One Financial Corp.x | 244,212 | ||||||
4,700 | Caterpillar, Inc.x | 523,345 | ||||||
3,200 | Chevron Corp.x | 343,776 | ||||||
2,700 | Cliffs Natural Resources, Inc.(a) | 265,356 | ||||||
21,500 | Comcast Corp., Class Ax | 531,480 | ||||||
1,300 | Computer Sciences Corp.(a) | 63,349 | ||||||
3,500 | Cooper Industries PLC | 227,150 | ||||||
22,900 | Corning, Inc. | 472,427 | ||||||
1,300 | Covidien PLCx | 67,522 | ||||||
6,200 | CSX Corp.(a) | 487,320 | ||||||
10,500 | Danaher Corp.x | 544,950 | ||||||
1,300 | Deere & Co.(a) | 125,957 | ||||||
12,800 | Delphi Financial Group, Inc., Class Ax | 393,088 | ||||||
8,600 | Dover Corp. | 565,364 | ||||||
5,700 | Ecolab, Inc.(a) | 290,814 | ||||||
5,600 | Emerson Electric Co. | 327,208 | ||||||
10,000 | Exxon Mobil Corp.x | 841,300 | ||||||
14,300 | Ezcorp, Inc., Class A†(a) | 448,877 | ||||||
1,900 | Fiserv, Inc.† x | 119,168 | ||||||
2,500 | General Dynamics Corp. | 191,400 | ||||||
40,400 | General Electric Co.x | 810,020 | ||||||
4,800 | Guess?, Inc.(a) | 188,880 | ||||||
4,600 | HCC Insurance Holdings, Inc. | 144,026 | ||||||
8,900 | Hewlett-Packard Co.x | 364,633 | ||||||
3,600 | Home Depot, Inc.(a) | 133,416 | ||||||
433 | Huntington Ingalls Industries, Inc.† | 17,969 | ||||||
5,700 | Illinois Tool Works, Inc.(a) | 306,204 | ||||||
5,700 | International Business Machines Corp.x | 929,499 | ||||||
9,600 | Kirby Corp.†(a) | 549,984 | ||||||
5,100 | Lowe’s Cos., Inc. | 134,793 | ||||||
10,200 | Marathon Oil Corp.x | 543,762 | ||||||
1,000 | Medtronic, Inc.x | 39,350 | ||||||
6,300 | Monsanto Co. | 455,238 | ||||||
5,900 | Nike, Inc., Class B(a) | 446,630 | ||||||
2,400 | Norfolk Southern Corp. | 166,248 | ||||||
2,600 | Northrop Grumman Corp. | 163,046 | ||||||
4,700 | Omnicom Group, Inc. | 230,582 | ||||||
3,400 | Praxair, Inc.(a) | 345,440 | ||||||
4,500 | Reliance Steel & Aluminum Co.(a) | 260,010 | ||||||
2,000 | Rio Tinto PLC, ADR | 142,240 | ||||||
5,800 | Ross Stores, Inc. | 412,496 | ||||||
700 | Stryker Corp.(a) | 42,560 | ||||||
1,600 | Thomas & Betts Corp.† | 95,152 | ||||||
2,100 | Tidewater, Inc.(a) | 125,685 | ||||||
3,500 | Time Warner Cable, Inc.x | 249,690 | ||||||
9,700 | TJX Cos., Inc. | 482,381 | ||||||
3,100 | Travelers Cos., Inc.x | 184,388 | ||||||
4,500 | Tupperware Brands Corp. | 268,695 |
Shares or Principal Amount | Value | |||||||
11,800 | U.S. Bancorpx | $ | 311,874 | |||||
11,400 | Wells Fargo & Co.x | 361,380 | ||||||
1,600 | WW Grainger, Inc. | 220,288 | ||||||
Total Common Stocks (Cost $16,129,250) | 19,119,667 | |||||||
Collateral for Securities on Loan (24.4%) | ||||||||
4,651,870 | State Street Navigator Prime Portfolio | 4,651,870 | ||||||
Total Collateral for Securities on Loan (Cost $4,651,870) | 4,651,870 | |||||||
Total Investments 124.6% (Cost $20,781,120) | 23,771,537 | |||||||
Liabilities Less Other Assets (24.6)% | (4,696,257 | ) | ||||||
Net Assets 100.0% | $ | 19,075,280 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
x | All or a portion of the security is pledged as collateral for securities sold short. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Long/Short Fund
Schedule of Securities Sold Short
March 31, 2011 (unaudited)
Schedule of Securities Sold Short
March 31, 2011 (unaudited)
Shares | Short Security | Value | ||||||
1,500 | Blue Nile, Inc.† | $ | 80,985 | |||||
1,000 | Salesforce.com, Inc.† | 133,580 | ||||||
2,000 | SL Green Realty Corp., REIT | 150,400 | ||||||
7,600 | SPDR S&P 500 ETF Trust | 1,007,076 | ||||||
3,300 | Texas Industries, Inc. | 149,259 | ||||||
Total Securities Sold Short (Proceeds $1,311,994) | $ | 1,521,300 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
REIT | Real Estate Investment Trust |
ICON Long/Short Fund
Sector Composition
March 31, 2011 (Unaudited)
Sector Composition
March 31, 2011 (Unaudited)
Industrials | 27.9% | |||
Information Technology | 19.3% | |||
Consumer Discretionary | 18.8% | |||
Energy | 12.0% | |||
Financial | 10.9% | |||
Materials | 9.2% | |||
Consumer Staples | 1.3% | |||
Health Care | 0.8% | |||
100.2% | ||||
Percentages are based upon long positions as a percentage of net assets.
ICON Long/Short Fund
Industry Composition
March 31, 2011 (Unaudited)
Industry Composition
March 31, 2011 (Unaudited)
IT Consulting & Other Services | 9.7% | |||
Integrated Oil & Gas | 9.1% | |||
Industrial Machinery | 7.4% | |||
Apparel Retail | 5.7% | |||
Computer Hardware | 5.0% | |||
Industrial Conglomerates | 4.2% | |||
Cable & Satellite | 4.1% | |||
Consumer Finance | 3.6% | |||
Diversified Banks | 3.5% | |||
Railroads | 3.4% | |||
Electrical Components & Equipment | 3.4% | |||
Construction & Farm Machinery & Heavy Trucks | 3.4% | |||
Marine | 2.9% | |||
Steel | 2.8% | |||
Homefurnishing Retail | 2.6% | |||
Electronic Components | 2.5% | |||
Fertilizers & Agricultural Chemicals | 2.4% | |||
Footwear | 2.3% | |||
Coal & Consumable Fuels | 2.3% | |||
Data Processing & Outsourced Services | 2.1% | |||
Life & Health Insurance | 2.1% | |||
Aerospace & Defense | 2.0% | |||
Industrial Gases | 1.8% | |||
Specialty Chemicals | 1.5% | |||
Housewares & Specialties | 1.4% | |||
Home Improvement Retail | 1.4% | |||
Agricultural Products | 1.3% | |||
Advertising | 1.2% | |||
Trading Companies & Distributors | 1.2% | |||
Property & Casualty Insurance | 1.0% | |||
Others Industries (each less than 1%) | 2.9% | |||
100.2% | ||||
Percentages are based upon long positions as a percentage of net assets.
ICON Risk-Managed Equity Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (106.0%) | ||||||||
5,800 | 3M Co.x | $ | 542,300 | |||||
5,800 | Accenture PLC, Class Ax | 318,826 | ||||||
6,000 | AGL Resources, Inc.x | 239,040 | ||||||
2,500 | Alliance Resource Partners L.P. | 203,575 | ||||||
8,100 | Altria Group, Inc.x | 210,843 | ||||||
4,400 | American Financial Group, Inc. | 154,088 | ||||||
1,800 | Ameriprise Financial, Inc.x | 109,944 | ||||||
5,100 | Amerisource-Bergen Corp.x | 201,756 | ||||||
3,300 | Apple, Inc.†,x | 1,149,885 | ||||||
8,400 | Archer-Daniels-Midland Co.x | 302,484 | ||||||
4,900 | Arrow Electronics, Inc.† | 205,212 | ||||||
3,900 | Assurant, Inc. | 150,189 | ||||||
4,600 | AT&T, Inc. | 140,760 | ||||||
5,000 | Automatic Data Processing, Inc.(a) | 256,550 | ||||||
900 | AutoZone, Inc.†,x | 246,204 | ||||||
5,800 | Bank of New York Mellon Corp.(a) | 173,246 | ||||||
5,300 | Barnes Group, Inc.x | 110,664 | ||||||
2,300 | Becton, Dickinson & Co.(a) | 183,126 | ||||||
1,300 | BHP Billiton, Ltd.(a) | 124,644 | ||||||
8,400 | Bristol-Myers Squibb Co. | 222,012 | ||||||
1,500 | Bunge, Ltd.(a) | 108,495 | ||||||
4,600 | Cardinal Health, Inc.x | 189,198 | ||||||
4,700 | Cash America International, Inc.(a) | 216,435 | ||||||
4,300 | Caterpillar, Inc.x(a) | 478,805 | ||||||
1,200 | CF Industries Holdings, Inc.(a) | 164,148 | ||||||
5,800 | Chevron Corp.x | 623,094 | ||||||
1,400 | China Petroleum & Chemical Corp., ADR | 140,812 | ||||||
2,900 | Cognizant Technology Solutions Corp., Class A† | 236,060 | ||||||
8,000 | ConocoPhillipsx | 638,880 | ||||||
2,100 | Cooper Industries PLC(a) | 136,290 | ||||||
3,800 | CR Bard, Inc. | 377,378 | ||||||
6,800 | CSX Corp.x | 534,480 | ||||||
5,500 | Danaher Corp. | 285,450 | ||||||
2,900 | Darden Restaurants, Inc.x | 142,477 | ||||||
1,500 | Deere & Co.(a) | 145,335 | ||||||
4,000 | Delphi Financial Group, Inc., Class Ax | 122,840 | ||||||
7,400 | DIRECTV, Class A†,x | 346,320 | ||||||
1,400 | Dollar Tree, Inc.†,x | 77,728 | ||||||
5,300 | Dover Corp. | 348,422 | ||||||
4,100 | E.I. du Pont de Nemours & Co. | 225,377 | ||||||
7,600 | Eli Lilly & Co.(a) | 267,292 | ||||||
2,200 | Express Scripts, Inc.†,x | 122,342 | ||||||
7,100 | Exxon Mobil Corp. | 597,323 | ||||||
6,100 | Ezcorp, Inc., Class A†,x | 191,479 | ||||||
3,700 | FirstEnergy Corp. | 137,233 | ||||||
3,800 | Freeport-McMoRan Copper & Gold, Inc.x | 211,090 | ||||||
1,700 | General Dynamics Corp. | 130,152 | ||||||
20,000 | General Electric Co.x | 401,000 | ||||||
2,200 | Genuine Parts Co.(a) | 118,008 | ||||||
1,900 | Goldman Sachs Group, Inc. | 301,093 | ||||||
6,000 | Guess?, Inc.(a) | 236,100 | ||||||
10,400 | Hewlett-Packard Co.x | 426,088 | ||||||
366 | Huntington Ingalls Industries, Inc.† | 15,189 | ||||||
11,600 | ING Groep, ADR† | 147,436 | ||||||
24,200 | Intel Corp.x | 488,114 |
Shares or Principal Amount | Value | |||||||
1,000 | Intercontinental Exchange, Inc.† | $ | 123,540 | |||||
5,400 | International Business Machines Corp. | 880,578 | ||||||
3,150 | JOS A. Bank Clothiers, Inc.†,x | 160,272 | ||||||
13,100 | JPMorgan Chase & Co. | 603,910 | ||||||
2,600 | Kimberly-Clark Corp.(a) | 169,702 | ||||||
1,500 | Laboratory Corp. of America Holdings† | 138,195 | ||||||
2,900 | Loews Corp.x | 124,961 | ||||||
2,800 | McDonald’s Corp.x | 213,052 | ||||||
3,000 | Medco Health Solutions, Inc.† | 168,480 | ||||||
3,500 | Monsanto Co. | 252,910 | ||||||
2,500 | Murphy Oil Corp. | 183,550 | ||||||
4,200 | NASDAQ OMX Group, Inc.†,x | 108,528 | ||||||
2,200 | Northrop Grumman Corp. | 137,962 | ||||||
3,500 | Nucor Corp.x(a) | 161,070 | ||||||
1,400 | O’Reilly Automotive, Inc.†,x | 80,444 | ||||||
3,900 | Occidental Petroleum Corp.x | 407,511 | ||||||
2,100 | PepsiCo, Inc.x | 135,261 | ||||||
3,600 | Potash Corp. of Saskatchewan, Inc. | 212,148 | ||||||
5,800 | Prudential Financial, Inc.x | 357,164 | ||||||
2,400 | Reliance Steel & Aluminum Co.(a) | 138,672 | ||||||
4,400 | Reynolds American, Inc.(a) | 156,332 | ||||||
2,000 | Rock-Tenn Co., Class A(a) | 138,700 | ||||||
2,400 | Ross Stores, Inc. | 170,688 | ||||||
2,600 | Siemens AG, ADRx | 357,084 | ||||||
4,100 | Southern Co. | 156,251 | ||||||
5,500 | Steel Dynamics, Inc.x(a) | 103,235 | ||||||
4,000 | Target Corp.x | 200,040 | ||||||
6,300 | Texas Instruments, Inc. | 217,728 | ||||||
1,700 | Thomas & Betts Corp.†x | 101,099 | ||||||
5,400 | Time Warner Cable, Inc.x | 385,236 | ||||||
6,500 | Time Warner, Inc.x | 232,050 | ||||||
8,200 | TJX Cos., Inc.x | 407,786 | ||||||
4,800 | Torchmark Corp.x | 319,104 | ||||||
2,400 | Travelers Cos., Inc.x | 142,752 | ||||||
13,100 | U.S. Bancorpx | 346,233 | ||||||
4,800 | Union Pacific Corp.x | 471,984 | ||||||
8,000 | United Technologies Corp.x | 677,200 | ||||||
4,000 | Vale S.A., ADR(a) | 133,400 | ||||||
4,900 | Varian Medical Systems, Inc.†,x | 331,436 | ||||||
4,800 | Verizon Communications, Inc. | 184,992 | ||||||
5,600 | Viacom, Inc., Class B | 260,512 | ||||||
5,000 | Wal-Mart Stores, Inc. | 260,250 | ||||||
10,800 | Walt Disney Co.x | 465,372 | ||||||
18,600 | Wells Fargo & Co.x | 589,620 | ||||||
1,200 | WW Grainger, Inc.x | 165,216 | ||||||
5,700 | Xcel Energy, Inc. | 136,173 | ||||||
Total Common Stocks (Cost $21,476,187) | 26,441,694 |
Underlying Security/Expiration Date/Exercise Price | Contracts* | Value | ||||||
Put Option Purchased (0.3%) | ||||||||
S&P 500 Index, May 2011, $1,260.00 | 50 | $ | 67,000 | |||||
Total Put Options Purchased (Cost $80,168) | 67,000 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (11.3%) | ||||||||
2,827,853 | State Street Navigator Prime Portfolio | $ | 2,827,853 | |||||
Total Collateral for Securities on Loan (Cost $2,827,853) | 2,827,853 | |||||||
Total Investments 117.6% (Cost $24,384,208) | 29,336,547 | |||||||
Liabilities Less Other Assets (17.6)% | (4,390,338 | ) | ||||||
Net Assets 100.0% | $ | 24,946,209 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
x | All or a portion of the security is pledged as collateral for call options written. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
* | All options have 100 shares per contract. | |
ADR | American Depositary Receipt |
ICON Risk-Managed Equity Fund
Schedule of Written Call Options
March 31, 2011 (unaudited)
Schedule of Written Call Options
March 31, 2011 (unaudited)
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
S&P 500 Index, May 2011, $1,330.00 | 150 | $ | 406,500 | |||||
Total Options Written (Premiums Received $386,495) | $ | 406,500 | ||||||
The accompanying notes are an integral part of the financial statements.
* | All options have 100 shares per contract. |
ICON Risk-Managed Equity Fund
Sector Composition
March 31, 2011 (Unaudited)
Sector Composition
March 31, 2011 (Unaudited)
Industrials | 20.2% | |||
Financial | 17.2% | |||
Information Technology | 16.7% | |||
Consumer Discretionary | 15.0% | |||
Energy | 11.2% | |||
Health Care | 8.8% | |||
Materials | 7.5% | |||
Consumer Staples | 5.4% | |||
Telecommunication & Utilities | 4.0% | |||
106.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Risk-Managed Equity Fund
Industry Composition
March 31, 2011 (Unaudited)
Industry Composition
March 31, 2011 (Unaudited)
Integrated Oil & Gas | 10.4% | |||
Computer Hardware | 6.3% | |||
IT Consulting & Other Services | 5.8% | |||
Industrial Conglomerates | 5.2% | |||
Railroads | 4.0% | |||
Apparel Retail | 3.9% | |||
Aerospace & Defense | 3.9% | |||
Movies & Entertainment | 3.8% | |||
Diversified Banks | 3.8% | |||
Health Care Equipment | 3.6% | |||
Life & Health Insurance | 3.2% | |||
Other Diversified Financial Services | 3.0% | |||
Industrial Machinery | 3.0% | |||
Cable & Satellite | 2.9% | |||
Semiconductors | 2.8% | |||
Fertilizers & Agricultural Chemicals | 2.5% | |||
Construction & Farm Machinery & Heavy Trucks | 2.5% | |||
Steel | 2.2% | |||
Pharmaceuticals | 2.0% | |||
Multi-line Insurance | 1.7% | |||
Health Care Services | 1.7% | |||
Agricultural Products | 1.7% | |||
Consumer Finance | 1.6% | |||
Health Care Distributors | 1.6% | |||
Tobacco | 1.5% | |||
Restaurants | 1.4% | |||
Diversified Metals & Mining | 1.3% | |||
Automotive Retail | 1.3% | |||
Integrated Telecommunication Services | 1.3% | |||
Investment Banking & Brokerage | 1.2% | |||
Electric Utilities | 1.2% | |||
Asset Management & Custody Banks | 1.1% | |||
General Merchandise Stores | 1.1% | |||
Hypermarkets & Super Centers | 1.0% | |||
Data Processing & Outsourced Services | 1.0% | |||
Gas Utilities | 1.0% | |||
Electrical Components & Equipment | 1.0% | |||
Others Industries (each less than 1%) | 7.5% | |||
106.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
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Statements of Assets and Liabilities
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
ICON | ICON | |||||||
Bond Fund | Core Equity Fund | |||||||
Assets | ||||||||
Investments, at cost | $ | 146,793,158 | $ | 87,507,605 | ||||
Investments, at value† | 153,402,281 | 105,979,915 | ||||||
Deposits for Short Sales | - | - | ||||||
Receivables: | ||||||||
Fund shares sold | 154,533 | 53,579 | ||||||
Investments sold | 986,650 | - | ||||||
Interest | 1,781,731 | - | ||||||
Dividends | - | 109,239 | ||||||
Expense reimbursements by Adviser | 47,962 | - | ||||||
Foreign tax reclaims | - | 848 | ||||||
Other assets | 20,496 | 28,942 | ||||||
Total Assets | 156,393,653 | 106,172,523 | ||||||
Liabilities | ||||||||
Options written, at value (premiums received $386,495) | - | - | ||||||
Securities sold short, at value (proceeds of $1,311,994) | - | - | ||||||
Payables: | ||||||||
Due to custodian bank | - | - | ||||||
Due to prime broker | - | - | ||||||
Investments purchased | 2,010,498 | - | ||||||
Payable for collateral received on securities loaned | 18,158,433 | 8,345,135 | ||||||
Fund shares redeemed | 86,562 | 113,417 | ||||||
Dividends on short positions | - | - | ||||||
Distributions due to shareholders | 9,957 | - | ||||||
Advisory fees | 69,763 | 61,865 | ||||||
Accrued distribution fees | 30,870 | 36,435 | ||||||
Fund accounting fees | 16,572 | 10,772 | ||||||
Transfer agent fees | 18,015 | 17,448 | ||||||
Administration fees | 5,573 | 3,944 | ||||||
Trustee fees | 5,806 | 3,071 | ||||||
Accrued expenses | 14,813 | 1,900 | ||||||
Total Liabilities | 20,426,862 | 8,593,987 | ||||||
Net Assets - all share classes | $ | 135,966,791 | $ | 97,578,536 | ||||
Net Assets - Class I | $ | 130,994,219 | $ | 71,161,245 | ||||
Net Assets - Class C | $ | 3,937,031 | $ | 24,711,637 | ||||
Net Assets - Class Z | $ | 1,000,610 | $ | 164,166 | ||||
Net Assets - Class A | $ | 34,931 | $ | 1,541,488 | ||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 129,642,312 | $ | 126,110,375 | ||||
Accumulated undistributed net investment income/(loss) | (329,384 | ) | 170,009 | |||||
Accumulated undistributed net realized gain/(loss) from investments, written options, securities sold short and foreign currency transactions | 44,740 | (47,174,158 | ) | |||||
Unrealized appreciation/ (depreciation) on investments, written options, securities sold short and foreign currency transactions | 6,609,123 | 18,472,310 | ||||||
Net Assets | $ | 135,966,791 | $ | 97,578,536 | ||||
The accompanying notes are an integral part of the financial statements.
ICON | ||||||||||
ICON | ICON | Risk-Managed | ||||||||
Equity Income Fund | Long/Short Fund | Equity Fund | ||||||||
$ | 60,326,428 | $ | 20,781,120 | $ | 24,384,208 | |||||
67,113,054 | 23,771,537 | 29,336,547 | ||||||||
- | 1,552,346 | - | ||||||||
94,386 | 17,646 | 16,843 | ||||||||
529,992 | 204,493 | 195,964 | ||||||||
59,812 | - | - | ||||||||
195,049 | 20,409 | 32,295 | ||||||||
2,642 | 33,691 | 33,387 | ||||||||
3,022 | - | 500 | ||||||||
19,179 | 12,864 | 11,322 | ||||||||
68,017,136 | 25,612,986 | 29,626,858 | ||||||||
- | - | 406,500 | ||||||||
- | 1,521,300 | - | ||||||||
- | 145,015 | 123,381 | ||||||||
- | 133,216 | 1,212,801 | ||||||||
100,449 | - | - | ||||||||
15,123,921 | 4,651,870 | 2,827,853 | ||||||||
29,480 | 13,977 | 47,080 | ||||||||
- | 4,405 | - | ||||||||
21,719 | - | - | ||||||||
33,269 | 13,863 | 15,838 | ||||||||
13,881 | 9,031 | 7,039 | ||||||||
4,788 | 2,702 | 3,223 | ||||||||
9,827 | 12,328 | 9,590 | ||||||||
2,057 | 421 | 872 | ||||||||
1,207 | 1,256 | 1,446 | ||||||||
3,261 | 28,322 | 25,026 | ||||||||
15,343,859 | 6,537,706 | 4,680,649 | ||||||||
$ | 52,673,277 | $ | 19,075,280 | $ | 24,946,209 | |||||
$ | 44,671,748 | $ | 9,906,631 | $ | 18,168,233 | |||||
$ | 4,580,749 | $ | 7,786,682 | $ | 2,768,387 | |||||
$ | 140,923 | $ | 54,524 | $ | 63,809 | |||||
$ | 3,279,857 | $ | 1,327,443 | $ | 3,945,780 | |||||
$ | 77,960,830 | $ | 79,775,779 | $ | 42,196,131 | |||||
(322,917 | ) | (61,842 | ) | 51,175 | ||||||
(31,751,370 | ) | (63,419,768 | ) | (22,233,431 | ) | |||||
6,786,734 | 2,781,111 | 4,932,334 | ||||||||
$ | 52,673,277 | $ | 19,075,280 | $ | 24,946,209 | |||||
ICON | ICON | |||||||
Bond Fund | Core Equity Fund | |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||
Class I | 12,596,211 | 6,471,129 | ||||||
Class C | 377,758 | 2,447,190 | ||||||
Class Z | 96,377 | 15,127 | ||||||
Class A | 3,364 | 147,285 | ||||||
Net asset value (offering and redemption price per share) | ||||||||
Class I | $ | 10.40 | $ | 11.00 | ||||
Class C | $ | 10.42 | $ | 10.10 | ||||
Class Z | $ | 10.38 | $ | 10.85 | ||||
Class A | $ | 10.38 | $ | 10.47 | ||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 10.90 | $ | 11.11 | ||||
† Includes securities on loan of | $ | 17,519,158 | $ | 8,139,495 |
The accompanying notes are an integral part of the financial statements.
ICON | ||||||||||
ICON | ICON | Risk-Managed | ||||||||
Equity Income Fund | Long/Short Fund | Equity Fund | ||||||||
3,653,799 | 740,271 | 1,537,816 | ||||||||
378,022 | 613,206 | 248,711 | ||||||||
11,578 | 4,049 | 5,304 | ||||||||
271,038 | 99,858 | 335,364 | ||||||||
$ | 12.23 | $ | 13.38 | $ | 11.81 | |||||
$ | 12.12 | $ | 12.70 | $ | 11.13 | |||||
$ | 12.17 | $ | 13.46 | $ | 12.03 | |||||
$ | 12.10 | $ | 13.29 | $ | 11.77 | |||||
$ | 12.84 | $ | 14.10 | $ | 12.49 | |||||
$ | 14,187,785 | $ | 4,557,046 | $ | 2,776,252 |
Statements of Operations
For the period ended March 31, 2010 (unaudited)
For the period ended March 31, 2010 (unaudited)
ICON | ||||||||
ICON | Core Equity | |||||||
Bond Fund | Fund | |||||||
Investment Income | ||||||||
Interest | $ | 3,731,798 | $ | 93 | ||||
Dividends | - | 962,872 | ||||||
Income from securities lending, net | 24,819 | 15,971 | ||||||
Foreign taxes withheld | - | (5,882 | ) | |||||
Total Investment Income | 3,756,617 | 973,054 | ||||||
Expenses | ||||||||
Advisory fees | 438,625 | 386,758 | ||||||
Distribution fees: | ||||||||
Class I | 176,248 | 95,107 | ||||||
Class C | 17,704 | 126,429 | ||||||
Class A | 38 | 1,838 | ||||||
Fund accounting fees | 14,583 | 10,314 | ||||||
Transfer agent fees | 53,315 | 72,221 | ||||||
Administration fees | 36,188 | 25,548 | ||||||
Custody fees | 2,908 | 2,624 | ||||||
Registration fees: | ||||||||
Class I | 14,050 | 7,160 | ||||||
Class C | 7,400 | 6,594 | ||||||
Class A | - | 5,649 | ||||||
Insurance expense | 11,814 | 7,189 | ||||||
Trustee fees and expenses | 9,480 | 5,769 | ||||||
Audit and Tax Service expense | 14,959 | 14,211 | ||||||
Interest expense | 661 | 2,310 | ||||||
Other expenses | 40,906 | 33,321 | ||||||
Recoupment of previously reimbursed expenses | - | - | ||||||
Dividends on Short positions | - | - | ||||||
Total expenses before expense reimbursement | 838,879 | 803,042 | ||||||
Expense reimbursement by Adviser due to expense limitation agreement | (95,947 | ) | - | |||||
Net Expenses | 742,932 | 803,042 | ||||||
Net Investment Income/(Loss) | 3,013,685 | 170,012 | ||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, Securities Sold Short, and Foreign Currency Transactions | ||||||||
Net realized gain/(loss) from investment transactions | 1,037,274 | 6,639,732 | ||||||
Net realized gain/(loss) from foreign currency transactions | - | - | ||||||
Net realized gain/(loss) from written option transactions | - | - | ||||||
Net realized gain/(loss) from securities sold short | - | - | ||||||
Change in unrealized net appreciation/ (depreciation) on investments and foreign currency translations | (3,535,240 | ) | 13,265,866 | |||||
Change in unrealized net appreciation/(depreciation) on written options | - | - | ||||||
Change in unrealized net appreciation/(depreciation) on securities sold short | - | - | ||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, Securities Sold Short, and Foreign Currency Transactions | (2,497,966 | ) | 19,905,598 | |||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 515,719 | $ | 20,075,610 | ||||
The accompanying notes are an integral part of the financial statements.
