Icon Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
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, 2007

Date of reporting period:      March 31, 2007

     Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

2007 Semiannual Report

ICON U.S. Diversified Funds

Investment Update

March 31, 2007

(Unaudited)

ICON Bond Fund

ICON Core Equity Fund

ICON Income Opportunity Fund

ICON Equity Income Fund

ICON Long/Short Fund

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	4
Schedules of Investments (Unaudited)	7
ICON Bond Fund	7
ICON Core Equity Fund	12
ICON Income Opportunity Fund	16
ICON Equity Income Fund	21
ICON Long/Short Fund	26
Six Month Hypothetical Expense Example (Unaudited)	31
Financial Statements (Unaudited)	36
Financial Highlights (Unaudited)	46
Notes to Financial Statements (Unaudited)	54
Other Information (Unaudited)	67

About This Report (unaudited)

Historical Returns

All total returns mentioned in this report account for the change in a Fund’s per-share price, the reinvestment of any dividends and capital gain distributions, tax return of capital, and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than 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.iconadvisers.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, 2007, 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. Each Fund’s holdings as of March 31, 2007 are included in each Fund’s Schedule of Investments.

While ICON’s quantitative investment methodology does not consider company-specific factors beyond financial data, those factors may impact a stock’s performance, and therefore, Fund performance. 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 portfolio managers’ expectations, beliefs, goals and the like that are

2 About This Report

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,” “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, and other factors beyond the control of our portfolio managers. 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 risk of 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. The prospectus contains this and other information about the Funds and is available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus carefully.

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 price, resulting in a loss. The 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 of the underlying securities, and are not suitable for all investors. 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 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.

About This Report 3

Message From ICON Funds (unaudited)

Dear ICON Shareholder:

The ICON approach is based on the observation and belief that markets experience themes (meaning industry leadership) that typically last one to two years. We use a disciplined approach to look for two traits to identify industries that have the potential to lead the next theme: valuation and relative strength.

We believe industries that are about to lead the market include stocks with prices below our estimate of intrinsic value (indicated by valuation) and also have performed more strongly than the broad market average during the previous six months (indicated by relative strength).

When calculating valuation, we don’t use financial ratios such as price-to-earnings or price-to-book value. Rather, our proprietary valuation equation incorporates historic company earnings, an estimated growth rate for future earnings, the triple-A bond yield, and beta, a measure of risk.

Early in May 2006, when the domestic market appeared to hit a peak, the average value-to-price ratio for the approximately 2,040 domestic stocks in our database was 1.03. Translated, that means that our methodology indicated that stocks were priced about 3% below our estimate of fair value.

Over time, we have found that the best evaluation timeframe for ICON’s value-to-price ratio is about 12 to 13 months into the future. This means that our calculations (all things being equal without any changes in our assumptions), or estimates of company earnings, growth rates, bond yield and beta, indicated that prices would have to advance about 3% during the next year to be considered fairly valued.

Of course, there is always the potential that assumptions will change, including the assumption that growing earnings will increase value and that slowing earnings will decrease value during a normal one-year period. As of March 31, 2007, the Standard & Poor’s Composite 1500 Index, a broad measure of the U.S. stock market, was 10% higher than it was on May 5, 2006, the market low.

Stock prices have since advanced even beyond what our value-to-price ratios would have expected in May-June 2006. Intrinsic value grew, and stock prices have been trying to catch up. In short, it was proper to be invested.

A Volatile Period

While it was prudent to be invested in equities during the last six months, the period was unpleasant. The market experienced a brief, but sharp five-

4 Message From ICON Funds

week drop from a peak in early May 2006 through mid-June 2006. As sell-offs usually do, this decline scared many investors out of the market, and those on the sidelines have not participated in the subsequent recovery. With valuation as our guide, with our valuations’ best evaluation period being one year forward, and making no attempt to “time” or guess one-month moves, we rode through the volatility.

In early 2006, the ICON Funds were primarily invested in small and mid-sized companies in cyclical, economically sensitive industries as our valuation and relative strength metrics pointed to. Some industries were commodity-based. For example, the ICON Diversified Funds were overweighted in the Industrials and Materials sectors. These stocks got hit the worst during the quick drop in the summer of 2006.

Then suddenly, a new theme appeared for the final five months of 2006. It was a “recession-proof” theme led by mature companies with steady earnings. Most of these companies have revenues that are not dependent upon the ups and downs of the economy. We could only infer from the decline in cyclical stocks and the immediate, subsequent advance in recession-proof stocks that investors were expecting a recession.

As the relative strength component of the recession-proof stocks kicked in, we heavily rotated in August and September 2006 toward that theme. Guided by our system, that rotation took about six weeks. There has not been a recession, and investors have abandoned recession-proof stocks. Year-to-date in 2007, the best-performing sector index is Materials. Investors have shifted their preference back to some cyclical industries.

Emotions Have Driven Sell-Offs

The emotional sell-off of the summer of 2006 is reminiscent of other times the market has experienced quick drops. In August 1998, the market dropped about 15% as investors feared that the recession in Asia would spread to Europe and then the United States. It never happened. The U.S. market snapped back and resumed its upward course.

Similarly, with the invasion of Kuwait in 1990, the market sold off but came back once investors realized that the war had no impact on the economy and corporate earnings.

A more recent example is the market’s sharp drop in response to the terrorist attacks in September 2001. Investors immediately sold stocks in a panic, but prices quickly came back as investors realized that, as horrible as the World Trade Center and Pentagon attacks were, they had less net effect on the economy than originally anticipated.

Message From ICON Funds 5

Quick, emotion-based sell-offs and rapid, short-lived theme changes do occur but are not the norm in our experience. These scenarios can be difficult for ICON’s quantitative system to handle since it is better suited for one- to two-year themes. Just as in 1990, 1998, and 2001, we stayed true to our system during the past six months, looking for industries with the combination of value and relative strength.

Finding Undervalued Industries

As 2007 has unfolded, attractive industries with those two traits are plentiful in our estimation. Based on our measure of value and relative strength, we expect the market to resume its upward path, and we believe the turbulence of late second quarter and early third quarters of 2006 will be viewed as further examples of irrational, temporary setbacks. At ICON, we utilize a quantitative approach to eliminate emotions and guessing. Over the long run, value grows as corporate earnings grow, and in our experience, prices try to keep up with value. News events interfere with and alter the path that prices take. Investors react to news, sometimes incorrectly, as we saw last summer. That is all part of the territory that goes along with investing in publicly traded equities.

Thank you for the opportunity to guide your investments. We appreciate your commitment to the ICON Funds.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

6 Message From ICON Funds

ICON Bond Fund
Schedule of Investments
March 31, 2007 (unaudited)

			Interest			Maturity
Principal Amount			Rate			Date		Value
Corporate Bonds (56.7%)
$	220,000	Ace INA Holdings, Inc.		8.88	%		08/15/29	$	290,011
	516,000	AK Steel Corp.		7.88			02/15/09		516,000
	275,000	Allied Waste North America		5.75			02/15/11		268,125
	150,000	Allstate Life Global Fund		3.50			07/30/07		149,115
	750,000	American General Finance		5.38			10/01/12		753,348
	500,000	Autozone, Inc.		5.50			11/15/15		489,908
	250,000	Bank One Corp.		4.13			09/01/07		248,657
	297,000	Calenergy Co., Inc.		7.63			10/15/07		300,072
	1,000,000	CBS Corp.		5.63			05/01/07		1,000,115
	250,000	Centex Corp.		4.55			11/01/10		239,239
	250,000	Centex Corp.		5.25			06/15/15		228,129
	1,127,000	Chartered Semiconductor - YD		5.75			08/03/10		1,135,439
	450,000	Cincinnati Financial Corp.		6.90			05/15/28		484,478
	750,000	Cit Group, Inc.		4.75			12/15/10		738,447
	355,000	Cit Group, Inc.		7.75			04/02/12		398,402
	500,000	Cit Group, Inc.		5.13			09/30/14		484,430
	900,000	Cit Group, Inc.		5.85			09/15/16		907,917
	410,000	CNA Financial Corp.		6.60			12/15/08		418,110
	1,750,000	Comcast Cable Communications Holdings		8.38			03/15/13		2,001,244
	400,000	Comcast Cable Communications Holdings		8.88			05/01/17		489,047
	1,000,000	Countrywide Financial		4.25			12/19/07		991,247
	1,000,000	Countrywide Home Loan		4.13			09/15/09		972,539
	114,000	Cox Communications, Inc.		7.63			06/15/25		128,737
	100,000	D.R. Horton, Inc.		8.00			02/01/09		103,711
	1,250,000	DaimlerChrysler NA Holding		4.75			01/15/08		1,244,344
	500,000	DaimlerChrysler NA Holding		8.00			06/15/10		539,758
	1,000,000	DaimlerChrysler NA Holding		7.75			01/18/11		1,082,414
	250,000	DaimlerChrysler NA Holding		8.50			01/18/31		312,224
	2,500,000	DaimlerChrysler NA Holding		6.50			11/15/13		2,632,920
	500,000	Deutsche Telekom International Finance - YD	��	8.00			06/15/10		542,008
	450,000	Deutsche Telekom International Finance - YD		8.25			06/15/30		557,396
	260,000	Dillards, Inc.		9.50			09/01/09		279,825
	232,000	Dillards, Inc.		9.13			08/01/11		253,170
	750,000	Embratel - YD		11.00			12/15/08		819,375
	500,000	Farmers Insurance Capital Notes*		7.20			07/15/48		515,489

Schedule of Investments 7

			Interest			Maturity
Principal Amount			Rate			Date		Value
$	6,000	First American Financial		7.55	%		04/01/28	$	6,492
	1,500,000	Ford Motor Credit Co.		4.95			01/15/08		1,482,039
	1,500,000	Ford Motor Credit Co.		5.63			10/01/08		1,469,875
	500,000	Gannett Co., Inc.		5.50			04/01/07		499,997
	500,000	General Electric Corp.		5.45			01/15/13		506,430
	1,500,000	GMAC LLC		6.13			08/28/07		1,499,107
	1,000,000	GMAC LLC		5.13			05/09/08		988,326
	250,000	Goldman Sachs Group, Inc.		7.35			10/01/09		263,356
	1,250,000	Goldman Sachs Group, Inc.		6.88			01/15/11		1,321,510
	1,000,000	Goldman Sachs Group, Inc.		6.60			01/15/12		1,055,640
	1,500,000	Goldman Sachs Group, Inc.		5.13			01/15/15		1,460,580
	1,028,000	Hilton Hotels Corp.		7.95			04/15/07		1,028,632
	138,000	Household Finance Corp.		7.65			05/15/07		138,328
	670,000	Household Finance Corp.		5.88			02/01/09		677,621
	500,000	Household Finance Corp.		7.00			05/15/12		536,579
	700,000	Household Finance Corp.		6.38			11/27/12		734,644
	250,000	IBM Corp.		3.80			02/01/08		247,220
	950,000	IBM Corp.		8.38			11/01/19		1,188,586
	500,000	International Lease Finance Corp.		4.75			04/30/07		499,747
	1,109,000	International Lease Finance Corp.		5.63			06/01/07		1,109,298
	500,000	International Lease Finance Corp.		6.38			03/15/09		511,889
	294,000	International Lease Finance Corp.		4.88			09/01/10		291,787
	450,000	John Hancock*		7.38			02/15/24		516,011
	50,000	JP Morgan Chase & Co.		6.70			11/01/07		50,386
	200,000	JP Morgan Chase & Co.		4.00			02/01/08		197,809
	455,000	JP Morgan Chase & Co.		6.75			08/15/08		462,540
	500,000	Kraft Foods, Inc.		5.25			06/01/07		499,710
	500,000	Kraft Foods, Inc.		6.25			06/01/12		519,552
	430,000	Liberty Mutual Insurance*		8.20			05/04/07		430,597
	500,000	Morgan Stanley		3.88			01/15/09		489,866
	250,000	Morgan Stanley		4.25			05/15/10		244,234
	500,000	Morgan Stanley		4.75			04/01/14		474,894
	400,000	New Jersey Bell Telephone		7.85			11/15/29		453,600
	122,000	NLV Financial Corp.*		6.50			03/15/35		117,301
	929,000	Owens Illinois, Inc.		8.10			05/15/07		929,000
	500,000	Pemex Project Funding Master Trust		8.50			02/15/08		511,750
	300,000	Private Export Funding, Series B		6.49			07/15/07		300,884
	500,000	Prudential Financial, Inc.		4.75			06/13/15		476,122
	200,000	Pulte Homes, Inc.		4.88			07/15/09		197,077
	250,000	Pulte Homes, Inc.		5.20			02/15/15		230,982
	350,000	Royal Caribbean Cruises - YD		6.75			03/15/08		353,077

8 Schedule of Investments

			Interest			Maturity
Principal Amount			Rate			Date		Value
$	100,000	Sears Roebuck Acceptance Corp.		7.00	%		06/15/07	$	100,097
	382,000	Sears Roebuck Acceptance Corp.		6.25			05/01/09		384,542
	213,000	Semco Energy, Inc.		6.40			11/25/08		208,887
	500,000	Target Corp.		3.38			03/01/08		491,433
	350,000	Telefonica de Argentina - YD		9.13			11/07/10		376,250
	500,000	Tennessee Gas Pipeline		7.00			10/15/28		535,333
	450,000	Time Warner Cos., Inc.		7.48			01/15/08		456,348
	288,000	TRW, Inc.		6.32			05/27/08		289,564
	500,000	Tyco International, Ltd. - YD		6.13			11/01/08		506,732
	155,000	Union Carbide Corp.		6.70			04/01/09		157,765
	410,000	Verizon, Inc.		8.30			08/01/31		485,855
	200,000	Wal-Mart Stores		7.55			02/15/30		240,738
	1,000,000	Washinton Mutual Bank		5.13			01/15/15		959,336
	500,000	Wisconsin Power & Light Co.		7.00			06/15/07		501,432
Total Corporate Bonds (Cost $53,161,234)									53,182,777
U.S. Government And U.S. Government Agency Bonds (38.0%)
	270,000	Fannie Mae		3.10			07/28/08		263,444
	8,000,000	Fannie Mae		5.25			08/01/12		8,091,912
	6,000,000	Fannie Mae		5.13			01/02/14		6,007,824
	1,500,000	Fannie Mae		5.00			03/09/15		1,467,461
	500,000	Fannie Mae		5.00			04/17/15		488,811
	1,000,000	Fannie Mae		5.00			07/09/18		961,606
	2,000,000	Fannie Mae		3.25			01/15/08		1,971,240
	255,000	Federal Farm Credit Bank		5.90			08/04/08		258,032
	1,000,000	Federal Home Loan Bank		4.00			02/12/10		978,023
	405,000	Federal Home Loan Bank		4.80			03/19/13		396,996
	750,000	Federal Home Loan Bank		5.50			02/14/20		732,071
	500,000	Federal Home Loan Bank		5.50			03/03/20		488,281
	500,000	Federal Home Loan Mortgage Corp.		5.75			04/15/08		503,593
	1,500,000	Federal Home Loan Mortgage Corp.		5.05			02/28/13		1,477,893
	370,000	Federal Home Loan Mortgage Corp.		5.00			10/29/13		362,879
	457,000	Federal Home Loan Mortgage Corp.		5.00			09/15/14		446,679
	1,500,000	Federal Home Loan Mortgage Corp.		5.16			02/27/15		1,471,461
	400,000	Federal Home Loan Mortgage Corp.		5.00			12/15/15		388,413
	550,000	Federal Home Loan Mortgage Corp.		5.00			09/09/16		532,198
	975,000	Federal Home Loan Mortgage Corp.		5.25			07/27/17		949,791
	1,000,000	US Treasury Note		3.00			02/15/08		983,477
	1,500,000	US Treasury Note		3.13			09/15/08		1,465,958
	500,000	US Treasury Note		3.38			12/15/08		489,530
	1,000,000	US Treasury Strip		5.11			05/15/07		993,992
	2,650,000	US Treasury Strip		5.13			11/15/07		2,569,384

Schedule of Investments 9

			Interest			Maturity
Principal Amount			Rate			Date		Value
$	973,000	US Treasury Strip		9.88	%		05/15/08	$	922,986
Total U.S. Government And U.S. Government Agency Bonds (Cost $35,696,979)									35,663,935
Foreign Government Bonds (2.7%)
	1,000,000	Federal Republic of Brazil - YD		9.38			04/07/08		1,040,000
	750,000	Federal Republic of Brazil - YD		14.50			10/15/09		916,875
	500,000	Republic of South Africa - YD		6.50			06/02/14		532,500
Total Foreign Government Bonds (Cost $2,454,633)									2,489,375
Short-Term Investment (1.8%)
	1,718,375	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07 #							1,718,375
Total Short-Term Investments (Cost $1,718,375)									1,718,375
Total Investments 99.2% (Cost $93,031,221)									93,054,462
Other Assets Less Liabilities 0.8%									756,860
Net Assets 100.0%								$	93,811,322

The accompanying notes are an integral part of the financial statements.

*	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, 2007 was $1,579,398, which represented 1.68% 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, 2007.
YD	Yankee Dollar Bond.

10 Schedule of Investments

Credit Quality Diversification
March 31, 2007

Aaa	24.3%
Aa2	15.9%
Aa3	7.9%
A1	6.0%
A2	4.8%
A3	6.7%
Baa1	7.7%
Baa2	5.0%
Baa3	5.2%
Ba1	4.1%
Ba2	3.0%
Ba3	0.9%
B1	3.4%
B2	1.5%
Caa1	1.0%

Percentages are based upon total investments less short-term investments.

Ratings based on Moody’s.

Schedule of Investments 11

ICON Core Equity Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (99.6%)
	35,500	AAR Corp.(a)	$	978,380
	22,200	Abercrombie & Fitch Co.		1,680,096
	70,700	Acergy S.A. - ADR(a)		1,505,203
	20,000	Acuity Brands, Inc.		1,088,800
	37,500	Advance Auto Parts, Inc.		1,445,625
	41,500	Aflac, Inc.		1,952,990
	34,200	America Movil S.A.B. de C.V. - ADR		1,634,418
	68,800	American International Group, Inc.		4,624,736
	42,100	American Standard Cos., Inc.		2,232,142
	23,900	AmerisourceBergen Corp.		1,260,725
	18,800	Anixter International, Inc.(a)		1,239,672
	20,400	Apple Computer, Inc.(a)		1,895,364
	25,300	Arrow Electronics, Inc.(a)		955,075
	107,700	AT&T, Inc.		4,246,611
	52,900	Atwood Oceanics, Inc.(a)		3,104,701
	8,200	AutoZone, Inc.(a)		1,050,748
	72,800	Avnet, Inc.(a)		2,630,992
	84,500	Banco Santander Central Hispano S.A. - ADR		1,506,635
	58,900	Bank of America Corp.		3,005,078
	12,200	Bank of Ireland - ADR		1,055,300
	24,000	Belden CDT, Inc.		1,286,160
	24,200	Burlington Northern Santa Fe Corp.		1,946,406
	82,700	Cablevision Systems Corp. - Class A	$	2,516,561
	63,300	Cameron International Corp.(a)		3,974,607
	21,000	Celgene Corp.(a)		1,101,660
	57,400	CenterPoint Energy, Inc.		1,029,756
	40,700	Chevron Corp.		3,010,172
	3,000	Chicago Mercantile Exchange		1,597,380
	19,500	China Petroleum and Chemical Corp. - ADR		1,647,360
	7,000	CIGNA Corp.		998,620
	117,400	Cisco Systems, Inc.(a)		2,997,222
	84,750	Comcast Corp. - Class A(a)		2,199,263
	25,900	Comerica, Inc.		1,531,208
	8,600	Credit Suisse Group - ADR		617,738
	14,100	Cummins, Inc.		2,040,552
	38,400	Curtiss-Wright Corp.		1,479,936
	10,900	Deere & Co.		1,184,176
	15,400	Deutsche Bank AG - ADR		2,071,916
	18,000	Diamond Offshore Drilling, Inc.		1,457,100
	17,500	Dick’s Sporting Goods, Inc.(a)		1,019,550
	18,600	Dominion Resources, Inc. of Virginia		1,651,122
	28,500	E.I. du Pont de Nemours and Co.		1,408,755
	63,900	eBay, Inc.(a)		2,118,285
	46,700	ENSCO International, Inc.		2,540,480
	19,900	Exelon Corp.		1,367,329

12 Schedule of Investments

Shares			Value
	50,200	Forest Laboratories, Inc.(a)	$	2,582,288
	34,200	FPL Group, Inc.		2,092,014
	79,100	General Electric Co.		2,796,976
	6,900	Google, Inc. - Class A(a)		3,161,304
	61,100	Grant Prideco, Inc.(a)		3,045,224
	19,900	Harris Corp.		1,013,905
	22,300	Healthcare Services Group, Inc.		638,895
	76,300	Hercules, Inc.(a)		1,490,902
	83,000	Hewlett-Packard Co.		3,331,620
	59,100	Honda Motor Co., Ltd. - ADR		2,060,817
	31,600	Humana, Inc.(a)		1,833,432
	47,400	International Business Machines Corp.		4,467,924
	48,200	Johnson & Johnson, Inc.		2,904,532
	22,000	Johnson Controls, Inc.		2,081,640
	91,100	JPMorgan Chase & Co.		4,407,418
	63,200	K-V Pharmaceutical Co.(a)		1,562,936
	48,200	Kirby Corp.(a)		1,686,036
	18,200	KLA-Tencor Corp.		970,424
	14,900	Martin Marietta Materials, Inc.		2,014,480
	23,900	Media General, Inc. - Class A		912,024
	17,400	Memc Electronic Materials, Inc.(a)		1,054,092
	47,200	Merck & Co., Inc.		2,084,824
	11,800	Meredith Corp.		677,202
	17,100	Merrill Lynch & Co., Inc.		1,396,557
	30,200	MetLife, Inc.		1,907,130
	26,300	Morgan Stanley		2,071,388
	16,100	MSC Industrial Direct Co., Inc. - Class A		751,548
	103,300	Myers Industries, Inc.	$	1,929,644
	16,500	Nike, Inc. - Class B		1,753,290
	40,600	Norfolk Southern Corp.		2,054,360
	66,700	PetSmart, Inc.		2,198,432
	45,600	Philadelphia Consolidated Holding Corp.(a)		2,005,944
	52,800	PSS World Medical, Inc.(a)		1,116,192
	80,600	Quintana Maritime, Ltd. - ADR		1,109,862
	18,400	Schlumberger, Ltd. - ADR		1,271,440
	13,700	Siemens AG - ADR		1,468,640
	25,100	Silgan Holdings, Inc.		1,282,861
	86,500	Stride Rite Corp.		1,331,235
	17,300	Stryker Corp.		1,147,336
	64,500	Superior Industries International, Inc.		1,343,535
	137,091	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		1,473,728
	45,300	Target Corp.		2,684,478
	18,800	Telefonica S.A. - ADR		1,248,320
	18,100	Telenor ASA - ADR		962,377
	108,200	The DIRECTV Group, Inc.(a)		2,496,174
	9,500	The Goldman Sachs Group, Inc.		1,962,985
	10,100	The Hartford Financial Services Group, Inc.		965,358
	20,600	The Stanley Works		1,140,416
	22,600	The Toro Co.		1,158,024
	46,900	The Walt Disney Co.		1,614,767
	67,900	Time Warner, Inc.		1,338,988
	8,800	Toyota Motor Corp. - ADR		1,127,808
	35,200	UBS AG - ADR		2,091,936
	5,800	Union Pacific Corp.		588,990

Schedule of Investments 13

Shares or Principal Amount			Value
	60,600	UnitedHealth Group, Inc.	$	3,209,982
	57,300	Wabtec Corp.		1,976,277
	19,300	Watsco, Inc.		985,651
	34,100	WellPoint, Inc.(a)		2,765,510
	124,400	Xerox Corp.(a)		2,101,116
	7,700	Zimmer Holdings, Inc.(a)		657,657
Total Common Stocks (Cost $171,345,983)				191,447,450
Short-Term Investments (0.3%)
$	507,517	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#	$	507,517
Total Short-Term Investments (Cost $507,517)				507,517
Total Investments (Cost $171,853,500) 99.9%				191,954,967
Other Assets Less Liabilities 0.1%				214,956
Net Assets 100.0%			$	192,169,923

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, 2007.
ADR	American Depositary Receipt

14 Schedule of Investments

Sector Composition
March 31, 2007

Financial	18.1%
Information Technology	15.3%
Industrials	14.3%
Healthcare	12.1%
Energy	11.2%
Consumer Discretionary	10.9%
Telecommunication and Utilities	7.4%
Leisure and Consumer Staples	6.1%
Materials	4.2%

Percentages are based upon net assets.

Industry Composition
March 31, 2007

Oil & Gas Equipment & Services	5.2%
Computer Hardware	5.1%
Managed Health Care	4.8%
Pharmaceuticals	4.7%
Other Diversified Financial Services	3.9%
Broadcast & Cable TV	3.7%
Oil & Gas Drilling	3.7%
Integrated Telecommunication Services	3.4%
Construction & Farm Machinery & Heavy Trucks	3.3%
Multi-Line Insurance	2.9%
Investment Banking & Brokerage	2.8%
Internet Software Services	2.7%
Diversified Capital Markets	2.5%
Technology Distributors	2.5%
Integrated Oil & Gas	2.4%
Railroads	2.4%
Industrial Conglomerates	2.2%
Communications Equipment	2.1%
Diversified Banks	2.1%
Life & Health Insurance	2.0%
Auto Parts & Equipment	1.8%
Electric Utilities	1.8%
Automobile Manufacturers	1.7%
Metal & Glass Containers	1.7%
Specialty Stores	1.7%
Footwear	1.6%
Diversified Chemicals	1.5%
Movies & Entertainment	1.5%
General Merchandise Stores	1.4%
Marine	1.4%
Multi-Utilities	1.4%
Aerospace & Defense	1.3%
Automotive Retail	1.3%
Building Products	1.2%
Electrical Components & Equipment	1.2%
Health Care Distributors	1.2%
Office Electronics	1.1%
Construction Materials	1.0%
Property & Casualty Insurance	1.0%
Semiconductor Equipment	1.0%
Apparel Retail	0.9%
Health Care Equipment	0.9%
Trading Companies & Distributors	0.9%
Publishing	0.8%
Semiconductors	0.8%
Specialized Finance	0.8%
Wireless Telecommunication Services	0.8%
Biotechnology	0.6%
Household Appliances	0.6%
Diversified Commercial & Professional Services	0.3%

Percentages are based upon net assets.

Schedule of Investments 15

ICON Income Opportunity Fund*
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (99.4%)
	5,700	Abercrombie & Fitch Co.	$	431,376
	4,200	Acuity Brands, Inc.		228,648
	6,600	Allegheny Energy, Inc.(a)		324,324
	7,400	Allied Irish Banks PLC - ADRx		443,038
	19,600	America Movil S.A.B. de C.V. - ADR		936,684
	14,800	American International Group, Inc.x		994,856
	14,000	American Standard Cos., Inc.		742,280
	9,200	Anixter International, Inc.(a)		606,648
	5,600	Apple Computer, Inc.(a)		520,296
	15,400	AT&T, Inc.x		607,222
	5,500	AutoZone, Inc.(a)x		704,770
	20,000	Avnet, Inc.(a)		722,800
	15,300	Ball Corp.		701,505
	41,200	Banco Santander Central Hispano S.A. - ADRx		734,596
	4,900	BT Group PLC - ADRx		294,049
	12,900	Cameron International Corp.(a)		809,991
	5,500	Celgene Corp.(a)		288,530
	7,500	Chevron Corp.		554,700
	5,500	CIGNA Corp.		784,630
	34,400	Cisco Systems, Inc.(a)		878,232
	14,800	Citigroup, Inc.		759,832
	8,200	Cognizant Technology Solutions Corp.(a)		723,814
	20,350	Comcast Corp. - Class A(a)		528,082
	11,600	Credit Suisse Group - ADRx		833,228
	3,900	Darden Restaurants, Inc.	$	160,641
	8,800	Deere & Co.		956,032
	6,500	Deutsche Bank AG - ADR		874,510
	4,500	Diamond Offshore Drilling, Inc.		364,275
	4,900	Dominion Resources, Inc. of Virginia		434,973
	7,000	E.I. du Pont de Nemours and Co.		346,010
	7,400	Eagle Materials, Inc.		330,262
	4,900	eBay, Inc.(a)x		162,435
	6,300	EchoStar Communications Corp. - Class A(a)		273,609
	14,500	ENSCO International, Inc.		788,800
	8,000	Exelon Corp.		549,680
	10,400	Fiserv, Inc.(a)		551,824
	3,200	Fomento Economico Mexicano, S.A. de C.V. - ADR		353,248
	17,600	Forest Laboratories, Inc.(a)		905,344
	14,500	FPL Group, Inc.		886,965
	16,500	General Electric Co.		583,440
	11,600	GlobalSantaFe Corp.		715,488
	1,500	Google, Inc. - Class A(a)x		687,240
	15,400	Grant Prideco, Inc.(a)		767,536
	16,500	Health Net, Inc.(a)x		887,865
	2,300	Henkel KGaA - ADR		338,560
	10,200	Hercules, Inc.(a)		199,308
	8,300	Hewlett-Packard Co.		333,162
	5,600	Humana, Inc.(a)		324,912
	10,800	International Business Machines Corp.x		1,018,008
	7,200	Johnson & Johnson, Inc.		433,872

16 Schedule of Investments

Shares			Value
	7,100	Johnson Controls, Inc.x	$	671,802
	21,500	JPMorgan Chase & Co.		1,040,170
	11,100	Kohl’s Corp.(a)		850,371
	9,200	Loews Corp.		417,956
	6,900	Marathon Oil Corp.x		681,927
	8,000	Martin Marietta Materials, Inc.		1,081,600
	7,000	Merck & Co., Inc.		309,190
	7,700	Meredith Corp.		441,903
	8,700	MetLife, Inc.x		549,405
	23,200	Microsoft Corp.		646,584
	11,300	Morgan Stanleyx		889,988
	4,400	National Grid PLC - ADRx		346,764
	9,700	National Oilwell Varco, Inc.(a)		754,563
	5,200	NII Holdings, Inc.(a)		385,736
	6,700	Nike, Inc. - Class B		711,942
	18,800	Norfolk Southern Corp.		951,280
	3,300	Northrop Grumman Corp.		244,926
	11,700	Oshkosh Truck Corp.x		620,100
	9,000	PetSmart, Inc.		296,640
	17,800	Procter & Gamble Co.		1,124,248
	15,000	PT Telekomunikasi Indonesia - ADR		647,100
	10,600	Quanex Corp.		448,910
	27,200	Schering-Plough Corp.x		693,872
	11,900	St. Jude Medical, Inc.(a)x		447,559
	8,500	Staples, Inc.		219,640
	10,700	Stryker Corp.		709,624
	5,000	SunTrust Banks, Inc.		415,200
	8,900	Sysco Corp.		301,087
	45,833	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		492,705
	15,200	Target Corp.x		900,752
	26,400	Telefonos de Mexico S.A. de C.V. - ADR		881,760

Shares or Principal Amount			Value
	8,900	Telenor ASA - ADR	$	473,213
	6,200	Texas Industries, Inc.		468,286
	12,500	The DIRECTV Group, Inc.(a)x		288,375
	5,800	The Goldman Sachs Group, Inc.		1,198,454
	5,700	The Hartford Financial Services Group, Inc.		544,806
	15,900	The Home Depot, Inc.x		584,166
	6,100	The Stanley Works		337,696
	14,200	The Walt Disney Co.x		488,906
	35,300	Time Warner, Inc.x		696,116
	5,700	Toyota Motor Corp. - ADR		730,512
	12,400	Trinity Industries, Inc.		519,808
	8,200	UBS AG - ADR		487,326
	9,300	Union Pacific Corp.		944,415
	6,400	United Rentals, Inc.(a)		176,000
	13,900	UnitedHealth Group, Inc.x		736,283
	8,200	Viacom, Inc. - Class B(a)		337,102
	13,300	Wabtec Corp.		458,717
	11,100	Wachovia Corp.		611,055
	7,300	Watsco, Inc.x		372,811
	9,800	Weatherford International, Ltd.(a)		441,980
	4,400	WellPoint, Inc.(a)		356,840
	15,300	Wells Fargo & Co.		526,779
	3,600	Whirlpool Corp.		305,676
	28,100	Xerox Corp.(a)		474,609
	4,400	Yum! Brands, Inc.		254,144
Total Common Stocks (Cost $54,387,102)				61,371,509
Short-Term Investments (0.0%)
$	11,139	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#		11,139
Total Short-Term Investments (Cost $11,139)				11,139

Schedule of Investments 17

Underlying Securities
Index/Expiration
Date/Exercise Price	Contracts		Value
Put Options Purchased (0.2%)
S&P 500 Index,
Expiration April 2007, Exercise Price $1,395.00		175	$	148,750
Total Put Options Purchased (Cost $193,025)				148,750
Total Investments 99.6% (Cost $54,591,266)				61,531,398
Other Assets Less Liabilities 0.4%				236,963
Net Assets 100.0%			$	61,768,361

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, 2007.
ADR	American Depositary Receipt
x	Portion or all of this security is pledged as collateral for call options written.
*	Formerly the ICON Covered Call Fund.

18 Schedule of Investments

Schedule of Written Call Options
March 31, 2007 (unaudited)

Underlying Securities
Index/Expiration
Date/Exercise Price	Contracts*		Value
S&P 500 Index,
Expiration April 2007, Exercise Price $1,410.00		435	$	1,146,225
Total Options Written (Premiums received $1,007,879)			$	1,146,225

The accompanying notes are an integral part of the financial statements.

* All written options have 100 shares per contract.

Schedule of Investments 19

Sector Composition
March 31, 2007

Financial	18.3%
Information Technology	12.8%
Healthcare	11.1%
Industrials	11.0%
Telecommunication and Utilities	11.0%
Consumer Discretionary	10.9%
Energy	9.5%
Leisure and Consumer Staples	9.0%
Materials	5.8%

Percentages are based upon net assets.

Industry Composition
March 31, 2007

Managed Health Care	4.9%
Integrated Telecommunication Services	4.7%
Oil & Gas Equipment & Services	4.5%
Construction & Farm Machinery & Heavy Trucks	4.0%
Diversified Banks	3.8%
Pharmaceuticals	3.7%
Diversified Capital Markets	3.5%
Investment Banking & Brokerage	3.3%
Multi-Line Insurance	3.2%
Railroads	3.1%
Computer Hardware	3.0%
Construction Materials	3.0%
Oil & Gas Drilling	3.0%
Electric Utilities	2.9%
Other Diversified Financial Services	2.9%
Movies & Entertainment	2.5%
Household Products	2.4%
Technology Distributors	2.2%
Wireless Telecommunication Services	2.1%
Integrated Oil & Gas	2.0%
Health Care Equipment	1.9%
Broadcast & Cable TV	1.8%
General Merchandise Stores	1.5%
Communications Equipment	1.4%
Department Stores	1.4%
Internet Software Services	1.4%
Multi-Utilities	1.3%
Automobile Manufacturers	1.2%
Building Products	1.2%
Footwear	1.2%
IT Consulting & Other Services	1.2%
Auto Parts & Equipment	1.1%
Automotive Retail	1.1%
Metal & Glass Containers	1.1%
Systems Software	1.1%
Home Improvement Retail	1.0%
Household Appliances	1.0%
Data Processing & Outsourced Services	0.9%
Diversified Chemicals	0.9%
Industrial Conglomerates	0.9%
Life & Health Insurance	0.9%
Trading Companies & Distributors	0.9%
Office Electronics	0.8%
Semiconductors	0.8%
Specialty Stores	0.8%
Apparel Retail	0.7%
Publishing	0.7%
Regional Banks	0.7%
Restaurants	0.7%
Steel	0.7%
Soft Drinks	0.6%
Biotechnology	0.5%
Food Distributors	0.5%
Aerospace & Defense	0.4%
Electrical Components & Equipment	0.4%

Percentages are based upon net assets.

20 Schedule of Investments

ICON Equity Income Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (88.5%)
	16,800	Abbott Laboratories	$	937,440
	26,300	Acuity Brands, Inc.		1,431,772
	21,700	Aircastle, Ltd.		767,746
	19,300	Alcan, Inc. - ADR		1,007,460
	20,900	Allied Irish Banks PLC - ADR		1,251,283
	11,600	Altria Group, Inc.		1,018,596
	19,700	Alumina, Ltd. - ADR		463,738
	25,900	American Capital Strategies, Ltd.		1,147,629
	18,600	American Electric Power Co., Inc.		906,750
	19,650	American Financial Group, Inc.		668,886
	20,600	American International Group, Inc.		1,384,732
	79,200	AT&T, Inc.		3,122,856
	77,100	Banco Santander Central Hispano SA - ADR		1,374,693
	16,100	Bank of America Corp.		821,422
	21,400	Baxter International, Inc.		1,127,138
	51,100	Biovail Corp. - ADR		1,117,046
	64,300	Bristol-Myers Squibb Co.		1,784,968
	12,300	Cabot Corp.		587,079
	20,400	Carnival Corp.		955,944
	20,100	Chevron Corp.		1,486,596
	84,500	Cisco Systems, Inc.(a)		2,157,285
	27,200	Citigroup, Inc.		1,396,448
	34,400	Clear Channel Communications, Inc.		1,205,376
	17,100	Colgate-Palmolive Co.		1,142,109
	45,200	Companhia de Saneamento Basico do Estado de Sao Paulo - ADR	$	1,527,308
	18,300	ConocoPhillips		1,250,805
	14,500	Constellation Energy Group		1,260,775
	11,900	Deere & Co.		1,292,816
	10,500	Deutsche Bank AG - ADR		1,412,670
	46,800	Diana Shipping, Inc.		824,148
	17,200	Diebold, Inc.		820,612
	29,200	E.I. du Pont de Nemours and Co.		1,443,356
	20,800	Emerson Electric Co.		896,272
	47,000	Family Dollar Stores, Inc.		1,392,140
	48,800	Ferro Corp.		1,054,568
	45,100	Fidelity National Financial, Inc.		1,082,851
	9,200	Fortune Brands, Inc.		725,144
	24,900	FPL Group, Inc.		1,523,133
	37,300	Genco Shipping & Trading, Ltd.		1,185,394
	32,000	General Electric Co.		1,131,520
	17,200	General Maritime Corp.		496,736
	10,000	GlobalSantaFe Corp.		616,800
	3,400	Google, Inc. - Class A(a)		1,557,744
	9,000	Greif, Inc. - Class A		999,990
	37,200	Healthcare Services Group, Inc.		1,065,780
	20,700	Helmerich & Payne, Inc.		628,038
	45,100	Hewlett-Packard Co.		1,810,314
	27,100	Honeywell International, Inc.		1,248,226

Schedule of Investments 21

Shares			Value
	53,300	Horace Mann Educators Corp.	$	1,095,315
	18,400	Infosys Technologies, Ltd. - ADR		924,600
	43,700	Intel Corp.		835,981
	23,100	International Business Machines Corp.		2,177,406
	9,400	iStar Financial, Inc.		440,202
	40,300	JB Hunt Transport Services, Inc.		1,057,472
	12,100	Johnson Controls, Inc.		1,144,902
	34,500	JPMorgan Chase & Co.		1,669,110
	32,600	Kaman Corp., Class A		759,906
	16,100	Kimberly-Clark Corp.		1,102,689
	14,400	KLA-Tencor Corp.		767,808
	33,600	Kroger Co.		949,200
	24,800	LCA-Vision, Inc.		1,021,512
	26,000	Lee Enterprises, Inc.		781,300
	65,000	Libbey, Inc.		911,300
	18,500	Lincoln National Corp.		1,254,115
	22,500	Manor Care, Inc.		1,223,100
	13,200	Marathon Oil Corp.		1,304,556
	29,100	McDonald’s Corp.		1,310,955
	46,400	MCG Capital Corp.		870,464
	21,000	Media General, Inc. - Class A		801,360
	16,700	Merck & Co., Inc.		737,639
	12,800	Merrill Lynch & Co., Inc.		1,045,376
	21,700	MetLife, Inc.		1,370,355
	35,100	Microsoft Corp.		978,237
	16,000	Morgan Stanley		1,260,160
	28,000	Nash Finch Co.		964,880
	12,400	Nike, Inc. - Class B		1,317,624
	6,000	NRG Energy, Inc.(a)		432,240
	13,700	Paccar, Inc.		1,005,580
	29,400	PerkinElmer, Inc.		712,068
	29,231	Philippine Long Distance Telephone Co. - ADR	$	1,543,397
	22,100	Procter & Gamble Co.		1,395,836
	12,000	Prudential Financial, Inc.		1,083,120
	120,800	Quintana Maritime, Ltd.		1,663,416
	18,100	R.R. Donnelley & Sons Co.		662,279
	28,800	Raytheon Co.		1,510,848
	5,600	Redwood Trust, Inc.		292,208
	25,400	Safeway, Inc.		930,656
	41,500	Seaspan Corp.		1,111,785
	36,000	Ship Finance International, Ltd.		987,480
	18,100	Silgan Holdings, Inc.		925,091
	208,522	Siliconware Precision Industries Co. - ADR		2,045,601
	13,100	Smith International, Inc.		629,455
	23,400	Southern Copper Corp.		1,676,844
	61,600	Steelcase, Inc. - Class A		1,225,224
	68,500	Stride Rite Corp.		1,054,215
	38,900	Superior Industries International, Inc.		810,287
	34,200	Sysco Corp.		1,156,986
	76,300	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		820,225
	24,400	Target Corp.		1,445,944
	16,400	The Allstate Corp.		984,984
	24,300	The Bank of New York Co., Inc.		985,365
	8,200	The Bear Stearns Cos., Inc.		1,232,870
	5,800	The Goldman Sachs Group, Inc.		1,198,454
	28,800	The Home Depot, Inc.		1,058,112
	16,800	The Stanley Works		930,048
	10,800	Tidewater, Inc.		632,664

22 Schedule of Investments

Shares			Value
	14,200	Tsakos Energy Navigation, Ltd.	$	738,400
	46,900	Tuesday Morning Corp.		695,996
	21,000	UBS AG - ADR	$	1,248,030
	19,600	Vodafone Group PLC - ADR		526,456
Total Common Stocks (Cost $108,220,074)				121,941,820

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Convertible Preferred Stock (0.7%)
	7,000	Northrop Grumman Corp.		7.00	%		04/04/21	$	990,500
Total Convertible Preferred Stock (Cost $927,374)									990,500
Corporate Bonds (2.1%)
$	1,000,000	DaimlerChrysler AG		6.50	%		11/15/13		1,053,168
	1,288,000	Household Finance Corp.		4.75	%		07/15/13		1,244,156
	575,000	United Rentals NA, Inc.		7.75	%		11/15/13		590,813
Total Corporate Bonds (Cost $2,905,257)									2,888,137
U.S. Government And U.S. Government Agency Bonds (5.3%)
	1,000,000	Freddie Mac		5.00	%		01/16/09		1,001,824
	1,323,000	Freddie Mac		5.16	%		02/27/15		1,297,828
	258,000	Freddie Mac		5.00	%		09/29/17		248,135
	750,000	U.S. Treasury Note		4.00	%		08/31/07		746,894
	1,000,000	Federal Home Loan Bank		2.75	%		03/14/08		978,638
	1,000,000	Federal Home Loan Bank		5.80	%		09/02/08		1,011,699
	1,000,000	Fannie Mae		6.63	%		10/15/07		1,007,127
	1,000,000	Fannie Mae		5.25	%		01/15/09		1,005,872
Total U.S. Government And U.S. Government Agency Bonds (Cost $7,321,322)									7,298,017
Convertible Corporate Bonds (1.1%)
	600,000	International Rectifier Corp.		4.25	%		07/15/07		596,250
	1,000,000	QLT Inc.		3.00	%		09/15/23		950,000
Total Convertible Corporate Bonds (Cost $1,549,556)									1,546,250

Schedule of Investments 23

Underlying Security/
Expiration Date/
Exercise Price	Contracts		Value
Call Options Purchased (0.3%)
Apria Healthcare Group, Inc. Expiration January 2008, Exercise Price $35.00		286	$	102,960
Citigroup, Inc. Expiration January 2008, Exercise Price $65.00		154		17,325
Comcast Corp.-Class A Expiration January 2008, Exercise Price $26.625		250		88,125
Kinetic Concepts, Inc. Expiration January 2008 Exercise Price $50.00		200	$	137,000
MEMC Electronic Materials, Inc.
Expiration January 2008 Exercise Price $65.00		154		132,440
Total Call Options Purchased (Cost $427,866)				477,850
Total Investments (98.0%) (Cost $121,351,449)				135,142,574
Other Assets Less Liabilities 2.0%				2,710,091
Net Assets 100.0%			$	137,852,665

The accompanying notes are an integral part of the financial statements.

(a)	Non-income producing security.
ADR	American Depositary Receipt

24 Schedule of Investments

Sector Composition
March 31, 2007

Financial	19.2%
Industrials	13.5%
Information Technology	10.9%
Leisure and Consumer Staples	10.0%
Consumer Discretionary	8.4%
Telecommunication and Utilities	7.9%
Energy	6.4%
Healthcare	6.3%
Materials	5.9%

Percentages are based upon common stock positions as a percentage of net assets.

Industry Composition

March 31, 2007

Computer Hardware	3.4%
Integrated Telecommunication Services	3.4%
Investment Banking & Brokerage	3.4%
Marine	3.4%
Pharmaceuticals	3.3%
Integrated Oil & Gas	2.9%
Other Diversified Financial Services	2.8%
Life & Health Insurance	2.7%
Semiconductors	2.7%
Aerospace & Defense	2.6%
General Merchandise Stores	2.6%
Household Products	2.6%
Multi-Line Insurance	2.3%
Asset Management & Custody Banks	2.2%
Diversified Banks	1.9%
Diversified Capital Markets	1.9%
Electric Utilities	1.8%
Construction & Farm Machinery & Heavy Trucks	1.7%
Electrical Components & Equipment	1.7%
Footwear	1.7%
Communications Equipment	1.6%
Health Care Facilities	1.6%
Oil & Gas Storage & Transportation	1.6%
Diversified Chemicals	1.5%
Food Distributors	1.5%
Property & Casualty Insurance	1.5%
Auto Parts & Equipment	1.4%
Food Retail	1.4%
Metal & Glass Containers	1.4%
Health Care Equipment	1.3%
Diversified Metals & Mining	1.2%
Housewares & Specialties	1.2%
Independent Power Producers & Energy Traders	1.2%
Aluminum	1.1%
Internet Software Services	1.1%
Publishing	1.1%
Water Utilities	1.1%
Restaurants	1.0%
Broadcast & Cable TV	0.9%
Office Services & Supplies	0.9%
Oil & Gas Drilling	0.9%
Oil & Gas Equipment & Services	0.9%
Diversified Commercial & Professional Services	0.8%
Home Improvement Retail	0.8%
Industrial Conglomerates	0.8%
Specialty Chemicals	0.8%
Trucking	0.8%
Hotels, Resorts & Cruise Lines	0.7%
Household Appliances	0.7%
IT Consulting & Other Services	0.7%
Systems Software	0.7%
Tobacco	0.7%
Semiconductor Equipment	0.6%
Trading Companies & Distributors	0.6%
Commercial Printing	0.5%
Mortgage Reits	0.5%
Wireless Telecommunication Services	0.4%

Percentages are based upon common stock positions as a percentage of net assets.

Schedule of Investments 25

ICON Long/Short Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (96.2%)
	100,000	Acergy S.A. - ADR(a)	$	2,129,000
	40,000	Acuity Brands, Inc.		2,177,600
	70,000	Aetna, Inc.		3,065,300
	20,000	Alaska Air Group, Inc.(a)		762,000
	25,000	Alliance Data Systems Corp.(a)		1,540,500
	30,000	Allied Irish Banks PLC - ADR		1,796,100
	65,000	America Movil S.A.B. de C.V. - ADR		3,106,350
	40,000	American Electric Power Co., Inc.		1,950,000
	40,000	American International Group, Inc.		2,688,800
	20,000	AmerisourceBergen Corp.		1,055,000
	60,000	Arrow Electronics, Inc.(a)		2,265,000
	75,000	AT&T, Inc.		2,957,250
	55,000	Atwood Oceanics, Inc.(a)		3,227,950
	75,000	Avnet, Inc.(a)		2,710,500
	50,000	Ball Corp.		2,292,500
	75,000	Banco Bilbao Vizcaya Argentaria, S.A. - ADR		1,841,250
	100,000	Banco Santander Central Hispano SA - ADR		1,783,000
	50,000	Bank of America Corp.		2,551,000
	50,000	Barrick Gold Corp. - ADR		1,427,500
	40,000	Belden CDT, Inc.		2,143,600
	75,000	Belo Corp., Class A		1,400,250
	15,000	Black & Decker Corp.		1,224,300
	25,000	Borders Group, Inc.	$	510,500
	50,000	BT Group PLC - ADR		3,000,500
	30,000	Burlington Northern Santa Fe Corp.		2,412,900
	25,000	CIGNA Corp.		3,566,500
	50,000	Citigroup, Inc.		2,567,000
	50,000	Coca-Cola Enterprises, Inc.		1,012,500
	35,000	Cognizant Technology Solutions Corp.(a)		3,089,450
	25,000	Comerica, Inc.		1,478,000
	75,000	Constellation Brands, Inc.(a)		1,588,500
	40,000	Credit Suisse Group - ADR		2,873,200
	50,000	D.R. Horton, Inc.		1,100,000
	75,000	Dell, Inc.(a)		1,740,750
	20,000	Deutsche Bank AG - ADR		2,690,800
	30,000	Diamond Offshore Drilling, Inc.		2,428,500
	50,000	Dollar Tree Stores, Inc.(a)		1,912,000
	25,000	Dominion Resources, Inc. of Virginia		2,219,250
	50,000	Eagle Materials, Inc.		2,231,500
	75,000	eBay, Inc.(a)		2,486,250
	60,000	Electronic Data Systems Corp.		1,660,800
	55,000	ENSCO International, Inc.		2,992,000
	25,000	Fiserv, Inc.(a)		1,326,500
	35,000	FMC Technologies, Inc.(a)		2,441,600

26 Schedule of Investments

Shares			Value
	20,000	Fomento Economico Mexicano, S.A. de C.V. - ADR	$	2,207,800
	50,000	Forest Laboratories, Inc.(a)		2,572,000
	40,000	FPL Group, Inc.		2,446,800
	25,000	Gannett Co., Inc.		1,407,250
	25,000	Genlyte Group, Inc.(a)		1,763,750
	35,000	Genzyme Corp.(a)		2,100,700
	60,050	HCC Insurance Holdings, Inc.		1,849,540
	40,000	Helen of Troy, Ltd.(a)		908,400
	25,000	HSBC Holdings PLC - ADR		2,195,250
	25,000	Humana, Inc.(a)		1,450,500
	32,000	International Business Machines Corp.		3,016,320
	40,000	Johnson & Johnson, Inc.		2,410,400
	75,000	Jos. A. Bank Clothiers, Inc.(a)		2,651,250
	25,000	Joy Global, Inc.		1,072,500
	50,000	JPMorgan Chase & Co.		2,419,000
	50,000	Koninkljke Ahold N.V. - ADR(a)		587,000
	55,000	KT Corp. - ADR		1,231,450
	50,000	Lee Enterprises, Inc.		1,502,500
	35,000	Lehman Brothers Holding, Inc.		2,452,450
	75,000	Lowe’s Cos., Inc.		2,361,750
	25,000	Martin Marietta Materials, Inc.		3,380,000
	50,000	Merck & Co., Inc.		2,208,500
	35,000	MetLife, Inc.		2,210,250
	60,000	MGP Ingredients, Inc.		1,222,200
	35,000	Morgan Stanley		2,756,600
	25,000	MSC Industrial Direct Co., Inc. - Class A		1,167,000
	75,000	Mylan Laboratories, Inc.	$	1,585,500
	50,000	National Oilwell Varco, Inc.(a)		3,889,500
	45,000	Norfolk Southern Corp.		2,277,000
	25,000	Oshkosh Truck Corp.		1,325,000
	75,000	Partner Communications Co., Ltd.		1,110,000
	25,000	PepsiAmericas, Inc.		558,000
	34,000	PetSmart, Inc.		1,120,640
	25,000	Prudential Financial, Inc.		2,256,500
	60,000	PT Telekomunikasi Indonesia - ADR		2,588,400
	50,000	Quanex Corp.		2,117,500
	75,000	Range Resources Corp.		2,505,000
	75,000	Ross Stores, Inc.		2,580,000
	50,000	Safeway, Inc.		1,832,000
	50,000	Silgan Holdings, Inc.		2,555,500
	200,030	Siliconware Precision Industries Co. - ADR		1,962,294
	29,200	SkyWest, Inc.		783,436
	75,000	SUPERVALU, Inc.		2,930,250
	175,048	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		1,881,765
	50,000	Target Corp.		2,963,000
	90,000	Telefonos de Mexico S.A. de C.V. - ADR		3,006,000
	40,000	Terex Corp.(a)		2,870,400
	75,000	Texas Instruments, Inc.		2,257,500
	15,000	The Goldman Sachs Group, Inc.		3,099,450
	18,000	The Hartford Financial Services Group, Inc.		1,720,440
	65,000	The Home Depot, Inc.		2,388,100

Schedule of Investments 27

Shares			Value
	50,000	The Pepsi Bottling Group, Inc.	$	1,594,500
	29,000	The Stanley Works		1,605,440
	50,000	Toll Brothers, Inc.(a)		1,369,000
	50,000	Travelzoo, Inc.(a)		1,838,500
	55,000	Trinity Industries, Inc.		2,305,600
	40,000	UBS AG - ADR		2,377,200
	25,000	Union Pacific Corp.		2,538,750
	50,000	United Rentals, Inc.(a)		1,375,000
	60,000	UnitedHealth Group, Inc.		3,178,200
	35,000	Wachovia Corp.		1,926,750
	60,000	Weatherford International, Ltd.(a)		2,706,000

Shares or Principal Amount			Value
	60,000	Wells Fargo & Co.	$	2,065,800
	100,000	Xcel Energy, Inc.		2,469,000
	150,000	Xerox Corp.(a)		2,533,500
Total Common Stocks (Cost $208,435,083)				229,021,325
Short-Term Investments (3.2%)
$	7,528,158	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#		7,528,158
Total Short-Term Investments (Cost $7,528,158)				7,528,158
Total Investments 99.4% (Cost $215,963,241)				236,549,483
Other Assets Less Liabilities 0.6%				1,467,736
Net Assets 100.0%			$	238,017,219

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, 2007.
ADR	American Depositary Receipt

All shares held may be pledged as collateral for investment securities sold short.

28 Schedule of Investments

ICON Long/Short Fund
Schedule of Short Securities
March 31, 2007 (unaudited)

Shares		Short Security	Value
	30,000	Amb Property Corporation	$	1,763,700
	35,000	Archstone-Smith Trust		1,899,800
	15,000	Avalonbay Communities Inc.		1,950,000
	40,000	Corporate Office Properties		1,827,200
	35,000	Equity Residential		1,688,050
	50,000	Luby’s Cafeteria, Inc.(a)		488,500
	5,000	SL Green Realty Corp.		685,900
	15,000	Techne Corp.(a)		856,500
	15,000	Vornado Realty Trust		1,790,100
Total Short Securities (Proceeds $12,920,521)			$	12,949,750

The accompanying notes are an integral part of the financial statements.

(a) Non-income producing security.

Schedule of Investments 29

Sector Composition
March 31, 2007

Financial	20.0%
Information Technology	12.7%
Telecommunication and Utilities	11.0%
Industrials	10.5%
Healthcare	9.7%
Consumer Discretionary	9.5%
Energy	9.4%
Leisure and Consumer Staples	7.5%
Materials	5.9%

Percentages are based upon long positions as a percentage of net assets.

Industry Composition
March 31, 2007

Diversified Banks	5.4%
Integrated Telecommunication Services	5.3%
Managed Health Care	4.6%
Oil & Gas Equipment & Services	4.6%
Pharmaceuticals	3.7%
Oil & Gas Drilling	3.6%
Investment Banking & Brokerage	3.5%
Diversified Capital Markets	3.3%
Construction & Farm Machinery & Heavy Trucks	3.2%
Other Diversified Financial Services	3.2%
Railroads	3.0%
Electrical Components & Equipment	2.6%
Multi-Line Insurance	2.6%
Semiconductors	2.6%
Construction Materials	2.4%
Food Retail	2.3%
Soft Drinks	2.3%
Apparel Retail	2.2%
General Merchandise Stores	2.1%
Technology Distributors	2.1%
Computer Hardware	2.0%
Home Improvement Retail	2.0%
Metal & Glass Containers	2.0%
Multi-Utilities	2.0%
Data Processing & Outsourced Services	1.9%
Electric Utilities	1.9%
Life & Health Insurance	1.9%
Internet Software Services	1.8%
Publishing	1.8%
Wireless Telecommunication Services	1.7%
Household Appliances	1.6%
IT Consulting & Other Services	1.3%
Distillers & Vintners	1.2%
Office Electronics	1.1%
Oil & Gas Exploration & Production	1.1%
Trading Companies & Distributors	1.1%
Home Building	1.0%
Biotechnology	0.9%
Steel	0.9%
Airlines	0.7%
Specialty Stores	0.7%
Gold	0.6%
Health Care Distributors	0.4%

Percentages are based upon long positions as a percentage of net assets.

30 Schedule of Investments

Six Month Hypothetical Expense Example
March 31, 2007 (unaudited)

Example

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transactions 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 (10/1/06 - 3/31/07).

Actual Expenses

The first set of lines in the table for each Fund provide 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

Expense Example 31

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
	10/1/06		3/31/07		10/1/06-3/31/07*		10/1/06-3/31/07
ICON Bond Fund
Class I
Actual Expenses	$	1,000.00	$	1,026.10	$	5.05		1.00%
Hypothetical Example (5% return before expenses)		1,000.00		1,020.01		5.04
Class C
Actual period return		1,000.00		1,022.90		8.07		1.60%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.02		8.05
Class Z
Actual period return		1,000.00		1,027.20		3.79		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		1,061.90		6.37		1.24%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.83		6.23
Class C
Actual Expenses		1,000.00		1,057.80		10.47		2.04%
Hypothetical Example (5% return before expenses)		1,000.00		1,014.83		10.25
Class Z
Actual Expenses		1,000.00		1,063.20		5.14		1.00%
Hypothetical Example (5% return before expenses)		1,000.00		1,020.01		5.04
Class A
Actual Expenses		1,000.00		1,056.00		8.31		1.62%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.00		8.15

32 Expense Example

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/06		3/31/07		10/1/06-3/31/07*		10/1/06-3/31/07
ICON Income Opportunity Fund+
Class I
Actual Expenses	$	1,000.00	$	1,051.80	$	7.78		1.52%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.42		7.65
Class C
Actual Expenses		1,000.00		1,047.20		11.59		2.27%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.68		11.40
Class Z
Actual Expenses		1,000.00		1,052.60		6.91		1.35%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.27		6.79
Class A
Actual Expenses		1,000.00		1,052.00		8.13		1.59%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.00		8.00
ICON Equity Income Fund
Class I
Actual Expenses		1,000.00		1,068.70		6.29		1.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.92		6.14
Class C
Actual Expenses		1,000.00		1,063.30		11.37		2.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.98		11.10
Class Z
Actual Expenses		1,000.00		1,068.60		6.24		1.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.97		6.09
Class A
Actual Expenses		1,000.00		1,067.00		7.47		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.00		7.29

Expense Example 33

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/06		3/31/07		10/1/06-3/31/07*		10/1/06-3/31/07
ICON Long/Short Fund
Class I
Actual Expenses	$	1,000.00	$	1,075.30	$	6.67		1.29%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.57		6.49
Class C
Actual Expenses		1,000.00		1,070.40		11.41		2.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.98		11.10
Class Z
Actual Expenses		1,000.00		1,076.70		5.33		1.03%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.86		5.19
Class A
Actual period return		1,000.00		1,075.00		7.45		1.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.00		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 sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
+	Formerly the ICON Covered Call Fund

34 Expense Example

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Statements of Assets and Liabilities
March 31, 2007 (unaudited)

	ICON Bond			ICON Core
	Fund			Equity Fund
Assets
Investments, at cost	$	93,031,221		$	171,853,500
Investments, at value		93,054,462			191,954,967
Cash		-			11,666
Deposits for short sales		-			-
Receivables:
Fund shares sold		538,856			188,416
Investments sold		-			5,034,888
Interest		1,255,627			130
Dividends		-			98,479
Expense reimbursements by Adviser		9,197			-
Other assets		29,400			33,116
Total Assets		94,887,542			197,321,662
Liabilities
Options written, at value (premiums received of $1,007,879)		-			-
Common stocks sold short, at value (proceeds of $12,920,521)		-			-
Payables:
Due to custodian bank		-			-
Interest		-			18
Investments bought		489,844			4,681,774
Fund shares redeemed		129,668			173,515
Distributions due to shareholders		354,988			-
Advisory fees		47,824			122,810
Accrued distribution fees		20,505			101,439
Fund accounting fees		5,340			6,385
Transfer agent fees		13,779			42,549
Administration fees		3,770			7,781
Trustee fees		4,149			8,521
Accrued expenses		6,353			6,947
Total Liabilities		1,076,220			5,151,739
Net Assets - all share classes	$	93,811,322		$	192,169,923
Net Assets - Class I	$	92,674,701		$	94,534,980
Net Assets - Class C	$	1,134,066		$	95,231,133
Net Assets - Class Z	$	2,555		$	1,186,922
Net Assets - Class A	$	-		$	1,216,888
Net Assets Consist of
Paid-in capital	$	95,288,625		$	166,309,148
Accumulated undistributed net investment income/(loss)		(14,631	)		(173,642	)
Accumulated undistributed net realized gain/(loss) from investments		(1,485,913	)		5,932,950
Unrealized appreciation/(depreciation on investments, written options and securities sold short		23,241			20,101,467
Net Assets	$	93,811,322		$	192,169,923

The accompanying notes are an integral part of the financial statements.

*  Formerly the ICON Covered Call Fund.

36 Financial Statements

ICON Income			ICON Equity			ICON Long/
Opportunity Fund*			Income Fund			Short Fund
$	54,591,266		$	121,351,449		$	215,963,241
	61,531,398			135,142,574			236,549,483
	455,321			-			-
	-			-			12,117,740
	2,658,579			948,195			970,807
	3,026,431			2,678,343			2,447,399
	2			128,294			1,936
	38,184			283,739			211,210
	1,615			803			-
	29,147			29,880			44,283
	67,740,677			139,211,828			252,342,858
	1,146,225			-			-
	-			-			12,949,750
	-			172,326			-
	740			83			-
	2,057,526			-			870,217
	106,221			164,908			206,644
	2,590,933			857,089			-
	40,404			87,965			167,991
	14,721			32,422			70,873
	1,321			5,445			7,326
	11,181			17,888			25,961
	2,496			5,567			9,208
	500			6,103			10,294
	48			9,367			7,375
	5,972,316			1,359,163			14,325,639
$	61,768,361		$	137,852,665		$	238,017,219
$	59,264,956		$	132,771,081		$	195,326,975
$	2,439,361		$	4,869,473		$	35,919,067
$	23,253		$	37,028		$	3,609,679
		��
$	40,791		$	175,083		$	3,161,498
$	56,674,723		$	119,427,398		$	216,199,592
	(61,239	)		(139,931	)		(180,138	)
	(1,646,909	)		4,774,073			1,440,752
	6,801,786			13,791,125			20,557,013
$	61,768,361		$	137,852,665		$	238,017,219

Financial Statements 37

Statements of Assets and Liabilities (continued)
March 31, 2007 (unaudited)

	ICON Bond		ICON Core
	Fund		Equity Fund
Shares outstanding (unlimited shares authorized, no par value)
Class I		9,240,798		6,280,612
Class C		112,810		6,681,057
Class Z		255		78,688
Class A		-		82,031
Net asset value (offering and redemption price per share)
Class I	$	10.03	$	15.05
Class C	$	10.05	$	14.25
Class Z	$	10.02	$	15.08
Class A	$	-	$	14.83
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	-	$	15.73

The accompanying notes are an integral part of the financial statements.

*  Formerly the ICON Covered Call Fund.

38 Financial Statements

ICON Income		ICON Equity		ICON Long/
Opportunity Fund*		Income Fund		Short Fund
	4,460,994		8,797,725		10,853,235
	190,486		325,081		2,064,454
	1,729		2,456		199,459
	3,077		11,639		176,140
$	13.29	$	15.09	$	18.00
$	12.81	$	14.98	$	17.40
$	13.45	$	15.08	$	18.10
$	13.26	$	15.04	$	17.95
$	14.07	$	15.96	$	19.05

Financial Statements 39

Statements of Operations
For the period ended March 31, 2007 (unaudited)

				ICON
	ICON			Core Equity
	Bond Fund			Fund
Investment Income
Interest	$	2,538,493		$	37,732
Dividends		-			1,444,195
Total Investment Income		2,538,493			1,481,927
Expenses
Advisory fees		278,943			764,928
Distribution fees:
Class I		114,868			129,517
Class C		4,601			492,051
Class A		-			775
Fund accounting fees		13,070			25,550
Transfer agent fees		38,695			117,395
Administration fees		21,462			47,083
Registration fees:
Class I		9,902			6,955
Class C		6,109			7,126
Class A		-			2
Insurance expense		2,663			5,948
Trustee fees and expenses		3,142			6,431
Interest expense		97			2,994
Other expenses		28,366			53,881
Dividends on short positions		-			-
Total expenses before expense (reimbursement)/recoupment and transfer agent earnings credit		521,918			1,660,636
Transfer agent earnings credit		(2,316	)		(5,067	)
Expense (reimbursement)/recoupment by Adviser due to expense limitation agreement		(51,358	)		-
Net Expenses		468,244			1,655,569
Net Investment Income/(Loss)		2,070,249			(173,642	)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from investment transactions		(31,526	)		7,277,664
Net realized gain/(loss) from written option transactions		-			-
Net realized gain/(loss) from securities sold short		-			-
Change in unrealized net appreciation/(depreciation) on investments		354,648			5,161,407
Change in unrealized net appreciation/(depreciation) on written options and securities sold short		-			-
Net realized and unrealized gain/(loss) on Investments		323,122			12,439,071
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	2,393,371		$	12,265,429

The accompanying notes are an integral part of the financial statements.

* Formerly the ICON Covered Call Fund.

40 Financial Statements

ICON
Income			ICON			ICON
Opportunity			Equity Income			Long/Short
Fund*			Fund			Fund
$	15,678		$	224,073		$	210,350
	461,752			2,161,614			1,562,265
	477,430			2,385,687			1,772,615
	237,654			532,073			947,307
	75,878			171,139			231,982
	13,204			24,307			158,983
	26			108			2,570
	9,490			18,218			27,866
	31,194			52,997			69,985
	14,628			32,751			51,451
	7,095			7,931			11,549
	5,098			5,227			6,620
	3			2			22
	1,833			3,947			5,640
	1,992			4,354			6,847
	23,099			6,296			-
	29,341			38,565			54,426
	-			-			6,200
	450,535			897,915			1,581,448
	(1,573	)		(3,525	)		(5,551	)
	43,521			(6,498	)		7,478
	492,483			887,892			1,583,375
	(15,053	)		1,497,795			189,240
	2,029,954			5,503,856			2,820,579
	(689,822	)		-			-
	-			-			(1,345,381	)
	2,122,576			2,460,287			14,374,449
	(244,679	)		-			(399,776	)
	3,218,029			7,964,143			15,449,871
$	3,202,976		$	9,461,938		$	15,639,111

Financial Statements 41

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,
	2007 (unaudited)			2006			2007 (unaudited)			2006
Operations
Net investment income/(loss)	$	2,070,249		$	3,646,185		$	(173,642	)	$	(958,391	)
Net realized gain/(loss) from investment transactions, written options and securities sold short		(31,526	)		(1,371,071	)		7,277,664			17,009,597
Change in net unrealized appreciation/(depreciation) from investment transactions, written options and securities sold short		354,648			143,765			5,161,407			(10,215,314	)
Net increase/(decrease) in net assets resulting from operations		2,393,371			2,418,879			12,265,429			5,835,892
Dividends and Distributions to Shareholders
Net investment income
Class I		(2,101,025	)		(3,568,886	)		-			-
Class C		(21,454	)		(35,016	)		-			-
Class Z		(86	)		(163	)		-			-
Class A		-			-			-			-
Net realized gains
Class I		-			(67,629	)		(7,580,908	)		(3,632,925	)
Class C		-			(720	)		(7,230,668	)		(3,157,999	)
Class Z		-			(5	)		(94,989	)		(44,621	)
Class A		-			-			(36,638	)		-
Net decrease from dividends and distributions		(2,122,565	)		(3,672,419	)		(14,943,203	)		(6,835,545	)
Fund Share Transactions
Shares sold
Class I		15,066,469			64,855,369			14,051,456			48,438,116
Class C		400,292			680,279			5,153,957			30,392,845
Class Z		796			3,382			106,279			144,544
Class A		-			-			1,105,823			126,818
Reinvested dividends and distributions
Class I		2,045,164			3,549,356			6,749,960			3,340,799
Class C		20,035			32,459			6,925,661			3,039,446
Class Z		85			169			92,041			44,621
Class A		-			-			32,501			-
Shares repurchased
Class I		(15,030,747	)		(59,254,239	)		(30,232,509	)		(40,446,108	)
Class C		(255,352	)		(720,554	)		(11,056,020	)		(14,874,966	)
Class Z		(1,949	)		(5,070	)		(283,598	)		(69,837	)
Class A		-			-			(24,619	)		-
Net increase/(decrease) from fund share transactions		2,244,793			9,141,151			(7,379,068	)		30,136,278
Total net increase/(decrease) in net assets		2,515,599			7,887,611			(10,056,842	)		29,136,625
Net Assets
Beginning of period		91,295,723			83,408,112			202,226,765			173,090,140
End of period	$	93,811,322		$	91,295,723		$	192,169,923		$	202,226,765

The accompanying notes are an integral part of the financial statements.

*  Formerly the ICON Covered Call Fund.

42 Financial Statements

ICON Income Opportunity Fund*						ICON Equity Income 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,
2007 (unaudited)			2006			2007 (unaudited)			2006			2007 (unaudited)			2006
$	(15,053	)	$	(52,034	)	$	1,497,795		$	2,594,897		$	189,240		$	44,891
	1,340,132			4,370,730			5,503,856			6,652,579			1,475,198			8,168,092
	1,877,897			(4,231,738	)		2,460,287			(4,514,597	)		13,974,673			(5,119,897	)
	3,202,976			86,958			9,461,938			4,732,879			15,639,111			3,093,086
	(46,145	)		-			(1,831,192	)		(3,020,514	)		(394,093	)		-
	-			-			(45,131	)		(62,488	)		-			-
	-			-			(420	)		(546	)		(13,175	)		-
	(41	)		-			(1,578	)		(137	)		(7,001	)		-
	(5,179,553	)		(466,120	)		(5,844,508	)		(8,604,004	)		(4,519,604	)		-
	(227,377	)		(32,162	)		(206,407	)		(280,066	)		(791,906	)		-
	(1,206	)		(31	)		(971	)		(1,603	)		(82,900	)		-
	(2,376	)		-			(2,660	)		-			(47,236	)		-
	(5,456,698	)		(498,313	)		(7,932,867	)		(11,969,358	)		(5,855,915	)		-
	7,153,518			21,879,443			12,575,094			35,024,898			60,096,731			155,386,607
	106,647			471,669			441,183			1,641,563			9,713,182			15,396,350
	17,972			84,618			17,454			5,128			77,537			3,298,177
	25,023			15,074			155,596			18,735			2,398,030			828,559
	5,087,394			459,746			7,237,219			10,796,225			4,670,355			-
	206,245			27,565			233,106			293,967			745,754			-
	1,206			31			1,390			2,148			96,075			-
	2,415			-			4,236			137			43,032			-
	(11,144,404	)		(15,996,624	)		(22,363,202	)		(34,657,379	)		(46,201,820	)		(42,414,938	)
	(617,023	)		(1,268,384	)		(604,111	)		(817,109	)		(2,612,429	)		(3,333,058	)
	(11	)		(80,654	)		(6,050	)		(4,693	)		(28,507	)		(54,803	)
	(84	)		(27	)		(37	)		(29	)		(177,007	)		(10,006	)
	838,898			5,592,457			(2,308,122	)		12,303,591			28,820,933			129,096,888
	(1,414,824	)		5,181,102			(779,051	)		5,067,112			38,604,129			132,189,974
	63,183,185			58,002,083			138,631,716			133,564,604			199,413,090			67,223,116
$	61,768,361		$	63,183,185		$	137,852,665		$	138,631,716		$	238,017,219		$	199,413,090

Financial Statements 43

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,
	2007 (unaudited)			2006			2007 (unaudited)			2006
Transactions in Fund Shares
Shares Sold
Class I		1,503,274			6,497,960			904,871			3,111,904
Class C		39,763			68,321			351,974			2,023,988
Class Z		79			338			6,833			9,247
Class A		-			-			72,962			8,503
Reinvested dividends and distributions
Class I		204,025			355,905			447,313			223,460
Class C		1,992			3,232			483,636			211,758
Class Z		9			17			6,091			2,991
Class A		-			-			2,184			-
Shares repurchased
Class I		(1,500,288	)		(5,932,254	)		(1,970,004	)		(2,631,913	)
Class C		(25,504	)		(72,047	)		(755,311	)		(993,097	)
Class Z		(195	)		(505	)		(19,026	)		(4,524	)
Class A		-			-			(1,618	)		-
Net increase/(decrease)		223,155			920,967			(470,095	)		1,962,317
Shares outstanding beginning of period		9,130,708			8,209,741			13,592,483			11,630,166
Shares outstanding end of period		9,353,863			9,130,708			13,122,388			13,592,483
Purchase and Sales of Investment Securities (excluding short-term securities and written options)
Purchase of securities (including short sale transactions)	$	16,640,668		$	44,043,104		$	122,666,811		$	309,597,013
Proceeds from sales of securities (including short sale transactions)		9,228,894			31,016,317			142,421,737			287,820,163
Purchases of long-term U.S. government securities		3,896,158			14,805,946			-			-
Proceeds from sales of long-term U.S. government securities		1,109,756			11,229,676			-			-
Accumulated undistributed net investment income/(loss)	$	(14,631	)	$	37,685		$	(173,642	)	$	-

The accompanying notes are an integral part of the financial statements.

* Formerly the ICON Covered Call Fund.

44 Financial Statements

ICON Income Opportunity Fund*						ICON Equity Income 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,
2007 (unaudited)			2006			2007 (unaudited)			2006			2007 (unaudited)			2006
	512,844			1,585,494			823,709			2,306,970			3,394,926			8,952,416
	7,849			35,165			29,157			108,682			566,873			916,226
	1,265			5,982			1,131			338			4,329			185,742
	1,811			1,094			10,104			1,249			135,899			48,384
	375,847			33,630			477,318			729,216			266,877			-
	15,769			2,068			15,506			20,038			43,971			-
	89			2			92			145			5,462			-
	180			-			281			9			2,463			-
	(798,039	)		(1,164,572	)		(1,460,717	)		(2,290,509	)		(2,614,908	)		(2,470,963	)
	(45,442	)		(94,159	)		(39,723	)		(54,361	)		(151,993	)		(201,278	)
	(1	)		(5,853	)		(399	)		(304	)		(1,611	)		(3,184	)
	(6	)		(2	)		(2	)		(2	)		(10,024	)		(582	)
	72,166			398,849			(143,543	)		821,471			1,642,264			7,426,761
	4,584,120			4,185,271			9,280,444			8,458,973			11,651,024			4,224,263
	4,656,286			4,584,120			9,136,901			9,280,444			13,293,288			11,651,024
$	36,098,873		$	101,463,973		$	78,410,880		$	216,358,850		$	117,047,801		$	213,729,009
	44,451,460			100,165,236			96,236,353			210,597,210			81,633,534			105,361,679
	-			-			3,997,210			3,470,308			-			-
	-			-			-			4,539,570			-			-
$	(61,239	)	$	-		$	(139,931	)	$	240,595		$	(180,138	)	$	44,891

Financial Statements 45

Financial Highlights

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Bond Fund
Class I+
Period Ended March 31, 2007 (unaudited)	$	10.00	$	0.22		$	0.04		$	0.26		$	(0.23	)	$	-
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	)		-
September 30, 2002 (inception) to September 30, 2003		10.00		0.42			0.38			0.80			(0.39	)		-
Class C
Period Ended March 31, 2007 (unaudited)		10.02		0.19			0.04			0.23			(0.20	)		-
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	)		-
October 21, 2002 (inception) to September 30, 2003		9.79		0.37			0.60			0.97			(0.34	)		-
Class Z
Period Ended March 31, 2007 (unaudited)		10.00		0.23			0.03			0.26			(0.24	)		-
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	)		-
ICON Core Equity Fund
Class I
Period Ended March 31, 2007 (unaudited)		15.22		0.02			0.92			0.94			-			(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			-			-
Year Ended September 30, 2003		9.50		(0.04	)		1.66			1.62			-			-
Year Ended September 30, 2002		10.04		(0.07	)		(0.20	)		(0.27	)		-			(0.27	)
Class C
Period Ended March 31, 2007 (unaudited)		14.52		(0.04	)		0.88			0.84			-			(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			-			-
Year Ended September 30, 2003		9.36		(0.11	)		1.63			1.52			-			-
Year Ended September 30, 2002		9.98		(0.15	)		(0.20	)		(0.35	)		-			(0.27	)

(x)	Calculated using the average share method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 2. The ratios in these financial highlights reflect the limitation, including the interest expense.
+	The Fund has changed its originally stated inception date of October 1, 2002 to September 30, 2002.

The accompanying notes are an integral part of the financial statements.

46 Financial Highlights

												Ratio of expenses to					Ratio of net investment
												average net assets(a)					income to avg net assets(a)
												Before		After			Before			After
												expense		expense			expense			expense
												limitation/		limitation/			limitation/			limitation/
										Average		recoupment		recoupment			recoupment			recoupment
and distributions								Net assets,		net assets		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		for the		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		thousands)		credit		credit			credit			credit			rate(b)
$	(0.23	)	$	10.03		2.61	%	$	92,675		$92,159		1.09%		1.00	%(e)		4.37	%		4.46	%		12.26	%
	(0.43	)		10.00		2.72	%		90,324		85,162		1.11%		1.01	%(e)		4.14	%		4.24	%		66.82	%
	(0.47	)		10.16		1.05	%		82,415		71,253		1.18%		1.10	%		3.72	%		3.80	%		76.28	%
	(0.44	)		10.52		5.41	%		61,502		46,295		1.29%		1.30	%		4.28	%		4.27	%		37.98	%
	(0.39	)		10.41		8.19	%		39,338		33,787		1.45%		1.30	%		4.01	%		4.16	%		41.65	%
	(0.20	)		10.05		2.29	%		1,134		1,086		3.53%		1.60	%(e)		1.93	%		3.86	%		12.26	%
	(0.37	)		10.02		2.09	%		968		982		3.08%		1.61	%(e)		2.17	%		3.64	%		66.82	%
	(0.41	)		10.18		0.47	%		988		926		3.42%		1.69	%		1.46	%		3.19	%		76.28	%
	(0.38	)		10.54		4.83	%		371		317		6.84%		1.90	%		3.63	%		8.57	%		37.98	%
	(0.34	)		10.42		9.98	%		260		199		2.05%		1.90	%		3.48	%		3.63	%		41.65	%
	(0.24	)		10.02		2.72	%		3		4		43.00%		0.75	%(e)		(37.54	)%		4.71	%		12.26	%
	(0.45	)		10.00		3.06	%		4		4		25.40%		0.76	%(e)		(20.18	)%		4.47	%		66.82	%
	(0.50	)		10.15		1.30	%		5		2		74.28%		0.84	%		(69.41	)%		4.03	%		76.28	%
	(0.19	)		10.51		4.33	%		1		1		0.86%		0.86	%		4.60	%		4.60	%		37.98	%
	(1.11	)		15.05		6.19	%		94,535		103,841		1.24%		1.24	%		0.22	%		0.22	%		61.21	%
	(0.57	)		15.22		4.35	%		104,966		105,521		1.23%		1.23	%		(0.13	)%		(0.13)	%		148.67	%
	-			15.14		18.47	%		93,780		69,660		1.27%		N/A			(0.33	)%		N/A			136.82	%
	-			12.78		14.93	%		47,273		43,044		1.33%		N/A			(0.59	)%		N/A			116.26	%
	-			11.12		17.05	%		37,603		34,007		1.39%		N/A			(0.37	)%		N/A			188.07	%
	(0.27	)		9.50		(3.23	)%		42,232		37,577		1.36%		N/A			(0.58	)%		N/A			107.82	%
	(1.11	)		14.25		5.78	%		95,231		98,677		2.04%		2.04	%		(0.59	)%		(0.59)	%		61.21	%
	(0.57	)		14.52		3.54	%		95,842		90,644		2.03%		2.02	%		(0.91	)%		(0.91)	%		148.67	%
	-			14.58		17.49	%		78,145		66,561		2.04%		N/A			(1.10	)%		N/A			136.82	%
	-			12.41		14.06	%		53,101		45,114		2.08%		N/A			(1.34	)%		N/A			116.26	%
	-			10.88		16.24	%		35,428		30,459		2.14%		N/A			(1.12	)%		N/A			188.07	%
	(0.27	)		9.36		(4.07	)%		27,744		19,849		2.11%		N/A			(1.33	)%		N/A			107.82	%

Financial Highlights 47

Financial Highlights (continued)

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Core Equity Fund continued
Class Z
Period Ended March 31, 2007 (unaudited)	$	15.23	$	0.04		$	0.92		$	0.96		$	-		$	(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, 2007 (unaudited)		15.09		(0.03	)		0.88			0.85			-			(1.11	)
May 31, 2006 (inception) to September 30, 2006		15.80		(0.27	)		(0.44	)		(0.71	)		-			-
ICON Income Opportunity Fund#
Class I+
Period Ended March 31, 2007 (unaudited)		13.80		-	(c)		0.71			0.71			(0.01	)		(1.21	)
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	)
September 30, 2002 (inception) to September 30, 2003		10.00		(0.07	)		2.47			2.40			-			-
Class C
Period Ended March 31, 2007 (unaudited)		13.39		(0.05	)		0.68			0.63			-			(1.21	)
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	)
November 21, 2002 (inception) to September 30, 2003		10.75		(0.17	)		1.74			1.57			-			-
Class Z
Period Ended March 31, 2007 (unaudited)		13.94		0.02			0.70			0.72			-			(1.21	)
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, 2007 (unaudited)		13.80		-	(c)		0.71			0.71			(0.04	)		(1.21	)
May 31, 2006 (inception) to September 30, 2006		13.73		0.03			0.04			0.07			-			-

(x)	Calculated using the average share method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(c)	Amount less than $0.005.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 2. The ratios in these financial highlights reflect the limitation, including the interest expense.
+	The Fund has changed its originally stated inception date of October 1, 2002 to September 30, 2002.
#	Formerly the ICON Covered Call Fund.

The accompanying notes are an integral part of the financial statements.

48 Financial Highlights

												Ratio of expenses to					Ratio of net investment
												average net assets(a)					income to avg net assets(a)
												Before		After			Before			After
												expense		expense			expense			expense
												limitation/		limitation/			limitation/			limitation/
										Average		recoupment		recoupment			recoupment			recoupment
and distributions								Net assets,		net assets		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		for the		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		thousands)		credit		credit			credit			credit			rate(b)
	$(1.11	)	$	15.08		6.32	%	$	1,187		$1,346		1.00%		1.00	%		0.46	%		0.46	%		61.21	%
	(0.57	)		15.23		4.57	%		1,291		1,281		0.99%		0.98	%		0.12	%		0.12	%		148.67	%
	-			15.12		18.22	%		1,165		229		1.76%		N/A			(0.94	)%		N/A			136.82	%
	-			12.79		5.97	%		36		32		1.12%		N/A			(0.28	)%		N/A			116.26	%
	(1.11	)		14.83		5.64	%		1,217		622		1.63%		1.62	%		(0.35	)%		(0.34)	%		61.21	%
	-			15.09		(4.49	)%		128		40		7.44%		7.43	%		(5.45	)%		(5.44)	%		148.67	%
	(1.22	)		13.29		5.18	%		59,265		60,850		1.36%		1.52	%(e)		0.14	%		(0.02)	%		55.83	%
	(0.12	)		13.80		0.30	%		60,321		56,848		1.47%		1.47	%(e)		(0.04	)%		(0.04)	%		159.55	%
	(0.57	)		13.88		9.21	%		54,347		49,938		1.54%		1.45	%		(0.57	)%		(0.48)	%		159.35	%
	(0.44	)		13.25		10.53	%		42,962		30,305		1.60%		1.45	%		(0.67	)%		(0.52)	%		167.57	%
	-			12.40		24.00	%		20,981		14,544		2.07%		1.45	%		(1.27	)%		(0.65)	%		184.24	%
	(1.21	)		12.81		4.72	%		2,439		2,645		2.83%		2.27	%(e)		(1.32	)%		(0.76)	%		55.83	%
	(0.12	)		13.39		(0.36	)%		2,842		3,254		2.61%		2.23	%(e)		(1.23	)%		(0.85)	%		159.55	%
	(0.57	)		13.56		8.31	%		3,652		2,914		2.80%		2.20	%		(1.80	)%		(1.20)	%		159.35	%
	(0.44	)		13.06		9.69	%		1,964		838		3.89%		2.20	%		(2.93	)%		(1.23)	%		167.57	%
	-			12.32		14.60	%		148		50		2.83%		2.20	%		(2.13	)%		(1.50)	%		184.24	%
	(1.21	)		13.45		5.26	%		23		11		13.76%		1.35	%(e)		(12.16	)%		0.25	%		55.83	%
	(0.12	)		13.94		0.88	%		5		32		3.52%		1.22	%(e)		(2.14	)%		0.15	%		159.55	%
	(0.57	)		13.94		9.42	%		3		3		53.94%		1.20	%		(52.97	)%		(0.23)	%		159.35	%
	-			13.29		3.34	%		3		2		1.12%		1.12	%		(0.11	)%		(0.11)	%		167.57	%
	(1.25	)		13.26		5.16	%		41		21		10.42%		1.59	%(e)		(8.88	)%		(0.05)	%		55.83	%
	-			13.80		0.51	%		15		5		42.18%		1.47	%(e)		(40.01	)%		0.69	%		159.55	%

Financial Highlights 49

Financial Highlights (continued)

			Income from investment operations							Less dividends
	Net asset		Net		Net realized					Dividends			Distributions
	value,		investment		and unrealized			Total from		from net			from net
	beginning		income/		gains/(losses)			investment		investment			realized
	of period		(loss)(x)		on investments			operations		income			gains
ICON Equity Income Fund
Class I+
Period Ended March 31, 2007 (unaudited)	$	14.94		$0.16		$0.86			$1.02		$(0.20	)		$(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	)		-
September 30, 2002 (inception) to September 30, 2003		10.00		0.25		2.20			2.45		(0.23	)		-
Class C
Period Ended March 31, 2007 (unaudited)		14.85		0.09		0.85			0.94		(0.14	)		(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	)		-
November 8, 2002 (inception) to September 30, 2003		10.63		0.16		1.59			1.75		(0.17	)		-
Class Z
Period Ended March 31, 2007 (unaudited)		14.94		0.18		0.84			1.02		(0.21	)		(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, 2007 (unaudited)		14.92		0.20		0.79			0.99		(0.20	)		(0.67	)
May 31, 2006 (inception) to September 30, 2006		15.04		0.08		(0.01	)		0.07		(0.19	)		-

(x)	Calculated using the average share method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(c)	The limitation on expenses for Class Z shares occurred when the Advisor reimbursed the Fund for excise and income taxes incurred during the period (Note 5). These expenses were extraordinary expenses not subject to the contractual expense limitation discussed in Note 2.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 2. The ratios in these financial highlights reflect the limitation, including the interest expense.
+	The Fund has changed its originally stated inception date of October 1, 2002 to September 30, 2002.

The accompanying notes are an integral part of the financial statements.

50 Financial Highlights

												Ratio of expenses to					Ratio of net investment
												average net assets(a)					income to avg net assets(a)
												Before		After			Before			After
												expense		expense			expense			expense
												limitation/		limitation/			limitation/			limitation/
										Average		recoupment		recoupment			recoupment			recoupment
and distributions								Net assets,		net assets		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		for the		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		thousands)		credit		credit			credit			credit			rate(b)
	$(0.87	)	$	15.09		6.87	%	$	132,771		$137,282		1.22%		1.22	%(e)		2.14	%		2.14	%		59.09	%
	(1.44	)		14.94		4.02	%		133,835		130,261		1.23%		1.23	%(e)		1.96	%		1.96	%		162.84	%
	(0.35	)		15.79		12.71	%		129,681		131,412		1.27%		1.27	%		1.79	%		1.79	%		143.82	%
	(0.29	)		14.33		19.69	%		117,552		88,318		1.35%		1.37	%		2.25	%		2.23	%		51.84	%
	(0.23	)		12.22		24.72	%		42,474		25,288		1.72%		1.45	%		2.23	%		2.30	%		35.17	%
	(0.81	)		14.98		6.33	%		4,869		4,874		2.42%		2.21	%(e)		0.97	%		1.18	%		59.09	%
	(1.30	)		14.85		3.03	%		4,753		4,346		2.29%		2.20	%(e)		0.91	%		1.00	%		162.84	%
	(0.23	)		15.71		11.71	%		3,861		3,026		2.53%		2.20	%		0.53	%		0.86	%		143.82	%
	(0.20	)		14.27		18.56	%		1,885		1,053		3.47%		2.20	%		0.12	%		1.40	%		51.84	%
	(0.17	)		12.21		16.63	%		581		348		2.48%		2.20	%		1.10	%		1.38	%		35.17	%
	(0.88	)		15.08		6.86	%		37		28		6.34%		1.21	%(e)		(2.75	)%		2.38	%		59.09	%
	(1.44	)		14.94		4.04	%		24		23		4.36%		1.20	%(e)		(1.20	)%		1.96	%		162.84	%
	(0.37	)		15.79		12.89	%		23		20		9.37%		1.20	%		(6.31	)%		1.86	%		143.82	%
	(0.19	)		14.33		8.12	%		14		12		1.11%		0.97	%(c)		2.62	%		2.76	%		51.84	%
	(0.87	)		15.04		6.67	%		175		87		3.36%		1.45	%(e)		0.67	%		2.58	%		59.09	%
	(0.19	)		14.92		0.46	%		19		6		38.36%		1.44	%(e)		(35.18	)%		1.74	%		162.84	%

Financial Highlights 51

Financial Highlights (continued)

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Long/Short Fund(d)
Class I+
Period Ended March 31, 2007 (unaudited)	$	17.19	$	0.03		$	1.25		$	1.28		$	(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	)
September 30, 2002 (inception) to September 30, 2003		10.00		(0.07	)		2.07			2.00			-			-
Class C
Period Ended March 31, 2007 (unaudited)		16.67		(0.05	)		1.21			1.16			-			(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	)
October 17, 2002 (inception) to September 30, 2003		10.61		(0.15	)		1.46			1.31			-			-
Class Z
Period Ended March 31, 2007 (unaudited)		17.29		0.05			1.26			1.31			(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, 2007 (unaudited)		17.18		0.01			1.25			1.26			(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.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 2.30% for Class C, 1.55% for Class I, 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.
(e)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 2. The ratios in these financial highlights reflect the limitation, including the interest expense.
+	The Fund has changed its originally stated inception date of October 1, 2002 to September 30, 2002.

The accompanying notes are an integral part of the financial statements.

52 Financial Highlights

												Ratio of expenses to					Ratio of net investment
												average net assets(a)					income to avg net assets(a)
												Before		After			Before			After
												expense		expense			expense			expense
												limitation/		limitation/			limitation/			limitation/
										Average		recoupment		recoupment			recoupment			recoupment
and distributions								Net assets,		net assets		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		for the		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		thousands)		credit		credit			credit			credit			rate(b)
	$(0.47	)	$	18.00		7.53	%	$	195,327		$186,244		1.30%		1.29	%(e)		0.29	%		0.30	%		38.81	%
	-			17.19		7.50	%		168,522		101,365		1.34%		1.45	%(e)		0.29	%		0.18	%		94.62	%
	(0.50	)		15.99		18.69	%		53,158		47,211		1.58%		1.58	%		(0.53	)%		(0.53)	%		112.06	%
	(0.16	)		13.92		17.42	%		24,480		14,374		2.15%		1.74	%		(1.03	)%		(0.62)	%		148.32	%
	-			12.00		20.00	%		9,726		6,997		3.09%		1.55	%		(2.20	)%		(0.66)	%		162.25	%
	(0.43	)		17.40		7.04	%		35,919		31,935		2.18%		2.21	%(e)		(0.60	)%		(0.63)	%		38.81	%
	-			16.67		6.65	%		26,763		18,567		2.20%		2.30	%(e)		(0.69	)%		(0.78)	%		94.62	%
	(0.50	)		15.63		17.68	%		13,925		8,860		2.37%		2.32	%		(1.35	)%		(1.31)	%		112.06	%
	(0.16	)		13.73		16.61	%		3,716		1,417		3.70%		2.49	%		(2.57	)%		(1.35)	%		148.32	%
	-			11.92		12.35	%		269		186		3.84%		2.30	%		(2.99	)%		(1.45)	%		162.25	%
	(0.50	)		18.10		7.67	%		3,610		3,480		1.04%		1.03	%(e)		0.54	%		0.55	%		38.81	%
	-			17.29		7.73	%		3,306		1,810		1.09%		1.17	%(e)		0.69	%		0.61	%		94.62	%
	(0.50	)		16.05		18.96	%		140		89		3.07%		1.33	%		(2.07	)%		(0.33)	%		112.06	%
	-			13.94		(0.36	)%		32		29		1.98%		1.76	%		(0.50	)%		(0.28)	%		148.32	%
	(0.49	)		17.95		7.45	%		3,161		2,062		1.38%		1.44	%(e)		0.20	%		0.14	%		38.81	%
	-			17.18		(1.94	)%		821		196		2.51%		1.54	%(e)		(0.01	)%		0.96	%		94.62	%

Financial Highlights 53

Notes to Financial Statements
March 31, 2007 (unaudited)

1. Organization and Significant Accounting Policies

The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”) ICON Income Opportunity Fund (“Income Opportunity Fund”, formerly, the ICON Covered Call Fund), ICON Equity Income Fund (“Equity Income 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 shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently 12 other active funds within the Trust. Those funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of the Bond Fund is maximum total return. The investment objective of the Core Equity Fund is long-term capital appreciation with a secondary objective of capital preservation. The investment objective of the Income Opportunity Fund is modest capital appreciation and to maximize realized gains. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the Long/Short Fund is capital appreciation.

The 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 invests short in securities; there are risks associated with selling short, including the risk

54 Notes to Financial Statements

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 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 tend to 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 is less governmental supervision of foreign stock exchanges and securities brokers and issuers.

In addition, 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 involves future claims that may be made against each Fund. However, based on experience, the Funds expect the risk of loss to be minimal.

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 NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

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. The valuation assigned to fair-valued securities for purposes of calculating a Fund’s net asset value (“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.

Lacking any sales that day, the 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 principal market where the option is traded. 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 a matrix 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. 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.

56 Notes to Financial Statements

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management has recently begun to evaluate the application of the Statement to the Funds, and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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, 2007.

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 into U.S. dollars at the prevailing rates of exchange daily. 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

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)

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 in connection with planned purchases or sales of securities as a hedge against fluctuations in foreign exchange rates pending the settlement of transactions in foreign securities. 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 Statements 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 in the Statements of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2007.

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 the 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, 2007.

58 Notes to Financial Statements

Options Transactions

The Income Opportunity Fund writes (sells) call options as part of its normal investment activities. Each Fund may write (sell) put and call options on individual securities and on securities indexes.

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. 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 if 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.

Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included 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 transaction, a gain or loss is realized. If the fund exercises a call 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.

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

Notes to Financial Statements 59

Notes to Financial Statements (unaudited) (continued)

collateralized by cash equivalents 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 held by the prime broker. 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 in 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 in 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.

Securities Lending

The Funds may lend their portfolio securities. The advantage of lending portfolio securities is that the Fund continues to have the benefits (and risks) of ownership of the loaned securities, while at the same time receiving compensation from the borrower of the securities. The primary risk in lending portfolio securities is that a borrower may fail to return a portfolio security. The Funds did not enter into any lending of portfolio securities during the period ended March 31, 2007.

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 Income Opportunity Fund and the Equity Income 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 ICON Funds may utilize equalization accounting for tax purposes and designate earnings and profits,

60 Notes to Financial Statements

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.

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has recently begun to evaluate the application of the Interpretation to the Funds and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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. 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

Notes to Financial Statements 61

Notes to Financial Statements (unaudited) (continued)

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.

2. 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, Income Opportunity and Equity Income Funds, and 0.85% of average daily net assets of the Long/Short Fund.

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:

	Class I		Class C		Class Z		Class A
ICON Bond Fund		1.00%		1.60%		0.75%		N/A
ICON Income Opportunity Fund		1.45%		2.20%		1.20%		1.45	%
ICON Equity Income Fund		1.45%		2.20%		1.20%		1.45	%
ICON Long/Short Fund		1.55%		2.30%		1.30%		1.55	%

The Funds’ expense limitation will continue in effect until at least January 31, 2016.

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.

62 Notes to Financial Statements

As of March 31, 2007 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:

	2007		2008		2009		2010
ICON Bond Fund	$	7,852	$	90,804	$	102,282	$	51,358
ICON Income Opportunity Fund		7,066		61,718		42,816		8,816
ICON Equity Income Fund		6,437		11,555		6,067		6,498
ICON Long/Short Fund		-		-		-		-

Transfer Agent, Custody and Accounting Fees

BISYS Fund Services Ohio, Inc. (“BISYS”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays BISYS 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 is a result from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2007, 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. As of January 31, 2006, 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. Prior to that date, this agreement provided for an annual fee to ICON of 0.05% on the Funds’ first $1.5 billion of average daily

Notes to Financial Statements 63

Notes to Financial Statements (unaudited) (continued)

net assets and 0.045% on average daily net assets in excess of $1.5 billion. 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 BISYS pursuant to which BISYS assists ICON with the administration and business affairs of the Trust. For its services, ICON pays BISYS 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, Bond Fund Class C shareholders pay an annual 12b-1 and service fee of 0.85% of average daily net assets and Class I shareholders pay an annual 12b-1 fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual 12b-1 and service fee of 1.00% of average daily net assets for Class C shares and an annual 12b-1 and service fee of 0.25% of average daily net assets for Class I shares and Class A shares. The total amount paid under the 12b-1 plans by the Funds is shown in 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 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2007, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

Some of the 12b-1 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, 2007, this amount was $85,030.

64 Notes to Financial Statements

3. Line of Credit

The Funds have entered into Lines of Credit agreements with BBH. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in the Fund subject to a maximum borrowing limit by the Trust of $150 million. The ICON Income Opportunity Fund is limited to the lesser of $50 million or 10% of net asset value. Interest is charged at LIBOR plus 2.00%, which was 7.32% at March 31, 2007. The average interest rate charged for the period ended March 31, 2007 was 6.57%.

	Average Borrowing
	(10/1/06-3/31/07)
ICON Bond Fund	$	56,961
ICON Core Equity Fund**		674,536
ICON Income Opportunity Fund**		782,445
ICON Equity Income Fund**		480,453
ICON Long/Short Fund		-

**Fund had outstanding borrowings as of March 31, 2007.

4. Options Contracts Written

The number of option contracts written and the premiums received by the ICON Income Opportunity Fund during the period ended March 31, 2007, were as follows:

	Number of			Premiums
	Contracts			Received
Options outstanding, beginning of period		13,216		$	2,108,685
Options written during period		17,630			9,547,945
Options expired during period		(1,745	)		(215,172	)
Options closed during period		(28,666	)		(10,433,579	)
Options exercised during period		-			-
Options outstanding, end of period		435		$	1,007,879

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.

Notes to Financial Statements 65

Notes to Financial Statements (unaudited) (continued)

During the year ended September 30, 2006, the following capital loss carryforwards were used:

ICON Income Opportunity Fund	$	621,989
ICON Long/Short Fund		387,875

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended September 30, 2006, the fund deferred to October 1, 2006 post October capital losses:

	Capital
Fund	Losses
ICON Bond Fund	$	1,454,387

As of March 31, 2007, 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	$	93,031,221	$	544,754	$	(521,513	)	$	23,241
ICON Core Equity Fund		171,926,747		21,096,738		(1,068,518	)		20,028,220
ICON Income Opportunity Fund		54,709,291		7,488,769		(666,662	)		6,822,107
ICON Equity Income Fund		121,485,296		15,025,545		(1,368,267	)		13,657,278
ICON Long/Short Fund		215,997,689		24,877,636		(4,325,842	)		20,551,794

6. Segregated Account and Short Sale Collateral

As of March 31, 2007 the ICON Long/Short Fund had securities or cash deposits with the counterparty to the short sales in the amount of $12,117,740 as collateral for the short sales.

66 Notes to Financial Statements

Other Information (unaudited)

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconadvisers.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 SEC 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.iconadvisers.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.iconadvisers.com or on the SEC’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.iconadvisers.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.

ICON Distributors, Inc., Distributor.

Other Information 67

(This page intentionally left blank)

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.iconadvisers.com
By E-Mail	info@iconadvisers.com

1-800-764-0442

www.iconadvisers.com

FSANN-DIV (03-07)

2007 Semiannual Report

ICON International Funds

Investment Update

March 31, 2007

(Unaudited)

ICON Asia-Pacific Region Fund

ICON Europe Fund

ICON International Equity Fund

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	4
Schedules of Investments (Unaudited)	7
ICON Asia-Pacific Region Fund	7
ICON Europe Fund	12
ICON International Equity Fund	17
Six Month Hypothetical Expense Example (Unaudited)	23
Financial Statements (Unaudited)	26
Financial Highlights (Unaudited)	32
Notes to Financial Statements (Unaudited)	34
Other Information (Unaudited)	46

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, tax return of capital, and 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.iconadvisers.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, 2007, 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. Each Fund’s holdings as of March 31, 2007 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 tend to 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

2 About This Report

countries. In general, there is 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.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and portfolio managers’ 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,” “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, and other factors beyond the control of our portfolio managers. 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 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. The prospectus contains this and other information about the Funds and is available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus carefully.

About This Report 3

Message From ICON Funds (unaudited)

Dear ICON Shareholder:

The ICON approach is based on our observation and belief that markets experience themes (meaning industry leadership) that typically last one to two years. As globalization continues in the worldwide economy, geographic borders are no longer as important as they once were. While we do consider country fundamentals, industry themes have become more prevalent across the globe.

We use a disciplined approach to look for two traits to identify industries that have the potential to lead the next market theme: valuation and relative strength. We believe industries that are about to lead the market include stocks with prices below our estimate of intrinsic value (indicated by valuation) and also have performed more strongly than the broad market average during the previous six months (indicated by relative strength).

When calculating valuation, we don’t use financial ratios such as price-to-earnings or price-to-book value. Rather, our proprietary valuation equation incorporates historic company earnings, an estimated growth rate for future earnings, the triple-A bond yield, and beta, a measure of risk.

The Market Setting

While the past six months were a period of strong returns for international stocks relative to the U.S. market, these higher returns came with higher risk, as is generally the case for international investing.

The first three months of 2007 were marked by a global market downturn that began in late February, following an announcement by the Chinese government that it was forming a high-level task force to clamp down on illegal securities trading. Volatility was quick to spread after this announcement. The Chinese market responded by falling nearly 9% in a single day on February 27, 2007, its largest decline in a decade. Those losses reverberated in Japan, where sell-offs led to a brief halt in trading, and European shares also plunged.

Early in May 2006, when the international market appeared to hit a peak, the average value-to-price ratio for the approximately 1,850 international stocks in our database was 1.14. Translated, that means that our methodology indicated that stocks were priced about 14% below our estimate of fair value.

Over time, we have found that the best evaluation timeframe for ICON’s value-to-price ratio is about 12 to 13 months into the future. This means that our calculations (all things being equal without any changes in our

4 Message From ICON Funds

assumptions), or estimates of company earnings, growth rates, bond yield and beta, indicated that prices would have to advance about 14% during the next year to be considered fairly valued.

Of course, there is always the potential that assumptions will change, including the assumption that growing earnings will increase value and that slowing earnings will decrease value during a normal one-year period. As of March 31, 2007, the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex U.S., a broad measure of international stock market performance, was 10% higher than it was on June 13, 2006, the market low.

Since the market low, international stock prices have since advanced in line with, but not as much as, our value-to-price ratios would have expected in May-June 2006. Intrinsic value grew, and stock prices overseas have been trying to catch up. Still we believe it was proper to be invested. And, with U.S. stocks now representing less than half of the world’s equities based on the MSCI All Country World Index on a market capitalization-weighted basis (43.5% as of March 31, 2007), we continue to pursue opportunities in overseas markets.

With valuation as our guide, with our valuations’ best evaluation period being one year forward, and making no attempt to “time” or guess one-month moves, we rode through the volatility.

Sector Leadership and Fund Positioning

Throughout most international markets, sector leadership during the past six months reverted back to the former leaders of the past three-year period, according to our estimation. Based on the International Equity Fund, the Materials and Industrials sectors led the way, but also happened to be the market segments that were hit hardest during the sharp downturns in the period (the February 26-March 5, 2007 period in particular).

Defensive sectors held up better amidst sell-offs, with the Funds’ positions in the Health Care and Consumer Staples sectors not declining as much. We also saw a flight to safety during the period’s downturns on a country basis as well. Emerging markets including China, India, Malaysia, Philippines, Singapore suffered more in the late February downturn than developed markets. However, we were rewarded in the end by staying invested through the volatility.

After a strong 2006, our metrics indicated declining valuations in European companies during the six-month period. As we saw less value, we gradually moved the ICON International Equity Fund toward a heavier weighing in Asia. Prices have risen in Europe significantly but so have interest rates, which have had an inverse effect on value. As of March 31, 2007, we measured a

Message From ICON Funds 5

value-to-price ratio of 1.24 for the Asia-Pacific region vs. 1.12 in the European region, indicating better opportunities in Asia.

Finding Undervalued Industries

As 2007 has unfolded, our methodology has pinpointed many attractive industries with those two traits. At ICON, we utilize a quantitative approach to eliminate emotions and guessing. Over the long run, value grows as corporate earnings grow, and in our experience, prices, in general, try to keep up with value.

News events interfere with and alter the path that international stock prices take. Investors react to news, sometimes incorrectly, as we saw in February and March. That is all part of the territory that goes along with investing in internationally traded equities.

Thank you for the opportunity to guide your investments. We appreciate your commitment to the ICON International Funds.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

6 Message From ICON Funds

ICON Asia-Pacific Region Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (99.3%)
	43,600	Aeon Mall Co., Ltd.	$	1,274,286
	599,600	AMMB Holdings Bhd.		654,649
	894,000	Angang Steel Co., Ltd.		1,546,119
	26,000	Asahi Glass Co., Ltd.		364,888
	15,000	Astellas Pharma, Inc.		644,844
	1,225,005	Beauty China Holdings, Ltd.		883,866
	431,000	BEC World Public Co., Ltd.		268,807
	40,000	Brother Industries, Ltd.		540,182
	809,000	Bumiputra-Commerce Holdings Bhd.		2,326,965
	56,050	Canon, Inc.		3,010,074
	31,000	Catcher Technology Co., Ltd.		242,569
	47	Central Japan Railway Co.		533,737
	95,000	Chiba Bank, Ltd.		835,092
	422,000	China Infrastructure Machinery Holdings, Ltd.		825,880
	238,000	China Mobile, Ltd.		2,141,020
	1,528,000	China Oilfield Services, Ltd.		1,224,159
	2,508,000	China Oriental Group Co., Ltd.		829,009
	1,336,000	China Petroleum & Chemical Corp.		1,127,836
	3,404,000	China Power International Development, Ltd.	$	1,645,968
	880,000	China Steel Corp.		990,917
	192,222	Chong Hing Bank, Ltd.		507,090
	35,000	Chubu Electric Power Company, Inc.		1,202,950
	636,000	CNOOC, Ltd.		556,708
	57,400	DAH Sing Financial Group		499,465
	53,000	Daiichi Sankyo Co., Ltd.		1,622,339
	165,000	DBS Group Holdings, Ltd.		2,323,093
	278,000	Delta Electronics, Inc.		897,707
	14,000	Denso Corp.		518,334
	33,000	Diamond City Co., Ltd.		745,462
	99	East Japan Railway Co.		770,143
	209,900	Electricity Generating Public Co., Ltd.		588,202
	53,000	Esprit Holdings, Ltd.		621,117
	620,000	Ezra Holdings Pte., Ltd.		2,208,346
	2,742,000	Fountain Set Holdings, Ltd.		951,969
	18,100	FUJIFILM Holdings Corp.*		740,469
	878,000	Great Wall Motor Co., Ltd.		1,288,857
	15,000	GS Engineering & Construction Corp.		1,339,206

Schedule of Investments 7

Shares			Value
	406,000	Guangzhou R&F Properties Co., Ltd.	$	900,910
	29,100	Hanjin Heavy Industries & Construction Co., Ltd.		1,019,165
	38,100	Hankook Tire Co., Ltd.		630,781
	532,000	Harbin Power Equipment Co., Ltd. - Class H		599,501
	425,000	Hengan International Group Co., Ltd.		1,243,951
	18,000	Hokkaido Electric Power Co.		477,647
	370,349	Hon Hai Precision Industry Co., Ltd.		2,475,101
	62,800	Honda Motor Co., Ltd.		2,188,679
	400,100	Hong Leong Financial Group Bhd.		664,989
	1,640,000	Hongguo International Holdings, Ltd.(a)		1,378,986
	286,000	Hopson Development Holdings, Ltd.		715,251
	13,000	Hoya Corp.		429,561
	12,400	Hyundai Heavy Industries Co., Ltd.		2,468,083
	18,200	Hyundai Mipo Dockyard Co., Ltd.		3,343,880
	196,000	Industrial & Commercial Bank of China (Asia), Ltd.		428,342
	35,880	Industrial Bank of Korea		716,342
	181,000	Ishikawajima-Harima Heavy Industries Co., Ltd.		749,631
	99,000	Itochu Enex Co., Ltd.	$	749,516
	38,000	Japan Steel Works, Ltd.		455,268
	1,180,000	Jiangxi Copper Co., Ltd.		1,416,928
	337,650	Johnson Health Tech. Co., Ltd.		2,498,386
	163,000	Joyo Bank, Ltd.		1,014,487
	24,000	JS Group Corp.		519,147
	49,000	Kansai Electric Power Co., Inc.		1,410,032
	168,000	Keppel Corp., Ltd.		2,102,572
	210,000	Kingboard Chemical Holdings, Ltd.		881,917
	384,800	KNM Group Bhd.		1,258,734
	5,400	Kookmin Bank		485,753
	689,600	KS Energy Services, Ltd.		1,329,900
	39,000	Kuraray Co., Ltd.		419,798
	16,900	Kyocera Corp.		1,588,000
	538,000	Li Ning Co., Ltd.		1,061,372
	446,000	Mah Sing Group Bhd.		642,363
	950,000	Malaysia Airports Holdings Bhd.		805,347
	97,000	Matsui Securities Co., Ltd.		847,218
	56,000	MediaTek, Inc.		640,980
	12,800	Megastudy Co., Ltd.		2,245,601
	62,000	Mitsubishi Chemical Holdings Corp.		526,982
	75,400	Mitsubishi Corp.		1,740,912
	190,000	Mitsubishi Heavy Industries, Ltd.		1,225,409
	148,000	Mitsubishi Materials Corp.		700,203
	109	Mitsubishi UFJ Financial Group, Inc.		1,228,281

8 Schedule of Investments

Shares			Value
	112,450	Mitsui & Co., Ltd.	$	2,116,645
	82	Mizuho Financial Group, Inc.		526,831
	404,000	Nan Ya Plastics Corp.		755,598
	39,000	NGK Insulators, Ltd.		800,186
	7,000	Nintendo Co., Ltd.		2,031,477
	259	Nippon Telegraph & Telephone Corp.		1,368,373
	69,000	Nippon Yusen Kabushiki Kaisha		552,206
	63,000	Nomura Holdings, Inc.		1,306,368
	2,302,000	Pacific Basin Shipping, Ltd.		1,974,263
	110,000	Petronas Dagangan Bhd.		195,747
	11,000	Point, Inc.		697,819
	979,000	PT Aneka Tambang Tbk		1,263,887
	1,234,000	Raffles Education Corp., Ltd.		1,862,445
	357,000	Realtek Semiconductor Corp.		782,973
	27,400	Renesola, Ltd.(a)		279,337
	33,000	Ricoh Co., Ltd.		740,674
	263,000	Sembcorp Marine, Ltd.		607,442
	1,260,000	Shanghai Zhenhua Port Machinery Co., Ltd.		1,889,541
	53,000	Sharp Corp.		1,019,347
	4,500	Shimamura Co., Ltd.		493,363
	11,000	Shin-Etsu Chemical Co., Ltd.		669,391
	187,000	SIA Engineering Co., Ltd.		578,514
	395,000	Siam Commercial Bank Public Co., Ltd.	$	766,440
	4,456,000	Sichuan Expressway Co., Ltd.		1,003,245
	885,000	Siliconware Precision Industries Co.		1,674,476
	64,000	Singapore Airlines, Ltd.		698,556
	200,000	Singapore Telecommunications, Ltd.		431,978
	2,800	SMC Corp.		374,475
	33,100	Sony Corp.		1,673,140
	367,000	SP Setia Bhd.		817,639
	45,000	Sumitomo Chemical Co., Ltd.		339,168
	112,000	Sumitomo Metal Industries, Ltd.		578,011
	97	Sumitomo Mitsui Financial Group, Inc.		878,338
	21,800	Suzuki Motor Corp.		564,271
	376,000	Taiheiyo Cement Corp.		1,655,748
	24,500	Takeda Pharmaceutical Co., Ltd.		1,604,511
	132,300	Telekom Malaysia Bhd.		382,811
	236,800	Tenaga Nasional Bhd.		781,284
	109,557	The Bank of Yokohama, Ltd.		814,561
	37,600	Tokai Rika Co., Ltd.		888,981
	67,000	Tokyo Electric Power Co.		2,287,500
	166,000	Tokyo Gas Co., Ltd.		922,798
	127,000	Tokyu Land Corp.		1,443,251
	43,000	Toray Industries, Inc.		309,552

Schedule of Investments 9

Shares or Principal Amount			Value
	69,000	Toshiba Corp.	$	459,524
	84,000	Tosoh Corp.		432,737
	95,300	Toyota Motor Corp.		6,104,136
	102,000	Transmile Group Bhd.		385,610
	192,000	Tripod Technology Corp.		786,995
	199,000	United Overseas Bank, Ltd.		2,752,133
	2,052,000	Victory City International Holdings, Ltd.		853,963
	1,093,000	WCT Engineering Bhd.		1,860,080
	290,000	Weiqiao Textile Co., Ltd.		419,121
	104	West Japan Railway Co.		479,453
	188,000	Yue Yuen Industrial Holdings, Ltd.		636,468
Total Common Stocks (Cost $126,764,273)				146,091,611
Short-Term Investments (0.5%)
$	745,483	Brown Brothers Harriman Time Deposit - U.S. Dollar, 4.69%, 04/02/07#*		745,483
	4,429	Brown Brothers Harriman Time Deposit - Australian Dollar, 5.17%, 04/02/07#*		4,429
$	5,047	Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 3.28%, 04/02/07#*	$	5,047
	33	Brown Brothers Harriman Time Deposit - Japanese Yen, 0.01%, 04/02/07#*		33
	349	Brown Brothers Harriman Time Deposit - New Zealand Dollar, 6.25%, 04/02/07#*		349
	697	Brown Brothers Harriman Time Deposit - Singapore Dollar, 1.75%, 04/02/07#*		697
Total Short-Term Investments (Cost $756,038)				756,038
Total Investments (Cost $127,520,311) 99.8%				146,847,649
Other Assets Less Liabilities 0.2%				242,243
Net Assets 100.0%			$	147,089,892

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, 2007.
*	All securities were fair valued (Note 1) as of March 31, 2007 unless noted with a *. Total value of securities fair valued was $145,351,142.

10 Schedule of Investments

Country Composition
March 31, 2007

Japan	42.9%
Singapore	11.8%
Hong Kong	9.9%
China	9.1%
South Korea	8.3%
Taiwan	8.0%
Malaysia	7.3%
Thailand	1.1%
Indonesia	0.9%

Percentages are based upon net assets.

Sector Composition
March 31, 2007

Industrials	23.5%
Financial	17.9%
Consumer Discretionary	17.1%
Information Technology	11.6%
Telecommunication and Utilities	9.2%
Materials	8.4%
Leisure and Consumer Staples	4.6%
Energy	4.4%
Healthcare	2.6%

Percentages are based upon net assets.

Industry Composition
March 31, 2007

Diversified Banks	9.6%
Automobile Manufacturers	6.9%
Construction & Farm Machinery & Heavy Trucks	6.9%
Real Estate Management & Development	4.4%
Electric Utilities	4.2%
Marine	3.3%
Electronic Equipment Manufacturers	3.1%
Office Electronics	2.9%
Education Services	2.8%
Steel	2.7%
Oil & Gas Equipment & Services	2.6%
Pharmaceuticals	2.6%
Trading Companies & Distributors	2.6%
Industrial Machinery	2.4%
Leisure Products	2.4%
Diversified Metals & Mining	2.3%
Construction & Engineering	2.2%
Semiconductors	2.2%
Consumer Electronics	1.9%
Regional Banks	1.8%
Electronic Manufacturing Services	1.7%
Independent Power Producers & Energy Traders	1.5%
Integrated Telecommunication Services	1.5%
Investment Banking & Brokerage	1.5%
Textiles	1.5%
Footwear	1.4%
Home Entertainment Software	1.4%
Industrial Conglomerates	1.4%
Personal Products	1.4%
Wireless Telecommunication Services	1.4%
Apparel Retail	1.3%
Commodity Chemicals	1.3%
Railroads	1.2%
Construction Materials	1.1%
Airport Services	0.9%
Auto Parts & Equipment	0.9%
Integrated Oil & Gas	0.8%
Highway and Railtracks	0.7%
Building Products	0.6%
Diversified Chemicals	0.6%
Gas Utilities	0.6%
Oil & Gas Refining & Marketing	0.6%
Airlines	0.5%
Photographic Products	0.5%
Heavy Electrical Equipment	0.4%
Oil & Gas Exploration & Production	0.4%
Other Diversified Financial Services	0.4%
Specialty Chemicals	0.4%
Tire & Rubber	0.4%
Air Freight & Logistics	0.3%
Computer Hardware	0.3%
Broadcast & Cable TV	0.2%
Computer Storage & Peripherals	0.2%
Electrical Components & Equipment	0.2%

Percentages are based upon net assets.

Schedule of Investments 11

ICON Europe Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares				Value
Common Stocks (98.5%)
	126,600		Abb, Ltd.	$	2,178,974
	20,200		ABN ARMO Holding N.V.		870,288
	79,100		Acergy S.A.(a)		1,674,801
	32,900		Actividades de Construccion y Servicios S.A.		2,009,374
	25,000		Adidas AG		1,361,732
	2,545		Afg Arbonia-Forster Holding AG		1,299,493
	18,500		Allied Irish Banks PLC		548,365
	68,123		Anglo Irish Bank Corp. PLC		1,457,356
	8,900		Baloise Holding AG		929,591
	49,300		Banco Bilbao Vizcaya Argentaria S.A.		1,210,445
	112,500		Banco Comercial Portugues S.A.		408,243
	25,200		Banco Espirito Santo S.A.		481,584
	17,700		Banco Popular Espanol S.A.		366,117
	106,600		Banco Santander Central Hispano, S.A.		1,902,825
	56,000		Bank of Ireland		1,201,166
	158,500		Barclays PLC		2,247,219
	64,300		Barratt Developments PLC		1,396,284
	12,200		Bayer AG		780,225
	180,400		Beazley Group PLC		562,571
	29,000		Bellway PLC		908,414
	59,300		Beter Bed Holding N.V.(a)		2,020,541
	29,800		BG Group PLC		429,817
	106,200		BHP Billiton PLC		2,359,349
	26,600		Biesse S.p.A.		786,136
	11,600		BNP Paribas		1,213,170
	62,100		Brembo S.p.A.	$	839,098
	238,700		BT Group PLC		1,428,422
	21,500		Buzzi Unicem S.p.A		655,001
	33,000		Celesio AG		2,072,375
	31,400		Centrotec Sustainable AG(a)		1,291,944
	267,000		Chaucer Holdings PLC		495,699
	17,200		Compagnie de Saint-Gobain		1,688,544
	88,200		Corporacion Mapfre S.A.		454,016
	50,700		Credit Suisse Group		3,650,878
	6,300		Delhaize Group		581,288
	9,440		Dem Allianz AG		1,934,761
	14,600		Deutsche Bank AG		1,964,163
	44,950		Deutsche Post AG		1,355,635
	33,000		Dexia SA		985,999
	43,400		Electroloux AB, Series B(a)		1,101,737
	10,200		Erste Bank der oesterreichischen Sparkassen AG		794,381
	6,900		EVS Broadcast Equipment S.A.		441,360
	21,065		ForeningsSparbanken AB		738,598
	17,900		Fortis		818,516
	10,500		Fugro N.V.		533,149
	700	��	Geberit AG		1,082,851
	2,100		Georg Fischer AG(a)		1,519,833
	28,100		GlaxoSmithKline PLC		775,557
	6,200		Grontmij N.V.(a)		917,489
	4,900		Groupe Danone		801,619
	82,700		HBOS PLC		1,709,560
	30,800		Heineken N.V.		1,610,217
	3,270		Helvetia Holding AG		1,404,972
	19,700		Holcim, Ltd.		1,982,720

12 Schedule of Investments

Shares			Value
	13,600	InBev N.V.	$	986,716
	14,200	ING Groep N.V.		600,693
	4,600	KBC Groep N.V.		572,778
	136,300	Koninklijke Ahold N.V.(a)		1,600,209
	98,420	Koninklijke KPN N.V.		1,533,379
	9,200	Kudelski SA		325,723
	11,200	Kuehne & Nagel International AG(a)		920,432
	13,800	Lafarge S.A.		2,168,015
	36,900	Logitech International S.A.(a)		1,029,183
	20,400	Metro AG		1,446,391
	196,700	Michael Page International PLC		2,075,434
	43,600	National Bank of Greece S.A.		2,306,227
	9,420	Nestle S.A.		3,671,830
	13,120	Next PLC		581,022
	8,900	NKT Holding A/S		710,662
	88,000	Nokia Oyj		2,027,480
	24,400	Nokian Renkaat Oyj		670,187
	46,000	Novartis AG		2,570,581
	28,500	Nutreco Holding N.V.		2,138,326
	14,900	OPG Groep N.V.		1,868,938
	37,000	Option NV(a)		680,844
	15,800	Outokumpu Oyj		543,788
	7,500	Panalpina Weltrransport Holding AG		1,258,373
	13,700	Phonak Holding AG		1,052,138
	44,575	Piraeus Bank S.A.		1,545,156
	8,300	Raiffeisen International Bank Holding AG		1,176,953
	7,600	Ramirent Oyj		609,957
	1,670	Rieter Holding AG		834,190
	16,330	Roche Holding AG		2,901,636
	65,500	Royal Bank of Scotland Group PLC		2,563,918
	32,200	SBM Offshore N.V.		1,160,922
	8,800	Schindler Holding AG		537,014

Shares or Principal Amount			Value
	17,700	Schneider Electric SA	$	2,255,831
	56,500	Sidenor S.A.		1,097,307
	26,100	Siemens AG		2,794,651
	1,275	Sika AG(a)		2,177,590
	36,300	Smit International N.V.		2,328,941
	12,100	Software AG		1,039,862
	5,100	Solvay S.A.		786,325
	27,700	Stada Arzneimittel AG		1,677,792
	22,000	Swiss Re		2,013,623
	123,800	Telefonica S.A.		2,741,218
	18,000	Telekom Austria AG		452,243
	35,000	Temenos Group AG(a)		677,302
	229,100	Tesco PLC		2,004,760
	4,600	The Swatch Group AG		1,219,023
	10,200	Titan Cement Co.		549,217
	35,300	TNT N.V.		1,622,424
	36,800	Total S.A.		2,570,596
	9,300	Tsakos Energy Navigation, Ltd. *		483,600
	30,620	UBS AG(a)		1,826,456
	49,300	Unilever N.V.		1,439,709
	17,295	Vacon Oyj		647,788
	28,200	Vivendi Universal		1,149,197
	32,300	Wolters Kluwer NV		968,907
	47,650	Xstrata PLC		2,446,910
	33,700	Yell Group PLC		397,641
	35,700	Zumtobel AG(a)		1,210,350
	4,700	Zurich Financial Services AG		1,359,518
Total Common Stocks (Cost $132,159,755)				150,842,338
Short-Term Investments (0.8%)
$	551,800	Brown Brothers Harriman Time Deposit - British Pound, 4.39%, 04/02/07#*		551,800

Schedule of Investments 13

Principal Amount			Value
$	232	Brown Brothers Harriman Time Deposit - Danish Krone, 3.05%, 04/02/07#*	$	232
	5,734	Brown Brothers Harriman Time Deposit - Euro, 2.86%, 04/02/07#*		5,734
	328	Brown Brothers Harriman Time Deposit - Norwegian Kroner, 2.97%, 04/02/07#*		328
	734	Brown Brothers Harriman Time Deposit - Swedish Krona, 2.37%, 04/02/07#*		734
$	214	Brown Brothers Harriman Time Deposit - Swiss Frank, 1.12%, 04/02/07#*	$	214
	617,018	Brown Brothers Harriman Time Deposit - U.S. Dollar, 4.69%, 04/02/07#*		617,018
Total Short-Term Investments (Cost $1,176,060)				1,176,060
Total Investments (Cost $133,335,815) 99.3%				152,018,398
Other Assets Less Liabilities 0.7%				1,005,018
Net Assets 100.0%			$	153,023,416

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, 2007.
*	All securities were fair valued (Note 1) as of March 31, 2007 unless noted with a *. Total value of securities fair valued was $150,358,738.

14 Schedule of Investments

Country Composition
March 31, 2007

Switzerland	25.0%
United Kingdom	14.6%
Netherlands	13.9%
Germany	11.6%
France	7.7%
Spain	5.7%
Belgium	3.8%
Greece	3.6%
Finland	2.9%
Austria	2.4%
Ireland	2.1%
Italy	1.5%
Sweden	1.2%
Luxembourg	1.1%
Portugal	0.6%
Denmark	0.5%
Bermuda	0.3%

Percentages are based upon net assets.

Sector Composition
March 31, 2007

Financial	27.4%
Industrials	18.6%
Leisure and Consumer Staples	12.3%
Materials	10.9%
Healthcare	8.4%
Consumer Discretionary	7.9%
Energy	4.8%
Information Technology	4.1%
Telecommunication and Utilities	4.1%

Percentages are based upon net assets.

Industry Composition
March 31, 2007

Diversified Banks	16.0%
Pharmaceuticals	5.2%
Diversified Capital Markets	4.9%
Integrated Telecommunication Services	4.2%
Multi-Line Insurance	3.9%
Packaged Foods & Meats	3.8%
Construction Materials	3.5%
Diversified Metals & Mining	3.1%
Air Freight & Logistics	2.8%
Electrical Components & Equipment	2.7%
Food Retail	2.7%
Health Care Distributors	2.6%
Industrial Machinery	2.3%
Oil & Gas Equipment & Services	2.2%
Marine	2.1%
Communications Equipment	2.0%
Construction & Engineering	1.9%
Integrated Oil & Gas	1.9%
Building Products	1.8%
Industrial Conglomerates	1.8%
Apparel Accessories & Luxury Goods	1.7%
Brewers	1.7%
Household Appliances	1.6%
Home Building	1.5%
Agriculture Products	1.4%
Heavy Electrical Equipment	1.4%
Reinsurance	1.4%
Specialty Chemicals	1.4%
Commodity Chemicals	1.3%
Human Resource & Employment Services	1.3%
Specialty Stores	1.3%
Auto Parts & Equipment	1.1%
Steel	1.1%
Systems Software	1.1%
Hypermarkets & Super Centers	0.9%
Other Diversified Financial Services	0.9%
Publishing	0.9%
Movies & Entertainment	0.8%
Computer Storage & Peripherals	0.7%
Health Care Equipment	0.7%

Schedule of Investments 15

Industry Composition (continued)
March 31, 2007

Property & Casualty Insurance	0.7%
Diversified Chemicals	0.5%
Department Stores	0.4%
Diversified Commercial & Professional Services	0.4%
Tire & Rubber	0.4%
Oil & Gas Storage & Transportation	0.3%
Electronic Equipment Manufacturers	0.2%

Percentages are based upon net assets.

16 Schedule of Investments

ICON International Equity Fund
Schedule of Investments
March 31, 2007 (Unaudited)

Shares			Value
Common Stocks (98.3%)
	72,000	Abb, Ltd.	$	1,239,227
	77,200	Acergy S.A.(a)		1,634,572
	19,900	Actividades de Construccion y Servicios S.A.		1,215,396
	23,200	Aeon Mall Co., Ltd.		678,060
	2,280	Afg Arbonia-Forster Holding AG		1,164,182
	29,600	Alcan, Inc.*		1,543,344
	742,000	Angang New Steel Co., Ltd.		1,283,244
	52,151	Anglo Irish Bank Corp. PLC		1,115,667
	172,100	Axtel, S.A. de C.V.(a)*		684,626
	15,300	Baloise Holding AG		1,598,060
	32,900	Banco Bilbao Vizcaya Argentaria S.A.		807,782
	87,800	Banco Santander Central Hispano, S.A.		1,567,242
	17,600	Bank of Nova Scotia*		811,076
	92,221	Barclays PLC		1,307,513
	1,180,995	Beauty China Holdings, Ltd.		852,112
	15,600	Bellway PLC		488,664
	159,800	BT Group PLC		956,271
	591,200	Bumiputra-Commerce Holdings Bhd.		1,700,497
	8,600	Canadian Imperial Bank of Commerce*		746,521
	38,300	Canadian National Railway Co.*		1,689,686
	30,600	Canon, Inc.		1,643,323
	30,200	Celesio AG	$	1,896,537
	746,000	China Infrastructure Machinery Holdings, Ltd.		1,459,968
	137,000	China Mobile, