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, 2009
Date of reporting period: March 31, 2009
Item 1. Reports to Stockholders.
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2009 Semiannual Report
ICON U.S. Diversified Funds
Investment Update
ICON U.S. Diversified Funds
Investment Update
March 31, 2009
(Unaudited)
ICON Bond Fund
ICON Core Equity Fund
ICON Equity Income Fund
ICON Income Opportunity Fund
ICON Long/Short Fund
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1-800-764-0442 ï www.iconfunds.com
SAR-DIV-09, M29754
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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 | |||
Message from ICON Funds (Unaudited) | 5 | |||
Schedules of Investments (Unaudited) | ||||
ICON Bond Fund | 7 | |||
ICON Core Equity Fund | 13 | |||
ICON Equity Income Fund | 16 | |||
ICON Income Opportunity Fund | 20 | |||
ICON Long/Short Fund | 25 | |||
Financial Statements (Unaudited) | 30 | |||
Financial Highlights (Unaudited) | 40 | |||
Notes to Financial Statements (Unaudited) | 50 | |||
Six-Month Hypothetical Expense Example (Unaudited) | 66 | |||
Other Information (Unaudited) | 70 |
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 views, opinions and portfolio holdings as of March 31, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2009 are included in each Fund’s Schedule of Investments.
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.
This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report and other factors beyond the control of our investment team. Therefore, actual outcome may differ materially from what is expressed in such forward looking statements.
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.
Message From ICON Funds (unaudited)
Dear Shareholder,
It may surprise you to learn that we at ICON hope to look back on the last six months as the final stage of an unusual, unforeseeable and unfortunate financial and economic setting. I would like to offer you ICON’s opinion relative to the underlying causes of the recent financial crisis, in addition to providing our outlook for what we anticipate will be a brighter future.
Back in 2005, the Federal Reserve (the “FED”) began tightening monetary policy in response to a strong economy and some upward pressure on commodity prices. The FED’s objective was to slow the economy and decrease inflationary elements. Consequently, the money supply, as measured by M1, was flat through 2005, 2006 and the first half of 2007. The initial impact of this constraint was felt, as usual, at the margins and would have jeopardized only the riskiest home or land acquisitions. Problems in the sub-prime mortgage market would not surface until mid-2007.
In response to the mortgage crisis, the Federal Reserve reversed monetary policy and began a series of dramatic easing in August 2007. Ordinarily, we believe this should have stimulated growth in the money supply and helped avert a recession. By early 2008, however, it was clear to the FED that the banking system was frozen, banks were not making loans and the money supply was not growing. The Federal Reserve and the Department of the Treasury made every effort and used a variety of strategies to clear a log-jammed financial system, but the damage was arguably done. In early 2008 the money supply had already been flat for over three years. We believe this stagnant M1 supply was choking the economy. Housing, mortgages and financial institutions were especially hard hit. In a somewhat ironic twist, the economy was rapidly deteriorating and directly impacting the very financial institutions the FED was trying to unlock in order to stabilize the economy. By the summer of 2008, one year after the FED’s initial monetary easing, M1 had started to grow again. If anybody was curious about what happens if you hold M1 flat for over three and a half years, we now have an answer: you will have a deep recession.
The collapse of various financial institutions, in our opinion, did not cause the recession. Rather, we think M1 being flat for three and a half years caused the recession. The financial system’s failures simply contributed to the inefficacies of the FED’s policies and were symptomatic of a larger problem. Federal Reserve Chairman Ben Bernanke stated the FED was surprised the system remained frozen and that standard easing did not work. We at ICON, along with countless other advisers, money managers,
investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.
When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.
We are not out of the woods yet. GDP is not growing and businesses and investors continue to struggle across the globe. Now that the FED’s policies have broken the financial system’s logjam, however, we believe the right monetary and fiscal conditions are in place to promote a long-awaited recovery.
Yours truly,
![-s- Craig T. Callahan](https://capedge.com/proxy/N-CSRS/0000950134-09-011358/d67845d6684002.gif)
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser
ICON Bond Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (83.1)% | ||||||||||||||||
$ | 220,000 | Ace INA Holdings, Inc. | 8.88 | % | 08/15/29 | $ | 200,359 | |||||||||
500,000 | Aetna, Inc. | 5.75 | % | 06/15/11 | 494,420 | |||||||||||
500,000 | AK Steel Corp. | 7.75 | % | 06/15/12 | 392,500 | |||||||||||
2,000,000 | Alabama Power Co.(a) | 1.44 | % | 08/25/09 | 1,973,622 | |||||||||||
1,000,000 | Allied Waste North America | 6.50 | % | 11/15/10 | 995,000 | |||||||||||
275,000 | Allied Waste North America | 5.75 | % | 02/15/11 | 268,469 | |||||||||||
1,000,000 | Altria Group, Inc. | 7.75 | % | 02/06/14 | 1,051,930 | |||||||||||
2,150,000 | American Express Centurion Bank(a) | 0.72 | % | 12/17/09 | 2,053,035 | |||||||||||
1,800,000 | American Express Credit Co.(a) | 0.64 | % | 02/24/12 | 1,471,018 | |||||||||||
750,000 | American General Finance Corp. | 5.38 | % | 10/01/12 | 301,396 | |||||||||||
650,000 | Arizona Pub Service Co. | 6.38 | % | 10/15/11 | 641,313 | |||||||||||
950,000 | AT&T, Inc. | 4.13 | % | 09/15/09 | 958,737 | |||||||||||
500,000 | AT&T, Inc. | 5.80 | % | 02/15/19 | 489,466 | |||||||||||
500,000 | AutoZone, Inc.(b) | 4.38 | % | 06/01/13 | 467,290 | |||||||||||
500,000 | AutoZone, Inc. | 5.50 | % | 11/15/15 | 456,656 | |||||||||||
1,500,000 | Bank of America Corp. | 6.25 | % | 04/15/12 | 1,412,157 | |||||||||||
1,000,000 | Bank of America Corp. | 4.88 | % | 09/15/12 | 902,530 | |||||||||||
950,000 | Bank of America Corp.(a) | 1.62 | % | 06/15/17 | 569,646 | |||||||||||
1,000,000 | BB&T Corp. | 6.50 | % | 08/01/11 | 1,009,371 | |||||||||||
1,500,000 | Boeing Co. | 5.00 | % | 03/15/14 | 1,537,587 | |||||||||||
750,000 | Boston Scientific Corp. | 6.00 | % | 06/15/11 | 727,500 | |||||||||||
500,000 | British Telecom PLC - YD(a) | 8.63 | % | 12/15/10 | 520,364 | |||||||||||
1,000,000 | Case New Holland, Inc. | 6.00 | % | 06/01/09 | 992,500 | |||||||||||
1,500,000 | Caterpillar Financial SE | 6.13 | % | 02/17/14 | 1,456,683 | |||||||||||
1,000,000 | Caterpillar Financial Services Corp.(a) | 1.45 | % | 10/09/09 | 985,534 | |||||||||||
150,000 | Centex Corp. | 4.55 | % | 11/01/10 | 136,500 | |||||||||||
1,127,000 | Chartered Semiconductor - YD | 5.75 | % | 08/03/10 | 1,002,435 | |||||||||||
450,000 | Cincinnati Financial Corp. | 6.90 | % | 05/15/28 | 228,765 | |||||||||||
500,000 | CIT Group, Inc.(a) | 1.39 | % | 06/08/09 | 483,756 | |||||||||||
750,000 | CIT Group, Inc. | 4.75 | % | 12/15/10 | 604,823 | |||||||||||
355,000 | CIT Group, Inc. | 7.75 | % | 04/02/12 | 252,355 | |||||||||||
1,000,000 | Citigroup, Inc.(a) | 1.40 | % | 05/18/10 | 898,439 | |||||||||||
1,000,000 | Citigroup, Inc. | 6.00 | % | 02/21/12 | 912,722 | |||||||||||
1,750,000 | Comcast Cable Communications Holdings | 8.38 | % | 03/15/13 | 1,871,501 | |||||||||||
400,000 | Comcast Cable Communications Holdings | 8.88 | % | 05/01/17 | 433,688 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 500,000 | Comcast Cable Holdings LLC | 9.80 | % | 02/01/12 | $ | 536,295 | |||||||||
550,000 | Comerica Bank | 7.13 | % | 12/01/13 | 486,982 | |||||||||||
500,000 | ConocoPhillips | 4.75 | % | 02/01/14 | 520,077 | |||||||||||
500,000 | Consolidated Edison Co. of New York | 5.55 | % | 04/01/14 | 504,810 | |||||||||||
500,000 | Countrywide Home Loan | 6.25 | % | 04/15/09 | 500,292 | |||||||||||
114,000 | Cox Communications, Inc. | 7.63 | % | 06/15/25 | 97,562 | |||||||||||
1,000,000 | Credit Suisse USA, Inc.(a) | 0.61 | % | 06/05/09 | 996,963 | |||||||||||
1,000,000 | Credit Suisse USA, Inc.(a) | 1.45 | % | 03/02/11 | 931,110 | |||||||||||
1,000,000 | Credit Suisse USA, Inc. | 6.13 | % | 11/15/11 | 1,018,490 | |||||||||||
500,000 | CSX Corp. | 5.75 | % | 03/15/13 | 482,992 | |||||||||||
750,000 | Daimler Finance NA | 8.00 | % | 06/15/10 | 746,374 | |||||||||||
1,000,000 | Daimler Finance NA | 7.75 | % | 01/18/11 | 986,147 | |||||||||||
2,500,000 | Daimler Finance NA | 6.50 | % | 11/15/13 | 2,265,132 | |||||||||||
500,000 | Denbury Resources, Inc. | 9.75 | % | 03/01/16 | 482,500 | |||||||||||
500,000 | Deutsche Telekom International Finance - YD | 8.50 | % | 06/15/10 | 522,292 | |||||||||||
260,000 | Dillard’s, Inc. | 9.50 | % | 09/01/09 | 254,150 | |||||||||||
232,000 | Dillard’s, Inc. | 9.13 | % | 08/01/11 | 162,400 | |||||||||||
1,000,000 | DIRECTV Holdings LLC | 8.38 | % | 03/15/13 | 1,011,250 | |||||||||||
850,000 | DPL, Inc. | 6.88 | % | 09/01/11 | 870,074 | |||||||||||
450,000 | E.I. Du Pont de Nemours | 5.00 | % | 07/15/13 | 466,092 | |||||||||||
1,000,000 | E.I. Du Pont de Nemours | 4.75 | % | 03/15/15 | 985,561 | |||||||||||
950,000 | El Paso Corp. | 6.75 | % | 05/15/09 | 946,865 | |||||||||||
750,000 | Exelon Generation Co., LLC | 6.20 | % | 10/01/17 | 670,636 | |||||||||||
500,000 | Farmers Insurance Capital Notes(c) | 7.20 | % | 07/15/48 | 250,222 | |||||||||||
6,000 | First American Financial Corp. | 7.55 | % | 04/01/28 | 4,477 | |||||||||||
500,000 | FirstEnergy Corp. | 6.45 | % | 11/15/11 | 500,453 | |||||||||||
750,000 | Fortune Brands, Inc. | 4.88 | % | 12/01/13 | 679,700 | |||||||||||
500,000 | Freeport-McMoRan Copper & Gold, Inc. | 8.25 | % | 04/01/15 | 478,750 | |||||||||||
500,000 | Freeport-McMoRan Copper & Gold, Inc. | 8.38 | % | 04/01/17 | 467,500 | |||||||||||
1,000,000 | General Electric Capital Corp.(a) | 1.36 | % | 03/12/10 | 958,190 | |||||||||||
1,950,000 | General Electric Capital Corp.(a) | 1.62 | % | 02/01/11 | 1,766,158 | |||||||||||
250,000 | General Electric Capital Corp. | 5.88 | % | 02/15/12 | 248,169 | |||||||||||
1,000,000 | General Electric Capital Corp. | 5.25 | % | 10/19/12 | 962,717 | |||||||||||
500,000 | General Electric Capital Corp. | 5.45 | % | 01/15/13 | 481,505 | |||||||||||
1,000,000 | General Electric Capital Corp.(a) | 1.39 | % | 05/08/13 | 777,218 | |||||||||||
250,000 | Goldman Sachs Group, Inc. | 7.35 | % | 10/01/09 | 253,110 | |||||||||||
1,500,000 | Goldman Sachs Group, Inc. | 4.50 | % | 06/15/10 | 1,496,785 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc. | 5.00 | % | 01/15/11 | 992,649 | |||||||||||
1,250,000 | Goldman Sachs Group, Inc. | 6.88 | % | 01/15/11 | 1,263,184 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc. | 6.60 | % | 01/15/12 | 998,660 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc. | 5.70 | % | 09/01/12 | 970,236 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 2,000,000 | Honeywell International, Inc.(a) | 1.22 | % | 07/27/09 | $ | 2,000,976 | |||||||||
500,000 | Household Finance Corp. | 7.00 | % | 05/15/12 | 401,351 | |||||||||||
1,900,000 | Household Finance Corp.(a) | 2.23 | % | 11/10/13 | 1,064,000 | |||||||||||
2,000,000 | HSBC Finance Corp. | 5.00 | % | 06/30/15 | 1,481,988 | |||||||||||
950,000 | IBM Corp. | 8.38 | % | 11/01/19 | 1,135,489 | |||||||||||
1,000,000 | IBM International Group Capital(a) | 1.52 | % | 07/29/09 | 1,001,678 | |||||||||||
294,000 | International Lease Finance Corp. | 4.88 | % | 09/01/10 | 214,769 | |||||||||||
450,000 | John Hancock(c) | 7.38 | % | 02/15/24 | 442,189 | |||||||||||
2,000,000 | JPMorgan Chase & Co.(a) | 0.58 | % | 05/07/10 | 1,958,070 | |||||||||||
2,000,000 | JPMorgan Chase & Co. | 6.75 | % | 02/01/11 | 2,038,784 | |||||||||||
1,350,000 | JPMorgan Chase & Co. | 6.63 | % | 03/15/12 | 1,318,598 | |||||||||||
1,000,000 | Kansas City Southern | 7.50 | % | 06/15/09 | 1,000,000 | |||||||||||
500,000 | Kraft Foods, Inc. | 6.25 | % | 06/01/12 | 527,568 | |||||||||||
750,000 | Land O’Lakes, Inc. | 9.00 | % | 12/15/10 | 752,812 | |||||||||||
1,500,000 | Marathon Oil Corp. | 6.50 | % | 02/15/14 | 1,522,920 | |||||||||||
1,000,000 | Massey Energy Co.(b) | 6.63 | % | 11/15/10 | 993,520 | |||||||||||
1,100,000 | Merrill Lynch & Co.(a) | 2.14 | % | 05/05/14 | 851,411 | |||||||||||
750,000 | MGM MIRAGE, Inc. | 6.00 | % | 10/01/09 | 405,000 | |||||||||||
2,400,000 | Morgan Stanley(a) | 1.37 | % | 01/15/10 | 2,295,547 | |||||||||||
250,000 | Morgan Stanley | 4.25 | % | 05/15/10 | 243,067 | |||||||||||
1,000,000 | Morgan Stanley | 4.75 | % | 04/01/14 | 817,577 | |||||||||||
1,000,000 | Motorola, Inc. | 7.63 | % | 11/15/10 | 950,234 | |||||||||||
400,000 | New Jersey Bell Telephone | 7.85 | % | 11/15/29 | 372,293 | |||||||||||
500,000 | Newfield Exploration Co. | 7.13 | % | 05/15/18 | 442,500 | |||||||||||
122,000 | NLV Financial Corp.(c) | 6.50 | % | 03/15/35 | 78,339 | |||||||||||
2,000,000 | Oracle Corp.(a) | 1.30 | % | 05/14/10 | 1,985,556 | |||||||||||
1,000,000 | Peabody Energy Corp. | 6.88 | % | 03/15/13 | 975,000 | |||||||||||
500,000 | Pfizer, Inc. | 4.45 | % | 03/15/12 | 513,576 | |||||||||||
1,000,000 | Pfizer, Inc. | 5.35 | % | 03/15/15 | 1,055,046 | |||||||||||
600,000 | PPG Industries, Inc. | 5.75 | % | 03/15/13 | 610,984 | |||||||||||
1,750,000 | PPL Energy Supply LLC | 6.50 | % | 05/01/18 | 1,537,924 | |||||||||||
1,000,000 | Procter & Gamble Co. | 6.88 | % | 09/15/09 | 1,027,026 | |||||||||||
500,000 | Prudential Financial, Inc. | 4.75 | % | 06/13/15 | 363,620 | |||||||||||
225,000 | PSEG Energy Holdings LLC | 8.50 | % | 06/15/11 | 221,405 | |||||||||||
500,000 | R.R. Donnelley & Sons Co. | 4.95 | % | 04/01/14 | 375,161 | |||||||||||
750,000 | RadioShack Corp. | 7.38 | % | 05/15/11 | 714,375 | |||||||||||
750,000 | Rent-A-Center, Inc.(b) | 7.50 | % | 05/01/10 | 733,125 | |||||||||||
1,000,000 | Reynolds American, Inc. | 6.50 | % | 07/15/10 | 1,002,256 | |||||||||||
250,000 | Rio Tinto Finance USA, Ltd. - YD | 5.88 | % | 07/15/13 | 224,179 | |||||||||||
250,000 | Rogers Communications, Inc. - YD | 8.00 | % | 12/15/12 | 252,188 | |||||||||||
500,000 | Ryder System, Inc. | 5.85 | % | 03/01/14 | 455,486 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
$ | 382,000 | Sears Roebuck Acceptance Corp. | 6.25 | % | 05/01/09 | $ | 378,965 | |||||||||
500,000 | Sempra Energy | 6.00 | % | 02/01/13 | 507,996 | |||||||||||
500,000 | Simon Property Group LP | 4.88 | % | 03/18/10 | 478,818 | |||||||||||
500,000 | Simon Property Group LP | 5.00 | % | 03/01/12 | 425,613 | |||||||||||
500,000 | Simon Property Group LP | 5.75 | % | 05/01/12 | 432,494 | |||||||||||
1,000,000 | SLM Corp. | 4.20 | % | 09/15/09 | 933,755 | |||||||||||
1,000,000 | Smithfield Foods, Inc.(b) | 8.00 | % | 10/15/09 | 995,000 | |||||||||||
450,000 | SUPERVALU, Inc. | 7.88 | % | 08/01/09 | 450,563 | |||||||||||
1,000,000 | Telecom Italia Capital - YD | 4.00 | % | 01/15/10 | 984,783 | |||||||||||
350,000 | Telefonica de Argentina - YD | 9.13 | % | 11/07/10 | 336,000 | |||||||||||
500,000 | Tennessee Gas Pipeline | 7.00 | % | 10/15/28 | 425,329 | |||||||||||
500,000 | Tesoro Corp. | 6.63 | % | 11/01/15 | 395,000 | |||||||||||
2,000,000 | The Home Depot, Inc. | 5.20 | % | 03/01/11 | 2,011,456 | |||||||||||
2,000,000 | The Home Depot, Inc. | 5.25 | % | 12/16/13 | 1,948,698 | |||||||||||
400,000 | The Western Union Co. | 5.40 | % | 11/17/11 | 407,868 | |||||||||||
750,000 | The Western Union Co. | 5.93 | % | 10/01/16 | 695,290 | |||||||||||
250,000 | The Williams Cos., Inc. | 7.13 | % | 09/01/11 | 248,750 | |||||||||||
750,000 | Transocean, Ltd. - YD | 5.25 | % | 03/15/13 | 751,884 | |||||||||||
155,000 | Union Carbide Corp. | 6.70 | % | 04/01/09 | 155,001 | |||||||||||
1,000,000 | UnitedHealth Group, Inc. | 5.50 | % | 11/15/12 | 998,487 | |||||||||||
500,000 | UnitedHealth Group, Inc. | 4.88 | % | 02/15/13 | 486,992 | |||||||||||
1,000,000 | Verizon Communications, Inc. | 6.88 | % | 06/15/12 | 1,061,451 | |||||||||||
410,000 | Verizon Communications, Inc. | 8.30 | % | 08/01/31 | 398,986 | |||||||||||
500,000 | Verizon Pennsylvania | 5.65 | % | 11/15/11 | 513,297 | |||||||||||
2,000,000 | Wachovia Corp.(a) | 1.36 | % | 08/01/13 | 1,472,010 | |||||||||||
1,000,000 | Walt Disney Co.(a) | 1.15 | % | 07/16/10 | 987,566 | |||||||||||
500,000 | Xerox Corp. | 7.13 | % | 06/15/10 | 510,314 | |||||||||||
500,000 | Xerox Corp. | 7.63 | % | 06/15/13 | 446,185 | |||||||||||
Total Corporate Bonds (Cost $123,194,943) | 115,344,934 | |||||||||||||||
U.S. Government And U.S. Government Agency Bonds (1.9)% | ||||||||||||||||
1,000,000 | Fannie Mae | 5.25 | % | 08/01/12 | 1,046,990 | |||||||||||
825,000 | Fannie Mae | 5.13 | % | 01/02/14 | 852,646 | |||||||||||
750,000 | Fannie Mae | 5.00 | % | 07/09/18 | 750,694 | |||||||||||
Total U.S. Government And U.S. Government Agency Bonds (Cost $2,536,435) | 2,650,330 | |||||||||||||||
Foreign Government Bond (0.4)% | ||||||||||||||||
500,000 | Republic of South Africa - YD | 6.50 | % | 06/02/14 | 500,000 | |||||||||||
Total Foreign Government Bonds (Cost $515,487) | 500,000 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
U.S. Treasury Inflation Protected Bonds (7.8)% | ||||||||||||||||
$ | 2,000,000 | Treasury Inflation Protected Security | 0.63 | % | 04/15/13 | $ | 1,974,427 | |||||||||
4,000,000 | Treasury Inflation Protected Security | 1.63 | % | 01/15/15 | 4,467,351 | |||||||||||
4,000,000 | Treasury Inflation Protected Security | 2.00 | % | 01/15/16 | 4,389,544 | |||||||||||
Total U.S. Treasury Inflation Protected Bonds (Cost $10,419,330) | 10,831,322 | |||||||||||||||
Closed-End Investment Company (0.2)% | ||||||||||||||||
30,000 | Blackrock Income Trust | 179,700 | ||||||||||||||
Total Closed-End Investment Company (Cost $183,665) | 179,700 | |||||||||||||||
Exchange Traded Funds (1.0)% | ||||||||||||||||
15,000 | iShares iBoxx $ Investment Grade Corporate Bond Fund | 1,411,800 | ||||||||||||||
Total Exchange Traded Funds (Cost $1,395,762) | 1,411,800 | |||||||||||||||
Short-Term Investment (3.3)% | ||||||||||||||||
$ | 4,603,987 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 4,603,987 | |||||||||||||
Total Short-Term Investments (Cost $4,603,987) | 4,603,987 | |||||||||||||||
Other Securities (1.6)% | ||||||||||||||||
2,230,599 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 2,230,599 | ||||||||||||||
Total Other Securities (Cost $2,230,599) | 2,230,599 | |||||||||||||||
Total Investments 99.3% (Cost $145,080,208) | 137,752,672 | |||||||||||||||
Other Assets Less Liabilities 0.7% | 990,235 | |||||||||||||||
Net Assets 100.0% | $ | 138,742,907 | ||||||||||||||
The accompanying notes are an integral part of the financial statements.
(a) | Variable or Floating Rate Security. Rate disclosed is as of March 31, 2009. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
(c) | Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2009 was $770,750, which represented 0.56% of the Fund’s net assets. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
YD | Yankee Dollar Bond |
ICON Bond Fund
Credit Quality Composition
March 31, 2009
(Unaudited)
Credit Quality Composition
March 31, 2009
(Unaudited)
Aa1 | 2.1% | |||
Aa2 | 4.8% | |||
Aa3 | 2.2% | |||
A1 | 13.7% | |||
A2 | 15.3% | |||
A3 | 11.0% | |||
Baa1 | 7.9% | |||
Baa2 | 10.9% | |||
Baa3 | 4.1% | |||
Ba1 | 2.2% | |||
Ba2 | 1.5% | |||
Ba3 | 3.6% | |||
B1 | 0.3% | |||
B2 | 2.2% | |||
B3 | 1.0% | |||
Caa2 | 0.3% | |||
83.1% | ||||
Percentages are based upon 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, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (96.6)% | ||||||||
36,800 | Accenture, Ltd. - Class A | $ | 1,011,632 | |||||
50,000 | Annaly Capital Management, Inc. - REIT(b) | 693,500 | ||||||
48,800 | Apogee Enterprises, Inc.(b) | 535,824 | ||||||
108,700 | Arch Coal, Inc. | 1,453,319 | ||||||
48,100 | Arrow Electronics, Inc.(a) | 916,786 | ||||||
74,500 | AT&T, Inc. | 1,877,400 | ||||||
34,500 | Automatic Data Processing, Inc.(b) | 1,213,020 | ||||||
52,300 | Avnet, Inc.(a) | 915,773 | ||||||
27,000 | Bank of New York Mellon Corp. | 762,750 | ||||||
41,000 | Bristol-Myers Squibb Co.(b) | 898,720 | ||||||
35,500 | Carpenter Technology Corp. | 501,260 | ||||||
48,300 | CEC Entertainment, Inc.(a) | 1,250,004 | ||||||
30,600 | Chevron Corp. | 2,057,544 | ||||||
8,400 | China Mobile, Ltd. - ADR | 365,568 | ||||||
55,400 | CIGNA Corp. | 974,486 | ||||||
104,100 | Cisco Systems, Inc.(a) | 1,745,757 | ||||||
86,600 | Comcast Corp. - Class A | 1,181,224 | ||||||
30,000 | Comerica, Inc. | 549,300 | ||||||
76,000 | Commercial Metals Co. | 877,800 | ||||||
25,000 | Companhia Vale do Rio Doce - ADR | 332,500 | ||||||
30,400 | Computer Sciences Corp.(a) | 1,119,936 | ||||||
61,700 | CONSOL Energy, Inc. | 1,557,308 | ||||||
19,900 | Deckers Outdoor Corp.(a) | 1,055,496 | ||||||
17,200 | Diamond Offshore Drilling, Inc. | 1,081,192 | ||||||
22,600 | Eli Lilly and Co. | 755,066 | ||||||
30,000 | Exxon Mobil Corp. | 2,043,000 | ||||||
23,800 | Federated Investors, Inc. | 529,788 | ||||||
53,800 | Foster Wheeler AG(a) | 939,886 | ||||||
77,200 | Genco Shipping & Trading, Ltd.(b) | 952,648 | ||||||
4,300 | Google, Inc. - Class A(a) | 1,496,658 | ||||||
39,200 | Guess?, Inc. | 826,336 | ||||||
44,800 | Health Net, Inc.(a) | 648,704 | ||||||
29,300 | Helen of Troy, Ltd.(a) | 402,875 | ||||||
26,900 | Henry Schein, Inc.(a)(b) | 1,076,269 | ||||||
32,200 | Hewlett-Packard Co.(b) | 1,032,332 | ||||||
51,700 | Honeywell International, Inc.(b) | 1,440,362 | ||||||
21,900 | International Business Machines Corp.(b) | 2,121,891 | ||||||
41,200 | Jacobs Engineering Group, Inc.(a) | 1,592,792 | ||||||
35,800 | JPMorgan Chase & Co. | 951,564 | ||||||
32,800 | Merck & Co., Inc. | 877,400 |
Shares or Principal Amount | Value | |||||||
129,700 | MFA Financial, Inc. | $ | 762,636 | |||||
19,400 | MICROS Systems, Inc.(a)(b) | 363,750 | ||||||
65,500 | Microsoft Corp.(b) | 1,203,235 | ||||||
22,300 | Middleby Corp.(a) | 723,189 | ||||||
12,000 | Monsanto Co. | 997,200 | ||||||
85,400 | Morgan Stanley | 1,944,558 | ||||||
16,200 | Murphy Oil Corp. | 725,274 | ||||||
345,400 | Navios Maritime Holdings, Inc.(b) | 794,420 | ||||||
42,900 | Noble Corp. | 1,033,461 | ||||||
33,600 | Northrop Grumman Corp.(b) | 1,466,304 | ||||||
40,900 | Oracle Corp.(a) | 739,063 | ||||||
16,400 | Parker Hannifin Corp. | 557,272 | ||||||
23,700 | Peabody Energy Corp. | 593,448 | ||||||
49,800 | Pfizer, Inc. | 678,276 | ||||||
18,700 | Potash Corp. of Saskatchewan, Inc. | 1,511,147 | ||||||
24,700 | Research In Motion, Ltd.(a) | 1,063,829 | ||||||
4,900 | Rio Tinto PLC - ADR | 656,894 | ||||||
11,700 | Snap-on, Inc. | 293,670 | ||||||
30,500 | StatoilHydro ASA - ADR | 531,920 | ||||||
27,900 | Syngenta AG - ADR | 1,119,069 | ||||||
33,100 | Tech Data Corp.(a) | 720,918 | ||||||
17,300 | The DIRECTV Group, Inc.(a)(b) | 394,267 | ||||||
21,700 | The Goldman Sachs Group, Inc. | 2,300,634 | ||||||
35,700 | The Ryland Group, Inc.(b) | 594,762 | ||||||
23,800 | The Stanley Works(b) | 693,056 | ||||||
43,000 | TJX Cos., Inc. | 1,102,520 | ||||||
25,700 | UnitedHealth Group, Inc. | 537,901 | ||||||
40,900 | Urban Outfitters, Inc.(a) | 669,533 | ||||||
20,200 | V.F. Corp. | 1,153,622 | ||||||
70,100 | Wolverine World Wide, Inc. | 1,092,158 | ||||||
Total Common Stocks (Cost $76,130,751) | 69,633,656 | |||||||
Short-Term Investments (5.9)% | ||||||||
$ | 4,241,460 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 4,241,460 | |||||
Total Short-Term Investments (Cost $4,241,460) | 4,241,460 | |||||||
Other Securities (16.2)% | ||||||||
11,715,974 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 11,715,974 | ||||||
Total Other Securities (Cost $11,715,974) | 11,715,974 | |||||||
Total Investments 118.7% (Cost $92,088,185) | 85,591,090 | |||||||
Liabilities Less Other Assets (18.7)% | (13,477,756 | ) | ||||||
Net Assets 100.0% | $ | 72,113,334 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
ICON Core Equity Fund
Industry Composition
March 31, 2009
(Unaudited)
Industry Composition
March 31, 2009
(Unaudited)
Integrated Oil & Gas | 7.4% | |||
Investment Banking & Brokerage | 5.9% | |||
Fertilizers & Agricultural Chemicals | 5.1% | |||
Coal & Consumable Fuels | 5.0% | |||
Pharmaceuticals | 4.4% | |||
Computer Hardware | 4.3% | |||
Aerospace & Defense | 4.0% | |||
Communications Equipment | 3.9% | |||
Technology Distributors | 3.6% | |||
Apparel Retail | 3.5% | |||
Construction & Engineering | 3.5% | |||
Data Processing & Outsourced Services | 3.3% | |||
Systems Software | 3.2% | |||
Managed Health Care | 3.0% | |||
Footwear | 3.0% | |||
Oil & Gas Drilling | 2.9% | |||
Integrated Telecommunication Services | 2.6% | |||
Marine | 2.4% | |||
Cable & Satellite | 2.2% | |||
Internet Software & Services | 2.1% | |||
Mortgage REITs | 2.1% | |||
Household Appliances | 2.0% | |||
Steel | 1.9% | |||
Asset Management & Custody Banks | 1.8% | |||
Industrial Machinery | 1.8% | |||
Restaurants | 1.7% | |||
Apparel Accessories & Luxury Goods | 1.6% | |||
Health Care Distributors | 1.5% | |||
IT Consulting & Other Services | 1.4% | |||
Diversified Metals & Mining | 1.4% | |||
Other Diversified Financial Services | 1.3% | |||
Other Industries (each less than 1%) | 2.8% | |||
96.6% | ||||
Percentages are based upon net assets.
ICON Core Equity Fund
Sector Composition
March 31, 2009
(Unaudited)
Sector Composition
March 31, 2009
(Unaudited)
Information Technology | 21.8% | |||
Energy | 15.3% | |||
Industrial | 12.4% | |||
Financial | 11.9% | |||
Consumer Discretionary | 10.9% | |||
Health Care | 8.9% | |||
Materials | 8.4% | |||
Leisure & Consumer Staples | 3.9% | |||
Telecommunications & Utilities | 3.1% | |||
96.6% | ||||
Percentages are based upon net assets.
ICON Equity Income Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (73.6)% | ||||||||
20,600 | Abercrombie & Fitch Co. - Class A | $ | 490,280 | |||||
10,600 | ACE, Ltd. | 428,240 | ||||||
16,600 | Alliance Resource Partners LP | 483,060 | ||||||
38,700 | Altria Group, Inc. | 619,974 | ||||||
56,000 | American Eagle Outfitters, Inc. | 685,440 | ||||||
18,700 | Analog Devices, Inc. | 360,349 | ||||||
43,500 | Annaly Capital Management, Inc. - REIT | 603,345 | ||||||
62,500 | Anworth Mortgage Asset Corp. - REIT | 383,125 | ||||||
24,000 | Arch Coal, Inc. | 320,880 | ||||||
20,400 | AT&T, Inc. | 514,080 | ||||||
24,500 | Automatic Data Processing, Inc. | 861,420 | ||||||
10,600 | Banco de Chile - ADR | 377,678 | ||||||
18,900 | Bank of New York Mellon Corp. | 533,925 | ||||||
30,200 | Bristol-Myers Squibb Co. | 661,984 | ||||||
12,800 | Chevron Corp. | 860,672 | ||||||
12,700 | Cooper Industries, Ltd. - Class A | 328,422 | ||||||
28,200 | Crane Co. | 476,016 | ||||||
9,100 | Deutsche Bank AG - ADR | 369,915 | ||||||
4,800 | Diamond Offshore Drilling, Inc. | 301,728 | ||||||
11,400 | DTE Energy Co. | 315,780 | ||||||
8,900 | Eaton Corp. | 328,054 | ||||||
20,100 | Federated Investors, Inc. | 447,426 | ||||||
18,400 | Garmin, Ltd. | 390,264 | ||||||
13,400 | Genuine Parts Co. | 400,124 | ||||||
1,200 | Google, Inc. - Class A(a) | 417,672 | ||||||
14,600 | Harsco Corp. | 323,682 | ||||||
19,400 | Hospitality Properties Trust | 232,800 | ||||||
60,700 | Intel Corp. | 913,535 | ||||||
14,400 | International Business Machines Corp. | 1,395,216 | ||||||
28,900 | Intersil Corp. | 332,350 | ||||||
63,600 | Jabil Circuit, Inc. | 353,616 | ||||||
41,200 | Lan Airlines S.A. - ADR | 344,432 | ||||||
34,300 | Leggett & Platt, Inc. | 445,557 | ||||||
36,900 | Mattel, Inc. | 425,457 | ||||||
21,700 | Maxim Integrated Products, Inc. | 286,657 | ||||||
27,900 | MeadWestvaco Corp. | 334,521 | ||||||
37,000 | Merck & Co., Inc. | 989,750 | ||||||
79,700 | MFA Financial, Inc. | 468,636 | ||||||
44,300 | Morgan Stanley | 1,008,711 | ||||||
160,900 | Navios Maritime Holdings, Inc. | 370,070 | ||||||
10,600 | Noble Corp. | 255,354 | ||||||
33,300 | Nordstrom, Inc. | 557,775 | ||||||
13,100 | Northrop Grumman Corp. | 571,684 | ||||||
8,100 | Nucor Corp. | 309,177 | ||||||
7,600 | Occidental Petroleum Corp. | 422,940 | ||||||
49,400 | Oshkosh Truck Corp. | 332,956 | ||||||
38,500 | Partner Communications Co., Ltd. - ADR | 582,120 | ||||||
38,500 | PepsiAmericas, Inc. | 664,125 | ||||||
16,500 | Pitney Bowes, Inc. | 385,275 | ||||||
12,000 | Progress Energy, Inc. | 435,120 | ||||||
11,200 | Questar Corp. | 329,616 | ||||||
15,500 | Reynolds American, Inc. | 555,520 | ||||||
13,600 | Sasol - ADR | 393,720 | ||||||
48,000 | Seaspan Corp. | 394,560 | ||||||
47,000 | Steel Dynamics, Inc. | 414,070 | ||||||
20,500 | Sun Life Financial, Inc. | 366,130 | ||||||
28,500 | Sysco Corp. | 649,800 |
Shares or Principal Amount | Value | |||||||
29,444 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | $ | 263,524 | |||||
25,400 | Teekay Shipping Corp. | 361,442 | ||||||
8,800 | The Home Depot, Inc. | 207,328 | ||||||
15,400 | The Stanley Works | 448,448 | ||||||
13,200 | The Thomson Corp. | 335,016 | ||||||
9,400 | United Parcel Service, Inc. - Class B | 462,668 | ||||||
11,200 | V.F. Corp. | 639,632 | ||||||
17,000 | Verizon Communications, Inc. | 513,400 | ||||||
16,100 | Watsco, Inc. | 547,883 | ||||||
22,600 | Williams-Sonoma, Inc. | 227,808 | ||||||
38,300 | Worthington Industries, Inc. | 333,593 | ||||||
34,100 | Xcel Energy, Inc. | 635,283 | ||||||
Total Common Stocks (Cost $35,961,559) | 32,780,810 | |||||||
Preferred Stocks (0.9)% | ||||||||
14,900 | Bank of America Corp., 8.63% | 155,705 | ||||||
13,200 | Wells Fargo Capital XII, 7.88% | 247,500 | ||||||
Total Preferred Stocks (Cost $632,453) | 403,205 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (6.9)% | ||||||||||||||||
$ | 250,000 | Bank of America Corp. | 5.38 | % | 9/11/12 | $ | 230,888 | |||||||||
250,000 | Boston Scientific Corp. | 6.00 | % | 6/15/11 | 242,500 | |||||||||||
500,000 | Comcast Cable Communications Holdings | 8.38 | % | 3/15/13 | 534,715 | |||||||||||
600,000 | Daimler Finance NA | 6.50 | % | 11/15/13 | 543,632 | |||||||||||
750,000 | General Electric Capital Corp. - Series A | 6.00 | % | 6/15/12 | 739,444 | |||||||||||
1,038,000 | Household Finance Corp. | 4.75 | % | 7/15/13 | 765,142 | |||||||||||
Total Corporate Bonds (Cost $3,463,537) | 3,056,321 | |||||||||||||||
Convertible Corporate Bonds (2.8)% | ||||||||||||||||
500,000 | LSI Corp. | 4.00 | % | 5/15/10 | 475,625 | |||||||||||
600,000 | Molina Healthcare, Inc. - Series H | 3.75 | % | 10/1/14 | 408,000 | |||||||||||
500,000 | Xilinx, Inc. | 3.13 | % | 3/15/37 | 369,375 | |||||||||||
Total Convertible Corporate Bonds (Cost $1,559,570) | 1,253,000 | |||||||||||||||
Sovereign Agency (1.6)% | ||||||||||||||||
500,000 | Financing Corp. | 9.40 | % | 2/8/18 | 733,272 | |||||||||||
Total Sovereign Agency (Cost $662,281) | 733,272 | |||||||||||||||
U.S. Government And U.S. Government Agency Bonds (2.6)% | ||||||||||||||||
1,000,000 | Freddie Mac | 5.50 | % | 7/18/16 | 1,135,495 | |||||||||||
Total U.S. Government And U.S. Government Agency Bonds (Cost $1,075,499) | 1,135,495 |
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
Call Options Purchased (0.5)% | ||||||||
Arrow Electronics, Inc., Expiration June 2009, Exercise price $17.50 | 294 | $ | 88,935 | |||||
Health Net, Inc., Expiration January 2010, Exercise price $20.00 | 227 | 42,563 | ||||||
Potash Corp. of Saskatchewan, Inc. Expiration January 2010, Exercise price $90.00 | 56 | 88,480 | ||||||
Total Call Options Purchased (Cost $212,306) | 219,978 | |||||||
Put Options Purchased (0.0%) | ||||||||
Financial Select Sector SPDR, Expiration April 2009, Exercise price $6.00 | 740 | 5,180 | ||||||
Total Put Options Purchased (Cost $64,151) | 5,180 |
Shares or Principal Amount | Value | |||||||
Exchange Traded Funds (9.4)% | ||||||||
13,100 | iShares iBoxx $ High Yield Corporate Bond Fund | $ | 888,180 | |||||
31,600 | iShares S&P U.S. Preferred Stock Index Fund | 720,164 | ||||||
99,300 | PowerShares Financial Preferred Portfolio | 934,413 | ||||||
57,500 | PowerShares High Yield Corporate Bond Portfolio | 836,625 | ||||||
27,700 | SPDR Barclays Capital High Yield Bond ETF | 815,488 | ||||||
Total Exchange Traded Funds (Cost $4,288,494) | 4,194,870 | |||||||
Short-Term Investments (0.2)% | ||||||||
$ | 101,912 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 101,912 | |||||
Total Short-Term Investments (Cost $101,912) | 101,912 | |||||||
Total Investments 98.5% (Cost $48,021,762) | 43,884,043 | |||||||
Other Assets Less Liabilities 1.5% | 648,660 | |||||||
Net Assets 100.0% | $ | 44,532,703 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
* | All options have 100 shares per contract. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
ICON Equity Income Fund
Industry Composition
March 31, 2008
(Unaudited)
Industry Composition
March 31, 2008
(Unaudited)
Semiconductors | 6.7% | |||
Other Diversified Financial Services | 4.2% | |||
Integrated Oil & Gas | 3.8% | |||
Pharmaceuticals | 3.7% | |||
Mortgage REITs | 3.4% | |||
Computer Hardware | 3.1% | |||
Apparel Retail | 2.6% | |||
Tobacco | 2.6% | |||
Industrial Machinery | 2.5% | |||
Integrated Telecommunication Services | 2.4% | |||
Steel | 2.3% | |||
Investment Banking & Brokerage | 2.3% | |||
Asset Management & Custody Banks | 2.2% | |||
Multi-Utilities | 2.1% | |||
Data Processing & Outsourced Services | 1.9% | |||
Coal & Consumable Fuels | 1.8% | |||
Marine | 1.7% | |||
Soft Drinks | 1.5% | |||
Food Distributors | 1.5% | |||
Apparel Accessories & Luxury Goods | 1.4% | |||
Diversified Banks | 1.4% | |||
Wireless Telecommunication Services | 1.3% | |||
Aerospace & Defense | 1.3% | |||
Department Stores | 1.3% | |||
Oil & Gas Drilling | 1.3% | |||
Trading Companies & Distributors | 1.2% | |||
Automobile Manufacturers | 1.2% | |||
Cable & Satellite | 1.2% | |||
Air Freight & Logistics | 1.0% | |||
Household Appliances | 1.0% | |||
Home Furnishings | 1.0% | |||
Electric Utilities | 1.0% | |||
Property & Casualty Insurance | 1.0% | |||
Leisure Products | 1.0% | |||
Other Industries (each less than 1)% | 14.8% | |||
84.7% | ||||
Percentages are based upon all investments excluding Sovereign Agency, U.S. Government Bonds, U.S. Government Agency Bonds and Exchange Traded Funds as a percentage of net assets.
ICON Equity Income Fund
Sector Composition
Sector Composition
March 31, 2009
(Unaudited)
Financial | 16.6% | |||
Information Technology | 13.6% | |||
Consumer Discretionary | 11.3% | |||
Industrial | 10.8% | |||
Leisure & Consumer Staples | 8.6% | |||
Energy | 7.7% | |||
Telecommunications & Utilities | 7.5% | |||
Health Care | 5.3% | |||
Materials | 3.3% | |||
84.7% | ||||
Percentages are based upon all investments excluding Sovereign Agency, U.S. Government Bonds, U.S. Government Agency Bonds and Exchange Traded Funds as a percentage of net assets.
ICON Income Opportunity Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.3)% | ||||||||
20,300 | Abercrombie & Fitch Co. - Class A(b)x | $ | 483,140 | |||||
21,800 | Accenture, Ltd. - Class Ax | 599,282 | ||||||
10,800 | Aetna, Inc.x | 262,764 | ||||||
22,300 | AGL Resources, Inc. | 591,619 | ||||||
18,300 | Albemarle Corp.(b) | 398,391 | ||||||
9,000 | Allergan, Inc.x | 429,840 | ||||||
7,800 | Alliance Resource Partners LPx | 226,980 | ||||||
15,700 | Altria Group, Inc. | 251,514 | ||||||
18,800 | Annaly Capital Management, Inc. - REIT(b) | 260,756 | ||||||
31,900 | Anworth Mortgage Asset Corp. - REIT | 195,547 | ||||||
18,900 | Archer Daniels Midland Co.(b) | 525,042 | ||||||
25,200 | Arrow Electronics, Inc.(a) | 480,312 | ||||||
23,600 | AT&T, Inc.x | 594,720 | ||||||
7,000 | Baxter International, Inc.x | 358,540 | ||||||
11,800 | Bemis Co., Inc. | 247,446 | ||||||
61,600 | Bristol-Myers Squibb Co.x | 1,350,272 | ||||||
4,700 | Bunge, Ltd.(b) | 266,255 | ||||||
11,800 | Cardinal Health, Inc.x | 371,464 | ||||||
13,200 | CEC Entertainment, Inc.(a)(b) | 341,616 | ||||||
12,700 | Chevron Corp.x | 853,948 | ||||||
11,700 | Cintas Corp. | 289,224 | ||||||
27,900 | Cognizant Technology Solutions Corp.(a)x | 580,041 | ||||||
21,200 | Comcast Corp. - Class A | 289,168 | ||||||
12,300 | Computer Sciences Corp.(a)x | 453,132 | ||||||
12,300 | CONSOL Energy, Inc.x | 310,452 | ||||||
22,700 | Consolidated Graphics, Inc.(a)(b) | 288,744 | ||||||
19,600 | Cooper Industries, Ltd. - Class A(b) | 506,856 | ||||||
3,800 | Deutsche Bank AG - ADR | 154,470 | ||||||
4,300 | Diamond Offshore Drilling, Inc. | 270,298 | ||||||
9,100 | Diana Shipping, Inc. | 107,289 | ||||||
41,300 | DPL, Inc. | 930,902 | ||||||
18,076 | Eli Lilly and Co.x | 603,919 | ||||||
11,700 | EMCOR Group, Inc.(a) | 200,889 | ||||||
3,200 | Everest Re Group, Ltd.(b) | 226,560 | ||||||
6,500 | Express Scripts, Inc.(a) | 300,105 | ||||||
17,900 | Exxon Mobil Corp.x | 1,218,990 | ||||||
3,300 | First Solar, Inc.(a)(b) | 437,910 | ||||||
14,000 | Fiserv, Inc.(a) | 510,440 | ||||||
9,900 | Garmin, Ltd. | 209,979 | ||||||
16,200 | Genco Shipping & Trading, Ltd.(b) | 199,908 | ||||||
3,100 | Google, Inc. - Class A(a)x | 1,078,986 | ||||||
12,200 | Guess?, Inc. | 257,176 | ||||||
15,900 | Harris Corp.x | 460,146 | ||||||
7,400 | Hess Corp. | 401,080 | ||||||
10,700 | Hubbell, Inc. - Class Bx | 288,472 | ||||||
3,000 | Huron Consulting Group, Inc.(a)(b) | 127,290 | ||||||
86,600 | Intel Corp.(b) | 1,303,330 | ||||||
14,100 | International Business Machines Corp.(b)x | 1,366,149 | ||||||
14,300 | Jacobs Engineering Group, Inc.(a)x | 552,838 | ||||||
6,500 | Jos. A. Bank Clothiers, Inc.(a) | 180,765 | ||||||
26,500 | JPMorgan Chase & Co.x | 704,370 | ||||||
12,600 | KB Home(b) | 166,068 | ||||||
15,200 | Lennox International, Inc.x | 402,192 |
Shares or Principal Amount | Value | |||||||
5,200 | Lockheed Martin Corp.x | $ | 358,956 | |||||
3,400 | Mastercard, Inc. - Class Ax | 569,432 | ||||||
7,800 | Medco Health Solutions, Inc.(a) | 322,452 | ||||||
23,342 | Merck & Co., Inc.x | 624,399 | ||||||
26,800 | Microsoft Corp.(b) | 492,316 | ||||||
17,000 | Morgan Stanleyx | 387,090 | ||||||
5,700 | MSC Industrial Direct Co., Inc. - Class A | 177,099 | ||||||
6,100 | Murphy Oil Corp.x | 273,097 | ||||||
10,900 | Nordstrom, Inc.(b) | 182,575 | ||||||
3,300 | Northern Trust Corp.x | 197,406 | ||||||
3,500 | O’Reilly Automotive, Inc.(a)(b) | 122,535 | ||||||
12,800 | Occidental Petroleum Corp.x | 712,320 | ||||||
5,200 | PartnerRe, Ltd. | 322,764 | ||||||
14,400 | PepsiAmericas, Inc. | 248,400 | ||||||
4,600 | PepsiCo, Inc. | 236,808 | ||||||
41,200 | Pfizer, Inc. | 561,144 | ||||||
22,400 | Pinnacle West Capital Corp.(b) | 594,944 | ||||||
2,900 | Potash Corp. of Saskatchewan, Inc. | 234,349 | ||||||
9,600 | Quest Diagnostics, Inc.(b) | 455,808 | ||||||
7,200 | Sasol - ADR | 208,440 | ||||||
11,400 | Schnitzer Steel Industries, Inc. | 357,846 | ||||||
10,200 | Sonoco Products Co. | 213,996 | ||||||
4,400 | Southwestern Energy Co.(a) | 130,636 | ||||||
11,800 | Sunoco, Inc.(b)x | 312,464 | ||||||
15,800 | Sysco Corp.x | 360,240 | ||||||
16,100 | Teekay LNG Partners LP | 270,319 | ||||||
11,500 | The Coca-Cola Co. | 505,425 | ||||||
9,800 | The Goldman Sachs Group, Inc.x | 1,038,996 | ||||||
12,900 | The Home Depot, Inc.(b) | 303,924 | ||||||
13,900 | The Mosaic Co. | 583,522 | ||||||
14,800 | The Ryland Group, Inc. | 246,568 | ||||||
18,500 | The Valspar Corp.x | 369,445 | ||||||
11,300 | TJX Cos., Inc. | 289,732 | ||||||
19,200 | Tower Group, Inc. | 472,896 | ||||||
4,700 | Transocean, Ltd.(a) | 276,548 | ||||||
11,300 | United Technologies Corp.x | 485,674 | ||||||
12,200 | UnitedHealth Group, Inc.x | 255,346 | ||||||
6,100 | URS Corp.(a) | 246,501 | ||||||
10,900 | V.F. Corp.x | 622,499 | ||||||
20,300 | Verizon Communications, Inc. | 613,060 | ||||||
12,000 | Visa, Inc. - Class A(b)x | 667,200 | ||||||
13,700 | Wal-Mart Stores, Inc. | 713,770 | ||||||
9,100 | Willis Group Holdings, Ltd. | 200,200 | ||||||
Total Common Stocks (Cost $46,458,033) | 41,286,727 | |||||||
Exchange Traded Funds (1.7)% | ||||||||
19,600 | iShares S&P U.S. Preferred Stock Index Fund(b) | 446,684 | ||||||
25,700 | PowerShares Financial Preferred Portfolio | 241,837 | ||||||
Total Exchange Traded Funds (Cost $687,784) | 688,521 |
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
Put Options Purchased (0.6)% | ||||||||
S&P 500 Index, Expiration May 2009, Exercise price $680.00 | 185 | 239,575 | ||||||
Total Put Options Purchased (Cost $302,170) | 239,575 |
Shares or Principal Amount | Value | |||||||
Short-Term Investments (7.5)% | ||||||||
$ | 3,114,384 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 3,114,384 | |||||
Total Short-Term Investments (Cost $3,114,384) | 3,114,384 |
Shares or Principal Amount | Value | |||||||
Other Securities (16.0%) | ||||||||
6,658,842 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | $ | 6,658,842 | |||||
Total Other Securities (Cost $6,658,842) | 6,658,842 | |||||||
Total Investments 125.1% (Cost $57,221,213) | 51,988,049 | |||||||
Liabilities Less Other Assets (25.1)% | (10,430,534 | ) | ||||||
Net Assets 100.0% | $ | 41,557,515 | ||||||
The accompanying notes are an integral part of the financial statements. | ||
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
x | Portion of security is pledged as collateral for call options written. | |
* | All options have 100 shares per contract. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
Schedule of Written Call Options
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
S&P 500 Index, | ||||||||
Expiration May 2009, Exercise price $835.00 | 525 | $ | 1,338,750 | |||||
Total Options Written (Premiums received $1,300,241) | $ | 1,338,750 | ||||||
The accompanying notes are an integral part of the financial statements. | ||
* | All options have 100 shares per contract. |
ICON Income Opportunity Fund
Industry Composition
March 31, 2009
(Unaudited)
Industry Composition
March 31, 2009
(Unaudited)
Integrated Oil & Gas | 8.9% | |||
Pharmaceuticals | 8.5% | |||
Data Processing & Outsourced Services | 5.3% | |||
Electric Utilities | 3.6% | |||
Investment Banking & Brokerage | 3.4% | |||
Computer Hardware | 3.3% | |||
Semiconductors | 3.1% | |||
Electrical Components & Equipment | 3.0% | |||
Apparel Retail | 2.9% | |||
Integrated Telecommunication Services | 2.9% | |||
IT Consulting & Other Services | 2.8% | |||
Internet Software & Services | 2.6% | |||
Health Care Services | 2.6% | |||
Construction & Engineering | 2.4% | |||
Soft Drinks | 2.4% | |||
Aerospace & Defense | 2.1% | |||
Fertilizers & Agricultural Chemicals | 2.0% | |||
Agricultural Products | 1.9% | |||
Specialty Chemicals | 1.9% | |||
Hypermarkets & Super Centers | 1.7% | |||
Other Diversified Financial Services | 1.7% | |||
Apparel Accessories & Luxury Goods | 1.5% | |||
Gas Utilities | 1.4% | |||
Reinsurance | 1.3% | |||
Oil & Gas Drilling | 1.3% | |||
Coal & Consumable Fuels | 1.2% | |||
Managed Health Care | 1.2% | |||
Systems Software | 1.2% | |||
Technology Distributors | 1.2% | |||
Property & Casualty Insurance | 1.1% | |||
Paper Packaging | 1.1% | |||
Communications Equipment | 1.1% | |||
Mortgage REITs | 1.1% | |||
Homebuilding | 1.0% | |||
Building Products | 1.0% | |||
Other Industries (each less than 1%) | 13.6% | |||
99.3% | ||||
Percentages are based upon net assets.
ICON Income Opportunity Fund
Sector Composition
March 31, 2009
(Unaudited)
Sector Composition
March 31, 2009
(Unaudited)
Information Technology | 20.6% | |||
Health Care | 14.1% | |||
Energy | 13.1% | |||
Industrial | 11.4% | |||
Financial | 10.0% | |||
Leisure & Consumer Staples | 9.0% | |||
Telecommunications & Utilities | 7.9% | |||
Consumer Discretionary | 7.3% | |||
Materials | 5.9% | |||
99.3% | ||||
Percentages are based upon net assets.
ICON Long/Short Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (90.8)% | ||||||||
22,500 | Abbott Laboratoriesx | $ | 1,073,250 | |||||
9,900 | Aetna, Inc. | 240,867 | ||||||
15,000 | Amedisys, Inc.(a)(b) | 412,350 | ||||||
50,000 | Annaly Capital Management, Inc. - REIT(b) | 693,500 | ||||||
30,000 | Archer Daniels Midland Co.x | 833,400 | ||||||
50,000 | Ashland, Inc.x | 516,500 | ||||||
9,400 | Bristol-Myers Squibb Co. | 206,048 | ||||||
12,000 | Burlington Northern Santa Fe Corp.x | 721,800 | ||||||
30,000 | Carpenter Technology Corp. | 423,600 | ||||||
32,100 | Cash America International, Inc.x | 502,686 | ||||||
10,000 | Chevron Corp.x | 672,400 | ||||||
25,000 | China Mobile, Ltd. - ADRx | 1,088,000 | ||||||
15,000 | Computer Sciences Corp.(a) | 552,600 | ||||||
30,000 | CVS Caremark Corp.x | 824,700 | ||||||
25,000 | Diamond Offshore Drilling, Inc.(b) | 1,571,500 | ||||||
20,000 | Eli Lilly and Co. | 668,200 | ||||||
20,000 | Exxon Mobil Corp.x | 1,362,000 | ||||||
34,000 | Fiserv, Inc.(a)x | 1,239,640 | ||||||
25,000 | Foster Wheeler AG(a)x | 436,750 | ||||||
2,500 | Google, Inc. - Class A(a)x | 870,150 | ||||||
18,000 | Harris Corp. | 520,920 | ||||||
12,000 | Henry Schein, Inc.(a)(b) | 480,120 | ||||||
28,500 | Hewlett-Packard Co.(b) | 913,710 | ||||||
30,000 | Hubbell, Inc. - Class B | 808,800 | ||||||
10,000 | Humana, Inc.(a) | 260,800 | ||||||
15,500 | International Business Machines Corp.(b)x | 1,501,795 | ||||||
10,000 | Jos. A. Bank Clothiers, Inc.(a) | 278,100 | ||||||
16,000 | JPMorgan Chase & Co.x | 425,280 | ||||||
25,000 | Kirby Corp.(a) | 666,000 | ||||||
22,500 | Lender Processing Services, Inc.x | 688,725 | ||||||
25,000 | Loews Corp. | 552,500 | ||||||
15,000 | McKesson Corp. | 525,600 | ||||||
32,700 | Merck & Co., Inc. | 874,725 | ||||||
50,000 | Microsoft Corp.(b)x | 918,500 | ||||||
20,000 | Morgan Stanley | 455,400 | ||||||
25,000 | National Oilwell Varco, Inc.(a)x | 717,750 | ||||||
10,000 | Nike, Inc. - Class B(b) | 468,900 | ||||||
25,000 | Parker Hannifin Corp.x | 849,500 | ||||||
37,900 | PepsiAmericas, Inc.(b) | 653,775 | ||||||
25,000 | Pitney Bowes, Inc.(b) | 583,750 | ||||||
15,000 | Potash Corp. of Saskatchewan, Inc.x | 1,212,150 | ||||||
8,500 | Public Service Enterprise Group, Inc. | 250,495 | ||||||
10,000 | Reliance Steel & Aluminum Co.(b) | 263,300 | ||||||
9,500 | Reynolds American, Inc. | 340,480 | ||||||
22,800 | SkyWest, Inc. | 283,632 | ||||||
35,000 | Sysco Corp.x | 798,000 | ||||||
16,000 | Target Corp. | 550,240 | ||||||
15,000 | The Stanley Works | 436,800 | ||||||
17,500 | Tidewater, Inc.(b)x | 649,775 | ||||||
45,000 | TJX Cos., Inc.x | 1,153,800 | ||||||
20,000 | Transocean, Ltd.(a)x | 1,176,800 | ||||||
21,900 | U.S. Bancorp(b) | 319,959 | ||||||
25,000 | Union Pacific Corp.x | 1,027,750 | ||||||
12,500 | V.F. Corp.x | 713,875 | ||||||
25,000 | Walter Industries, Inc.(b) | 571,750 | ||||||
15,000 | Willis Group Holdings, Ltd. | 330,000 | ||||||
30,000 | Wolverine World Wide, Inc. | 467,400 |
Shares or Principal Amount | Value | |||||||
30,000 | World Acceptance Corp.(a)x | $ | 513,000 | |||||
Total Common Stocks (Cost $48,312,702) | 39,113,797 | |||||||
Preferred Stocks (0.9)% | ||||||||
25,000 | Morgan Stanley Capital Trust VI, 6.60% | 387,250 | ||||||
Total Preferred Stocks (Cost $364,357) | 387,250 |
Interest | Maturity | |||||||||||||||
Shares or Principal Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (5.5)% | ||||||||||||||||
$ | 500,000 | American Express Credit Co. | 5.00 | % | 12/02/10 | $ | 477,627 | |||||||||
500,000 | General Electric Capital Corp. | 1.42 | %(c) | 06/15/09 | 499,170 | |||||||||||
500,000 | Goldman Sachs Group, Inc. | 7.35 | % | 10/01/09 | 506,220 | |||||||||||
500,000 | Morgan Stanley | 1.37 | %(c) | 01/15/10 | 478,239 | |||||||||||
500,000 | Morgan Stanley | 4.75 | % | 04/01/14 | 408,788 | |||||||||||
Total Corporate Bonds (Cost $2,321,473) | 2,370,044 | |||||||||||||||
Short-Term Investments (4.3)% | ||||||||||||||||
1,834,522 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 1,834,522 | ||||||||||||||
Total Short-Term Investments (Cost $1,834,522) | 1,834,522 | |||||||||||||||
Other Securities (13.3)% | ||||||||||||||||
5,745,792 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 5,745,792 | ||||||||||||||
Total Other Securities (Cost $5,745,792) | 5,745,792 | |||||||||||||||
Total Investments 114.8% (Cost $58,578,846) | 49,451,405 | |||||||||||||||
Liabilities Less Other Assets (14.8)% | (6,379,144 | ) | ||||||||||||||
Net Assets 100.0% | $ | 43,072,261 | ||||||||||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
(c) | Variable or Floating Rate Security. Rate disclosed is as of March 31, 2009. | |
x | Portion of security is pledged as collateral for securities sold short. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
ICON Long/Short Fund
Schedule of Securities Sold Short
March 31, 2009 (unaudited)
Schedule of Securities Sold Short
March 31, 2009 (unaudited)
Shares | Short Security | Value | ||||||
5,000 | Anadarko Petroleum Corp. | $ | 194,450 | |||||
7,500 | Delek US Holdings, Inc. | 77,700 | ||||||
27,500 | iShares Russell 3000 Index Fund | 1,264,450 | ||||||
17,500 | iShares S&P Midcap 400 | 851,375 | ||||||
18,000 | iShares S&P Smallcap 600 Index Fund | 656,820 | ||||||
7,500 | Range Resources Corp. | 308,700 | ||||||
5,000 | Sears Holdings Corp.(a) | 228,550 | ||||||
28,000 | SPDR Trust - Series 1 | 2,224,320 | ||||||
10,000 | St. Joe Corp.(a) | 167,400 | ||||||
7,500 | Weyerhaeuser Co. | 206,775 | ||||||
8,000 | Whiting Petroleum Corp.(a) | 206,800 | ||||||
Total Securities Sold Short (Proceeds $7,975,702) | $ | 6,387,340 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. |
ICON Long/Short Fund
Industry Composition
March 31, 2009
(Unaudited)
Industry Composition
March 31, 2009
(Unaudited)
Pharmaceuticals | 6.5% | |||
Oil & Gas Drilling | 6.3% | |||
Data Processing & Outsourced Services | 5.8% | |||
Computer Hardware | 5.6% | |||
Investment Banking & Brokerage | 5.2% | |||
Integrated Oil & Gas | 4.8% | |||
Railroads | 4.1% | |||
Apparel Retail | 3.3% | |||
Other Diversified Financial Services | 3.3% | |||
Oil & Gas Equipment & Services | 3.2% | |||
Fertilizers & Agricultural Chemicals | 2.8% | |||
Wireless Telecommunication Services | 2.5% | |||
Consumer Finance | 2.4% | |||
Health Care Distributors | 2.3% | |||
Footwear | 2.2% | |||
Systems Software | 2.1% | |||
Internet Software & Services | 2.0% | |||
Industrial Machinery | 2.0% | |||
Agricultural Products | 1.9% | |||
Drug Retail | 1.9% | |||
Electrical Components & Equipment | 1.9% | |||
Food Distributors | 1.8% | |||
Apparel Accessories & Luxury Goods | 1.7% | |||
Mortgage REITs | 1.6% | |||
Steel | 1.6% | |||
Marine | 1.5% | |||
Soft Drinks | 1.5% | |||
Office Services & Supplies | 1.3% | |||
Coal & Consumable Fuels | 1.3% | |||
Multi-Line Insurance | 1.3% | |||
General Merchandise Stores | 1.3% | |||
Communications Equipment | 1.2% | |||
Diversified Chemicals | 1.2% | |||
Managed Health Care | 1.2% | |||
Household Appliances | 1.0% | |||
Construction & Engineering | 1.0% | |||
Health Care Services | 1.0% | |||
Other Industries (each less than 1%) | 3.6% | |||
97.2% | ||||
Percentages are based upon long positions excluding short-term investments and other securities as a percentage of net assets.
ICON Long/Short Fund
Sector Composition
March 31, 2009
(Unaudited)
Sector Composition
March 31, 2009
(Unaudited)
Information Technology | 16.7% | |||
Energy | 15.6% | |||
Financial | 15.3% | |||
Industrial | 12.5% | |||
Health Care | 11.0% | |||
Consumer Discretionary | 9.5% | |||
Leisure & Consumer Staples | 7.9% | |||
Materials | 5.6% | |||
Telecommunications & Utilities | 3.1% | |||
97.2% | ||||
Percentages are based upon long positions excluding short-term investments and other securities as a percentage of net assets.
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Statements of Assets and Liabilities
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
ICON | ICON Core | |||||||
Bond Fund | Equity Fund | |||||||
Assets | ||||||||
Investments, at cost | $ | 145,080,208 | $ | 92,088,185 | ||||
Investments, at value† | 137,752,672 | 85,591,090 | ||||||
Deposits for short sales | - | - | ||||||
Receivables: | ||||||||
Fund shares sold | 679,877 | 149,574 | ||||||
Investments sold | 1,872,924 | 411,514 | ||||||
Interest | 1,601,624 | 7,781 | ||||||
Dividends | - | 91,455 | ||||||
Expense reimbursements by Adviser | 28,242 | - | ||||||
Other assets | 36,479 | 42,651 | ||||||
Total Assets | 141,971,818 | 86,294,065 | ||||||
Liabilities | ||||||||
Options written, at value (premiums received of $1,300,241) | - | - | ||||||
Securities sold short, at value (proceeds of $7,975,702) | - | - | ||||||
Payable for income on short positions | - | - | ||||||
Payables: | ||||||||
Due to custodian bank | - | 1,146,162 | ||||||
Interest | - | - | ||||||
Investments bought | 552,919 | 1,036,784 | ||||||
Payable for collateral received on securities loaned | 2,230,599 | 11,715,974 | ||||||
Fund shares redeemed | 309,160 | 163,546 | ||||||
Distributions due to shareholders | 3,340 | - | ||||||
Advisory fees | 67,068 | 44,938 | ||||||
Accrued distribution fees | 30,140 | 30,953 | ||||||
Fund accounting fees | 5,782 | 3,708 | ||||||
Transfer agent fees | 11,988 | 26,335 | ||||||
Administration fees | 5,326 | 2,820 | ||||||
Trustee fees | 6,127 | 8,664 | ||||||
Accrued expenses | 6,462 | 847 | ||||||
Total Liabilities | 3,228,911 | 14,180,731 | ||||||
Net Assets - all share classes | $ | 138,742,907 | $ | 72,113,334 | ||||
Net Assets - Class I | $ | 134,578,854 | $ | 44,101,008 | ||||
Net Assets - Class C | $ | 4,151,626 | $ | 26,000,718 | ||||
Net Assets - Class Z | $ | 12,427 | $ | 755,042 | ||||
Net Assets - Class A | $ | - | $ | 1,256,566 | ||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 147,292,644 | $ | 149,003,381 | ||||
Accumulated undistributed net investment income/(loss) | (297,284 | ) | 1,404,845 | |||||
Accumulated undistributed net realized gain/(loss) from investments, written options and securities sold short transactions | (924,917 | ) | (71,797,797 | ) | ||||
Unrealized appreciation/(depreciation) on investments, written options and securities sold short | (7,327,536 | ) | (6,497,095 | ) | ||||
Net Assets | $ | 138,742,907 | $ | 72,113,334 | ||||
The accompanying notes are an integral part of the financial statements.
ICON Equity | ICON Income | ICON Long/ | ||||||||
Income Fund | Opportunity Fund | Short Fund | ||||||||
$ | 48,021,762 | $ | 57,221,213 | $ | 58,578,846 | |||||
43,884,043 | 51,988,049 | 49,451,405 | ||||||||
- | - | 6,840,820 | ||||||||
106,134 | 147,319 | 12,903 | ||||||||
1,740,194 | - | - | ||||||||
82,765 | 4,512 | 43,678 | ||||||||
223,971 | 61,114 | 88,644 | ||||||||
6,498 | 6,684 | 11,517 | ||||||||
41,870 | 43,666 | 53,697 | ||||||||
46,085,475 | 52,251,344 | 56,502,664 | ||||||||
- | 1,338,750 | - | ||||||||
- | - | 6,387,340 | ||||||||
- | - | 10,779 | ||||||||
- | 2,060,593 | 379,859 | ||||||||
1,849 | 179 | 127 | ||||||||
1,387,701 | 517,607 | - | ||||||||
- | 6,658,842 | 5,745,792 | ||||||||
87,339 | 40,400 | 809,922 | ||||||||
5,438 | 12,190 | - | ||||||||
28,999 | 26,420 | 31,483 | ||||||||
11,345 | 10,570 | 18,476 | ||||||||
3,636 | 3,602 | 2,816 | ||||||||
11,053 | 8,080 | 18,876 | ||||||||
1,728 | 1,565 | 1,444 | ||||||||
5,413 | 5,086 | 5,346 | ||||||||
8,271 | 9,945 | 18,143 | ||||||||
1,552,772 | 10,693,829 | 13,430,403 | ||||||||
$ | 44,532,703 | $ | 41,557,515 | $ | 43,072,261 | |||||
$ | 40,884,478 | $ | 37,780,387 | $ | 25,624,046 | |||||
$ | 3,136,803 | $ | 2,902,424 | $ | 14,935,953 | |||||
$ | 53,774 | $ | 69,482 | $ | 132,581 | |||||
$ | 457,648 | $ | 805,222 | $ | 2,379,681 | |||||
$ | 93,330,397 | $ | 71,281,619 | $ | 115,050,665 | |||||
(76,856 | ) | (28,384 | ) | 34,221 | ||||||
(44,583,119 | ) | (24,424,047 | ) | (64,473,546 | ) | |||||
(4,137,719 | ) | (5,271,673 | ) | (7,539,079 | ) | |||||
$ | 44,532,703 | $ | 41,557,515 | $ | 43,072,261 | |||||
ICON | ICON Core | |||||||
Bond Fund | Equity Fund | |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||
Class I | 14,321,411 | 6,822,596 | ||||||
Class C | 440,994 | 4,341,931 | ||||||
Class Z | 1,325 | 116,768 | ||||||
Class A | - | 201,036 | ||||||
Net asset value (offering and redemption price per share) | ||||||||
Class I | $ | 9.40 | $ | 6.46 | ||||
Class C | $ | 9.41 | $ | 5.99 | ||||
Class Z | $ | 9.38 | $ | 6.47 | ||||
Class A | $ | - | $ | 6.25 | ||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | - | $ | 6.63 | ||||
† Includes securities on loan of | $ | 2,129,889 | $ | 11,552,556 | ||||
The accompanying notes are an integral part of the financial statements.
ICON Equity | ICON Income | ICON Long/ | ||||||||
Income Fund | Opportunity Fund | Short Fund | ||||||||
5,546,043 | 4,469,511 | 2,719,057 | ||||||||
430,780 | 361,773 | 1,654,000 | ||||||||
7,313 | 8,080 | 14,007 | ||||||||
62,527 | 95,535 | 253,797 | ||||||||
$ | 7.37 | $ | 8.45 | $ | 9.42 | |||||
$ | 7.28 | $ | 8.02 | $ | 9.03 | |||||
$ | 7.35 | $ | 8.60 | $ | 9.47 | |||||
$ | 7.32 | $ | 8.43 | $ | 9.38 | |||||
$ | 7.77 | $ | 8.94 | $ | 9.95 | |||||
$ | - | $ | 6,594,161 | $ | 5,643,517 | |||||
Statements of Operations
For the period ended March 31, 2009 (unaudited)
For the period ended March 31, 2009 (unaudited)
ICON | ||||||||
ICON | Core | |||||||
Bond Fund | Equity Fund | |||||||
Investment Income | ||||||||
Interest | $ | 2,533,415 | $ | 6,543 | ||||
Dividends | - | 1,320,523 | ||||||
Income from securities lending, net | 5,596 | 147,586 | ||||||
Foreign taxes withheld | - | (591 | ) | |||||
Total Investment Income | 2,539,011 | 1,474,061 | ||||||
Expenses | ||||||||
Advisory fees | 303,074 | 331,746 | ||||||
Distribution fees: | ||||||||
Class I | 121,326 | 65,623 | ||||||
Class C | 16,799 | 167,877 | ||||||
Class A | - | 1,691 | ||||||
Fund accounting fees | 18,732 | 14,451 | ||||||
Transfer agent fees | 46,363 | 90,827 | ||||||
Administration fees | 24,984 | 21,831 | ||||||
Registration fees | 19,032 | 20,128 | ||||||
Insurance expense | 5,101 | 5,984 | ||||||
Trustee fees and expenses | 7,979 | 5,972 | ||||||
Interest expense | 4,334 | 154 | ||||||
Other expenses | 30,487 | 45,096 | ||||||
Dividends on short positions | - | - | ||||||
Total expenses before expense reimbursement and transfer agent earnings credit | 598,211 | 771,380 | ||||||
Transfer agent earnings credit | (149 | ) | (154 | ) | ||||
Expense reimbursement by Adviser due to expense limitation agreement | (76,145 | ) | - | |||||
Net Expenses | 521,917 | 771,226 | ||||||
Net Investment Income/(Loss) | 2,017,094 | 702,835 | ||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short | ||||||||
Net realized gain/(loss) from investment transactions | 18,462 | (57,049,358 | ) | |||||
Net realized gain from written option transactions | - | - | ||||||
Net realized gain/(loss) from securities sold short | - | - | ||||||
Change in unrealized net appreciation/(depreciation) on investments | (974,175 | ) | (1,621,734 | ) | ||||
Change in unrealized net appreciation/(depreciation) on written options and securities sold short | - | - | ||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short | (955,713 | ) | (58,671,092 | ) | ||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 1,061,381 | $ | (57,968,257 | ) | |||
The accompanying notes are an integral part of the financial statements.
ICON Equity | ICON Income | ICON Long/ | ||||||||
Income Fund | Opportunity Fund | Short Fund | ||||||||
$ | 235,293 | $ | 3,846 | $ | 97,574 | |||||
1,886,546 | 1,069,566 | 1,057,644 | ||||||||
- | 114,242 | 84,628 | ||||||||
- | - | - | ||||||||
2,121,839 | 1,187,654 | 1,239,846 | ||||||||
255,771 | 239,968 | 297,933 | ||||||||
80,411 | 74,452 | 60,622 | ||||||||
16,567 | 16,969 | 91,850 | ||||||||
411 | 922 | 3,785 | ||||||||
11,950 | 11,765 | 12,129 | ||||||||
47,742 | 37,402 | 56,776 | ||||||||
16,780 | 15,786 | 17,264 | ||||||||
20,478 | 22,215 | 26,628 | ||||||||
5,190 | 4,359 | 8,410 | ||||||||
4,567 | 5,066 | 4,975 | ||||||||
4,053 | 5,123 | 11,936 | ||||||||
35,795 | 42,031 | 51,777 | ||||||||
- | - | 97,274 | ||||||||
499,715 | 476,058 | 741,359 | ||||||||
(124 | ) | (117 | ) | (136 | ) | |||||
(18,312 | ) | (17,631 | ) | (20,751 | ) | |||||
481,279 | 458,310 | 720,472 | ||||||||
1,640,560 | 729,344 | 519,374 | ||||||||
(34,564,940 | ) | (24,719,120 | ) | (38,694,146 | ) | |||||
- | 8,372,406 | - | ||||||||
- | - | 5,874,664 | ||||||||
(4,146,076 | ) | (2,945,117 | ) | (1,241,302 | ) | |||||
- | 5,837 | 530,148 | ||||||||
(38,711,016 | ) | (19,285,994 | ) | (33,530,636 | ) | |||||
$ | (37,070,456 | ) | $ | (18,556,650 | ) | $ | (33,011,262 | ) | ||
Statements of Changes in Net Assets
ICON Bond Fund | ICON Core Equity Fund | |||||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||||
Operations | ||||||||||||||||
Net investment income/(loss) | $ | 2,017,094 | $ | 4,922,615 | $ | 702,835 | $ | 452,648 | ||||||||
Net realized gain/(loss) from investment transactions written options and securities sold short | 18,462 | 669,257 | (57,049,358 | ) | (14,748,439 | ) | ||||||||||
Change in net unrealized appreciation/(depreciation) on investments | (974,175 | ) | (6,778,176 | ) | (1,621,734 | ) | (31,524,489 | ) | ||||||||
Net increase/(decrease) in net assets resulting from operations | 1,061,381 | (1,186,304 | ) | (57,968,257 | ) | (45,820,280 | ) | |||||||||
Dividends and Distributions to Shareholders | ||||||||||||||||
Net investment income | ||||||||||||||||
Class I | (1,948,712 | ) | (5,247,750 | ) | - | - | ||||||||||
Class C | (67,518 | ) | (88,949 | ) | - | - | ||||||||||
Class Z | (240 | ) | (142 | ) | - | - | ||||||||||
Class A | - | - | - | - | ||||||||||||
Net realized gains | ||||||||||||||||
Class I | - | - | - | (7,187,602 | ) | |||||||||||
Class C | - | - | - | (7,656,597 | ) | |||||||||||
Class Z | - | - | - | (109,019 | ) | |||||||||||
Class A | - | - | - | (124,615 | ) | |||||||||||
Net decrease from dividends and distributions | (2,016,470 | ) | (5,336,841 | ) | - | (15,077,833 | ) | |||||||||
Fund Share Transactions | ||||||||||||||||
Shares sold | ||||||||||||||||
Class I | 67,016,427 | 52,872,632 | 24,938,685 | 40,848,727 | ||||||||||||
Class C | 2,978,746 | 2,345,458 | 1,814,063 | 5,417,694 | ||||||||||||
Class Z | 13,665 | 10,634 | 509,380 | 375,126 | ||||||||||||
Class A | - | - | 667,689 | 1,883,178 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class I | 1,926,327 | 5,171,793 | - | 6,810,276 | ||||||||||||
Class C | 64,820 | 86,070 | - | 7,380,164 | ||||||||||||
Class Z | 240 | 142 | - | 107,124 | ||||||||||||
Class A | - | - | - | 112,656 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class I | (34,380,521 | ) | (73,834,034 | ) | (23,649,430 | ) | (28,889,006 | ) | ||||||||
Class C | (1,630,492 | ) | (1,002,203 | ) | (8,526,240 | ) | (20,488,331 | ) | ||||||||
Class Z | (9,224 | ) | (13,684 | ) | (310,967 | ) | (68,187 | ) | ||||||||
Class A | - | - | (431,180 | ) | (827,329 | ) | ||||||||||
Net increase/(decrease) from fund share transactions | 35,979,988 | (14,363,192 | ) | (4,988,000 | ) | 12,662,092 | ||||||||||
Total net increase/(decrease) in net assets | 35,024,899 | (20,886,337 | ) | (62,956,257 | ) | (48,236,021 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 103,718,008 | 124,604,345 | 135,069,591 | 183,305,612 | ||||||||||||
End of period | $ | 138,742,907 | $ | 103,718,008 | $ | 72,113,334 | $ | 135,069,591 | ||||||||
The accompanying notes are an integral part of the financial statements.
ICON Equity Income Fund | ICON Income Opportunity Fund | ICON Long/Short Fund | ||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||||||||
$ | 1,640,560 | $ | 2,873,541 | $ | 729,344 | $ | 758,092 | $ | 519,374 | $ | 1,479,998 | |||||||||||
(34,564,940 | ) | (9,999,212 | ) | (16,346,714 | ) | 1,899,110 | (32,819,482 | ) | (26,496,920 | ) | ||||||||||||
(4,146,076 | ) | (15,900,667 | ) | (2,939,280 | ) | (12,308,836 | ) | (711,154 | ) | (37,411,114 | ) | |||||||||||
(37,070,456 | ) | (23,026,338 | ) | (18,556,650 | ) | (9,651,634 | ) | (33,011,262 | ) | (62,428,036 | ) | |||||||||||
(1,637,569 | ) | (2,634,085 | ) | (695,941 | ) | (730,001 | ) | (1,205,084 | ) | (399,948 | ) | |||||||||||
(76,522 | ) | (74,308 | ) | (37,849 | ) | (17,592 | ) | (359,390 | ) | - | ||||||||||||
(1,706 | ) | (1,668 | ) | (2,186 | ) | (1,990 | ) | (4,344 | ) | - | ||||||||||||
(12,027 | ) | (6,596 | ) | (12,045 | ) | (4,914 | ) | (80,999 | ) | (7,652 | ) | |||||||||||
- | (12,299,870 | ) | - | (3,156,831 | ) | - | (9,426,798 | ) | ||||||||||||||
- | (509,032 | ) | - | (103,778 | ) | - | (1,802,594 | ) | ||||||||||||||
- | (4,033 | ) | - | (2,015 | ) | - | (8,704 | ) | ||||||||||||||
- | (33,610 | ) | - | (13,118 | ) | - | (264,846 | ) | ||||||||||||||
(1,727,824 | ) | (15,563,202 | ) | (748,021 | ) | (4,030,239 | ) | (1,649,817 | ) | (11,910,542 | ) | |||||||||||
12,836,079 | 32,408,389 | 9,459,073 | 44,002,873 | 2,794,992 | 71,979,977 | |||||||||||||||||
892,894 | 1,321,434 | 879,505 | 2,960,233 | 523,211 | 7,910,378 | |||||||||||||||||
4,055 | 55,480 | 51,455 | 446,647 | 20,442 | 504,312 | |||||||||||||||||
456,522 | 186,596 | 612,856 | 687,944 | 77,781 | 3,456,617 | |||||||||||||||||
1,597,973 | 14,280,781 | 685,384 | 3,844,378 | 1,110,666 | 9,338,356 | |||||||||||||||||
70,370 | 550,445 | 33,619 | 119,074 | 331,308 | 1,686,440 | |||||||||||||||||
1,706 | 5,700 | 2,186 | 4,005 | 4,257 | 8,484 | |||||||||||||||||
11,681 | 40,115 | 9,814 | 17,075 | 69,277 | 218,920 | |||||||||||||||||
(35,132,964 | ) | (35,964,387 | ) | (36,999,294 | ) | (29,452,929 | ) | (46,551,197 | ) | (167,590,194 | ) | |||||||||||
(589,919 | ) | (1,164,749 | ) | (1,203,537 | ) | (604,737 | ) | (4,915,035 | ) | (13,749,105 | ) | |||||||||||
(1,068 | ) | (1,352 | ) | (306,159 | ) | (26,662 | ) | (311,703 | ) | (271,710 | ) | |||||||||||
(139,928 | ) | (166,362 | ) | (453,495 | ) | (42,105 | ) | (1,210,770 | ) | (3,220,063 | ) | |||||||||||
(19,992,599 | ) | 11,552,090 | (27,228,593 | ) | 21,955,796 | (48,056,771 | ) | (89,727,588 | ) | |||||||||||||
(58,790,879 | ) | (27,037,450 | ) | (46,533,264 | ) | 8,273,923 | (82,717,850 | ) | (164,066,166 | ) | ||||||||||||
103,323,582 | 130,361,032 | 88,090,779 | 79,816,856 | 125,790,111 | 289,856,277 | |||||||||||||||||
$ | 44,532,703 | $ | 103,323,582 | $ | 41,557,515 | $ | 88,090,779 | $ | 43,072,261 | $ | 125,790,111 | |||||||||||
Statements of Changes in Net Assets (continued)
ICON Bond Fund | ICON Core Equity Fund | |||||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||||
Transactions in Fund Shares | ||||||||||||||||
Shares sold | ||||||||||||||||
Class I | 7,102,466 | 5,266,742 | 3,290,085 | 3,159,841 | ||||||||||||
Class C | 320,067 | 230,968 | 260,103 | 415,353 | ||||||||||||
Class Z | 1,456 | 1,071 | 61,594 | 26,683 | ||||||||||||
Class A | - | - | 88,784 | 141,172 | ||||||||||||
Reinvested dividends and distributions | ||||||||||||||||
Class I | 206,175 | 514,757 | - | 459,223 | ||||||||||||
Class C | 6,925 | 8,598 | - | 531,329 | ||||||||||||
Class Z | 26 | 14 | - | 7,238 | ||||||||||||
Class A | - | - | - | 7,775 | ||||||||||||
Shares repurchased | ||||||||||||||||
Class I | (3,686,069 | ) | (7,363,485 | ) | (3,285,603 | ) | (2,118,855 | ) | ||||||||
Class C | (174,105 | ) | (99,871 | ) | (1,211,584 | ) | (1,552,228 | ) | ||||||||
Class Z | (990 | ) | (1,359 | ) | (53,484 | ) | (4,689 | ) | ||||||||
Class A | - | - | (59,675 | ) | (62,207 | ) | ||||||||||
Net increase/(decrease) | 3,775,951 | (1,442,565 | ) | (909,780 | ) | 1,010,635 | ||||||||||
Shares outstanding, beginning of period | 10,987,779 | 12,430,344 | 12,392,111 | 11,381,476 | ||||||||||||
Shares outstanding, end of period | 14,763,730 | 10,987,779 | 11,482,331 | 12,392,111 | ||||||||||||
Accumulated undistributed net investment income/(loss) | $ | (297,284 | ) | $ | (297,908 | ) | $ | 1,404,845 | $ | 702,010 | ||||||
The accompanying notes are an integral part of the financial statements.
ICON Equity Income Fund | ICON Income Opportunity Fund | ICON Long/Short Fund | ||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||
March 31, | September 30, | March 31, | September 30, | March 31, | September 30, | |||||||||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||||||||
1,522,747 | 2,409,932 | 1,000,863 | 3,538,611 | 261,357 | 4,122,378 | |||||||||||||||||
116,765 | 99,285 | 98,780 | 251,905 | 53,078 | 476,043 | |||||||||||||||||
435 | 4,082 | 5,059 | 35,779 | 1,977 | 30,543 | |||||||||||||||||
52,101 | 13,938 | 65,008 | 56,323 | 7,734 | 205,076 | |||||||||||||||||
181,840 | 1,018,360 | 75,634 | 306,393 | 109,323 | 528,188 | |||||||||||||||||
8,116 | 39,498 | 4,017 | 9,910 | 33,955 | 99,261 | |||||||||||||||||
197 | 416 | 227 | 325 | 418 | 478 | |||||||||||||||||
1,356 | 2,873 | 1,119 | 1,372 | 6,852 | 12,424 | |||||||||||||||||
(4,460,244 | ) | (2,691,935 | ) | (3,931,130 | ) | (2,379,180 | ) | (4,430,478 | ) | (10,278,275 | ) | |||||||||||
(74,364 | ) | (84,944 | ) | (133,523 | ) | (50,918 | ) | (499,956 | ) | (880,400 | ) | |||||||||||
(136 | ) | (101 | ) | (34,062 | ) | (1,992 | ) | (27,473 | ) | (15,100 | ) | |||||||||||
(14,725 | ) | (12,649 | ) | (47,266 | ) | (3,410 | ) | (115,874 | ) | (199,994 | ) | |||||||||||
(2,665,912 | ) | 798,755 | (2,895,274 | ) | 1,765,118 | (4,599,087 | ) | (5,899,378 | ) | |||||||||||||
8,712,575 | 7,913,820 | 7,830,173 | 6,065,055 | 9,239,948 | 15,139,326 | |||||||||||||||||
6,046,663 | 8,712,575 | 4,934,899 | 7,830,173 | 4,640,861 | 9,239,948 | |||||||||||||||||
$ | (76,856 | ) | $ | 10,408 | $ | (28,384 | ) | $ | (9,707 | ) | $ | 34,221 | $ | 1,164,664 | ||||||||
Financial Highlights
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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, 2009 (unaudited) | $ | 9.44 | $ | 0.19 | $ | (0.04 | ) | $ | 0.15 | $ | (0.19 | ) | $ | - | ||||||||||
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 | ) | |||||||||||||||
Year Ended September 30, 2005 | 10.52 | 0.40 | (0.29 | ) | 0.11 | (0.41 | ) | (0.06 | ) | |||||||||||||||
Year Ended September 30, 2004 | 10.41 | 0.45 | 0.10 | 0.55 | (0.44 | ) | - | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.46 | 0.16 | (0.05 | ) | 0.11 | (0.16 | ) | - | ||||||||||||||||
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 | ) | |||||||||||||||
Year Ended September 30, 2005 | 10.54 | 0.33 | (0.28 | ) | 0.05 | (0.35 | ) | (0.06 | ) | |||||||||||||||
Year Ended September 30, 2004 | 10.42 | 0.38 | 0.12 | 0.50 | (0.38 | ) | - | |||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.42 | 0.20 | (0.04 | ) | 0.16 | (0.20 | ) | - | ||||||||||||||||
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 | ) | |||||||||||||||
Year Ended September 30, 2005 | 10.51 | 0.42 | (0.28 | ) | 0.14 | (0.44 | ) | (0.06 | ) | |||||||||||||||
May 6, 2004 (inception) to September 30, 2004 | 10.26 | 0.46 | (0.02 | ) | 0.44 | (0.19 | ) | - |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses to | income/(loss) to average | |||||||||||||||||||||||||||||||||
average net assets(b) | net assets(b) | |||||||||||||||||||||||||||||||||
After | Before | After | ||||||||||||||||||||||||||||||||
Before | expense | Expense | expense | |||||||||||||||||||||||||||||||
expense | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | limitation/ | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
Net | assets, | recoupment | and | and | and | |||||||||||||||||||||||||||||
distributions | asset | end of | and transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | (0.19 | ) | $ | 9.40 | 1.60 | % | $ | 134,579 | 1.12% | 1.01 | %(e) | 3.89 | % | 4.00 | % | 22.54 | % | |||||||||||||||||
(0.45 | ) | 9.44 | (1.48 | )% | 100,985 | 1.08% | 1.00 | %(e) | 4.06 | % | 4.14 | % | 73.47 | % | ||||||||||||||||||||
(0.45 | ) | 10.02 | 4.80 | % | 123,102 | 1.09% | 1.00 | %(e) | 4.34 | % | 4.42 | % | 34.40 | % | ||||||||||||||||||||
(0.43 | ) | 10.00 | 2.72 | % | 90,324 | 1.11% | 1.01 | %(e) | 4.14 | % | 4.24 | % | 66.82 | % | ||||||||||||||||||||
(0.47 | ) | 10.16 | 1.05 | % | 82,415 | 1.18% | 1.10 | % | 3.72 | % | 3.80 | % | 76.28 | % | ||||||||||||||||||||
(0.44 | ) | 10.52 | 5.41 | % | 61,502 | 1.29% | 1.30 | % | 4.28 | % | 4.27 | % | 37.98 | % | ||||||||||||||||||||
(0.16 | ) | 9.41 | 1.19 | % | 4,152 | 2.56% | 1.60 | %(e) | 2.45 | % | 3.41 | % | 22.54 | % | ||||||||||||||||||||
(0.39 | ) | 9.46 | (2.16 | )% | 2,725 | 2.42% | 1.60 | %(e) | 2.71 | % | 3.53 | % | 73.47 | % | ||||||||||||||||||||
(0.39 | ) | 10.05 | 4.27 | % | 1,491 | 3.15% | 1.60 | %(e) | 2.28 | % | 3.82 | % | 34.40 | % | ||||||||||||||||||||
(0.37 | ) | 10.02 | 2.09 | % | 968 | 3.08% | 1.61 | %(e) | 2.17 | % | 3.64 | % | 66.82 | % | ||||||||||||||||||||
(0.41 | ) | 10.18 | 0.47 | % | 988 | 3.42% | 1.69 | % | 1.46 | % | 3.19 | % | 76.28 | % | ||||||||||||||||||||
(0.38 | ) | 10.54 | 4.83 | % | 371 | 6.84% | 1.90 | % | 3.63 | % | 8.57 | % | 37.98 | % | ||||||||||||||||||||
(0.20 | ) | 9.38 | 1.72 | % | 12 | 43.27% | 0.75 | %(e) | (38.29 | )% | 4.23 | % | 22.54 | % | ||||||||||||||||||||
(0.47 | ) | 9.42 | (1.43 | )% | 8 | 186.00% | 0.75 | %(e) | (180.79 | )% | 4.46 | % | 73.47 | % | ||||||||||||||||||||
(0.47 | ) | 10.02 | 5.02 | % | 11 | 31.60% | 0.75 | %(e) | (26.18 | )% | 4.67 | % | 34.40 | % | ||||||||||||||||||||
(0.45 | ) | 10.00 | 3.06 | % | 4 | 25.40% | 0.76 | %(e) | (20.18 | )% | 4.47 | % | 66.82 | % | ||||||||||||||||||||
(0.50 | ) | 10.15 | 1.30 | % | 5 | 74.28% | 0.84 | % | (69.41 | )% | 4.03 | % | 76.28 | % | ||||||||||||||||||||
(0.19 | ) | 10.51 | 4.33 | % | 1 | 0.86% | 0.86 | % | 4.60 | % | 4.60 | % | 37.98 | % |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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, 2009 (unaudited) | $ | 11.24 | $ | 0.07 | $ | (4.85 | ) | $ | (4.78 | ) | $ | - | $ | - | ||||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 12.78 | (0.05 | ) | 2.41 | 2.36 | - | - | |||||||||||||||||
Year Ended September 30, 2004 | 11.12 | (0.07 | ) | 1.73 | 1.66 | - | - | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.46 | 0.04 | (4.51 | ) | (4.47 | ) | - | - | ||||||||||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 12.41 | (0.15 | ) | 2.32 | 2.17 | - | - | |||||||||||||||||
Year Ended September 30, 2004 | 10.88 | (0.16 | ) | 1.69 | 1.53 | - | - | |||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.24 | 0.07 | (4.84 | ) | (4.77 | ) | - | - | ||||||||||||||||
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 | ) | |||||||||||||||||
Year Ended September 30, 2005 | 12.79 | (0.14 | ) | 2.47 | 2.33 | - | - | |||||||||||||||||
May 6, 2004 (inception) to September 30, 2004 | 12.07 | (0.03 | ) | 0.75 | 0.72 | - | - | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.92 | 0.03 | (4.70 | ) | (4.67 | ) | - | - | ||||||||||||||||
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 to | income/(loss) to average | |||||||||||||||||||||||||||||||||
average net assets(b) | net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | Expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
Net | assets, | and | and | and | and | |||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | - | $ | 6.46 | (42.53 | )% | $ | 44,101 | 1.40% | 1.40% | 1.92 | % | 1.92 | % | 133.57 | % | |||||||||||||||||||
(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 | % | |||||||||||||||||||||
- | 15.14 | 18.47 | % | 93,780 | 1.27% | N/A | (0.33 | )% | N/A | 136.82 | % | |||||||||||||||||||||||
- | 12.78 | 14.93 | % | 47,273 | 1.33% | N/A | (0.59 | )% | N/A | 116.26 | % | |||||||||||||||||||||||
- | 5.99 | (42.73 | )% | 26,001 | 2.28% | 2.28% | 1.11 | % | 1.11 | % | 133.57 | % | ||||||||||||||||||||||
(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 | % | |||||||||||||||||||||
- | 14.58 | 17.49 | % | 78,145 | 2.04% | N/A | (1.10 | )% | N/A | 136.82 | % | |||||||||||||||||||||||
- | 12.41 | 14.06 | % | 53,101 | 2.08% | N/A | (1.34 | )% | N/A | 116.26 | % | |||||||||||||||||||||||
- | 6.47 | (42.44 | )% | 755 | 1.43% | 1.43% | 1.98 | % | 1.98 | % | 133.57 | % | ||||||||||||||||||||||
(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 | % | |||||||||||||||||||||
- | 15.12 | 18.22 | % | 1,165 | 1.76% | N/A | (0.94 | )% | N/A | 136.82 | % | |||||||||||||||||||||||
- | 12.79 | 5.97 | % | 36 | 1.12% | N/A | (0.28 | )% | N/A | 116.26 | % | |||||||||||||||||||||||
- | 6.25 | (42.77 | )% | 1,257 | 2.53% | 2.53% | 0.78 | % | 0.78 | % | 133.57 | % | ||||||||||||||||||||||
(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 from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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, 2009 (unaudited) | $ | 11.87 | $ | 0.21 | $ | (4.48 | ) | $ | (4.27 | ) | $ | (0.23 | ) | $ | - | |||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 14.33 | 0.27 | 1.54 | 1.81 | (0.27 | ) | (0.08 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.22 | 0.31 | 2.09 | 2.40 | (0.29 | ) | - | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.73 | 0.17 | (4.42 | ) | (4.25 | ) | (0.20 | ) | - | |||||||||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 14.27 | 0.13 | 1.54 | 1.67 | (0.15 | ) | (0.08 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.21 | 0.20 | 2.06 | 2.26 | (0.20 | ) | - | |||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.84 | 0.22 | (4.47 | ) | (4.25 | ) | (0.24 | ) | - | |||||||||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 14.33 | 0.28 | 1.55 | 1.83 | (0.29 | ) | (0.08 | ) | ||||||||||||||||
May 10, 2004 (inception) to September 30, 2004 | 13.43 | 0.39 | 0.70 | 1.09 | (0.19 | ) | - | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.80 | 0.20 | (4.45 | ) | (4.25 | ) | (0.23 | ) | - | |||||||||||||||
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 to | income/(loss) to average | |||||||||||||||||||||||||||||||||
average net assets(b) | net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | Expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
Net | assets, | and | and | and | and | |||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | (0.23 | ) | $ | 7.37 | (36.29 | )% | $ | 40,884 | 1.38 | % | 1.38 | %(e) | 4.88 | % | 4.88 | % | 91.13 | % | ||||||||||||||||
(1.95 | ) | 11.87 | (17.76 | )% | 98,501 | 1.23 | %(d) | 1.23 | %(e) | 2.48 | % | 2.48 | % | 132.93 | % | |||||||||||||||||||
(1.01 | ) | 16.48 | 17.67 | % | 124,668 | 1.23 | %(f) | 1.22 | %(e) | 1.86 | % | 1.86 | % | 121.30 | % | |||||||||||||||||||
(1.44 | ) | 14.94 | 4.02 | % | 133,835 | 1.23 | % | 1.23 | %(e) | 1.96 | % | 1.96 | % | 162.84 | % | |||||||||||||||||||
(0.35 | ) | 15.79 | 12.71 | % | 129,681 | 1.27 | % | 1.27 | % | 1.79 | % | 1.79 | % | 143.82 | % | |||||||||||||||||||
(0.29 | ) | 14.33 | 19.69 | % | 117,552 | 1.35 | % | 1.37 | % | 2.25 | % | 2.23 | % | 51.84 | % | |||||||||||||||||||
(0.20 | ) | 7.28 | (36.53 | )% | 3,137 | 2.74 | % | 2.22 | %(e) | 3.53 | % | 4.05 | % | 91.13 | % | |||||||||||||||||||
(1.84 | ) | 11.73 | (18.60 | )% | 4,461 | 2.34 | %(d) | 2.20 | %(e) | 1.40 | % | 1.54 | % | 132.93 | % | |||||||||||||||||||
(0.89 | ) | 16.33 | 16.45 | % | 5,331 | 2.33 | %(f) | 2.21 | %(e) | 0.75 | % | 0.87 | % | 121.30 | % | |||||||||||||||||||
(1.30 | ) | 14.85 | 3.03 | % | 4,753 | 2.29 | % | 2.20 | %(e) | 0.91 | % | 1.00 | % | 162.84 | % | |||||||||||||||||||
(0.23 | ) | 15.71 | 11.71 | % | 3,861 | 2.53 | % | 2.20 | % | 0.53 | % | 0.86 | % | 143.82 | % | |||||||||||||||||||
(0.20 | ) | 14.27 | 18.56 | % | 1,885 | 3.47 | % | 2.20 | % | 0.12 | % | 1.40 | % | 51.84 | % | |||||||||||||||||||
(0.24 | ) | 7.35 | (36.21 | )% | 54 | 8.43 | % | 1.21 | %(e) | (2.15 | )% | 5.07 | % | 91.13 | % | |||||||||||||||||||
(1.96 | ) | 11.84 | (17.81 | )% | 81 | 11.18 | %(d) | 1.20 | %(e) | (7.14 | )% | 2.84 | % | 132.93 | % | |||||||||||||||||||
(1.04 | ) | 16.46 | 17.74 | % | 40 | 11.08 | %(f) | 1.21 | %(e) | (7.96 | )% | 1.92 | % | 121.30 | % | |||||||||||||||||||
(1.44 | ) | 14.94 | 4.04 | % | 24 | 4.36 | % | 1.20 | %(e) | (1.20 | )% | 1.96 | % | 162.84 | % | |||||||||||||||||||
(0.37 | ) | 15.79 | 12.89 | % | 23 | 9.37 | % | 1.20 | % | (6.31 | )% | 1.86 | % | 143.82 | % | |||||||||||||||||||
(0.19 | ) | 14.33 | 8.12 | % | 14 | 1.11 | % | 0.97 | %(g) | 2.62 | % | 2.76 | % | 51.84 | % | |||||||||||||||||||
(0.23 | ) | 7.32 | (36.28 | )% | 458 | 6.01 | % | 1.46 | %(e) | 0.38 | % | 4.93 | % | 91.13 | % | |||||||||||||||||||
(1.92 | ) | 11.80 | (17.98 | )% | 281 | 5.40 | %(d) | 1.44 | %(e) | (1.67 | )% | 2.29 | % | 132.93 | % | |||||||||||||||||||
(1.01 | ) | 16.40 | 17.29 | % | 322 | 3.77 | %(f) | 1.45 | %(e) | (0.60 | )% | 1.73 | % | 121.30 | % | |||||||||||||||||||
(0.19 | ) | 14.92 | 0.46 | % | 19 | 38.36 | % | 1.44 | %(e) | (35.18 | )% | 1.74 | % | 162.84 | % |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Income Opportunity Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | $ | 11.28 | $ | 0.11 | $ | (2.80 | ) | $ | (2.69 | ) | $ | (0.14 | ) | $ | - | |||||||||
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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 13.25 | (0.06 | ) | 1.26 | 1.20 | - | (0.57 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.40 | (0.07 | ) | 1.36 | 1.29 | - | (0.44 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.72 | 0.06 | (2.66 | ) | (2.60 | ) | (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 | ) | |||||||||||||||
Year Ended September 30, 2005 | 13.06 | (0.16 | ) | 1.23 | 1.07 | - | (0.57 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.32 | (0.16 | ) | 1.34 | 1.18 | - | (0.44 | ) | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.46 | 0.13 | (2.85 | ) | (2.72 | ) | (0.14 | ) | - | |||||||||||||||
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 | ) | |||||||||||||||||
Year Ended September 30, 2005 | 13.29 | (0.03 | ) | 1.25 | 1.22 | - | (0.57 | ) | ||||||||||||||||
May 6, 2004 (inception) to September 30, 2004 | 12.86 | (0.01 | ) | 0.44 | 0.43 | - | - | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 11.25 | 0.10 | (2.78 | ) | (2.68 | ) | (0.14 | ) | - | |||||||||||||||
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 | - | - |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses to | income/(loss) to average | |||||||||||||||||||||||||||||||||
average net assets(b) | net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | Expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
distributions | Net | assets, | and | and | and | and | ||||||||||||||||||||||||||||
| asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | (0.14 | ) | $ | 8.45 | (23.95 | )% | $ | 37,780 | 1.39% | 1.39 | %(e) | 2.34 | % | 2.34 | % | 109.72 | % | |||||||||||||||||
(0.63 | ) | 11.28 | (10.04 | )% | 82,599 | 1.30% | 1.30 | %(e) | 0.93 | % | 0.93 | % | 184.47 | % | ||||||||||||||||||||
(2.24 | ) | 13.18 | 12.51 | % | 77,195 | 1.50% | 1.50 | %(e) | (0.11 | )% | (0.11 | )% | 150.42 | % | ||||||||||||||||||||
(0.12 | ) | 13.80 | 0.30 | % | 60,321 | 1.47% | 1.47 | %(e) | (0.04 | )% | (0.04 | )% | 159.55 | % | ||||||||||||||||||||
(0.57 | ) | 13.88 | 9.21 | % | 54,347 | 1.54% | 1.45 | % | (0.57 | )% | (0.48 | )% | 159.35 | % | ||||||||||||||||||||
(0.44 | ) | 13.25 | 10.53 | % | 42,962 | 1.60% | 1.45 | % | (0.67 | )% | (0.52 | )% | 167.57 | % | ||||||||||||||||||||
(0.10 | ) | 8.02 | (24.26 | )% | 2,902 | 2.73% | 2.22 | %(e) | 0.90 | % | 1.41 | % | 109.72 | % | ||||||||||||||||||||
(0.58 | ) | 10.72 | (10.85 | )% | 4,207 | 2.52% | 2.21 | %(e) | (0.24 | )% | 0.07 | % | 184.47 | % | ||||||||||||||||||||
(2.23 | ) | 12.61 | 11.53 | % | 2,291 | 2.76% | 2.25 | %(e) | (1.34 | )% | (0.83 | )% | 150.42 | % | ||||||||||||||||||||
(0.12 | ) | 13.39 | (0.36 | )% | 2,842 | 2.61% | 2.23 | %(e) | (1.23 | )% | (0.85 | )% | 159.55 | % | ||||||||||||||||||||
(0.57 | ) | 13.56 | 8.31 | % | 3,652 | 2.80% | 2.20 | % | (1.80 | )% | (1.20 | )% | 159.35 | % | ||||||||||||||||||||
(0.44 | ) | 13.06 | 9.69 | % | 1,964 | 3.89% | 2.20 | % | (2.93 | )% | (1.23 | )% | 167.57 | % | ||||||||||||||||||||
(0.14 | ) | 8.60 | (23.81 | )% | 69 | 2.51% | 1.22 | %(e) | 1.30 | % | 2.59 | % | 109.72 | % | ||||||||||||||||||||
(0.63 | ) | 11.46 | (9.99 | )% | 422 | 4.39% | 1.21 | %(e) | (1.98 | )% | 1.20 | % | 184.47 | % | ||||||||||||||||||||
(2.23 | ) | 13.37 | 12.67 | % | 37 | 17.99% | 1.25 | %(e) | (16.64 | )% | 0.10 | % | 150.42 | % | ||||||||||||||||||||
(0.12 | ) | 13.94 | 0.88 | % | 5 | 3.52% | 1.22 | %(e) | (2.14 | )% | 0.15 | % | 159.55 | % | ||||||||||||||||||||
(0.57 | ) | 13.94 | 9.42 | % | 3 | 53.94% | 1.20 | % | (52.97 | )% | (0.23 | )% | 159.35 | % | ||||||||||||||||||||
- | 13.29 | 3.34 | % | 3 | 1.12% | 1.12 | % | (0.11 | )% | (0.11 | )% | 167.57 | % | |||||||||||||||||||||
(0.14 | ) | 8.43 | (23.91 | )% | 805 | 3.39% | 1.47 | %(e) | 0.15 | % | 2.07 | % | 109.72 | % | ||||||||||||||||||||
(0.62 | ) | 11.25 | (10.18 | )% | 863 | 3.75% | 1.46 | %(e) | (1.44 | )% | 0.85 | % | 184.47 | % | ||||||||||||||||||||
(2.27 | ) | 13.15 | 12.51 | % | 294 | 7.12% | 1.49 | %(e) | (5.85 | )% | (0.22 | )% | 150.42 | % | ||||||||||||||||||||
- | 13.80 | 0.51 | % | 15 | 42.18% | 1.47 | %(e) | (40.01 | )% | 0.69 | % | 159.55 | % |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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(h) | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | $ | 13.76 | $ | 0.09 | $ | (4.15 | ) | $ | (4.06 | ) | $ | (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 | - | - | ||||||||||||||||||
Year Ended September 30, 2005 | 13.92 | (0.08 | ) | 2.65 | 2.57 | - | (0.50 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.00 | (0.08 | ) | 2.16 | 2.08 | - | (0.16 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.13 | 0.04 | (3.95 | ) | (3.91 | ) | (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 | - | - | |||||||||||||||||
Year Ended September 30, 2005 | 13.73 | (0.19 | ) | 2.59 | 2.40 | - | (0.50 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 11.92 | (0.18 | ) | 2.15 | 1.97 | - | (0.16 | ) | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.81 | 0.09 | (4.14 | ) | (4.05 | ) | (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 | - | - | ||||||||||||||||||
Year Ended September 30, 2005 | 13.94 | (0.05 | ) | 2.66 | 2.61 | - | (0.50 | ) | ||||||||||||||||
May 6, 2004 (inception) to September 30, 2004 | 13.99 | (0.04 | ) | (0.01 | ) | (0.05 | ) | - | - | |||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.69 | 0.08 | (4.11 | ) | (4.03 | ) | (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 | ) | - | - |
(x) | Calculated using the average share method. |
(a) | The total return calculation is for the period indicated and excludes any sales charges. |
(b) | Annualized for periods less than a year. |
(c) | Portfolio turnover is calculated at the Fund level and is not annualized. |
(d) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including legal expenses related to a tax matter were 1.43%, 2.54%, 11.38% and 5.60% for Class I, C, Z and A, respectively. |
(e) | 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. |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment | ||||||||||||||||||||||||||||||||||
Ratio of expenses to | income/(loss) to average | |||||||||||||||||||||||||||||||||
average net assets(b) | net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | Expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
distributions | Net | assets, | and | and | and | and | ||||||||||||||||||||||||||||
| asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | (0.28 | ) | $ | 9.42 | (29.65 | )% | $ | 25,624 | 1.86 | % | 1.86 | %(e) | 1.69 | % | 1.69 | % | 75.14 | % | ||||||||||||||||
(0.77 | ) | 13.76 | (25.43 | )% | 93,243 | 1.47 | % | 1.47 | %(e) | 0.78 | % | 0.78 | % | 174.59 | % | |||||||||||||||||||
(0.47 | ) | 19.26 | 15.05 | % | 238,943 | 1.46 | % | 1.46 | %(e) | 0.39 | % | 0.39 | % | 105.00 | % | |||||||||||||||||||
- | 17.19 | 7.50 | % | 168,522 | 1.45 | %(i) | 1.45 | %(e) | 0.18 | % | 0.18 | % | 94.62 | % | ||||||||||||||||||||
(0.50 | ) | 15.99 | 18.69 | % | 53,158 | 1.58 | % | 1.58 | % | (0.53 | )% | (0.53 | )% | 112.06 | % | |||||||||||||||||||
(0.16 | ) | 13.92 | 17.42 | % | 24,480 | 2.15 | % | 1.74 | % | (1.03 | )% | (0.62 | )% | 148.32 | % | |||||||||||||||||||
(0.19 | ) | 9.03 | (29.88 | )% | 14,936 | 2.76 | % | 2.64 | %(e) | 0.76 | % | 0.88 | % | 75.14 | % | |||||||||||||||||||
(0.74 | ) | 13.13 | (26.09 | )% | 27,148 | 2.31 | % | 2.31 | %(e) | (0.01 | )% | (0.01 | )% | 174.59 | % | |||||||||||||||||||
(0.43 | ) | 18.54 | 14.05 | % | 43,986 | 2.33 | % | 2.32 | %(e) | (0.48 | )% | (0.47 | )% | 105.00 | % | |||||||||||||||||||
- | 16.67 | 6.65 | % | 26,763 | 2.30 | %(i) | 2.30 | %(e) | (0.78 | )% | (0.78 | )% | 94.62 | % | ||||||||||||||||||||
(0.50 | ) | 15.63 | 17.68 | % | 13,925 | 2.37 | % | 2.32 | % | (1.35 | )% | (1.31 | )% | 112.06 | % | |||||||||||||||||||
(0.16 | ) | 13.73 | 16.61 | % | 3,716 | 3.70 | % | 2.49 | % | (2.57 | )% | (1.35 | )% | 148.32 | % | |||||||||||||||||||
(0.29 | ) | 9.47 | (29.45 | )% | 133 | 3.60 | % | 1.58 | %(e) | (0.31 | )% | 1.71 | % | 75.14 | % | |||||||||||||||||||
(0.74 | ) | 13.81 | (25.45 | )% | 540 | 2.37 | % | 1.44 | %(e) | 0.16 | % | 1.09 | % | 174.59 | % | |||||||||||||||||||
(0.50 | ) | 19.30 | 14.81 | % | 447 | 1.25 | % | 1.25 | %(e) | 0.55 | % | 0.55 | % | 105.00 | % | |||||||||||||||||||
- | 17.29 | 7.73 | % | 3,306 | 1.17 | %(i) | 1.17 | %(e) | 0.61 | % | 0.61 | % | 94.62 | % | ||||||||||||||||||||
(0.50 | ) | 16.05 | 18.96 | % | 140 | 3.07 | % | 1.33 | % | (2.07 | )% | (0.33 | )% | 112.06 | % | |||||||||||||||||||
- | 13.94 | (0.36 | )% | 32 | 1.98 | % | 1.76 | % | (0.50 | )% | (0.28 | )% | 148.32 | % | ||||||||||||||||||||
(0.28 | ) | 9.38 | (29.58 | )% | 2,380 | 2.37 | % | 1.89 | %(e) | 1.14 | % | 1.62 | % | 75.14 | % | |||||||||||||||||||
(0.76 | ) | 13.69 | (25.61 | )% | 4,859 | 1.72 | % | 1.72 | %(e) | 0.63 | % | 0.63 | % | 174.59 | % | |||||||||||||||||||
(0.49 | ) | 19.20 | 14.94 | % | 6,481 | 1.68 | % | 1.67 | %(e) | 0.27 | % | 0.26 | % | 105.00 | % | |||||||||||||||||||
- | 17.18 | (1.94 | )% | 821 | 2.51 | % | 1.54 | %(e) | (0.01 | )% | 0.96 | % | 94.62 | % |
(f) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including legal expenses related to a tax matter were 1.81%, 2.91%, 11.66% and 4.35% for Class I, C, Z and A, respectively. |
(g) | The limitation on expenses for Class Z Shares occurred when the Advisor reimbursed the Fund for excise and income taxes incurred during the period. These expenses were extraordinary expenses not subject to the contractual expense limitation discussed in Note 3. |
(h) | 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, 1.30% for Class Z and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions. |
(i) | Prior disclosures were reclassified to be consistent with current presentation. |
Notes to Financial Statements
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
1. Organization
The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Income Opportunity Fund (“Income Opportunity Fund”) and ICON Long/Short Fund (“Long/Short 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 offers four classes of shares, Class I, Class C, Class Z and Class A with the exception of Bond Fund, which offers three classes of shares, Class I, Class C and Class Z. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs and transfer agent costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently 12 other active series 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 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 Income Opportunity Fund is modest capital appreciation and to maximize realized gains. The investment objective of the Long/Short Fund is 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. 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 Income Opportunity 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. 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. There are also risks associated with small and mid-cap investing, including limited product lines, less liquidity and small market share. 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, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers.
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 time) each day the NYSE is open, except that securities traded primarily on the
Notes to Financial Statements (unaudited) (continued)
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 generally valued at 4:15 p.m. Eastern time each day the NYSE is open.
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 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.
Effective October 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a framework for measuring fair value and expands disclosures about fair value measurements in the financial statements.
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 - other 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, 2009.
LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||||||||||
Liabilities in | Liabilities in | Liabilities in | ||||||||||||||||||||||
Investments | Securities Sold | Investments | Securities Sold | Investments | Securities Sold | |||||||||||||||||||
Fund Name | in Securities | Short* | in Securities | Short* | in Securities | Short* | ||||||||||||||||||
ICON Bond Fund | $ | 3,822,099 | $ | - | $ | 133,930,573 | $ | - | $ | - | $ | - | ||||||||||||
ICON Core Equity Fund | 81,349,630 | - | 4,241,460 | - | - | - | ||||||||||||||||||
ICON Equity Income Fund | 37,226,365 | - | 6,657,678 | - | - | - | ||||||||||||||||||
ICON Income Opportunity Fund | 48,873,665 | (1,338,750 | ) | 3,114,384 | - | - | - | |||||||||||||||||
ICON Long/Short Fund | 45,246,839 | (6,387,340 | ) | 4,204,566 | - | - | - |
*Liabilities in securities sold short may include written options.
Notes to Financial Statements (unaudited) (continued)
New Accounting Pronouncements
In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009, as required.
Repurchase Agreements
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to purchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the period ended March 31, 2009.
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.
These contracts are marked-to-market daily. The related appreciation or depreciation of the contract is presented on the Statement of Assets and Liabilities. 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. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2009.
Futures Contracts
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the period ended March 31, 2009.
Options Transactions
The Income Opportunity 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.
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.
Notes to Financial Statements (unaudited) (continued)
The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. Such liability is subject to off balance sheet risks to the extent of any future increases in market value of the written options. 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.
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 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.
The Income Opportunity Fund’s written options are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. Such collateral for the Fund is restricted from use. The cash collateral 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.
As of March 31, 2009, the Equity Income Fund and the Income Opportunity Fund engaged in options transactions which are included on each Fund’s Schedule of Investments.
Short Sales
The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. 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 reported at market value on the Statement of Assets and Liabilities. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short may exceed the liabilities recorded on the Statement of Assets and Liabilities. 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, 2009, 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. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Assets Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.
The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portions 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, 2009, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Bond Fund | $ | 2,129,889 | $ | 2,230,599 | ||||
ICON Core Equity Fund | 11,552,556 | 11,715,974 | ||||||
ICON Income Opportunity Fund | 6,594,161 | 6,658,842 | ||||||
ICON Long/Short Fund | 5,643,517 | 5,745,792 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2009.
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 Bond Fund distributes net investment income, if any, to shareholders monthly. The Equity Income Fund and the Income Opportunity Fund 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 carryovers. 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,
and interim tax periods within, no examinations are in progress or anticipated at this time.
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 market 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.
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily nets assets of the Bond Fund, 0.75% of average daily net assets of the Core Equity, Equity Income and Income Opportunity Funds, and 0.85% of average daily net assets of the Long/Short Fund.
Notes to Financial Statements (unaudited) (continued)
ICON 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 I | Class C | Class Z | Class A | ||||||||||||
ICON Bond Fund | 1.00% | 1.60% | 0.75% | N/A | ||||||||||||
ICON Equity Income Fund | 1.45% | 2.20% | 1.20% | 1.45 | % | |||||||||||
ICON Income Opportunity Fund | 1.45% | 2.20% | 1.20% | 1.45 | % | |||||||||||
ICON Long/Short Fund | 1.55% | 2.30% | 1.25% | 1.55 | % |
The Funds’ expense limitation will continue in effect until at least January 31, 2019. To the extent ICON 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, 2009, the following amounts were still available for recoupment by ICON based upon their potential expiration dates:
Fund | 2010 | 2011 | 2012 | |||||||||
ICON Bond Fund | $ | 102,191 | $ | 143,896 | $ | 93,565 | ||||||
ICON Equity Income Fund | 9,458 | 25,056 | 24,385 | |||||||||
ICON Income Opportunity Fund | 15,908 | 32,443 | 24,185 | |||||||||
ICON Long/Short Fund | - | 4,673 | 20,558 |
Accounting, Custody and Transfer Agent Fees
Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.
Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open
account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.
Transfer agent earnings credits are credits received for interest which results from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2009, the Funds received transfer agent earnings credits which are included on the Statement of Operations.
Administrative Services
The Trust has entered into an administrative services agreement with ICON pursuant to which ICON 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. During the period ended March 31, 2009, the Funds’ payment for administrative services to ICON is included on the Statement of Operations. The administrative services agreement provides that ICON 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 in the performance of its duties.
ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.
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 shareholders pay an annual distribution 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
Notes to Financial Statements (unaudited) (continued)
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.
Related Parties
Certain Officers and Directors of ICON 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, 2009, the total 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. For the period ended March 31, 2009, this amount was $28,232.
4. Line of Credit
The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests and the prime broker. At BBH, the maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings with BBH is charged at LIBOR plus 1.50%, which was 2.00% at March 31, 2009. Interest on domestic borrowings with the prime broker is charged at the Fed Funds rate plus 50 basis points, which was 0.75% at March 31, 2009. The average interest rate charged for the period ended March 31, 2009, was 2.95%.
Average Borrowing | ||||
Fund | (10/1/08-3/31/09) | |||
ICON Bond Fund | $ | 781,500 | ||
ICON Core Equity Fund** | 1,424,027 | |||
ICON Equity Income Fund | 1,510,352 | |||
ICON Income Opportunity Fund** | 2,404,997 | |||
ICON Long/Short Fund** | 1,491,174 |
**Fund had outstanding borrowings as of March 31, 2009.
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
5. Options Contracts Written
The number of option contracts written and the premiums received by the Income Opportunity Fund during the period ended March 31, 2009, were as follows:
Number of | Premiums | |||||||
Contracts | Received | |||||||
Options outstanding, beginning of period | 760 | $ | 4,557,454 | |||||
Options written during period | 28,100 | 116,686,215 | ||||||
Options expired during period | - | - | ||||||
Options closed during period | (28,335 | ) | (119,943,428 | ) | ||||
Options exercised during period | - | - | ||||||
Options outstanding, end of period | 525 | $ | 1,300,241 | |||||
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 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, 2008 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions. During the year ended September 30, 2008, the Bond Fund utilized capital loss carryforwards in the amount of $1,011,657.
For the year ended September 30, 2008, the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Bond Fund | $ | 442,729 | 2015 | |||||
ICON Core Equity Fund | 1,364,078 | 2016 | ||||||
ICON Equity Income Fund | 77,639 | 2016 | ||||||
ICON Income Opportunity Fund | 260,291 | 2016 |
Notes to Financial Statements (unaudited) (continued)
For the year ended September 30, 2008, the Funds elected to defer post October losses:
Post October | ||||
Fund | Losses | |||
ICON Bond Fund | $ | 500,650 | ||
ICON Core Equity Fund | 12,826,769 | |||
ICON Equity Income Fund | 8,840,408 | |||
ICON Income Opportunity Fund | 5,979,260 | |||
ICON Long/Short Fund | 31,450,976 |
As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed | Undistributed | Accumulated | Unrealized | |||||||||||||||||||||||||
Ordinary | Net Long-Term | Accumulated | Distributions | capital and | Appreciation | Total Accumulated | ||||||||||||||||||||||
Fund | Income | Gains | Earnings | Payable* | other losses | (Depreciation)** | Earnings (Deficits) | |||||||||||||||||||||
ICON Bond Fund | $ | - | $ | - | $ | - | $ | (355,126 | ) | $ | (943,379 | ) | $ | (6,353,361 | ) | $ | (7,651,866 | ) | ||||||||||
ICON Core Equity Fund | - | - | - | - | (14,190,847 | ) | (5,432,953 | ) | (19,623,800 | ) | ||||||||||||||||||
ICON Equity Income Fund | 948,243 | - | 948,243 | (991,249 | ) | (8,918,047 | ) | (1,038,361 | ) | (9,999,414 | ) | |||||||||||||||||
ICON Income Opportunity Fund | - | - | - | (278,360 | ) | (6,239,551 | ) | (4,149,788 | ) | (10,667,699 | ) | |||||||||||||||||
ICON Long/Short Fund | 239,054 | - | 239,054 | - | (31,450,976 | ) | (7,031,013 | ) | (38,242,935 | ) |
* | 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 and recognition of tax unrealized appreciation/ (depreciation) of passive foreign investment companies. |
As of March 31, 2009, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from fair value by net unrealized appreciation/ (depreciation) of securities as follows:
Unrealized | Unrealized | Net Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Bond Fund | $ | 145,082,286 | $ | 783,894 | $ | (8,113,508 | ) | $ | (7,329,614 | ) | ||||||
ICON Core Equity Fund | 92,255,196 | 2,827,278 | (9,491,384 | ) | (6,664,106 | ) | ||||||||||
ICON Equity Income Fund | 48,706,044 | 1,550,420 | (6,372,421 | ) | (4,822,001 | ) | ||||||||||
ICON Income Opportunity Fund | 56,896,911 | 1,345,608 | (7,593,220 | ) | (6,247,612 | ) | ||||||||||
ICON Long/Short Fund | 51,054,938 | 2,770,298 | (10,761,171 | ) | (7,990,873 | ) |
7. Purchases and Sales of Investment Securities
For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:
Purchases of Long- | Proceeds from Sales | |||||||||||||||
Purchases of | Proceeds from Sales | Term U.S. Government | of Long-Term U.S. | |||||||||||||
Fund | Securities | of Securities | Obligations | Government Obligations | ||||||||||||
ICON Bond Fund | $ | 36,060,613 | $ | 11,761,761 | $ | 12,472,846 | $ | 9,078,031 | ||||||||
ICON Core Equity Fund | 118,478,977 | 121,531,742 | - | - | ||||||||||||
ICON Equity Income Fund | 62,298,676 | 74,364,639 | 879,325 | 6,664,991 | ||||||||||||
ICON Income Opportunity Fund | 69,308,894 | 82,197,815 | - | - | ||||||||||||
ICON Long/Short Fund | 51,836,470 | 97,300,150 | - | - |
8. Subsequent Event
Effective May 19, 2009, the Income Opportunity Fund changed its name to the ICON Risk-Managed Equity Fund.
Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)
March 31, 2009 (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 period and held for the six-month period (10/1/08 - 3/31/09).
Actual Expenses
The first set of lines 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 $10 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 set of lines in the table for each Fund provide 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 | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08 - 3/31/09* | 10/1/08 - 3/31/09 | |||||||||||||
ICON Bond Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual Expenses | $ | 1,000.00 | $ | 1,016.00 | $ | 5.08 | 1.01% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,019.96 | 5.09 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 1,011.90 | 8.03 | 1.60% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.02 | 8.05 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 1,017.20 | 3.77 | 0.75% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,021.26 | 3.78 | |||||||||||||
ICON Core Equity Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 574.70 | 5.50 | 1.40% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.02 | 7.04 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 572.70 | 8.94 | 2.28% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,013.63 | 11.45 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 575.60 | 5.62 | 1.43% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.87 | 7.19 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 572.30 | 9.92 | 2.53% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,012.38 | 12.69 | |||||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.10 | 5.63 | 1.38% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.12 | 6.94 |
Beginning | Ending | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08 - 3/31/09* | 10/1/08 - 3/31/09 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | $ | 1,000.00 | $ | 634.70 | $ | 9.05 | 2.22% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,013.93 | 11.15 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.90 | 4.94 | 1.21% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.97 | 6.09 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.20 | 5.96 | 1.46% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.72 | 7.34 | |||||||||||||
ICON Income Opportunity Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 760.50 | 6.10 | 1.39% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.07 | 6.99 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 757.40 | 9.73 | 2.22% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,013.93 | 11.15 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 761.90 | 5.36 | 1.22% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.92 | 6.14 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 760.90 | 6.45 | 1.47% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.67 | 7.39 | |||||||||||||
ICON Long/Short Fund | ||||||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 703.50 | 7.90 | 1.86% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.73 | 9.35 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 701.20 | 11.20 | 2.64% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,011.84 | 13.24 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 705.50 | 6.72 | 1.58% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.12 | 7.95 |
Beginning | Ending | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08 - 3/31/09* | 10/1/08 - 3/31/09 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | $ | 1,000.00 | $ | 704.20 | $ | 8.03 | 1.89% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.58 | 9.50 |
* | 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
A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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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2009 Semiannual Report
ICON International Funds
Investment Update
ICON International Funds
Investment Update
March 31, 2009
(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-09, M29753
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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 | |||
Message from ICON Funds (Unaudited) | 5 | |||
Schedules of Investments (Unaudited) | ||||
ICON Asia-Pacific Region Fund | 7 | |||
ICON Europe Fund | 11 | |||
ICON International Equity Fund | 14 | |||
Financial Statements (Unaudited) | 18 | |||
Financial Highlights (Unaudited) | 24 | |||
Notes to Financial Statements (Unaudited) | 28 | |||
Six-Month Hypothetical Expense Example (Unaudited) | 41 | |||
Other Information (Unaudited) | 44 |
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 views, opinions and portfolio holdings as of March 31, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2009 are included in each Fund’s Schedule of Investments.
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.
This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this report and other factors beyond the control of our
investment team. Therefore, actual outcome may differ materially from what is expressed in such forward looking statements.
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.
Message From ICON Funds (unaudited)
Dear Shareholder,
It may surprise you to learn that we at ICON hope to look back on the last six months as the final stage of an unusual, unforeseeable and unfortunate financial and economic setting. I would like to offer you ICON’S opinion relative to the underlying causes of the recent financial crisis, in addition to providing our outlook for what we anticipate will be a brighter future.
Back in 2005, the Federal Reserve (the “FED”) began tightening monetary policy in response to a strong economy and some upward pressure on commodity prices. The FED’s objective was to slow the economy and decrease inflationary elements. Consequently, the money supply, as measured by M1, was flat through 2005, 2006 and the first half of 2007. The initial impact of this constraint was felt, as usual, at the margins and would have jeopardized only the riskiest home or land acquisitions. Problems in the sub-prime mortgage market would not surface until mid-2007.
In response to the mortgage crisis, the Federal Reserve reversed monetary policy and began a series of dramatic easing in August 2007. Ordinarily, we believe this should have stimulated growth in the money supply and helped avert a recession. By early 2008, however, it was clear to the FED that the banking system was frozen, banks were not making loans and the money supply was not growing. The Federal Reserve and the Department of the Treasury made every effort and used a variety of strategies to clear a log-jammed financial system, but the damage was arguably done. In early 2008 the money supply had already been flat for over three years. We believe this stagnant M1 supply was choking the economy. Housing, mortgages and financial institutions were especially hard hit. In a somewhat ironic twist, the economy was rapidly deteriorating and directly impacting the very financial institutions the FED was trying to unlock in order to stabilize the economy. By the summer of 2008, one year after the FED’s initial monetary easing, M1 had started to grow again. If anybody was curious about what happens if you hold M1 flat for over three and a half years, we now have an answer: you will have a deep recession.
The collapse of various financial institutions, in our opinion, did not cause the recession. Rather, we think M1 being flat for three and a half years caused the recession. The financial system’s failures simply contributed to the inefficacies of the FED’s policies and were symptomatic of a larger problem. Federal Reserve Chairman Ben Bernanke stated the FED was surprised the system remained frozen and that standard easing did not work. We at ICON, along with countless other advisers, money managers,
investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.
When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months-a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.
We are not out of the woods yet. GDP is not growing and businesses and investors continue to struggle across the globe. Now that the FED’s policies have broken the financial system’s logjam, however, we believe the right monetary and fiscal conditions are in place to promote a long-awaited recovery.
Yours truly,
![-s- Craig T. Callahan](https://capedge.com/proxy/N-CSRS/0000950134-09-011358/d67845callahct.gif)
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser
ICON Asia-Pacific Region Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (100.5%) | ||||||||
326,895 | Acer, Inc. | $ | 492,335 | |||||
86,000 | AMP, Ltd. | 280,650 | ||||||
70,000 | ASICS Corp. | 488,543 | ||||||
40,300 | Australia & New Zealand Banking Group, Ltd. | 440,212 | ||||||
108,000 | AXA Asia Pacific Holdings, Ltd. | 255,730 | ||||||
389,800 | Bangkok Bank Public Co., Ltd. | 819,234 | ||||||
44,400 | Bank of Baroda | 205,466 | ||||||
1,647,000 | Bank of China, Ltd. - Class H | 546,053 | ||||||
44,800 | Bank of India | 194,501 | ||||||
13,500 | BHP Billiton, Ltd. | 298,259 | ||||||
16,550 | Cheil Industries, Inc. | 456,476 | ||||||
40,000 | Cheung Kong Holdings, Ltd. | 344,762 | ||||||
627,000 | China Agri-Industries Holdings, Ltd.(a) | 298,480 | ||||||
368,000 | China Coal Energy Co. - Class H | 271,605 | ||||||
837,000 | China Construction Bank Corp. - Class H | 475,160 | ||||||
1,068,000 | China Dongxiang Group Co.(b) | 393,162 | ||||||
209,000 | China High Speed Transmission Equipment Group Co., Ltd.(b) | 298,721 | ||||||
117,000 | China Mobile, Ltd. | 1,019,203 | ||||||
588,000 | China Oilfield Services, Ltd. | 466,018 | ||||||
146,000 | China Overseas Land & Investment, Ltd. | 228,829 | ||||||
1,206,000 | China Petroleum & Chemical Corp. | 772,823 | ||||||
588,000 | China Railway Group, Ltd.(a) | 342,892 | ||||||
120,000 | China Shenhua Energy Co., Ltd. | 270,759 | ||||||
272,000 | China Shipping Development Co., Ltd. | 257,913 | ||||||
173,746 | Chunghwa Telecom Co., Ltd. | 316,913 | ||||||
419,000 | CNOOC, Ltd. | 421,047 | ||||||
24,700 | Commonwealth Bank of Australia | 592,750 | ||||||
206,000 | Cosco Pacific, Ltd. | 202,870 | ||||||
1,320,000 | Dalian Port (PDA) Co., Ltd. - Class H | 425,687 | ||||||
19,000 | DBS Group Holdings, Ltd. | 105,948 | ||||||
4,755 | DC Chemical Co., Ltd.(b) | 695,042 | ||||||
26,000 | Dongkuk Steel Mill Co., Ltd. | 483,507 | ||||||
59,000 | Esprit Holdings, Ltd. | 301,047 | ||||||
1,482,000 | Fosun International | 492,949 | ||||||
52,000 | GigaMedia, Ltd.(a)* | 287,040 | ||||||
1,036,000 | Guangdong Investment, Ltd. | 417,678 | ||||||
16,499 | Hanjin Heavy Industries & Construction Co., Ltd. | 341,198 | ||||||
44,100 | Hankook Tire Co., Ltd. | 424,376 | ||||||
11,000 | Hanwha Corp. | 239,245 | ||||||
53,000 | Henderson Land Development Co., Ltd. | 202,104 | ||||||
16,000 | High Tech Computer Corp. | 197,048 | ||||||
130,000 | Hon Hai Precision Industry Co., Ltd. | 294,225 |
Shares or Principal Amount | Value | |||||||
264,000 | Hong Leong Financial Group Bhd. | $ | 339,356 | |||||
16,000 | Hoya Corp. | 318,473 | ||||||
1,400 | Hyundai Heavy Industries Co., Ltd.(b) | 200,492 | ||||||
2,700 | Idemitsu Kosan Co., Ltd. | 203,997 | ||||||
1,147,000 | Industrial & Commercial Bank of China, Ltd. - Class H(b) | 596,136 | ||||||
19,400 | Jindal Steel & Power, Ltd. | 463,037 | ||||||
362 | Jupiter Telecommunications Co., Ltd. | 241,860 | ||||||
33,000 | Kintetsu World Express, Inc. | 614,063 | ||||||
5,200 | Kobayashi Pharmaceutical Co., Ltd. | 171,798 | ||||||
27,000 | Korean Reinsurance Co.(a) | 208,825 | ||||||
37,000 | Largan Precision Co., Ltd. | 310,783 | ||||||
21,000 | LG Fashion Corp.(b) | 278,707 | ||||||
92,000 | Li & Fung, Ltd. | 215,682 | ||||||
339,000 | Li Ning Co., Ltd.(b) | 560,740 | ||||||
434,000 | Lianhua Supermarket Holdings, Ltd. | 495,832 | ||||||
39,560 | LIG Insurance Co., Ltd.(a) | 387,174 | ||||||
52,000 | MediaTek, Inc. | 489,612 | ||||||
2,960 | Megastudy Co., Ltd. | 430,766 | ||||||
180,000 | Mitsubishi UFJ Financial Group, Inc. | 886,945 | ||||||
548,000 | MMC Corp., Berhad | 213,585 | ||||||
195,000 | MobileOne, Ltd. | 191,395 | ||||||
174,000 | Nan Ya Plastics Corp. | 199,643 | ||||||
40,100 | National Australia Bank, Ltd. | 559,569 | ||||||
1,700 | Nintendo Co., Ltd. | 497,379 | ||||||
6,900 | Nitori Co., Ltd. | 386,246 | ||||||
1,358,000 | Noble Group, Ltd. | 1,063,218 | ||||||
26,000 | Nomura Real Estate Holdings, Inc.(b) | 396,703 | ||||||
103 | NTT DoCoMo, Inc. | 140,352 | ||||||
474,000 | Petrochina Co., Ltd. | 378,164 | ||||||
13,330 | Point, Inc. | 605,647 | ||||||
95,000 | Primary Health Care, Ltd.(b) | 301,160 | ||||||
1,956,000 | PT Perusahaan Gas Negara | 365,753 | ||||||
68,500 | PTT Exploration & Production Public Co., Ltd. | 188,310 | ||||||
9,900 | Reliance Industries, Ltd. | 298,347 | ||||||
8,500 | Rio Tinto, Ltd. | 337,460 | ||||||
28,500 | Samsung Heavy Industries Co., Ltd.(b) | 534,943 | ||||||
4,600 | SANKYO Co., Ltd. | 201,066 | ||||||
5,000 | Secom Co., Ltd. | 185,151 | ||||||
144,000 | Shanghai Industrial Holdings, Ltd. | 399,712 | ||||||
260,000 | Shanghai Zhenhua Port Machinery Co., Ltd. | 242,499 | ||||||
275,000 | Shimao Property Holdings, Ltd. | 240,408 | ||||||
14,600 | Shin-Etsu Chemical Co., Ltd. | 717,411 | ||||||
16,000 | Shinhan Financial Group, Ltd.(a) | 289,482 | ||||||
29,000 | Shionogi & Co., Ltd. | 499,942 | ||||||
600,000 | Shun Tak Holdings, Ltd. | 186,615 | ||||||
2,898,000 | Sichuan Expressway Co., Ltd.(a) | 542,963 | ||||||
92,000 | Simplo Technology Co., Ltd. | 253,009 | ||||||
17,900 | SINA Corp. - ADR(a)* | 416,175 | ||||||
1,034,000 | Singapore Post, Ltd. | 527,460 | ||||||
151,000 | Singapore Telecommunications, Ltd. | 251,755 |
Shares or Principal Amount | Value | |||||||
1,266,000 | Sinofert Holdings, Ltd.(b) | $ | 557,289 | |||||
4,000 | SK Energy Co., Ltd. | 259,043 | ||||||
1,176,000 | Soho China | 472,421 | ||||||
15,200 | Sumitomo Mitsui Financial Group, Inc.(b) | 535,294 | ||||||
131,361 | Taiwan Mobile Co., Ltd. | 190,724 | ||||||
54,500 | Tanjong PLC | 206,577 | ||||||
673,000 | Techtronic Industries Co., Ltd. | 312,303 | ||||||
786,000 | Thai Union Frozen Products Public Co., Ltd. | 452,493 | ||||||
694,000 | Thanachart Capital Public Co., Ltd. | 188,209 | ||||||
39,000 | The Bank of Yokohama, Ltd. | 167,239 | ||||||
96,000 | The Wharf Holdings, Ltd. | 239,029 | ||||||
102,000 | United Phosphorus, Ltd. | 197,813 | ||||||
501,000 | Want Want China Holdings, Ltd. | 232,501 | ||||||
66,000 | Wing Hang Bank, Ltd.* | 316,358 | ||||||
415,000 | Wistron Corp. | 447,704 | ||||||
12,300 | Woongjin Coway Co., Ltd. | 268,770 | ||||||
131,000 | Yue Yuen Industrial Holdings, Ltd. | 299,216 | ||||||
705,000 | Zhuzhou CSR Times Electric Co., Ltd. - Class H(b) | 717,092 | ||||||
179,000 | ZTE Corp.(b) | 729,644 | ||||||
Total Common Stocks (Cost $48,518,876) | 42,173,979 | |||||||
Other Securities (10.3%) | ||||||||
4,311,619 | Invesco Aim Liquid Assets Portfolio, 0.81%*Ù | 4,311,619 | ||||||
Total Other Securities (Cost $4,311,619) | 4,311,619 | |||||||
Total Investments 110.8% (Cost $52,830,495) | 46,485,598 | |||||||
Liabilities Less Other Assets (10.8)% | (4,549,535 | ) | ||||||
Net Assets 100.0% | $ | 41,936,063 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
* | All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $41,154,406. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. |
ADR American Depositary Receipt
ICON Asia-Pacific Region Fund
As of March 31, 2009, the Fund had the following forward currency contracts outstanding:
Original | Unrealized | |||||||||||||||
Delivery | Contract | Market | Appreciation/ | |||||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||||
Contracts to Sell: | ||||||||||||||||
(10,500,000,000) | Korean Won | 04/02/09 | $ | (8,649,094 | ) | $ | (7,592,740 | ) | $ | 1,056,354 | ||||||
Contracts to Buy: | ||||||||||||||||
10,500,000,000 | Korean Won | 04/02/09 | $ | 8,126,935 | $ | 7,592,740 | $ | (534,195 | ) |
The accompanying notes are an integral part of the financial statements.
ICON Asia–Pacific Region Fund
Country Composition
March 31, 2009
(unaudited)
Country Composition
March 31, 2009
(unaudited)
Hong Kong | 21.1% | |||
Japan | 17.3% | |||
China | 17.0% | |||
Republic of Korea (South) | 13.2% | |||
Taiwan | 7.8% | |||
Australia | 7.2% | |||
Thailand | 3.9% | |||
Singapore | 3.4% | |||
India | 3.3% | |||
Cayman Islands | 2.3% | |||
Malaysia | 1.8% | |||
Bermuda | 1.3% | |||
Indonesia | 0.9% | |||
100.5% | ||||
Percentages are based upon net assets.
ICON Asia–Pacific Region Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Diversified Banks | 16.5% | |||
Wireless Telecommunication Services | 3.7% | |||
Steel | 3.5% | |||
Construction & Farm Machinery & Heavy Trucks | 3.2% | |||
Real Estate Development | 3.0% | |||
Air Freight & Logistics | 2.8% | |||
Computer Hardware | 2.8% | |||
Integrated Oil & Gas | 2.7% | |||
Apparel Accessories & Luxury Goods | 2.7% | |||
Trading Companies & Distributors | 2.5% | |||
Apparel Retail | 2.1% | |||
Real Estate Management & Development | 2.0% | |||
Footwear | 1.9% | |||
Leisure Products | 1.8% | |||
Oil & Gas Refining & Marketing | 1.8% | |||
Fertilizers & Agricultural Chemicals | 1.8% | |||
Communications Equipment | 1.7% | |||
Specialty Chemicals | 1.7% | |||
Electrical Components & Equipment | 1.7% | |||
Internet Software & Services | 1.7% | |||
Diversified Chemicals | 1.7% | |||
Packaged Foods & Meats | 1.7% | |||
Diversified Metals & Mining | 1.5% | |||
Electronic Components | 1.5% | |||
Marine Ports & Services | 1.5% | |||
Industrial Conglomerates | 1.5% | |||
Oil & Gas Exploration & Production | 1.4% | |||
Integrated Telecommunication Services | 1.4% | |||
Household Appliances | 1.3% | |||
Highways & Railtracks | 1.3% | |||
Life & Health Insurance | 1.3% | |||
Coal & Consumable Fuels | 1.2% | |||
Pharmaceuticals | 1.2% | |||
Home Entertainment Software | 1.2% | |||
Food Retail | 1.2% | |||
Semiconductors | 1.2% | |||
Oil & Gas Drilling | 1.1% | |||
Commodity Chemicals | 1.1% | |||
Marine | 1.0% | |||
Education Services | 1.0% | |||
Tires & Rubber | 1.0% | |||
Water Utilities | 1.0% | |||
Other Industries (each less than 1%) | 10.6% | |||
100.5% | ||||
Percentages are based upon net assets.
ICON Asia–Pacific Region Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Financial | 25.0% | |||
Industrial | 17.4% | |||
Consumer Discretionary | 11.4% | |||
Information Technology | 11.4% | |||
Materials | 11.3% | |||
Energy | 8.2% | |||
Telecommunications & Utilities | 7.5% | |||
Leisure & Consumer Staples | 6.0% | |||
Health Care | 2.3% | |||
100.5% | ||||
Percentages are based upon net assets.
ICON Europe Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (96.1%) | ||||||||
4,700 | Adidas AG | $ | 155,965 | |||||
5,255 | Allianz AG | 442,082 | ||||||
19,400 | Anglo American PLC | 330,297 | ||||||
18,500 | Arcadis N.V. | 223,017 | ||||||
25,300 | ArcelorMittal - Class A | 516,131 | ||||||
71,900 | BAE Systems PLC | 344,780 | ||||||
35,000 | BIM Birlesik Magazalar A.S. | 743,775 | ||||||
3,000 | Bonduelle S.C.A. | 207,713 | ||||||
225,000 | BP PLC | 1,508,445 | ||||||
387,300 | Cable & Wireless PLC | 774,387 | ||||||
7,200 | Carrefour S.A. | 280,828 | ||||||
24,600 | Deutsche Telekom AG(b) | 305,299 | ||||||
18,600 | Diageo PLC | 207,667 | ||||||
29,906 | Ebro Puleva S.A. | 350,966 | ||||||
9,200 | Eni S.p.A. | 178,105 | ||||||
33,800 | Eurasian Natural Resource Corp. | 218,680 | ||||||
58,200 | Experian PLC | 363,859 | ||||||
1,960 | Galenica AG(b) | 565,931 | ||||||
36,572 | Gerry Weber International AG(b) | 751,237 | ||||||
17,900 | GFK AG | 411,733 | ||||||
18,000 | Henkel AG & KGaA | 487,067 | ||||||
15,800 | Kerry Group PLC | 320,230 | ||||||
37,540 | Koninklijke Ahold N.V. | 411,101 | ||||||
75,600 | Kontron AG | 728,310 | ||||||
5,700 | Linde AG | 387,109 | ||||||
7,000 | LUKOIL - ADR* | 263,900 | ||||||
3,600 | Mayr-Melnhof Karton AG | 253,271 | ||||||
209,300 | Meggitt PLC | 385,113 | ||||||
9,300 | Merck KGaA(a)(b) | 819,488 | ||||||
6,700 | MTU Aero Engines Holding AG | 155,216 | ||||||
1,150 | Muenchener Rueckversicherungs-Gesellschaft AG | 140,314 | ||||||
66,600 | Navios Maritime Holdings, Inc.(b)* | 153,180 | ||||||
47,050 | Nestle S.A. | 1,590,113 | ||||||
28,390 | Novartis AG | 1,074,472 | ||||||
14,200 | Nutreco Holding N.V. | 508,359 | ||||||
395,000 | Old Mutual PLC | 294,013 | ||||||
12,700 | Pernod Ricard S.A.(b) | 707,654 | ||||||
26,800 | Petrofac, Ltd. | 205,990 | ||||||
52,700 | Prosafe SE(a) | 187,595 | ||||||
26,500 | Prosegur Compania de Seguridad S.A. | 713,513 | ||||||
133,900 | Prudential PLC | 649,021 | ||||||
23,900 | Public Power Corp. S.A. | 433,668 | ||||||
16,200 | Rautaruukki Oyj | 259,171 | ||||||
51,410 | Rexam PLC | 198,630 | ||||||
3,800 | Rio Tinto PLC | 127,574 | ||||||
7,560 | Roche Holding AG | 1,037,976 | ||||||
75,200 | Royal Dutch Shell PLC - Class B | 1,635,678 | ||||||
4,060 | RWE AG | 285,894 | ||||||
35,500 | SAP AG | 1,250,443 | ||||||
25,000 | Seadrill, Ltd. | 241,765 | ||||||
14,900 | Securitas AB | 108,799 | ||||||
14,600 | Siemens AG | 837,834 | ||||||
28,000 | StatoilHydro ASA | 490,231 | ||||||
4,010 | Syngenta AG | 806,344 | ||||||
18,400 | Telefonica S.A. | 366,863 | ||||||
31,900 | Telekomunikacja Polska S.A. | 173,001 | ||||||
95,700 | TeliaSonera AB | 460,473 | ||||||
48,000 | Tesco PLC | 229,292 | ||||||
20,600 | TGS Nopec Geophysical Co. ASA(a) | 160,197 |
Shares or Principal Amount | Value | |||||||
90,900 | The Carphone Warehouse Group PLC | $ | 163,027 | |||||
30,000 | The Davis Service Group PLC | 112,524 | ||||||
22,500 | ThyssenKrupp AG | 396,355 | ||||||
35,600 | Total S.A. | 1,760,122 | ||||||
27,900 | United Internet AG | 235,573 | ||||||
3,000 | Vestas Wind Systems A/S(a) | 131,815 | ||||||
19,200 | Vivendi Universal | 507,740 | ||||||
432,900 | Vodafone Group PLC | 754,609 | ||||||
23,600 | Wolters Kluwer N.V. | 382,488 | ||||||
31,390 | Yara International ASA | 686,072 | ||||||
62,800 | YIT Oyj(b) | 420,670 | ||||||
4,750 | Zurich Financial Services AG(b) | 750,970 | ||||||
Total Common Stocks (Cost $44,508,052) | 34,721,724 | |||||||
Short-Term Investments (1.9%) | ||||||||
21 | Brown Brothers Harriman Time Deposit - Euro, 0.30%, 04/01/09*# | 28 | ||||||
$ | 668,300 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09*# | 668,300 | |||||
Total Short-Term Investments (Cost $668,328) | 668,328 | |||||||
Other Securities (10.3%) | ||||||||
3,724,230 | Invesco Aim Liquid Assets Portfolio, 0.81%*Ù | 3,724,230 | ||||||
Total Other Securities (Cost $3,724,230) | 3,724,230 | |||||||
Total Investments 108.3% (Cost $48,900,610) | 39,114,282 | |||||||
Liabilities Less Other Assets (8.3)% | (3,012,280 | ) | ||||||
Net Assets 100.0% | $ | 36,102,002 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
* | All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $34,304,644. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. |
ADR American Depositary Receipt
ICON Europe Fund
Country Composition
March 31, 2009
(unaudited)
Country Composition
March 31, 2009
(unaudited)
United Kingdom | 21.7% | |||
Germany | 21.4% | |||
Switzerland | 16.1% | |||
France | 9.6% | |||
Netherlands | 5.6% | |||
Norway | 4.2% | |||
Spain | 4.0% | |||
Turkey | 2.1% | |||
Ireland (Republic of) | 1.9% | |||
Finland | 1.9% | |||
Sweden | 1.6% | |||
Greece | 1.2% | |||
United States | 0.7% | |||
Russian Federation | 0.7% | |||
Austria | 0.7% | |||
Bermuda | 0.7% | |||
Kazakhstan | 0.6% | |||
Italy | 0.5% | |||
Poland | 0.5% | |||
Denmark | 0.4% | |||
96.1% | ||||
Percentages are based upon net assets.
ICON Europe Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Integrated Oil & Gas | 16.2% | |||
Pharmaceuticals | 8.2% | |||
Packaged Foods & Meats | 6.9% | |||
Fertilizers & Agricultural Chemicals | 4.1% | |||
Food Retail | 3.8% | |||
Integrated Telecommunication Services | 3.6% | |||
Application Software | 3.5% | |||
Multi-Line Insurance | 3.3% | |||
Steel | 3.2% | |||
Life & Health Insurance | 2.6% | |||
Distillers & Vintners | 2.6% | |||
Apparel Accessories & Luxury Goods | 2.5% | |||
Aerospace & Defense | 2.5% | |||
Industrial Conglomerates | 2.3% | |||
Security & Alarm Services | 2.3% | |||
Research & Consulting Services | 2.1% | |||
Alternative Carriers | 2.1% | |||
Wireless Telecommunication Services | 2.1% | |||
Semiconductors | 2.0% | |||
Diversified Metals & Mining | 1.8% | |||
Health Care Distributors | 1.6% | |||
Oil & Gas Equipment & Services | 1.5% | |||
Agricultural Products | 1.4% | |||
Movies & Entertainment | 1.4% | |||
Household Products | 1.3% | |||
Electric Utilities | 1.2% | |||
Construction & Engineering | 1.2% | |||
Industrial Gases | 1.1% | |||
Publishing | 1.1% | |||
Other Industries (each less than 1%) | 6.6% | |||
96.1% | ||||
Percentages are based upon net assets.
ICON Europe Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Leisure & Consumer Staples | 19.3% | |||
Energy | 18.4% | |||
Industrial | 12.1% | |||
Materials | 11.4% | |||
Telecommunications & Utilities | 9.8% | |||
Health Care | 9.8% | |||
Financial | 6.3% | |||
Information Technology | 6.1% | |||
Consumer Discretionary | 2.9% | |||
96.1% | ||||
Percentages are based upon net assets.
ICON International Equity Fund
Schedule of Investments
March 31, 2009 (Unaudited)
Schedule of Investments
March 31, 2009 (Unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (89.4%) | ||||||||
5,020 | Allianz AG | $ | 422,312 | |||||
39,300 | ArcelorMittal - Class A | 801,738 | ||||||
100,000 | ASICS Corp. | 697,919 | ||||||
81,500 | Bank of Baroda | 377,151 | ||||||
1,788,000 | Bank of China, Ltd. - Class H | 592,801 | ||||||
116,700 | Bank of India | 506,657 | ||||||
24,200 | Bank of Nova Scotia* | 596,505 | ||||||
42,218 | Bidvest Group, Ltd. | 392,308 | ||||||
51,200 | BIM Birlesik Magazalar A.S. | 1,088,037 | ||||||
256,100 | BP PLC | 1,716,946 | ||||||
555,400 | Cable & Wireless PLC | 1,110,495 | ||||||
216,000 | Cafe De Coral Holdings, Ltd. | 423,866 | ||||||
17,000 | Canadian National Railway Co.* | 609,599 | ||||||
600,000 | Chaoda Modern Agriculture Holdings, Ltd. | 357,606 | ||||||
556,000 | China Agri-Industries Holdings, Ltd.(a) | 264,681 | ||||||
1,970,000 | China Bluechemical, Ltd. - Class H | 1,077,833 | ||||||
702,000 | China Construction Bank Corp. - Class H | 398,521 | ||||||
640,000 | China High Speed Transmission Equipment Group Co., Ltd.(b) | 914,743 | ||||||
53,000 | China Mobile, Ltd. | 461,690 | ||||||
1,092,000 | China Oilfield Services, Ltd. | 865,463 | ||||||
920,000 | China Petroleum & Chemical Corp. | 589,550 | ||||||
1,402,000 | China Railway Group, Ltd.(a)(b) | 817,576 | ||||||
370,000 | China Yurun Food Group, Ltd. | 472,663 | ||||||
574,000 | Compal Electronics, Inc. | 412,299 | ||||||
501,000 | Corporacion GEO S.A.B. de C.V. - Class B(a)* | 506,000 | ||||||
85,000 | Cyrela Brazil Realty S.A. Empreendimentos e Participacoes* | 337,581 | ||||||
1,860,000 | Dalian Port (PDA) Co., Ltd. - Class H | 599,832 | ||||||
7,880 | DC Chemical Co., Ltd.(b) | 1,151,826 | ||||||
54,200 | Dongkuk Steel Mill Co., Ltd. | 1,007,926 | ||||||
55,040 | Ebro Puleva S.A. | 645,930 | ||||||
42,300 | Eurasian Natural Resource Corp. | 273,674 | ||||||
2,033,000 | Fosun International | 676,225 | ||||||
2,940 | Galenica AG(b) | 848,896 | ||||||
26,760 | Gerry Weber International AG(b) | 549,686 | ||||||
75,300 | GigaMedia, Ltd.(a)* | 415,656 | ||||||
459,000 | Golden Eagle Retail Group, Ltd. | 301,875 | ||||||
4,326,000 | Guangdong Investment, Ltd. | 1,744,087 | ||||||
165,000 | Henderson Land Development Co., Ltd. | 629,190 | ||||||
55,000 | High Tech Computer Corp. | 677,354 | ||||||
333,000 | Hon Hai Precision Industry Co., Ltd. | 753,668 | ||||||
7,000 | Hyundai Department Store | 365,251 |
Shares or Principal Amount | Value | |||||||
11,400 | Hyundai Heavy Industries Co., Ltd.(b) | $ | 1,632,581 | |||||
406,000 | JD Group, Ltd. | 1,417,532 | ||||||
935 | Jupiter Telecommunications Co., Ltd. | 624,694 | ||||||
91 | KDDI Corp. | 428,597 | ||||||
47,000 | Kintetsu World Express, Inc. | 874,574 | ||||||
45,000 | LG Fashion Corp.(b) | 597,228 | ||||||
876,000 | Lianhua Supermarket Holdings, Ltd. | 1,000,804 | ||||||
6,500 | Linde AG | 441,440 | ||||||
11,600 | LUKOIL - ADR* | 437,320 | ||||||
54,800 | Matsumotokiyoshi Holdings Co., Ltd.(b) | 886,847 | ||||||
315,000 | Meggitt PLC | 579,601 | ||||||
16,300 | Merck KGaA(a)(b) | 1,436,306 | ||||||
108,400 | Metalurgica Gerdau S.A.* | 785,304 | ||||||
55,000 | MRV Engenharia E Participacoes S.A.* | 327,296 | ||||||
96,500 | Naspers Limited | 1,634,578 | ||||||
62,000 | National Australia Bank, Ltd. | 865,169 | ||||||
58,700 | Nestle S.A. | 1,983,839 | ||||||
2,500 | Nintendo Co., Ltd. | 731,440 | ||||||
22,540 | Novartis AG | 853,068 | ||||||
558,000 | Old Mutual PLC | 415,340 | ||||||
16,700 | Petro-Canada* | 448,734 | ||||||
55,700 | Petrofac, Ltd. | 428,121 | ||||||
34,000 | Petroleo Brasiliero S.A.* | 419,612 | ||||||
21,100 | Point, Inc. | 958,676 | ||||||
33,100 | Potash Corp. of Saskatchewan, Inc.* | 2,677,148 | ||||||
29,400 | Prosegur Compania de Seguridad S.A. | 791,596 | ||||||
178,400 | Prudential PLC | 864,715 | ||||||
5,860,000 | PT Perusahaan Gas Negara | 1,095,763 | ||||||
1,058,000 | PT Tambang Batubara Bukit Asam Tbk | 620,954 | ||||||
36,400 | Research In Motion, Ltd.* | 1,573,531 | ||||||
7,910 | Roche Holding AG | 1,086,030 | ||||||
64,700 | Rona, Inc.* | 609,273 | ||||||
89,400 | Royal Dutch Shell PLC - Class B | 1,944,542 | ||||||
6,250 | RWE AG | 440,108 | ||||||
52,800 | SAP AG | 1,859,814 | ||||||
150,000 | Shanghai Industrial Holdings, Ltd. | 416,367 | ||||||
42,000 | Shionogi & Co., Ltd. | 724,054 | ||||||
11,500 | Shoppers Drug Mart Corp.* | 395,407 | ||||||
1,414,000 | Shui On Land, Ltd. | 496,634 | ||||||
1,912,000 | Shun Tak Holdings, Ltd. | 594,681 | ||||||
5,392,000 | Sichuan Expressway Co., Ltd.(a) | 1,010,233 | ||||||
21,000 | Siemens AG | 1,205,104 | ||||||
1,922,000 | Sinofert Holdings, Ltd.(b) | 846,058 | ||||||
2,372,000 | Soho China | 952,877 | ||||||
48,013 | StatoilHydro ASA | 840,624 | ||||||
151,000 | Tata Steel, Ltd. | 615,654 | ||||||
18,600 | Telefonica S.A. | 370,850 | ||||||
104,300 | TeliaSonera AB | 501,854 | ||||||
53,700 | TGS Nopec Geophysical Co. ASA(a) | 417,601 | ||||||
1,055,000 | Thai Union Frozen Products Public Co., Ltd. | 607,353 | ||||||
18,100 | The Toronto-Dominion Bank* | 624,059 | ||||||
294,000 | The Wharf Holdings, Ltd. | 732,027 | ||||||
31,155 | Total S.A. | 1,540,354 | ||||||
293,000 | Vodafone Group PLC | 510,743 | ||||||
3,125,000 | Want Want China Holdings, Ltd.(b) | 1,450,233 |
Shares or Principal Amount | Value | |||||||
6,510 | Zurich Financial Services AG(b) | $ | 1,029,224 | |||||
Total Common Stocks (Cost $87,584,064) | 77,107,782 | |||||||
Preferred Stock (1.9%) | ||||||||
146,100 | Companhia Vale do Rio Doce - Class A* | 1,689,065 | ||||||
Total Preferred Stocks (Cost $1,614,075) | 1,689,065 | |||||||
Short-Term Investments (4.5%) | ||||||||
28 | Brown Brothers Harriman Time Deposit - Australian Dollar, 2.23%, 04/01/09*# | 19 | ||||||
34 | Brown Brothers Harriman Time Deposit - Euro, 0.30%, 04/01/09*# | 45 | ||||||
3,989,427 | Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 0.02%, 04/01/09*# | 514,738 | ||||||
$ | 3,343,797 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09*# | 3,343,797 | |||||
Total Short-Term Investments (Cost $3,858,599) | 3,858,599 | |||||||
Other Securities (11.1%) | ||||||||
9,607,061 | Invesco Aim Liquid Assets Portfolio, 0.81%*Ù | 9,607,061 | ||||||
Total Other Securities (Cost $9,607,061) | 9,607,061 | |||||||
Total Investments 106.9% (Cost $102,663,799) | 92,262,507 | |||||||
Liabilities Less Other Assets (6.9)% | (5,985,143 | ) | ||||||
Net Assets 100.0% | $ | 86,277,364 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
* | All securities were fair valued (Note 2) as of March 31, 2009 unless noted with a ”*”. Total value of securities fair valued was $66,344,757. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. |
ADR American Depositary Receipt
ICON International Equity Fund
As of March 31, 2009, the Fund had the following forward currency contracts outstanding:
Original | Unrealized | |||||||||||||||
Delivery | Contract | Market | Appreciation/ | |||||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||||
Contracts to Sell: | ||||||||||||||||
(5,000,000,000) | Korean Won | 04/02/09 | $ | (4,118,616 | ) | $ | (3,615,590 | ) | $ | 503,026 | ||||||
Contracts to Buy: | ||||||||||||||||
5,000,000,000 | Korean Won | 04/02/09 | $ | 3,869,969 | $ | 3,615,590 | $ | (254,379 | ) |
The accompanying notes are an integral part of the financial statements.
ICON International Equity Fund
Country Composition
March 31, 2009
(unaudited)
Country Composition
March 31, 2009
(unaudited)
Hong Kong | 13.1% | |||
Canada | 8.7% | |||
United Kingdom | 8.4% | |||
Germany | 7.4% | |||
China | 7.1% | |||
Switzerland | 6.8% | |||
Japan | 6.7% | |||
Republic of Korea (South) | 5.5% | |||
South Africa | 4.0% | |||
Brazil | 3.7% | |||
Taiwan | 2.2% | |||
Spain | 2.0% | |||
Indonesia | 2.0% | |||
France | 1.8% | |||
India | 1.7% | |||
Norway | 1.5% | |||
Turkey | 1.3% | |||
Australia | 1.0% | |||
Bermuda | 1.0% | |||
Netherlands | 0.9% | |||
Thailand | 0.7% | |||
Mexico | 0.6% | |||
Sweden | 0.6% | |||
United States | 0.5% | |||
Russian Federation | 0.5% | |||
Singapore | 0.5% | |||
Cayman Islands | 0.4% | |||
Belize | 0.4% | |||
Kazakhstan | 0.3% | |||
91.3% | ||||
Percentages are based upon net assets.
ICON International Equity Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Integrated Oil & Gas | 9.3% | |||
Packaged Foods & Meats | 5.9% | |||
Fertilizers & Agricultural Chemicals | 5.3% | |||
Pharmaceuticals | 4.8% | |||
Diversified Banks | 4.6% | |||
Steel | 4.5% | |||
Cable & Satellite | 2.6% | |||
Food Retail | 2.5% | |||
Industrial Conglomerates | 2.4% | |||
Home Improvement Retail | 2.3% | |||
Diversified Metals & Mining | 2.2% | |||
Application Software | 2.2% | |||
Water Utilities | 2.0% | |||
Construction & Farm Machinery & Heavy Trucks | 1.9% | |||
Communications Equipment | 1.8% | |||
Multi-Line Insurance | 1.7% | |||
Real Estate Development | 1.7% | |||
Wireless Telecommunication Services | 1.6% | |||
Real Estate Management & Development | 1.5% | |||
Drug Retail | 1.5% | |||
Life & Health Insurance | 1.5% | |||
Homebuilding | 1.4% | |||
Diversified Chemicals | 1.3% | |||
Apparel Accessories & Luxury Goods | 1.3% | |||
Alternative Carriers | 1.3% | |||
Gas Utilities | 1.3% | |||
Computer Hardware | 1.3% | |||
Highways & Railtracks | 1.2% | |||
Apparel Retail | 1.1% | |||
Heavy Electrical Equipment | 1.1% | |||
Air Freight & Logistics | 1.0% | |||
Integrated Telecommunication Services | 1.0% | |||
Oil & Gas Drilling | 1.0% | |||
Health Care Distributors | 1.0% | |||
Oil & Gas Equipment & Services | 1.0% | |||
Other Industries (each less than 1%) | 11.2% | |||
91.3% | ||||
Percentages are based upon net assets.
ICON International Equity Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Materials | 13.8% | |||
Leisure & Consumer Staples | 13.7% | |||
Industrial | 12.2% | |||
Energy | 12.0% | |||
Financial | 11.0% | |||
Telecommunications & Utilities | 7.7% | |||
Consumer Discretionary | 7.6% | |||
Information Technology | 7.5% | |||
Health Care | 5.8% | |||
91.3% | ||||
Percentages are based upon net assets.
Statements of Assets and Liabilities
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
ICON | ICON | ICON | ||||||||||
Asia-Pacific | Europe | International | ||||||||||
Region Fund | Fund | Equity Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 52,830,495 | $ | 48,900,610 | $ | 102,663,799 | ||||||
Investments, at value† | 46,485,598 | 39,114,282 | 92,262,507 | |||||||||
Foreign currency, at value (cost $431,316, $0 and $109,399) | 434,635 | - | 111,570 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 1,056,354 | - | 503,026 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 60,146 | 43,600 | 97,491 | |||||||||
Investments sold | 374,383 | 689,126 | 3,487,381 | |||||||||
Interest | 9,309 | 7,940 | 14,095 | |||||||||
Dividends | 156,400 | 78,313 | 198,515 | |||||||||
Expense reimbursements by Adviser | 6,493 | 6,347 | 12,794 | |||||||||
Foreign tax reclaims | 303 | 53,032 | 143,788 | |||||||||
Other assets | 58,753 | 58,862 | 75,839 | |||||||||
Total Assets | 48,642,374 | 40,051,502 | 96,907,006 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | 1,679,320 | - | - | |||||||||
Interest | 1,401 | 147 | - | |||||||||
Investments bought | - | - | 240,704 | |||||||||
Payable for collateral received on securities loaned | 4,311,619 | 3,724,230 | 9,607,061 | |||||||||
Fund shares redeemed | 99,634 | 143,210 | 369,879 | |||||||||
Advisory fees | 34,454 | 30,627 | 71,970 | |||||||||
Accrued distribution fees | 90 | 39 | 16,485 | |||||||||
Fund accounting fees | 15,965 | 17,241 | 20,539 | |||||||||
Transfer agent fees | 14,680 | 12,549 | 21,015 | |||||||||
Administration fees | 1,604 | 1,262 | 3,089 | |||||||||
Trustee fees | 4,984 | 4,408 | 10,538 | |||||||||
Accrued expenses | 8,365 | 15,787 | 13,983 | |||||||||
Unrealized depreciation on forward foreign currency contracts | 534,195 | - | 254,379 | |||||||||
Total Liabilities | 6,706,311 | 3,949,500 | 10,629,642 | |||||||||
Net Assets - all share classes | $ | 41,936,063 | $ | 36,102,002 | $ | 86,277,364 | ||||||
Net Assets - Class S | $ | 41,686,621 | $ | 35,962,534 | $ | 24,390,815 | ||||||
Net Assets - Class I | $ | 7,164 | $ | 2,347 | $ | 29,685,644 | ||||||
Net Assets - Class C | $ | 42,752 | $ | 12,858 | $ | 11,958,590 | ||||||
Net Assets - Class Z | $ | 3,556 | $ | 2,363 | $ | 10,630,091 | ||||||
Net Assets - Class A | $ | 195,970 | $ | 121,900 | $ | 3,429,906 | ||||||
Net Assets - Class Q | $ | - | $ | - | $ | 6,182,318 | ||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 91,211,488 | $ | 107,110,565 | $ | 225,497,742 | ||||||
Accumulated undistributed net investment income/(loss) | (988,836 | ) | 130,901 | (177,314 | ) | |||||||
Accumulated undistributed net realized gain/(loss) from investment and foreign currency transactions | (42,468,223 | ) | (61,353,451 | ) | (128,898,384 | ) | ||||||
Unrealized appreciation/(depreciation) on investments and other assets and liabilities denominated in foreign currency | (5,818,366 | ) | (9,786,013 | ) | (10,144,680 | ) | ||||||
Net Assets | $ | 41,936,063 | $ | 36,102,002 | $ | 86,277,364 | ||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 6,219,932 | 4,400,587 | 3,399,599 | |||||||||
Class I | 1,066 | 287 | 4,242,063 | |||||||||
Class C | 6,408 | 1,582 | 1,794,458 | |||||||||
Class Z | 530 | 289 | 1,499,415 | |||||||||
Class A | 29,242 | 14,874 | 485,754 | |||||||||
Class Q | - | - | 873,498 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 6.70 | $ | 8.17 | $ | 7.17 | ||||||
Class I | $ | 6.72 | $ | 8.18 | $ | 7.00 | ||||||
Class C | $ | 6.67 | $ | 8.13 | $ | 6.66 | ||||||
Class Z | $ | 6.71 | $ | 8.18 | $ | 7.09 | ||||||
Class A | $ | 6.70 | $ | 8.20 | $ | 7.06 | ||||||
Class Q | $ | - | $ | - | $ | 7.08 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 7.11 | $ | 8.70 | $ | 7.49 | ||||||
† Includes securities on loan of | $ | 4,059,837 | $ | 3,659,127 | $ | 9,153,728 | ||||||
The accompanying notes are an integral part of the financial statements.
Statements of Operations
For the period ended March 31, 2009 (unaudited)
For the period ended March 31, 2009 (unaudited)
ICON | ICON | ICON | ||||||||||
Asia-Pacific | Europe | International | ||||||||||
Region Fund | Fund | Equity Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 256 | $ | 1,839 | $ | 6,056 | ||||||
Dividends | 339,335 | 609,482 | 876,375 | |||||||||
Income from securities lending, net | 71,408 | 37,001 | 113,101 | |||||||||
Foreign taxes withheld | (25,438 | ) | (42,677 | ) | (69,705 | ) | ||||||
Total Investment Income | 385,561 | 605,645 | 925,827 | |||||||||
Expenses | ||||||||||||
Advisory fees | 236,320 | 266,603 | 549,288 | |||||||||
Distribution fees: | ||||||||||||
Class I | 9 | 12 | 68,214 | |||||||||
Class C | 145 | 62 | 71,736 | |||||||||
Class A | 412 | 238 | 5,416 | |||||||||
Fund accounting fees | 19,735 | 20,559 | 31,185 | |||||||||
Transfer agent fees | 49,853 | 45,987 | 79,000 | |||||||||
Custody fees | 25,698 | 20,512 | 34,205 | |||||||||
Administration fees | 11,666 | 13,152 | 27,116 | |||||||||
Registration fees | 23,687 | 23,962 | 26,112 | |||||||||
Insurance expense | 5,747 | 5,635 | 11,460 | |||||||||
Trustee fees and expenses | 4,316 | 3,866 | 7,731 | |||||||||
Interest expense | 10,644 | 8,631 | 552 | |||||||||
Other expenses | 45,226 | 35,374 | 55,947 | |||||||||
Total expenses before expense reimbursement and transfer agent earnings credit | 433,458 | 444,593 | 967,962 | |||||||||
Transfer agent earnings credit | (81 | ) | (95 | ) | (186 | ) | ||||||
Expense reimbursement by Adviser due to expense limitation agreement | (17,174 | ) | (16,428 | ) | (25,283 | ) | ||||||
Net Expenses | 416,203 | 428,070 | 942,493 | |||||||||
Net Investment Income/(Loss) | (30,642 | ) | 177,575 | (16,666 | ) | |||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | ||||||||||||
Net realized gain/(loss) from investment transactions | (31,783,425 | ) | (38,443,940 | ) | (84,516,596 | ) | ||||||
Net realized gain/(loss) from foreign currency transactions | 1,239,947 | (215,640 | ) | 572,942 | ||||||||
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations | 11,009,422 | 8,590,521 | 28,024,540 | |||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | (19,534,056 | ) | (30,069,059 | ) | (55,919,114 | ) | ||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | (19,564,698 | ) | $ | (29,891,484 | ) | $ | (55,935,780 | ) | |||
The accompanying notes are an integral part of the financial statements.
Statements of Changes in Net Assets
ICON Asia-Pacific Region Fund | ||||||||
Period ended | Year ended | |||||||
March 31, 2009 | September 30, | |||||||
(unaudited) | 2008 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | (30,642 | ) | $ | 1,016,624 | |||
Net realized gain/(loss) from investment transactions | (31,783,425 | ) | (5,390,874 | ) | ||||
Net realized gain/(loss) from foreign currency transactions | 1,239,947 | (468,780 | ) | |||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | 11,009,422 | (61,368,762 | ) | |||||
Net increase/(decrease) in net assets resulting from operations | (19,564,698 | ) | (66,211,792 | ) | ||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (766,237 | ) | (1,159,659 | ) | ||||
Class I | (87 | ) | - | |||||
Class C | (282 | ) | - | |||||
Class Z | (69 | ) | - | |||||
Class A | (2,949 | ) | (7,875 | ) | ||||
Class Q | - | - | ||||||
Net realized gains | ||||||||
Class S | - | (21,792,618 | ) | |||||
Class I | - | - | ||||||
Class C | - | - | ||||||
Class Z | - | - | ||||||
Class A | - | (177,023 | ) | |||||
Net decrease from dividends and distributions | (769,624 | ) | (23,137,175 | ) | ||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 7,312,742 | 53,849,697 | ||||||
Class I | - | 14,400 | ||||||
Class C | 31,210 | 65,721 | ||||||
Class Z | - | 7,100 | ||||||
Class A | 393,829 | 2,156,577 | ||||||
Class Q | - | - | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 742,224 | 22,106,280 | ||||||
Class I | 87 | - | ||||||
Class C | 282 | - | ||||||
Class Z | 69 | - | ||||||
Class A | 2,549 | 156,269 | ||||||
Class Q | - | - | ||||||
Shares repurchased | ||||||||
Class S | (15,684,064 | ) | (123,177,916 | ) | ||||
Class I | - | - | ||||||
Class C | (13,014 | ) | (18,434 | ) | ||||
Class Z | - | - | ||||||
Class A | (495,164 | ) | (2,136,060 | ) | ||||
Class Q | - | - | ||||||
Net increase/(decrease) from fund share transactions | (7,709,250 | ) | (46,976,366 | ) | ||||
Total net increase/(decrease) in net assets | (28,043,572 | ) | (136,325,333 | ) | ||||
Net Assets | ||||||||
Beginning of period | 69,979,635 | 206,304,968 | ||||||
End of period | $ | 41,936,063 | $ | 69,979,635 | ||||
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, 2009 | September 30, | March 31, 2009 | September 30, | |||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | |||||||||||
$ | 177,575 | $ | 2,588,293 | $ | (16,666 | ) | $ | 3,320,212 | ||||||
(38,443,940 | ) | (19,985,274 | ) | (84,516,596 | ) | (42,436,248 | ) | |||||||
(215,640 | ) | (315,187 | ) | 572,942 | (927,844 | ) | ||||||||
8,590,521 | (39,200,115 | ) | 28,024,540 | (77,067,637 | ) | |||||||||
(29,891,484 | ) | (56,912,283 | ) | (55,935,780 | ) | (117,111,517 | ) | |||||||
(1,818,493 | ) | (1,423,883 | ) | - | - | |||||||||
(317 | ) | - | (1,476,602 | ) | (1,286,755 | ) | ||||||||
(313 | ) | - | (116,245 | ) | (4,422 | ) | ||||||||
(91 | ) | - | (426,650 | ) | (312,185 | ) | ||||||||
(4,370 | ) | (2,786 | ) | (82,280 | ) | (62,758 | ) | |||||||
- | - | (204,736 | ) | - | ||||||||||
- | (18,793,180 | ) | - | - | ||||||||||
- | - | - | (19,127,601 | ) | ||||||||||
- | - | - | (3,423,110 | ) | ||||||||||
- | - | - | (3,637,063 | ) | ||||||||||
- | (67,852 | ) | - | (931,990 | ) | |||||||||
(1,823,584 | ) | (20,287,701 | ) | (2,306,513 | ) | (28,785,884 | ) | |||||||
3,817,924 | 73,628,287 | 33,285,480 | 2,400,225 | |||||||||||
- | 22,500 | 6,666,207 | 97,739,179 | |||||||||||
3,000 | 20,157 | 723,969 | 14,385,146 | |||||||||||
- | 5,000 | 13,850,260 | 23,922,897 | |||||||||||
7,224 | 189,257 | 343,348 | 11,423,858 | |||||||||||
- | - | 582,702 | 25,433,899 | |||||||||||
1,796,515 | 19,745,712 | - | - | |||||||||||
317 | - | 1,423,394 | 19,925,371 | |||||||||||
313 | - | 102,403 | 3,142,931 | |||||||||||
91 | - | 423,014 | 3,880,524 | |||||||||||
3,787 | 58,430 | 71,623 | 919,493 | |||||||||||
- | - | 204,396 | - | |||||||||||
(22,392,930 | ) | (71,225,916 | ) | (7,892,592 | ) | (241,380 | ) | |||||||
(8,753 | ) | - | (52,622,047 | ) | (77,547,995 | ) | ||||||||
- | - | (3,601,480 | ) | (6,372,588 | ) | |||||||||
- | - | (11,270,954 | ) | (36,410,408 | ) | |||||||||
(135,405 | ) | (252,653 | ) | (1,644,135 | ) | (6,748,398 | ) | |||||||
- | - | (2,517,932 | ) | (7,583,868 | ) | |||||||||
(16,907,917 | ) | 22,190,774 | (21,872,344 | ) | 68,268,886 | |||||||||
(48,622,985 | ) | (55,009,210 | ) | (80,114,637 | ) | (77,628,515 | ) | |||||||
84,724,987 | 139,734,197 | 166,392,001 | 244,020,516 | |||||||||||
$ | 36,102,002 | $ | 84,724,987 | $ | 86,277,364 | $ | 166,392,001 | |||||||
Statements of Changes in Net Assets (continued)
ICON Asia-Pacific Region Fund | ||||||||
Period ended | Year ended | |||||||
March 31, 2009 | September 30, | |||||||
(unaudited) | 2008 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 1,068,258 | 3,584,171 | ||||||
Class I | - | 1,054 | ||||||
Class C | 4,898 | 5,015 | ||||||
Class Z | - | 520 | ||||||
Class A | 57,904 | 138,278 | ||||||
Class Q | - | - | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 105,388 | 1,502,859 | ||||||
Class I | 12 | - | ||||||
Class C | 40 | - | ||||||
Class Z | 10 | - | ||||||
Class A | 362 | 10,689 | ||||||
Class Q | - | - | ||||||
Shares repurchased | ||||||||
Class S | (2,292,287 | ) | (8,661,436 | ) | ||||
Class I | - | - | ||||||
Class C | (2,035 | ) | (1,510 | ) | ||||
Class Z | - | - | ||||||
Class A | (72,968 | ) | (156,998 | ) | ||||
Class Q | - | - | ||||||
Net increase/(decrease) | (1,130,418 | ) | (3,577,358 | ) | ||||
Shares outstanding, beginning of period | 7,387,596 | 10,964,954 | ||||||
Shares outstanding, end of period | 6,257,178 | 7,387,596 | ||||||
Accumulated undistributed net investment income/(loss) | $ | (988,836 | ) | $ | (188,570 | ) | ||
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, 2009 | September 30, | March 31, 2009 | September 30, | |||||||||||
(unaudited) | 2008 | (unaudited) | 2008 | |||||||||||
401,940 | 3,521,445 | 4,378,755 | 156,261 | |||||||||||
- | 1,224 | 858,573 | 5,932,009 | |||||||||||
347 | 1,202 | 98,833 | 910,029 | |||||||||||
- | 279 | 1,877,191 | 1,499,033 | |||||||||||
787 | 9,019 | 45,949 | 673,802 | |||||||||||
- | - | 80,022 | 1,645,599 | |||||||||||
191,242 | 984,824 | - | - | |||||||||||
34 | - | 191,841 | 1,204,832 | |||||||||||
33 | - | 14,484 | 200,187 | |||||||||||
10 | - | 56,477 | 231,812 | |||||||||||
402 | 2,920 | 9,552 | 55,159 | |||||||||||
- | - | 27,289 | - | |||||||||||
(2,566,502 | ) | (3,918,107 | ) | (1,118,881 | ) | (16,536 | ) | |||||||
(971 | ) | - | (7,077,914 | ) | (5,346,734 | ) | ||||||||
- | - | (515,501 | ) | (446,685 | ) | |||||||||
- | - | (1,683,016 | ) | (2,332,032 | ) | |||||||||
(14,463 | ) | (11,624 | ) | (218,954 | ) | (412,986 | ) | |||||||
- | - | (345,099 | ) | (534,313 | ) | |||||||||
(1,987,141 | ) | 591,182 | (3,320,399 | ) | 3,419,437 | |||||||||
6,404,760 | 5,813,578 | 15,615,186 | 12,195,749 | |||||||||||
4,417,619 | 6,404,760 | 12,294,787 | 15,615,186 | |||||||||||
$ | 130,901 | $ | 1,776,910 | $ | (177,314 | ) | $ | 2,145,865 | ||||||
Financial Highlights
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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, 2009 (unaudited) | $ | 9.47 | $ | - | (d) | $ | (2.66 | ) | $ | (2.66 | ) | $ | (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 | ) | - | |||||||||||||||||
Year Ended September 30, 2005 | 8.17 | 0.03 | 3.08 | 3.11 | (0.03 | ) | - | |||||||||||||||||
Year Ended September 30, 2004 | 7.62 | 0.02 | 0.55 | 0.57 | (0.02 | ) | - | |||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.45 | (0.01 | ) | (2.64 | ) | (2.65 | ) | (0.08 | ) | - | ||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 13.73 | 0.10 | (4.38 | ) | (4.28 | ) | - | - | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.41 | (0.03 | ) | (2.64 | ) | (2.67 | ) | (0.07 | ) | - | ||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 13.73 | 0.05 | (4.37 | ) | (4.32 | ) | - | - | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.48 | 0.01 | (2.65 | ) | (2.64 | ) | (0.13 | ) | - | |||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 13.73 | 0.15 | (4.40 | ) | (4.25 | ) | - | - | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.38 | (0.01 | ) | (2.62 | ) | (2.63 | ) | (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 | ) | - | - | ||||||||||||||||
ICON Europe Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.23 | 0.03 | (4.78 | ) | (4.75 | ) | (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 | ) | |||||||||||||||||
Year Ended September 30, 2005 | 12.03 | 0.07 | 3.58 | 3.65 | - | - | ||||||||||||||||||
Year Ended September 30, 2004 | 9.84 | (0.04 | ) | 2.23 | 2.19 | - | - | |||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.18 | 0.01 | (4.75 | ) | (4.74 | ) | (0.26 | ) | - | |||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 17.91 | 0.33 | (5.06 | ) | (4.73 | ) | - | - | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.12 | (0.01 | ) | (4.74 | ) | (4.75 | ) | (0.24 | ) | - | ||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 17.91 | 0.07 | (4.86 | ) | (4.79 | ) | - | - | ||||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.24 | 0.05 | (4.79 | ) | (4.74 | ) | (0.32 | ) | - | |||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 17.91 | 0.36 | (5.03 | ) | (4.67 | ) | - | - | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 13.14 | 0.02 | (4.75 | ) | (4.73 | ) | (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 expenses to average net assets(b) | Ratio of net investment income/(loss) to average net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
Net | assets, | and | and | and | and | |||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | (0.11 | ) | $ | 6.70 | (28.10 | )% | $ | 41,687 | 1.76% | 1.76 | % | (0.15 | )% | (0.15 | )% | 104.80% | ||||||||||||||||||
(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% | |||||||||||||||||||||
(0.03 | ) | 11.25 | 38.12 | % | 48,721 | 1.93% | N/A | 0.30 | % | N/A | 185.84% | |||||||||||||||||||||||
(0.02 | ) | 8.17 | 7.51 | % | 17,047 | 1.91% | N/A | 0.20 | % | N/A | 58.62% | |||||||||||||||||||||||
(0.08 | ) | 6.72 | (28.05 | )% | 7 | 110.67% | 1.86 | %(e) | (108.99 | )% | (0.18 | )% | 104.80% | |||||||||||||||||||||
- | 9.45 | (31.17 | )% | 10 | 51.45% | 1.91 | %(e) | (48.29 | )% | 1.25 | % | 168.42% | ||||||||||||||||||||||
(0.07 | ) | 6.67 | (28.43 | )% | 43 | 30.65% | 2.60 | %(e) | (28.84 | )% | (0.79 | )% | 104.80% | |||||||||||||||||||||
- | 9.41 | (31.46 | )% | 33 | 23.58% | 2.64 | %(e) | (20.28 | )% | 0.66 | % | 168.42% | ||||||||||||||||||||||
(0.13 | ) | 6.71 | (27.89 | )% | 4 | 49.20% | 1.31 | %(e) | (47.54 | )% | 0.35 | % | 104.80% | |||||||||||||||||||||
- | 9.48 | (30.95 | )% | 5 | 77.18% | 1.37 | %(e) | (74.04 | )% | 1.77 | % | 168.42% | ||||||||||||||||||||||
(0.05 | ) | 6.70 | (28.08 | )% | 196 | 6.87% | 1.85 | %(e) | (5.27 | )% | (0.25 | )% | 104.80% | |||||||||||||||||||||
(2.44 | ) | 9.38 | (41.53 | )% | 412 | 2.94% | 1.88 | %(e) | (0.82 | )% | 0.24 | % | 168.42% | |||||||||||||||||||||
(0.03 | ) | 18.72 | 42.38 | % | 973 | 3.26% | 1.85 | %(e) | 0.24 | % | 1.65 | % | 130.84% | |||||||||||||||||||||
- | 13.18 | (2.66 | )% | 24 | 25.78% | 1.81 | %(e) | (23.09 | )% | 0.88 | % | 159.51% | ||||||||||||||||||||||
(0.31 | ) | 8.17 | (36.22 | )% | 35,963 | 1.61% | 1.61 | % | 0.64 | % | 0.64 | % | 65.71% | |||||||||||||||||||||
(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% | |||||||||||||||||||||
- | 15.68 | 30.34 | % | 23,243 | 1.85% | N/A | 0.51 | % | N/A | 153.55% | ||||||||||||||||||||||||
- | 12.03 | 22.26 | % | 7,826 | 2.24% | N/A | (0.38 | )% | N/A | 78.57% | ||||||||||||||||||||||||
(0.26 | ) | 8.18 | (36.23 | )% | 2 | 89.18% | 1.83 | %(e) | (87.18 | )% | 0.17 | % | 65.71% | |||||||||||||||||||||
- | 13.18 | (26.41 | )% | 16 | 26.07% | 1.83 | %(e) | (21.42 | )% | 2.82 | % | 181.83% | ||||||||||||||||||||||
(0.24 | ) | 8.13 | (36.46 | )% | 13 | 66.46% | 2.59 | %(e) | (64.06 | )% | (0.19 | )% | 65.71% | |||||||||||||||||||||
- | 13.12 | (26.74 | )% | 16 | 51.24% | 2.58 | %(e) | (48.03 | )% | 0.63 | % | 181.83% | ||||||||||||||||||||||
(0.32 | ) | 8.18 | (36.08 | )% | 2 | 69.46% | 1.25 | %(e) | (67.15 | )% | 1.06 | % | 65.71% | |||||||||||||||||||||
- | 13.24 | (26.07 | )% | 4 | 92.86% | 1.32 | %(e) | (88.52 | )% | 3.02 | % | 181.83% | ||||||||||||||||||||||
(0.21 | ) | 8.20 | (36.22 | )% | 122 | 9.85% | 1.84 | %(e) | (7.60 | )% | 0.41 | % | 65.71% | |||||||||||||||||||||
(2.86 | ) | 13.14 | (37.17 | )% | 370 | 4.36% | 1.83 | %(e) | (1.18 | )% | 1.35 | % | 181.83% | |||||||||||||||||||||
(0.31 | ) | 23.91 | 29.14 | % | 666 | 2.43% | 1.84 | %(e) | 0.09 | % | 0.69 | % | 133.36% | |||||||||||||||||||||
- | 18.79 | 2.12 | % | 30 | 33.40% | 1.84 | %(e) | (31.86 | )% | (0.30 | )% | 100.62% |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | 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, 2009 (unaudited) | $ | 10.84 | $ | 0.01 | $ | (3.68 | ) | $ | (3.67 | ) | $ | - | $ | - | ||||||||||
January 25, 2008 (inception) to September 30, 2008 | 15.25 | 0.20 | (4.61 | ) | (4.41 | ) | - | - | ||||||||||||||||
Class I | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.71 | - | (d) | (3.55 | ) | (3.55 | ) | (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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 10.59 | 0.04 | 3.25 | 3.29 | - | (0.97 | ) | |||||||||||||||||
February 6, 2004 (inception) to September 30, 2004 | 10.96 | 0.04 | (0.41 | ) | (0.37 | ) | - | - | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.10 | (0.03 | ) | (3.35 | ) | (3.38 | ) | (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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 10.55 | (0.14 | ) | 3.09 | 2.95 | - | (0.97 | ) | ||||||||||||||||
February 19, 2004 (inception) to September 30, 2004 | 11.29 | (0.02 | ) | (0.72 | ) | (0.74 | ) | - | - | |||||||||||||||
Class Z | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.87 | 0.01 | (3.59 | ) | (3.58 | ) | (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 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 10.60 | 0.06 | 3.31 | 3.37 | - | (0.97 | ) | |||||||||||||||||
Year Ended September 30, 2004 | 8.41 | 0.01 | 2.24 | 2.25 | (0.06 | ) | - | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 10.78 | - | (d) | (3.58 | ) | (3.58 | ) | (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, 2009 (unaudited) | 10.86 | 0.01 | (3.59 | ) | (3.58 | ) | (0.20 | ) | - | |||||||||||||||
January 28, 2008 (inception) to September 30, 2008 | 15.44 | 0.23 | (4.81 | ) | (4.58 | ) | - | - |
(x) | Calculated using the average share method. |
(a) | The total return calculation is for the period indicated and excludes any sales charges. |
(b) | Annualized for periods less than a year. |
(c) | Portfolio turnover is calculated at the Fund level and is not annualized. |
(d) | Amount less than $0.005. |
(e) | 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. |
The accompanying notes are an integral part of the financial statements.
Ratio of expenses to average net assets(b) | Ratio of net investment income/(loss) to average net assets(b) | |||||||||||||||||||||||||||||||||
Before | After | Before | After | |||||||||||||||||||||||||||||||
expense | expense | expense | expense | |||||||||||||||||||||||||||||||
limitation/ | limitation/ | limitation/ | limitation/ | |||||||||||||||||||||||||||||||
Net | recoupment | recoupment | recoupment | recoupment | ||||||||||||||||||||||||||||||
Net | assets, | and | and | and | and | |||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||
$ | - | $ | 7.17 | (33.86 | )% | $ | 24,391 | 1.37% | 1.37 | %(e) | 0.41 | % | 0.41 | % | 101.02% | |||||||||||||||||||
- | 10.84 | (28.92 | )% | 1,515 | 1.62% | 1.62 | %(e) | 2.08 | % | 2.08 | % | 188.73% | ||||||||||||||||||||||
(0.16 | ) | 7.00 | (33.25 | )% | 29,686 | 1.74% | 1.74 | %(e) | (0.07 | )% | (0.07 | )% | 101.02% | |||||||||||||||||||||
(2.12 | ) | 10.71 | (39.85 | )% | 110,029 | 1.55% | 1.55 | %(e) | 1.39 | % | 1.39 | % | 188.73% | |||||||||||||||||||||
(0.66 | ) | 20.09 | 40.11 | % | 170,383 | 1.54% | 1.54 | %(e) | 1.02 | % | 1.03 | % | 132.30% | |||||||||||||||||||||
(0.63 | ) | 14.94 | 21.20 | % | 76,454 | 1.71% | 1.71 | %(e) | 0.59 | % | 0.59 | % | 129.31% | |||||||||||||||||||||
(0.97 | ) | 12.91 | 32.90 | % | 15,376 | 2.02% | 1.97 | % | 0.27 | % | 0.32 | % | 139.23% | |||||||||||||||||||||
- | 10.59 | (3.38 | )% | 3,211 | 2.32% | N/A | 0.44 | % | N/A | 117.74% | ||||||||||||||||||||||||
(0.06 | ) | 6.66 | (33.53 | )% | 11,959 | 2.69% | 2.56 | %(e) | (0.99 | )% | (0.86 | )% | 101.02% | |||||||||||||||||||||
(1.99 | ) | 10.10 | (40.38 | )% | 22,194 | 2.44% | 2.44 | %(e) | 0.47 | % | 0.47 | % | 188.73% | |||||||||||||||||||||
(0.66 | ) | 19.09 | 38.74 | % | 29,274 | 2.57% | 2.56 | %(e) | (0.04 | )% | (0.03 | )% | 132.30% | |||||||||||||||||||||
(0.62 | ) | 14.36 | 20.09 | % | 13,899 | 2.76% | 2.54 | %(e) | (0.39 | )% | (0.18 | )% | 129.31% | |||||||||||||||||||||
(0.97 | ) | 12.53 | 29.56 | % | 1,622 | 4.52% | 3.51 | % | (2.23 | )% | (1.22 | )% | 139.23% | |||||||||||||||||||||
- | 10.55 | (6.55 | )% | 183 | 3.06% | N/A | (0.16 | )% | N/A | 117.74% | ||||||||||||||||||||||||
(0.20 | ) | 7.09 | (33.01 | )% | 10,630 | 1.39% | 1.25 | %(e) | 0.22 | % | 0.36 | % | 101.02% | |||||||||||||||||||||
(2.16 | ) | 10.87 | (39.66 | )% | 13,580 | 1.27% | 1.27 | %(e) | 1.31 | % | 1.31 | % | 188.73% | |||||||||||||||||||||
(0.66 | ) | 20.34 | 40.56 | % | 37,619 | 1.26% | 1.26 | %(e) | 1.16 | % | 1.16 | % | 132.30% | |||||||||||||||||||||
(0.65 | ) | 15.07 | 21.54 | % | 28,295 | 1.41% | 1.40 | %(e) | 0.60 | % | 0.61 | % | 129.31% | |||||||||||||||||||||
(0.97 | ) | 13.00 | 33.57 | % | 15,466 | 1.68% | 1.68 | % | 0.51 | % | 0.51 | % | 139.23% | |||||||||||||||||||||
(0.06 | ) | 10.60 | 26.79 | % | 9,303 | 1.98% | N/A | 0.03 | % | N/A | 117.74% | |||||||||||||||||||||||
(0.14 | ) | 7.06 | (33.26 | )% | 3,430 | 2.11% | 1.81 | %(e) | (0.42 | )% | (0.12 | )% | 101.02% | |||||||||||||||||||||
(2.12 | ) | 10.78 | (39.95 | )% | 7,001 | 1.73% | 1.73 | %(e) | 1.17 | % | 1.17 | % | 188.73% | |||||||||||||||||||||
(0.66 | ) | 20.24 | 39.97 | % | 6,744 | 1.70% | 1.69 | %(e) | 0.98 | % | 0.99 | % | 132.30% | |||||||||||||||||||||
- | 15.06 | (0.73 | )% | 88 | 19.13% | 1.79 | %(e) | (16.62 | )% | 0.72 | % | 129.31% | ||||||||||||||||||||||
(0.20 | ) | 7.08 | (33.11 | )% | 6,182 | 1.44% | 1.44 | %(e) | 0.27 | % | 0.27 | % | 101.02% | |||||||||||||||||||||
- | 10.86 | (29.66 | )% | 12,072 | 1.31% | 1.31 | %(e) | 2.36 | % | 2.36 | % | 188.73% |
Notes to Financial Statements
March 31, 2009 (unaudited)
March 31, 2009 (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 offer five classes of shares, Class S, Class I, Class C, Class Z and Class A. The International Equity Fund offers six classes of shares, Class S, Class I, Class C, Class Z, Class A, and Class Q. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs and transfer agent costs and that each Class has exclusive voting rights with respect to its distribution plan. There are 14 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 long-term capital appreciation.
The Funds may have elements of risk, including the 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, do not exist in 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 are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern time) each day the NYSE is open, except that (a) 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; and (b) foreign securities in the Funds traded in countries outside of the Western Hemisphere are fair valued daily based on procedures established by the Funds’ Board of Trustees (“Board”) to avoid stale prices and to take into account, among other things, any significant events occurring after the close of a foreign market in those regions.
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 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 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 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 and 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-valued 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.
Effective October 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a framework for measuring fair value and expands disclosures about fair value measurements in the financial statements.
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 - other 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 risks).
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, 2009.
LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||||||
Investments | Financial | Investments | Financial | Investments | Financial | |||||||||||||||||||
Fund Name | in Securities | Instruments* | in Securities | Instruments* | in Securities | Instruments* | ||||||||||||||||||
ICON Asia-Pacific Region Fund | $ | 5,331,192 | $ | - | $ | 41,154,406 | $ | 522,159 | $ | - | $ | - | ||||||||||||
ICON Europe Fund | 4,141,310 | - | 34,972,972 | - | - | - | ||||||||||||||||||
ICON International Equity Fund | 22,059,151 | - | 70,203,356 | 248,647 | - | - |
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation/(depreciation) on the investment.
New Accounting Pronouncements
In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009, as required.
Repurchase Agreements
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds
Notes to Financial Statements (unaudited) (continued)
in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the period ended March 31, 2009.
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.
These contracts are marked-to-market daily and the related appreciation or depreciation of the contract is presented in the Statement of Assets and Liabilities. 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, 2009, the Funds had outstanding forward foreign currency contracts that are listed in the Schedules of Investments.
Futures Contracts
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the period ended March 31, 2009.
Options Transactions
Each Fund may write call and put options on any security in which it may invest. When a Fund writes a put or call option, an amount equal to the premium received is included in 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 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 put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put option, an amount equal to the premium paid is included in 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
Notes to Financial Statements (unaudited) (continued)
transaction, a gain or loss is realized. If the Fund exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Funds did not enter into any options transactions during the period ended March 31, 2009.
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. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Assets Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.
The cash collateral invested by the Lending Agent is disclosed in the Schedule of Investments. The lending fees received and the Funds’ portions of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2009, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Asia-Pacific Region Fund | $ | 4,059,837 | $ | 4,311,619 | ||||
ICON Europe Fund | 3,659,127 | 3,724,230 | ||||||
ICON International Equity Fund | 9,153,728 | 9,607,061 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2009.
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 net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryovers. 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, and interim tax periods within, no examinations are in progress or anticipated at this time.
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 market 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.
Notes to Financial Statements (unaudited) (continued)
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 based upon relative net assets. In calculating the net asset value of the shares in the various classes of the Funds, 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.
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON 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 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 | - | 1.80% | 2.55% | 1.25% | 1.80% | N/A | ||||||||||||||||||
ICON Europe Fund | - | 1.80% | 2.55% | 1.25% | 1.80% | N/A | ||||||||||||||||||
ICON International Equity Fund | 1.80% | 1.80% | 2.55% | 1.25% | 1.80% | 1.55% |
The expense limitations will continue in effect until at least January 31, 2019. To the extent ICON 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, 2009 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:
Fund | 2010 | 2011 | 2012 | |||||||||
ICON Asia-Pacific Region Fund | $ | 1,505 | $ | 9,485 | $ | 31,829 | ||||||
ICON Europe Fund | 1,200 | 10,356 | 30,755 | |||||||||
ICON International Equity Fund | - | - | 25,283 |
Accounting, Custody and Transfer Agent Fees
Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.
Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.
Transfer agent earnings credits are credits received for interest which results from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2009, the Funds received transfer agent earnings credits which are included on the Statements of Operations.
Administrative Services
The Trust has entered into an administrative services agreement with ICON pursuant to which ICON 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. During the period ended March 31, 2009, the Funds payment for administrative services to ICON is included in the Statement of Operations. The administrative services agreement provides that ICON will not be liable
Notes to Financial Statements (unaudited) (continued)
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 in the performance of its duties.
ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.
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 12b-1 plans is shown on the Statement of Operations.
Related Parties
Certain Officers and Directors of ICON 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, 2009, 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. For the period ended March 31, 2009, the amount was $6,588.
4. Line of Credit
The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings is charged at LIBOR plus 1.50%, which was
2.00% at March 31, 2009. The average interest rate charged for the period ended March 31, 2009, was 4.96%.
Average Borrowing | ||||
Fund | (10/1/08 - 3/31/09) | |||
ICON Asia-Pacific Region Fund** | $ | 528,668 | ||
ICON Europe Fund | 174,559 | |||
ICON International Equity Fund | 7,803 |
**Fund had outstanding borrowings as of March 31, 2009.
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
5. 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 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.
During the year ended September 30, 2008, no capital loss carryforwards were utilized. For the year ended September 30, 2008, the ICON Asia-Pacific Region Fund, the ICON Europe Fund and the ICON International Equity Fund will elect to defer post October losses of $12,130,307, $23,014,349 and $45,547,724, respectively.
As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis was as follows:
Undistributed | Accumulated | Unrealized | ||||||||||||||||||||||
Undistributed | Net Long-Term | Accumulated | capital and | Appreciation | Total Accumulated | |||||||||||||||||||
Fund | Ordinary Income | Gains | Earnings | other losses | (Depreciation) | Earnings (Deficits) | ||||||||||||||||||
ICON Asia-Pacific Region Fund | $ | 66,908 | $ | - | $ | 66,908 | $ | (12,130,307 | ) | $ | (16,973,854 | ) | $ | (29,037,253 | ) | |||||||||
ICON Europe Fund | 1,982,357 | - | 1,982,357 | (23,014,349 | ) | (18,435,256 | ) | (39,467,248 | ) | |||||||||||||||
ICON International Equity Fund | 2,390,401 | - | 2,390,401 | (45,547,724 | ) | (38,181,697 | ) | (81,339,020 | ) |
Notes to Financial Statements (unaudited) (continued)
As of March 31, 2009, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from fair value by net unrealized appreciation/(depreciation) of securities as follows:
Unrealized | Unrealized | Net Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 53,041,298 | $ | 3,314,305 | $ | (9,870,005 | ) | $ | (6,555,700 | ) | ||||||
ICON Europe Fund | 50,070,495 | 638,928 | (11,595,141 | ) | (10,956,213 | ) | ||||||||||
ICON International Equity Fund | 106,010,793 | 3,900,579 | (17,648,865 | ) | (13,748,286 | ) |
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:
Purchases of | Proceeds from Sales | |||||||
Fund | Securities | of Securities | ||||||
ICON Asia-Pacific Region Fund | $ | 49,306,840 | $ | 54,359,186 | ||||
ICON Europe Fund | 35,855,143 | 56,362,195 | ||||||
ICON International Equity Fund | 105,478,947 | 130,376,024 |
Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)
March 31, 2009 (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 period and held for the six-month period (10/1/08-3/31/09).
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 $10 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
Six Month Hypothetical Expense Example
March 31, 2009 (unaudited) (continued)
March 31, 2009 (unaudited) (continued)
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 | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08-3/31/09* | 10/1/08-3/31/09 | |||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Class S Actual Expenses | $ | 1,000.00 | $ | 719.00 | $ | 7.54 | 1.76% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,016.22 | 8.85 | |||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 719.50 | 7.97 | 1.86% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.73 | 9.35 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 715.70 | 11.12 | 2.60% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,012.04 | 13.04 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 721.10 | 5.62 | 1.31% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.47 | 6.59 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 719.20 | 7.93 | 1.85% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.78 | 9.30 | |||||||||||||
ICON Europe Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.80 | 6.57 | 1.61% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,016.97 | 8.10 | |||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.70 | 7.47 | 1.83% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.88 | 9.20 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 635.40 | 10.56 | 2.59% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,012.09 | 12.99 |
Beginning | Ending | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08-3/31/09* | 10/1/08-3/31/09 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | $ | 1,000.00 | $ | 639.20 | $ | 5.11 | 1.25% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.77 | 6.29 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 637.80 | 7.51 | 1.84% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.83 | 9.25 | |||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S | ||||||||||||||||
Actual Expenses | 1,000.00 | 661.40 | 5.67 | 1.37% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.17 | 6.89 | |||||||||||||
Class I | ||||||||||||||||
Actual Expenses | 1,000.00 | 667.50 | 7.23 | 1.74% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,016.32 | 8.75 | |||||||||||||
Class C | ||||||||||||||||
Actual Expenses | 1,000.00 | 664.70 | 10.62 | 2.56% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,012.24 | 12.84 | |||||||||||||
Class Z | ||||||||||||||||
Actual Expenses | 1,000.00 | 669.90 | 5.20 | 1.25% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.77 | 6.29 | |||||||||||||
Class A | ||||||||||||||||
Actual Expenses | 1,000.00 | 667.40 | 7.52 | 1.81% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,015.97 | 9.10 | |||||||||||||
Class Q | ||||||||||||||||
Actual Expenses | 1,000.00 | 668.90 | 5.99 | 1.44% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.82 | 7.24 |
* | 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
A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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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2009 Semiannual Report
ICON Sector Funds
Investment Update
ICON Sector Funds
Investment Update
March 31, 2009
(Unaudited)
ICON Consumer Discretionary Fund
ICON Energy Fund
ICON Financial Fund
ICON Healthcare Fund
ICON Industrials Fund
ICON Information Technology Fund
ICON Leisure and Consumer Staples Fund
ICON Materials Fund
ICON Telecommunication & Utilities Fund
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1-800-764-0442 ï www.iconfunds.com
SAR-SECT-09, M29752
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Table of Contents
About this Report (Unaudited) | 2 | |||
Message from ICON Funds (Unaudited) | 4 | |||
Schedules of Investments (Unaudited) | ||||
ICON Consumer Discretionary Fund | 6 | |||
ICON Energy Fund | 9 | |||
ICON Financial Fund | 12 | |||
ICON Healthcare Fund | 15 | |||
ICON Industrials Fund | 18 | |||
ICON Information Technology Fund | 21 | |||
ICON Leisure and Consumer Staples Fund | 24 | |||
ICON Materials Fund | 27 | |||
ICON Telecommunication & Utilities Fund | 30 | |||
Financial Statements (Unaudited) | 32 | |||
Financial Highlights (Unaudited) | 42 | |||
Notes to Financial Statements (Unaudited) | 48 | |||
Six-Month Hypothetical Expense Example (Unaudited) | 61 | |||
Other Information (Unaudited) | 63 |
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.
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 views, opinions and portfolio holdings as of March 31, 2009, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2009 are included in each Fund’s Schedule of Investments.
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.
This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward looking statements, which are not statements of historical fact. Forward looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report and other factors beyond the control of our investment team. Therefore, actual outcome may differ materially from what is expressed in such forward looking statements.
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, and the Technology sector has been among the most volatile in the market. 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.
Message from ICON Funds (unaudited)
Dear Shareholder,
It may surprise you to learn that we at ICON hope to look back on the last six months as the final stage of an unusual, unforeseeable and unfortunate financial and economic setting. I would like to offer you ICON’s opinion relative to the underlying causes of the recent financial crisis, in addition to providing our outlook for what we anticipate will be a brighter future.
Back in 2005, the Federal Reserve (the “FED”) began tightening monetary policy in response to a strong economy and some upward pressure on commodity prices. The FED’s objective was to slow the economy and decrease inflationary elements. Consequently, the money supply, as measured by M1, was flat through 2005, 2006 and the first half of 2007. The initial impact of this constraint was felt, as usual, at the margins and would have jeopardized only the riskiest home or land acquisitions. Problems in the sub-prime mortgage market would not surface until mid-2007.
In response to the mortgage crisis, the Federal Reserve reversed monetary policy and began a series of dramatic easing in August 2007. Ordinarily, we believe this should have stimulated growth in the money supply and helped avert a recession. By early 2008, however, it was clear to the FED that the banking system was frozen, banks were not making loans and the money supply was not growing. The Federal Reserve and the Department of the Treasury made every effort and used a variety of strategies to clear a log-jammed financial system, but the damage was arguably done. In early 2008 the money supply had already been flat for over three years. We believe this stagnant M1 supply was choking the economy. Housing, mortgages and financial institutions were especially hard hit. In a somewhat ironic twist, the economy was rapidly deteriorating and directly impacting the very financial institutions the FED was trying to unlock in order to stabilize the economy. By the summer of 2008, one year after the FED’s initial monetary easing, M1 had started to grow again. If anybody was curious about what happens if you hold M1 flat for over three and a half years, we now have an answer: you will have a deep recession.
The collapse of various financial institutions, in our opinion, did not cause the recession. Rather, we think M1 being flat for three and a half years caused the recession. The financial system’s failures simply contributed to the inefficacies of the FED’s policies and were symptomatic of a larger problem. Federal Reserve Chairman Ben Bernanke stated the FED was surprised the system remained frozen and that standard easing did not work. We at ICON, along with countless other advisers, money managers,
investment professionals and investors were likewise surprised when the FED’s easing failed to break the logjam.
When analyzing the investing environment, I think it is important to sort out the political and philosophical debates from the economic and financial basics. The money supply has grown in the last nine months – a fact which suggests banks may be lending again. And, if banks are lending again, this in turn suggests to us that the FED’s continued efforts have paid off, that the FED has successfully broken the logjam that froze our financial system. Money growth is also a powerful stimulus to the economy, especially when combined with a fiscal stimulus package. Stock prices seem to be reacting and anticipating a recovery, as most indexes are beginning to rebound following their lows in early March.
We are not out of the woods yet. GDP is not growing and businesses and investors continue to struggle across the globe, Now that the FED’s policies, have broken the financial system’s logjam, however, we believe the right monetary and fiscal conditions are in place to promote a long-awaited recovery.
Yours truly,
![-s- Craig T. Callahan](https://capedge.com/proxy/N-CSRS/0000950134-09-011358/d67845callahct.gif)
Craig T. Callahan, DBA
Chairman of the Board of Trustees and President of the Adviser
ICON Consumer Discretionary Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (87.3%) | ||||||||
43,800 | Abercrombie & Fitch Co. - Class A(b) | $ | 1,042,440 | |||||
10,500 | Advance Auto Parts, Inc. | 431,340 | ||||||
69,700 | America’s Car-Mart, Inc.(a) | 947,223 | ||||||
26,000 | Bed Bath & Beyond, Inc.(a)(b) | 643,500 | ||||||
19,200 | Best Buy Co., Inc.(b) | 728,832 | ||||||
25,800 | BorgWarner, Inc. | 523,740 | ||||||
7,500 | Capella Education Co.(a) | 397,500 | ||||||
25,000 | Corinthian Colleges, Inc.(a) | 486,250 | ||||||
8,500 | DeVry, Inc. | 409,530 | ||||||
18,800 | Dollar Tree, Inc.(a) | 837,540 | ||||||
81,500 | Fred’s, Inc. - Class A | 919,320 | ||||||
18,500 | GameStop Corp. - Class A(a) | 518,370 | ||||||
48,200 | Garmin, Ltd. | 1,022,322 | ||||||
55,400 | Gentex Corp. | 551,784 | ||||||
42,400 | Group 1 Automotive, Inc.(b) | 592,328 | ||||||
44,800 | Guess?, Inc. | 944,384 | ||||||
73,200 | H&R Block, Inc. | 1,331,508 | ||||||
32,100 | Hibbett Sports, Inc.(a) | 616,962 | ||||||
4,700 | ITT Educational Services, Inc.(a) | 570,674 | ||||||
23,300 | J.C. Penney Co., Inc.(b) | 467,631 | ||||||
67,100 | Jos. A. Bank Clothiers, Inc.(a)(b) | 1,866,051 | ||||||
49,100 | KB Home(b) | 647,138 | ||||||
17,300 | Kohl’s Corp.(a) | 732,136 | ||||||
106,900 | Lowe’s Cos., Inc. | 1,950,925 | ||||||
22,320 | Nike, Inc. - Class B(b) | 1,046,585 | ||||||
80,900 | Nordstrom, Inc.(b) | 1,355,075 | ||||||
25,200 | O’Reilly Automotive, Inc.(a)(b) | 882,252 | ||||||
23,500 | Polo Ralph Lauren Corp. | 992,875 | ||||||
18,100 | Ross Stores, Inc. | 649,428 | ||||||
9,000 | Snap-on, Inc. | 225,900 | ||||||
74,150 | Staples, Inc.(b) | 1,342,856 | ||||||
32,900 | Steven Madden, Ltd.(a) | 617,862 | ||||||
71,500 | Target Corp. | 2,458,885 | ||||||
68,600 | The Dress Barn, Inc.(a)(b) | 843,094 | ||||||
83,500 | The Home Depot, Inc.(b) | 1,967,260 | ||||||
52,000 | The Ryland Group, Inc. | 866,320 | ||||||
31,000 | The Stanley Works | 902,720 | ||||||
66,400 | TJX Cos., Inc.(b) | 1,702,496 | ||||||
27,200 | V.F. Corp. | 1,553,392 | ||||||
16,500 | Walgreen Co. | 428,340 | ||||||
13,000 | Whirlpool Corp. | 384,670 | ||||||
72,400 | Williams-Sonoma, Inc. | 729,792 | ||||||
Total Common Stocks (Cost $40,259,737) | 38,129,230 |
Shares or Principal Amount | Value | |||||||
Short-Term Investments (16.4%) | ||||||||
$ | 7,182,573 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | $ | 7,182,573 | ||||
Total Short-Term Investments (Cost $7,182,573) | 7,182,573 | |||||||
Other Securities (23.8%) | ||||||||
10,408,779 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 10,408,779 | ||||||
Total Other Securities (Cost $10,408,779) | 10,408,779 | |||||||
Total Investments 127.5% (Cost $57,851,089) | 55,720,582 | |||||||
Liabilities Less Other Assets (27.5)% | (12,032,810 | ) | ||||||
Net Assets 100.0% | $ | 43,687,772 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. |
ICON Consumer
Discretionary Fund
Industry Composition
March 31, 2009
(unaudited)
Discretionary Fund
Industry Composition
March 31, 2009
(unaudited)
Apparel Retail | 16.1% | |||
General Merchandise Stores | 9.6% | |||
Home Improvement Retail | 9.0% | |||
Automotive Retail | 6.5% | |||
Department Stores | 5.9% | |||
Apparel Accessories & Luxury Goods | 5.8% | |||
Specialty Stores | 4.5% | |||
Education Services | 4.2% | |||
Footwear | 3.8% | |||
Homebuilding | 3.5% | |||
Household Appliances | 3.5% | |||
Homefurnishing Retail | 3.2% | |||
Specialized Consumer Services | 3.0% | |||
Computer & Electronics Retail | 2.9% | |||
Auto Parts & Equipment | 2.5% | |||
Consumer Electronics | 2.3% | |||
Drug Retail | 1.0% | |||
87.3% | ||||
Percentages are based upon net assets.
ICON Consumer
Discretionary Fund
Sector Composition
March 31, 2009
(unaudited)
Discretionary Fund
Sector Composition
March 31, 2009
(unaudited)
Consumer Discretionary | 86.3% | |||
Leisure & Consumer Staples | 1.0% | |||
87.3% | ||||
Percentages are based upon net assets.
ICON Energy Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (94.5%) | ||||||||
270,500 | Alliance Resource Partners LP(b) | $ | 7,871,550 | |||||
112,400 | Apache Corp. | 7,203,716 | ||||||
268,200 | Arch Coal, Inc. | 3,585,834 | ||||||
247,100 | Atwood Oceanics, Inc.(a) | 4,099,389 | ||||||
143,600 | Baker Hughes, Inc. | 4,099,780 | ||||||
31,800 | BP Prudhoe Bay Royalty Trust(b) | 2,070,498 | ||||||
180,600 | Cameco Corp.(b) | 3,100,902 | ||||||
243,200 | Cameron International Corp.(a) | 5,333,376 | ||||||
744,000 | Chevron Corp. | 50,026,560 | ||||||
240,900 | CONSOL Energy, Inc. | 6,080,316 | ||||||
53,800 | Diamond Offshore Drilling, Inc. | 3,381,868 | ||||||
161,900 | Dril-Quip, Inc.(a)(b) | 4,970,330 | ||||||
109,500 | Energy Transfer Partners LP(b) | 4,039,455 | ||||||
156,800 | ENSCO International, Inc. | 4,139,520 | ||||||
910,400 | Exxon Mobil Corp.(b) | 61,998,240 | ||||||
6,800 | First Solar, Inc.(a)(b) | 902,360 | ||||||
200,500 | Foundation Coal Holdings, Inc.(b) | 2,877,175 | ||||||
142,900 | GulfMark Offshore, Inc.(a) | 3,409,594 | ||||||
426,800 | Halliburton Co. | 6,602,596 | ||||||
110,100 | Holly Corp. | 2,334,120 | ||||||
301,100 | Imperial Oil, Ltd. | 10,848,633 | ||||||
132,600 | LUKOIL - ADR | 4,999,020 | ||||||
289,400 | Marathon Oil Corp. | 7,608,326 | ||||||
220,600 | Massey Energy Co. | 2,232,472 | ||||||
286,300 | Murphy Oil Corp. | 12,817,651 | ||||||
323,000 | National Oilwell Varco, Inc.(a) | 9,273,330 | ||||||
246,200 | Newfield Exploration Co.(a)(b) | 5,588,740 | ||||||
242,200 | Noble Corp. | 5,834,598 | ||||||
374,900 | Occidental Petroleum Corp. | 20,863,185 | ||||||
178,700 | Oceaneering International, Inc.(a) | 6,588,669 | ||||||
307,100 | Peabody Energy Corp. | 7,689,784 | ||||||
107,700 | Petro-Canada - ADR | 2,862,666 | ||||||
41,100 | PetroChina Co., Ltd.– ADR(b) | 3,275,670 | ||||||
157,000 | Plains Exploration & Production Co.(a)(b) | 2,705,110 | ||||||
247,100 | Pride International, Inc.(a)(b) | 4,442,858 | ||||||
226,100 | Sasol – ADR | 6,545,595 | ||||||
129,600 | Southwestern Energy Co.(a) | 3,847,824 | ||||||
309,300 | StatoilHydro ASA – ADR | 5,394,192 | ||||||
91,200 | Sunoco, Inc.(b) | 2,414,976 | ||||||
117,200 | SunPower Corp. - Class A(a)(b) | 2,787,016 | ||||||
256,900 | Teekay Shipping Corp.(b) | 3,655,687 |
Shares or Principal Amount | Value | |||||||
148,600 | Tidewater, Inc.(b) | $ | 5,517,518 | |||||
281,400 | Valero Energy Corp. | 5,037,060 | ||||||
275,500 | Walter Industries, Inc.(b) | 6,300,685 | ||||||
107,000 | XTO Energy, Inc. | 3,276,340 | ||||||
Total Common Stocks (Cost $377,792,231) | 340,534,784 | |||||||
Short-Term Investments (6.0%) | ||||||||
$ | 21,493,989 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | $ | 21,493,989 | ||||
Total Short-Term Investments (Cost $21,493,989) | 21,493,989 | |||||||
Other Securities (12.1%) | ||||||||
43,804,937 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 43,804,937 | ||||||
Total Other Securities (Cost $43,804,937) | 43,804,937 | |||||||
Total Investments 112.6% (Cost $443,091,157) | 405,833,710 | |||||||
Liabilities Less Other Assets (12.6)% | (45,375,889 | ) | ||||||
Net Assets 100.0% | $ | 360,457,821 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Energy Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Integrated Oil & Gas | 52.0% | |||
Oil & Gas Equipment & Services | 12.6% | |||
Coal & Consumable Fuels | 11.0% | |||
Oil & Gas Exploration & Production | 7.0% | |||
Oil & Gas Drilling | 6.0% | |||
Oil & Gas Refining & Marketing | 2.7% | |||
Oil & Gas Storage & Transportation | 2.1% | |||
Electrical Components & Equipment | 1.1% | |||
94.5% | ||||
Percentages are based upon net assets.
ICON Energy Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Energy | 93.4% | |||
Industrial | 1.1% | |||
94.5% | ||||
Percentages are based upon net assets.
ICON Financial Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (95.0%) | ||||||||
8,900 | ACE, Ltd. | $ | 359,560 | |||||
40,200 | Allianz SE - ADR | 336,072 | ||||||
15,100 | American Financial Group, Inc. | 242,355 | ||||||
59,600 | Annaly Capital Management, Inc. - REIT | 826,652 | ||||||
52,000 | Anworth Mortgage Asset Corp. - REIT | 318,760 | ||||||
6,700 | Automatic Data Processing, Inc. | 235,572 | ||||||
10,600 | Banco de Chile - ADR | 377,678 | ||||||
57,800 | Bank of New York Mellon Corp. | 1,632,850 | ||||||
5 | Berkshire Hathaway, Inc. - Class A(a) | 433,500 | ||||||
4,300 | CME Group, Inc. | 1,059,477 | ||||||
27,400 | Comerica, Inc. | 501,694 | ||||||
56,000 | Delphi Financial Group, Inc. - Class A | 753,760 | ||||||
9,200 | Deutsche Bank AG - ADR | 373,980 | ||||||
45,000 | Duke Realty Corp. - REIT | 247,500 | ||||||
28,500 | EZCORP, Inc. - Class A(a) | 329,745 | ||||||
25,100 | Federated Investors, Inc. | 558,726 | ||||||
29,800 | First Cash Financial Services, Inc.(a) | 444,616 | ||||||
15,800 | Fiserv, Inc.(a) | 576,068 | ||||||
17,000 | HCC Insurance Holdings, Inc. | 428,230 | ||||||
23,700 | Hospitality Properties Trust | 284,400 | ||||||
11,100 | InterContinental Exchange, Inc.(a) | 826,617 | ||||||
19,600 | Investment Technology Group, Inc.(a) | 500,192 | ||||||
49,500 | Jabil Circuit, Inc. | 275,220 | ||||||
111,300 | JPMorgan Chase & Co. | 2,958,354 | ||||||
36,900 | KeyCorp | 290,403 | ||||||
7,800 | Lender Processing Services, Inc. | 238,758 | ||||||
14,400 | Loews Corp. | 318,240 | ||||||
18,500 | Mack-Cali Realty Corp. - REIT | 366,485 | ||||||
14,800 | MetLife, Inc. | 336,996 | ||||||
286,500 | MF Global, Ltd.(a) | 1,211,895 | ||||||
125,300 | MFA Financial, Inc. | 736,764 | ||||||
113,900 | Morgan Stanley | 2,593,503 | ||||||
16,700 | Northern Trust Corp. | 998,994 | ||||||
13,100 | PartnerRe, Ltd. | 813,117 | ||||||
12,100 | Prosperity Bancshares, Inc. | 330,935 | ||||||
19,400 | RenaissanceRe Holdings, Ltd. | 959,136 | ||||||
12,000 | State Street Corp. | 369,360 | ||||||
31,400 | The Goldman Sachs Group, Inc. | 3,329,028 | ||||||
62,100 | Tower Group, Inc. | 1,529,523 | ||||||
47,400 | Travelers Cos., Inc. | 1,926,336 | ||||||
35,100 | UBS AG(a) | 330,993 | ||||||
20,100 | Unum Group | 251,250 | ||||||
4,200 | Visa, Inc. - Class A | 233,520 | ||||||
25,600 | W. R. Berkley Corp. | 577,280 | ||||||
36,000 | Washington Federal, Inc. | 478,440 | ||||||
25,800 | World Acceptance Corp.(a) | 441,180 | ||||||
Total Common Stocks (Cost $33,413,276) | 33,543,714 | |||||||
Exchange Traded Funds (1.9%) | ||||||||
48,400 | SPDR KBW Bank | 670,824 | ||||||
Total Exchange Traded Funds (Cost $715,980) | 670,824 |
Underlying Security/ | ||||||||
Expiration Date/ | ||||||||
Exercise Price | Contracts* | Value | ||||||
Put Options Purchased (0.0% ) | ||||||||
Financial Select Sector SPDR, Expiration April 2009, Exercise price $6.00 | 1,350 | $ | 9,450 | |||||
Total Put Options Purchased (Cost $117,031) | 9,450 | |||||||
Shares or Principal Amount | Value | |||||||
Short-Term Investments (3.4%) | ||||||||
$ | 1,187,466 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | $ | 1,187,466 | ||||
Total Short-Term Investments (Cost $1,187,466) | 1,187,466 | |||||||
Total Investments 100.3% (Cost $35,433,753) | 35,411,454 | |||||||
Liabilities Less Other Assets (0.3)% | (91,262 | ) | ||||||
Net Assets 100.0% | $ | 35,320,192 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
* | All options have 100 shares per contract. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
ICON Financial Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Investment Banking & Brokerage | 21.6% | |||
Property & Casualty Insurance | 13.6% | |||
Asset Management & Custody Banks | 10.1% | |||
Other Diversified Financial Services | 8.4% | |||
Specialized Finance | 5.3% | |||
Mortgage REITs | 5.3% | |||
Reinsurance | 5.0% | |||
Life & Health Insurance | 3.8% | |||
Multi-Line Insurance | 3.8% | |||
Data Processing & Outsourced Services | 3.7% | |||
Consumer Finance | 3.5% | |||
Diversified Banks | 2.5% | |||
Diversified Capital Markets | 2.0% | |||
Regional Banks | 1.7% | |||
Office REITs | 1.7% | |||
Thrifts & Mortgage Finance | 1.4% | |||
Other Industries (each less than 1%) | 1.6% | |||
95.0% | ||||
Percentages are based upon common stock investments excluding exchange traded funds as a percentage of net assets.
ICON Financial Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Financial | 90.5% | |||
Information Technology | 4.5% | |||
95.0% | ||||
Percentages are based upon common stock investments excluding exchange traded funds as a percentage of net assets.
ICON Healthcare Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (95.7%) | ||||||||
100,500 | Abbott Laboratories | $ | 4,793,850 | |||||
51,300 | Aetna, Inc. | 1,248,129 | ||||||
67,300 | Allergan, Inc.(b) | 3,214,248 | ||||||
25,434 | Amedisys, Inc.(a)(b) | 699,181 | ||||||
74,000 | Amerisource-Bergen Corp.(b) | 2,416,840 | ||||||
87,300 | Amgen, Inc.(a) | 4,323,096 | ||||||
25,300 | Baxter International, Inc. | 1,295,866 | ||||||
25,600 | Bayer AG - ADR | 1,223,936 | ||||||
25,000 | Becton, Dickinson & Co. | 1,681,000 | ||||||
23,700 | Biogen Idec, Inc.(a) | 1,242,354 | ||||||
275,900 | Bristol-Myers Squibb Co. | 6,047,728 | ||||||
30,000 | C.R. Bard, Inc.(b) | 2,391,600 | ||||||
36,600 | Cardinal Health, Inc. | 1,152,168 | ||||||
40,000 | Cephalon, Inc.(a)(b) | 2,724,000 | ||||||
96,500 | CIGNA Corp. | 1,697,435 | ||||||
114,500 | Community Health Systems, Inc.(a) | 1,756,430 | ||||||
162,500 | Eli Lilly and Co. | 5,429,125 | ||||||
98,300 | Endo Pharmaceuticals Holdings, Inc.(a)(b) | 1,737,944 | ||||||
45,000 | Express Scripts, Inc.(a) | 2,077,650 | ||||||
19,700 | Genzyme Corp.(a)(b) | 1,169,983 | ||||||
676,000 | Health Management Associates, Inc. Class A(a)(b) | 1,744,080 | ||||||
98,200 | Health Net, Inc.(a) | 1,421,936 | ||||||
33,800 | Henry Schein, Inc.(a)(b) | 1,352,338 | ||||||
133,500 | IMS Health, Inc.(b) | 1,664,745 | ||||||
150,400 | Johnson & Johnson, Inc. | 7,911,040 | ||||||
109,400 | Kindred Healthcare, Inc.(a) | 1,635,530 | ||||||
45,000 | Laboratory Corp. of America Holdings(a)(b) | 2,632,050 | ||||||
50,000 | McKesson Corp. | 1,752,000 | ||||||
85,000 | Medco Health Solutions, Inc.(a)(b) | 3,513,900 | ||||||
45,400 | Medtronic, Inc. | 1,337,938 | ||||||
298,500 | Merck & Co., Inc. | 7,984,875 | ||||||
118,600 | Mylan Laboratories, Inc.(a)(b) | 1,590,426 | ||||||
81,500 | Orthofix International N.V.(a) | 1,509,380 | ||||||
174,100 | Par Pharmaceutical Cos., Inc.(a) | 1,648,727 | ||||||
697,300 | Pfizer, Inc. | 9,497,226 | ||||||
45,000 | Pharmaceutical Product Development, Inc. | 1,067,400 | ||||||
77,900 | PSS World Medical, Inc.(a)(b) | 1,117,865 |
Shares or Principal Amount | Value | |||||||
90,300 | Sanofi-Aventis - ADR(b) | $ | 2,522,079 | |||||
41,500 | Sepracor, Inc.(a)(b) | 608,390 | ||||||
45,000 | St. Jude Medical, Inc.(a) | 1,634,850 | ||||||
47,000 | Synovis Life Technologies, Inc.(a) | 650,480 | ||||||
116,800 | UnitedHealth Group, Inc. | 2,444,624 | ||||||
40,000 | VCA Antech, Inc.(a)(b) | 902,000 | ||||||
133,000 | Watson Pharmaceutical, Inc.(a)(b) | 4,137,630 | ||||||
59,300 | WellPoint, Inc.(a) | 2,251,621 | ||||||
Total Common Stocks (Cost $129,339,707) | 112,855,693 | |||||||
Short-Term Investments (4.3%) | ||||||||
$ | 5,058,330 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 5,058,330 | |||||
Total Short-Term Investments (Cost $5,058,330) | 5,058,330 | |||||||
Other Securities (21.6%) | ||||||||
25,512,070 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 25,512,070 | ||||||
Total Other Securities (Cost $25,512,070) | 25,512,070 | |||||||
Total Investments 121.6% (Cost $159,910,107) | 143,426,093 | |||||||
Liabilities Less Other Assets (21.6)% | (25,523,363 | ) | ||||||
Net Assets 100.0% | $ | 117,902,730 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Healthcare Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Pharmaceuticals | 49.4% | |||
Health Care Equipment | 8.9% | |||
Biotechnology | 8.1% | |||
Managed Health Care | 7.7% | |||
Health Care Services | 7.6% | |||
Health Care Distributors | 6.5% | |||
Health Care Facilities | 5.2% | |||
Health Care Technology | 1.4% | |||
Life Sciences Tools & Services | 0.9% | |||
95.7% | ||||
Percentages are based upon net assets.
ICON Healthcare Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Health Care | 95.7% | |||
95.7% | ||||
Percentages are based upon net assets.
ICON Industrials Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (96.3%) | ||||||||
30,000 | 3M Co.(b) | $ | 1,491,600 | |||||
25,000 | Acuity Brands, Inc.(b) | 563,500 | ||||||
30,000 | AMETEK, Inc. | 938,100 | ||||||
40,000 | Apogee Enterprises, Inc. | 439,200 | ||||||
70,000 | BE Aerospace, Inc.(a) | 606,900 | ||||||
21,000 | Burlington Northern Santa Fe Corp. | 1,263,150 | ||||||
25,000 | Caterpillar, Inc.(b) | 699,000 | ||||||
17,000 | Con-way, Inc. | 304,810 | ||||||
50,000 | Continental Airlines, Inc. - Class B(a)(b) | 440,500 | ||||||
20,000 | Cooper Industries, Ltd. - Class A(b) | 517,200 | ||||||
15,000 | Crane Co. | 253,200 | ||||||
20,000 | CSX Corp. | 517,000 | ||||||
25,000 | Cummins, Inc. | 636,250 | ||||||
15,000 | Danaher Corp.(b) | 813,300 | ||||||
100,000 | Delta Air Lines, Inc.(a)(b) | 563,000 | ||||||
30,000 | Dover Corp. | 791,400 | ||||||
25,000 | FedEx Corp.(b) | 1,112,250 | ||||||
5,000 | First Solar, Inc.(a)(b) | 663,500 | ||||||
6,000 | Fluor Corp. | 207,300 | ||||||
60,500 | Foster Wheeler AG(a) | 1,056,935 | ||||||
15,000 | GATX Corp. | 303,450 | ||||||
100,000 | Genco Shipping & Trading, Ltd.(b) | 1,234,000 | ||||||
25,000 | General Cable Corp.(a) | 495,500 | ||||||
15,000 | General Dynamics Corp. | 623,850 | ||||||
300,000 | General Electric Co.(b) | 3,033,000 | ||||||
62,800 | Honeywell International, Inc. | 1,749,608 | ||||||
25,000 | Illinois Tool Works, Inc.(b) | 771,250 | ||||||
35,000 | Jacobs Engineering Group, Inc.(a) | 1,353,100 | ||||||
16,800 | Kennametal, Inc. | 272,328 | ||||||
50,000 | Kirby Corp.(a) | 1,332,000 | ||||||
12,000 | L-3 Communications Holdings, Inc. | 813,600 | ||||||
27,700 | Lennox International, Inc.(b) | 732,942 | ||||||
40,000 | Lockheed Martin Corp.(b) | 2,761,200 | ||||||
25,000 | Middleby Corp.(a) | 810,750 | ||||||
425,000 | Navios Maritime Holdings, Inc. | 977,500 | ||||||
25,000 | Norfolk Southern Corp. | 843,750 | ||||||
27,000 | Northrop Grumman Corp.(b) | 1,178,280 | ||||||
36,600 | Oshkosh Truck Corp.(b) | 246,684 | ||||||
10,000 | Parker Hannifin Corp. | 339,800 | ||||||
40,000 | Perini Corp.(a)(b) | 492,000 | ||||||
30,000 | Pitney Bowes, Inc.(b) | 700,500 | ||||||
10,000 | Precision Castparts Corp.(b) | 599,000 | ||||||
35,000 | Raytheon Co. | 1,362,900 |
Shares or Principal Amount | Value | |||||||
25,000 | Regal-Beloit Corp. | $ | 766,000 | |||||
25,000 | Rockwell Collins, Inc. | 816,000 | ||||||
18,200 | Ryder System, Inc. | 515,242 | ||||||
30,000 | Saia, Inc.(a) | 358,500 | ||||||
100,000 | Seaspan Corp. | 822,000 | ||||||
10,000 | Siemens AG - ADR | 569,700 | ||||||
40,000 | SkyWest, Inc. | 497,600 | ||||||
20,000 | SunPower Corp. - Class A(a)(b) | 475,600 | ||||||
21,800 | Sykes Enterprises, Inc.(a) | 362,534 | ||||||
35,000 | The Boeing Co. | 1,245,300 | ||||||
25,000 | The Toro Co.(b) | 604,500 | ||||||
25,000 | Triumph Group, Inc. | 955,000 | ||||||
35,900 | Union Pacific Corp. | 1,475,849 | ||||||
25,000 | United Parcel Service, Inc. - Class B(b) | 1,230,500 | ||||||
90,000 | United Technologies Corp. | 3,868,200 | ||||||
18,000 | W.W. Grainger, Inc. | 1,263,240 | ||||||
30,000 | Waste Management, Inc. | 768,000 | ||||||
Total Common Stocks (Cost $77,198,452) | 53,498,852 | |||||||
Short-Term Investments (4.6%) | ||||||||
$ | 2,550,925 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 2,550,925 | |||||
Total Short-Term Investments (Cost $2,550,925) | 2,550,925 | |||||||
Other Securities (31.5%) | ||||||||
17,505,053 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 17,505,053 | ||||||
Total Other Securities (Cost $17,505,053) | 17,505,053 | |||||||
Total Investments 132.4% (Cost $97,254,430) | 73,554,830 | |||||||
Liabilities Less Other Assets (32.4)% | (17,996,873 | ) | ||||||
Net Assets 100.0% | $ | 55,557,957 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Industrials Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Aerospace & Defense | 29.8% | |||
Industrial Conglomerates | 9.2% | |||
Electrical Components & Equipment | 8.0% | |||
Marine | 7.9% | |||
Railroads | 7.4% | |||
Industrial Machinery | 7.4% | |||
Construction & Engineering | 5.6% | |||
Air Freight & Logistics | 4.2% | |||
Construction & Farm Machinery & Heavy Trucks | 3.9% | |||
Trading Companies & Distributors | 2.8% | |||
Airlines | 2.7% | |||
Trucking | 2.0% | |||
Building Products | 2.1% | |||
Office Services & Supplies | 1.9% | |||
Environmental & Facilities Services | 1.4% | |||
96.3% | ||||
Percentages are based upon net assets.
ICON Industrials Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Industrial | 96.3% | |||
96.3% | ||||
Percentages are based upon net assets.
ICON Information Technology Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.5%) | ||||||||
112,000 | Accenture, Ltd. - Class A(b) | $ | 3,078,880 | |||||
63,100 | Altera Corp.(b) | 1,107,405 | ||||||
46,200 | Apple Computer, Inc.(a) | 4,856,544 | ||||||
48,600 | Arrow Electronics, Inc.(a) | 926,316 | ||||||
41,600 | Automatic Data Processing, Inc. | 1,462,656 | ||||||
49,000 | Avnet, Inc.(a) | 857,990 | ||||||
164,100 | Brightpoint, Inc.(a)(b) | 702,348 | ||||||
74,700 | CACI International, Inc. - Class A(a)(b) | 2,725,803 | ||||||
247,000 | Cisco Systems, Inc.(a)(b) | 4,142,190 | ||||||
20,500 | Computer Sciences Corp.(a) | 755,220 | ||||||
112,600 | CSG Systems International, Inc.(a) | 1,607,928 | ||||||
41,700 | Fidelity National Information Services, Inc. | 758,940 | ||||||
100,300 | Fiserv, Inc.(a)(b) | 3,656,938 | ||||||
224,400 | Flextronics International, Ltd.(a) | 648,516 | ||||||
6,900 | Google, Inc. - Class A(a) | 2,401,614 | ||||||
74,400 | Harris Corp. | 2,153,136 | ||||||
110,000 | Hewlett-Packard Co. | 3,526,600 | ||||||
85,700 | Hutchinson Technology, Inc.(a)(b) | 222,820 | ||||||
46,100 | Ingram Micro, Inc.(a) | 582,704 | ||||||
329,300 | Intel Corp.(b) | 4,955,965 | ||||||
78,400 | International Business Machines Corp.(b) | 7,596,176 | ||||||
45,500 | j2 Global Communications, Inc.(a) | 995,995 | ||||||
23,500 | KLA-Tencor Corp.(b) | 470,000 | ||||||
61,800 | Logitech International S.A.(a)(b) | 635,304 | ||||||
5,100 | Mastercard, Inc. - Class A(b) | 854,148 | ||||||
408,700 | Microsoft Corp.(b) | 7,507,819 | ||||||
39,600 | Multi-Fineline Electronix, Inc.(a) | 666,864 | ||||||
108,600 | NETGEAR, Inc.(a) | 1,308,630 | ||||||
186,500 | Oracle Corp.(a) | 3,370,055 | ||||||
40,400 | SAP AG - ADR(b) | 1,425,716 | ||||||
36,600 | ScanSource, Inc.(a) | 680,028 | ||||||
33,000 | Sohu.com, Inc.(a)(b) | 1,363,230 | ||||||
41,200 | SYNNEX Corp.(a)(b) | 810,404 | ||||||
171,700 | Teradyne, Inc.(a) | 752,046 | ||||||
32,800 | VeriSign, Inc.(a)(b) | 618,936 | ||||||
25,300 | Visa, Inc. - Class A(b) | 1,406,680 | ||||||
Total Common Stocks (Cost $85,999,213) | 71,592,544 | |||||||
Short-Term Investments (0.6%) | ||||||||
$ | 448,006 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 448,006 | |||||
Total Short-Term Investments (Cost $448,006) | 448,006 |
Shares or Principal Amount | Value | |||||||
Other Securities (29.9%) | ||||||||
21,476,757 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | $ | 21,476,757 | |||||
Total Other Securities (Cost $21,476,757) | 21,476,757 | |||||||
Total Investments 130.0% (Cost $107,923,976) | 93,517,307 | |||||||
Liabilities Less Other Assets (30.0)% | (21,561,975 | ) | ||||||
Net Assets 100.0% | $ | 71,955,332 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Information Technology Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Computer Hardware | 22.2% | |||
Systems Software | 15.1% | |||
Data Processing & Outsourced Services | 14.6% | |||
Communications Equipment | 10.6% | |||
Semiconductors | 8.4% | |||
IT Consulting & Other Services | 8.1% | |||
Internet Software & Services | 7.5% | |||
Technology Distributors | 6.3% | |||
Application Software | 2.0% | |||
Electronic Manufacturing Services | 1.8% | |||
Semiconductor Equipment | 1.7% | |||
Computer Storage & Peripherals | 1.2% | |||
99.5% | ||||
Percentages are based upon net assets.
ICON Information Technology Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Information Technology | 99.5% | |||
99.5% | ||||
Percentages are based upon net assets.
ICON Leisure and Consumer Staples Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (97.6%) | ||||||||
14,500 | Altria Group, Inc. | $ | 232,290 | |||||
24,200 | Archer Daniels Midland Co.(b) | 672,276 | ||||||
25,100 | Burger King Holdings, Inc. | 576,045 | ||||||
42,500 | Callaway Golf Co.(b) | 305,150 | ||||||
18,100 | Carnival Corp. | 390,960 | ||||||
11,200 | CEC Entertainment, Inc.(a) | 289,856 | ||||||
57,600 | Coca-Cola Enterprises, Inc. | 759,744 | ||||||
92,600 | Comcast Corp. - Class A(b) | 1,263,064 | ||||||
7,300 | Corn Products International, Inc.(b) | 154,760 | ||||||
14,600 | Cracker Barrel Old Country Store, Inc. | 418,144 | ||||||
29,800 | CVS Caremark Corp. | 819,202 | ||||||
22,300 | DISH Network Corp. - Class A(a) | 247,753 | ||||||
8,900 | Fomento Economico Mexicano S.A.B. de C.V. - ADR | 224,369 | ||||||
10,800 | Fresh Del Monte Produce, Inc.(a)(b) | 177,336 | ||||||
9,900 | Hormel Foods Corp. | 313,929 | ||||||
22,500 | International Game Technology(b) | 207,450 | ||||||
15,200 | Kraft Foods, Inc. - Class A | 338,808 | ||||||
20,200 | Life Time Fitness, Inc.(a) | 253,712 | ||||||
2,800 | Lorillard, Inc. | 172,872 | ||||||
23,500 | Marriott International, Inc. - Class A(b) | 384,460 | ||||||
43,500 | Mattel, Inc. | 501,555 | ||||||
9,000 | McCormick & Co., Inc. | 266,130 | ||||||
90,700 | News Corp. - Class A | 600,434 | ||||||
23,600 | PepsiAmericas, Inc. | 407,100 | ||||||
16,500 | PepsiCo, Inc. | 849,420 | ||||||
31,200 | Pool Corp. | 418,080 | ||||||
28,100 | Rentrak Corp.(a) | 252,900 | ||||||
38,100 | Royal Caribbean Cruises, Ltd.(b) | 305,181 | ||||||
17,100 | Safeway, Inc.(b) | 345,249 | ||||||
20,200 | Smithfield Foods, Inc.(a)(b) | 191,092 | ||||||
21,800 | Speedway Motorsports, Inc.(b) | 257,676 | ||||||
20,800 | Starbucks Corp.(a) | 231,088 | ||||||
13,500 | Sysco Corp. | 307,800 | ||||||
35,000 | Texas Roadhouse, Inc. - Class A(a) | 333,550 | ||||||
50,600 | The DIRECTV Group, Inc.(a)(b) | 1,153,174 | ||||||
10,600 | The McGraw-Hill Cos., Inc. | 242,422 | ||||||
25,000 | The Pepsi Bottling Group, Inc. | 553,500 | ||||||
17,500 | The Thomson Corp.(b) | 444,150 | ||||||
67,470 | The Walt Disney Co. | 1,225,255 | ||||||
8,575 | Time Warner Cable, Inc. - Class A | 212,660 | ||||||
34,166 | Time Warner, Inc.(b) | 659,404 | ||||||
12,800 | Unilever PLC - ADR | 242,304 |
Shares or Principal Amount | Value | |||||||
14,400 | Viacom, Inc. - Class B(a) | $ | 250,272 | |||||
10,300 | Wal-Mart Stores, Inc. | 536,630 | ||||||
27,800 | Walgreen Co. | 721,688 | ||||||
11,200 | Wimm-Bill-Dann Foods OJSC - ADR(a) | 356,272 | ||||||
56,500 | Wyndham Worldwide Corp. | 237,300 | ||||||
Total Common Stocks (Cost $25,646,739) | 20,304,466 | |||||||
Short-Term Investments (2.5%) | ||||||||
$ | 523,006 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 523,006 | |||||
Total Short-Term Investments (Cost $523,006) | 523,006 | |||||||
Other Securities (32.8%) | ||||||||
6,821,191 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | 6,821,191 | ||||||
Total Other Securities (Cost $6,821,191) | 6,821,191 | |||||||
Total Investments 132.9% (Cost $32,990,936) | 27,648,663 | |||||||
Liabilities Less Other Assets (32.9)% | (6,842,601 | ) | ||||||
Net Assets 100.0% | $ | 20,806,062 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Leisure and Consumer Staples Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Movies & Entertainment | 15.4% | |||
Soft Drinks | 13.5% | |||
Cable & Satellite | 12.8% | |||
Restaurants | 8.9% | |||
Packaged Foods & Meats | 8.2% | |||
Drug Retail | 7.4% | |||
Hotels Resorts & Cruise Lines | 6.3% | |||
Leisure Products | 5.9% | |||
Agricultural Products | 4.8% | |||
Publishing | 3.3% | |||
Hypermarkets & Super Centers | 2.6% | |||
Leisure Facilities | 2.4% | |||
Tobacco | 1.9% | |||
Food Retail | 1.7% | |||
Food Distributors | 1.5% | |||
Casinos & Gaming | 1.0% | |||
97.6% | ||||
Percentages are based upon net assets.
ICON Leisure and Consumer Staples Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Leisure & Consumer Staples | 97.6% | |||
97.6% | ||||
Percentages are based upon net assets.
ICON Materials Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.9%) | ||||||||
60,000 | Air Products & Chemical, Inc.(b) | $ | 3,375,000 | |||||
60,000 | Airgas, Inc. | 2,028,600 | ||||||
60,000 | Alcoa, Inc. | 440,400 | ||||||
30,000 | Ball Corp. | 1,302,000 | ||||||
60,000 | Bemis Co., Inc. | 1,258,200 | ||||||
10,000 | BHP Billiton, Ltd. - ADR | 446,000 | ||||||
50,000 | Carpenter Technology Corp. | 706,000 | ||||||
40,000 | Celanese Corp., Series A | 534,800 | ||||||
25,000 | CF Industries Holdings, Inc. | 1,778,250 | ||||||
70,000 | Commercial Metals Co. | 808,500 | ||||||
60,000 | Companhia Vale do Rio Doce - ADR | 798,000 | ||||||
10,000 | CONSOL Energy, Inc. | 252,400 | ||||||
150,000 | E.I. du Pont de Nemours and Co.(b) | 3,349,500 | ||||||
15,000 | FMC Corp. | 647,100 | ||||||
64,500 | Genco Shipping & Trading, Ltd.(b) | 795,930 | ||||||
75,000 | Gerdau Ameristeel Corp. | 230,250 | ||||||
15,000 | Greif, Inc. - Class A(b) | 499,350 | ||||||
50,000 | International Flavors & Fragrances, Inc. | 1,523,000 | ||||||
75,000 | Lafarge S.A. - ADR(b) | 847,500 | ||||||
60,000 | Lubrizol Corp. | 2,040,600 | ||||||
140,000 | Monsanto Co. | 11,634,000 | ||||||
288,800 | Navios Maritime Holdings, Inc.(b) | 664,240 | ||||||
85,000 | Newmont Mining Corp.(b) | 3,804,600 | ||||||
75,000 | Nucor Corp.(b) | 2,862,750 | ||||||
30,000 | Owens-Illinois, Inc.(a)(b) | 433,200 | ||||||
30,000 | Pactiv Corp.(a) | 437,700 | ||||||
10,000 | Posco - ADR(b) | 668,300 | ||||||
20,000 | Potash Corp. of Saskatchewan, Inc.(b) | 1,616,200 | ||||||
34,000 | PPG Industries, Inc. | 1,254,600 | ||||||
20,000 | Praxair, Inc. | 1,345,800 | ||||||
40,000 | Reliance Steel & Aluminum Co.(b) | 1,053,200 | ||||||
10,000 | Rio Tinto PLC - ADR | 1,340,600 | ||||||
30,000 | RPM International, Inc. | 381,900 | ||||||
18,000 | Schnitzer Steel Industries, Inc. | 565,020 | ||||||
100,000 | Sealed Air Corp. | 1,380,000 | ||||||
65,000 | Sonoco Products Co. | 1,363,700 | ||||||
65,000 | Steel Dynamics, Inc. | 572,650 | ||||||
25,000 | Syngenta AG - ADR(b) | 1,002,750 | ||||||
27,000 | The Mosaic Co. | 1,133,460 | ||||||
30,000 | The Valspar Corp. | 599,100 | ||||||
30,000 | United States Steel Corp.(b) | 633,900 | ||||||
Total Common Stocks (Cost $65,084,685) | 58,409,050 |
Shares or Principal Amount | Value | |||||||
Other Securities (27.2%) | ||||||||
15,910,393 | Invesco Aim Liquid Assets Portfolio, 0.81%Ù | $ | 15,910,393 | |||||
Total Other Securities (Cost $15,910,393) | 15,910,393 | |||||||
Total Investments 127.1% (Cost $80,995,078) | 74,319,443 | |||||||
Liabilities Less Other Assets (27.1)% | (15,830,673 | ) | ||||||
Net Assets 100.0% | $ | 58,488,770 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
(b) | All or a portion of the security was on loan as of March 31, 2009. | |
Ù | Investments made with cash collateral received from securities on loan. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Materials Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Fertilizers & Agricultural Chemicals | 29.3% | |||
Steel | 13.9% | |||
Industrial Gases | 11.6% | |||
Diversified Chemicals | 8.9% | |||
Specialty Chemicals | 7.8% | |||
Paper Packaging | 6.9% | |||
Gold | 6.5% | |||
Metal & Glass Containers | 4.5% | |||
Diversified Metals & Mining | 4.5% | |||
Marine | 2.5% | |||
Construction Materials | 1.4% | |||
Other Industries (each less than 1%) | 2.1% | |||
99.9% | ||||
Percentages are based upon net assets.
ICON Materials Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Materials | 97.0% | |||
Industrial | 2.5% | |||
Energy | 0.4% | |||
99.9% | ||||
Percentages are based upon net assets.
ICON Telecommunication & Utilities Fund
Schedule of Investments
March 31, 2009 (unaudited)
Schedule of Investments
March 31, 2009 (unaudited)
Shares or Principal Amount | Value | |||||||
Common Stocks (82.4%) | ||||||||
15,000 | Allegheny Energy, Inc. | $ | 347,550 | |||||
20,000 | Alliant Energy Corp. | 493,800 | ||||||
100,600 | AT&T, Inc. | 2,535,120 | ||||||
20,000 | China Mobile, Ltd. - ADR | 870,400 | ||||||
50,000 | Dominion Resources, Inc. of Virginia | 1,549,500 | ||||||
15,000 | DPL, Inc. | 338,100 | ||||||
29,000 | Edison International | 835,490 | ||||||
65,000 | El Paso Electric Co.(a) | 915,850 | ||||||
15,000 | Entergy Corp. | 1,021,350 | ||||||
10,600 | FPL Group, Inc. | 537,738 | ||||||
15,000 | Integrys Energy Group, Inc. | 390,600 | ||||||
10,000 | Nippon Telegraph and Telephone Corp. - ADR | 190,300 | ||||||
15,000 | NTT DoCoMo, Inc. - ADR | 204,750 | ||||||
17,500 | Partner Communications Co., Ltd. - ADR | 264,600 | ||||||
20,000 | Pepco Holdings, Inc. | 249,600 | ||||||
12,500 | Portland General Electric Co. | 219,875 | ||||||
15,000 | PPL Corp. | 430,650 | ||||||
100,000 | Premiere Global Services, Inc.(a) | 882,000 | ||||||
50,000 | Public Service Enterprise Group, Inc. | 1,473,500 | ||||||
9,000 | Sempra Energy | 416,160 | ||||||
10,000 | Southern Co. | 306,200 | ||||||
7,500 | Swisscom AG - ADR | 209,850 | ||||||
84,000 | Verizon Communications, Inc. | 2,536,800 | ||||||
30,000 | Vodafone Group PLC - ADR | 522,600 | ||||||
5,000 | Wisconsin Energy Corp. | 205,850 | ||||||
55,000 | Xcel Energy, Inc. | 1,024,650 | ||||||
Total Common Stocks (Cost $23,613,504) | 18,972,883 |
Shares or | ||||||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds (1.0%) | ||||||||||||||||
$ | 250,000 | Exelon Generation Co., LLC | 6.20 | % | 10/1/17 | 223,545 | ||||||||||
Total Corporate Bonds (Cost $234,616) | 223,545 |
Shares or Principal Amount | Value | |||||||
Short-Term Investments (16.1%) | ||||||||
$ | 3,692,707 | Brown Brothers Harriman Time Deposit - U.S. Dollar, 0.10%, 04/01/09# | 3,692,707 | |||||
Total Short-Term Investments (Cost $3,692,707) | 3,692,707 | |||||||
Total Investments 99.5% (Cost $27,540,827) | 22,889,135 | |||||||
Other Assets Less Liabilities 0.5% | 117,105 | |||||||
Net Assets 100.0% | $ | 23,006,240 | ||||||
The accompanying notes are an integral part of the financial statements.
(a) | Non-income producing security. | |
# | BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed are as of March 31, 2009. | |
ADR | American Depositary Receipt |
ICON Telecommunication & Utilities Fund
Industry Composition
March 31, 2009
(unaudited)
Industry Composition
March 31, 2009
(unaudited)
Multi-Utilities | 24.1% | |||
Integrated Telecommunication Services | 23.7% | |||
Electric Utilities | 23.6% | |||
Wireless Telecommunication Services | 8.2% | |||
Alternative Carriers | 3.8% | |||
83.4% | ||||
Percentages are based upon net assets
ICON Telecommunication & Utilities Fund
Sector Composition
March 31, 2009
(unaudited)
Sector Composition
March 31, 2009
(unaudited)
Telecommunications & Utilities | 83.4% | |||
83.4% | ||||
Percentages are based upon net assets.
Statements of Assets and Liabilities
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
ICON | ||||||||||||||||
Consumer | ICON | ICON | ICON | |||||||||||||
Discretionary | Energy | Financial | Healthcare | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Assets | ||||||||||||||||
Investments, at cost | $ | 57,851,089 | $ | 443,091,157 | $ | 35,433,753 | $ | 159,910,107 | ||||||||
Investments, at value† | 55,720,582 | 405,833,710 | 35,411,454 | 143,426,093 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 19,728 | 2,317,396 | 34,266 | 101,728 | ||||||||||||
Investments sold | - | - | 562,014 | - | ||||||||||||
Interest | 6,605 | 41,493 | 3 | 9,370 | ||||||||||||
Dividends | 32,137 | 198,280 | 65,864 | 138,496 | ||||||||||||
Other assets | 32,504 | �� | 81,522 | 44,050 | 45,319 | |||||||||||
Total Assets | 55,811,556 | 408,472,401 | 36,117,651 | 143,721,006 | ||||||||||||
Liabilities | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian bank | - | - | - | - | ||||||||||||
Interest | - | - | 526 | - | ||||||||||||
Investments bought | 1,565,592 | 3,522,333 | 660,022 | - | ||||||||||||
Payable for collateral received on securities loaned | 10,408,779 | 43,804,937 | - | 25,512,070 | ||||||||||||
Fund shares redeemed | 88,607 | 279,991 | 75,537 | 154,624 | ||||||||||||
Advisory fees | 35,637 | 293,095 | 28,899 | 97,518 | ||||||||||||
Fund accounting fees | 2,767 | 9,622 | 2,390 | 4,844 | ||||||||||||
Transfer agent fees | 12,004 | 36,387 | 14,915 | 18,899 | ||||||||||||
Administration fees | 1,737 | 14,177 | 1,324 | 5,062 | ||||||||||||
Trustee fees | 5,143 | 42,463 | 4,151 | 14,095 | ||||||||||||
Accrued expenses | 3,518 | 11,575 | 9,695 | 11,164 | ||||||||||||
Total Liabilities | 12,123,784 | 48,014,580 | 797,459 | 25,818,276 | ||||||||||||
Net Assets | $ | 43,687,772 | $ | 360,457,821 | $ | 35,320,192 | $ | 117,902,730 | ||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 74,402,608 | $ | 525,867,734 | $ | 160,388,325 | $ | 155,938,290 | ||||||||
Accumulated undistributed net investment income/(loss) | 430,652 | 5,405,089 | 997,299 | 1,657,882 | ||||||||||||
Accumulated undistributed net realized gain/(loss) from investment transactions | (29,014,981 | ) | (133,557,555 | ) | (126,043,133 | ) | (23,209,428 | ) | ||||||||
Unrealized appreciation/(depreciation) on investments | (2,130,507 | ) | (37,257,447 | ) | (22,299 | ) | (16,484,014 | ) | ||||||||
Net Assets | $ | 43,687,772 | $ | 360,457,821 | $ | 35,320,192 | $ | 117,902,730 | ||||||||
Shares outstanding (unlimited shares authorized no par value) | 9,010,648 | 28,970,419 | 9,407,995 | 11,761,990 | ||||||||||||
Net asset value (offering and redemption price per share) | $ | 4.85 | $ | 12.44 | $ | 3.75 | $ | 10.02 | ||||||||
† Includes securities on loan of | $ | 10,178,571 | $ | 42,624,627 | $ | - | $ | 25,438,038 | ||||||||
The accompanying notes are an integral part of the financial statements.
ICON | ICON | ICON | ||||||||||||||||
ICON | Information | Leisure and | ICON | Telecommunication | ||||||||||||||
Industrials | Technology | Consumer | Materials | & Utilities | ||||||||||||||
Fund | Fund | Staples Fund | Fund | Fund | ||||||||||||||
$ | 97,254,430 | $ | 107,923,976 | $ | 32,990,936 | $ | 80,995,078 | $ | 27,540,827 | |||||||||
73,554,830 | 93,517,307 | 27,648,663 | 74,319,443 | 22,889,135 | ||||||||||||||
45,243 | 57,633 | 13,767 | 160,951 | 75,722 | ||||||||||||||
- | - | - | - | - | ||||||||||||||
13,307 | 5,325 | 5,063 | 7,617 | 7,758 | ||||||||||||||
208,459 | 22,528 | 26,445 | 101,653 | 62,916 | ||||||||||||||
41,018 | 45,921 | 24,328 | 39,736 | 33,747 | ||||||||||||||
73,862,857 | 93,648,714 | 27,718,266 | 74,629,400 | 23,069,278 | ||||||||||||||
184,648 | - | - | 46,192 | - | ||||||||||||||
195 | 26 | 32 | 18 | - | ||||||||||||||
433,033 | - | - | - | - | ||||||||||||||
17,505,053 | 21,476,757 | 6,821,191 | 15,910,393 | - | ||||||||||||||
107,112 | 119,339 | 51,958 | 104,838 | 18,376 | ||||||||||||||
45,394 | 59,357 | 17,189 | 46,823 | 18,755 | ||||||||||||||
3,226 | 3,060 | 2,369 | 2,735 | 2,044 | ||||||||||||||
11,997 | 16,611 | 10,407 | 17,001 | 14,004 | ||||||||||||||
2,180 | 2,840 | 784 | 2,147 | 812 | ||||||||||||||
6,561 | 8,598 | 2,485 | 6,783 | 2,712 | ||||||||||||||
5,501 | 6,794 | 5,789 | 3,700 | 6,335 | ||||||||||||||
18,304,900 | 21,693,382 | 6,912,204 | 16,140,630 | 63,038 | ||||||||||||||
$ | 55,557,957 | $ | 71,955,332 | $ | 20,806,062 | $ | 58,488,770 | $ | 23,006,240 | |||||||||
$ | 125,356,618 | $ | 163,315,903 | $ | 38,020,009 | $ | 118,401,567 | $ | 38,086,427 | |||||||||
897,024 | 731,437 | 351,445 | 498,819 | 228,876 | ||||||||||||||
(46,996,085 | ) | (77,685,339 | ) | (12,223,119 | ) | (53,735,981 | ) | (10,657,371 | ) | |||||||||
(23,699,600 | ) | (14,406,669 | ) | (5,342,273 | ) | (6,675,635 | ) | (4,651,692 | ) | |||||||||
$ | 55,557,957 | $ | 71,955,332 | $ | 20,806,062 | $ | 58,488,770 | $ | 23,006,240 | |||||||||
12,411,788 | 13,468,307 | 4,105,498 | 9,654,527 | 4,638,237 | ||||||||||||||
$ | 4.48 | $ | 5.34 | $ | 5.07 | $ | 6.06 | $ | 4.96 | |||||||||
$ | 17,195,854 | $ | 21,429,191 | $ | 5,667,167 | $ | 15,640,695 | $ | - | |||||||||
Statements of Operations
for the period ended March 31, 2009 (unaudited)
for the period ended March 31, 2009 (unaudited)
ICON | ||||||||||||||||
Consumer | ICON | ICON | ICON | |||||||||||||
Discretionary | Energy | Financial | Healthcare | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Investment Income | ||||||||||||||||
Interest | $ | 2,412 | $ | 61,695 | $ | 1,616 | $ | 10,717 | ||||||||
Dividends | 387,706 | 5,300,139 | 1,332,568 | 1,399,348 | ||||||||||||
Income from securities lending, net | 69,190 | 578,778 | - | 122,860 | ||||||||||||
Foreign taxes withheld | - | (56 | ) | - | - | |||||||||||
Total Investment Income | 459,308 | 5,940,556 | 1,334,184 | 1,532,925 | ||||||||||||
Expenses | ||||||||||||||||
Advisory fees | 240,018 | 1,826,328 | 348,821 | 691,678 | ||||||||||||
Fund accounting fees | 8,261 | 54,384 | 11,729 | 21,403 | ||||||||||||
Transfer agent fees | 50,566 | 140,408 | 61,341 | 80,029 | ||||||||||||
Administration fees | 11,853 | 90,240 | 17,178 | 34,162 | ||||||||||||
Registration fees | 15,418 | 20,466 | 18,946 | 20,051 | ||||||||||||
Insurance expense | 3,595 | 30,822 | 6,542 | 6,687 | ||||||||||||
Trustee fees and expenses | 3,827 | 23,759 | 4,604 | 8,344 | ||||||||||||
Interest expense | 103 | - | 2,273 | 11 | ||||||||||||
Other expenses | 24,032 | 89,164 | 33,205 | 46,911 | ||||||||||||
�� | ||||||||||||||||
Total expenses before transfer agent earnings credit | 357,673 | 2,275,571 | 504,639 | 909,276 | ||||||||||||
Transfer agent earnings credit | (82 | ) | (615 | ) | (141 | ) | (241 | ) | ||||||||
Net Expenses | 357,591 | 2,274,956 | 504,498 | 909,035 | ||||||||||||
Net Investment Income/(Loss) | 101,717 | 3,665,600 | 829,686 | 623,890 | ||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | ||||||||||||||||
Net realized gain/(loss) from investment transactions | (21,654,478 | ) | (132,299,415 | ) | (59,151,416 | ) | (23,046,374 | ) | ||||||||
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations | (2,497,937 | ) | (7,054,340 | ) | (8,563,112 | ) | (20,648,998 | ) | ||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | (24,152,415 | ) | (139,353,755 | ) | (67,714,528 | ) | (43,695,372 | ) | ||||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | (24,050,698 | ) | $ | (135,688,155 | ) | $ | (66,884,842 | ) | $ | (43,071,482 | ) | ||||
The accompanying notes are an integral part of the financial statements.
ICON | ICON | ICON | ||||||||||||||||
ICON | Information | Leisure and | ICON | Telecommunication | ||||||||||||||
Industrials | Technology | Consumer | Materials | & Utilities | ||||||||||||||
Fund | Fund | Staples Fund | Fund | Fund | ||||||||||||||
$ | 2,652 | $ | 5,448 | $ | 303 | $ | 7,749 | $ | 5,046 | |||||||||
1,098,350 | 541,199 | 318,951 | 1,064,595 | 585,933 | ||||||||||||||
123,801 | 111,337 | 47,088 | 53,021 | - | ||||||||||||||
(3,315 | ) | - | (1,444 | ) | (315 | ) | (98 | ) | ||||||||||
1,221,488 | 657,984 | 364,898 | 1,125,050 | 590,881 | ||||||||||||||
389,214 | 446,928 | 131,265 | 355,314 | 126,989 | ||||||||||||||
13,061 | 14,473 | 5,192 | 11,671 | 4,819 | ||||||||||||||
53,613 | 68,950 | 36,365 | 61,373 | 37,965 | ||||||||||||||
19,198 | 22,032 | 6,476 | 17,525 | 6,275 | ||||||||||||||
16,718 | 19,495 | 11,127 | 15,624 | 15,501 | ||||||||||||||
6,545 | 8,133 | 1,763 | 8,000 | 3,673 | ||||||||||||||
5,758 | 7,355 | 2,457 | 5,477 | 2,437 | ||||||||||||||
262 | 17,787 | 958 | 1,071 | - | ||||||||||||||
30,819 | 40,166 | 18,298 | 33,562 | 19,530 | ||||||||||||||
535,188 | 645,319 | 213,901 | 509,617 | 217,189 | ||||||||||||||
(145 | ) | (158 | ) | (46 | ) | (128 | ) | (43 | ) | |||||||||
535,043 | 645,161 | 213,855 | 509,489 | 217,146 | ||||||||||||||
686,445 | 12,823 | 151,043 | 615,561 | 373,735 | ||||||||||||||
(43,081,025 | ) | (41,206,615 | ) | (9,413,352 | ) | (43,010,781 | ) | (2,400,657 | ) | |||||||||
(11,330,512 | ) | (9,503,573 | ) | (3,418,866 | ) | 263,212 | (2,998,729 | ) | ||||||||||
(54,411,537 | ) | (50,710,188 | ) | (12,832,218 | ) | (42,747,569 | ) | (5,399,386 | ) | |||||||||
$ | (53,725,092 | ) | $ | (50,697,365 | ) | $ | (12,681,175 | ) | $ | (42,132,008 | ) | $ | (5,025,651 | ) | ||||
Statements of Changes in Net Assets
ICON Consumer Discretionary Fund | ||||||||
Period ended | Year ended | |||||||
March 31, | September 30, | |||||||
2009 (unaudited) | 2008 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 101,717 | $ | (30,197 | ) | |||
Net realized gain/(loss) from investment transactions | (21,654,478 | ) | (5,264,324 | ) | ||||
Net realized gain/(loss) from foreign currency transactions | - | - | ||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations | (2,497,937 | ) | (8,052,981 | ) | ||||
Net increase/(decrease) in net assets resulting from operations | (24,050,698 | ) | (13,347,502 | ) | ||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | - | - | ||||||
Net realized gains | - | (5,715,433 | ) | |||||
Net decrease from dividends and distributions | - | (5,715,433 | ) | |||||
Fund Share Transactions | ||||||||
Shares sold | 12,290,069 | 94,454,604 | ||||||
Reinvested dividends and distributions | - | 5,647,506 | ||||||
Shares repurchased | (16,793,454 | ) | (103,274,555 | ) | ||||
Net increase/(decrease) from fund share transactions | (4,503,385 | ) | (3,172,445 | ) | ||||
Total net increase/(decrease) in net assets | (28,554,083 | ) | (22,235,380 | ) | ||||
Net Assets | ||||||||
Beginning of period | 72,241,855 | 94,477,235 | ||||||
End of period | $ | 43,687,772 | $ | 72,241,855 | ||||
Transactions in Fund Shares | ||||||||
Shares sold | 2,509,718 | 11,901,384 | ||||||
Reinvested dividends and distributions | - | 657,451 | ||||||
Shares repurchased | (3,552,204 | ) | (9,890,815 | ) | ||||
Net increase/(decrease) | (1,042,486 | ) | 2,668,020 | |||||
Shares outstanding, beginning of period | 10,053,134 | 7,385,114 | ||||||
Shares outstanding, end of period | 9,010,648 | 10,053,134 | ||||||
Accumulated undistributed net investment income/(loss) | $ | 430,652 | $ | 328,935 | ||||
The accompanying notes are an integral part of the financial statements.
ICON Energy Fund | ICON Financial Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||
$ | 3,665,600 | $ | 4,059,340 | $ | 829,686 | $ | 3,585,734 | |||||||
(132,299,415 | ) | 219,827,955 | (59,151,416 | ) | (66,546,769 | ) | ||||||||
- | 270 | - | - | |||||||||||
(7,054,340 | ) | (313,719,016 | ) | (8,563,112 | ) | (10,271,581 | ) | |||||||
(135,688,155 | ) | (89,831,451 | ) | (66,884,842 | ) | (73,232,616 | ) | |||||||
(1,993,032 | ) | (2,043,462 | ) | (3,381,427 | ) | (1,809,844 | ) | |||||||
(134,183,715 | ) | (177,660,859 | ) | - | (19,270,780 | ) | ||||||||
(136,176,747 | ) | (179,704,321 | ) | (3,381,427 | ) | (21,080,624 | ) | |||||||
112,464,288 | 106,327,332 | 10,554,212 | 164,671,288 | |||||||||||
131,269,217 | 172,298,136 | 3,316,850 | 20,824,424 | |||||||||||
(104,047,871 | ) | (332,527,571 | ) | (36,459,182 | ) | (163,096,823 | ) | |||||||
139,685,634 | (53,902,103 | ) | (22,588,120 | ) | 22,398,889 | |||||||||
(132,179,268 | ) | (323,437,875 | ) | (92,854,389 | ) | (71,914,351 | ) | |||||||
492,637,089 | 816,074,964 | 128,174,581 | 200,088,932 | |||||||||||
$ | 360,457,821 | $ | 492,637,089 | $ | 35,320,192 | $ | 128,174,581 | |||||||
7,943,210 | 3,170,690 | 1,945,049 | 15,099,515 | |||||||||||
9,452,879 | 5,426,713 | 665,988 | 1,728,168 | |||||||||||
(6,633,241 | ) | (10,071,174 | ) | (8,196,911 | ) | (15,827,527 | ) | |||||||
10,762,848 | (1,473,771 | ) | (5,585,874 | ) | 1,000,156 | |||||||||
18,207,571 | 19,681,342 | 14,993,869 | 13,993,713 | |||||||||||
28,970,419 | 18,207,571 | 9,407,995 | 14,993,869 | |||||||||||
$ | 5,405,089 | $ | 3,732,521 | $ | 997,299 | $ | 3,549,040 | |||||||
Statements of Changes in Net Assets (continued)
ICON Healthcare Fund | ||||||||
Period ended | Year ended | |||||||
March 31, | September 30, | |||||||
2009 (unaudited) | 2008 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 623,890 | $ | (359,048 | ) | |||
Net realized gain/(loss) from investment transactions | (23,046,374 | ) | 6,635,806 | |||||
Change in net unrealized appreciation/(depreciation) on investments | (20,648,998 | ) | (75,394,705 | ) | ||||
Net increase/(decrease) in net assets resulting from operations | (43,071,482 | ) | (69,117,947 | ) | ||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | - | - | ||||||
Net realized gains | - | (35,443,355 | ) | |||||
Net decrease from dividends and distributions | - | (35,443,355 | ) | |||||
Fund Share Transactions | ||||||||
Shares sold | 45,299,234 | 132,311,153 | ||||||
Reinvested dividends and distributions | - | 33,320,610 | ||||||
Shares repurchased | (44,407,838 | ) | (374,274,158 | ) | ||||
Net increase/(decrease) from fund share transactions | 891,396 | (208,642,395 | ) | |||||
Total net increase/(decrease) in net assets | (42,180,086 | ) | (313,203,697 | ) | ||||
Net Assets | ||||||||
Beginning of period | 160,082,816 | 473,286,513 | ||||||
End of period | $ | 117,902,730 | $ | 160,082,816 | ||||
Transactions in Fund Shares | ||||||||
Shares sold | 4,002,660 | 8,446,706 | ||||||
Reinvested dividends and distributions | - | 2,093,003 | ||||||
Shares repurchased | (4,109,093 | ) | (25,442,656 | ) | ||||
Net increase/(decrease) | (106,433 | ) | (14,902,947 | ) | ||||
Shares outstanding, beginning of period | 11,868,423 | 26,771,370 | ||||||
Shares outstanding, end of period | 11,761,990 | 11,868,423 | ||||||
Accumulated undistributed net investment income/(loss) | $ | 1,657,882 | $ | 1,033,992 | ||||
The accompanying notes are an integral part of the financial statements.
ICON Industrials Fund | ICON Information Technology Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||
$ | 686,445 | $ | 774,383 | $ | 12,823 | $ | (794,082 | ) | ||||||
(43,081,025 | ) | (3,917,940 | ) | (41,206,615 | ) | (7,056,250 | ) | |||||||
(11,330,512 | ) | (37,141,255 | ) | (9,503,573 | ) | (66,323,367 | ) | |||||||
(53,725,092 | ) | (40,284,812 | ) | (50,697,365 | ) | (74,173,699 | ) | |||||||
(571,232 | ) | (125,130 | ) | - | - | |||||||||
- | (5,678,288 | ) | - | - | ||||||||||
(571,232 | ) | (5,803,418 | ) | - | - | |||||||||
9,125,401 | 134,429,676 | 10,499,142 | 139,642,245 | |||||||||||
567,022 | 5,764,952 | - | - | |||||||||||
(25,124,475 | ) | (124,558,586 | ) | (66,296,933 | ) | (153,982,840 | ) | |||||||
(15,432,052 | ) | 15,636,042 | (55,797,791 | ) | (14,340,595 | ) | ||||||||
(69,728,376 | ) | (30,452,188 | ) | (106,495,156 | ) | (88,514,294 | ) | |||||||
125,286,333 | 155,738,521 | 178,450,488 | 266,964,782 | |||||||||||
$ | 55,557,957 | $ | 125,286,333 | $ | 71,955,332 | $ | 178,450,488 | |||||||
1,712,943 | 13,326,003 | 1,979,426 | 14,365,857 | |||||||||||
102,149 | 571,353 | - | - | |||||||||||
(4,764,296 | ) | (13,003,410 | ) | (11,222,899 | ) | (15,874,267 | ) | |||||||
(2,949,204 | ) | 893,946 | (9,243,473 | ) | (1,508,410 | ) | ||||||||
15,360,992 | 14,467,046 | 22,711,780 | 24,220,190 | |||||||||||
12,411,788 | 15,360,992 | 13,468,307 | 22,711,780 | |||||||||||
$ | 897,024 | $ | 781,811 | $ | 731,437 | $ | 718,614 | |||||||
Statements of Changes in Net Assets (continued)
ICON Leisure and Consumer Staples Fund | ||||||||
Period ended | Year ended | |||||||
March 31, | September 30, | |||||||
2009 (unaudited) | 2008 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 151,043 | $ | 130,261 | ||||
Net realized gain/(loss) from investment transactions | (9,413,352 | ) | (2,758,715 | ) | ||||
Change in net unrealized appreciation/(depreciation) on investments | (3,418,866 | ) | (6,521,918 | ) | ||||
Net increase/(decrease) in net assets resulting from operations | (12,681,175 | ) | (9,150,372 | ) | ||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | - | (530,094 | ) | |||||
Net realized gains | (9,922 | ) | (6,370,211 | ) | ||||
Net decrease from dividends and distributions | (9,922 | ) | (6,900,305 | ) | ||||
Fund Share Transactions | ||||||||
Shares sold | 1,862,604 | 35,257,565 | ||||||
Reinvested dividends and distributions | 9,724 | 6,759,578 | ||||||
Shares repurchased | (10,514,400 | ) | (15,398,164 | ) | ||||
Net increase/(decrease) from fund share transactions | (8,642,072 | ) | 26,618,979 | |||||
Total net increase/(decrease) in net assets | (21,333,169 | ) | 10,568,302 | |||||
Net Assets | ||||||||
Beginning of period | 42,139,231 | 31,570,929 | ||||||
End of period | $ | 20,806,062 | $ | 42,139,231 | ||||
Transactions in Fund Shares | ||||||||
Shares sold | 337,227 | 3,776,876 | ||||||
Reinvested dividends and distributions | 1,818 | 765,524 | ||||||
Shares repurchased | (1,952,311 | ) | (1,797,011 | ) | ||||
Net increase/(decrease) | (1,613,266 | ) | 2,745,389 | |||||
Shares outstanding, beginning of period | 5,718,764 | 2,973,375 | ||||||
Shares outstanding, end of period | 4,105,498 | 5,718,764 | ||||||
Accumulated undistributed net investment income/(loss) | $ | 351,445 | $ | 200,402 | ||||
The accompanying notes are an integral part of the financial statements.
ICON Materials Fund | ICON Telecommunication & Utilities Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | |||||||||||
March 31, | September 30, | March 31, | September 30, | |||||||||||
2009 (unaudited) | 2008 | 2009 (unaudited) | 2008 | |||||||||||
$ | 615,561 | $ | 857,993 | $ | 373,735 | $ | 1,795,668 | |||||||
(43,010,781 | ) | (9,284,326 | ) | (2,400,657 | ) | (7,495,950 | ) | |||||||
263,212 | (34,719,071 | ) | (2,998,729 | ) | (18,700,947 | ) | ||||||||
(42,132,008 | ) | (43,145,404 | ) | (5,025,651 | ) | (24,401,229 | ) | |||||||
(860,270 | ) | (495,395 | ) | (1,742,486 | ) | (1,083,543 | ) | |||||||
- | (20,315,377 | ) | - | (15,519,409 | ) | |||||||||
(860,270 | ) | (20,810,772 | ) | (1,742,486 | ) | (16,602,952 | ) | |||||||
8,566,293 | 117,897,877 | 5,806,610 | 105,784,266 | |||||||||||
799,139 | 19,305,814 | 1,682,883 | 15,458,710 | |||||||||||
(26,406,803 | ) | (86,045,802 | ) | (8,050,559 | ) | (159,411,942 | ) | |||||||
(17,041,371 | ) | 51,157,889 | (561,066 | ) | (38,168,966 | ) | ||||||||
(60,033,649 | ) | (12,798,287 | ) | (7,329,203 | ) | (79,173,147 | ) | |||||||
118,522,419 | 131,320,706 | 30,335,443 | 109,508,590 | |||||||||||
$ | 58,488,770 | $ | 118,522,419 | $ | 23,006,240 | $ | 30,335,443 | |||||||
1,259,701 | 8,803,416 | 1,069,668 | 12,220,438 | |||||||||||
119,632 | 1,551,914 | 315,147 | 1,860,254 | |||||||||||
(3,805,261 | ) | (6,809,964 | ) | (1,528,462 | ) | (21,208,177 | ) | |||||||
(2,425,928 | ) | 3,545,366 | (143,647 | ) | (7,127,485 | ) | ||||||||
12,080,455 | 8,535,089 | 4,781,884 | 11,909,369 | |||||||||||
9,654,527 | 12,080,455 | 4,638,237 | 4,781,884 | |||||||||||
$ | 498,819 | $ | 743,528 | $ | 228,876 | $ | 1,597,627 | |||||||
Financial Highlights
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | $ | 7.19 | $ | 0.01 | $ | (2.35 | ) | $ | (2.34 | ) | $ | - | $ | - | ||||||||||
Year Ended September 30, 2008 | 12.79 | - | (d) | (2.61 | ) | (2.61 | ) | - | (2.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 12.11 | (0.04 | ) | 0.72 | 0.68 | - | - | |||||||||||||||||
Year Ended September 30, 2006 | 13.61 | (0.06 | ) | 0.79 | 0.73 | - | (2.23 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 12.70 | (0.08 | ) | 0.99 | 0.91 | - | - | |||||||||||||||||
Year Ended September 30, 2004 | 11.79 | (0.05 | ) | 0.96 | 0.91 | - | - | |||||||||||||||||
ICON Energy Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 27.06 | 0.15 | (6.83 | ) | (6.68 | ) | (0.12 | ) | (7.82 | ) | ||||||||||||||
Year Ended September 30, 2008 | 41.46 | 0.20 | (4.82 | ) | (4.62 | ) | (0.11 | ) | (9.67 | ) | ||||||||||||||
Year Ended September 30, 2007 | 31.88 | 0.08 | 12.86 | 12.94 | - | (3.36 | ) | |||||||||||||||||
Year Ended September 30, 2006 | 33.76 | (0.06 | ) | (0.89 | ) | (0.95 | ) | (0.08 | ) | (0.85 | ) | |||||||||||||
Year Ended September 30, 2005 | 21.81 | 0.10 | 11.85 | 11.95 | - | - | ||||||||||||||||||
Year Ended September 30, 2004 | 13.70 | (0.04 | ) | 8.15 | 8.11 | - | - | |||||||||||||||||
ICON Financial Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 8.55 | 0.06 | (4.62 | ) | (4.56 | ) | (0.24 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 14.30 | 0.21 | (4.29 | ) | (4.08 | ) | (0.14 | ) | (1.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.47 | 0.13 | 0.45 | 0.58 | (0.15 | ) | (0.60 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 13.43 | 0.15 | 1.84 | 1.99 | (0.09 | ) | (0.86 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 13.36 | 0.13 | 0.99 | 1.12 | (0.03 | ) | (1.02 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 10.78 | 0.04 | 2.60 | 2.64 | (0.06 | ) | - |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment income/ | ||||||||||||||||||||||||||||||||||||
(loss) to average net | ||||||||||||||||||||||||||||||||||||
Net | Ratio of expenses to average net assets (b) | assets (b) | ||||||||||||||||||||||||||||||||||
Net | assets, | Before | After | Before | After | |||||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||||
$ | - | $ | 4.85 | (32.55 | )% | $ | 43,688 | 1.49 | % | 1.49 | % | 0.42 | % | 0.42 | % | 104.79 | % | |||||||||||||||||||
(2.99 | ) | 7.19 | (24.21 | )% | 72,242 | 1.38 | % | 1.38 | % | (0.04 | )% | (0.04 | )% | 218.32 | % | |||||||||||||||||||||
- | 12.79 | 5.62 | % | 94,477 | 1.30 | % | 1.30 | % | (0.31 | )% | (0.31 | )% | 144.89 | % | ||||||||||||||||||||||
(2.23 | ) | 12.11 | 6.20 | % | 110,792 | N/A | 1.32 | % | N/A | (0.46 | )% | 173.83 | % | |||||||||||||||||||||||
- | 13.61 | 7.17 | % | 169,422 | N/A | 1.25 | % | N/A | (0.57 | )% | 157.94 | % | ||||||||||||||||||||||||
- | 12.70 | 7.72 | % | 151,922 | N/A | 1.31 | % | N/A | (0.38 | )% | 120.63 | % | ||||||||||||||||||||||||
(7.94 | ) | 12.44 | (27.75 | )% | 360,458 | 1.25 | % | 1.25 | % | 2.01 | % | 2.01 | % | 107.82 | % | |||||||||||||||||||||
(9.78 | ) | 27.06 | (14.62 | )% | 492,637 | 1.16 | % | 1.16 | % | 0.59 | % | 0.59 | % | 119.87 | % | |||||||||||||||||||||
(3.36 | ) | 41.46 | 43.64 | % | 816,075 | 1.18 | % | 1.17 | % | 0.23 | % | 0.24 | % | 54.75 | % | |||||||||||||||||||||
(0.93 | ) | 31.88 | (2.81 | )% | 788,366 | N/A | 1.17 | % | N/A | (0.16 | )% | 22.86 | % | |||||||||||||||||||||||
- | 33.76 | 54.79 | % | 1,008,958 | N/A | 1.21 | % | N/A | 0.37 | % | 27.51 | % | ||||||||||||||||||||||||
- | 21.81 | 59.20 | % | 287,614 | N/A | 1.35 | % | N/A | (0.20 | )% | 13.42 | % | ||||||||||||||||||||||||
(0.24 | ) | 3.75 | (54.02 | )% | 35,320 | 1.45 | % | 1.45 | % | 2.39 | % | 2.39 | % | 102.29 | % | |||||||||||||||||||||
(1.67 | ) | 8.55 | (31.93 | )% | 128,175 | 1.22 | % | 1.22 | % | 1.94 | % | 1.94 | % | 220.83 | % | |||||||||||||||||||||
(0.75 | ) | 14.30 | 3.84 | % | 200,089 | 1.21 | % | 1.21 | % | 0.86 | % | 0.86 | % | 93.04 | % | |||||||||||||||||||||
(0.95 | ) | 14.47 | 15.53 | % | 368,614 | N/A | 1.20 | % | N/A | 1.10 | % | 153.47 | % | |||||||||||||||||||||||
(1.05 | ) | 13.43 | 8.29 | % | 210,883 | N/A | 1.26 | % | N/A | 1.00 | % | 170.75 | % | |||||||||||||||||||||||
(0.06 | ) | 13.36 | 24.53 | % | 188,393 | N/A | 1.32 | % | N/A | 0.34 | % | 114.50 | % |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Healthcare Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | $ | 13.49 | $ | 0.05 | $ | (3.52 | ) | $ | (3.47 | ) | $ | - | $ | - | ||||||||||
Year Ended September 30, 2008 | 17.68 | (0.02 | ) | (2.65 | ) | (2.67 | ) | - | (1.52 | ) | ||||||||||||||
Year Ended September 30, 2007 | 17.95 | - | (d) | 1.19 | 1.19 | - | (1.46 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 17.94 | (0.10 | ) | 0.38 | 0.28 | - | (0.27 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 13.70 | (0.14 | ) | 4.42 | 4.28 | - | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.28 | (0.14 | ) | 1.56 | 1.42 | - | - | |||||||||||||||||
ICON Industrials Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 8.16 | 0.05 | (3.69 | ) | (3.64 | ) | (0.04 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 10.77 | 0.05 | (2.32 | ) | (2.27 | ) | (0.01 | ) | (0.33 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.22 | 0.02 | 2.63 | 2.65 | - | (d) | (5.10 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 12.70 | (0.04 | ) | 0.97 | 0.93 | - | (0.41 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 10.52 | (0.04 | ) | 2.22 | 2.18 | - | - | |||||||||||||||||
Year Ended September 30, 2004 | 8.80 | (0.05 | ) | 1.77 | 1.72 | - | - | |||||||||||||||||
ICON Information Technology Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 7.86 | - | (d) | (2.52 | ) | (2.52 | ) | - | - | |||||||||||||||
Year Ended September 30, 2008 | 11.02 | (0.04 | ) | (3.12 | ) | (3.16 | ) | - | - | |||||||||||||||
Year Ended September 30, 2007 | 8.72 | (0.05 | ) | 2.35 | 2.30 | - | - | |||||||||||||||||
Year Ended September 30, 2006 | 8.70 | (0.05 | ) | 0.07 | 0.02 | - | - | |||||||||||||||||
Year Ended September 30, 2005 | 7.90 | (0.08 | ) | 0.88 | 0.80 | - | - | |||||||||||||||||
Year Ended September 30, 2004 | 8.27 | (0.08 | ) | (0.29 | ) | (0.37 | ) | - | - |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment income/ | ||||||||||||||||||||||||||||||||||||
(loss) to average net | ||||||||||||||||||||||||||||||||||||
Net | Ratio of expenses to average net assets (b) | assets (b) | ||||||||||||||||||||||||||||||||||
Net | assets, | Before | After | Before | After | |||||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||
distributions | period | return (a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||||
$ | - | $ | 10.02 | (25.72 | )% | $ | 117,903 | 1.31 | % | 1.31 | % | 0.90 | % | 0.90 | % | 64.05 | % | |||||||||||||||||||
(1.52 | ) | 13.49 | (16.43 | )% | 160,083 | 1.25 | % | 1.25 | % | (0.12 | )% | (0.12 | )% | 61.44 | % | |||||||||||||||||||||
(1.46 | ) | 17.68 | 7.17 | % | 473,287 | 1.21 | % | 1.20 | % | 0.00 | % | 0.01 | % | 24.56 | % | |||||||||||||||||||||
(0.27 | ) | 17.95 | 1.56 | % | 646,202 | N/A | 1.19 | % | N/A | (0.55 | )% | 61.37 | % | |||||||||||||||||||||||
(0.04 | ) | 17.94 | 31.39 | % | 682,759 | N/A | 1.22 | % | N/A | (0.82 | )% | 47.88 | % | |||||||||||||||||||||||
- | 13.70 | 11.56 | % | 285,670 | N/A | 1.29 | % | N/A | (1.04 | )% | 52.72 | % | ||||||||||||||||||||||||
(0.04 | ) | 4.48 | (44.70 | )% | 55,558 | 1.38 | % | 1.38 | % | 1.77 | % | 1.77 | % | 56.68 | % | |||||||||||||||||||||
(0.34 | ) | 8.16 | (21.72 | )% | 125,286 | 1.25 | % | 1.25 | % | 0.55 | % | 0.55 | % | 143.40 | % | |||||||||||||||||||||
(5.10 | ) | 10.77 | 28.73 | % | 155,739 | 1.28 | % | 1.27 | % | 0.15 | % | 0.16 | % | 125.44 | % | |||||||||||||||||||||
(0.41 | ) | 13.22 | 7.49 | % | 106,015 | N/A | 1.24 | % | N/A | (0.30 | )% | 89.38 | % | |||||||||||||||||||||||
- | 12.70 | 20.72 | % | 216,636 | N/A | 1.24 | % | N/A | (0.34 | )% | 67.25 | % | ||||||||||||||||||||||||
- | 10.52 | 19.55 | % | 209,693 | N/A | 1.29 | % | N/A | (0.47 | )% | 45.77 | % | ||||||||||||||||||||||||
- | 5.34 | (32.06 | )% | 71,955 | 1.45 | % | 1.45 | % | 0.03 | % | 0.03 | % | 32.28 | % | ||||||||||||||||||||||
- | 7.86 | (28.68 | )% | 178,450 | 1.24 | % | 1.24 | % | (0.41 | )% | (0.41 | )% | 171.22 | % | ||||||||||||||||||||||
- | 11.02 | 26.38 | % | 266,965 | 1.23 | % | 1.23 | % | (0.49 | )% | (0.49 | )% | 78.66 | % | ||||||||||||||||||||||
- | 8.72 | 0.23 | % | 241,988 | N/A | 1.25 | % | N/A | (0.61 | )% | 155.39 | % | ||||||||||||||||||||||||
- | 8.70 | 10.13 | % | 220,073 | N/A | 1.29 | % | N/A | (0.91 | )% | 152.16 | % | ||||||||||||||||||||||||
- | 7.90 | (4.47 | )% | 244,252 | N/A | 1.31 | % | N/A | (0.91 | )% | 189.67 | % |
Financial Highlights (continued)
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset | Net | Net realized | Total | Dividends | Distributions | |||||||||||||||||||
value, | investment | and unrealized | from | from net | from net | |||||||||||||||||||
beginning | income/ | gains/(losses) | investment | investment | realized | |||||||||||||||||||
of period | (loss)(x) | on investments | operations | income | gains | |||||||||||||||||||
ICON Leisure and Consumer Staples Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | $ | 7.37 | $ | 0.03 | $ | (2.33 | ) | $ | (2.30 | ) | $ | - | $ | - | (d) | |||||||||
Year Ended September 30, 2008 | 10.62 | 0.03 | (1.60 | ) | (1.57 | ) | (0.13 | ) | (1.55 | ) | ||||||||||||||
Year Ended September 30, 2007 | 9.21 | 0.10 | 1.33 | 1.43 | (0.02 | ) | - | (d) | ||||||||||||||||
Year Ended September 30, 2006 | 11.96 | (0.07 | ) | (0.01 | ) | (0.08 | ) | - | (2.67 | ) | ||||||||||||||
Year Ended September 30, 2005 | 14.51 | (0.06 | ) | 0.94 | 0.88 | - | (3.43 | ) | ||||||||||||||||
Year Ended September 30, 2004 | 12.42 | (0.04 | ) | 2.13 | 2.09 | - | - | |||||||||||||||||
ICON Materials Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 9.81 | 0.06 | (3.73 | ) | (3.67 | ) | (0.08 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 15.39 | 0.08 | (3.23 | ) | (3.15 | ) | (0.06 | ) | (2.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 11.67 | 0.08 | 5.10 | 5.18 | (0.15 | ) | (1.31 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 11.30 | 0.09 | 1.09 | 1.18 | (0.02 | ) | (0.79 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 9.05 | 0.03 | 2.23 | 2.26 | (0.01 | ) | - | |||||||||||||||||
Year Ended September 30, 2004 | 6.20 | 0.01 | 2.87 | 2.88 | (0.03 | ) | - | |||||||||||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||||||||||||||
Period Ended March 31, 2009 (unaudited) | 6.34 | 0.08 | (1.08 | ) | (1.00 | ) | (0.38 | ) | - | |||||||||||||||
Year Ended September 30, 2008 | 9.20 | 0.14 | (2.03 | ) | (1.89 | ) | (0.06 | ) | (0.91 | ) | ||||||||||||||
Year Ended September 30, 2007 | 7.66 | 0.10 | 2.18 | 2.28 | (0.11 | ) | (0.63 | ) | ||||||||||||||||
Year Ended September 30, 2006 | 8.28 | 0.13 | 0.37 | 0.50 | (0.18 | ) | (0.94 | ) | ||||||||||||||||
Year Ended September 30, 2005 | 6.61 | 0.14 | 1.61 | 1.75 | (0.08 | ) | - | |||||||||||||||||
Year Ended September 30, 2004 | 5.69 | 0.07 | 0.92 | 0.99 | (0.07 | ) | - |
(x) | Calculated using the average share method. |
(a) | Not annualized. |
(b) | Annualized for periods less than a year. |
(c) | Portfolio turnover is calculated at the Fund level and is not annualized. |
(d) | Amount less than $0.005. |
The accompanying notes are an integral part of the financial statements.
Ratio of net investment income/ | ||||||||||||||||||||||||||||||||||||
(loss) to average net | ||||||||||||||||||||||||||||||||||||
Net | Ratio of expenses to average net assets (b) | assets (b) | ||||||||||||||||||||||||||||||||||
Net | assets, | Before | After | Before | After | |||||||||||||||||||||||||||||||
distributions | asset | end of | transfer | transfer | transfer | transfer | ||||||||||||||||||||||||||||||
Total | value, | period | agent | agent | agent | agent | Portfolio | |||||||||||||||||||||||||||||
dividends and | end of | Total | (in | earnings | earnings | earnings | earnings | turnover | ||||||||||||||||||||||||||||
distributions | period | return(a) | thousands) | credit | credit | credit | credit | rate(c) | ||||||||||||||||||||||||||||
$ | - | (d) | $ | 5.07 | (31.18 | )% | $ | 20,806 | 1.63 | % | 1.63 | % | 1.15 | % | 1.15 | % | 69.49 | % | ||||||||||||||||||
(1.68 | ) | 7.37 | (17.40 | )% | 42,139 | 1.46 | % | 1.46 | % | 0.31 | % | 0.31 | % | 132.40 | % | |||||||||||||||||||||
(0.02 | ) | 10.62 | 15.61 | % | 31,571 | 1.41 | % | 1.41 | % | 1.02 | % | 1.02 | % | 150.72 | % | |||||||||||||||||||||
(2.67 | ) | 9.21 | 0.11 | % | 68,136 | N/A | 1.54 | % | N/A | (0.70 | )% | 215.75 | % | |||||||||||||||||||||||
(3.43 | ) | 11.96 | 5.01 | % | 47,410 | N/A | 1.30 | % | N/A | (0.45 | )% | 271.72 | % | |||||||||||||||||||||||
- | 14.51 | 16.83 | % | 83,022 | N/A | 1.33 | % | N/A | (0.31 | )% | 148.43 | % | ||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||
(0.08 | ) | 6.06 | (37.48 | )% | 58,489 | 1.44 | % | 1.44 | % | 1.74 | % | 1.74 | % | 57.54 | % | |||||||||||||||||||||
(2.43 | ) | 9.81 | (23.79 | )% | 118,522 | 1.26 | % | 1.26 | % | 0.60 | % | 0.60 | % | 111.26 | % | |||||||||||||||||||||
(1.46 | ) | 15.39 | 48.63 | % | 131,321 | 1.33 | % | 1.33 | % | 0.59 | % | 0.59 | % | 109.10 | % | |||||||||||||||||||||
(0.81 | ) | 11.67 | 11.17 | % | 135,097 | N/A | 1.30 | % | N/A | 0.74 | % | 176.89 | % | |||||||||||||||||||||||
(0.01 | ) | 11.30 | 25.04 | % | 99,569 | N/A | 1.31 | % | N/A | 0.33 | % | 128.01 | % | |||||||||||||||||||||||
(0.03 | ) | 9.05 | 46.61 | % | 139,838 | N/A | 1.37 | % | N/A | 0.13 | % | 59.48 | % | |||||||||||||||||||||||
(0.38 | ) | 4.96 | (16.21 | )% | 23,006 | 1.71 | % | 1.71 | % | 2.94 | % | 2.94 | % | 40.94 | % | |||||||||||||||||||||
(0.97 | ) | 6.34 | (23.01 | )% | 30,335 | 1.35 | % | 1.35 | % | 1.74 | % | 1.74 | % | 102.65 | % | |||||||||||||||||||||
(0.74 | ) | 9.20 | 31.60 | % | 109,509 | 1.33 | % | 1.33 | % | 1.20 | % | 1.20 | % | 154.99 | % | |||||||||||||||||||||
(1.12 | ) | 7.66 | 7.56 | % | 119,762 | N/A | 1.38 | % | N/A | 1.71 | % | 209.50 | % | |||||||||||||||||||||||
(0.08 | ) | 8.28 | 26.70 | % | 120,651 | N/A | 1.26 | % | N/A | 1.88 | % | 112.91 | % | |||||||||||||||||||||||
(0.07 | ) | 6.61 | 17.57 | % | 61,325 | N/A | 1.37 | % | N/A | 1.07 | % | 108.81 | % |
Notes to Financial Statements
March 31, 2009 (unaudited)
March 31, 2009 (unaudited)
1. Organization
The ICON Consumer Discretionary Fund (“Consumer Discretionary Fund”), ICON Energy Fund (“Energy Fund”), ICON Financial Fund (“Financial Fund”), ICON Healthcare Fund (“Healthcare Fund”), ICON Industrials Fund (“Industrials Fund”), ICON Information Technology Fund (“Information Technology Fund”), ICON Leisure and Consumer Staples Fund (“Leisure and Consumer Staples Fund”), ICON Materials Fund (“Materials Fund”), and ICON Telecommunication & Utilities Fund (“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. There are eight other active series funds within the Trust. Those funds are covered by separate prospectuses and shareholder reports.
The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds may have elements of risk, including the 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 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, do not exist in 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 are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern 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. 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 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 securities with
Notes to Financial Statements (unaudited) (continued)
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 and 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-valued 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.
Effective October 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a framework for measuring fair value and expands disclosures about fair value measurements in the financial statements.
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 - other 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 risks).
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, 2009.
LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||
Investments | Investments | Investments | ||||||||||
Fund Name | in Securities | in Securities | in Securities | |||||||||
ICON Consumer Discretionary Fund | $ | 48,538,009 | $ | 7,182,573 | $ | - | ||||||
ICON Energy Fund | 384,339,721 | 21,493,989 | - | |||||||||
ICON Financial Fund | 33,846,310 | 1,565,144 | - | |||||||||
ICON Healthcare Fund | 138,367,763 | 5,058,330 | - | |||||||||
ICON Industrials Fund | 71,003,905 | 2,550,925 | - | |||||||||
ICON Information Technology Fund | 93,069,301 | 448,006 | - | |||||||||
ICON Leisure and Consumer Staples Fund | 27,125,657 | 523,006 | - | |||||||||
ICON Materials Fund | 74,319,443 | - | - | |||||||||
ICON Telecommunication & Utilities Fund | 18,763,033 | 4,126,102 | - |
New Accounting Pronouncements
In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management intends to adopt SFAS 161 during the fiscal year ending September 30, 2009, as required.
Repurchase Agreements
Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the period ended March 31, 2009.
Notes to Financial Statements (unaudited) (continued)
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.
These contracts are marked-to-market daily and the related appreciation or depreciation of the contract is presented on the Statement of Assets and Liabilities. 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. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2009.
Futures Contracts
The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent
payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the period ended March 31, 2009.
Options Transactions
Each Fund may write call and put options on any security in which it may invest. 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. Such liability is subject to off balance sheet risks to the extent of any future increases in market value of the written options. 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 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 put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.
Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put 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, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Financial Fund purchased put options during the
Notes to Financial Statements (unaudited) (continued)
period ended March 31, 2009. The Funds did not enter into any written option transactions during the period ended March 31, 2009.
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. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Invesco Aim Liquid Asset Portfolio, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.
The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portions of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2009, the following Funds had securities with the following values on loan:
Value of | Value of | |||||||
Fund | Loaned Securities | Collateral | ||||||
ICON Consumer Discretionary Fund | $ | 10,178,571 | $ | 10,408,779 | ||||
ICON Energy Fund | 42,624,627 | 43,804,937 | ||||||
ICON Healthcare Fund | 25,438,038 | 25,512,070 | ||||||
ICON Industrials Fund | 17,195,854 | 17,505,053 | ||||||
ICON Information Technology Fund | 21,429,191 | 21,476,757 | ||||||
ICON Leisure and Consumer Staples Fund | 5,667,167 | 6,821,191 | ||||||
ICON Materials Fund | 15,640,695 | 15,910,393 |
The value of the collateral above could include collateral for securities that were sold on or before March 31, 2009.
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 net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryovers. 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, and interim tax periods within, no examinations are in progress or anticipated at this time.
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 market 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.
Notes to Financial Statements (unaudited) (continued)
Allocation of Income and Expenses
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.
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. The Funds are obligated to pay ICON 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.
Accounting, Custody and Transfer Agent Fees
Citi Fund Services Ohio, Inc. (“Citi”) is the fund accounting agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of average net assets, 0.0175% on the average net assets over $1.75 billion and up to $5 billion, and 0.01% on average net assets in excess of $5 billion.
Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.
Transfer agent earnings credits are credits received for interest which results from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2009, the Funds received transfer agent earnings credits which are included on the Statements of Operations.
Administrative Services
The Trust has entered into an administrative services agreement with ICON pursuant to which ICON 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. During the period ended March 31, 2009, the Funds’ payment for administrative services to ICON is included on the Statement of Operations. The administrative services agreement provides that ICON 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 in the performance of its duties.
ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.
Related Parties
Certain Officers and Directors of ICON 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, 2009, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.
4. Line of Credit
The Funds have entered into Lines of Credit agreements with BBH to provide temporary funding for redemption requests. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in each Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest on domestic borrowings is charged at LIBOR plus 1.50%, which was 2.00% at March 31, 2009. The average interest rate charged for the period ended March 31, 2009, was 2.90%
Notes to Financial Statements (unaudited) (continued)
Average Borrowing | ||||
Fund | (10/1/08-3/31/09) | |||
ICON Consumer Discretionary Fund | $ | 91,666 | ||
ICON Energy Fund | - | |||
ICON Financial Fund | 2,587,766 | |||
ICON Healthcare Fund | 70,005 | |||
ICON Industrials Fund** | 1,182,302 | |||
ICON Information Technology Fund | 1,981,471 | |||
ICON Leisure and Consumer Staples Fund | 320,147 | |||
ICON Materials Fund** | 440,907 | |||
ICON Telecommunication & Utilities Fund | - |
** | Fund had outstanding borrowings as of March 31, 2009. |
Average borrowing is calculated using only the days there was a borrowing. It is not an annualized number.
5. 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 losses, foreign currency transactions, net investment losses, and capital loss carryovers.
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 in the following tables represent net capital loss carryforwards as of September 30, 2008 that may be available to offset future realized capital gains and thereby reduces future taxable income distributions. During the year ended September 30, 2008 no capital loss carryforwards were used.
For the year ended September 30, 2008 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Financial Fund | $ | 1,846,560 | 2016 | |||||
ICON Industrials Fund | 694,762 | 2016 | ||||||
ICON Information Technology Fund | 29,035,041 | 2011 | ||||||
ICON Information Technology Fund | 21,080 | 2016 |
For the year ended September 30, 2008 the Funds will elect to defer post October losses:
Post October | ||||
Fund | Losses | |||
ICON Consumer Discretionary Fund | $ | 7,031,175 | ||
ICON Financial Fund | 56,268,862 | |||
ICON Industrials Fund | 2,961,025 | |||
ICON Information Technology Fund | 7,378,932 | |||
ICON Leisure and Consumer Staples Fund | 2,358,645 | |||
ICON Materials Fund | 10,502,156 | |||
ICON Telecommunications & Utilities Fund | 7,370,008 |
As of September 30, 2008, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed | Accumulated | Unrealized | ||||||||||||||||||||||
Undistributed | Net Long-Term | Accumulated | Capital and | Appreciation | Total Accumulated | |||||||||||||||||||
Fund | Ordinary Income | Gains | Earnings | Other Losses | (Depreciation) | Earnings (Deficit) | ||||||||||||||||||
ICON Consumer Discretionary Fund | $ | - | $ | - | $ | - | $ | (7,031,175 | ) | $ | 38,102 | $ | (6,993,073 | ) | ||||||||||
ICON Energy Fund | 9,296,030 | 126,905,412 | 136,201,442 | - | (31,485,943 | ) | 104,715,499 | |||||||||||||||||
ICON Financial Fund | 3,548,622 | - | 3,548,622 | (58,115,422 | ) | (235,482 | ) | (54,802,282 | ) | |||||||||||||||
ICON Healthcare Fund | - | - | - | - | 4,001,931 | 4,001,931 | ||||||||||||||||||
ICON Industrials Fund | 82,927 | - | 82,927 | (3,655,787 | ) | (12,608,621 | ) | (16,181,481 | ) | |||||||||||||||
ICON Information Technology Fund | - | - | - | (36,435,053 | ) | (4,946,767 | ) | (41,381,820 | ) | |||||||||||||||
ICON Leisure and Consumer Staples Fund | 9,922 | - | 9,922 | (2,358,645 | ) | (2,374,529 | ) | (4,723,252 | ) | |||||||||||||||
ICON Materials Fund | 80,811 | - | 80,811 | (10,502,156 | ) | (7,161,891 | ) | (17,583,236 | ) | |||||||||||||||
ICON Telecommunication & Utilities Fund | 1,597,627 | - | 1,597,627 | (7,370,008 | ) | (2,539,669 | ) | (8,312,050 | ) |
Notes to Financial Statements (unaudited) (continued)
As of March 31, 2009, book cost for financial reporting purposes is substantially the same for federal income tax purposes and differs from market value by net unrealized appreciation/(depreciation) of securities as follows:
Net | ||||||||||||||||
Unrealized | Unrealized | Appreciation/ | ||||||||||||||
Fund | Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
ICON Consumer Discretionary Fund | $ | 58,602,418 | $ | 2,149,792 | $ | (5,031,628 | ) | $ | (2,881,836 | ) | ||||||
ICON Energy Fund | 444,884,461 | 11,832,887 | (50,883,638 | ) | (39,050,751 | ) | ||||||||||
ICON Financial Fund | 36,322,180 | 2,934,041 | (3,844,767 | ) | (910,726 | ) | ||||||||||
ICON Healthcare Fund | 160,924,755 | 4,362,510 | (21,861,172 | ) | (17,498,662 | ) | ||||||||||
ICON Industrials Fund | 97,642,188 | 345,584 | (24,432,942 | ) | (24,087,358 | ) | ||||||||||
ICON Information Technology Fund | 109,159,625 | 3,361,654 | (19,003,972 | ) | (15,642,318 | ) | ||||||||||
ICON Leisure and Consumer Staples Fund | 33,110,058 | 405,634 | (5,867,029 | ) | (5,461,395 | ) | ||||||||||
ICON Materials Fund | 81,209,771 | 5,866,321 | (12,756,649 | ) | (6,890,328 | ) | ||||||||||
ICON Telecommunication & Utilities Fund | 28,265,878 | 285,153 | (5,661,896 | ) | (5,376,743 | ) |
6. Purchases and Sales of Investment Securities
For the period ended March 31, 2009, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and options contracts) was as follows:
Purchases of | Proceeds from Sales | |||||||
Fund | Securities | of Securities | ||||||
ICON Consumer Discretionary Fund | $ | 48,538,401 | $ | 57,174,718 | ||||
ICON Energy Fund | 422,622,387 | 388,286,999 | ||||||
ICON Financial Fund | 74,536,624 | 97,982,616 | ||||||
ICON Healthcare Fund | 90,506,651 | 85,465,171 | ||||||
ICON Industrials Fund | 45,493,755 | 60,691,069 | ||||||
ICON Information Technology Fund | 30,843,402 | 76,270,921 | ||||||
ICON Leisure and Consumer Staples Fund | 18,816,645 | 27,075,226 | ||||||
ICON Materials Fund | 41,763,856 | 51,786,145 | ||||||
ICON Telecommunications & Utilities Fund | 9,527,313 | 13,527,995 |
Six Month Hypothetical Expense Example
March 31, 2009 (unaudited)
March 31, 2009 (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 period and held for the six-month period (10/1/08 -3/31/09).
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, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $10 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 | Expenses Paid | Annualized | |||||||||||||
Account Value | Account Value | During Period | Expense Ratio | |||||||||||||
10/1/08 | 3/31/09 | 10/1/08-3/31/09* | 10/1/08-3/31/09 | |||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Actual Expenses | $ | 1,000.00 | $ | 674.50 | $ | 6.22 | 1.49% | |||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.57 | 7.49 | |||||||||||||
ICON Energy Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 722.50 | 5.37 | 1.25% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.77 | 6.29 | |||||||||||||
ICON Financial Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 459.80 | 5.28 | 1.45% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.77 | 7.29 | |||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 742.80 | 5.69 | 1.31% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.47 | 6.59 | |||||||||||||
ICON Industrials Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 553.00 | 5.34 | 1.38% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,018.12 | 6.94 | |||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 679.40 | 6.07 | 1.45% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.77 | 7.29 | |||||||||||||
ICON Leisure and Consumer Staples Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 688.20 | 6.86 | 1.63% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,016.87 | 8.20 | |||||||||||||
ICON Materials Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 625.20 | 5.83 | 1.44% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,017.82 | 7.24 | |||||||||||||
ICON Telecommunication & Utilities Fund | ||||||||||||||||
Actual Expenses | 1,000.00 | 837.90 | 7.84 | 1.71% | ||||||||||||
Hypothetical Example (5% return before expenses) | 1,000.00 | 1,016.47 | 8.60 |
* | 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. |
Other Information (unaudited)
Portfolio Holdings
A list of each ICON Fund’s Top 10 holdings is available at www.iconfunds.com on or about 15 days following each 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/0000950134-09-011358/d67845iconsin2.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. Schedule of Investments.
(a) Not applicable.
(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 effective for annual reports. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) are attached hereto. | |
(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 May 22, 2009
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 May 22, 2009
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 May 22, 2009