ICON | ICON | ICON | ||||||||||
Equity Income | Long/Short | Risk-Managed | ||||||||||
Fund | Fund | Equity Fund | ||||||||||
$ | 162,799 | $ | 2,659 | $ | 27 | |||||||
1,015,476 | 186,470 | 312,704 | ||||||||||
20,060 | 4,180 | 3,931 | ||||||||||
(11,676 | ) | (149 | ) | (905 | ) | |||||||
1,186,659 | 193,160 | 315,757 | ||||||||||
181,447 | 88,183 | 96,635 | ||||||||||
52,166 | 13,192 | 23,482 | ||||||||||
20,496 | 42,964 | 13,782 | ||||||||||
3,048 | 1,904 | 5,203 | ||||||||||
4,839 | 2,075 | 2,577 | ||||||||||
39,390 | 36,719 | 35,541 | ||||||||||
11,982 | 5,140 | 6,383 | ||||||||||
2,832 | 9,972 | 19,287 | ||||||||||
8,450 | 9,471 | 9,439 | ||||||||||
6,092 | 6,361 | 6,221 | ||||||||||
5,491 | 5,538 | 5,522 | ||||||||||
3,012 | 2,149 | 2,486 | ||||||||||
2,417 | 1,724 | 1,995 | ||||||||||
15,457 | 17,452 | 17,452 | ||||||||||
71 | 2,617 | 4,581 | ||||||||||
18,679 | 25,748 | 18,091 | ||||||||||
29,019 | - | - | ||||||||||
- | 49,910 | - | ||||||||||
404,888 | 321,119 | 268,677 | ||||||||||
(38,792 | ) | (66,123 | ) | (67,011 | ) | |||||||
366,096 | 254,996 | 201,666 | ||||||||||
820,563 | (61,836 | ) | 114,091 | |||||||||
2,397,536 | 1,423,541 | 1,344,950 | ||||||||||
440 | 28 | - | ||||||||||
- | - | (1,154,502 | ) | |||||||||
- | (659,945 | ) | - | |||||||||
2,934,080 | 2,033,279 | 2,211,642 | ||||||||||
- | - | (12,573 | ) | |||||||||
- | (250,265 | ) | - | |||||||||
5,332,056 | 2,546,638 | 2,389,517 | ||||||||||
$ | 6,152,619 | $ | 2,484,802 | $ | 2,503,608 | |||||||
Statements of Changes in Net Assets
ICON Bond Fund | ICON Core Equity Fund | ICON Equity Income Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||||||||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | 3,013,685 | $ | 7,192,155 | $ | 170,012 | $ | 168,491 | $ | 820,563 | $ | 1,767,561 | $ | (61,836 | ) | $ | (89,691 | ) | $ | 114,091 | $ | 156,568 | ||||||||||||||||||
Net realized gain/(loss) on investment transactions, foreign currency transactions, written options and securities sold short | 1,037,274 | 3,917,555 | 6,639,732 | 14,090,952 | 2,397,976 | 8,290,828 | 763,624 | 2,734,750 | 190,448 | 5,402,433 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) on investments, foreign currency translations, written options and securities sold short | (3,535,240 | ) | 4,715,381 | 13,265,866 | (13,188,272 | ) | 2,934,080 | (5,642,176 | ) | 1,783,014 | (2,082,344 | ) | 2,199,069 | (4,101,512 | ) | |||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 515,719 | 15,825,091 | 20,075,610 | 1,071,171 | 6,152,619 | 4,416,213 | 2,484,802 | 562,715 | 2,503,608 | 1,457,489 | ||||||||||||||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||||
Class I | (2,916,566 | ) | (7,018,728 | ) | (168,477 | ) | (1,206,894 | ) | (1,031,047 | ) | (1,394,021 | ) | - | (226,189 | ) | (73,065 | ) | (113,070 | ) | |||||||||||||||||||||
Class C | (73,612 | ) | (171,690 | ) | - | (306,237 | ) | (68,488 | ) | (94,130 | ) | - | (108,323 | ) | (2,598 | ) | - | |||||||||||||||||||||||
Class Z | (22,264 | ) | (47,033 | ) | - | (12,403 | ) | (3,310 | ) | (2,847 | ) | - | (2,537 | ) | (342 | ) | (331 | ) | ||||||||||||||||||||||
Class A | (640 | ) | - | - | (17,821 | ) | (68,793 | ) | (20,940 | ) | - | (33,034 | ) | (16,884 | ) | (16,623 | ) | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||||
Class I | (2,996,875 | ) | (558,064 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class C | (86,038 | ) | (15,108 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class Z | (21,226 | ) | (3,365 | ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | (723 | ) | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||
Net decrease from dividends and distributions | (6,117,944 | ) | (7,813,988 | ) | (168,477 | ) | (1,543,355 | ) | (1,171,638 | ) | (1,511,938 | ) | - | (370,083 | ) | (92,889 | ) | (130,024 | ) | |||||||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||||||
Class I | 24,831,326 | 32,845,451 | 4,313,276 | 32,073,401 | 9,785,674 | 6,439,261 | 725,127 | 7,069,126 | 1,105,456 | 3,611,409 | ||||||||||||||||||||||||||||||
Class C | 481,087 | 1,213,265 | 604,844 | 1,562,483 | 860,359 | 820,363 | 100,906 | 563,229 | 357,576 | 901,343 | ||||||||||||||||||||||||||||||
Class Z | 5,996 | 20,785 | 27,309 | 72,404 | 43,066 | 20,499 | 2,326 | 48,904 | 4,316 | 18,551 | ||||||||||||||||||||||||||||||
Class A | 35,267 | 10 | 222,134 | 259,338 | 1,797,797 | 1,691,037 | 127,880 | 517,157 | 305,554 | 3,131,899 | ||||||||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||||||||||
Class I | 5,785,591 | 7,377,916 | 164,558 | 1,185,449 | 991,539 | 1,365,429 | - | 207,415 | 69,807 | 110,939 | ||||||||||||||||||||||||||||||
Class C | 145,298 | 177,601 | - | 292,854 | 57,218 | 87,134 | - | 99,955 | 2,548 | - | ||||||||||||||||||||||||||||||
Class Z | 967 | 1,117 | - | 6,842 | 3,310 | 2,847 | - | 2,472 | 342 | 331 | ||||||||||||||||||||||||||||||
Class A | 1,006 | - | - | 15,412 | 47,845 | 15,489 | - | 28,090 | 15,159 | 15,056 | ||||||||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||||||||||
Class I | (40,501,251 | ) | (67,826,327 | ) | (22,085,148 | ) | (21,796,993 | ) | (8,130,873 | ) | (14,371,467 | ) | (3,407,127 | ) | (11,219,022 | ) | (3,537,575 | ) | (23,642,476 | ) | ||||||||||||||||||||
Class C | (1,071,021 | ) | (1,511,408 | ) | (5,239,319 | ) | (10,352,418 | ) | (349,286 | ) | (901,740 | ) | (2,871,562 | ) | (6,341,689 | ) | (453,578 | ) | (1,591,293 | ) | ||||||||||||||||||||
Class Z | (16,061 | ) | (111,600 | ) | (333,173 | ) | (561,889 | ) | (4,357 | ) | (6,334 | ) | (89,792 | ) | (47,144 | ) | (8,851 | ) | (31,188 | ) | ||||||||||||||||||||
Class A | - | - | (313,957 | ) | (880,468 | ) | (318,334 | ) | (431,805 | ) | (836,456 | ) | (1,102,767 | ) | (784,370 | ) | (639,913 | ) | ||||||||||||||||||||||
Net Increase/(decrease) from fund share transactions | (10,301,795 | ) | (27,813,190 | ) | (22,639,476 | ) | 1,876,415 | 4,783,958 | (5,269,287 | ) | (6,248,698 | ) | (10,174,274 | ) | (2,923,616 | ) | (18,115,342 | ) | ||||||||||||||||||||||
Total net increase/(decrease) in net assets | (15,904,020 | ) | (19,802,087 | ) | (2,732,343 | ) | 1,404,231 | 9,764,939 | (2,365,012 | ) | (3,763,896 | ) | (9,981,642 | ) | (512,897 | ) | (16,787,877 | ) | ||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 151,870,811 | 171,672,898 | 100,310,879 | 98,906,648 | 42,908,338 | 45,273,350 | 22,839,176 | 32,820,818 | 25,459,106 | 42,246,983 | ||||||||||||||||||||||||||||||
End of period | $ | 135,966,791 | $ | 151,870,811 | $ | 97,578,536 | $ | 100,310,879 | $ | 52,673,277 | $ | 42,908,338 | $ | 19,075,280 | $ | 22,839,176 | $ | 24,946,209 | $ | 25,459,106 | ||||||||||||||||||||
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35
Statements of Changes in Net Assets (continued)
ICON Bond Fund | ICON Core Equity Fund | ICON Equity Income Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||||||||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||||||||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||||||
Class I | 2,353,895 | 3,125,554 | 418,461 | 3,491,672 | 823,590 | 600,784 | 56,141 | 586,428 | 96,937 | 335,464 | ||||||||||||||||||||||||||||||
Class C | 45,232 | 114,827 | 64,371 | 183,620 | 74,384 | 77,154 | 8,295 | 49,342 | 33,987 | 89,178 | ||||||||||||||||||||||||||||||
Class Z | 576 | 1,975 | 2,582 | 7,898 | 3,674 | 1,894 | 188 | 4,041 | 372 | 1,688 | ||||||||||||||||||||||||||||||
Class A | 3,266 | 0.925 | 22,326 | 29,488 | 154,701 | 156,113 | 10,240 | 43,946 | 27,398 | 288,848 | ||||||||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||||||||||
Class I | 557,071 | 700,903 | 16,133 | 128,576 | 83,574 | 129,419 | - | 17,015 | 6,081 | 10,089 | ||||||||||||||||||||||||||||||
Class C | 13,969 | 16,834 | - | 34,209 | 4,859 | 8,411 | - | 8,558 | 235 | - | ||||||||||||||||||||||||||||||
Class Z | 93 | 106 | - | 740 | 280 | 269 | - | 202 | 30 | 30 | ||||||||||||||||||||||||||||||
Class A | 97 | - | - | 1,726 | 4,067 | 1,454 | - | 2,320 | 1,326 | 1,379 | ||||||||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||||||||||
Class I | (3,849,428 | ) | (6,448,096 | ) | (2,110,194 | ) | (2,411,026 | ) | (684,908 | ) | (1,345,972 | ) | (269,926 | ) | (946,546 | ) | (309,402 | ) | (2,195,558 | ) | ||||||||||||||||||||
Class C | (101,012 | ) | (143,069 | ) | (557,006 | ) | (1,230,820 | ) | (30,212 | ) | (86,142 | ) | (240,908 | ) | (560,432 | ) | (42,644 | ) | (155,945 | ) | ||||||||||||||||||||
Class Z | (1,522 | ) | (10,776 | ) | (32,428 | ) | (61,378 | ) | (368 | ) | (582 | ) | (7,232 | ) | (4,033 | ) | (757 | ) | (2,874 | ) | ||||||||||||||||||||
Class A | - | - | (32,071 | ) | (99,609 | ) | (27,225 | ) | (41,307 | ) | (67,934 | ) | (93,559 | ) | (68,484 | ) | (59,543 | ) | ||||||||||||||||||||||
Net increase/(decrease) | (977,763 | ) | (2,641,741 | ) | (2,207,826 | ) | 75,096 | 406,416 | (498,505 | ) | (511,136 | ) | (892,718 | ) | (254,921 | ) | (1,687,244 | ) | ||||||||||||||||||||||
Shares outstanding, beginning of period | 14,051,473 | 16,693,214 | 11,288,557 | 11,213,461 | 3,908,021 | 4,406,526 | 1,968,520 | 2,861,238 | 2,382,116 | 4,069,360 | ||||||||||||||||||||||||||||||
Shares outstanding, end of period | 13,073,710 | 14,051,473 | 9,080,731 | 11,288,557 | 4,314,437 | 3,908,021 | 1,457,384 | 1,968,520 | 2,127,195 | 2,382,116 | ||||||||||||||||||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (329,384 | ) | $ | (329,987 | ) | $ | 170,009 | $ | 168,474 | $ | (322,917 | ) | $ | 28,158 | $ | (61,842 | ) | $ | (6 | ) | $ | 51,175 | $ | 29,973 | |||||||||||||||
The accompanying notes are an integral part of the financial statements. |
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37
Financial Highlights
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Bond Fund** | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011�� | $ | 10.81 | $ | 0.22 | $ | 0.04 | $ | 0.26 | $ | (0.45 | ) | $ | (0.22 | ) | ||||||||||
Year Ended September 30, 2010 | 10.28 | 0.46 | 0.56 | 1.02 | (0.45 | ) | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2009 | 9.44 | 0.40 | 0.84 | 1.24 | (0.40 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 10.02 | 0.42 | (0.55 | ) | (0.13 | ) | (0.45 | ) | - | |||||||||||||||
Year Ended September 30, 2007 | 10.00 | 0.44 | 0.03 | 0.47 | (0.45 | ) | - | |||||||||||||||||
Year Ended September 30, 2006 | 10.16 | 0.42 | (0.15 | ) | 0.27 | (0.42 | ) | (0.01 | ) | |||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.83 | 0.19 | - | 0.19 | (0.38 | ) | (0.22 | ) | ||||||||||||||||
Year Ended September 30, 2010 | 10.30 | 0.39 | 0.57 | 0.96 | (0.39 | ) | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2009 | 9.46 | 0.34 | 0.84 | 1.18 | (0.34 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 10.05 | 0.35 | (0.55 | ) | (0.20 | ) | (0.39 | ) | - | |||||||||||||||
Year Ended September 30, 2007 | 10.02 | 0.38 | 0.04 | 0.42 | (0.39 | ) | - | |||||||||||||||||
Year Ended September 30, 2006 | 10.18 | 0.36 | (0.15 | ) | 0.21 | (0.36 | ) | (0.01 | ) | |||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.79 | 0.23 | 0.05 | 0.28 | (0.47 | ) | (0.22 | ) | ||||||||||||||||
Year Ended September 30, 2010 | 10.26 | 0.48 | 0.57 | 1.05 | (0.48 | ) | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2009 | 9.42 | 0.45 | 0.81 | 1.26 | (0.42 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 10.02 | 0.44 | (0.57 | ) | (0.13 | ) | (0.47 | ) | - | |||||||||||||||
Year Ended September 30, 2007 | 10.00 | 0.46 | 0.03 | 0.49 | (0.47 | ) | - | |||||||||||||||||
Year Ended September 30, 2006 | 10.15 | 0.45 | (0.15 | ) | 0.30 | (0.44 | ) | (0.01 | ) | |||||||||||||||
Class A** | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.81 | 0.22 | (0.18 | ) | 0.04 | (0.25 | ) | (0.22 | ) | |||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit(c) | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.67 | ) | $ | 10.40 | 0.33 | % | $ | 130,994 | 1.11% | 1.00% | 4.03 | % | 4.14 | % | 21.09 | % | ||||||||||||||||||
(0.49 | ) | 10.81 | 10.20 | % | 146,277 | 1.13% | 1.00% | 4.21 | % | 4.34 | % | 63.47 | % | |||||||||||||||||||||
(0.40 | ) | 10.28 | 13.50 | % | 166,145 | 1.09% | 1.00% | 4.08 | % | 4.17 | % | 73.71 | % | |||||||||||||||||||||
(0.45 | ) | 9.44 | (1.48 | )% | 100,985 | 1.08% | 1.00% | 4.06 | % | 4.14 | % | 73.47 | % | |||||||||||||||||||||
(0.45 | ) | 10.02 | 4.80 | % | 123,102 | 1.09% | 1.00% | 4.34 | % | 4.42 | % | 34.40 | % | |||||||||||||||||||||
(0.43 | ) | 10.00 | 2.72 | % | 90,324 | 1.11% | 1.01% | 4.14 | % | 4.24 | % | 66.82 | % | |||||||||||||||||||||
(0.60 | ) | 10.42 | 0.03 | % | 3,937 | 2.37% | 1.60% | 2.77 | % | 3.54 | % | 21.09 | % | |||||||||||||||||||||
(0.43 | ) | 10.83 | 9.52 | % | 4,544 | 2.46% | 1.60% | 2.88 | % | 3.74 | % | 63.47 | % | |||||||||||||||||||||
(0.34 | ) | 10.30 | 12.80 | % | 4,441 | 2.40% | 1.60% | 2.75 | % | 3.55 | % | 73.71 | % | |||||||||||||||||||||
(0.39 | ) | 9.46 | (2.16 | )% | 2,725 | 2.42% | 1.60% | 2.71 | % | 3.53 | % | 73.47 | % | |||||||||||||||||||||
(0.39 | ) | 10.05 | 4.27 | % | 1,491 | 3.15% | 1.60% | 2.28 | % | 3.82 | % | 34.40 | % | |||||||||||||||||||||
(0.37 | ) | 10.02 | 2.09 | % | 968 | 3.08% | 1.61% | 2.17 | % | 3.64 | % | 66.82 | % | |||||||||||||||||||||
(0.69 | ) | 10.38 | 0.45 | % | 1,001 | 1.41% | 0.75% | 3.73 | % | 4.39 | % | 21.09 | % | |||||||||||||||||||||
(0.52 | ) | 10.79 | 10.45 | % | 1,049 | 1.39% | 0.75% | 3.95 | % | 4.59 | % | 63.47 | % | |||||||||||||||||||||
(0.42 | ) | 10.26 | �� | 13.79 | % | 1,087 | 1.91% | 0.75% | 3.34 | % | 4.50 | % | 73.71 | % | ||||||||||||||||||||
(0.47 | ) | 9.42 | (1.43 | )% | 8 | 186.00% | 0.75% | (180.79 | )% | 4.46 | % | 73.47 | % | |||||||||||||||||||||
(0.47 | ) | 10.02 | 5.02 | % | 11 | 31.60% | 0.75% | (26.18 | )% | 4.67 | % | 34.40 | % | |||||||||||||||||||||
(0.45 | ) | 10.00 | 3.06 | % | 4 | 25.40% | 0.76% | (20.18 | )% | 4.47 | % | 66.82 | % | |||||||||||||||||||||
(0.47 | ) | 10.38 | 0.40 | % | 35 | 1.03% | 1.00% | 4.21 | % | 4.23 | % | 21.09 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Core Equity Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 9.08 | $ | 0.03 | $ | 1.91 | $ | 1.94 | $ | (0.02 | ) | $ | - | |||||||||||
Year Ended September 30, 2010 | 9.08 | 0.04 | 0.12 | 0.16 | (0.16 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.24 | 0.10 | (2.26 | ) | (2.16 | ) | - | - | ||||||||||||||||
Year Ended September 30, 2008 | 16.59 | 0.09 | (4.07 | ) | (3.98 | ) | - | (1.37 | ) | |||||||||||||||
Year Ended September 30, 2007 | 15.22 | 0.02 | 2.46 | 2.48 | - | (1.11 | ) | |||||||||||||||||
Year Ended September 30, 2006 | 15.14 | (0.02 | ) | 0.67 | 0.65 | - | (0.57 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.36 | (0.02 | ) | 1.76 | 1.74 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 8.37 | (0.04 | ) | 0.11 | 0.07 | (0.08 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 10.46 | 0.03 | (2.12 | ) | (2.09 | ) | - | - | ||||||||||||||||
Year Ended September 30, 2008 | 15.66 | (0.01 | ) | (3.82 | ) | (3.83 | ) | - | (1.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.52 | (0.10 | ) | 2.35 | 2.25 | - | (1.11 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 14.58 | (0.14 | ) | 0.65 | 0.51 | - | (0.57 | ) | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 9.04 | (0.06 | ) | 1.87 | 1.81 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 9.07 | (0.01 | ) | 0.11 | 0.10 | (0.13 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 11.24 | 0.10 | (2.27 | ) | (2.17 | ) | - | - | ||||||||||||||||
Year Ended September 30, 2008 | 16.62 | 0.09 | (4.10 | ) | (4.01 | ) | - | (1.37 | ) | |||||||||||||||
Year Ended September 30, 2007 | 15.23 | 0.03 | 2.47 | 2.50 | - | (1.11 | ) | |||||||||||||||||
Year Ended September 30, 2006 | 15.12 | 0.02 | 0.66 | 0.68 | - | (0.57 | ) | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.67 | (0.03 | ) | 1.83 | 1.80 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 8.73 | (0.08 | ) | 0.10 | 0.02 | (0.08 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 10.92 | 0.01 | (2.20 | ) | (2.19 | ) | - | - | ||||||||||||||||
Year Ended September 30, 2008 | 16.32 | (0.01 | ) | (4.02 | ) | (4.03 | ) | - | (1.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.09 | (0.06 | ) | 2.40 | 2.34 | - | (1.11 | ) | ||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 15.80 | (0.27 | ) | (0.44 | ) | (0.71 | ) | - | - | |||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.02 | ) | $ | 11.00 | 21.41 | % | $ | 71,161 | 1.31% | 1.31% | 0.58 | % | 0.58 | % | 40.00 | % | ||||||||||||||||||
(0.16 | ) | 9.08 | 1.70 | % | 73,969 | 1.35% | 1.35% | 0.45 | % | 0.45 | % | 123.12 | % | |||||||||||||||||||||
- | 9.08 | (19.22 | )% | 62,963 | 1.37% | 1.37% | 1.23 | % | 1.23 | % | 208.48 | % | ||||||||||||||||||||||
(1.37 | ) | 11.24 | (25.99 | )% | 76,606 | 1.27% | 1.27% | 0.67 | % | 0.67 | % | 173.81 | % | |||||||||||||||||||||
(1.11 | ) | 16.59 | 17.05 | % | 88,246 | 1.24% | 1.23% | 0.12 | % | 0.13 | % | 116.81 | % | |||||||||||||||||||||
(0.57 | ) | 15.22 | 4.35 | % | 104,966 | 1.23% | 1.23% | (0.13 | )% | (0.13 | )% | 148.67 | % | |||||||||||||||||||||
- | 10.10 | 20.81 | % | 24,712 | 2.24% | 2.24% | (0.36 | )% | (0.36 | )% | 40.00 | % | ||||||||||||||||||||||
(0.08 | ) | 8.36 | 0.84 | % | 24,573 | 2.25% | 2.25% | (0.45 | )% | (0.45 | )% | 123.12 | % | |||||||||||||||||||||
- | 8.37 | (19.98 | )% | 33,089 | 2.25% | 2.25% | 0.44 | % | 0.44 | % | 208.48 | % | ||||||||||||||||||||||
(1.37 | ) | 10.46 | (26.61 | )% | 55,364 | 2.05% | 2.05% | (0.09 | )% | (0.09 | )% | 173.81 | % | |||||||||||||||||||||
(1.11 | ) | 15.66 | 16.25 | % | 92,350 | 2.02% | 2.02% | (0.68 | )% | (0.67 | )% | 116.81 | % | |||||||||||||||||||||
(0.57 | ) | 14.52 | 3.54 | % | 95,842 | 2.03% | 2.02% | (0.91 | )% | (0.91 | )% | 148.67 | % | |||||||||||||||||||||
- | 10.85 | 20.02 | % | 164 | 3.04% | 3.04% | (1.17 | )% | (1.17 | )% | 40.00 | % | ||||||||||||||||||||||
(0.13 | ) | 9.04 | 1.10 | % | 406 | 1.90% | 1.90% | (0.06 | )% | (0.06 | )% | 123.12 | % | |||||||||||||||||||||
- | 9.07 | (19.31 | )% | 887 | 1.45% | 1.45% | 1.27 | % | 1.27 | % | 208.48 | % | ||||||||||||||||||||||
(1.37 | ) | 11.24 | (26.11 | )% | 1,222 | 1.34% | 1.34% | 0.65 | % | 0.65 | % | 173.81 | % | |||||||||||||||||||||
(1.11 | ) | 16.62 | 17.18 | % | 1,320 | 1.18% | 1.18% | 0.17 | % | 0.17 | % | 116.81 | % | |||||||||||||||||||||
(0.57 | ) | 15.23 | 4.57 | % | 1,291 | 0.99% | 0.98% | 0.12 | % | 0.12 | % | 148.67 | % | |||||||||||||||||||||
- | 10.47 | 20.76 | % | 1,541 | 2.49% | 2.49% | (0.61 | )% | (0.61 | )% | 40.00 | % | ||||||||||||||||||||||
(0.08 | ) | 8.67 | 0.22 | % | 1,362 | 2.68% | 2.68% | (0.88 | )% | (0.88 | )% | 123.12 | % | |||||||||||||||||||||
- | 8.73 | (20.05 | )% | 1,969 | 2.43% | 2.43% | 0.11 | % | 0.11 | % | 208.48 | % | ||||||||||||||||||||||
(1.37 | ) | 10.92 | (26.76 | )% | 1,878 | 2.09% | 2.09% | (0.08 | )% | (0.08 | )% | 173.81 | % | |||||||||||||||||||||
(1.11 | ) | 16.32 | 16.25 | % | 1,390 | 1.66% | 1.65% | (0.42 | )% | (0.41 | )% | 116.81 | % | |||||||||||||||||||||
- | 15.09 | (4.49 | )% | 128 | 7.44% | 7.43% | (5.45 | )% | (5.44 | )% | 148.67 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Equity Income Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 11.00 | $ | 0.20 | $ | 1.40 | $ | 1.60 | $ | (0.37 | ) | $ | - | |||||||||||
Year Ended September 30, 2010 | 10.28 | 0.45 | 0.66 | 1.11 | (0.39 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.87 | 0.40 | (1.59 | ) | (1.19 | ) | (0.40 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 16.48 | 0.34 | (3.00 | ) | (2.66 | ) | (0.31 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.94 | 0.29 | 2.26 | 2.55 | (0.34 | ) | (0.67 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.79 | 0.30 | 0.29 | 0.59 | (0.35 | ) | (1.09 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.85 | 0.16 | 1.32 | 1.48 | (0.21 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.16 | 0.36 | 0.64 | 1.00 | (0.31 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.73 | 0.32 | (1.56 | ) | (1.24 | ) | (0.33 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 16.33 | 0.21 | (2.97 | ) | (2.76 | ) | (0.20 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.85 | 0.14 | 2.23 | 2.37 | (0.22 | ) | (0.67 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.71 | 0.15 | 0.29 | 0.44 | (0.21 | ) | (1.09 | ) | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.96 | 0.22 | 1.41 | 1.63 | (0.42 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.26 | 0.47 | 0.64 | 1.11 | (0.41 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.84 | 0.41 | (1.57 | ) | (1.16 | ) | (0.42 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 16.46 | 0.38 | (3.04 | ) | (2.66 | ) | (0.32 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.94 | 0.30 | 2.26 | 2.56 | (0.37 | ) | (0.67 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.79 | 0.30 | 0.29 | 0.59 | (0.35 | ) | (1.09 | ) | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.90 | 0.21 | 1.39 | 1.60 | (0.40 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.21 | 0.46 | 0.63 | 1.09 | (0.40 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.80 | 0.38 | (1.57 | ) | (1.19 | ) | (0.40 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 16.40 | 0.31 | (2.99 | ) | (2.68 | ) | (0.28 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.92 | 0.27 | 2.22 | 2.49 | (0.34 | ) | (0.67 | ) | ||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 15.04 | 0.08 | (0.01 | ) | 0.07 | (0.19 | ) | - | ||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit(c) | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.37 | ) | $ | 12.23 | 13.94 | % | $ | 44,672 | 1.56% | 1.45% | 3.34 | % | 3.45 | % | 52.52 | % | ||||||||||||||||||
(0.39 | ) | 11.00 | 10.93 | % | 37,731 | 1.53% | 1.45% | 4.12 | % | 4.20 | % | 123.33 | % | |||||||||||||||||||||
(0.40 | ) | 10.28 | (9.48 | )% | 41,623 | 1.40% | 1.40% | 4.58 | % | 4.58 | % | 148.56 | % | |||||||||||||||||||||
(1.95 | ) | 11.87 | (17.76 | )% | 98,501 | 1.23% | (f) | 1.23% | 2.48 | % | 2.48 | % | 132.93 | % | ||||||||||||||||||||
(1.01 | ) | 16.48 | 17.67 | % | 124,668 | 1.23% | (g) | 1.22% | 1.86 | % | 1.86 | % | 121.30 | % | ||||||||||||||||||||
(1.44 | ) | 14.94 | 4.02 | % | 133,835 | 1.23% | 1.23% | 1.96 | % | 1.96 | % | 162.84 | % | |||||||||||||||||||||
(0.21 | ) | 12.12 | 13.54 | % | 4,581 | 2.58% | 2.20% | 2.33 | % | 2.71 | % | 52.52 | % | |||||||||||||||||||||
(0.31 | ) | 10.85 | 9.99 | % | 3,569 | 2.97% | 2.20% | 2.68 | % | 3.46 | % | 123.33 | % | |||||||||||||||||||||
(0.33 | ) | 10.16 | (10.12 | )% | 3,348 | 2.69% | 2.21% | 3.21 | % | 3.69 | % | 148.56 | % | |||||||||||||||||||||
(1.84 | ) | 11.73 | (18.60 | )% | 4,461 | 2.34% | (f) | 2.20% | 1.40 | % | 1.54 | % | 132.93 | % | ||||||||||||||||||||
(0.89 | ) | 16.33 | 16.45 | % | 5,331 | 2.33% | (g) | 2.21% | 0.75 | % | 0.87 | % | 121.30 | % | ||||||||||||||||||||
(1.30 | ) | 14.85 | 3.03 | % | 4,753 | 2.29% | 2.20% | 0.91 | % | 1.00 | % | 162.84 | % | |||||||||||||||||||||
(0.42 | ) | 12.17 | 14.12 | % | 141 | 6.19% | 1.20% | (1.21 | )% | 3.78 | % | 52.52 | % | |||||||||||||||||||||
(0.41 | ) | 10.96 | 11.04 | % | 88 | 7.66% | 1.20% | (2.01 | )% | 4.45 | % | 123.33 | % | |||||||||||||||||||||
(0.42 | ) | 10.26 | (9.20 | )% | 66 | 8.73% | 1.21% | (2.83 | )% | 4.69 | % | 148.56 | % | |||||||||||||||||||||
(1.96 | ) | 11.84 | (17.81 | )% | 81 | 11.18% | (f) | 1.20% | (7.14 | )% | 2.84 | % | 132.93 | % | ||||||||||||||||||||
(1.04 | ) | 16.46 | 17.74 | % | 40 | 11.08% | (g) | 1.21% | (7.96 | )% | 1.92 | % | 121.30 | % | ||||||||||||||||||||
(1.44 | ) | 14.94 | 4.04 | % | 24 | 4.36% | 1.20% | (1.20 | )% | 1.96 | % | 162.84 | % | |||||||||||||||||||||
(0.40 | ) | 12.10 | 13.96 | % | 3,280 | 1.94% | 1.45% | 3.06 | % | 3.56 | % | 52.52 | % | |||||||||||||||||||||
(0.40 | ) | 10.90 | 10.84 | % | 1,521 | 4.59% | 1.45% | 1.19 | % | 4.32 | % | 123.33 | % | |||||||||||||||||||||
(0.40 | ) | 10.21 | (9.53 | )% | 237 | 5.68% | 1.46% | 0.26 | % | 4.48 | % | 148.56 | % | |||||||||||||||||||||
(1.92 | ) | 11.80 | (17.98 | )% | 281 | 5.40% | (f) | 1.44% | (1.67 | )% | 2.29 | % | 132.93 | % | ||||||||||||||||||||
(1.01 | ) | 16.40 | 17.29 | % | 322 | 3.77% | (g) | 1.45% | (0.60 | )% | 1.73 | % | 121.30 | % | ||||||||||||||||||||
(0.19 | ) | 14.92 | 0.46 | % | 19 | 38.36% | 1.44% | (35.18 | )% | 1.74 | % | 162.84 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Long/Short Fund(e) | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 11.85 | $ | (0.02 | ) | $ | 1.55 | $ | 1.53 | $ | - | $ | - | |||||||||||
Year Ended September 30, 2010 | 11.73 | - | 0.28 | 0.28 | (0.16 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.76 | 0.16 | (1.91 | ) | (1.75 | ) | (0.28 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 19.26 | 0.13 | (4.86 | ) | (4.73 | ) | (0.03 | ) | (0.74 | ) | ||||||||||||||
Year Ended September 30, 2007 | 17.19 | 0.07 | 2.47 | 2.54 | (0.04 | ) | (0.43 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.99 | 0.03 | 1.17 | 1.20 | - | - | ||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 11.29 | (0.06 | ) | 1.47 | 1.41 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 11.19 | (0.08 | ) | 0.27 | 0.19 | (0.09 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 13.13 | 0.06 | (1.81 | ) | (1.75 | ) | (0.19 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 18.54 | - | (4.67 | ) | (4.67 | ) | - | (0.74 | ) | |||||||||||||||
Year Ended September 30, 2007 | 16.67 | (0.08 | ) | 2.38 | 2.30 | - | (0.43 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.63 | (0.13 | ) | 1.17 | 1.04 | - | - | |||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 11.90 | 0.01 | 1.55 | 1.56 | - | - | ||||||||||||||||||
Year Ended September 30, 2010 | 11.80 | 0.03 | 0.29 | 0.32 | (0.22 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.81 | 0.17 | (1.89 | ) | (1.72 | ) | (0.29 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 19.30 | 0.18 | (4.93 | ) | (4.75 | ) | - | (0.74 | ) | |||||||||||||||
Year Ended September 30, 2007 | 17.29 | 0.10 | 2.41 | 2.51 | (0.07 | ) | (0.43 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 16.05 | 0.11 | 1.13 | 1.24 | - | - | ||||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 11.77 | (0.01 | ) | 1.53 | 1.52 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 11.67 | - | 0.28 | 0.28 | (0.18 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.69 | 0.14 | (1.88 | ) | (1.74 | ) | (0.28 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 19.20 | 0.10 | (4.85 | ) | (4.75 | ) | (0.02 | ) | (0.74 | ) | ||||||||||||||
Year Ended September 30, 2007 | 17.18 | 0.05 | 2.46 | 2.51 | (0.06 | ) | (0.43 | ) | ||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 17.52 | 0.05 | (0.39 | ) | (0.34 | ) | - | - | ||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit(c) | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | - | $ | 13.38 | 12.91 | % | $ | 9,907 | 2.72% | 2.15% | (0.86 | )% | (0.29 | )% | 43.60 | % | |||||||||||||||||||
(0.16 | ) | 11.85 | 2.32 | % | 11,306 | 2.90% | 2.45% | (0.44 | )% | 0.01 | % | 136.50 | % | |||||||||||||||||||||
(0.28 | ) | 11.73 | (12.40 | )% | 15,209 | 2.03% | 1.97% | 1.44 | % | 1.50 | % | 131.79 | % | |||||||||||||||||||||
(0.77 | ) | 13.76 | (25.43 | )% | 93,243 | 1.47% | 1.47% | 0.78 | % | 0.78 | % | 174.59 | % | |||||||||||||||||||||
(0.47 | ) | 19.26 | 15.05 | % | 238,943 | 1.46% | 1.46% | 0.39 | % | 0.39 | % | 105.00 | % | |||||||||||||||||||||
- | 17.19 | 7.50 | % | 168,522 | 1.45% | (d) | 1.45% | 0.18 | %(d) | 0.18 | % | 94.62 | % | |||||||||||||||||||||
- | 12.70 | 12.49 | % | 7,787 | 3.44% | 2.91% | (1.58 | )% | (1.05 | )% | 43.60 | % | ||||||||||||||||||||||
(0.09 | ) | 11.29 | 1.65 | % | 9,547 | 3.60% | 3.19% | (1.14 | )% | (0.73 | )% | 136.50 | % | |||||||||||||||||||||
(0.19 | ) | 11.19 | (13.10 | )% | 15,093 | 2.95% | 2.81% | 0.44 | % | 0.58 | % | 131.79 | % | |||||||||||||||||||||
(0.74 | ) | 13.13 | (26.09 | )% | 27,148 | 2.31% | 2.31% | (0.01 | )% | (0.01 | )% | 174.59 | % | |||||||||||||||||||||
(0.43 | ) | 18.54 | 14.05 | % | 43,986 | 2.33% | 2.32% | (0.48 | )% | (0.47 | )% | 105.00 | % | |||||||||||||||||||||
- | 16.67 | 6.65 | % | 26,763 | 2.30% | (d) | 2.30% | (0.78 | )%(d) | (0.78 | )% | 94.62 | % | |||||||||||||||||||||
- | 13.46 | 13.11 | % | 55 | 9.63% | 1.81% | (7.74 | )% | 0.09 | % | 43.60 | % | ||||||||||||||||||||||
(0.22 | ) | 11.90 | 2.63 | % | 132 | 5.80% | 2.15% | (3.39 | )% | 0.25 | % | 136.50 | % | |||||||||||||||||||||
(0.29 | ) | 11.80 | (12.10 | )% | 128 | 4.40% | 1.73% | (1.12 | )% | 1.55 | % | 131.79 | % | |||||||||||||||||||||
(0.74 | ) | 13.81 | (25.45 | )% | 540 | 2.37% | 1.44% | 0.16 | % | 1.09 | % | 174.59 | % | |||||||||||||||||||||
(0.50 | ) | 19.30 | 14.81 | % | 447 | 1.25% | 1.25% | 0.55 | % | 0.55 | % | 105.00 | % | |||||||||||||||||||||
- | 17.29 | 7.73 | % | 3,306 | 1.17% | (d) | 1.17% | 0.61 | %(d) | 0.61 | % | 94.62 | % | |||||||||||||||||||||
- | 13.29 | 12.91 | % | 1,327 | 3.41% | 2.10% | (1.55 | )% | (0.23 | )% | 43.60 | % | ||||||||||||||||||||||
(0.18 | ) | 11.77 | 2.34 | % | 1,855 | 3.65% | 2.45% | (1.21 | )% | (0.01 | )% | 136.50 | % | |||||||||||||||||||||
(0.28 | ) | 11.67 | (12.39 | )% | 2,390 | 2.64% | 2.06% | 0.76 | % | 1.34 | % | 131.79 | % | |||||||||||||||||||||
(0.76 | ) | 13.69 | (25.61 | )% | 4,859 | 1.72% | 1.72% | 0.63 | % | 0.63 | % | 174.59 | % | |||||||||||||||||||||
(0.49 | ) | 19.20 | 14.94 | % | 6,481 | 1.68% | 1.67% | 0.27 | % | 0.26 | % | 105.00 | % | |||||||||||||||||||||
- | 17.18 | (1.94 | )% | 821 | 2.51% | 1.54% | (0.01 | )% | 0.96 | % | 94.62 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 10.76 | $ | 0.05 | $ | 1.05 | $ | 1.10 | $ | (0.05 | ) | $ | - | |||||||||||
Year Ended September 30, 2010 | 10.43 | 0.06 | 0.31 | 0.37 | (0.04 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.28 | 0.15 | (0.85 | ) | (0.70 | ) | (0.15 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 13.18 | 0.12 | (1.39 | ) | (1.27 | ) | (0.10 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.80 | (0.02 | ) | 1.64 | 1.62 | (0.01 | ) | (2.23 | ) | |||||||||||||||
Year Ended September 30, 2006 | 13.88 | (0.01 | ) | 0.05 | 0.04 | - | (0.12 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.15 | 0.01 | 0.98 | 0.99 | (0.01 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 9.88 | (0.02 | ) | 0.29 | 0.27 | - | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.72 | 0.05 | (0.79 | ) | (0.74 | ) | (0.10 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 12.61 | 0.01 | (1.32 | ) | (1.31 | ) | (0.05 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.39 | (0.11 | ) | 1.56 | 1.45 | - | (2.23 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 13.56 | (0.11 | ) | 0.06 | (0.05 | ) | - | (0.12 | ) | |||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.96 | 0.07 | 1.08 | 1.15 | (0.08 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.61 | 0.08 | 0.33 | 0.41 | (0.06 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.46 | 0.22 | (0.91 | ) | (0.69 | ) | (0.16 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 13.37 | 0.15 | (1.43 | ) | (1.28 | ) | (0.10 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.94 | 0.01 | 1.65 | 1.66 | - | (2.23 | ) | |||||||||||||||||
Year Ended September 30, 2006 | 13.94 | 0.02 | 0.10 | 0.12 | - | (0.12 | ) | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.72 | 0.05 | 1.06 | 1.11 | (0.06 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.39 | 0.05 | 0.33 | 0.38 | (0.05 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 11.25 | 0.09 | (0.80 | ) | (0.71 | ) | (0.15 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 13.15 | 0.10 | (1.38 | ) | (1.28 | ) | (0.09 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.80 | (0.03 | ) | 1.65 | 1.62 | (0.04 | ) | (2.23 | ) | |||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 13.73 | 0.03 | 0.04 | 0.07 | - | - |
(x) | Calculated using the average shares method. | |
* | The total return calculation is for the period indicated and excludes any sales charges. | |
** | The Fund opened Class A on September 30, 2010. | |
† | Unaudited. | |
(a) | Annualized for periods less than a year. | |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. | |
(c) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense. | |
(d) | Prior disclosures were reclassified to be consistent with current presentation. | |
(e) | The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 1.55% for Class I, 2.30% for Class C, 1.25% for Class Z and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions. | |
(f) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including expenses that were paid on behalf of the Fund by a third party related to a tax matter were 1.43%, 2.54%, 11.38% and 5.60% for Class I, C, Z and A, respectively. | |
(g) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including a potential Internal Revenue Code section 860 deficiency dividend expense were 1.81%, 2.91%, 11.66% and 4.35% for Class I, C, Z and A, respectively. | |
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit(c) | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.05 | ) | $ | 11.81 | 10.18 | % | $ | 18,168 | 1.92% | 1.49% | 0.53 | % | 0.97 | % | 32.45 | % | ||||||||||||||||||
(0.04 | ) | 10.76 | 3.56 | % | 18,768 | 1.82% | 1.56% | 0.26 | % | 0.52 | % | 114.34 | % | |||||||||||||||||||||
(0.15 | ) | 10.43 | (5.98 | )% | 37,475 | 1.44% | 1.44% | 1.62 | % | 1.62 | % | 194.31 | % | |||||||||||||||||||||
(0.63 | ) | 11.28 | (10.04 | )% | 82,599 | 1.30% | 1.30% | 0.93 | % | 0.93 | % | 184.47 | % | |||||||||||||||||||||
(2.24 | ) | 13.18 | 12.51 | % | 77,195 | 1.50% | 1.50% | (0.11 | )% | (0.11 | )% | 150.42 | % | |||||||||||||||||||||
(0.12 | ) | 13.80 | 0.30 | % | 60,321 | 1.47% | 1.47% | (0.04 | )% | (0.04 | )% | 159.55 | % | |||||||||||||||||||||
(0.01 | ) | 11.13 | 9.76 | % | 2,768 | 3.15% | 2.24% | (0.70 | )% | 0.22 | % | 32.45 | % | |||||||||||||||||||||
- | 10.15 | 2.73 | % | 2,609 | 3.36% | 2.30% | (1.27 | )% | (0.21 | )% | 114.34 | % | ||||||||||||||||||||||
(0.10 | ) | 9.88 | (6.69 | )% | 3,199 | 2.72% | 2.24% | 0.06 | % | 0.54 | % | 194.31 | % | |||||||||||||||||||||
(0.58 | ) | 10.72 | (10.85 | )% | 4,207 | 2.52% | 2.21% | (0.24 | )% | 0.07 | % | 184.47 | % | |||||||||||||||||||||
(2.23 | ) | 12.61 | 11.53 | % | 2,291 | 2.76% | 2.25% | (1.34 | )% | (0.83 | )% | 150.42 | % | |||||||||||||||||||||
(0.12 | ) | 13.39 | (0.36 | )% | 2,842 | 2.61% | 2.23% | (1.23 | )% | (0.85 | )% | 159.55 | % | |||||||||||||||||||||
(0.08 | ) | 12.03 | 10.31 | % | 64 | 10.56% | 1.23% | (8.11 | )% | 1.22 | % | 32.45 | % | |||||||||||||||||||||
(0.06 | ) | 10.96 | 3.90 | % | 62 | 10.41% | 1.31% | (8.34 | )% | 0.75 | % | 114.34 | % | |||||||||||||||||||||
(0.16 | ) | 10.61 | (5.79 | )% | 72 | 3.55% | 1.24% | (0.10 | )% | 2.21 | % | 194.31 | % | |||||||||||||||||||||
(0.63 | ) | 11.46 | (9.99 | )% | 422 | 4.39% | 1.21% | (1.98 | )% | 1.20 | % | 184.47 | % | |||||||||||||||||||||
(2.23 | ) | 13.37 | 12.67 | % | 37 | 17.99% | 1.25% | (16.64 | )% | 0.10 | % | 150.42 | % | |||||||||||||||||||||
(0.12 | ) | 13.94 | 0.88 | % | 5 | 3.52% | 1.22% | (2.14 | )% | 0.15 | % | 159.55 | % | |||||||||||||||||||||
(0.06 | ) | 11.77 | 10.23 | % | 3,946 | 2.01% | 1.49% | 0.44 | % | 0.96 | % | 32.45 | % | |||||||||||||||||||||
(0.05 | ) | 10.72 | 3.69 | % | 4,020 | 2.62% | 1.59% | (0.57 | )% | 0.46 | % | 114.34 | % | |||||||||||||||||||||
(0.15 | ) | 10.39 | (6.05 | )% | 1,501 | 2.87% | 1.49% | (0.43 | )% | 0.95 | % | 194.31 | % | |||||||||||||||||||||
(0.62 | ) | 11.25 | (10.18 | )% | 863 | 3.75% | 1.46% | (1.44 | )% | 0.85 | % | 184.47 | % | |||||||||||||||||||||
(2.27 | ) | 13.15 | 12.51 | % | 294 | 7.12% | 1.49% | (5.85 | )% | (0.22 | )% | 150.42 | % | |||||||||||||||||||||
- | 13.80 | 0.51 | % | 15 | 42.18% | 1.47% | (40.01 | )% | 0.69 | % | 159.55 | % |
Notes to Financial Statements
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
1. Organization
The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Long/Short Fund (“Long/Short Fund”) and ICON Risk-Managed Equity Fund (“Risk-Managed Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund has four classes of shares: Class I, Class C, Class Z and Class A. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently twelve other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of the Bond Fund is maximum total return. The investment objective of the Core Equity Fund is long-term capital appreciation with a secondary objective of capital preservation. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the Long/Short Fund is capital appreciation. The investment objective of the Risk-Managed Equity Fund is modest capital appreciation and to maximize realized gains.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium-and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. The Risk-Managed
Equity Fund invests in call options; call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small- and mid-cap investing, including limited product lines, less liquidity and small market share.
The Core Equity Fund and the Long/Short Fund have a significant weighting in the Industrials sector which may cause each Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that sector.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Notes to Financial Statements (unaudited) (continued)
Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.
The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of
indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3��— significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2011:
Level 1 | Level 2 | Total | ||||||||||
ICON Bond Fund | ||||||||||||
Assets | ||||||||||||
Corporate Bonds | $ | - | $ | 118,442,997 | $ | 118,442,997 | ||||||
U.S. Treasury Obligations | - | 8,463,517 | 8,463,517 | |||||||||
Foreign Corporate Bonds | - | 4,447,898 | 4,447,898 | |||||||||
Foreign Government Bond | - | 558,750 | 558,750 | |||||||||
Collateral for Securities on Loan | - | 18,158,433 | 18,158,433 | |||||||||
Short-Term Investments | - | 3,330,686 | 3,330,686 | |||||||||
Total | $ | - | $ | 153,402,281 | $ | 153,402,281 | ||||||
Notes to Financial Statements (unaudited) (continued)
Level 1 | Level 2 | Total | ||||||||||
ICON Core Equity Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 97,407,802 | $ | - | $ | 97,407,802 | ||||||
Collateral for Securities on Loan | - | 8,345,135 | 8,345,135 | |||||||||
Short-Term Investments | - | 226,978 | 226,978 | |||||||||
Total | $ | 97,407,802 | $ | 8,572,113 | $ | 105,979,915 | ||||||
ICON Equity Income Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 41,843,068 | $ | - | $ | 41,843,068 | ||||||
Preferred Stocks | 2,064,712 | - | 2,064,712 | |||||||||
Corporate Bonds | - | 4,493,900 | 4,493,900 | |||||||||
Convertible Corporate Bonds | - | 304,063 | 304,063 | |||||||||
U.S. Government Bonds | - | 1,312,020 | 1,312,020 | |||||||||
U.S. Treasury Obligation | - | 504,844 | 504,844 | |||||||||
Convertible Preferred Stock | 400,500 | - | 400,500 | |||||||||
Call Options Purchased | 223,334 | - | 223,334 | |||||||||
Put Option Purchased | 15,200 | - | 15,200 | |||||||||
Collateral for Securities on Loan | - | 15,123,921 | 15,123,921 | |||||||||
Short-Term Investments | - | 827,492 | 827,492 | |||||||||
Total | $ | 44,546,814 | $ | 22,566,240 | $ | 67,113,054 | ||||||
ICON Long/Short Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 19,119,667 | $ | - | $ | 19,119,667 | ||||||
Collateral for Securities on Loan | - | 4,651,870 | 4,651,870 | |||||||||
Total | $ | 19,119,667 | $ | 4,651,870 | $ | 23,771,537 | ||||||
Liabilities | ||||||||||||
Securities Sold Short | ||||||||||||
Common Stock | $ | (514,224 | ) | $ | - | $ | (514,224 | ) | ||||
Mutual Funds | (1,007,076 | ) | - | (1,007,076 | ) | |||||||
Total | $ | (1,521,300 | ) | $ | - | $ | (1,521,300 | ) | ||||
ICON Risk-Managed Equity Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 26,441,694 | $ | - | $ | 26,441,694 | ||||||
Put Option Purchased | 67,000 | - | 67,000 | |||||||||
Collateral for Securities on Loan | - | 2,827,853 | 2,827,853 | |||||||||
Total | $ | 26,508,694 | $ | 2,827,853 | $ | 29,336,547 | ||||||
Liabilities | ||||||||||||
Written Call Options | $ | (406,500 | ) | $ | - | $ | (406,500 | ) | ||||
Total | $ | (406,500 | ) | $ | - | $ | (406,500 | ) | ||||
There were no Level 3 securities held in any of the Funds at March 31, 2011.
For the period ended March 31, 2011, there was no significant security transfer activity between Level 1 and Level 2.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
Options Transactions
The Funds’ use of derivatives for the period ended March 31, 2011 was limited to purchased and written options.
The Risk-Managed Equity Fund’s primary investment strategy involves the use of options. Each of the other Funds may also purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions or to provide market exposure while trying to reduce transaction costs.
Option contracts involve market risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a
Notes to Financial Statements (unaudited) (continued)
gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains, lack of liquidity for the option and lack of liquidity for the security or securities index.
Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Fund exercises a put or a call option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.
As of March 31, 2011, the Equity Income Fund engaged in purchased call and purchased put option transactions and the Risk-Managed Equity Fund engaged in written call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments.
The Risk-Managed Equity Fund’s written options are collateralized by cash and/or securities held in a segregated account at the Fund’s custodian. Such collateral is restricted from the Fund’s use. The cash collateral held for the prime broker and/or borrowings from the prime broker are included on the Statement of Assets and Liabilities. The securities pledged as collateral are included on the Schedule of Investments.
The number of options contracts written and the premiums received by the Risk-Managed Equity Fund during the period ended March 31, 2011, were as follows:
Risk-Managed Equity Fund | ||||||||
Number of | Premiums | |||||||
Contracts | Received | |||||||
Options outstanding, beginning of period | 130 | $ | 247,668 | |||||
Options written during period | 1,540 | 3,717,772 | ||||||
Options closed during period | (1,520 | ) | (3,578,945 | ) | ||||
Options outstanding, end of period | 150 | $ | 386,495 | |||||
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
Fair Values of Derivative Instruments as of March 31, 2011
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of | Statement of | |||||||||||
Assets and | Assets and | |||||||||||
Derivatives not accounted for | Liabilities | Fair | Liabilities | Fair | ||||||||
as hedging instruments | Location | Value | Location | Value | ||||||||
Purchased option contracts | ||||||||||||
Equity risk | ||||||||||||
ICON Equity Income Fund | Investments, | $ | 238,534 | Investments, | $ | - | ||||||
ICON Risk-Managed Equity Fund | at value | 67,000 | at value | - | ||||||||
Written option contracts | ||||||||||||
Equity risk | ||||||||||||
ICON Risk-Managed Equity Fund | Options written, at value | $ | - | Options written, at value | $ | 406,500 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations
Derivatives not accounted for | Location of Gain/(Loss) on Derivatives | |||||
as hedging instruments | Recognized in Operations | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Equity Income Fund | Net realized gain/(loss) from | $ | (417,048 | ) | ||
ICON Risk-Managed Equity Fund | investment transactions | (568,689 | ) | |||
Written option contracts | ||||||
Equity risk | ||||||
ICON Risk-Managed Equity Fund | Net realized gain/(loss) from written option transactions | $ | (1,154,502 | ) |
Notes to Financial Statements (unaudited) (continued)
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations
Derivatives not accounted for | Location of Gain/(Loss) on Derivatives | |||||
as hedging instruments | Recognized in Operations | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Equity Income Fund | Change in unrealized net | $ | 307,213 | |||
ICON Risk-Managed Equity Fund | appreciation/(depreciation) on investments | 55,777 | ||||
Written option contracts | ||||||
Equity risk | Change in unrealized net | |||||
ICON Risk-Managed Equity Fund | appreciation/(depreciation) on written options | $ | (12,573 | ) |
Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ended March 31, 2011.
The Funds value derivatives at fair value, as described below, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting, even for derivatives employed as economic hedges.
Short Sales
The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. The Long/Short Fund enters into short positions in equity securities identified as being overvalued.
Short sales involve market risk. If a security sold short increases in price, the Long/Short Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Fund is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use are included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of March 31, 2011, the Long/Short Fund engaged in short selling. The short
positions are included in the Schedule of Securities Sold Short on the Schedule of Investments.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2011, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Bond Fund | $ | 17,519,158 | $ | 18,158,433 | ||||
ICON Core Equity Fund | 8,139,495 | 8,345,135 | ||||||
ICON Equity Income Fund | 14,187,785 | 15,123,921 | ||||||
ICON Long/Short Fund | 4,557,046 | 4,651,870 | ||||||
ICON Risk-Managed Equity Fund | 2,776,252 | 2,827,853 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2011. It may also include collateral received from the pre-funding of loans.
Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Notes to Financial Statements (unaudited) (continued)
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Bond Fund distributes net investment income, if any, to shareholders monthly. The Equity Income Fund and the Risk-Managed Equity Fund intend to distribute net investment income, if any, to shareholders quarterly. Other Funds distribute income, if any, annually. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforwards. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax periods and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of Income and Expenses
Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.
Below are the class level expenses that are included on the Statement of Operations:
Printing | Transfer | |||||||||||
Legal | and Postage | Agent | ||||||||||
Fund | Expense | Expense | Expense | |||||||||
ICON Bond Fund | ||||||||||||
Class I | $ | 7,368 | $ | 14,426 | $ | 42,162 | ||||||
Class C | 218 | 426 | 7,955 | |||||||||
Class Z | 53 | 104 | 3,198 | |||||||||
Class A | 1 | 3 | - | |||||||||
ICON Core Equity Fund | ||||||||||||
Class I | 3,429 | 13,974 | 34,904 | |||||||||
Class C | 1,141 | 4,650 | 30,348 | |||||||||
Class Z | 13 | 53 | 3,081 | |||||||||
Class A | 67 | 271 | 3,888 | |||||||||
ICON Equity Income Fund | ||||||||||||
Class I | 1,681 | 9,032 | 27,542 | |||||||||
Class C | 165 | 887 | 5,840 | |||||||||
Class Z | 5 | 25 | 2,999 | |||||||||
Class A | 98 | 526 | 3,009 | |||||||||
ICON Long/Short Fund | ||||||||||||
Class I | 708 | 5,080 | 16,593 | |||||||||
Class C | 576 | 4,127 | 13,157 | |||||||||
Class Z | 5 | 37 | 3,040 | |||||||||
Class A | 101 | 728 | 3,929 | |||||||||
ICON Risk-Managed Equity Fund | ||||||||||||
Class I | 1,173 | 7,996 | 23,511 | |||||||||
Class C | 172 | 1,175 | 5,281 | |||||||||
Class Z | 4 | 27 | 2,976 | |||||||||
Class A | 260 | 1,771 | 3,773 |
Notes to Financial Statements (unaudited) (continued)
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily net assets of the Bond Fund, 0.75% of average daily net assets of the Core Equity, Equity Income and Risk-Managed Equity Funds, and 0.85% of average daily net assets of the Long/Short Fund.
ICON Advisers has contractually agreed to limit its investment advisory fee and/or reimburse certain of the Funds’ operating expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:
Fund | Class I | Class C | Class Z | Class A | ||||||||||||
ICON Bond Fund | 1.00% | 1.60% | 0.75% | 1.00% | ||||||||||||
ICON Equity Income Fund | 1.45% | 2.20% | 1.20% | 1.45% | ||||||||||||
ICON Long/Short Fund | 1.55% | 2.30% | 1.25% | 1.55% | ||||||||||||
ICON Risk-Managed Equity Fund | 1.45% | 2.20% | 1.20% | 1.45% |
The Funds’ expense limitation, excluding the Bond Fund Class A, will continue in effect until at least January 31, 2021. The Bond Fund Class A’s expense limitation will continue in effect until at least January 31, 2012. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
As of March 31, 2011 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2011 | 2012 | 2013 | 2014 | ||||||||||||
ICON Bond Fund | $ | 17,420 | $ | 144,367 | $ | 245,979 | $ | 95,947 | ||||||||
ICON Equity Income Fund | 6,073 | 36,020 | 75,430 | 16,597 | ||||||||||||
ICON Long/Short Fund | - | 62,033 | 150,441 | 66,123 | ||||||||||||
ICON Risk-Managed Equity Fund | 6,554 | 34,273 | 139,018 | 67,011 |
Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction and cusip charges. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2011, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Notes to Financial Statements (unaudited) (continued)
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares and for other shareholder services. Under the 12b-1 Plan, Bond Fund Class C shareholders pay an annual distribution and service fee of 0.85% of average daily net assets and Class I and Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution and service fee of 1.00% of average daily net assets for Class C shares and an annual distribution and service fee of 0.25% of average daily net assets for Class I shares and Class A shares. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 100% by the Funds. For the period ended March 31, 2011, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.
Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, have been used to offset various shareholder servicing costs incurred by ICON Advisers. For the period ended March 31, 2011, this amount was $7,992.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The Funds may have borrowings with the prime broker as a result of brokerage requirements. Interest on domestic borrowing with the prime broker is charged at the Fed Funds rate plus 0.50%. The average interest rate charged for ICON Bond Fund, ICON Core Equity Fund and ICON Equity Income Fund for the period ended March 31, 2011 was 1.48%. The average interest rate
charged for ICON Long/Short Fund and ICON Risk-Managed Equity Fund for the period ended March 31, 2011 was 2.18%.
Average Borrowing | ||||
Fund | (10/1/10-3/31/11) | |||
ICON Bond Fund | $ | 87,894 | ||
ICON Core Equity Fund | 309,679 | |||
ICON Equity Income Fund | 9,528 | |||
ICON Long/Short Fund* | 638,105 | |||
ICON Risk-Managed Equity Fund* | 1,219,013 |
* | Fund had outstanding borrowings under these agreements as of March 31, 2011. |
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2011, the aggregate cost of purchases and proceeds from sales of investment securities (excluding securities sold short, short-term securities and written options contracts) was as follows:
Proceeds | ||||||||||||||||
Purchases of | from Sales of | |||||||||||||||
�� | Proceeds | Long-Term | Long-Term | |||||||||||||
Purchases of | from Sales | U.S. Government | U.S. Government | |||||||||||||
Fund | Securities | of Securities | Obligations | Obligations | ||||||||||||
ICON Bond Fund | $ | 24,427,259 | $ | 29,866,250 | $ | 5,555,955 | $ | 10,749,276 | ||||||||
ICON Core Equity Fund | 40,240,632 | 63,038,470 | - | - | ||||||||||||
ICON Equity Income Fund | 27,522,211 | 24,692,429 | 1,003,930 | - | ||||||||||||
ICON Long/Short Fund | 8,866,314 | 17,136,928 | - | - | ||||||||||||
ICON Risk-Managed Equity Fund | 8,639,698 | 11,482,878 | - | - |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30,
Notes to Financial Statements (unaudited) (continued)
2010 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
For the year ended September 30, 2010 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Core Equity Fund | $ | 1,364,078 | 2016 | |||||
32,616,367 | 2017 | |||||||
19,833,424 | 2018 | |||||||
ICON Equity Income Fund | 77,639 | 2016 | ||||||
14,946,877 | 2017 | |||||||
19,098,068 | 2018 | |||||||
ICON Long/Short Fund | 44,159,483 | 2017 | ||||||
19,325,857 | 2018 | |||||||
ICON Risk-Managed Equity Fund | 260,291 | 2016 | ||||||
7,975,360 | 2017 | |||||||
14,212,596 | 2018 |
Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions.
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2010, were as follows:
Distributions Paid From | Total | |||||||||||
Ordinary | Net Long- | Distributions | ||||||||||
Fund | Income | Term Gains | Paid | |||||||||
ICON Bond Fund | $ | 7,731,554 | $ | 158,909 | $ | 7,890,463 | ||||||
ICON Core Equity Fund | 1,543,355 | - | 1,543,355 | |||||||||
ICON Equity Income Fund | 1,655,386 | - | 1,655,386 | |||||||||
ICON Long/Short Fund | 370,083 | - | 370,083 | |||||||||
ICON Risk-Managed Equity Fund | 130,024 | - | 130,024 |
As of September 30, 2010, the components of accumulated earnings (deficit) on a tax basis were as follows:
Total | ||||||||||||||||||||||||||||
Undistributed | Undistributed | Accumulated | Unrealized | Accumulated | ||||||||||||||||||||||||
Ordinary | Net Long- | Accumulated | Distributions | Capital and | Appreciation/ | Earnings/ | ||||||||||||||||||||||
Fund | Income | Term Gains | Earnings | Payable* | Other Losses | (Depreciation)** | (Deficit) | |||||||||||||||||||||
ICON Bond Fund | $ | 2,231,751 | $ | 71,880 | $ | 2,303,631 | $ | (521,290 | ) | $ | - | $ | 10,144,363 | $ | 11,926,704 | |||||||||||||
ICON Core Equity Fund | 168,474 | - | 168,474 | - | (53,813,869 | ) | 5,206,423 | (48,438,972 | ) | |||||||||||||||||||
ICON Equity Income Fund | 291,107 | - | 291,107 | (262,949 | ) | (34,122,584 | ) | 3,825,892 | (30,268,534 | ) | ||||||||||||||||||
ICON Long/Short Fund | - | - | - | - | (63,485,346 | ) | 300,045 | (63,185,301 | ) | |||||||||||||||||||
ICON Risk-Managed Equity Fund | 29,973 | - | 29,973 | - | (22,448,247 | ) | 2,757,633 | (19,660,641 | ) |
* | Differences between the financial statement distribution payable and the tax basis distribution payable are a result of accrual based accounting and cash basis accounting used for federal tax reporting purposes. | |
** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
As of March 31, 2011, cost for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Unrealized | Unrealized | Net Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Bond Fund | $ | 146,793,158 | $ | 7,226,349 | $ | (617,226 | ) | $ | 6,609,123 | |||||||
ICON Core Equity Fund | 87,507,605 | 19,079,723 | (607,413 | ) | 18,472,310 | |||||||||||
ICON Equity Income Fund | 60,326,428 | 7,169,563 | (382,937 | ) | 6,786,626 | |||||||||||
ICON Long/Short Fund | 20,781,120 | 3,152,977 | (162,560 | ) | 2,990,417 | |||||||||||
ICON Risk-Managed Equity Fund | 24,384,208 | 5,115,088 | (162,749 | ) | 4,952,339 |
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused. In general, the provisions of the Act will be effective for each fund’s fiscal year ending 2012.
7. Subsequent Events
Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.
Six Month Hypothetical Expense Example
March 31, 2011 (Unaudited)
March 31, 2011 (Unaudited)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/10-3/31/11).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized | ||||||||||||||||
Beginning | Ending | Expenses Paid | Expense | |||||||||||||
Account Value | Account Value | During Period | Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11 | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Bond Fund | ||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,003.30 | $ | 5.00 | 1.00% | |||||||||
Class C | 1,000.00 | 1,000.30 | 7.98 | 1.60% | ||||||||||||
Class Z | 1,000.00 | 1,004.50 | 3.75 | 0.75% | ||||||||||||
Class A | 1,000.00 | 1,004.00 | 5.02 | 1.00% | ||||||||||||
ICON Core Equity Fund | ||||||||||||||||
Class I | 1,000.00 | 1,214.10 | 7.21 | 1.31% | ||||||||||||
Class C | 1,000.00 | 1,208.10 | 12.33 | 2.24% | ||||||||||||
Class Z | 1,000.00 | 1,200.20 | 16.70 | 3.04% | ||||||||||||
Class A | 1,000.00 | 1,207.60 | 13.73 | 2.49% | ||||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class I | 1,000.00 | 1,139.40 | 7.74 | 1.45% | ||||||||||||
Class C | 1,000.00 | 1,135.40 | 11.71 | 2.20% | ||||||||||||
Class Z | 1,000.00 | 1,141.20 | 6.41 | 1.20% | ||||||||||||
Class A | 1,000.00 | 1,139.60 | 7.74 | 1.45% | ||||||||||||
ICON Long/Short Fund | ||||||||||||||||
Class I | 1,000.00 | 1,129.10 | 11.40 | 2.15% | ||||||||||||
Class C | 1,000.00 | 1,124.90 | 15.41 | 2.91% | ||||||||||||
Class Z | 1,000.00 | 1,131.10 | 9.60 | 1.81% | ||||||||||||
Class A | 1,000.00 | 1,129.10 | 11.13 | 2.10% | ||||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||||
Class I | 1,000.00 | 1,101.80 | 7.78 | 1.49% | ||||||||||||
Class C | 1,000.00 | 1,097.60 | 11.69 | 2.24% | ||||||||||||
Class Z | 1,000.00 | 1,103.10 | 6.47 | 1.23% | ||||||||||||
Class A | 1,000.00 | 1,102.30 | 7.79 | 1.49% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Bond Fund | ||||||||||||||||
Class I | 1,000.00 | 1,019.94 | 5.04 | |||||||||||||
Class C | 1,000.00 | 1,016.95 | 8.05 | |||||||||||||
Class Z | 1,000.00 | 1,021.19 | 3.78 | |||||||||||||
Class A | 1,000.00 | 1,019.92 | 5.06 | |||||||||||||
ICON Core Equity Fund | ||||||||||||||||
Class I | 1,000.00 | 1,018.41 | 6.58 | |||||||||||||
Class C | 1,000.00 | 1,013.77 | 11.24 | |||||||||||||
Class Z | 1,000.00 | 1,009.76 | 15.25 | |||||||||||||
Class A | 1,000.00 | 1,012.49 | 12.52 |
Annualized | ||||||||||||||||
Beginning | Ending | Expenses Paid | Expense | |||||||||||||
Account Value | Account Value | During Period | Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11 | |||||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,017.70 | $ | 7.30 | ||||||||||
Class C | 1,000.00 | 1,013.96 | 11.05 | |||||||||||||
Class Z | 1,000.00 | 1,018.95 | 6.04 | |||||||||||||
Class A | 1,000.00 | 1,017.70 | 7.30 | |||||||||||||
ICON Long/Short Fund | ||||||||||||||||
Class I | 1,000.00 | 1,014.22 | 10.79 | |||||||||||||
Class C | 1,000.00 | 1,010.43 | 14.58 | |||||||||||||
Class Z | 1,000.00 | 1,015.92 | 9.09 | |||||||||||||
Class A | 1,000.00 | 1,014.47 | 10.53 | |||||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||||
Class I | 1,000.00 | 1,017.52 | 7.47 | |||||||||||||
Class C | 1,000.00 | 1,013.78 | 11.23 | |||||||||||||
Class Z | 1,000.00 | 1,018.78 | 6.21 | |||||||||||||
Class A | 1,000.00 | 1,017.52 | 7.47 |
* | Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
Other Information (unaudited)
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
For more information about the ICON Funds, contact us: | ||
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
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2011 Semiannual Report
ICON International Funds
Investment Update
ICON International Funds
Investment Update
(Unaudited)
ICON Asia-Pacific Region Fund
ICON Europe Fund
ICON International Equity Fund
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1-800-764-0442 ï www.iconfunds.com
SAR-INTL-11
K18055
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You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 • www.iconfunds.com
Table of Contents
About This Report (Unaudited) | 2 | |||
Schedules of Investments (Unaudited) | ||||
ICON Asia-Pacific Region Fund | 4 | |||
ICON Europe Fund | 9 | |||
ICON International Equity Fund | 13 | |||
Financial Statements (Unaudited) | 18 | |||
Financial Highlights (Unaudited) | 26 | |||
Notes to Financial Statements (Unaudited) | 33 | |||
Six-Month Hypothetical Expense Example (Unaudited) | 49 | |||
Other Information (Unaudited) | 52 |
About This Report (unaudited)
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2011, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter
period of time. There is no assurance that the investment process will consistently lead to successful results.
An investment in a region fund may involve greater risk and volatility than a diversified fund. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ICON Asia-Pacific Region Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (97.8%) | ||||||||
648,000 | Agricultural Bank of China, Ltd., Class H† | $ | 366,201 | |||||
33,000 | Air Water, Inc.(a) | 401,893 | ||||||
20,200 | Aisin Seiki Co., Ltd.(a) | 702,176 | ||||||
364,000 | Alliance Financial Group Bhd. | 380,850 | ||||||
324,000 | Apollo Tyres, Ltd. | 507,339 | ||||||
62,100 | Australia & New Zealand Banking Group, Ltd. | 1,528,601 | ||||||
397,000 | Axiata Group Bhd.† | 627,671 | ||||||
620,000 | Bank Danamon Indonesia Tbk PT | 465,610 | ||||||
1,144,000 | Bank of Ayudhya PCL | 938,164 | ||||||
1,083,500 | Bank of China, Ltd., Class H | 602,520 | ||||||
29,300 | Bank of India | 311,873 | ||||||
79,000 | Bank of Yokohama, Ltd.(a) | 375,518 | ||||||
689,000 | Bank Rakyat Indonesia Persero Tbk PT | 454,375 | ||||||
42,700 | BHP Billiton, Ltd. | 2,049,491 | ||||||
40,700 | BS Financial Group, Inc.† | 589,936 | ||||||
18,000 | Caltex Australia, Ltd. | 290,427 | ||||||
15,600 | Canon, Inc. | 670,952 | ||||||
650,000 | Chaoda Modern Agriculture Holdings, Ltd. | 404,833 | ||||||
1,434,870 | China Construction Bank Corp., Class H | 1,343,304 | ||||||
761,000 | China Petroleum & Chemical Corp., Class H | 760,843 | ||||||
839,000 | China Railway Group, Ltd., Class H | 540,230 | ||||||
127,000 | China Yurun Food Group, Ltd. | 426,451 | ||||||
3,470 | CJ CheilJedang Corp. | 727,040 | ||||||
30,000 | Coca-Cola Amatil, Ltd. | 364,275 | ||||||
6,750 | Daelim Industrial Co., Ltd. | 657,532 | ||||||
117,800 | Dah Sing Financial Group, Ltd. | 729,330 | ||||||
78,000 | DBS Group Holdings, Ltd. | 905,573 | ||||||
3,100 | Doosan Corp. | 403,568 | ||||||
24,700 | Doosan Infracore Co., Ltd.† | 686,797 | ||||||
10,600 | FamilyMart Co., Ltd.(a) | 397,854 | ||||||
84,000 | FUJITSU, Ltd.(a) | 474,688 | ||||||
233,000 | Gamuda Bhd. | 296,908 | ||||||
1,722,000 | Guangdong Investment, Ltd. | 870,493 | ||||||
356,000 | Guangzhou Automobile Group Co., Ltd., Class H | 434,508 | ||||||
25,700 | Hana Financial Group, Inc. | 1,109,783 | ||||||
14,200 | Hanwha Corp. | 654,002 |
Shares or Principal Amount | Value | |||||||
30,200 | HCL Technologies, Ltd. | $ | 325,330 | |||||
57,000 | Hengan International Group Co., Ltd. | 423,049 | ||||||
238,000 | Hitachi, Ltd.(a) | 1,238,928 | ||||||
24,200 | Honda Motor Co., Ltd.(a) | 899,117 | ||||||
138,500 | Housing Development & Infrastructure, Ltd.† | 556,090 | ||||||
32,100 | Hoya Corp.(a) | 732,553 | ||||||
4,000 | Hyosung Corp. | 320,724 | ||||||
670,000 | Indika Energy Tbk PT | 303,783 | ||||||
287,000 | Indocement Tunggal Prakarsa Tbk PT | 538,702 | ||||||
248,000 | Insurance Australia Group, Ltd. | 921,012 | ||||||
132,000 | ITOCHU Corp.(a) | 1,381,361 | ||||||
142,800 | IVRCL Infrastructures & Projects, Ltd. | 262,483 | ||||||
14,000 | JSR Corp.(a) | 280,770 | ||||||
99,000 | Kingboard Chemical Holdings, Ltd. | 521,228 | ||||||
13,500 | Kintetsu World Express, Inc.(a) | 422,050 | ||||||
11,000 | Korea Electric Power Corp.† | 269,444 | ||||||
7,400 | Korea Gas Corp. | 246,795 | ||||||
41,000 | Korea Life Insurance Co., Ltd.† | 283,037 | ||||||
26,000 | Korean Reinsurance Co.† | 303,301 | ||||||
22,500 | Kuraray Co., Ltd. | 290,537 | ||||||
11,000 | LG Display Co., Ltd. | 344,752 | ||||||
4,150 | LG Innotek Co., Ltd. | 439,888 | ||||||
7,730 | LS Corp. | 774,527 | ||||||
86,000 | Lupin, Ltd. | 807,499 | ||||||
78,600 | Meritz Fire & Marine Insurance Co., Ltd.†(b) | 741,611 | ||||||
380,000 | Metropolitan Bank & Trust† | 562,696 | ||||||
111,000 | Minebea Co., Ltd.(a) | 612,619 | ||||||
35,000 | Mitsubishi Electric Corp.(a) | 411,900 | ||||||
80,000 | Mitsubishi Gas Chemical Co., Inc. | 573,536 | ||||||
66,400 | Mitsui & Co., Ltd.(a) | 1,188,817 | ||||||
222,000 | MobileOne, Ltd. | 424,482 | ||||||
52,400 | National Australia Bank, Ltd. | 1,400,516 | ||||||
10,800 | Newcrest Mining, Ltd. | 444,899 | ||||||
39,000 | NHK Spring Co., Ltd. | 386,413 | ||||||
2,800 | Nitori Holdings Co., Ltd.(a) | 245,903 | ||||||
12,300 | Nitto Denko Corp. | 651,751 | ||||||
201,000 | Noble Group, Ltd.(a) | 340,901 | ||||||
660 | OCI Co., Ltd. | 296,804 | ||||||
301,000 | OneSteel, Ltd. | 759,064 | ||||||
11,000 | Orica, Ltd. | 300,347 | ||||||
4,800 | Otsuka Corp.(a) | 308,910 | ||||||
69,000 | Oversea-Chinese Banking Corp., Ltd. | 524,394 | ||||||
590,000 | PetroChina Co., Ltd., Class H | 902,070 | ||||||
2,405 | POSCO | 1,103,471 | ||||||
734,000 | Pruksa Real Estate PCL | 446,921 | ||||||
63,000 | PTT Chemical PCL | 307,774 | ||||||
146,000 | PTT Exploration & Production PCL | 869,255 | ||||||
58,400 | PTT PCL | 684,170 |
Shares or Principal Amount | Value | |||||||
22,000 | Reliance Industries, Ltd. | $ | 519,266 | |||||
40,500 | Reliance Infrastructure, Ltd. | 638,993 | ||||||
10,600 | Rio Tinto, Ltd. | 929,076 | ||||||
54,500 | Sesa Goa, Ltd. | 356,778 | ||||||
1,350,000 | Shenzhen Expressway Co., Ltd., Class H | 884,805 | ||||||
17,400 | Shinhan Financial Group Co., Ltd. | 789,835 | ||||||
132,000 | Singapore Technologies Engineering, Ltd. | 341,200 | ||||||
6,700 | SK C&C Co., Ltd. | 593,134 | ||||||
4,700 | SK Holdings Co., Ltd. | 706,085 | ||||||
2,810 | SK Innovation Co., Ltd. | 540,135 | ||||||
5,100 | SMC Corp.(a) | 839,424 | ||||||
166,000 | Sterlite Industries India, Ltd. | 646,598 | ||||||
140,000 | Straits Asia Resources, Ltd. | 278,449 | ||||||
155,000 | Sumitomo Chemical Co., Ltd.(a) | 774,397 | ||||||
24,000 | Sumitomo Electric Industries, Ltd.(a) | 332,379 | ||||||
40,000 | Sumitomo Rubber Industries, Ltd.(a) | 407,200 | ||||||
56,000 | Sumitomo Trust & Banking Co., Ltd.†(a) | 295,922 | ||||||
152,361 | Taiwan Mobile Co., Ltd. | 358,542 | ||||||
28,500 | Tata Motors, Ltd. | 795,597 | ||||||
20,500 | Tata Steel, Ltd. | 286,023 | ||||||
438,750 | Tenaga Nasional Bhd. | 904,696 | ||||||
13,700 | Terumo Corp.(a) | 721,812 | ||||||
434,000 | Thai Union Frozen Products PCL | 660,260 | ||||||
24,300 | Tokio Marine Holdings, Inc. | 648,796 | ||||||
5,000 | Tokyo Electron, Ltd. | 275,667 | ||||||
32,600 | Toyota Motor Corp.(a) | 1,293,707 | ||||||
58,400 | Union Bank of India | 457,603 | ||||||
143,000 | United Phosphorus, Ltd. | 483,913 | ||||||
3,300 | USS Co., Ltd. | 256,845 | ||||||
51,000 | Venture Corp., Ltd. | 388,799 | ||||||
46,400 | Woori Finance Holdings Co., Ltd. | 614,253 | ||||||
Total Common Stocks (Cost $59,387,594) | 68,847,982 | |||||||
Collateral for Securities on Loan (20.2%) | ||||||||
14,213,493 | State Street Navigator Prime Portfolio | 14,213,493 | ||||||
Total Collateral for Securities on Loan (Cost $14,213,493) | 14,213,493 | |||||||
Short-Term Investment (2.0%) | ||||||||
$ | 1,421,983 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 1,421,983 | |||||
Total Short-Term Investments (Cost $1,421,983) | 1,421,983 | |||||||
Total Investments 120.0%* (Cost $75,023,070) | 84,483,458 | |||||||
Liabilities Less Other Assets (20.0)% | (14,070,051 | ) | ||||||
Net Assets 100.0% | $ | 70,413,407 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2011 was 93.7% of net assets. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
(b) | This security is considered to be illiquid. The value of this security at March 31, 2011 was $741,611, which represents 1.1% of the Fund’s Net Assets. |
ICON Asia-Pacific Region Fund
Country Composition
as of March 31, 2011
(Unaudited)
Country Composition
as of March 31, 2011
(Unaudited)
Japan | 26.3% | |||
South Korea | 18.8% | |||
Australia | 12.7% | |||
India | 9.9% | |||
China | 9.5% | |||
Thailand | 5.5% | |||
Hong Kong | 4.1% | |||
Singapore | 4.1% | |||
Malaysia | 3.1% | |||
Indonesia | 2.5% | |||
Philippines | 0.8% | |||
Taiwan | 0.5% | |||
97.8% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Asia-Pacific Region Fund
Sector Composition
March 31, 2011
(Unaudited)
Sector Composition
March 31, 2011
(Unaudited)
Financial | 26.5% | |||
Materials | 17.5% | |||
Industrials | 17.1% | |||
Information Technology | 9.0% | |||
Energy | 7.3% | |||
Consumer Discretionary | 7.3% | |||
Telecommunication & Utilities | 6.1% | |||
Consumer Staples | 4.8% | |||
Health Care | 2.2% | |||
97.8% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Asia-Pacific Region Fund
Industry Composition
March 31, 2011
(Unaudited)
Industry Composition
March 31, 2011
(Unaudited)
Diversified Banks | 19.6% | |||
Diversified Metals & Mining | 5.2% | |||
Trading Companies & Distributors | 4.1% | |||
Automobile Manufacturers | 3.8% | |||
Steel | 3.6% | |||
Integrated Oil & Gas | 3.3% | |||
Property & Casualty Insurance | 3.3% | |||
Industrial Machinery | 3.0% | |||
Electronic Components | 2.9% | |||
Commodity Chemicals | 2.6% | |||
Packaged Foods & Meats | 2.6% | |||
Electric Utilities | 2.6% | |||
Construction & Engineering | 2.5% | |||
Diversified Chemicals | 2.2% | |||
Wireless Telecommunication Services | 2.0% | |||
Oil & Gas Refining & Marketing | 1.9% | |||
Electronic Equipment & Instruments | 1.8% | |||
IT Consulting & Other Services | 1.7% | |||
Industrial Conglomerates | 1.6% | |||
Electrical Components & Equipment | 1.6% | |||
Auto Parts & Equipment | 1.5% | |||
Real Estate Development | 1.4% | |||
Regional Banks | 1.4% | |||
Specialty Chemicals | 1.3% | |||
Tires & Rubber | 1.3% | |||
Highways & Railtracks | 1.3% | |||
Water Utilities | 1.2% | |||
Oil & Gas Exploration & Production | 1.2% | |||
Pharmaceuticals | 1.2% | |||
Construction & Farm Machinery & Heavy Trucks | 1.1% | |||
Health Care Equipment | 1.0% | |||
Office Electronics | 1.0% | |||
Other Industries (each less than 1%) | 11.0% | |||
97.8% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Europe Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.0%) | ||||||||
25,500 | ABB, Ltd. | $ | 612,330 | |||||
5,800 | Adidas AG | 364,657 | ||||||
3,900 | Air Liquide S.A. | 518,647 | ||||||
6,600 | Allianz SE | 924,169 | ||||||
7,700 | Anheuser-Busch InBev NV | 438,991 | ||||||
1,200 | Aperam | 48,213 | ||||||
24,000 | ArcelorMittal | 867,694 | ||||||
3,100 | Arkema S.A. | 281,838 | ||||||
50,200 | AXA S.A. | 1,048,883 | ||||||
32,100 | Banco Santander S.A. | 374,415 | ||||||
14,200 | BASF SE | 1,225,673 | ||||||
3,900 | Bauer AG | 196,453 | ||||||
3,130 | Bayer AG | 241,833 | ||||||
4,600 | Bayerische Motoren Werke AG | 381,909 | ||||||
27,900 | BHP Billiton PLC | 1,104,594 | ||||||
8,028 | BNP Paribas | 586,884 | ||||||
123,300 | BP PLC | 905,895 | ||||||
3,860 | Brenntag AG† | 428,660 | ||||||
10,834 | Cie Generale des Etablissements Michelin, Class B | 913,832 | ||||||
26,800 | CNP Assurances | 568,795 | ||||||
6,200 | Credit Suisse Group AG | 263,005 | ||||||
4,700 | Deutsche Bank AG | 275,569 | ||||||
41,400 | Deutsche Post AG | 744,093 | ||||||
21,300 | Diageo PLC | 404,876 | ||||||
19,100 | DSV A/S | 470,320 | ||||||
12,300 | Duerr AG | 407,023 | ||||||
41,800 | GEA Group AG | 1,375,066 | ||||||
3,582 | Gerry Weber International AG | 207,806 | ||||||
87,400 | HSBC Holdings PLC | 902,763 | ||||||
35,000 | ING Groep NV† | 444,284 | ||||||
67,000 | Intesa Sanpaolo SpA | 197,656 | ||||||
4,100 | K+S AG | 309,164 | ||||||
141,000 | KOC Holding A/S | 654,587 | ||||||
7,800 | Koninklijke Philips Electronics NV | 249,857 | ||||||
3,400 | Kuehne + Nagel International AG | 475,313 | ||||||
6,900 | Lanxess AG | 517,142 | ||||||
154,000 | Legal & General Group PLC | 284,303 | ||||||
1,600 | Linde AG | 252,611 | ||||||
8,200 | LUKOIL OAO, ADR(a) | 585,398 | ||||||
3,500 | MAN SE | 435,480 | ||||||
1,800 | Mayr Melnhof Karton AG | 209,956 | ||||||
3,700 | MTU Aero Engines Holding AG | 250,662 | ||||||
1,150 | Muenchener Rueckversicherungs Gesellschaft AG | 180,790 | ||||||
27,300 | Nestle S.A. | 1,563,337 | ||||||
11,900 | Novartis AG | 644,396 | ||||||
2,000 | Nutreco NV(a) | 146,686 | ||||||
270,100 | Old Mutual PLC | 588,436 | ||||||
3,200 | Omega Pharma | 154,005 | ||||||
10,900 | OMV AG | 492,774 | ||||||
19,100 | Praktiker Bau- und Heimwerkermaerkte Holding AG | 223,922 | ||||||
6,200 | Renault S.A. | 342,593 | ||||||
71,000 | Rexam PLC | 413,959 | ||||||
6,600 | RioTinto PLC | 466,608 | ||||||
1,860 | Roche Holding AG | 265,543 | ||||||
34,000 | Royal Dutch Shell PLC, Class B | 1,234,677 | ||||||
19,600 | SAP AG | 1,198,742 | ||||||
900 | Schneider Electric S.A.(a) | 153,712 | ||||||
6,500 | Seadrill, Ltd. | 235,001 | ||||||
13,700 | Siemens AG | 1,874,002 | ||||||
535 | Sika AG | 1,285,676 |
Shares or Principal Amount | Value | |||||||
5,194 | Societe Generale | $ | 337,372 | |||||
478,000 | Sonae | 557,066 | ||||||
40,300 | Statoil ASA | 1,116,144 | ||||||
20,000 | Svenska Cellulosa AB, Class B | 321,844 | ||||||
27,700 | Takkt AG | 441,635 | ||||||
149,000 | Tekfen Holding A/S | 585,011 | ||||||
65,200 | Telenor ASA | 1,073,074 | ||||||
20,800 | Temenos Group AG† | 787,157 | ||||||
20,900 | Total S.A. | 1,273,510 | ||||||
2,800 | Transocean, Ltd.† | 218,676 | ||||||
21,800 | Unilever NV | 683,050 | ||||||
12,018 | Vallourec S.A. | 1,346,679 | ||||||
17,600 | Vedanta Resources PLC | 670,801 | ||||||
146,000 | Vodafone Group PLC | 416,072 | ||||||
1,800 | Wacker Chemie AG | 403,222 | ||||||
4,000 | Yara International ASA | 202,623 | ||||||
33,600 | YIT Oyj | 995,432 | ||||||
Total Common Stocks (Cost $38,430,237) | 44,845,526 | |||||||
Preferred Stock (0.3%) | ||||||||
2,400 | Porsche Automobil Holding SE(a) | 156,276 | ||||||
Total Preferred Stocks (Cost $164,631) | 156,276 | |||||||
Right (0.0%) | ||||||||
2,400 | Porsche Automobil Holding SE, 04/12/11† | 20,806 | ||||||
Total Rights (Cost $26,793) | 20,806 | |||||||
Collateral for Securities on Loan (2.1%) | ||||||||
940,692 | State Street Navigator Prime Portfolio | 940,692 | ||||||
Total Collateral for Securities on Loan (Cost $940,692) | 940,692 | |||||||
Short-Term Investment (0.4%) | ||||||||
$ | 176,990 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 176,990 | |||||
Total Short-Term Investments (Cost $176,990) | 176,990 | |||||||
Total Investments 100.8%* (Cost $39,739,343) | 46,140,290 | |||||||
Liabilities Less Other Assets (0.8)% | (365,424 | ) | ||||||
Net Assets 100.0% | $ | 45,774,866 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2011 was 95.0% of net assets. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Europe Fund
Country Composition
March 31, 2011
(Unaudited)
Country Composition
March 31, 2011
(Unaudited)
Germany | 28.5% | |||
France | 16.1% | |||
United Kingdom | 13.4% | |||
Switzerland | 13.4% | |||
Netherlands | 6.0% | |||
Norway | 5.2% | |||
Turkey | 2.7% | |||
Finland | 2.2% | |||
Luxembourg | 2.0% | |||
Austria | 1.6% | |||
Belgium | 1.3% | |||
Russia | 1.3% | |||
Portugal | 1.2% | |||
Denmark | 1.0% | |||
Spain | 0.8% | |||
Sweden | 0.7% | |||
Bermuda | 0.5% | |||
Italy | 0.4% | |||
98.3% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON Europe Fund
Sector Composition
March 31, 2011
(Unaudited)
Sector Composition
March 31, 2011
(Unaudited)
Industrials | 25.8% | |||
Materials | 19.9% | |||
Financial | 15.2% | |||
Energy | 13.2% | |||
Consumer Staples | 7.1% | |||
Consumer Discretionary | 6.7% | |||
Information Technology | 4.3% | |||
Telecommunication & Utilities | 3.3% | |||
Health Care | 2.8% | |||
98.3% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON Europe Fund
Industry Composition
March 31, 2011
(Unaudited)
Industry Composition
March 31, 2011
(Unaudited)
Integrated Oil & Gas | 12.3% | |||
Industrial Conglomerates | 7.3% | |||
Industrial Machinery | 6.8% | |||
Diversified Banks | 5.2% | |||
Packaged Foods & Meats | 4.9% | |||
Diversified Metals & Mining | 4.9% | |||
Application Software | 4.3% | |||
Multi-line Insurance | 4.3% | |||
Construction & Engineering | 3.9% | |||
Diversified Chemicals | 3.8% | |||
Specialty Chemicals | 3.7% | |||
Life & Health Insurance | 3.2% | |||
Pharmaceuticals | 2.5% | |||
Integrated Telecommunication Services | 2.3% | |||
Steel | 2.0% | |||
Tires & Rubber | 2.0% | |||
Automobile Manufacturers | 1.9% | |||
Industrial Gases | 1.7% | |||
Air Freight & Logistics | 1.6% | |||
Heavy Electrical Equipment | 1.3% | |||
Apparel, Accessories & Luxury Goods | 1.3% | |||
Diversified Capital Markets | 1.2% | |||
Fertilizers & Agricultural Chemicals | 1.1% | |||
Marine | 1.0% | |||
Trucking | 1.0% | |||
Oil & Gas Drilling | 1.0% | |||
Other Diversified Financial Services | 1.0% | |||
Catalog Retail | 1.0% | |||
Brewers | 1.0% | |||
Construction & Farm Machinery & Heavy Trucks | 1.0% | |||
Other Industries (each less than 1%) | 7.8% | |||
98.3% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON International Equity Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (92.6%) | ||||||||
34,000 | Adani Enterprises, Ltd. | $ | 506,138 | |||||
727,000 | Agricultural Bank of China, Ltd., Class H† | 410,846 | ||||||
6,000 | Air Liquide S.A. | 797,919 | ||||||
7,400 | Allianz SE | 1,036,189 | ||||||
9,100 | Anheuser-Busch InBev NV | 518,807 | ||||||
557,000 | Apollo Tyres, Ltd. | 872,185 | ||||||
4,800 | Arkema S.A. | 436,394 | ||||||
336,000 | Ashok Leyland, Ltd. | 429,452 | ||||||
237,000 | Astra International Tbk PT | 1,550,062 | ||||||
65,000 | AXA S.A. | 1,358,115 | ||||||
645,000 | Bank Danamon Indonesia Tbk PT | 484,385 | ||||||
1,853,500 | Bank of China, Ltd., Class H | 1,030,707 | ||||||
16,000 | Bank of Nova Scotia | 981,784 | ||||||
24,400 | Barrick Gold Corp. | 1,268,196 | ||||||
21,100 | BASF SE | 1,821,246 | ||||||
24,600 | BHP Billiton, Ltd. | 1,180,737 | ||||||
16,719 | BNP Paribas | 1,222,237 | ||||||
123,410 | BP PLC | 906,703 | ||||||
6,000 | Brenntag AG† | 666,310 | ||||||
36,300 | Centerra Gold, Inc. | 651,490 | ||||||
1,468,000 | Chaoda Modern Agriculture Holdings, Ltd. | 914,301 | ||||||
1,055,020 | China Construction Bank Corp., Class H | 987,694 | ||||||
773,000 | China Green Holdings, Ltd. | 594,315 | ||||||
406,000 | China Minsheng Banking Corp., Ltd., Class H | 374,269 | ||||||
1,980,000 | China Petroleum & Chemical Corp., Class H | 1,979,592 | ||||||
108,000 | China Yurun Food Group, Ltd. | 362,652 | ||||||
39,700 | Cia Siderurgica Nacional S.A. | 648,759 | ||||||
10,400 | Cie Generale des Etablissements Michelin, Class B | 877,225 | ||||||
44,800 | CNP Assurances | 950,821 | ||||||
10,300 | Daelim Industrial Co., Ltd. | 1,003,346 | ||||||
41,300 | Deutsche Post AG | 742,295 | ||||||
62,000 | Duratex S.A. | 655,070 | ||||||
40,000 | Exxaro Resources, Ltd. | 976,478 | ||||||
72,600 | GEA Group AG | 2,388,273 | ||||||
21,500 | Goldcorp, Inc. | 1,072,006 | ||||||
5,262,000 | Guangdong Investment, Ltd. | 2,660,009 | ||||||
28,000 | Hana Financial Group, Inc. | 1,209,102 | ||||||
412,000 | Hidili Industry International Development, Ltd. | 365,135 | ||||||
173,000 | Hitachi, Ltd.(a) | 900,565 | ||||||
90,900 | HSBC Holdings PLC | 938,915 | ||||||
8,600 | Hyundai Motor Co. | 1,589,401 | ||||||
1,380,000 | Indika Energy Tbk PT | 625,702 | ||||||
90,100 | Industrial Bank of Korea | 1,550,353 |
Shares or Principal Amount | Value | |||||||
192,000 | IVRCL Infrastructures & Projects, Ltd. | $ | 352,918 | |||||
26,000 | JSW Steel, Ltd. | 536,365 | ||||||
11,000 | KB Financial Group, Inc. | 575,414 | ||||||
237,300 | KOC Holding A/S | 1,101,657 | ||||||
149,000 | Korea Life Insurance Co., Ltd.† | 1,028,598 | ||||||
72,000 | Korean Reinsurance Co.† | 839,910 | ||||||
89,000 | LG Fashion Corp. | 2,401,040 | ||||||
7,400 | LG Innotek Co., Ltd. | 784,378 | ||||||
145,000 | Marico, Ltd. | 448,393 | ||||||
117,000 | Mitsui & Co., Ltd.(a) | 2,094,752 | ||||||
157,000 | Nagarjuna Construction Co. | 356,373 | ||||||
29,000 | Nestle S.A. | 1,660,687 | ||||||
686,181 | Noble Group, Ltd.(a) | 1,163,780 | ||||||
113,000 | Northam Platinum, Ltd.(a) | 733,636 | ||||||
92,000 | Oil & Natural Gas Corp., Ltd. | 598,347 | ||||||
451,000 | Old Mutual PLC | 982,542 | ||||||
460,000 | OneSteel, Ltd. | 1,160,031 | ||||||
29,500 | Pan American Silver Corp.(a) | 1,095,714 | ||||||
5,240 | POSCO | 2,404,237 | ||||||
1,841,000 | Pruksa Real Estate PCL | 1,120,956 | ||||||
47,900 | Reliance Infrastructure, Ltd. | 755,747 | ||||||
6,300 | Rio Tinto, Ltd. | 552,187 | ||||||
39,500 | Royal Dutch Shell PLC, Class B | 1,434,404 | ||||||
33,400 | SAP AG | 2,042,755 | ||||||
15,000 | Seadrill, Ltd. | 542,311 | ||||||
21,000 | Siemens AG | 2,872,557 | ||||||
680 | Sika AG | 1,634,130 | ||||||
12,900 | SK C&C Co., Ltd. | 1,142,004 | ||||||
10,600 | SK Holdings Co., Ltd. | 1,592,447 | ||||||
14,983 | Societe Generale | 973,209 | ||||||
61,300 | Statoil ASA | 1,697,757 | ||||||
293,000 | Sterlite Industries India, Ltd. | 1,141,284 | ||||||
28,000 | Sumitomo Electric Industries, Ltd.(a) | 387,776 | ||||||
137,000 | Sumitomo Heavy Industries, Ltd.(a) | 892,381 | ||||||
19,900 | Suncor Energy, Inc. | 892,472 | ||||||
86,000 | Tata Motors, Ltd. | 2,400,748 | ||||||
218,800 | Tekfen Holding A/S | 859,064 | ||||||
71,000 | Telenor ASA | 1,168,532 | ||||||
28,300 | Temenos Group AG† | 1,070,988 | ||||||
25,000 | Teva Pharmaceutical Industries, Ltd., ADR | 1,254,250 | ||||||
485,000 | Thai Union Frozen Products PCL | 737,848 | ||||||
24,800 | Toronto-Dominion Bank(a) | 2,194,781 | ||||||
31,155 | Total S.A. | 1,898,384 | ||||||
11,900 | TransCanada Corp.(a) | 482,505 | ||||||
218,000 | United Phosphorus, Ltd. | 737,714 | ||||||
17,070 | Vallourec S.A. | 1,912,781 | ||||||
21,400 | Vedanta Resources PLC | 815,633 | ||||||
81,200 | Woori Finance Holdings Co., Ltd. | 1,074,943 | ||||||
38,300 | YIT Oyj | 1,134,674 | ||||||
Total Common Stocks (Cost $87,797,795) | 100,232,174 | |||||||
Preferred Stocks (6.8%) | ||||||||
62,340 | Banco Bradesco S.A. | 1,273,414 | ||||||
184,000 | Investimentos Itau S.A. | 1,442,563 |
Shares or Principal Amount | Value | |||||||
168,000 | Petroleo Brasileiro S.A. | $ | 2,933,684 | |||||
61,000 | Vale S.A. | 1,770,612 | ||||||
Total Preferred Stocks (Cost $6,046,638) | 7,420,273 | |||||||
Collateral for Securities on Loan (8.2%) | ||||||||
8,836,998 | State Street Navigator Prime Portfolio | 8,836,998 | ||||||
Total Collateral for Securities on Loan (Cost $8,836,998) | 8,836,998 | |||||||
Short-Term Investment (0.6%) | ||||||||
$ | 699,421 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 699,421 | |||||
Total Short-Term Investments (Cost $699,421) | 699,421 | |||||||
Total Investments 108.2%* (Cost $103,380,852) | 117,188,866 | |||||||
Liabilities Less Other Assets (8.2)% | (8,922,829 | ) | ||||||
Net Assets 100.0% | $ | 108,266,037 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2011 was 80.8% of net assets. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON International Equity Fund
Country Composition
March 31, 2011
(Unaudited)
Country Composition
March 31, 2011
(Unaudited)
South Korea | 15.9% | |||
Germany | 10.7% | |||
France | 9.6% | |||
India | 8.4% | |||
Brazil | 8.1% | |||
Canada | 8.0% | |||
China | 5.1% | |||
Hong Kong | 4.9% | |||
Switzerland | 4.0% | |||
Japan | 3.9% | |||
United Kingdom | 3.4% | |||
Australia | 2.7% | |||
Norway | 2.6% | |||
Indonesia | 2.5% | |||
Turkey | 1.8% | |||
Thailand | 1.7% | |||
South Africa | 1.6% | |||
Netherlands | 1.3% | |||
Israel | 1.2% | |||
Finland | 1.0% | |||
Bermuda | 0.5% | |||
Belgium | 0.5% | |||
99.4% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON International Equity Fund
Sector Composition
March 31, 2011
(Unaudited)
Sector Composition
March 31, 2011
(Unaudited)
Financial | 22.2% | |||
Industrials | 21.1% | |||
Materials | 20.8% | |||
Energy | 12.9% | |||
Consumer Discretionary | 6.7% | |||
Information Technology | 5.5% | |||
Consumer Staples | 4.8% | |||
Telecommunication & Utilities | 4.2% | |||
Health Care | 1.2% | |||
99.4% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON International Equity Fund
Industry Composition
March 31, 2011
(Unaudited)
Industry Composition
March 31, 2011
(Unaudited)
Diversified Banks | 15.4% | |||
Integrated Oil & Gas | 10.8% | |||
Steel | 6.0% | |||
Industrial Conglomerates | 5.1% | |||
Industrial Machinery | 4.8% | |||
Diversified Metals & Mining | 4.6% | |||
Trading Companies & Distributors | 4.1% | |||
Construction & Engineering | 3.4% | |||
Automobile Manufacturers | 2.9% | |||
Application Software | 2.9% | |||
Gold | 2.8% | |||
Life & Health Insurance | 2.7% | |||
Construction & Farm Machinery & Heavy Trucks | 2.6% | |||
Packaged Foods & Meats | 2.6% | |||
Water Utilities | 2.5% | |||
Apparel, Accessories & Luxury Goods | 2.2% | |||
Multi-line Insurance | 2.2% | |||
Precious Metals & Minerals | 1.7% | |||
Diversified Chemicals | 1.7% | |||
Tires & Rubber | 1.6% | |||
Specialty Chemicals | 1.5% | |||
Agricultural Products | 1.4% | |||
Pharmaceuticals | 1.2% | |||
Integrated Telecommunication Services | 1.1% | |||
IT Consulting & Other Services | 1.1% | |||
Real Estate Development | 1.0% | |||
Other Industries (each less than 1%) | 9.5% | |||
99.4% | ||||
Percentages are based upon common and preferred stocks as a percentage of net assets.
Statements of Assets and Liabilities
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
ICON | ||||||||||||
Asia-Pacific | ICON | ICON | ||||||||||
Region | Europe | International | ||||||||||
Fund | Fund | Equity Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 75,023,070 | $ | 39,739,343 | $ | 103,380,852 | ||||||
Investments, at value† | 84,483,458 | 46,140,290 | 117,188,866 | |||||||||
Foreign currency, at value(a) | 2,038,952 | 12,854 | 32,350 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 69,356 | 23,967 | 101,908 | |||||||||
Investments sold | 325,717 | 635,845 | 826,135 | |||||||||
Dividends | 277,784 | 54,101 | 286,222 | |||||||||
Expense reimbursements by Adviser | 21,441 | 19,425 | 1,484 | |||||||||
Foreign tax reclaims | 401 | 89,049 | 79,836 | |||||||||
Other assets | 55,654 | 28,336 | 52,646 | |||||||||
Total Assets | 87,272,763 | 47,003,867 | 118,569,447 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Investments purchased | 2,410,664 | 173,613 | 1,193,079 | |||||||||
Payable for collateral received on securities loaned | 14,213,493 | 940,692 | 8,836,998 | |||||||||
Fund shares redeemed | 52,515 | 50,667 | 115,633 | |||||||||
Advisory fees | 58,497 | 38,508 | 89,979 | |||||||||
Accrued distribution fees | 1,075 | 107 | 19,567 | |||||||||
Fund accounting fees | 7,172 | 5,133 | 11,776 | |||||||||
Transfer agent fees | 13,632 | 11,669 | 19,500 | |||||||||
Administration fees | 2,841 | 1,656 | 4,446 | |||||||||
Trustee fees | 2,677 | 1,727 | 3,924 | |||||||||
Capital gains tax | 74,006 | - | - | |||||||||
Accrued expenses | 22,784 | 5,229 | 8,508 | |||||||||
Total Liabilities | 16,859,356 | 1,229,001 | 10,303,410 | |||||||||
Net Assets - all share classes | $ | 70,413,407 | $ | 45,774,866 | $ | 108,266,037 | ||||||
Net Assets - Class S | $ | 68,007,113 | $ | 45,512,763 | $ | 41,768,161 | ||||||
Net Assets - Class I | $ | - | $ | - | $ | 34,500,365 | ||||||
Net Assets - Class C | $ | 1,019,893 | $ | 84,115 | $ | 13,411,269 | ||||||
Net Assets - Class Z | $ | - | $ | - | $ | 12,848,567 | ||||||
Net Assets - Class A | $ | 1,386,401 | $ | 177,988 | $ | 5,736,641 | ||||||
Net Assets - Class Q | $ | - | $ | - | $ | 1,034 | ||||||
Statements of Assets and Liabilities
March 31, 2011 (unaudited) continued
March 31, 2011 (unaudited) continued
ICON | ||||||||||||
Asia-Pacific | ICON | ICON | ||||||||||
Region | Europe | International | ||||||||||
Fund | Fund | Equity Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 74,260,957 | $ | 91,608,335 | $ | 181,005,928 | ||||||
Accumulated undistributed net investment income/(loss) | (461,076 | ) | 178,926 | (388,379 | ) | |||||||
Accumulated undistributed net realized gain/(loss) from investment and foreign currency transactions | (12,867,589 | ) | (52,421,621 | ) | (86,099,158 | ) | ||||||
Unrealized appreciation/(depreciation) on investments and foreign currency transactions | 9,481,115 | 6,409,226 | 13,747,646 | |||||||||
Net Assets | $ | 70,413,407 | $ | 45,774,866 | $ | 108,266,037 | ||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 5,101,353 | 3,134,550 | 3,124,286 | |||||||||
Class I | - | - | 2,649,143 | |||||||||
Class C | 78,039 | 5,880 | 1,088,724 | |||||||||
Class Z | - | - | 973,823 | |||||||||
Class A | 104,133 | 12,243 | 437,006 | |||||||||
Class Q | - | - | 79 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 13.33 | $ | 14.52 | $ | 13.37 | ||||||
Class I | - | - | $ | 13.02 | ||||||||
Class C | $ | 13.07 | $ | 14.31 | $ | 12.32 | ||||||
Class Z | - | - | $ | 13.19 | ||||||||
Class A | $ | 13.31 | $ | 14.54 | $ | 13.13 | ||||||
Class Q | - | - | $ | 13.17 | ||||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 14.12 | $ | 15.43 | $ | 13.93 | ||||||
† Includes securities on loan of | $ | 13,276,742 | $ | 906,175 | $ | 8,385,180 | ||||||
(a) Foreign currency, at cost | $ | 2,004,288 | $ | 12,886 | $ | 32,089 |
The accompanying notes are an integral part of the financial statements.
Statements of Operations
For the period ended March 31, 2011 (unaudited)
For the period ended March 31, 2011 (unaudited)
ICON | ICON | ICON | ||||||||||
Asia-Pacific | Europe | International | ||||||||||
Region Fund | Fund | Equity Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 52 | $ | 107 | $ | 160 | ||||||
Dividends | 569,627 | 328,421 | 1,005,521 | |||||||||
Income from securities lending, net | 5,562 | 13,631 | 29,188 | |||||||||
Foreign taxes withheld | (49,523 | ) | (30,140 | ) | (103,511 | ) | ||||||
Total Investment Income | 525,718 | 312,019 | 931,358 | |||||||||
Expenses | ||||||||||||
Advisory fees | 361,004 | 234,523 | 550,142 | |||||||||
Distribution fees: | ||||||||||||
Class I | - | - | 45,075 | |||||||||
Class C | 3,346 | 396 | 69,647 | |||||||||
Class A | 1,628 | 209 | 7,007 | |||||||||
Fund accounting fees | 7,220 | 4,690 | 10,975 | |||||||||
Transfer agent fees | 54,394 | 38,023 | 73,454 | |||||||||
Administration fees | 17,884 | 11,619 | 27,233 | |||||||||
Custody fees | 35,050 | 14,116 | 47,122 | |||||||||
Registration fees: | ||||||||||||
Class S | 13,290 | 8,376 | 2,491 | |||||||||
Class I | - | - | 7,475 | |||||||||
Class C | 4,814 | 4,463 | 7,494 | |||||||||
Class A | 5,902 | 5,207 | 5,373 | |||||||||
Class Q | - | - | 502 | |||||||||
Insurance expense | 5,591 | 3,673 | 8,388 | |||||||||
Trustee fees and expenses | 4,488 | 2,946 | 6,732 | |||||||||
Audit and Tax Service expense | 17,452 | 17,452 | 16,455 | |||||||||
Interest expense | 1,904 | 147 | 418 | |||||||||
Recoupment of previously reimbursed expenses | - | - | 12,374 | |||||||||
Other expenses | 37,021 | 22,551 | 37,373 | |||||||||
Total expenses before expense reimbursement | 570,988 | 368,391 | 935,730 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (14,452 | ) | (14,510 | ) | (12,440 | ) | ||||||
Net Expenses | 556,536 | 353,881 | 923,290 | |||||||||
Net Investment Income/(Loss) | (30,818 | ) | (41,862 | ) | 8,068 | |||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency and Capital Gains Tax | ||||||||||||
Net realized gain/(loss) from investment transactions | 7,542,774 | 3,335,931 | 6,420,134 | |||||||||
Net realized gain/(loss) from foreign currency transactions | 242,869 | (348,835 | ) | 171,111 | ||||||||
Net realized capital gains tax | (59,271 | ) | - | - | ||||||||
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations | (2,117,214 | ) | 2,925,261 | 3,319,761 | ||||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency and Capital Gains Tax | 5,609,158 | 5,912,357 | 9,911,006 | |||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 5,578,340 | $ | 5,870,495 | $ | 9,919,074 | ||||||
The accompanying notes are an integral part of the financial statements.
This page is intentionally left blank
Statements of Changes in Net Assets
ICON Asia-Pacific Region Fund | ||||||||
Period ended | Year ended | |||||||
March 31, | September 30, | |||||||
2011 (unaudited) | 2010 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | (30,818 | ) | $ | 99,732 | |||
Net realized gain/(loss) on investment transactions | 7,542,774 | 16,265,852 | ||||||
Net realized gain/(loss) from foreign currency transactions | 242,869 | (418,749 | ) | |||||
Net realized capital gains tax | (59,271 | ) | (111,185 | ) | ||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | (2,117,214 | ) | (3,881,126 | ) | ||||
Net increase/(decrease) in net assets resulting from operations | 5,578,340 | 11,954,524 | ||||||
Dividends to Shareholders | ||||||||
Net investment income | ||||||||
Class S | - | (2,047,982 | ) | |||||
Class I | - | (299 | ) | |||||
Class C | - | (3,704 | ) | |||||
Class Z | - | (115 | ) | |||||
Class A | - | (8,693 | ) | |||||
Class Q | - | - | ||||||
Net decrease from dividends | - | (2,060,793 | ) | |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 8,172,006 | 36,256,247 | ||||||
Class I | - | 98,494 | ||||||
Class C | 702,309 | 231,787 | ||||||
Class Z | - | 1,200 | ||||||
Class A | 602,396 | 1,406,633 | ||||||
Class Q | - | - | ||||||
Reinvested dividends | ||||||||
Class S | - | 1,969,593 | ||||||
Class I | - | 299 | ||||||
Class C | - | 3,127 | ||||||
Class Z | - | 115 | ||||||
Class A | - | 7,199 | ||||||
Class Q | - | - | ||||||
Shares repurchased | ||||||||
Class S | (16,451,486 | ) | (85,400,255 | ) | ||||
Class I | - | (116,205 | ) | |||||
Class C | (157,660 | ) | (112,028 | ) | ||||
Class Z | - | (7,660 | ) | |||||
Class A | (476,057 | ) | (938,570 | ) | ||||
Class Q | - | - | ||||||
Net Increase/(decrease) from fund share transactions | (7,608,492 | ) | (46,600,024 | ) | ||||
Total net increase/(decrease) in net assets | (2,030,152 | ) | (36,706,293 | ) | ||||
Net Assets | ||||||||
Beginning of period | 72,443,559 | 109,149,852 | ||||||
End of period | $ | 70,413,407 | $ | 72,443,559 | ||||
ICON Europe Fund | ICON International Equity Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||
$ | (41,862 | ) | $ | 766,263 | $ | 8,068 | $ | 928,060 | ||||||
3,335,931 | 6,397,943 | 6,420,134 | 21,040,500 | |||||||||||
(348,835 | ) | 87,772 | 171,111 | (479,441 | ) | |||||||||
- | - | - | (80,639 | ) | ||||||||||
2,925,261 | (4,393,093 | ) | 3,319,761 | (11,081,438 | ) | |||||||||
5,870,495 | 2,858,885 | 9,919,074 | 10,327,042 | |||||||||||
| ||||||||||||||
(453,210 | ) | (491,915 | ) | (209,215 | ) | (630,736 | ) | |||||||
- | (20 | ) | (118,029 | ) | (558,189 | ) | ||||||||
(410 | ) | (67 | ) | - | (143,688 | ) | ||||||||
- | (40 | ) | (82,032 | ) | (482,631 | ) | ||||||||
(1,567 | ) | (889 | ) | (20,141 | ) | (79,858 | ) | |||||||
- | - | (52,806 | ) | (157,568 | ) | |||||||||
(455,187 | ) | (492,931 | ) | (482,223 | ) | (2,052,670 | ) | |||||||
| ||||||||||||||
2,692,073 | 6,692,968 | 11,360,982 | 6,126,691 | |||||||||||
- | - | 2,912,009 | 11,426,534 | |||||||||||
5,475 | 60,123 | 734,190 | 1,409,676 | |||||||||||
- | - | 1,288,479 | 6,771,576 | |||||||||||
7,969 | 19,813 | 1,078,221 | 1,948,858 | |||||||||||
- | - | 23,892 | 417,260 | |||||||||||
440,888 | 484,255 | 204,055 | 628,823 | |||||||||||
- | 20 | 101,764 | 491,814 | |||||||||||
410 | 67 | - | 127,039 | |||||||||||
- | 40 | 79,708 | 439,510 | |||||||||||
1,512 | 692 | 17,212 | 70,683 | |||||||||||
- | - | 52,676 | 157,214 | |||||||||||
(11,555,529 | ) | (17,663,442 | ) | (5,190,471 | ) | (12,511,313 | ) | |||||||
- | (3,632 | ) | (8,637,023 | ) | (14,836,993 | ) | ||||||||
(2,063 | ) | (14,990 | ) | (2,502,103 | ) | (4,462,878 | ) | |||||||
- | (3,677 | ) | (2,408,828 | ) | (24,426,405 | ) | ||||||||
(35 | ) | (38,218 | ) | (1,191,964 | ) | (2,257,800 | ) | |||||||
- | - | (9,286,592 | ) | (1,324,612 | ) | |||||||||
(8,409,300 | ) | (10,465,981 | ) | (11,363,793 | ) | (29,804,323 | ) | |||||||
(2,993,992 | ) | (8,100,027 | ) | (1,926,942 | ) | (21,529,951 | ) | |||||||
48,768,858 | 56,868,885 | 110,192,979 | 131,722,930 | |||||||||||
$ | 45,774,866 | $ | 48,768,858 | $ | 108,266,037 | $ | 110,192,979 | |||||||
Statements of Changes in Net Assets (continued)
ICON Asia-Pacific Region Fund | ||||||||
Period ended | Year ended | |||||||
March 31, | September 30, | |||||||
2011 (unaudited) | 2010 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 631,493 | 3,291,708 | ||||||
Class I | - | 8,567 | ||||||
Class C | 53,828 | 21,226 | ||||||
Class Z | - | 110 | ||||||
Class A | 46,983 | 127,018 | ||||||
Class Q | - | - | ||||||
Reinvested dividends | ||||||||
Class S | - | 182,201 | ||||||
Class I | - | 28 | ||||||
Class C | - | 292 | ||||||
Class Z | - | 10 | ||||||
Class A | - | 666 | ||||||
Class Q | - | - | ||||||
Shares repurchased | ||||||||
Class S | (1,267,644 | ) | (7,912,830 | ) | ||||
Class I | - | (10,129 | ) | |||||
Class C | (12,058 | ) | (9,887 | ) | ||||
Class Z | - | (650 | ) | |||||
Class A | (35,855 | ) | (85,752 | ) | ||||
Class Q | - | - | ||||||
Net increase/(decrease) | (583,253 | ) | (4,387,422 | ) | ||||
Shares outstanding, beginning of period | 5,866,778 | 10,254,200 | ||||||
Shares outstanding, end of period | 5,283,525 | 5,866,778 | ||||||
Accumulated undistributed net investment income/(loss) | $ | (461,076 | ) | $ | (430,258 | ) | ||
The accompanying notes are an integral part of the financial statements.
ICON Europe Fund | ICON International Equity Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||
193,759 | 548,122 | 869,824 | 531,628 | |||||||||||
- | - | 232,713 | 1,039,598 | |||||||||||
403 | 5,033 | 61,710 | 133,245 | |||||||||||
- | - | 100,815 | 591,916 | |||||||||||
586 | 1,639 | 85,201 | 172,608 | |||||||||||
- | - | 1,884 | 37,359 | |||||||||||
32,419 | 38,927 | 16,118 | 55,015 | |||||||||||
- | 2 | 8,240 | 44,069 | |||||||||||
30 | 6 | - | 11,962 | |||||||||||
- | 3 | 6,377 | 38,963 | |||||||||||
111 | 55 | 1,383 | 6,283 | |||||||||||
- | - | 4,217 | 13,950 | |||||||||||
(839,176 | ) | (1,453,831 | ) | (405,401 | ) | (1,115,347 | ) | |||||||
- | (289 | ) | (690,233 | ) | (1,344,907 | ) | ||||||||
(148 | ) | (1,276 | ) | (211,246 | ) | (423,072 | ) | |||||||
- | (292 | ) | (190,828 | ) | (2,217,806 | ) | ||||||||
(2 | ) | (3,065 | ) | (94,686 | ) | (204,963 | ) | |||||||
- | - | (718,790 | ) | (120,384 | ) | |||||||||
(612,018 | ) | (864,966 | ) | (922,702 | ) | (2,749,883 | ) | |||||||
3,764,691 | 4,629,657 | 9,195,763 | 11,945,646 | |||||||||||
3,152,673 | 3,764,691 | 8,273,061 | 9,195,763 | |||||||||||
$ | 178,926 | $ | 675,975 | $ | (388,379 | ) | $ | 85,776 | ||||||
Financial Highlights
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 12.35 | $ | - | (d) | $ | 0.98 | $ | 0.98 | $ | - | $ | - | |||||||||||
Year Ended September 30, 2010 | 10.64 | 0.01 | 1.89 | 1.90 | (0.19 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 9.47 | 0.08 | 1.20 | 1.28 | (0.11 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 18.82 | 0.10 | (6.99 | ) | (6.89 | ) | (0.12 | ) | (2.34 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.19 | 0.15 | 5.51 | 5.66 | (0.03 | ) | - | |||||||||||||||||
Year Ended September 30, 2006 | 11.25 | 0.02 | 1.93 | 1.95 | (0.01 | ) | - | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.17 | (0.05 | ) | 0.95 | 0.90 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.54 | (0.05 | ) | 1.82 | 1.77 | (0.14 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 9.41 | 0.02 | 1.18 | 1.20 | (0.07 | ) | - | |||||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 13.73 | 0.05 | (4.37 | ) | (4.32 | ) | - | - | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.35 | (0.02 | ) | 0.98 | 0.96 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.63 | 0.02 | 1.86 | 1.88 | (0.16 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 9.38 | 0.05 | 1.25 | 1.30 | (0.05 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 18.72 | 0.03 | (6.93 | ) | (6.90 | ) | (0.10 | ) | (2.34 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.18 | 0.27 | 5.30 | 5.57 | (0.03 | ) | - | |||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 13.54 | 0.04 | (0.40 | ) | (0.36 | ) | - | - | ||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | - | $ | 13.33 | 7.94 | % | $ | 68,007 | 1.53% | 1.53% | (0.07 | )% | (0.07 | )% | 32.90 | % | |||||||||||||||||||
(0.19 | ) | 12.35 | 18.02 | % | 70,854 | 1.63% | 1.63% | 0.13 | % | 0.13 | % | 100.41 | % | |||||||||||||||||||||
(0.11 | ) | 10.64 | 14.18 | % | 108,325 | 1.54% | 1.54% | 1.00 | % | 1.00 | % | 171.05 | % | |||||||||||||||||||||
(2.46 | ) | 9.47 | (41.26 | )% | 69,519 | 1.42% | 1.42% | 0.70 | % | 0.70 | % | 168.42 | % | |||||||||||||||||||||
(0.03 | ) | 18.82 | 43.03 | % | 205,332 | 1.38% | 1.38% | 0.96 | % | 0.97 | % | 130.84 | % | |||||||||||||||||||||
(0.01 | ) | 13.19 | 17.36 | % | 147,444 | 1.44% | 1.44% | 0.12 | % | 0.12 | % | 159.51 | % | |||||||||||||||||||||
- | 13.07 | 7.40 | % | 1,020 | 4.64% | 2.55% | (c) | (2.93 | )% | (0.84 | )% | 32.90 | % | |||||||||||||||||||||
(0.14 | ) | 12.17 | 17.02 | % | 441 | 9.04% | 2.57% | (c) | (6.91 | )% | (0.44 | )% | 100.41 | % | ||||||||||||||||||||
(0.07 | ) | 10.54 | 13.10 | % | 260 | 19.80% | 2.55% | (c) | (17.06 | )% | 0.19 | % | 171.05 | % | ||||||||||||||||||||
- | 9.41 | (31.46 | )% | 33 | 23.58% | 2.64% | (c) | (20.28 | )% | 0.66 | % | 168.42 | % | |||||||||||||||||||||
- | 13.31 | 7.77 | % | 1,386 | 2.96% | 1.81% | (c) | (1.50 | )% | (0.35 | )% | 32.90 | % | |||||||||||||||||||||
(0.16 | ) | 12.35 | 17.91 | % | 1,149 | 5.17% | 1.82% | (c) | (3.13 | )% | 0.22 | % | 100.41 | % | ||||||||||||||||||||
(0.05 | ) | 10.63 | 14.11 | % | 543 | 5.89% | 1.82% | (c) | (3.41 | )% | 0.66 | % | 171.05 | % | ||||||||||||||||||||
(2.44 | ) | 9.38 | (41.53 | )% | 412 | 2.94% | 1.88% | (c) | (0.82 | )% | 0.24 | % | 168.42 | % | ||||||||||||||||||||
(0.03 | ) | 18.72 | 42.38 | % | 973 | 3.26% | 1.85% | (c) | 0.24 | % | 1.65 | % | 130.84 | % | ||||||||||||||||||||
- | 13.18 | (2.66 | )% | 24 | 25.78% | 1.81% | (c) | (23.09 | )% | 0.88 | % | 159.51 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Europe Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 12.95 | $ | (0.01 | ) | $ | 1.72 | $ | 1.71 | $ | (0.14 | ) | $ | - | ||||||||||
Year Ended September 30, 2010 | 12.28 | 0.18 | 0.60 | 0.78 | (0.11 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.23 | 0.15 | (0.79 | ) | (0.64 | ) | (0.31 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 24.04 | 0.36 | (8.21 | ) | (7.85 | ) | (0.21 | ) | (2.75 | ) | ||||||||||||||
Year Ended September 30, 2007 | 18.82 | 0.21 | 5.33 | 5.54 | (0.05 | ) | (0.27 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 15.68 | 0.20 | 3.80 | 4.00 | - | (0.86 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.77 | (0.08 | ) | 1.69 | 1.61 | (0.07 | ) | - | ||||||||||||||||
Year Ended September 30, 2010 | 12.15 | 0.09 | 0.56 | 0.65 | (0.03 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.12 | 0.07 | (0.80 | ) | (0.73 | ) | (0.24 | ) | - | |||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 17.91 | 0.07 | (4.86 | ) | (4.79 | ) | - | - | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.98 | (0.03 | ) | 1.72 | 1.69 | (0.13 | ) | - | ||||||||||||||||
Year Ended September 30, 2010 | 12.30 | 0.15 | 0.60 | 0.75 | (0.07 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 13.14 | 0.12 | (0.75 | ) | (0.63 | ) | (0.21 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 23.91 | 0.26 | (8.17 | ) | (7.91 | ) | (0.11 | ) | (2.75 | ) | ||||||||||||||
Year Ended September 30, 2007 | 18.79 | 0.15 | 5.28 | 5.43 | (0.04 | ) | (0.27 | ) | ||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 18.40 | (0.02 | ) | 0.41 | 0.39 | - | - | |||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.14 | ) | $ | 14.52 | 13.25 | % | $ | 45,513 | 1.51% | 1.51% | (0.18 | )% | (0.18 | )% | 34.62 | % | ||||||||||||||||||
(0.11 | ) | 12.95 | 6.40 | % | 48,547 | 1.58% | 1.58% | 1.48 | % | 1.48 | % | 105.08 | % | |||||||||||||||||||||
(0.31 | ) | 12.28 | (4.13 | )% | 56,681 | 1.57% | 1.57% | 1.52 | % | 1.52 | % | 129.97 | % | |||||||||||||||||||||
(2.96 | ) | 13.23 | (36.83 | )% | 84,320 | 1.35% | 1.35% | 1.89 | % | 1.89 | % | 181.83 | % | |||||||||||||||||||||
(0.32 | ) | 24.04 | 29.69 | % | 139,069 | 1.35% | 1.35% | 0.97 | % | 0.97 | % | 133.36 | % | |||||||||||||||||||||
(0.86 | ) | 18.82 | 27.09 | % | 105,409 | 1.51% | 1.51% | 1.13 | % | 1.13 | % | 100.62 | % | |||||||||||||||||||||
(0.07 | ) | 14.31 | 12.64 | % | 84 | 19.27% | 2.49% | (c) | (17.95 | )% | (1.17 | )% | 34.62 | % | ||||||||||||||||||||
(0.03 | ) | 12.77 | 5.37 | % | 71 | 40.14% | 2.55% | (c) | (36.86 | )% | 0.73 | % | 105.08 | % | ||||||||||||||||||||
(0.24 | ) | 12.15 | (5.04 | )% | 22 | 75.12% | 2.57% | (c) | (71.83 | )% | 0.72 | % | 129.97 | % | ||||||||||||||||||||
- | 13.12 | (26.74 | )% | 16 | 51.24% | 2.58% | (c) | (48.03 | )% | 0.63 | % | 181.83 | % | |||||||||||||||||||||
(0.13 | ) | 14.54 | 13.09 | % | 178 | 11.09% | 1.81% | (c) | (9.73 | )% | (0.45 | )% | 34.62 | % | ||||||||||||||||||||
(0.07 | ) | 12.98 | 6.16 | % | 150 | 17.22% | 1.80% | (c) | (14.22 | )% | 1.21 | % | 105.08 | % | ||||||||||||||||||||
(0.21 | ) | 12.30 | (4.32 | )% | 159 | 11.15% | 1.82% | (c) | (8.08 | )% | 1.25 | % | 129.97 | % | ||||||||||||||||||||
(2.86 | ) | 13.14 | (37.17 | )% | 370 | 4.36% | 1.83% | (c) | (1.18 | )% | 1.35 | % | 181.83 | % | ||||||||||||||||||||
(0.31 | ) | 23.91 | 29.14 | % | 666 | 2.43% | 1.84% | (c) | 0.09 | % | 0.69 | % | 133.36 | % | ||||||||||||||||||||
- | 18.79 | 2.12 | % | 30 | 33.40% | 1.84% | (c) | (31.86 | )% | (0.30 | )% | 100.62 | % |
Financial Highlights (continued)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | ||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON International Equity Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 12.26 | $ | 0.03 | $ | 1.16 | $ | 1.19 | $ | (0.08 | ) | $ | - | |||||||||||
Year Ended September 30, 2010 | 11.27 | 0.12 | 1.08 | 1.20 | (0.21 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.84 | 0.13 | 0.30 | 0.43 | - | - | ||||||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 15.25 | 0.20 | (4.61 | ) | (4.41 | ) | - | - | ||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 11.94 | (0.01 | ) | 1.13 | 1.12 | (0.04 | ) | - | ||||||||||||||||
Year Ended September 30, 2010 | 10.97 | 0.07 | 1.06 | 1.13 | (0.16 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.71 | 0.05 | 0.37 | 0.42 | (0.16 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 20.09 | 0.22 | (7.48 | ) | (7.26 | ) | (0.13 | ) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.94 | 0.18 | 5.63 | 5.81 | - | (d) | (0.66 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 12.91 | 0.09 | 2.57 | 2.66 | (0.01 | ) | (0.62 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 11.30 | (0.05 | ) | 1.07 | 1.02 | - | - | |||||||||||||||||
Year Ended September 30, 2010 | 10.40 | (0.01 | ) | 1.01 | 1.00 | (0.10 | ) | - | ||||||||||||||||
Year Ended September 30, 2009 | 10.10 | - | (d) | 0.36 | 0.36 | (0.06 | ) | - | ||||||||||||||||
Year Ended September 30, 2008 | 19.09 | 0.07 | (7.07 | ) | (7.00 | ) | - | (d) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.36 | - | (d) | 5.39 | 5.39 | - | (0.66 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 12.53 | (0.03 | ) | 2.48 | 2.45 | - | (0.62 | ) | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.11 | 0.02 | 1.14 | 1.16 | (0.08 | ) | - | |||||||||||||||||
Year Ended September 30, 2010 | 11.13 | 0.13 | 1.06 | 1.19 | (0.21 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.87 | 0.11 | 0.35 | 0.46 | (0.20 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 20.34 | 0.22 | (7.53 | ) | (7.31 | ) | (0.17 | ) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.07 | 0.20 | 5.73 | 5.93 | - | (0.66 | ) | |||||||||||||||||
Year Ended September 30, 2006 | 13.00 | 0.09 | 2.63 | 2.72 | (0.03 | ) | (0.62 | ) | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.04 | (0.01 | ) | 1.14 | 1.13 | (0.04 | ) | - | ||||||||||||||||
Year Ended September 30, 2010 | 11.07 | 0.08 | 1.06 | 1.14 | (0.17 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.78 | 0.06 | 0.37 | 0.43 | (0.14 | ) | - | |||||||||||||||||
Year Ended September 30, 2008 | 20.24 | 0.18 | (7.52 | ) | (7.34 | ) | (0.13 | ) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.06 | 0.17 | 5.67 | 5.84 | - | (0.66 | ) | |||||||||||||||||
May 31, 2006 (inception) to September 30, 2006 | 15.17 | 0.03 | (0.14 | ) | (0.11 | ) | - | - | ||||||||||||||||
Class Q | ||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.10 | - | (d) | 1.15 | 1.15 | (0.08 | ) | - | ||||||||||||||||
Year Ended September 30, 2010 | 11.11 | 0.11 | 1.08 | 1.19 | (0.20 | ) | - | |||||||||||||||||
Year Ended September 30, 2009 | 10.86 | 0.10 | 0.35 | 0.45 | (0.20 | ) | - | |||||||||||||||||
January 28, 2008 (inception) to September 30, 2008 | 15.44 | 0.23 | (4.81 | ) | (4.58 | ) | - | - | ||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses | income/(loss) to average | |||||||||||||||||||||||||||||||||
to average net assets(a) | net assets(a) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
distributions | limitation/ | limitation/ | limitation/ | limitation/ | ||||||||||||||||||||||||||||||
Total | Net assets, | recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||
dividends | Net asset | end of | and transfer | and transfer | and transfer | and transfer | Portfolio | |||||||||||||||||||||||||||
and | value, end | Total | period (in | agent earnings | agent earnings | agent earnings | agent earnings | turnover | ||||||||||||||||||||||||||
distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||
$ | (0.08 | ) | $ | 13.37 | 9.76 | % | $ | 41,768 | 1.33% | 1.33%(c | ) | 0.43 | % | 0.43 | % | 45.54 | % | |||||||||||||||||
(0.21 | ) | 12.26 | 10.78 | % | 32,424 | 1.42% | 1.42%(c | ) | 1.08 | % | 1.08 | % | 111.29 | % | ||||||||||||||||||||
- | 11.27 | 3.97 | % | 35,748 | 1.34% | 1.34%(c | )(e) | 1.42 | % | 1.42 | %(f) | 182.73 | % | |||||||||||||||||||||
- | 10.84 | (28.92 | )% | 1,515 | 1.62% | 1.62%(c | ) | 2.08 | % | 2.08 | % | 188.73 | % | |||||||||||||||||||||
(0.04 | ) | 13.02 | 9.40 | % | 34,500 | 1.84% | 1.80%(c | ) | (0.15 | )% | (0.12 | )% | 45.54 | % | ||||||||||||||||||||
(0.16 | ) | 11.94 | 10.44 | % | 36,993 | 1.84% | 1.80%(c | ) | 0.63 | % | 0.66 | % | 111.29 | % | ||||||||||||||||||||
(0.16 | ) | 10.97 | 4.60 | % | 36,860 | 1.76% | 1.76%(c | )(e) | 0.59 | % | 0.59 | %(f) | 182.73 | % | ||||||||||||||||||||
(2.12 | ) | 10.71 | (39.85 | )% | 110,029 | 1.55% | 1.55%(c | ) | 1.39 | % | 1.39 | % | 188.73 | % | ||||||||||||||||||||
(0.66 | ) | 20.09 | 40.11 | % | 170,383 | 1.54% | 1.54%(c | ) | 1.02 | % | 1.03 | % | 132.30 | % | ||||||||||||||||||||
(0.63 | ) | 14.94 | 21.20 | % | 76,454 | 1.71% | 1.71%(c | ) | 0.59 | % | 0.59 | % | 129.31 | % | ||||||||||||||||||||
- | 12.32 | 9.03 | % | 13,411 | 2.59% | 2.55%(c | ) | (0.90 | )% | (0.86 | )% | 45.54 | % | |||||||||||||||||||||
(0.10 | ) | 11.30 | 9.65 | % | 13,990 | 2.69% | 2.55%(c | ) | (0.21 | )% | (0.07 | )% | 111.29 | % | ||||||||||||||||||||
(0.06 | ) | 10.40 | 3.79 | % | 15,774 | 2.64% | 2.55%(c | )(e) | (0.13 | )% | (0.04 | )%(f) | 182.73 | % | ||||||||||||||||||||
(1.99 | ) | 10.10 | (40.38 | )% | 22,194 | 2.44% | 2.44%(c | ) | 0.47 | % | 0.47 | % | 188.73 | % | ||||||||||||||||||||
(0.66 | ) | 19.09 | 38.74 | % | 29,274 | 2.57% | 2.56%(c | ) | (0.04 | )% | (0.03 | )% | 132.30 | % | ||||||||||||||||||||
(0.62 | ) | 14.36 | 20.09 | % | 13,899 | 2.76% | 2.54%(c | ) | (0.39 | )% | (0.18 | )% | 129.31 | % | ||||||||||||||||||||
(0.08 | ) | 13.19 | 9.61 | % | 12,849 | 1.42% | 1.42%(c | ) | 0.27 | % | 0.27 | % | 45.54 | % | ||||||||||||||||||||
(0.21 | ) | 12.11 | 10.87 | % | 12,806 | 1.43% | 1.36%(c | ) | 1.06 | % | 1.12 | % | 111.29 | % | ||||||||||||||||||||
(0.20 | ) | 11.13 | 5.16 | % | 29,437 | 1.43% | 1.25%(c | )(e) | 1.07 | % | 1.25 | %(f) | 182.73 | % | ||||||||||||||||||||
(2.16 | ) | 10.87 | (39.66 | )% | 13,580 | 1.27% | 1.27%(c | ) | 1.31 | % | 1.31 | % | 188.73 | % | ||||||||||||||||||||
(0.66 | ) | 20.34 | 40.56 | % | 37,619 | 1.26% | 1.26%(c | ) | 1.16 | % | 1.16 | % | 132.30 | % | ||||||||||||||||||||
(0.65 | ) | 15.07 | 21.54 | % | 28,295 | 1.41% | 1.40%(c | ) | 0.60 | % | 0.61 | % | 129.31 | % | ||||||||||||||||||||
(0.04 | ) | 13.13 | 9.44 | % | 5,737 | 1.93% | 1.80%(c | ) | (0.23 | )% | (0.10 | )% | 45.54 | % | ||||||||||||||||||||
(0.17 | ) | 12.04 | 10.38 | % | 5,358 | 2.16% | 1.80%(c | ) | 0.33 | % | 0.68 | % | 111.29 | % | ||||||||||||||||||||
(0.14 | ) | 11.07 | 4.65 | % | 5,214 | 2.08% | 1.80%(c | )(e) | 0.42 | % | 0.70 | %(f) | 182.73 | % | ||||||||||||||||||||
(2.12 | ) | 10.78 | (39.95 | )% | 7,001 | 1.73% | 1.73%(c | ) | 1.17 | % | 1.17 | % | 188.73 | % | ||||||||||||||||||||
(0.66 | ) | 20.24 | 39.97 | % | 6,744 | 1.70% | 1.69%(c | ) | 0.98 | % | 0.99 | % | 132.30 | % | ||||||||||||||||||||
- | 15.06 | (0.73 | )% | 88 | 19.13% | 1.79%(c | ) | (16.62 | )% | 0.72 | % | 129.31 | % | |||||||||||||||||||||
(0.08 | ) | 13.17 | 9.52 | % | 1 | 1.38% | 1.38%(c | ) | (0.01 | )% | (0.01 | )% | 45.54 | % | ||||||||||||||||||||
(0.20 | ) | 12.10 | 10.88 | % | 8,621 | 1.45% | 1.45%(c | ) | 1.01 | % | 1.01 | % | 111.29 | % | ||||||||||||||||||||
(0.20 | ) | 11.11 | 4.97 | % | 8,690 | 1.41% | 1.40%(c | )(e) | 1.11 | % | 1.12 | %(f) | 182.73 | % | ||||||||||||||||||||
- | 10.86 | (29.66 | )% | 12,072 | 1.31% | 1.31%(c | ) | 2.36 | % | 2.36 | % | 188.73 | % |
Financial Highlights (continued)
(x) | Calculated using the average shares method. |
* | The total return calculation is for the period indicated and excludes any sales charges. |
† | Unaudited. |
(a) | Annualized for periods less than a year. |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. |
(c) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense. |
(d) | Amount less than $0.005. |
(e) | The ratio of expenses to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.29%, 1.73%, 2.52%, 1.25%, 1.76% and 1.37% for Class S, Class I, Class C, Class Z, Class A and Class Q, respectively. |
(f) | The ratio of net investment income/(loss) to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.47%, 0.62%, (0.01%), 1.25%, 0.74% and 1.15% for Class S, Class I, Class C, Class Z, Class A and Class Q, respectively. |
The accompanying notes are an integral part of the financial statements.
Notes to Financial Statements
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
1. Organization
The ICON Asia-Pacific Region Fund (“Asia-Pacific Region Fund”), ICON Europe Fund (“Europe Fund”) and ICON International Equity Fund (“International Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. The Asia-Pacific Region Fund and the Europe Fund each have three classes of shares: Class S, Class C, and Class A. The International Equity Fund has six classes of shares: Class S, Class I, Class C, Class Z, Class A, and Class Q. Subsequent to March 31, 2011, Class Q shares were closed and liquidated. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently fourteen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The Funds primarily invest in foreign securities; the Asia-Pacific Region Fund and the Europe Fund primarily invest in companies whose principal business activities fall within specific regions. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and
Notes to Financial Statements (unaudited) (continued)
securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity, and small market share.
The Asia-Pacific Region Fund has a significant weighting in Japan and in the Financial sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country and/or sector. The Europe Fund has a significant weighting in Germany and in the Industrials sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country and/or sector.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.
The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Notes to Financial Statements (unaudited) (continued)
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3 — significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2011:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Japan | $ | 1,238,928 | $ | 16,959,545 | $ | 295,922 | $ | 18,494,395 | ||||||||
South Korea | 589,936 | 11,864,907 | 741,611 | 13,196,454 | ||||||||||||
Australia | - | 8,987,708 | - | 8,987,708 | ||||||||||||
India | - | 6,955,385 | - | 6,955,385 | ||||||||||||
China | - | 6,683,981 | - | 6,683,981 | ||||||||||||
Thailand | - | 3,906,544 | - | 3,906,544 | ||||||||||||
Other Countries | - | 10,623,515 | - | 10,623,515 | ||||||||||||
Collateral for Securities on Loan | - | 14,213,493 | - | 14,213,493 | ||||||||||||
Short-Term Investments | - | 1,421,983 | - | 1,421,983 | ||||||||||||
Total | $ | 1,828,864 | $ | 81,617,061 | $ | 1,037,533 | $ | 84,483,458 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ICON Europe Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Germany | $ | 870,295 | $ | 11,989,988 | $ | - | $ | 12,860,283 | ||||||||
France | - | 7,372,745 | - | 7,372,745 | ||||||||||||
United Kingdom | - | 6,158,307 | - | 6,158,307 | ||||||||||||
Switzerland | - | 6,115,433 | - | 6,115,433 | ||||||||||||
Netherlands | - | 2,758,554 | - | 2,758,554 | ||||||||||||
Norway | - | 2,391,841 | - | 2,391,841 | ||||||||||||
Other Countries | 633,611 | 6,554,752 | - | 7,188,363 | ||||||||||||
Preferred Stock | - | 156,276 | - | 156,276 | ||||||||||||
Right | 20,806 | - | - | 20,806 | ||||||||||||
Collateral for Securities on Loan | - | 940,692 | - | 940,692 | ||||||||||||
Short-Term Investments | - | 176,990 | - | 176,990 | ||||||||||||
Total | $ | 1,524,712 | $ | 44,615,578 | $ | - | $ | 46,140,290 | ||||||||
ICON International Equity Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
South Korea | $ | - | $ | 17,195,173 | $ | - | $ | 17,195,173 | ||||||||
Germany | 666,310 | 10,903,315 | - | 11,569,625 | ||||||||||||
France | - | 10,427,085 | - | 10,427,085 | ||||||||||||
India | - | 9,135,664 | - | 9,135,664 | ||||||||||||
Canada | 8,638,948 | - | - | 8,638,948 | ||||||||||||
China | - | 5,510,895 | - | 5,510,895 | ||||||||||||
Other Countries | 3,458,644 | 34,296,140 | - | 37,754,784 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Brazil | 7,420,273 | - | - | 7,420,273 | ||||||||||||
Collateral for Securities on Loan | - | 8,836,998 | - | 8,836,998 | ||||||||||||
Short-Term Investments | - | 699,421 | - | 699,421 | ||||||||||||
Total | $ | 20,184,175 | $ | 97,004,691 | $ | - | $ | 117,188,866 | ||||||||
For the period ended March 31, 2011, there was no significant transfer activity between Level 1 and Level 2.
There were no Level 3 securities held at March 31, 2011 in the Europe Fund or the International Equity Fund.
Notes to Financial Statements (unaudited) (continued)
A rollforward of fair value measurements using significant unobservable inputs (Level 3) for the period ended March, 2011 for the Asia-Pacific Region Fund, was as follows:
Net | ||||||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||||||
Total | appreciation | |||||||||||||||||||||||||||||||||||
Total | change in | (depreciation) | ||||||||||||||||||||||||||||||||||
Beginning | Net | Accrued | realized | unrealized | Transfers | Transfers | Ending | on investments | ||||||||||||||||||||||||||||
balance | purchases | discounts | gains | appreciation | into | out of | balance | held at | ||||||||||||||||||||||||||||
ICON Asia-Pacific Region Fund | 9/30/2010 | (sales) | (premiums) | (losses) | (depreciation) | Level 3* | Level 3 | 3/31/2011 | 3/31/2011 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||||||||||||
Japan | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 295,922 | $ | - | $ | 295,922 | $ | 15,316 | ||||||||||||||||||
South Korea | - | - | - | - | - | 741,611 | - | 741,611 | 220,821 | |||||||||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,037,533 | $ | - | $ | 1,037,533 | $ | 236,137 | ||||||||||||||||||
* | Transferred out of Level 2 into Level 3 because sufficient observable inputs were not available. |
Net realized gain (loss) and net change in unrealized appreciation/depreciation is reflected on the Statement of Operations.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
Forward Foreign Currency Contracts
The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed
upon rate. The Funds may use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.
These contracts involve market risk and do not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of those securities decline. The Funds could be exposed to risk if the value of the currency changes unfavorably. Additionally, the Funds could be exposed to counterparty risk if the counterparties are unable to meet the terms of the contracts.
These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At March 31, 2011, the Asia-Pacific Region Fund, Europe Fund and International Equity Fund had no outstanding forward foreign currency contracts.
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations
Derivatives not accounted | Location of Gain/(Loss) on Derivatives | |||||
for as hedging instruments | Recognized in Operations | Amount | ||||
Foreign exchange contracts | ||||||
Foreign exchange risk | ||||||
ICON Asia-Pacific Region Fund | Net realized gain/(loss) from | $ | 224,856 | |||
ICON Europe Fund | foreign currency transactions | (296,220 | ) | |||
ICON International Equity Fund | 252,154 |
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations
Derivatives not accounted | Location of Gain/(Loss) on Derivatives | |||||
for as hedging instruments | Recognized in Operations | Amount | ||||
Foreign exchange contracts | ||||||
Foreign exchange risk | ||||||
ICON Asia-Pacific Region Fund | Change in unrealized net | $ | (224,856 | ) | ||
ICON Europe Fund | appreciation/(depreciation) on | 220,789 | ||||
ICON International Equity Fund | foreign currency transactions | (312,473 | ) |
Notes to Financial Statements (unaudited) (continued)
Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ended March 31, 2011.
The Funds value derivatives at fair value, as described below, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting even for derivatives employed as economic hedges.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2011, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Asia-Pacific Region Fund | $ | 13,276,742 | $ | 14,213,493 | ||||
ICON Europe Fund | 906,175 | 940,692 | ||||||
ICON International Equity Fund | 8,385,180 | 8,836,998 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2011. It may also include collateral received from the pre-funding of loans.
Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Certain foreign countries impose a tax on capital gains which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Notes to Financial Statements (unaudited) (continued)
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of Income and Expenses
Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.
Below are the class level expenses that are included on the Statement of Operations:
Printing | Transfer | |||||||||||
Legal | and Postage | Agent | ||||||||||
Fund | Expense | Expense | Expense | |||||||||
ICON Asia-Pacific Region Fund | ||||||||||||
Class S | $ | 3,517 | $ | 20,853 | $ | 48,654 | ||||||
Class C | 34 | 202 | 2,872 | |||||||||
Class A | 65 | 386 | 2,868 | |||||||||
ICON Europe Fund | ||||||||||||
Class S | 2,363 | 11,655 | 32,911 | |||||||||
Class C | 4 | 20 | 2,439 | |||||||||
Class A | 8 | 42 | 2,673 | |||||||||
ICON International Equity Fund | ||||||||||||
Class S | 1,706 | 5,189 | 5,870 | |||||||||
Class I | 1,777 | 5,404 | 35,212 | |||||||||
Class C | 686 | 2,088 | 14,090 | |||||||||
Class Z | 646 | 1,967 | 9,216 | |||||||||
Class A | 277 | 842 | 5,746 | |||||||||
Class Q | 333 | 1,012 | 3,320 |
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% of each Fund’s average daily net assets.
ICON Advisers has contractually agreed to limit its investment advisory fee and/or reimburse certain of the Funds’ operating expenses (exclusive of brokerage, interest, taxes, and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:
Fund | Class S | Class I | Class C | Class Z | Class A | Class Q | ||||||||||||||||||
ICON Asia-Pacific Region Fund | - | N/A | 2.55% | N/A | 1.80% | N/A | ||||||||||||||||||
ICON Europe Fund | - | N/A | 2.55% | N/A | 1.80% | N/A | ||||||||||||||||||
ICON International Equity Fund | 1.55% | 1.80% | 2.55% | 1.55% | 1.80% | 1.55% |
Effective February 18, 2011, the expense limitation for Class S shares of ICON International Equity Fund decrease from 1.80% to 1.55%.
The Funds’ expense limitations will continue in effect until at least January 31, 2021. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
As of March 31, 2011 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2011 | 2012 | 2013 | 2014 | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 8,592 | $ | 27,778 | $ | 47,207 | $ | 14,452 | ||||||||
ICON Europe Fund | 8,311 | 26,513 | 42,776 | 14,510 | ||||||||||||
ICON International Equity Fund | - | 61,349 | 57,329 | 6,246 |
Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company, (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Notes to Financial Statements (unaudited) (continued)
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction and cusip charges. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2011, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class I and Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net
assets. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 100% by the Funds. For the period ended March 31, 2011, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.
Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, have been used to offset various shareholder servicing costs incurred by ICON Advisers. For the period ended March 31, 2011, this amount was $7,992.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2011 was 1.48%.
Average Borrowing | ||||
Fund | (10/1/10-3/31/11) | |||
ICON Asia-Pacific Region Fund | $ | 253,700 | ||
ICON Europe Fund | 19,960 | |||
ICON International Equity Fund | 55,529 |
None of the Funds had outstanding borrowings as of March 31, 2011.
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
Notes to Financial Statements (unaudited) (continued)
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2011, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:
Proceeds | ||||||||
Purchases of | from Sales | |||||||
Fund | Securities | of Securities | ||||||
ICON Asia-Pacific Region Fund | $ | 22,933,700 | $ | 31,567,544 | ||||
ICON Europe Fund | 15,370,575 | 24,052,797 | ||||||
ICON International Equity Fund | 48,058,476 | 58,184,239 |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2010 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
For the year ended September 30, 2010 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Asia-Pacific Region Fund | $ | 20,592,923 | 2017 | |||||
ICON Europe Fund | 28,735,751 | 2017 | ||||||
26,614,409 | 2018 | |||||||
ICON International Equity Fund | 65,091,860 | 2017 | ||||||
27,012,993 | 2018 |
Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2010, the Asia-Pacific Region Fund utilized $4,112,906 of capital loss carryforwards.
For the year ended September 30, 2010, the Funds will elect to defer post October losses of:
Post October | ||||
Fund | Losses | |||
ICON Asia-Pacific Region Fund | $ | 204,339 |
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2010, were as follows:
Distributions | Total | |||||||
Paid from | Distributions | |||||||
Fund | Ordinary Income | Paid | ||||||
ICON Asia-Pacific Region Fund | $ | 2,060,793 | $ | 2,060,793 | ||||
ICON Europe Fund | 492,931 | 492,931 | ||||||
ICON International Equity Fund | 2,052,670 | 2,052,670 |
As of September 30, 2010, the components of accumulated earnings (deficit) on a tax basis were as follows:
Total | ||||||||||||||||||||
Undistributed | Accumulated | Unrealized | Accumulated | |||||||||||||||||
Ordinary | Accumulated | Capital and | Appreciation/ | Earnings/ | ||||||||||||||||
Fund | Income | Earnings | Other Losses | (Depreciation)* | (Deficit) | |||||||||||||||
ICON Asia-Pacific Region Fund | $ | - | $ | - | $ | (20,797,262 | ) | $ | 11,371,372 | $ | (9,425,890 | ) | ||||||||
ICON Europe Fund | 455,186 | 455,186 | (55,350,160 | ) | 3,646,197 | (51,248,777 | ) | |||||||||||||
ICON International Equity Fund | 401,402 | 401,402 | (92,104,853 | ) | 9,526,710 | (82,176,741 | ) |
* | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
As of March 31, 2011, cost for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Unrealized | Unrealized | Net Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 75,023,070 | $ | 11,729,358 | $ | (2,268,970 | ) | $ | 9,460,388 | |||||||
ICON Europe Fund | 39,739,343 | 6,937,324 | (536,377 | ) | 6,400,947 | |||||||||||
ICON International Equity Fund | 103,380,852 | 16,758,813 | (2,950,799 | ) | 13,808,014 |
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight
Notes to Financial Statements (unaudited) (continued)
years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused. In general, the provisions of the Act will be effective for each fund’s fiscal year ending 2012.
7. Subsequent Events
Subsequent to March 31, 2011, the Class Q shares of the International Equity Fund were closed and liquidated.
Six Month Hypothetical Expense Example
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/10-3/31/11).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption
fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | Annualized | |||||||||||||
Value | Value | During Period | Expense Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11* | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,079.40 | $ | 7.92 | 1.53% | |||||||||
Class C | 1,000.00 | 1,074.00 | 13.17 | 2.55% | ||||||||||||
Class A | 1,000.00 | 1,077.70 | 9.40 | 1.81% | ||||||||||||
ICON Europe Fund | ||||||||||||||||
Class S | 1,000.00 | 1,132.50 | 8.01 | 1.51% | ||||||||||||
Class C | 1,000.00 | 1,126.40 | 13.19 | 2.49% | ||||||||||||
Class A | 1,000.00 | 1,130.90 | 9.62 | 1.81% | ||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S | 1,000.00 | 1,097.60 | 6.97 | 1.33% | ||||||||||||
Class I | 1,000.00 | 1,094.00 | 9.41 | 1.80% | ||||||||||||
Class C | 1,000.00 | 1,090.30 | 13.30 | 2.55% | ||||||||||||
Class Z | 1,000.00 | 1,096.10 | 7.43 | 1.42% | ||||||||||||
Class A | 1,000.00 | 1,094.40 | 9.41 | 1.80% | ||||||||||||
Class Q | 1,000.00 | 1,095.20 | 7.22 | 1.38% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.32 | 7.68 | |||||||||||||
Class C | 1,000.00 | 1,012.23 | 12.78 | |||||||||||||
Class A | 1,000.00 | 1,015.89 | 9.12 | |||||||||||||
ICON Europe Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.42 | 7.58 | |||||||||||||
Class C | 1,000.00 | 1,012.53 | 12.48 | |||||||||||||
Class A | 1,000.00 | 1,015.90 | 9.10 |
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | Annualized | |||||||||||||
Value | Value | During Period | Expense Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11* | |||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,018.29 | $ | 6.70 | ||||||||||
Class I | 1,000.00 | 1,015.95 | 9.06 | |||||||||||||
Class C | 1,000.00 | 1,012.21 | 12.80 | |||||||||||||
Class Z | 1,000.00 | 1,017.84 | 7.15 | |||||||||||||
Class A | 1,000.00 | 1,015.95 | 9.06 | |||||||||||||
Class Q | 1,000.00 | 1,018.04 | 6.95 |
* | Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
Other Information (unaudited)
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
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For more information about the ICON Funds, contact us: | ||
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
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2011 Semiannual Report
ICON Sector Funds
Investment Update
ICON Sector Funds
Investment Update
(Unaudited)
ICON Consumer Discretionary Fund
ICON Consumer Staples Fund (formerly, ICON Leisure and
Consumer Staples Fund)
Consumer Staples Fund)
ICON Energy Fund
ICON Financial Fund
ICON Healthcare Fund
ICON Industrials Fund
ICON Information Technology Fund
ICON Materials Fund
ICON Telecommunication & Utilities Fund
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1-800-764-0442 ï www.iconfunds.com
SAR-SECT-11, K18054
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About This Report (unaudited)
Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2011, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign
securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ICON Consumer Discretionary Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.0%) | ||||||||
18,800 | Aaron’s, Inc.(a) | $ | 476,768 | |||||
2,300 | Amazon.com, Inc.† | 414,299 | ||||||
4,100 | AutoZone, Inc.†(a) | 1,121,596 | ||||||
21,300 | Bed Bath & Beyond, Inc.† | 1,028,151 | ||||||
30,900 | Buckle, Inc.(a) | 1,248,360 | ||||||
2,700 | CEC Entertainment, Inc.(a) | 101,871 | ||||||
128,600 | Comcast Corp., Class A | 3,178,992 | ||||||
8,900 | Darden Restaurants, Inc.(a) | 437,257 | ||||||
25,900 | Deckers Outdoor Corp.†(a) | 2,231,285 | ||||||
25,700 | DIRECTV, Class A†(a) | 1,202,760 | ||||||
43,600 | DISH Network Corp., Class A† | 1,062,096 | ||||||
5,700 | Dollar Tree, Inc.†(a) | 316,464 | ||||||
4,300 | Family Dollar Stores, Inc. | 220,676 | ||||||
7,600 | Genuine Parts Co.(a) | 407,664 | ||||||
55,200 | Global Sources, Ltd.† | 641,976 | ||||||
9,000 | Guess?, Inc.(a) | 354,150 | ||||||
88,300 | H&R Block, Inc.(a) | 1,478,142 | ||||||
24,500 | Home Depot, Inc.(a) | 907,970 | ||||||
12,849 | JOS A. Bank Clothiers, Inc.†(a) | 653,758 | ||||||
11,700 | LKQ Corp.† | 281,970 | ||||||
22,600 | Lowe’s Cos., Inc. | 597,318 | ||||||
2,500 | McDonald’s Corp. | 190,225 | ||||||
16,700 | Meredith Corp.(a) | 566,464 | ||||||
3,900 | Monro Muffler Brake, Inc.(a) | 128,622 | ||||||
29,700 | Newell Rubbermaid, Inc. | 568,161 | ||||||
16,820 | Nike, Inc., Class B | 1,273,274 | ||||||
10,500 | O’Reilly Automotive, Inc.†(a) | 603,330 | ||||||
11,000 | Ross Stores, Inc. | 782,320 | ||||||
38,000 | Target Corp. | 1,900,380 | ||||||
8,500 | Texas Roadhouse, Inc.(a) | 144,415 | ||||||
11,300 | Thomson Reuters Corp. | 443,412 | ||||||
19,300 | Time Warner Cable, Inc. | 1,376,862 | ||||||
62,100 | TJX Cos., Inc. | 3,088,233 | ||||||
4,100 | Tractor Supply Co.(a) | 245,426 | ||||||
24,800 | Tupperware Brands Corp. | 1,480,808 | ||||||
5,700 | V.F. Corp. | 561,621 | ||||||
3,200 | Viacom, Inc., Class B | 148,864 | ||||||
5,600 | Walt Disney Co. | 241,304 | ||||||
4,700 | Whirlpool Corp.(a) | 401,192 | ||||||
38,500 | Wolverine World Wide, Inc.(a) | 1,435,280 | ||||||
Total Common Stocks (Cost $30,871,541) | 33,943,716 | |||||||
Collateral for Securities on Loan (28.6%) | ||||||||
9,813,310 | State Street Navigator Prime Portfolio | 9,813,310 | ||||||
Total Collateral for Securities on Loan (Cost $9,813,310) | 9,813,310 | |||||||
Short-Term Investment (1.4%) | ||||||||
$ | 497,072 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 497,072 | |||||
Total Short-Term Investments (Cost $497,072) | 497,072 | |||||||
Total Investments 129.0% (Cost $41,181,923) | 44,254,098 | |||||||
Liabilities Less Other Assets (29.0)% | (9,959,248 | ) | ||||||
Net Assets 100.0% | $ | 34,294,850 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. |
ICON Consumer Discretionary Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Cable & Satellite | 19.9% | |||
Apparel Retail | 17.9% | |||
Footwear | 14.4% | |||
General Merchandise Stores | 7.1% | |||
Housewares & Specialties | 6.0% | |||
Automotive Retail | 5.4% | |||
Publishing | 4.8% | |||
Home Improvement Retail | 4.4% | |||
Homefurnishing Retail | 4.4% | |||
Specialized Consumer Services | 4.3% | |||
Restaurants | 2.6% | |||
Distributors | 2.0% | |||
Apparel, Accessories & Luxury Goods | 1.6% | |||
Internet Retail | 1.2% | |||
Household Appliances | 1.2% | |||
Movies & Entertainment | 1.1% | |||
Specialty Stores | 0.7% | |||
99.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Consumer Discretionary Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Consumer Discretionary | 99.0% | |||
99.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Consumer Staples Fund
Schedule of Investments (formerly, ICON Leisure and Consumer Staples Fund)
March 31, 2011 (unaudited)
Schedule of Investments (formerly, ICON Leisure and Consumer Staples Fund)
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.0%) | ||||||||
12,600 | Altria Group, Inc. | $ | 327,978 | |||||
29,300 | Archer-Daniels-Midland Co. | 1,055,093 | ||||||
7,900 | Bunge, Ltd. | 571,407 | ||||||
15,100 | Coca-Cola Co. | 1,001,885 | ||||||
30,300 | Coca-Cola Enterprises, Inc. | 827,190 | ||||||
8,400 | Colgate-Palmolive Co. | 678,384 | ||||||
11,100 | Comcast Corp., Class A | 274,392 | ||||||
25,900 | CVS Caremark Corp. | 888,888 | ||||||
7,900 | DIRECTV, Class A† | 369,720 | ||||||
17,500 | Fresh Del Monte Produce, Inc.(a) | 456,925 | ||||||
8,900 | General Mills, Inc. | 325,295 | ||||||
9,900 | J.M. Smucker Co. | 706,761 | ||||||
14,200 | Kellogg Co.(a) | 766,516 | ||||||
9,300 | Kimberly-Clark Corp.(a) | 607,011 | ||||||
18,100 | Kraft Foods, Inc., Class A(a) | 567,616 | ||||||
3,100 | Lorillard, Inc.(a) | 294,531 | ||||||
5,500 | Nestle S.A., ADR | 316,140 | ||||||
10,400 | Nike, Inc., Class B(a) | 787,280 | ||||||
13,600 | PepsiCo, Inc. | 875,976 | ||||||
34,000 | Philip Morris International, Inc. | 2,231,420 | ||||||
18,500 | Procter & Gamble Co. | 1,139,600 | ||||||
27,000 | Reynolds American, Inc.(a) | 959,310 | ||||||
3,100 | Time Warner Cable, Inc. | 221,154 | ||||||
18,300 | TJX Cos., Inc. | 910,059 | ||||||
15,600 | Viacom, Inc., Class B | 725,712 | ||||||
39,800 | Wal-Mart Stores, Inc. | 2,071,590 | ||||||
28,700 | Walgreen Co. | 1,152,018 | ||||||
17,370 | Walt Disney Co. | 748,473 | ||||||
Total Common Stocks (Cost $19,872,230) | 21,858,324 | |||||||
Collateral for Securities on Loan (16.6%) | ||||||||
3,667,941 | State Street Navigator Prime Portfolio | 3,667,941 | ||||||
Total Collateral for Securities on Loan (Cost $3,667,941) | 3,667,941 | |||||||
Total Investments 115.6% (Cost $23,540,171) | 25,526,265 | |||||||
Liabilities Less Other Assets (15.6)% | (3,439,619 | ) | ||||||
Net Assets 100.0% | $ | 22,086,646 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Consumer Staples Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Tobacco | 17.3% | |||
Soft Drinks | 12.3% | |||
Packaged Foods & Meats | 12.1% | |||
Household Products | 11.0% | |||
Agricultural Products | 9.4% | |||
Hypermarkets & Super Centers | 9.4% | |||
Drug Retail | 9.2% | |||
Movies & Entertainment | 6.7% | |||
Apparel Retail | 4.1% | |||
Cable & Satellite | 3.9% | |||
Footwear | 3.6% | |||
99.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Consumer Staples Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Consumer Staples | 80.7% | |||
Consumer Discretionary | 18.3% | |||
99.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Energy Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (96.1%) | ||||||||
192,700 | Alliance Resource Partners L.P. | $ | 15,691,561 | |||||
131,300 | Alpha Natural Resources, Inc.†(a) | 7,795,281 | ||||||
148,800 | Apache Corp. | 19,480,896 | ||||||
110,700 | Arch Coal, Inc. | 3,989,628 | ||||||
69,400 | Baker Hughes, Inc. | 5,096,042 | ||||||
273,336 | BP PLC, ADR | 12,065,051 | ||||||
90,600 | Cameco Corp.(a) | 2,721,624 | ||||||
290,900 | Canadian Solar, Inc.†(a) | 3,278,443 | ||||||
955,300 | Chevron Corp. | 102,627,879 | ||||||
87,400 | China Petroleum & Chemical Corp., ADR | 8,790,692 | ||||||
923,700 | ConocoPhillips | 73,766,682 | ||||||
79,300 | Consol Energy, Inc. | 4,252,859 | ||||||
59,100 | Dresser-Rand Group, Inc.† | 3,168,942 | ||||||
116,500 | ENI SpA | 5,723,645 | ||||||
136,800 | Ensco PLC, ADR | 7,912,512 | ||||||
2,274,700 | Exxon Mobil Corp. | 191,370,511 | ||||||
40,400 | First Solar, Inc.†(a) | 6,497,936 | ||||||
235,600 | Gazprom OAO, ADR | 7,619,304 | ||||||
834,400 | General Electric Co. | 16,729,720 | ||||||
543,200 | Halliburton Co. | 27,073,088 | ||||||
238,300 | Hess Corp. | 20,305,543 | ||||||
116,900 | Imperial Oil, Ltd. | 5,970,083 | ||||||
345,400 | Marathon Oil Corp. | 18,413,274 | ||||||
548,900 | MEMC Electronic Materials, Inc.† | 7,113,744 | ||||||
238,800 | Murphy Oil Corp. | 17,532,696 | ||||||
188,100 | Occidental Petroleum Corp. | 19,654,569 | ||||||
155,300 | Peabody Energy Corp. | 11,175,388 | ||||||
184,500 | Repsol YPF S.A., ADR | 6,356,025 | ||||||
402,600 | Schlumberger, Ltd. | 37,546,476 | ||||||
113,200 | Siemens AG, ADR | 15,546,888 | ||||||
331,400 | Suncor Energy, Inc. | 14,859,976 | ||||||
580,400 | SunPower Corp., Class A†(a) | 9,948,056 | ||||||
126,300 | Tesoro Corp.† | 3,388,629 | ||||||
104,500 | Tidewater, Inc.(a) | 6,254,325 | ||||||
50,400 | Transocean, Ltd.† | 3,928,680 | ||||||
663,800 | Valero Energy Corp. | 19,794,516 | ||||||
218,900 | Weatherford International, Ltd.† | 4,947,140 | ||||||
294,900 | World Fuel Services Corp.(a) | 11,975,889 | ||||||
Total Common Stocks (Cost $596,291,073) | 760,364,193 |
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
Put Options Purchased (0.1%) | ||||||||
Energy Select Sector SPDR, April 2011, $76.00 | 2,500 | $ | 87,500 | |||||
iShares Dow Jones US Oil & Gas Exploration & Production Index Fund, April 2011, $65.00 | 4,000 | 250,000 | ||||||
iShares Dow Jones US Oil & Gas Exploration & Production Index Fund, May 2011, $64.00 | 1,500 | 225,000 |
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
iShares Dow Jones US Oil & Gas Exploration & Production Index Fund, May 2011, $66.00 | 2,000 | $ | 425,000 | |||||
Total Put Options Purchased (Cost $2,637,570) | 987,500 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (3.7%) | ||||||||
29,258,961 | State Street Navigator Prime Portfolio | $ | 29,258,961 | |||||
Total Collateral for Securities on Loan (Cost $29,258,961) | 29,258,961 | |||||||
Short-Term Investment (2.9%) | ||||||||
22,879,815 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 22,879,815 | ||||||
Total Short-Term Investments (Cost $22,879,815) | 22,879,815 | |||||||
Total Investments 102.8% (Cost $651,067,419) | 813,490,469 | |||||||
Liabilities Less Other Assets (2.8)% | (22,467,773 | ) | ||||||
Net Assets 100.0% | $ | 791,022,696 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
* | All options have 100 shares per contract. | |
ADR | American Depositary Receipt |
ICON Energy Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Integrated Oil & Gas | 63.8% | |||
Oil & Gas Equipment & Services | 10.6% | |||
Coal & Consumable Fuels | 5.8% | |||
Oil & Gas Refining & Marketing | 4.4% | |||
Industrial Conglomerates | 4.1% | |||
Semiconductors | 2.5% | |||
Oil & Gas Exploration & Production | 2.5% | |||
Oil & Gas Drilling | 1.5% | |||
Semiconductor Equipment | 0.9% | |||
96.1% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Energy Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Energy | 88.6% | |||
Industrials | 4.1% | |||
Information Technology | 3.4% | |||
96.1% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Financial Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (97.0%) | ||||||||
6,900 | ACE, Ltd. | $ | 446,430 | |||||
99,200 | Advance America Cash Advance Centers, Inc. | 525,760 | ||||||
42,700 | Aflac, Inc. | 2,253,706 | ||||||
15,600 | Allied World Assurance Co. Holdings, Ltd. | 977,964 | ||||||
27,700 | American Express Co. | 1,252,040 | ||||||
34,600 | Ameriprise Financial, Inc. | 2,113,368 | ||||||
37,596 | Apollo Investment Corp. | 453,408 | ||||||
18,600 | Assurant, Inc. | 716,286 | ||||||
12,000 | Automatic Data Processing, Inc. | 615,720 | ||||||
203,000 | Bank of America Corp. | 2,705,990 | ||||||
27,000 | Bank of New York Mellon Corp. | 806,490 | ||||||
3,400 | BlackRock, Inc. | 683,434 | ||||||
12,900 | Capital One Financial Corp. | 670,284 | ||||||
15,500 | Cash America International, Inc. | 713,775 | ||||||
7,500 | Chubb Corp. | 459,825 | ||||||
546,800 | Citigroup, Inc.† | 2,416,856 | ||||||
1,300 | CME Group, Inc. | 392,015 | ||||||
14,900 | Credit Suisse Group AG, ADR | 634,442 | ||||||
19,100 | Delphi Financial Group, Inc., Class A | 586,561 | ||||||
16,400 | Deutsche Bank AG | 968,748 | ||||||
18,150 | Dollar Financial Corp.† | 376,612 | ||||||
40,000 | Ezcorp, Inc., Class A† | 1,255,600 | ||||||
25,700 | First Cash Financial Services, Inc.† | 992,020 | ||||||
8,200 | Franklin Resources, Inc. | 1,025,656 | ||||||
81,800 | GFI Group, Inc. | 410,636 | ||||||
13,900 | Goldman Sachs Group, Inc. | 2,202,733 | ||||||
14,300 | Hartford Financial Services Group, Inc. | 385,099 | ||||||
17,700 | HCC Insurance Holdings, Inc. | 554,187 | ||||||
209,500 | ING Groep, ADR† | 2,662,745 | ||||||
4,300 | IntercontinentalExchange, Inc.† | 531,222 | ||||||
21,300 | Invesco, Ltd. | 544,428 | ||||||
66,500 | JPMorgan Chase & Co. | 3,065,650 | ||||||
13,000 | Lender Processing Services, Inc. | 418,470 | ||||||
28,200 | Manulife Financial Corp. | 498,858 | ||||||
2,300 | Mastercard, Inc., Class A | 578,956 | ||||||
26,500 | MetLife, Inc. | 1,185,345 | ||||||
16,300 | Moody’s Corp. | 552,733 | ||||||
50,600 | Morgan Stanley | 1,382,392 | ||||||
29,300 | NASDAQ OMX Group, Inc.† | 757,112 | ||||||
30,900 | National Financial Partners Corp.† | 455,775 | ||||||
8,400 | Portfolio Recovery Associates, Inc.† | 715,092 | ||||||
18,000 | Progressive Corp. | 380,340 | ||||||
26,000 | Protective Life Corp. | 690,300 | ||||||
9,600 | Prudential Financial, Inc. | 591,168 | ||||||
11,900 | Reinsurance Group of America, Inc. | 747,082 | ||||||
24,200 | State Street Corp. | 1,087,548 |
Shares or Principal Amount | Value | |||||||
11,400 | Sun Life Financial, Inc. | $ | 358,302 | |||||
10,600 | Travelers Cos., Inc. | 630,488 | ||||||
51,700 | U.S. Bancorp | 1,366,431 | ||||||
6,300 | Waddell & Reed Financial, Inc., Class A | 255,843 | ||||||
167,800 | Wells Fargo & Co. | 5,319,260 | ||||||
10,700 | World Acceptance Corp.† | 697,640 | ||||||
18,500 | XL Group PLC | 455,100 | ||||||
Total Common Stocks (Cost $46,596,158) | 53,523,925 | |||||||
Short-Term Investment (2.1%) | ||||||||
$ | 1,164,187 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 1,164,187 | |||||
Total Short-Term Investments (Cost $1,164,187) | 1,164,187 | |||||||
Total Investments 99.1% (Cost $47,760,345) | 54,688,112 | |||||||
Other Assets Less Liabilities 0.9% | 498,264 | |||||||
Net Assets 100.0% | $ | 55,186,376 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
ADR | American Depositary Receipt |
ICON Financial Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Other Diversified Financial Services | 19.7% | |||
Asset Management & Custody Banks | 12.6% | |||
Diversified Banks | 12.1% | |||
Consumer Finance | 11.8% | |||
Life & Health Insurance | 11.2% | |||
Investment Banking & Brokerage | 7.2% | |||
Property & Casualty Insurance | 6.1% | |||
Specialized Finance | 5.3% | |||
Multi-line Insurance | 3.0% | |||
Data Processing & Outsourced Services | 2.9% | |||
Diversified Capital Markets | 2.9% | |||
Reinsurance | 1.4% | |||
Insurance Brokers | 0.8% | |||
97.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Financial Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Financial | 94.1% | |||
Information Technology | 2.9% | |||
97.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Healthcare Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.0%) | ||||||||
17,100 | 3M Co.(a) | $ | 1,598,850 | |||||
56,700 | Abbott Laboratories | 2,781,135 | ||||||
40,400 | Aetna, Inc. | 1,512,172 | ||||||
7,200 | Air Products & Chemicals, Inc. | 649,296 | ||||||
185,500 | AMN Healthcare Services, Inc.†(a) | 1,606,430 | ||||||
29,300 | Amsurg Corp.†(a) | 745,392 | ||||||
10,100 | Becton, Dickinson & Co. | 804,162 | ||||||
19,800 | Bio-Reference Labs, Inc.†(a) | 444,312 | ||||||
77,900 | Bristol-Myers Squibb Co. | 2,058,897 | ||||||
24,700 | Cardinal Health, Inc. | 1,015,911 | ||||||
12,000 | Celgene Corp.† | 690,360 | ||||||
54,900 | CIGNA Corp. | 2,430,972 | ||||||
34,500 | Coventry Health Care, Inc.† | 1,100,205 | ||||||
48,000 | Eli Lilly & Co. | 1,688,160 | ||||||
12,300 | Express Scripts, Inc.† | 684,003 | ||||||
12,400 | Forest Laboratories, Inc.† | 400,520 | ||||||
91,100 | General Electric Co. | 1,826,555 | ||||||
31,600 | Gilead Sciences, Inc.† | 1,341,104 | ||||||
17,800 | GlaxoSmithKline PLC, ADR | 683,698 | ||||||
10,000 | Henry Schein, Inc.†(a) | 701,700 | ||||||
21,600 | Humana, Inc.† | 1,510,704 | ||||||
43,300 | Johnson & Johnson | 2,565,525 | ||||||
7,800 | Laboratory Corp. of America Holdings† | 718,614 | ||||||
33,900 | Lincare Holdings, Inc.(a) | 1,005,474 | ||||||
21,700 | McKesson Corp.(a) | 1,715,385 | ||||||
21,400 | Medco Health Solutions, Inc.† | 1,201,824 | ||||||
74,200 | Medicis Pharmaceutical Corp., Class A(a) | 2,377,368 | ||||||
10,000 | Mednax, Inc.† | 666,100 | ||||||
21,800 | Medtronic, Inc. | 857,830 | ||||||
81,400 | Merck & Co., Inc. | 2,687,014 | ||||||
41,500 | Mylan, Inc.† | 940,805 | ||||||
118,200 | PDL BioPharma, Inc.(a) | 685,560 | ||||||
358,800 | Pfizer, Inc. | 7,287,228 | ||||||
53,700 | PharMerica Corp.† | 614,328 | ||||||
41,800 | Protective Life Corp. | 1,109,790 | ||||||
16,700 | Siemens AG, ADR | 2,293,578 | ||||||
15,900 | Stryker Corp.(a) | 966,720 | ||||||
13,500 | Thermo Fisher Scientific, Inc.† | 749,925 | ||||||
16,400 | Tyco International, Ltd. | 734,228 | ||||||
66,500 | UnitedHealth Group, Inc. | 3,005,800 | ||||||
15,000 | Varian Medical Systems, Inc.†(a) | 1,014,600 | ||||||
8,900 | Waters Corp.†(a) | 773,410 | ||||||
46,700 | Watson Pharmaceuticals, Inc.† | 2,615,667 | ||||||
22,400 | WellPoint, Inc. | 1,563,296 | ||||||
Total Common Stocks (Cost $55,416,942) | 64,424,607 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (20.5%) | ||||||||
13,455,620 | State Street Navigator Prime Portfolio | $ | 13,455,620 | |||||
Total Collateral for Securities on Loan (Cost $13,455,620) | 13,455,620 | |||||||
Short-Term Investments (0.6%) | ||||||||
$ | 410,752 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 410,752 | |||||
Total Short-Term Investments (Cost $410,752) | 410,752 | |||||||
Total Investments 119.1% (Cost $69,283,314) | 78,290,979 | |||||||
Liabilities Less Other Assets (19.1)% | (12,580,997 | ) | ||||||
Net Assets 100.0% | $ | 65,709,982 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Healthcare Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Pharmaceuticals | 39.7% | |||
Managed Health Care | 16.9% | |||
Industrial Conglomerates | 9.8% | |||
Health Care Services | 9.6% | |||
Health Care Distributors | 6.2% | |||
Health Care Equipment | 5.6% | |||
Biotechnology | 4.1% | |||
Life Sciences Tools & Services | 2.3% | |||
Life & Health Insurance | 1.7% | |||
Health Care Facilities | 1.1% | |||
Industrial Gases | 1.0% | |||
98.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Healthcare Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Health Care | 85.5% | |||
Industrials | 9.8% | |||
Financial | 1.7% | |||
Materials | 1.0% | |||
98.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Industrials Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.5%) | ||||||||
25,000 | 3M Co.(a) | $ | 2,337,500 | |||||
10,000 | Alliant Techsystems, Inc. | 706,700 | ||||||
33,000 | Boeing Co. | 2,439,690 | ||||||
10,000 | Canadian National Railway Co. | 752,700 | ||||||
10,000 | Canadian Pacific Railway, Ltd. | 643,400 | ||||||
40,000 | Caterpillar, Inc.(a) | 4,454,000 | ||||||
10,000 | Cooper Industries PLC(a) | 649,000 | ||||||
20,000 | CSX Corp. | 1,572,000 | ||||||
10,000 | Cummins, Inc. | 1,096,200 | ||||||
45,000 | Danaher Corp.(a) | 2,335,500 | ||||||
20,000 | Deere & Co. | 1,937,800 | ||||||
20,000 | Dover Corp. | 1,314,800 | ||||||
15,000 | Eaton Corp. | 831,600 | ||||||
10,000 | Emerson Electric Co. | 584,300 | ||||||
25,000 | FedEx Corp. | 2,338,750 | ||||||
20,000 | General Dynamics Corp. | 1,531,200 | ||||||
385,000 | General Electric Co. | 7,719,250 | ||||||
5,000 | Hubbell, Inc., Class B | 355,150 | ||||||
1,666 | Huntington Ingalls Industries, Inc.† | 69,139 | ||||||
40,000 | Illinois Tool Works, Inc.(a) | 2,148,800 | ||||||
10,000 | L-3 Communications Holdings, Inc.(a) | 783,100 | ||||||
25,000 | Lockheed Martin Corp. | 2,010,000 | ||||||
60,000 | Navios Maritime Holdings, Inc.(a) | 342,000 | ||||||
50,000 | Norfolk Southern Corp. | 3,463,500 | ||||||
10,000 | Northrop Grumman Corp. | 627,100 | ||||||
15,000 | Oshkosh Corp.† | 530,700 | ||||||
15,000 | PACCAR, Inc. | 785,250 | ||||||
10,000 | Parker Hannifin Corp. | 946,800 | ||||||
25,000 | Pitney Bowes, Inc.(a) | 642,250 | ||||||
40,000 | Raytheon Co. | 2,034,800 | ||||||
25,000 | Republic Services, Inc. | 751,000 | ||||||
25,000 | Rockwell Collins, Inc. | 1,620,750 | ||||||
150,000 | RR Donnelley & Sons Co.(a) | 2,838,000 | ||||||
15,000 | Siemens AG, ADR | 2,060,100 | ||||||
70,000 | Tata Motors, Ltd. | 1,945,300 | ||||||
40,000 | Union Pacific Corp. | 3,933,200 | ||||||
50,000 | United Parcel Service, Inc., Class B | 3,716,000 | ||||||
10,000 | United Stationers, Inc.(a) | 710,500 | ||||||
55,000 | United Technologies Corp. | 4,655,750 | ||||||
15,000 | WW Grainger, Inc. | 2,065,200 | ||||||
Total Common Stocks (Cost $56,510,200) | 72,278,779 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (22.7%) | ||||||||
16,491,427 | State Street Navigator Prime Portfolio | $ | 16,491,427 | |||||
Total Collateral for Securities on Loan (Cost $16,491,427) | 16,491,427 | |||||||
Short-Term Investment (0.3%) | ||||||||
$ | 241,271 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 241,271 | |||||
Total Short-Term Investments (Cost $241,271) | 241,271 | |||||||
Total Investments 122.5% (Cost $73,242,898) | 89,011,477 | |||||||
Liabilities Less Other Assets (22.5)% | (16,347,326 | ) | ||||||
Net Assets 100.0% | $ | 72,664,151 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Industrials Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Aerospace & Defense | 22.7% | |||
Industrial Conglomerates | 16.7% | |||
Construction & Farm Machinery & Heavy Trucks | 14.8% | |||
Railroads | 14.3% | |||
Industrial Machinery | 10.4% | |||
Air Freight & Logistics | 8.3% | |||
Commercial Printing | 3.9% | |||
Trading Companies & Distributors | 2.8% | |||
Electrical Components & Equipment | 2.2% | |||
Office Services & Supplies | 1.9% | |||
Environmental & Facilities Services | 1.0% | |||
Marine | 0.5% | |||
99.5% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Industrials Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Industrials | 99.5% | |||
99.5% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Information Technology Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (100.0%) | ||||||||
30,000 | Accenture PLC, Class A | $ | 1,649,100 | |||||
43,300 | Amdocs, Ltd.† | 1,249,205 | ||||||
17,500 | Amphenol Corp., Class A | 951,825 | ||||||
19,000 | Anixter International, Inc.(a) | 1,327,910 | ||||||
36,500 | Apple, Inc.† | 12,718,425 | ||||||
44,700 | Arrow Electronics, Inc.† | 1,872,036 | ||||||
41,400 | Automatic Data Processing, Inc. | 2,124,234 | ||||||
22,800 | Avnet, Inc.† | 777,252 | ||||||
7,900 | Baidu, Inc., ADR† | 1,088,699 | ||||||
169,400 | Cisco Systems, Inc. | 2,905,210 | ||||||
19,100 | Cognizant Technology Solutions Corp., Class A† | 1,554,740 | ||||||
88,500 | Convergys Corp.†(a) | 1,270,860 | ||||||
25,800 | CSG Systems International, Inc.†(a) | 514,452 | ||||||
28,200 | Cymer, Inc.†(a) | 1,595,556 | ||||||
35,900 | EMC Corp.† | 953,145 | ||||||
4,300 | First Solar, Inc.†(a) | 691,612 | ||||||
205,700 | Flextronics International, Ltd.† | 1,536,579 | ||||||
9,100 | Google, Inc., Class A† | 5,334,511 | ||||||
80,000 | Hewlett-Packard Co. | 3,277,600 | ||||||
85,900 | Ingram Micro, Inc., Class A† | 1,806,477 | ||||||
163,500 | Intel Corp. | 3,297,795 | ||||||
55,200 | International Business Machines Corp. | 9,001,464 | ||||||
108,800 | JA Solar Holdings Co., Ltd.†(a) | 761,600 | ||||||
15,100 | KLA-Tencor Corp. | 715,287 | ||||||
44,300 | Lender Processing Services, Inc.(a) | 1,426,017 | ||||||
13,000 | Linear Technology Corp. | 437,190 | ||||||
7,400 | Mastercard, Inc., Class A | 1,862,728 | ||||||
12,900 | MAXIMUS, Inc.(a) | 1,047,093 | ||||||
136,500 | MEMC Electronic Materials, Inc.† | 1,769,040 | ||||||
53,300 | Methode Electronics, Inc.(a) | 643,864 | ||||||
142,800 | Microsoft Corp. | 3,621,408 | ||||||
15,600 | Multi-Fineline Electronix, Inc.†(a) | 440,232 | ||||||
29,300 | Novellus Systems, Inc.† | 1,087,909 | ||||||
81,500 | Oracle Corp. | 2,719,655 | ||||||
23,400 | OSI Systems, Inc.†(a) | 878,202 | ||||||
28,200 | Plexus Corp.†(a) | 988,692 | ||||||
60,800 | QUALCOMM, Inc. | 3,333,664 | ||||||
25,800 | Research In Motion, Ltd.† | 1,459,506 | ||||||
55,100 | Seagate Technology PLC†(a) | 793,440 | ||||||
259,600 | SMART Modular Technologies WWH, Inc.†(a) | 2,017,092 |
Shares or Principal Amount | Value | |||||||
51,400 | SunPower Corp., Class A†(a) | $ | 880,996 | |||||
35,800 | SYNNEX Corp.†(a) | 1,171,734 | ||||||
27,100 | Tech Data Corp.† | 1,378,306 | ||||||
46,800 | Teradyne, Inc.†(a) | 833,508 | ||||||
19,900 | Tessera Technologies, Inc.† | 363,374 | ||||||
33,500 | Texas Instruments, Inc. | 1,157,760 | ||||||
36,800 | Tyco Electronics, Ltd. | 1,281,376 | ||||||
20,500 | Visa, Inc., Class A | 1,509,210 | ||||||
Total Common Stocks (Cost $74,523,601) | 92,077,570 | |||||||
Collateral for Securities on Loan (16.0%) | ||||||||
14,741,441 | State Street Navigator Prime Portfolio | 14,741,441 | ||||||
Total Collateral for Securities on Loan (Cost $14,741,441) | 14,741,441 | |||||||
Short-Term Investment (0.1%) | ||||||||
$ | 98,130 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | 98,130 | |||||
Total Short-Term Investments (Cost $98,130) | 98,130 | |||||||
Total Investments 116.1% (Cost $89,363,172) | 106,917,141 | |||||||
Liabilities Less Other Assets (16.1)% | (14,812,761 | ) | ||||||
Net Assets 100.0% | $ | 92,104,380 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Information Technology Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Computer Hardware | 17.4% | |||
IT Consulting & Other Services | 15.7% | |||
Data Processing & Outsourced Services | 9.5% | |||
Technology Distributors | 9.0% | |||
Communications Equipment | 8.4% | |||
Semiconductors | 7.8% | |||
Electronic Manufacturing Services | 7.5% | |||
Internet Software & Services | 7.0% | |||
Semiconductor Equipment | 6.9% | |||
Systems Software | 6.9% | |||
Computer Storage & Peripherals | 1.9% | |||
Electronic Components | 1.0% | |||
Electronic Equipment & Instruments | 1.0% | |||
100.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Information Technology Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Information Technology | 100.0% | |||
100.0% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Materials Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.6%) | ||||||||
25,000 | A Schulman, Inc.(a) | $ | 618,000 | |||||
15,000 | Agrium, Inc. | 1,383,900 | ||||||
40,000 | Air Products & Chemicals, Inc. | 3,607,200 | ||||||
180,000 | Alcoa, Inc. | 3,177,000 | ||||||
55,000 | ArcelorMittal | 1,988,250 | ||||||
25,000 | Archer-Daniels-Midland Co. | 900,250 | ||||||
50,000 | Ashland, Inc. | 2,888,000 | ||||||
50,000 | Century Aluminum Co.†(a) | 934,000 | ||||||
30,000 | CF Industries Holdings, Inc. | 4,103,700 | ||||||
30,000 | Cliffs Natural Resources, Inc. | 2,948,400 | ||||||
220,000 | Dow Chemical Co. | 8,305,000 | ||||||
175,000 | E.I. du Pont de Nemours & Co. | 9,619,750 | ||||||
10,000 | Eastman Chemical Co. | 993,200 | ||||||
50,000 | Ecolab, Inc. | 2,551,000 | ||||||
180,000 | Freeport-McMoRan Copper & Gold, Inc. | 9,999,000 | ||||||
50,000 | Gerdau S.A., ADR | 625,000 | ||||||
115,000 | Monsanto Co. | 8,309,900 | ||||||
15,000 | Mosaic Co. | 1,181,250 | ||||||
90,000 | Navios Maritime Holdings, Inc. | 513,000 | ||||||
3,000 | NewMarket Corp.(a) | 474,660 | ||||||
30,000 | Norfolk Southern Corp. | 2,078,100 | ||||||
60,000 | Nucor Corp.(a) | 2,761,200 | ||||||
20,000 | POSCO, ADR | 2,285,800 | ||||||
25,000 | Potash Corp. of Saskatchewan, Inc. | 1,473,250 | ||||||
60,000 | Praxair, Inc. | 6,096,000 | ||||||
50,000 | Reliance Steel & Aluminum Co. | 2,889,000 | ||||||
35,000 | Rock-Tenn Co., Class A(a) | 2,427,250 | ||||||
70,000 | RPM International, Inc. | 1,661,100 | ||||||
30,000 | Sonoco Products Co.(a) | 1,086,900 | ||||||
100,000 | Steel Dynamics, Inc. | 1,877,000 | ||||||
100,000 | Temple-Inland, Inc.(a) | 2,340,000 | ||||||
20,000 | Union Pacific Corp. | 1,966,600 | ||||||
15,000 | Vale S.A., ADR | 500,250 | ||||||
60,000 | Valspar Corp. | 2,346,000 | ||||||
Total Common Stocks (Cost $73,913,052) | 96,908,910 | |||||||
Collateral for Securities on Loan (6.0%) | ||||||||
5,907,294 | State Street Navigator Prime Portfolio | 5,907,294 | ||||||
Total Collateral for Securities on Loan (Cost $5,907,294) | 5,907,294 |
Shares or Principal Amount | Value | |||||||
Short-Term Investment (0.0%) | ||||||||
$ | 38,199 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/11 | $ | 38,199 | ||||
Total Short-Term Investments (Cost $38,199) | 38,199 | |||||||
Total Investments 104.6% (Cost $79,858,545) | 102,854,403 | |||||||
Liabilities Less Other Assets (4.6)% | (4,563,989 | ) | ||||||
Net Assets 100.0% | $ | 98,290,414 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
(a) | All or a portion of the security was on loan as of March 31, 2011. | |
ADR | American Depositary Receipt |
ICON Materials Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Diversified Chemicals | 22.2% | |||
Fertilizers & Agricultural Chemicals | 16.7% | |||
Steel | 16.1% | |||
Diversified Metals & Mining | 10.2% | |||
Industrial Gases | 9.9% | |||
Specialty Chemicals | 7.8% | |||
Paper Packaging | 6.0% | |||
Aluminum | 4.2% | |||
Railroads | 4.1% | |||
Other Industries (each less than 1%) | 1.4% | |||
98.6% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Materials Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Materials | 93.1% | |||
Industrials | 4.6% | |||
Consumer Staples | 0.9% | |||
98.6% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Telecommunication & Utilities Fund
Schedule of Investments
March 31, 2011 (unaudited)
Schedule of Investments
March 31, 2011 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.6%) | ||||||||
5,700 | AGL Resources, Inc. | $ | 227,088 | |||||
18,700 | American Electric Power Co., Inc. | 657,118 | ||||||
1,100 | Apple, Inc.† | 383,295 | ||||||
71,100 | AT&T, Inc. | 2,175,660 | ||||||
9,800 | Atmos Energy Corp. | 334,180 | ||||||
14,700 | Comcast Corp., Class A | 363,384 | ||||||
18,600 | Consolidated Edison, Inc. | 943,392 | ||||||
25,500 | Dominion Resources, Inc. of Virginia | 1,139,850 | ||||||
18,700 | DPL, Inc. | 512,567 | ||||||
2,800 | DTE Energy Co. | 137,088 | ||||||
15,800 | E.ON AG, ADR | 484,744 | ||||||
4,100 | Emerson Electric Co. | 239,563 | ||||||
3,400 | Entergy Corp. | 228,514 | ||||||
5,900 | Exelon Corp. | 243,316 | ||||||
1,200 | First Solar, Inc.† | 193,008 | ||||||
53,000 | FirstEnergy Corp. | 1,965,770 | ||||||
17,600 | France Telecom S.A., ADR | 396,176 | ||||||
28,900 | General Electric Co. | 579,445 | ||||||
5,100 | Microchip Technology, Inc. | 193,851 | ||||||
10,300 | NextEra Energy, Inc. | 567,736 | ||||||
15,000 | NSTAR | 694,050 | ||||||
14,000 | Pepco Holdings, Inc. | 261,100 | ||||||
41,100 | Portland General Electric Co. | 976,947 | ||||||
15,000 | PPL Corp. | 379,500 | ||||||
7,000 | Public Service Enterprise Group, Inc. | 220,570 | ||||||
3,600 | Research In Motion, Ltd.† | 203,652 | ||||||
2,800 | RWE AG, ADR | 178,920 | ||||||
9,200 | SCANA Corp. | 362,204 | ||||||
4,700 | Sempra Energy | 251,450 | ||||||
4,300 | Siemens AG, ADR | 590,562 | ||||||
43,800 | Southern Co. | 1,669,218 | ||||||
64,400 | TECO Energy, Inc. | 1,208,144 | ||||||
5,300 | Texas Instruments, Inc. | 183,168 | ||||||
7,800 | Total S.A., ADR | 475,566 | ||||||
17,700 | UGI Corp. | 582,330 | ||||||
20,000 | Vectren Corp. | 544,000 | ||||||
4,600 | Veolia Environnement S.A., ADR | 143,382 | ||||||
66,300 | Verizon Communications, Inc. | 2,555,202 | ||||||
2,700 | WGL Holdings, Inc. | 105,300 | ||||||
46,400 | Xcel Energy, Inc. | 1,108,496 | ||||||
Total Common Stocks (Cost $22,738,657) | 24,659,506 | |||||||
Total Investments 99.6% (Cost $22,738,657) | 24,659,506 | |||||||
Other Assets Less Liabilities 0.4% | 108,751 | |||||||
Net Assets 100.0% | $ | 24,768,257 | ||||||
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. | |
ADR | American Depositary Receipt |
ICON Telecommunication & Utilities Fund
Industry Composition
March 31, 2011 (unaudited)
Industry Composition
March 31, 2011 (unaudited)
Electric Utilities | 32.1% | |||
Multi-Utilities | 28.0% | |||
Integrated Telecommunication Services | 20.7% | |||
Gas Utilities | 5.0% | |||
Industrial Conglomerates | 4.7% | |||
Semiconductors | 2.3% | |||
Integrated Oil & Gas | 1.9% | |||
Computer Hardware | 1.6% | |||
Cable & Satellite | 1.5% | |||
Electrical Components & Equipment | 1.0% | |||
Other Industries (each less than 1%) | 0.8% | |||
99.6% | ||||
Percentages are based upon common stocks as a percentage of net assets.
ICON Telecommunication & Utilities Fund
Sector Composition
March 31, 2011 (unaudited)
Sector Composition
March 31, 2011 (unaudited)
Telecommunication & Utilities | 85.8% | |||
Industrials | 5.7% | |||
Information Technology | 4.7% | |||
Energy | 1.9% | |||
Consumer Discretionary | 1.5% | |||
99.6% | ||||
Percentages are based upon common stocks as a percentage of net assets.
Statements of Assets and Liabilities
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
ICON | ICON | |||||||||||
Consumer | Consumer | ICON | ||||||||||
Discretionary | Staples | Energy | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 41,181,923 | $ | 23,540,171 | $ | 651,067,419 | ||||||
Investments, at value† | 44,254,098 | 25,526,265 | 813,490,469 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 23,317 | 26,895 | 6,131,277 | |||||||||
Investments sold | 967,943 | 594,074 | 1,575,690 | |||||||||
Interest | - | - | 6 | |||||||||
Dividends | 41,875 | 85,835 | 429,706 | |||||||||
Expense reimbursements by Adviser | 570 | 1,762 | - | |||||||||
Foreign tax reclaims | - | - | 3,615 | |||||||||
Other assets | 14,692 | 16,165 | 110,322 | |||||||||
Total Assets | 45,302,495 | 26,250,996 | 821,741,085 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | - | 3,249 | - | |||||||||
Investments purchased | 1,096,524 | 429,888 | 113,778 | |||||||||
Payable for collateral received on securities loaned | 9,813,310 | 3,667,941 | 29,258,961 | |||||||||
Fund shares redeemed | 34,756 | 29,668 | 506,650 | |||||||||
Advisory fees | 28,990 | 17,998 | 628,691 | |||||||||
Accrued distribution fees | 5 | 26 | 2,519 | |||||||||
Fund accounting fees | 2,040 | 3,255 | 63,807 | |||||||||
Transfer agent fees | 14,952 | 10,306 | 57,382 | |||||||||
Administration fees | 1,428 | 931 | 31,503 | |||||||||
Trustee fees | 310 | 1,034 | 18,059 | |||||||||
Accrued expenses | 15,330 | 54 | 37,039 | |||||||||
Total Liabilities | 11,007,645 | 4,164,350 | 30,718,389 | |||||||||
Net Assets - all share classes | $ | 34,294,850 | $ | 22,086,646 | $ | 791,022,696 | ||||||
Net Assets - Class S | $ | 34,280,659 | $ | 22,029,710 | $ | 782,519,222 | ||||||
Net Assets - Class C | $ | 6,799 | $ | 42,446 | $ | 2,904,640 | ||||||
Net Assets - Class A | $ | 7,392 | $ | 14,490 | $ | 5,598,834 | ||||||
ICON | ICON | |||||||||||
Consumer | Consumer | ICON | ||||||||||
Discretionary | Staples | Energy | ||||||||||
Fund | Fund | Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 53,651,508 | $ | 24,942,657 | $ | 645,832,542 | ||||||
Accumulated undistributed net investment income/(loss) | (39,994 | ) | 137,485 | 3,095,752 | ||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (22,388,839 | ) | (4,979,590 | ) | (20,328,751 | ) | ||||||
Unrealized appreciation/ (depreciation) on investments and foreign currency transactions | 3,072,175 | 1,986,094 | 162,423,153 | |||||||||
Net Assets | $ | 34,294,850 | $ | 22,086,646 | $ | 791,022,696 | ||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 3,718,984 | 2,489,423 | 34,553,679 | |||||||||
Class C | 740 | 4,818 | 128,747 | |||||||||
Class A | 802 | 1,639 | 247,249 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 9.22 | $ | 8.85 | $ | 22.65 | ||||||
Class C | $ | 9.21 | $ | 8.81 | $ | 22.56 | ||||||
Class A | $ | 9.22 | $ | 8.84 | $ | 22.64 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 9.78 | $ | 9.38 | $ | 24.02 | ||||||
† Includes securities on loan of | $ | 9,472,012 | $ | 3,551,984 | $ | 28,793,232 |
The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
March 31, 2011 (unaudited) (continued)
March 31, 2011 (unaudited) (continued)
ICON | ICON | ICON | ||||||||||
Financial | Healthcare | Industrials | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 47,760,345 | $ | 69,283,314 | $ | 73,242,898 | ||||||
Investments, at value† | 54,688,112 | 78,290,979 | 89,011,477 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 50,437 | 14,195 | 81,605 | |||||||||
Investments sold | 1,093,365 | 884,993 | 637,927 | |||||||||
Dividends | 40,326 | 109,132 | 118,807 | |||||||||
Expense reimbursements by Adviser | 564 | 3,359 | 571 | |||||||||
Foreign tax reclaims | 4,616 | 2,515 | - | |||||||||
Other assets | 14,028 | 21,735 | 21,370 | |||||||||
Total Assets | 55,891,448 | 79,326,908 | 89,871,757 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Investments purchased | 554,647 | - | 552,175 | |||||||||
Payable for collateral received on securities loaned | - | 13,455,620 | 16,491,427 | |||||||||
Fund shares redeemed | 73,857 | 21,861 | 77,805 | |||||||||
Advisory fees | 47,388 | 55,714 | 60,617 | |||||||||
Accrued distribution fees | 6 | - | 11 | |||||||||
Fund accounting fees | 6,182 | 10,814 | 7,116 | |||||||||
Transfer agent fees | 15,165 | 37,177 | 11,628 | |||||||||
Administration fees | 2,328 | 2,758 | 2,986 | |||||||||
Trustee fees | 2,079 | 5,686 | 1,779 | |||||||||
Accrued expenses | 3,420 | 27,296 | 2,062 | |||||||||
Total Liabilities | 705,072 | 13,616,926 | 17,207,606 | |||||||||
Net Assets - all share classes | $ | 55,186,376 | $ | 65,709,982 | $ | 72,664,151 | ||||||
Net Assets - Class S | $ | 55,157,371 | $ | 65,709,960 | $ | 72,643,782 | ||||||
Net Assets - Class C | $ | 11 | $ | 11 | $ | 10,330 | ||||||
Net Assets - Class A | $ | 28,994 | $ | 11 | $ | 10,039 | ||||||
ICON | ICON | ICON | ||||||||||
Financial | Healthcare | Industrials | ||||||||||
Fund | Fund | Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 153,309,705 | $ | 68,481,497 | $ | 97,311,918 | ||||||
Accumulated undistributed net investment income/(loss) | 102,522 | 283,558 | 231,092 | |||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (105,153,637 | ) | (12,062,738 | ) | (40,647,477 | ) | ||||||
Unrealized appreciation/ (depreciation) on investments and foreign currency transactions | 6,927,786 | 9,007,665 | 15,768,618 | |||||||||
Net Assets | $ | 55,186,376 | $ | 65,709,982 | $ | 72,664,151 | ||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 8,856,304 | 4,535,128 | 8,135,145 | |||||||||
Class C | 1.81 | 0.78 | 1,163 | |||||||||
Class A | 4,660 | 0.78 | 1,126 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 6.23 | $ | 14.49 | $ | 8.93 | ||||||
Class C | $ | 6.20 | $ | 14.43 | $ | 8.88 | ||||||
Class A | $ | 6.22 | $ | 14.49 | $ | 8.91 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 6.60 | $ | 15.37 | $ | 9.45 | ||||||
† Includes securities on loan of | $ | - | $ | 13,180,194 | $ | 16,179,235 |
The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
March 31, 2011 (unaudited) (continued)
March 31, 2011 (unaudited) (continued)
ICON | ICON | |||||||||||
Information | ICON | Telecommunication | ||||||||||
Technology | Materials | & Utilities | ||||||||||
Fund | Fund | Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 89,363,172 | $ | 79,858,545 | $ | 22,738,657 | ||||||
Investments, at value† | 106,917,141 | 102,854,403 | 24,659,506 | |||||||||
Cash | - | 89 | - | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 66,106 | 297,942 | 15,322 | |||||||||
Investments sold | - | 1,114,027 | 378,672 | |||||||||
Dividends | 31,731 | 132,225 | 43,331 | |||||||||
Expense reimbursements by Adviser | 578 | 249 | 4,752 | |||||||||
Foreign tax reclaims | - | - | 8,973 | |||||||||
Other assets | 24,219 | 21,981 | 13,110 | |||||||||
Total Assets | 107,039,775 | 104,420,916 | 25,123,666 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | - | - | 120,707 | |||||||||
Investments purchased | - | - | 152,999 | |||||||||
Payable for collateral received on securities loaned | 14,741,441 | 5,907,294 | - | |||||||||
Fund shares redeemed | 72,104 | 102,916 | 45,279 | |||||||||
Advisory fees | 78,139 | 81,066 | 20,567 | |||||||||
Accrued distribution fees | 2 | 169 | - | |||||||||
Fund accounting fees | 9,202 | 9,513 | 2,840 | |||||||||
Transfer agent fees | 18,211 | 19,423 | 10,663 | |||||||||
Administration fees | 3,849 | 3,999 | 1,029 | |||||||||
Trustee fees | 3,677 | 2,641 | 602 | |||||||||
Accrued expenses | 8,770 | 3,481 | 723 | |||||||||
Total Liabilities | 14,935,395 | 6,130,502 | 355,409 | |||||||||
Net Assets - all share classes | $ | 92,104,380 | $ | 98,290,414 | $ | 24,768,257 | ||||||
Net Assets - Class S | $ | 92,101,662 | $ | 97,614,164 | $ | 24,768,235 | ||||||
Net Assets - Class C | $ | 2,706 | $ | 120,449 | $ | 11 | ||||||
Net Assets - Class A | $ | 12 | $ | 555,801 | $ | 11 | ||||||
ICON | ||||||||||||
ICON | ICON | Telecommunication | ||||||||||
Information | Materials | & Utilities | ||||||||||
Technology Fund | Fund | Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 129,015,041 | $ | 100,189,266 | $ | 34,006,817 | ||||||
Accumulated undistributed net investment income/(loss) | (195,833 | ) | 281,800 | 281,908 | ||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (54,268,797 | ) | (25,176,510 | ) | (11,441,317 | ) | ||||||
Unrealized appreciation/ (depreciation) on investments and foreign currency transactions | 17,553,969 | 22,995,858 | 1,920,849 | |||||||||
Net Assets | $ | 92,104,380 | $ | 98,290,414 | $ | 24,768,257 | ||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 9,835,028 | 8,015,164 | 3,947,318 | |||||||||
Class C | 290 | 9,931 | 1.68 | |||||||||
Class A | 1.24 | 45,700 | 1.68 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 9.36 | $ | 12.18 | $ | 6.27 | ||||||
Class C | $ | 9.32 | $ | 12.13 | $ | 6.25 | ||||||
Class A | $ | 9.35 | $ | 12.16 | $ | 6.27 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 9.92 | $ | 12.90 | $ | 6.65 | ||||||
† Includes securities on loan of | $ | 14,469,360 | $ | 5,737,443 | $ | - |
The accompanying notes are an integral part of the financial statements. |
Statements of Operations
For the period ended March 31, 2011 (unaudited)
For the period ended March 31, 2011 (unaudited)
ICON | ICON | ICON | ||||||||||||||||||||||||||||||||||
Consumer | ICON | ICON | ICON | ICON | ICON | Information | ICON | Telecommunication | ||||||||||||||||||||||||||||
Discretionary | Consumer | Energy | Financial | Healthcare | Industrials | Technology | Materials | & Utilities | ||||||||||||||||||||||||||||
Fund | Staples Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||||
Investment Income | ||||||||||||||||||||||||||||||||||||
Interest | $ | 59 | $ | 52 | $ | 973 | $ | 20 | $ | 24 | $ | 161 | $ | 85 | $ | 177 | $ | 4 | ||||||||||||||||||
Dividends | 141,685 | 348,228 | 5,937,562 | 504,688 | 799,347 | 678,730 | 354,712 | 890,554 | 662,407 | |||||||||||||||||||||||||||
Income from securities lending, net | 5,728 | 7,204 | 59,142 | 348 | 24,898 | 18,166 | 16,806 | 16,711 | - | |||||||||||||||||||||||||||
Foreign taxes withheld | - | - | (15,722 | ) | (3,057 | ) | (16,996 | ) | (6,775 | ) | - | (4,199 | ) | (2,043 | ) | |||||||||||||||||||||
Total Investment Income | 147,472 | 355,484 | 5,981,955 | 501,999 | 807,273 | 690,282 | 371,603 | 903,243 | 660,368 | |||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||
Advisory fees | 108,185 | 145,956 | 3,106,703 | 287,879 | 349,590 | 341,197 | 419,926 | 468,855 | 140,681 | |||||||||||||||||||||||||||
Distribution fees: | ||||||||||||||||||||||||||||||||||||
Class C | 6 | 25 | 3,438 | - | - | 14 | 3 | 169 | - | |||||||||||||||||||||||||||
Class A | 5 | 1 | 1,427 | 16 | - | 5 | - | 260 | - | |||||||||||||||||||||||||||
Fund accounting fees | 2,159 | 2,911 | 62,631 | 5,757 | 6,992 | 6,824 | 8,398 | 9,377 | 2,814 | |||||||||||||||||||||||||||
Transfer agent fees | 35,080 | 29,909 | 195,922 | 41,266 | 76,686 | 43,752 | 57,676 | 58,379 | 30,469 | |||||||||||||||||||||||||||
Administration fees | 5,351 | 7,227 | 155,308 | 14,262 | 17,321 | 16,902 | 20,799 | 23,224 | 6,972 | |||||||||||||||||||||||||||
Custody fees | 6,312 | 1,212 | 10,068 | 2,457 | 2,281 | 1,560 | 1,609 | 2,095 | 928 | |||||||||||||||||||||||||||
Registration fees: | ||||||||||||||||||||||||||||||||||||
Class S | 10,634 | 8,900 | 24,932 | 14,105 | 13,919 | 12,563 | 13,790 | 12,179 | 11,089 | |||||||||||||||||||||||||||
Insurance expense | 1,037 | 2,275 | 39,967 | 4,403 | 8,620 | 4,594 | 6,879 | 6,263 | 1,827 | |||||||||||||||||||||||||||
Trustee fees and expenses | 832 | 1,825 | 32,074 | 3,533 | 6,916 | 3,687 | 5,522 | 5,025 | 1,467 | |||||||||||||||||||||||||||
Audit and Tax Service expense | 10,470 | 10,470 | 10,470 | 10,470 | 10,471 | 10,470 | 10,470 | 10,471 | 10,471 | |||||||||||||||||||||||||||
Interest expense | 72 | 1,094 | 45 | 308 | 854 | 2,084 | 48 | 557 | 1,348 | |||||||||||||||||||||||||||
Other expenses | 7,893 | 7,956 | 116,846 | 15,547 | 33,417 | 16,104 | 22,894 | 24,684 | 9,405 | |||||||||||||||||||||||||||
Total expenses before expense reimbursement | 188,036 | 219,761 | 3,759,831 | 400,003 | 527,067 | 459,756 | 568,014 | 621,538 | 217,471 | |||||||||||||||||||||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (570 | ) | (1,762 | ) | - | (564 | ) | (3,359 | ) | (571 | ) | (578 | ) | (249 | ) | (4,752 | ) | |||||||||||||||||||
Net Expenses | 187,466 | 217,999 | 3,759,831 | 399,439 | 523,708 | 459,185 | 567,436 | 621,289 | 212,719 | |||||||||||||||||||||||||||
Net Investment Income/(Loss) | (39,994 | ) | 137,485 | 2,222,124 | 102,560 | 283,565 | 231,097 | (195,833 | ) | 281,954 | 447,649 | |||||||||||||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | ||||||||||||||||||||||||||||||||||||
Net realized gain/(loss) from investment transactions | 1,391,717 | 4,746,552 | 49,970,122 | 2,019,152 | 9,675,381 | 3,963,203 | 4,478,503 | 9,344,604 | 1,487,459 | |||||||||||||||||||||||||||
Net realized gain/(loss) from foreign currency transactions | - | - | 308 | 17 | - | 64 | - | 2 | 253 | |||||||||||||||||||||||||||
Change in unrealized net appreciation/ (depreciation) on investments and foreign currency translations | 1,625,806 | (1,745,596 | ) | 140,172,360 | 4,850,156 | (873,062 | ) | 8,558,211 | 7,629,574 | 8,541,056 | (349,204 | ) | ||||||||||||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | 3,017,523 | 3,000,956 | 190,142,790 | 6,869,325 | 8,802,319 | 12,521,478 | 12,108,077 | 17,885,662 | 1,138,508 | |||||||||||||||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 2,977,529 | $ | 3,138,441 | $ | 192,364,914 | $ | 6,971,885 | $ | 9,085,884 | $ | 12,752,575 | $ | 11,912,244 | $ | 18,167,616 | $ | 1,586,157 | ||||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
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35
Statements of Changes in Net Assets
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | ICON Financial Fund | |||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | (39,994 | ) | $ | (93,189 | ) | $ | 137,485 | $ | 315,209 | $ | 2,222,124 | $ | 7,066,956 | $ | 102,560 | $ | 224,427 | ||||||||||||||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 1,391,717 | 2,071,670 | 4,746,552 | 1,411,171 | 49,970,430 | 70,562,544 | 2,019,169 | 14,551,608 | ||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 1,625,806 | (738,123 | ) | (1,745,596 | ) | 1,507,065 | 140,172,360 | (83,867,728 | ) | 4,850,156 | (20,022,696 | ) | ||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 2,977,529 | 1,240,358 | 3,138,441 | 3,233,445 | 192,364,914 | (6,238,228 | ) | 6,971,885 | (5,246,661 | ) | ||||||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class S | - | (376,917 | ) | (315,201 | ) | (383,505 | ) | (6,512,391 | ) | (7,077,474 | ) | (214,079 | ) | (1,136,088 | ) | |||||||||||||||||
Class C | - | - | - | - | (2,298 | ) | - | - | - | |||||||||||||||||||||||
Class A | - | - | - | - | (2,044 | ) | - | - | - | |||||||||||||||||||||||
Net decrease from dividends and distributions | - | (376,917 | ) | (315,201 | ) | (383,505 | ) | (6,516,733 | ) | (7,077,474 | ) | (214,079 | ) | (1,136,088 | ) | |||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||
Class S | 18,120,029 | 25,144,641 | 1,401,960 | 12,417,351 | 177,734,422 | 178,922,949 | 2,534,432 | 23,666,480 | ||||||||||||||||||||||||
Class C | 6,500 | 10 | 42,501 | 10 | 2,774,995 | 10 | - | 10 | ||||||||||||||||||||||||
Class A | 9,357 | 10 | 14,132 | 10 | 5,409,041 | 10 | 29,223 | 10 | ||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||
Class S | - | 370,245 | 307,247 | 379,975 | 6,151,455 | 6,772,496 | 205,345 | 1,109,429 | ||||||||||||||||||||||||
Class C | - | - | - | - | 2,134 | - | - | - | ||||||||||||||||||||||||
Class A | - | - | - | - | 1,303 | - | - | - | ||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||
Class S | (4,565,818 | ) | (22,833,765 | ) | (13,142,572 | ) | (11,080,889 | ) | (96,979,820 | ) | (222,753,588 | ) | (13,090,701 | ) | (41,710,196 | ) | ||||||||||||||||
Class C | - | - | - | - | (41,751 | ) | - | - | - | |||||||||||||||||||||||
Class A | (2,422 | ) | - | - | - | (58,666 | ) | - | - | - | ||||||||||||||||||||||
Net Increase/(decrease) from fund share transactions | 13,567,646 | 2,681,141 | (11,376,732 | ) | 1,716,457 | 94,993,113 | (37,058,123 | ) | (10,321,701 | ) | (16,934,267 | ) | ||||||||||||||||||||
Total net increase/(decrease) in net assets | 16,545,175 | 3,544,582 | (8,553,492 | ) | 4,566,397 | 280,841,294 | (50,373,825 | ) | (3,563,895 | ) | (23,317,016 | ) | ||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||
Beginning of period | 17,749,675 | 14,205,093 | 30,640,138 | 26,073,741 | 510,181,402 | 560,555,227 | 58,750,271 | 82,067,287 | ||||||||||||||||||||||||
End of period | $ | 34,294,850 | $ | 17,749,675 | $ | 22,086,646 | $ | 30,640,138 | $ | 791,022,696 | $ | 510,181,402 | $ | 55,186,376 | $ | 58,750,271 | ||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||
Class S | 1,999,389 | 3,179,590 | 161,480 | 1,605,672 | 8,503,222 | 10,555,692 | 418,017 | 3,866,691 | ||||||||||||||||||||||||
Class C | 739 | 1 | 4,817 | 1 | 130,499 | 1 | - | 2 | ||||||||||||||||||||||||
Class A | 1,070 | 1 | 1,638 | 1 | 249,916 | 1 | 4,658 | 2 | ||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||
Class S | - | 52,892 | 35,644 | 49,931 | 315,298 | 395,124 | 34,396 | 197,759 | ||||||||||||||||||||||||
Class C | - | - | - | - | 109 | - | - | - | ||||||||||||||||||||||||
Class A | - | - | - | - | 66 | - | - | - | ||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||
Class S | (521,475 | ) | (3,071,715 | ) | (1,500,053 | ) | (1,426,850 | ) | (4,832,039 | ) | (13,514,630 | ) | (2,182,679 | ) | (7,233,233 | ) | ||||||||||||||||
Class C | - | - | - | - | (1,862 | ) | - | - | - | |||||||||||||||||||||||
Class A | (269 | ) | - | - | - | (2,734 | ) | - | - | - | ||||||||||||||||||||||
Net increase/(decrease) | 1,479,454 | 160,769 | (1,296,474 | ) | 228,755 | 4,362,475 | (2,563,812 | ) | (1,725,608 | ) | (3,168,779 | ) | ||||||||||||||||||||
Shares outstanding, beginning of period | 2,241,072 | 2,080,303 | 3,792,354 | 3,563,599 | 30,567,200 | 33,131,012 | 10,586,574 | 13,755,353 | ||||||||||||||||||||||||
Shares outstanding, end of period | 3,720,526 | 2,241,072 | 2,495,880 | 3,792,354 | 34,929,675 | 30,567,200 | 8,860,966 | 10,586,574 | ||||||||||||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (39,994 | ) | $ | - | $ | 137,485 | $ | 315,201 | $ | 3,095,752 | $ | 7,390,361 | $ | 102,522 | $ | 214,041 | |||||||||||||||
The accompanying notes are an integral part of the financial statements. |
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37
Statements of Changes in Net Assets
ICON Healthcare Fund | ICON Industrials Fund | ICON Information Technology Fund | ICON Materials Fund | |||||||||||||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | |||||||||||||||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||||||||||||||
2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | 2011 (unaudited) | 2010 | |||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||
Net investment income/(loss) | $ | 283,565 | $ | 368,451 | $ | 231,097 | $ | 481,375 | $ | (195,833 | ) | $ | (558,858 | ) | $ | 281,954 | $ | 478,057 | ||||||||||||||||||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 9,675,381 | 11,603,009 | 3,963,267 | 5,748,298 | 4,478,503 | 15,864,394 | 9,344,606 | 9,069,867 | ||||||||||||||||||||||||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | (873,062 | ) | (5,724,798 | ) | 8,558,211 | 5,287,288 | 7,629,574 | (11,556,229 | ) | 8,541,056 | 1,094,273 | |||||||||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 9,085,884 | 6,246,662 | 12,752,575 | 11,516,961 | 11,912,244 | 3,749,307 | 18,167,616 | 10,642,197 | ||||||||||||||||||||||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||
Class S | (368,446 | ) | (1,948,725 | ) | (478,530 | ) | (1,217,973 | ) | - | (631,045 | ) | (477,527 | ) | (1,039,736 | ) | |||||||||||||||||||||
Class C | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | - | - | (24 | ) | - | - | - | (651 | ) | - | ||||||||||||||||||||||||||
Net decrease from dividends and distributions | (368,446 | ) | (1,948,725 | ) | (478,554 | ) | (1,217,973 | ) | - | (631,045 | ) | (478,178 | ) | (1,039,736 | ) | |||||||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||
Class S | 2,046,736 | 60,674,398 | 21,329,502 | 20,401,204 | 17,794,420 | 11,238,244 | 17,689,436 | 34,039,868 | ||||||||||||||||||||||||||||
Class C | - | 10 | 10,000 | 10 | 2,731 | 10 | 115,209 | 10 | ||||||||||||||||||||||||||||
Class A | - | 10 | 9,425 | 10 | - | 10 | 527,397 | 10 | ||||||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||||||
Class S | 339,364 | 1,861,774 | 466,250 | 1,207,851 | - | 623,163 | 429,088 | 961,442 | ||||||||||||||||||||||||||||
Class C | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | - | - | 24 | - | - | - | 512 | - | ||||||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||||||
Class S | (17,947,913 | ) | (104,885,201 | ) | (33,031,898 | ) | (30,836,480 | ) | (14,874,190 | ) | (56,960,109 | ) | (26,016,250 | ) | (51,775,985 | ) | ||||||||||||||||||||
Class C | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Net Increase/(decrease) from fund share transactions | (15,561,813 | ) | (42,349,009 | ) | (11,216,697 | ) | (9,227,405 | ) | 2,922,961 | (45,098,682 | ) | (7,254,608 | ) | (16,774,655 | ) | |||||||||||||||||||||
Total net increase/(decrease) in net assets | (6,844,375 | ) | (38,051,072 | ) | 1,057,324 | 1,071,583 | 14,835,205 | (41,980,420 | ) | 10,434,830 | (7,172,194 | ) | ||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||
Beginning of period | 72,554,357 | 110,605,429 | 71,606,827 | 70,535,244 | 77,269,175 | 119,249,595 | 87,855,584 | 95,027,778 | ||||||||||||||||||||||||||||
End of period | $ | 65,709,982 | $ | 72,554,357 | $ | 72,664,151 | $ | 71,606,827 | $ | 92,104,380 | $ | 77,269,175 | $ | 98,290,414 | $ | 87,855,584 | ||||||||||||||||||||
Transactions in Fund Shares | ||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||
Class S | 149,512 | 4,673,714 | 2,505,056 | 2,856,226 | 1,904,178 | 1,388,002 | 1,539,477 | 3,610,598 | ||||||||||||||||||||||||||||
Class C | - | 1 | 1,162 | 1 | 289 | 1 | 9,930 | 1 | ||||||||||||||||||||||||||||
Class A | - | 1 | 1,122 | 1 | - | 1 | 45,654 | 1 | ||||||||||||||||||||||||||||
Reinvested dividends and distributions | ||||||||||||||||||||||||||||||||||||
Class S | 25,045 | 141,580 | 56,790 | 180,008 | - | 76,839 | 37,972 | 103,381 | ||||||||||||||||||||||||||||
Class C | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | - | - | 3 | - | - | - | 45 | - | ||||||||||||||||||||||||||||
Shares repurchased | ||||||||||||||||||||||||||||||||||||
Class S | (1,317,126 | ) | (8,133,721 | ) | (4,007,151 | ) | (4,504,290 | ) | (1,663,220 | ) | (7,172,818 | ) | (2,297,317 | ) | (5,619,157 | ) | ||||||||||||||||||||
Class C | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Class A | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Net increase/(decrease) | (1,142,569 | ) | (3,318,425 | ) | (1,443,018 | ) | (1,468,054 | ) | 241,247 | (5,707,975 | ) | (664,239 | ) | (1,905,176 | ) | |||||||||||||||||||||
Shares outstanding, beginning of period | 5,677,699 | 8,996,124 | 9,580,452 | 11,048,506 | 9,594,072 | 15,302,047 | 8,735,034 | 10,640,210 | ||||||||||||||||||||||||||||
Shares outstanding, end of period | 4,535,130 | 5,677,699 | 8,137,434 | 9,580,452 | 9,835,319 | 9,594,072 | 8,070,795 | 8,735,034 | ||||||||||||||||||||||||||||
Accumulated undistributed net investment income/(loss) | $ | 283,558 | $ | 368,439 | $ | 231,092 | $ | 478,549 | $ | (195,833 | ) | $ | - | $ | 281,800 | $ | 478,024 | |||||||||||||||||||
The accompanying notes are an integral part of the financial statements. |
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39
Statements of Changes in Net Assets
ICON Telecommunication & Utilities Fund | ||||||||
Period Ended | Year Ended | |||||||
March 31, | September 30, | |||||||
2011 (unaudited) | 2010 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 447,649 | $ | 867,140 | ||||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 1,487,712 | (482,505 | ) | |||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | (349,204 | ) | 2,392,792 | |||||
Net increase/(decrease) in net assets resulting from operations | 1,586,157 | 2,777,427 | ||||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (944,877 | ) | (595,082 | ) | ||||
Class C | - | - | ||||||
Class A | - | - | ||||||
Net decrease from dividends and distributions | (944,877 | ) | (595,082 | ) | ||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 3,408,250 | 18,118,349 | ||||||
Class C | - | 10 | ||||||
Class A | - | 10 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 911,689 | 581,406 | ||||||
Class C | - | - | ||||||
Class A | - | - | ||||||
Shares repurchased | ||||||||
Class S | (12,228,490 | ) | (11,393,241 | ) | ||||
Class C | - | - | ||||||
Class A | - | - | ||||||
Net Increase/(decrease) from fund share transactions | (7,908,551 | ) | 7,306,534 | |||||
Total net increase/(decrease) in net assets | (7,267,271 | ) | 9,488,879 | |||||
Net Assets | ||||||||
Beginning of period | 32,035,528 | 22,546,649 | ||||||
End of period | $ | 24,768,257 | $ | 32,035,528 | ||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 552,106 | 3,124,533 | ||||||
Class C | - | 2 | ||||||
Class A | - | 2 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 149,702 | 98,710 | ||||||
Class C | - | - | ||||||
Class A | - | - | ||||||
Shares repurchased | ||||||||
Class S | (1,966,742 | ) | (1,991,136 | ) | ||||
Class C | - | - | ||||||
Class A | - | - | ||||||
Net increase/(decrease) | (1,264,934 | ) | 1,232,111 | |||||
Shares outstanding, beginning of period | 5,212,256 | 3,980,145 | ||||||
Shares outstanding, end of period | 3,947,322 | 5,212,256 | ||||||
Accumulated undistributed net investment income/(loss) | $ | 281,908 | $ | 779,136 | ||||
The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Ratio of net investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from investment operations | Less dividends and | distributions | Ratio of expenses | income/(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to average net assets(a) | to average net assets(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | Total | Net assets, | and transfer | and transfer | and transfer | and transfer | ||||||||||||||||||||||||||||||||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | dividends | Net asset | end of | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | and | value, end | Total | period (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||||||||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 7.92 | $ | (0.02 | ) | $ | 1.32 | $ | 1.30 | $ | - | $ | - | $ | - | $ | 9.22 | 16.41 | % | $ | 34,281 | 1.73 | % | 1.73 | %(c) | (0.37 | )% | (0.37 | )% | 29.30 | % | |||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 6.83 | (0.05 | ) | 1.42 | 1.37 | (0.28 | ) | - | (0.28 | ) | 7.92 | 20.61 | % | 17,750 | 2.02 | % | 2.02 | % | (0.62 | )% | (0.62 | )% | 194.84 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 7.19 | 0.01 | (0.37 | ) | (0.36 | ) | - | - | - | 6.83 | (5.01 | )% | 14,205 | 1.63 | % | 1.63 | % | 0.14 | % | 0.14 | % | 200.23 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 12.79 | - | (d) | (2.61 | ) | (2.61 | ) | - | (2.99 | ) | (2.99 | ) | 7.19 | (24.21 | )% | 72,242 | 1.38 | % | 1.38 | % | (0.04 | )% | (0.04 | )% | 218.32 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 12.11 | (0.04 | ) | 0.72 | 0.68 | - | - | - | 12.79 | 5.62 | % | 94,477 | 1.30 | % | 1.30 | % | (0.31 | )% | (0.31 | )% | 144.89 | % | ||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 13.61 | (0.06 | ) | 0.79 | 0.73 | - | (2.23 | ) | (2.23 | ) | 12.11 | 6.20 | % | 110,792 | 1.32 | % | 1.32 | % | (0.46 | )% | (0.46 | )% | 173.83 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 7.92 | 0.02 | 1.27 | 1.29 | - | - | - | 9.21 | 16.29 | % | 7 | 52.20 | % | 2.74 | %(c) | (50.63 | )% | (1.17 | )% | 29.30 | % | |||||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 7.92 | (0.01 | ) | 1.31 | 1.30 | - | - | - | 9.22 | 16.41 | % | 7 | 16.65 | % | 1.93 | %(c) | (15.29 | )% | (0.57 | )% | 29.30 | % | ||||||||||||||||||||||||||||||||||||||
ICON Consumer Staples Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.08 | 0.04 | 0.82 | 0.86 | (0.09 | ) | - | (0.09 | ) | 8.85 | 10.64 | % | 22,030 | 1.50 | % | 1.49 | %(c) | 0.93 | % | 0.94 | % | 50.51 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 7.32 | 0.08 | 0.76 | 0.84 | (0.08 | ) | - | (0.08 | ) | 8.08 | 11.56 | % | 30,640 | 1.54 | % | 1.54 | % | 0.98 | % | 0.98 | % | 86.31 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 7.37 | 0.04 | (0.09 | ) | (0.05 | ) | - | - | (d) | - | (d) | 7.32 | (0.64 | )% | 26,074 | 1.58 | % | 1.58 | % | 0.72 | % | 0.72 | % | 134.29 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 10.62 | 0.03 | (1.60 | ) | (1.57 | ) | (0.13 | ) | (1.55 | ) | (1.68 | ) | 7.37 | (17.40 | )% | 42,139 | 1.46 | % | 1.46 | % | 0.31 | % | 0.31 | % | 132.40 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 9.21 | 0.10 | 1.33 | 1.43 | (0.02 | ) | - | (d) | (0.02 | ) | 10.62 | 15.61 | % | 31,571 | 1.41 | % | 1.41 | % | 1.02 | % | 1.02 | % | 150.72 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 11.96 | (0.07 | ) | (0.01 | ) | (0.08 | ) | - | (2.67 | ) | (2.67 | ) | 9.21 | 0.11 | % | 68,136 | 1.54 | % | 1.54 | % | (0.70 | )% | (0.70 | )% | 215.75 | % | ||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.08 | 0.03 | 0.79 | 0.82 | (0.09 | ) | - | (0.09 | ) | 8.81 | 10.15 | % | 42 | 14.08 | % | 2.52 | %(c) | (10.81 | )% | 0.75 | % | 50.51 | % | |||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.08 | 0.05 | 0.80 | 0.85 | (0.09 | ) | - | (0.09 | ) | 8.84 | 10.52 | % | 14 | 50.60 | % | 1.76 | %(c) | (47.57 | )% | 1.27 | % | 50.51 | % | |||||||||||||||||||||||||||||||||||||
ICON Energy Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 16.69 | 0.07 | 6.10 | 6.17 | (0.21 | ) | - | (0.21 | ) | 22.65 | 37.20 | % | 782,519 | 1.20 | % | 1.20 | %(c) | 0.71 | % | 0.71 | % | 37.75 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 16.92 | 0.21 | (0.23 | ) | (0.02 | ) | (0.21 | ) | - | (0.21 | ) | 16.69 | (0.17 | )% | 510,181 | 1.24 | % | 1.24 | % | 1.26 | % | 1.26 | % | 169.86 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 27.06 | 0.21 | (2.41 | ) | (2.20 | ) | (0.12 | ) | (7.82 | ) | (7.94 | ) | 16.92 | (1.73 | )% | 560,555 | 1.24 | % | 1.24 | % | 1.39 | % | 1.39 | % | 186.47 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 41.46 | 0.20 | (4.82 | ) | (4.62 | ) | (0.11 | ) | (9.67 | ) | (9.78 | ) | 27.06 | (14.62 | )% | 492,637 | 1.16 | % | 1.16 | % | 0.59 | % | 0.59 | % | 119.87 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 31.88 | 0.08 | 12.86 | 12.94 | - | (3.36 | ) | (3.36 | ) | 41.46 | 43.64 | % | 816,075 | 1.17 | %(e) | 1.17 | %(e) | 0.24 | %(e) | 0.24 | %(e) | 54.75 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 33.76 | (0.06 | ) | (0.89 | ) | (0.95 | ) | (0.08 | ) | (0.85 | ) | (0.93 | ) | 31.88 | (2.81 | )% | 788,366 | 1.17 | % | 1.17 | % | (0.16 | )% | (0.16 | )% | 22.86 | % | |||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 16.69 | (0.06 | ) | 6.14 | 6.08 | (0.21 | ) | - | (0.21 | ) | 22.56 | 36.66 | % | 2,905 | 2.23 | % | 2.23 | %(c) | (0.52 | )% | (0.52 | )% | 37.75 | % | ||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 16.69 | 0.02 | 6.14 | 6.16 | (0.21 | ) | - | (0.21 | ) | 22.64 | 37.14 | % | 5,599 | 1.45 | % | 1.45 | %(c) | 0.21 | % | 0.21 | % | 37.75 | % | |||||||||||||||||||||||||||||||||||||
ICON Financial Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 5.55 | 0.01 | 0.69 | 0.70 | (0.02 | ) | - | (0.02 | ) | 6.23 | 12.67 | % | 55,157 | 1.39 | % | 1.39 | %(c) | 0.36 | % | 0.36 | % | 33.25 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 5.97 | 0.02 | (0.32 | ) | (0.30 | ) | (0.12 | ) | - | (0.12 | ) | 5.55 | (5.11 | )% | 58,750 | 1.43 | % | 1.43 | % | 0.36 | % | 0.36 | % | 143.36 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 8.55 | 0.09 | (2.43 | ) | (2.34 | ) | (0.24 | ) | - | (0.24 | ) | 5.97 | (26.80 | )% | 82,067 | 1.42 | % | 1.42 | % | 1.70 | % | 1.70 | % | 194.00 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 14.30 | 0.21 | (4.29 | ) | (4.08 | ) | (0.14 | ) | (1.53 | ) | (1.67 | ) | 8.55 | (31.93 | )% | 128,175 | 1.22 | % | 1.22 | % | 1.94 | % | 1.94 | % | 220.83 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 14.47 | 0.13 | 0.45 | 0.58 | (0.15 | ) | (0.60 | ) | (0.75 | ) | 14.30 | 3.84 | % | 200,089 | 1.21 | % | 1.21 | % | 0.86 | % | 0.86 | % | 93.04 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 13.43 | 0.15 | 1.84 | 1.99 | (0.09 | ) | (0.86 | ) | (0.95 | ) | 14.47 | 15.53 | % | 368,614 | 1.20 | % | 1.20 | % | 1.10 | % | 1.10 | % | 153.47 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 5.55 | (0.01 | ) | 0.68 | 0.67 | (0.02 | ) | - | (0.02 | ) | 6.20 | 12.13 | % | - | (f) | 5,341.10 | % | 2.40 | %(c) | (5,339.26 | )% | (0.56 | )% | 33.25 | % | |||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 5.55 | (0.01 | ) | 0.70 | 0.69 | (0.02 | ) | - | (0.02 | ) | 6.22 | 12.49 | % | 29 | 6.25 | % | 1.75 | %(c) | (4.86 | )% | (0.36 | )% | 33.25 | % |
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43
Financial Highlights
Ratio of net investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from investment operations | Less dividends and | distributions | Ratio of expenses | income/(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to average net assets(a) | to average net assets(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | Total | Net assets, | and transfer | and transfer | and transfer | and transfer | ||||||||||||||||||||||||||||||||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | dividends | Net asset | end of | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | and | value, end | Total | period (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||||||||||||||||||||||
ICON Healthcare Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 12.78 | $ | 0.05 | $ | 1.73 | $ | 1.78 | $ | (0.07 | ) | $ | - | $ | (0.07 | ) | $ | 14.49 | 13.97 | % | $ | 65,710 | 1.51 | % | 1.50 | %(c) | 0.80 | % | 0.81 | % | 28.89 | % | ||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 12.29 | 0.04 | 0.63 | 0.67 | (0.18 | ) | - | (0.18 | ) | 12.78 | 5.39 | % | 72,554 | 1.36 | % | 1.36 | % | 0.31 | % | 0.31 | % | 102.42 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 13.49 | 0.08 | (1.28 | ) | (1.20 | ) | - | - | - | 12.29 | (8.90 | )% | 110,605 | 1.37 | % | 1.37 | % | 0.74 | % | 0.74 | % | 105.75 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 17.68 | (0.02 | ) | (2.65 | ) | (2.67 | ) | - | (1.52 | ) | (1.52 | ) | 13.49 | (16.43 | )% | 160,083 | 1.25 | % | 1.25 | % | (0.12 | )% | (0.12 | )% | 61.44 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 17.95 | -(d | ) | 1.19 | 1.19 | - | (1.46 | ) | (1.46 | ) | 17.68 | 7.17 | % | 473,287 | 1.20 | %(e) | 1.20 | %(e) | 0.01 | %(e) | 0.01 | %(e) | 24.56 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 17.94 | (0.10 | ) | 0.38 | 0.28 | - | (0.27 | ) | (0.27 | ) | 17.95 | 1.56 | % | 646,202 | 1.19 | % | 1.19 | % | (0.55 | )% | (0.55 | )% | 61.37 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.78 | 0.01 | 1.71 | 1.72 | (0.07 | ) | - | (0.07 | ) | 14.43 | 13.50 | % | - | (f) | 5,446.22 | % | 2.44 | %(c) | (5,443.78 | )% | 0.00 | % | 28.89 | % | ||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 12.78 | 0.06 | 1.72 | 1.78 | (0.07 | ) | - | (0.07 | ) | 14.49 | 13.97 | % | - | (f) | 5,440.37 | % | 1.69 | %(c) | (5,437.93 | )% | 0.75 | % | 28.89 | % | ||||||||||||||||||||||||||||||||||||
ICON Industrials Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 7.47 | 0.03 | 1.50 | 1.53 | (0.07 | ) | - | (0.07 | ) | 8.93 | 20.54 | % | 72,644 | 1.35 | % | 1.35 | %(c) | 0.68 | % | 0.68 | % | 38.57 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 6.38 | 0.05 | 1.17 | 1.22 | (0.13 | ) | - | (0.13 | ) | 7.47 | 19.40 | % | 71,607 | 1.40 | % | 1.40 | % | 0.73 | % | 0.73 | % | 54.34 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 8.16 | 0.08 | (1.82 | ) | (1.74 | ) | (0.04 | ) | - | (0.04 | ) | 6.38 | (21.25 | )% | 70,535 | 1.37 | % | 1.37 | % | 1.39 | % | 1.39 | % | 96.24 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 10.77 | 0.05 | (2.32 | ) | (2.27 | ) | (0.01 | ) | (0.33 | ) | (0.34 | ) | 8.16 | (21.72 | )% | 125,286 | 1.25 | % | 1.25 | % | 0.55 | % | 0.55 | % | 143.40 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 13.22 | 0.02 | 2.63 | 2.65 | - | (d) | (5.10 | ) | (5.10 | ) | 10.77 | 28.73 | % | 155,739 | 1.27 | %(e) | 1.27 | %(e) | 0.16 | %(e) | 0.16 | %(e) | 125.44 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 12.70 | (0.04 | ) | 0.97 | 0.93 | - | (0.41 | ) | (0.41 | ) | 13.22 | 7.49 | % | 106,015 | 1.24 | % | 1.24 | % | (0.30 | )% | (0.30 | )% | 89.38 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 7.47 | - | (d) | 1.48 | 1.48 | (0.07 | ) | - | (0.07 | ) | 8.88 | 19.87 | % | 10 | 22.27 | % | 2.50 | %(c) | (19.81 | )% | (0.04 | )% | 38.57 | % | ||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 7.47 | 0.02 | 1.49 | 1.51 | (0.07 | ) | - | (0.07 | ) | 8.91 | 20.27 | % | 10 | 16.70 | % | 1.65 | %(c) | (14.73 | )% | 0.32 | % | 38.57 | % | |||||||||||||||||||||||||||||||||||||
ICON Information Technology Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.05 | (0.02 | ) | 1.33 | 1.31 | - | - | - | 9.36 | 16.27 | % | 92,102 | 1.35 | % | 1.35 | %(c) | (0.47 | )% | (0.47 | )% | 25.69 | % | ||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 7.79 | (0.05 | ) | 0.35 | 0.30 | (0.04 | ) | - | (0.04 | ) | 8.05 | 3.91 | % | 77,269 | 1.37 | % | 1.37 | % | (0.58 | )% | (0.58 | )% | 68.32 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 7.86 | (0.01 | ) | (0.06 | ) | (0.07 | ) | - | - | - | 7.79 | (0.89 | )% | 119,250 | 1.38 | % | 1.38 | % | (0.09 | )% | (0.09 | )% | 89.87 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 11.02 | (0.04 | ) | (3.12 | ) | (3.16 | ) | - | - | - | 7.86 | (28.68 | )% | 178,450 | 1.24 | % | 1.24 | % | (0.41 | )% | (0.41 | )% | 171.22 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 8.72 | (0.05 | ) | 2.35 | 2.30 | - | - | - | 11.02 | 26.38 | % | 266,965 | 1.23 | % | 1.23 | % | (0.49 | )% | (0.49 | )% | 78.66 | % | ||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 8.70 | (0.05 | ) | 0.07 | 0.02 | - | - | - | 8.72 | 0.23 | % | 241,988 | 1.25 | % | 1.25 | % | (0.61 | )% | (0.61 | )% | 155.39 | % | ||||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.05 | (0.07 | ) | 1.34 | 1.27 | - | - | - | 9.32 | 15.78 | % | 3 | 102.87 | % | 2.50 | %(c) | (101.85 | )% | (1.48 | )% | 25.69 | % | ||||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 8.05 | (0.04 | ) | 1.34 | 1.30 | - | - | - | 9.35 | 16.15 | % | - | (f) | 5,282.11 | % | 1.64 | %(c) | (5,281.20 | )% | (0.73 | )% | 25.69 | % | |||||||||||||||||||||||||||||||||||||
ICON Materials Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.06 | 0.03 | 2.15 | 2.18 | (0.06 | ) | - | (0.06 | ) | 12.18 | 21.70 | % | 97,614 | 1.32 | % | 1.32 | %(c) | 0.60 | % | 0.60 | % | 45.11 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 8.93 | 0.05 | 1.18 | 1.23 | (0.10 | ) | - | (0.10 | ) | 10.06 | 13.92 | % | 87,856 | 1.38 | % | 1.38 | % | 0.54 | % | 0.54 | % | 70.80 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 9.81 | 0.11 | (0.91 | ) | (0.80 | ) | (0.08 | ) | - | (0.08 | ) | 8.93 | (7.87 | )% | 95,028 | 1.40 | % | 1.40 | % | 1.50 | % | 1.50 | % | 134.88 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 15.39 | 0.08 | (3.23 | ) | (3.15 | ) | (0.06 | ) | (2.37 | ) | (2.43 | ) | 9.81 | (23.79 | )% | 118,522 | 1.26 | % | 1.26 | % | 0.60 | % | 0.60 | % | 111.26 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 11.67 | 0.08 | 5.10 | 5.18 | (0.15 | ) | (1.31 | ) | (1.46 | ) | 15.39 | 48.63 | % | 131,321 | 1.33 | % | 1.33 | % | 0.59 | % | 0.59 | % | 109.10 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 11.30 | 0.09 | 1.09 | 1.18 | (0.02 | ) | (0.79 | ) | (0.81 | ) | 11.67 | 11.17 | % | 135,097 | 1.30 | % | 1.30 | % | 0.74 | % | 0.74 | % | 176.89 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.06 | (0.02 | ) | 2.15 | 2.13 | (0.06 | ) | - | (0.06 | ) | 12.13 | 21.20 | % | 120 | 3.91 | % | 2.50 | %(c) | (1.88 | )% | (0.47 | )% | 45.11 | % | ||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 10.06 | 0.03 | 2.13 | 2.16 | (0.06 | ) | - | (0.06 | ) | 12.16 | 21.50 | % | 556 | 1.71 | % | 1.70 | %(c) | 0.41 | % | 0.42 | % | 45.11 | % |
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45
Financial Highlights
Ratio of net investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) from investment operations | Less dividends and | distributions | �� | Ratio of expenses | income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
to average net assets(a) | to average net assets(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
recoupment | recoupment | recoupment | recoupment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset | Net | Net realized | Dividends | Distributions | Total | Net assets, | and transfer | and transfer | and transfer | and transfer | ||||||||||||||||||||||||||||||||||||||||||||||||||
value, | investment | and unrealized | Total from | from net | from net | dividends | Net asset | end of | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | and | value, end | Total | period (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | distributions | of period | return* | thousands) | credit | credit | credit | credit | rate(b) | ||||||||||||||||||||||||||||||||||||||||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | $ | 6.15 | $ | 0.10 | $ | 0.23 | $ | 0.33 | $ | (0.21 | ) | $ | - | $ | (0.21 | ) | $ | 6.27 | 5.43 | % | $ | 24,768 | 1.54 | % | 1.51 | %(c) | 3.15 | % | 3.18 | % | 31.74 | % | ||||||||||||||||||||||||||||
Year Ended September 30, 2010 | 5.66 | 0.19 | 0.44 | 0.63 | (0.14 | ) | - | (0.14 | ) | 6.15 | 11.16 | % | 32,036 | 1.67 | % | 1.67 | % | 3.28 | % | 3.28 | % | 84.45 | % | |||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2009 | 6.34 | 0.14 | (0.44 | ) | (0.30 | ) | (0.38 | ) | - | (0.38 | ) | 5.66 | (4.39 | )% | 22,547 | 1.70 | % | 1.70 | % | 2.70 | % | 2.70 | % | 90.27 | % | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2008 | 9.20 | 0.14 | (2.03 | ) | (1.89 | ) | (0.06 | ) | (0.91 | ) | (0.97 | ) | 6.34 | (23.01 | )% | 30,335 | 1.35 | % | 1.35 | % | 1.74 | % | 1.74 | % | 102.65 | % | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | 7.66 | 0.10 | 2.18 | 2.28 | (0.11 | ) | (0.63 | ) | (0.74 | ) | 9.20 | 31.60 | % | 109,509 | 1.33 | % | 1.33 | % | 1.20 | % | 1.20 | % | 154.99 | % | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2006 | 8.28 | 0.13 | 0.37 | 0.50 | (0.18 | ) | (0.94 | ) | (1.12 | ) | 7.66 | 7.56 | % | 119,762 | 1.38 | % | 1.38 | % | 1.71 | % | 1.71 | % | 209.50 | % | ||||||||||||||||||||||||||||||||||||
Class C** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 6.15 | 0.07 | 0.24 | 0.31 | (0.21 | ) | - | (0.21 | ) | 6.25 | 5.21 | % | - | (f) | 5,699.91 | % | 2.35 | %(c) | (5,695.21 | )% | 2.35 | % | 31.74 | % | ||||||||||||||||||||||||||||||||||||
Class A** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended March 31, 2011† | 6.15 | 0.10 | 0.23 | 0.33 | (0.21 | ) | - | (0.21 | ) | 6.27 | 5.54 | % | - | (f) | 5,728.65 | % | 1.56 | %(c) | (5,723.96 | )% | 3.12 | % | 31.74 | % |
(x) | Calculated using the average shares method. | |
* | The total return calculation is for the period indicated and excludes any sales charges. | |
** | Class C and Class A commenced operations on September 30, 2010. | |
† | Unaudited. | |
(a) | Annualized for periods less than a year. | |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. | |
(c) | Effective January 1, 2011, the Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense. | |
(d) | Amount less than $0.005. | |
(e) | Ratios include transfer agent earnings credits received. These earnings credits reduced the net expense ratio and increased the net income ratio by 0.01%. | |
(f) | Amount less than $500. | |
The accompanying notes are an integral part of the financial statements. |
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47
Notes to Financial Statements
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
1. Organization
The ICON Consumer Discretionary Fund, ICON Consumer Staples Fund (formerly, ICON Leisure and Consumer Staples Fund), ICON Energy Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, ICON Materials Fund, and ICON Telecommunication & Utilities Fund are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. As of March 31, 2011, each Fund has three classes of shares: Class S, Class C and Class A. Class A and Class C shares commenced operations on September 30, 2010. All classes have equal rights as to earnings, assets, and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment in a non-diversified sector fund may involve greater risk and volatility than a more diversified fund. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers
and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity and small market share.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.
The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Notes to Financial Statements (unaudited) (continued)
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3 — significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own
assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2011:
Level 1 | Level 2 | Total | ||||||||||
ICON Consumer Discretionary Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 33,943,716 | $ | - | $ | 33,943,716 | ||||||
Collateral for Securities on Loan | - | 9,813,310 | 9,813,310 | |||||||||
Short-Term Investments | - | 497,072 | 497,072 | |||||||||
Total | $ | 33,943,716 | $ | 10,310,382 | $ | 44,254,098 | ||||||
ICON Consumer Staples Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 21,858,324 | $ | - | $ | 21,858,324 | ||||||
Collateral for Securities on Loan | - | 3,667,941 | 3,667,941 | |||||||||
Total | $ | 21,858,324 | $ | 3,667,941 | $ | 25,526,265 | ||||||
ICON Energy Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 760,364,193 | $ | - | $ | 760,364,193 | ||||||
Put Options Purchased | 987,500 | - | 987,500 | |||||||||
Collateral for Securities on Loan | - | 29,258,961 | 29,258,961 | |||||||||
Short-Term Investments | - | 22,879,815 | 22,879,815 | |||||||||
Total | $ | 761,351,693 | $ | 52,138,776 | $ | 813,490,469 | ||||||
ICON Financial Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 53,523,925 | $ | - | $ | 53,523,925 | ||||||
Short-Term Investments | - | 1,164,187 | 1,164,187 | |||||||||
Total | $ | 53,523,925 | $ | 1,164,187 | $ | 54,688,112 | ||||||
ICON Healthcare Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 64,424,607 | $ | - | $ | 64,424,607 | ||||||
Collateral for Securities on Loan | - | 13,455,620 | 13,455,620 | |||||||||
Short-Term Investments | - | 410,752 | 410,752 | |||||||||
Total | $ | 64,424,607 | $ | 13,866,372 | $ | 78,290,979 | ||||||
Notes to Financial Statements (unaudited) (continued)
Level 1 | Level 2 | Total | ||||||||||
ICON Industrials Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 72,278,779 | $ | - | $ | 72,278,779 | ||||||
Collateral for Securities on Loan | - | 16,491,427 | 16,491,427 | |||||||||
Short-Term Investments | - | 241,271 | 241,271 | |||||||||
Total | $ | 72,278,779 | $ | 16,732,698 | $ | 89,011,477 | ||||||
ICON Information Technology Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 92,077,570 | $ | - | $ | 92,077,570 | ||||||
Collateral for Securities on Loan | - | 14,741,441 | 14,741,441 | |||||||||
Short-Term Investments | - | 98,130 | 98,130 | |||||||||
Total | $ | 92,077,570 | $ | 14,839,571 | $ | 106,917,141 | ||||||
ICON Materials Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 96,908,910 | $ | - | $ | 96,908,910 | ||||||
Collateral for Securities on Loan | - | 5,907,294 | 5,907,294 | |||||||||
Short-Term Investments | - | 38,199 | 38,199 | |||||||||
Total | $ | 96,908,910 | $ | 5,945,493 | $ | 102,854,403 | ||||||
ICON Telecommunication & Utilities Fund | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 24,659,506 | $ | - | $ | 24,659,506 | ||||||
Total | $ | 24,659,506 | $ | - | $ | 24,659,506 | ||||||
There were no Level 3 securities held in any of the Funds at March 31, 2011.
For the period ended March 31, 2011, there was no significant security transfer activity between Level 1 and Level 2.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
Options Transactions
The Funds’ use of derivatives for the period ended March 31, 2011 was limited to purchased put options.
Each Fund may purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions and to provide market exposure while trying to reduce transaction costs.
Option contracts involve market risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains, lack of liquidity for the option and lack of liquidity for the security or securities index.
Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is
Notes to Financial Statements (unaudited) (continued)
subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Fund exercises a put or a call option on a security index, a gain or loss is realized as determined by the premium originally paid or received, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.
As of March 31, 2011, the Energy Fund engaged in purchased put option transactions. All open option contracts are included on each Fund’s Schedule of Investments.
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
Fair Values of Derivative Instruments as of March 31, 2011
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of | Statement of | |||||||||||
Assets and | Assets and | |||||||||||
Derivatives not accounted for as | Liabilities | Fair | Liabilities | Fair | ||||||||
hedging instruments | Location | Value | Location | Value | ||||||||
Purchased option contracts | ||||||||||||
Equity risk | ||||||||||||
ICON Energy Fund | Investments, at value | $ | 987,500 | Investments, at value | $ | - |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations
Location of Gain/(Loss) | ||||||
Derivatives not accounted for as | on Derivatives | |||||
hedging instruments | Recognized in Operations | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Energy Fund | Net realized gain/(loss) from investment transactions | $ | (3,771,724 | ) |
Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Operations
Location of Gain/(Loss) | ||||||
Derivatives not accounted for as | on Derivatives | |||||
hedging instruments | Recognized in Operations | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Energy Fund | Change in unrealized net appreciation/(depreciation) on investments | $ | (1,645,426 | ) |
Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ended March 31, 2011.
The Funds value derivatives at fair value, as described below, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting, even for derivatives employed as economic hedges.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
Notes to Financial Statements (unaudited) (continued)
As of March 31, 2011, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Consumer Discretionary Fund | $ | 9,472,012 | $ | 9,813,310 | ||||
ICON Consumer Staples Fund | 3,551,984 | 3,667,941 | ||||||
ICON Energy Fund | 28,793,232 | 29,258,961 | ||||||
ICON Healthcare Fund | 13,180,194 | 13,455,620 | ||||||
ICON Industrials Fund | 16,179,235 | 16,491,427 | ||||||
ICON Information Technology Fund | 14,469,360 | 14,741,441 | ||||||
ICON Materials Fund | 5,737,443 | 5,907,294 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2011. It may also include collateral received from the prefunding of loans.
Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforwards. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax periods and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four periods, and interim tax periods within, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of Expenses
Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.
Notes to Financial Statements (unaudited) (continued)
Below are the class level expenses that are included on the Statement of Operations:
Printing | Transfer | |||||||||||
Legal | And Postage | Agent | ||||||||||
Fund | Expense | Expense | Expense | |||||||||
ICON Consumer Discretionary Fund | ||||||||||||
Class S | $ | 672 | $ | 4,362 | $ | 34,500 | ||||||
Class C | - | - | 290 | |||||||||
Class A | - | 1 | 290 | |||||||||
ICON Consumer Staples Fund | ||||||||||||
Class S | 1,465 | 3,179 | 29,329 | |||||||||
Class C | - | 1 | 290 | |||||||||
Class A | - | - | 290 | |||||||||
ICON Energy Fund | ||||||||||||
Class S | 25,779 | 47,241 | 195,328 | |||||||||
Class C | 26 | 48 | 292 | |||||||||
Class A | 43 | 80 | 302 | |||||||||
ICON Financial Fund | ||||||||||||
Class S | 2,848 | 6,181 | 40,686 | |||||||||
Class C | - | - | 290 | |||||||||
Class A | 1 | 1 | 290 | |||||||||
ICON Healthcare Fund | ||||||||||||
Class S | 5,571 | 17,441 | 76,106 | |||||||||
Class C | - | - | 290 | |||||||||
Class A | - | - | 290 | |||||||||
ICON Industrials Fund | ||||||||||||
Class S | 2,972 | 6,451 | 43,172 | |||||||||
Class C | - | - | 290 | |||||||||
Class A | - | - | 290 | |||||||||
ICON Information Technology Fund | ||||||||||||
Class S | 4,450 | 9,662 | 57,096 | |||||||||
Class C | - | - | 290 | |||||||||
Class A | - | - | 290 | |||||||||
ICON Materials Fund | ||||||||||||
Class S | 4,038 | 12,430 | 57,799 | |||||||||
Class C | 2 | 5 | 290 | |||||||||
Class A | 9 | 28 | 290 | |||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||
Class S | 1,178 | 4,974 | 29,885 | |||||||||
Class C | - | - | 291 | |||||||||
Class A | - | - | 293 |
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. Each Fund is obligated to pay ICON Advisers management fees computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets, 0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.
Effective January 1, 2011, ICON Advisers has contractually agreed to limit its investment advisory fee and/or reimburse certain of the Funds’ operating expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:
Fund | Class S | Class C | Class A | |||||||||
ICON Consumer Discretionary Fund | 1.74% | 2.74% | 1.99% | |||||||||
ICON Consumer Staples Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Energy Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Financial Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Healthcare Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Industrials Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Information Technology Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Materials Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Telecommunication & Utilities Fund | 1.50% | 2.50% | 1.75% |
The Funds’ expense limitation will continue in effect until at least January 31, 2021. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
Notes to Financial Statements (unaudited) (continued)
As of March 31, 2011 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2014 | |||
ICON Consumer Discretionary Fund | $ | 570 | ||
ICON Consumer Staples Fund | 1,762 | |||
ICON Energy Fund | - | |||
ICON Financial Fund | 564 | |||
ICON Healthcare Fund | 3,359 | |||
ICON Industrials Fund | 571 | |||
ICON Information Technology Fund | 578 | |||
ICON Materials Fund | 249 | |||
ICON Telecommunication & Utilities Fund | 4,752 |
Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction and cusip charges. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2011, the Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any
loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans, if any, by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 100% by the Funds.
Some of the distribution amounts received by IDI, discussed in the Distribution Fees section above, will be used to offset various shareholder servicing costs incurred by ICON Advisers. For the period ended March 31, 2011, this amount was $7,992.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and
Notes to Financial Statements (unaudited) (continued)
the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2011 was 1.48%.
Average Borrowing | ||||
Fund | (10/1/10-3/31/11) | |||
ICON Consumer Discretionary Fund | $ | 9,564 | ||
ICON Consumer Staples Fund* | 146,794 | |||
ICON Energy Fund | 6,019 | |||
ICON Financial Fund | 41,172 | |||
ICON Healthcare Fund | 107,715 | |||
ICON Industrials Fund | 274,136 | |||
ICON Information Technology Fund | 6,575 | |||
ICON Materials Fund | 74,672 | |||
ICON Telecommunication & Utilities Fund* | 176,962 |
* | Fund had outstanding borrowings under these agreements as of March 31, 2011. |
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2011, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:
Proceeds | ||||||||
Purchases of | from Sales | |||||||
Fund | Securities | of Securities | ||||||
ICON Consumer Discretionary Fund | $ | 19,689,675 | $ | 6,511,795 | ||||
ICON Consumer Staples Fund | 13,879,526 | 25,436,248 | ||||||
ICON Energy Fund | 289,181,547 | 232,114,325 | ||||||
ICON Financial Fund | 18,724,444 | 30,216,665 | ||||||
ICON Healthcare Fund | 19,824,678 | 36,344,196 | ||||||
ICON Industrials Fund | 25,140,201 | 36,227,482 | ||||||
ICON Information Technology Fund | 25,517,911 | 21,308,397 | ||||||
ICON Materials Fund | 40,726,313 | 49,018,726 | ||||||
ICON Telecommunication & Utilities Fund | 8,879,137 | 17,052,698 |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2010 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
For the year ended September 30, 2010 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Consumer Discretionary Fund | $ | 15,163,406 | 2017 | |||||
8,355,189 | 2018 | |||||||
ICON Consumer Staples Fund | 7,763,380 | 2017 | ||||||
1,888,341 | 2018 | |||||||
ICON Energy Fund | 63,688,945 | 2017 | ||||||
4,133,614 | 2018 | |||||||
ICON Financial Fund | 1,846,560 | 2016 | ||||||
61,494,166 | 2017 | |||||||
43,718,160 | 2018 | |||||||
ICON Healthcare Fund | 2,434,522 | 2017 | ||||||
19,106,236 | 2018 | |||||||
ICON Industrials Fund | 694,762 | 2016 | ||||||
15,694,559 | 2017 | |||||||
28,045,106 | 2018 | |||||||
ICON Information Technology Fund | 29,035,041 | 2011 | ||||||
21,080 | 2016 | |||||||
22,796,772 | 2017 | |||||||
6,573,259 | 2018 | |||||||
ICON Materials Fund | 26,752,256 | 2017 | ||||||
7,349,690 | 2018 | |||||||
ICON Telecommunication & Utilities Fund | 8,194,590 | 2017 | ||||||
3,844,832 | 2018 |
Future capital loss carryover utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2010 the Funds did not utilize any available capital loss carryforwards.
For the year ended September 30, 2010, the Funds will elect to defer post October losses of:
Post October | ||||
Fund | Losses | |||
ICON Telecommunication & Utilities Fund | $ | 779,179 |
Notes to Financial Statements (unaudited) (continued)
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2010, were as follows:
Distributions | Total | |||||||
Paid from | Distributions | |||||||
Fund | Ordinary Income | Paid | ||||||
ICON Consumer Discretionary Fund | $ | 376,917 | $ | 376,917 | ||||
ICON Consumer Staples Fund | 383,505 | 383,505 | ||||||
ICON Energy Fund | 7,077,474 | 7,077,474 | ||||||
ICON Financial Fund | 1,136,088 | 1,136,088 | ||||||
ICON Healthcare Fund | 1,948,725 | 1,948,725 | ||||||
ICON Industrials Fund | 1,217,973 | 1,217,973 | ||||||
ICON Information Technology Fund | 631,045 | 631,045 | ||||||
ICON Materials Fund | 1,039,736 | 1,039,736 | ||||||
ICON Telecommunication & Utilities Fund | 595,082 | 595,082 |
As of September 30, 2010, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Accumulated | Total | |||||||||||||||||||
Undistributed | Capital | Unrealized | Accumulated | |||||||||||||||||
Ordinary | Accumulated | and Other | Appreciation/ | Earnings/ | ||||||||||||||||
Fund | Income | Earnings | Losses | (Depreciation)* | (Deficit) | |||||||||||||||
ICON Consumer Discretionary Fund | $ | - | $ | - | $ | (23,518,595 | ) | $ | 1,184,408 | $ | (22,334,187 | ) | ||||||||
ICON Consumer Staples Fund | 315,201 | 315,201 | (9,652,171 | ) | 3,657,719 | (5,679,251 | ) | |||||||||||||
ICON Energy Fund | 6,516,706 | 6,516,706 | (67,822,559 | ) | 20,647,826 | (40,658,027 | ) | |||||||||||||
ICON Financial Fund | 214,041 | 214,041 | (107,058,886 | ) | 1,963,710 | (104,881,135 | ) | |||||||||||||
ICON Healthcare Fund | 368,439 | 368,439 | (21,540,758 | ) | 9,683,367 | (11,488,952 | ) | |||||||||||||
ICON Industrials Fund | 478,549 | 478,549 | (44,434,427 | ) | 7,034,090 | (36,921,788 | ) | |||||||||||||
ICON Information Technology Fund | - | - | (58,426,152 | ) | 9,603,247 | (48,822,905 | ) | |||||||||||||
ICON Materials Fund | 478,024 | 478,024 | (34,101,946 | ) | 14,035,632 | (19,588,290 | ) | |||||||||||||
ICON Telecommunication & Utilities Fund | 779,136 | 779,136 | (12,818,601 | ) | 2,159,625 | (9,879,840 | ) |
* | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
As of March 31, 2011, cost for federal income tax purposes and net unrealized appreciation/(depreciation) were as follows:
Net | ||||||||||||||||
Unrealized | Unrealized | Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Consumer Discretionary Fund | $ | 41,181,923 | $ | 3,391,543 | $ | (319,368 | ) | $ | 3,072,175 | |||||||
ICON Consumer Staples Fund | 23,540,171 | 2,192,578 | (206,484 | ) | 1,986,094 | |||||||||||
ICON Energy Fund | 651,067,419 | 166,521,571 | (4,098,521 | ) | 162,423,050 | |||||||||||
ICON Financial Fund | 47,760,345 | 7,514,882 | (587,115 | ) | 6,927,767 | |||||||||||
ICON Healthcare Fund | 69,283,314 | 10,213,146 | (1,205,481 | ) | 9,007,665 | |||||||||||
ICON Industrials Fund | 73,242,898 | 15,935,947 | (167,368 | ) | 15,768,579 | |||||||||||
ICON Information Technology Fund | 89,363,172 | 20,316,169 | (2,762,200 | ) | 17,553,969 | |||||||||||
ICON Materials Fund | 79,858,545 | 23,033,958 | (38,100 | ) | 22,995,858 | |||||||||||
ICON Telecommunication & Utilities Fund | 22,738,657 | 2,323,951 | (403,102 | ) | 1,920,849 |
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused. In general, the provisions of the Act will be effective for each fund’s fiscal year ending 2012.
7. Subsequent Events
Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.
Six Month Hypothetical Expense Example
March 31, 2011 (unaudited)
March 31, 2011 (unaudited)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/10 - 3/31/11).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | Annualized | |||||||||||||
Value | Value | During Period | Expense Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11 | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,164.10 | $ | 9.35 | 1.73% | |||||||||
Class C | 1,000.00 | 1,162.90 | 14.76 | 2.74% | ||||||||||||
Class A | 1,000.00 | 1,164.10 | 10.42 | 1.93% | ||||||||||||
ICON Consumer Staples Fund (formerly, ICON Leisure and Consumer Staples Fund) | ||||||||||||||||
Class S | 1,000.00 | 1,106.40 | 7.84 | 1.49% | ||||||||||||
Class C | 1,000.00 | 1,101.50 | 13.18 | 2.52% | ||||||||||||
Class A | 1,000.00 | 1,105.20 | 9.26 | 1.76% | ||||||||||||
ICON Energy Fund | ||||||||||||||||
Class S | 1,000.00 | 1,372.00 | 7.07 | 1.20% | ||||||||||||
Class C | 1,000.00 | 1,366.60 | 13.15 | 2.23% | ||||||||||||
Class A | 1,000.00 | 1,371.40 | 8.58 | 1.45% | ||||||||||||
ICON Financial Fund | ||||||||||||||||
Class S | 1,000.00 | 1,126.70 | 7.36 | 1.39% | ||||||||||||
Class C | 1,000.00 | 1,121.30 | 12.67 | 2.40% | ||||||||||||
Class A | 1,000.00 | 1,124.90 | 9.27 | 1.75% | ||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Class S | 1,000.00 | 1,139.70 | 7.99 | 1.50% | ||||||||||||
Class C | 1,000.00 | 1,135.00 | 13.01 | 2.44% | ||||||||||||
Class A | 1,000.00 | 1,139.70 | 9.02 | 1.69% | ||||||||||||
ICON Industrials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,205.40 | 7.40 | 1.35% | ||||||||||||
Class C | 1,000.00 | 1,198.70 | 13.71 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,202.70 | 9.05 | 1.65% | ||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Class S | 1,000.00 | 1,162.70 | 7.29 | 1.35% | ||||||||||||
Class C | 1,000.00 | 1,157.80 | 13.43 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,161.50 | 8.84 | 1.64% | ||||||||||||
ICON Materials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,217.00 | 7.32 | 1.32% | ||||||||||||
Class C | 1,000.00 | 1,212.00 | 13.77 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,215.00 | 9.37 | 1.70% |
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | Annualized | |||||||||||||
Value | Value | During Period | Expense Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11 | |||||||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,054.30 | $ | 7.74 | 1.51% | |||||||||
Class C | 1,000.00 | 1,052.10 | 12.01 | 2.35% | ||||||||||||
Class A | 1,000.00 | 1,055.40 | 8.01 | 1.56% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Class S | 1,000.00 | 1,016.29 | 8.71 | |||||||||||||
Class C | 1,000.00 | 1,011.28 | 13.73 | |||||||||||||
Class A | 1,000.00 | 1,015.30 | 9.71 | |||||||||||||
ICON Consumer Staples Fund (formerly, ICON Leisure and Consumer Staples Fund) | ||||||||||||||||
Class S | 1,000.00 | 1,017.48 | 7.51 | |||||||||||||
Class C | 1,000.00 | 1,012.39 | 12.62 | |||||||||||||
Class A | 1,000.00 | 1,016.13 | 8.87 | |||||||||||||
ICON Energy Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.97 | 6.02 | |||||||||||||
Class C | 1,000.00 | 1,013.82 | 11.19 | |||||||||||||
Class A | 1,000.00 | 1,017.70 | 7.30 | |||||||||||||
ICON Financial Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.01 | 6.98 | |||||||||||||
Class C | 1,000.00 | 1,012.98 | 12.03 | |||||||||||||
Class A | 1,000.00 | 1,016.20 | 8.80 | |||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.46 | 7.54 | |||||||||||||
Class C | 1,000.00 | 1,012.75 | 12.26 | |||||||||||||
Class A | 1,000.00 | 1,016.50 | 8.50 | |||||||||||||
ICON Industrials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.22 | 6.77 | |||||||||||||
Class C | 1,000.00 | 1,012.46 | 12.54 | |||||||||||||
Class A | 1,000.00 | 1,016.71 | 8.29 | |||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.19 | 6.80 | |||||||||||||
Class C | 1,000.00 | 1,012.49 | 12.52 | |||||||||||||
Class A | 1,000.00 | 1,016.75 | 8.25 | |||||||||||||
ICON Materials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.33 | 6.66 | |||||||||||||
Class C | 1,000.00 | 1,012.48 | 12.53 | |||||||||||||
Class A | 1,000.00 | 1,016.47 | 8.53 |
Beginning | Ending | |||||||||||||||
Account | Account | Expenses Paid | Annualized | |||||||||||||
Value | Value | During Period | Expense Ratio | |||||||||||||
10/1/10 | 3/31/11 | 10/1/10-3/31/11* | 10/1/10-3/31/11 | |||||||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,017.39 | $ | 7.61 | ||||||||||
Class C | 1,000.00 | 1,013.22 | 11.78 | |||||||||||||
Class A | 1,000.00 | 1,017.14 | 7.86 |
* | Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
Other Information (unaudited)
Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
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For more information about the ICON Funds, contact us: | ||
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
![(ICON FUNDS LOGO)](https://capedge.com/proxy/N-CSRS/0000950123-11-056336/d82692iconlogo.gif)
Item 2. Code of Ethics.
Not applicable — only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable — only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable — only for annual reports. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The schedule of investments in securities of unaffiliated issuers is included in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable — only for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) ICON Funds
By (Signature and Title)* | /s/ Craig T. Callahan | |||
Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer) |
Date June 3, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Craig T. Callahan | |||
Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer) |
Date June 3, 2011
By (Signature and Title)* | /s/ Erik L. Jonson | |||
Erik L. Jonson, Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
Date June 3, 2011
* | Print the name and title of each signing officer under his or her signature. |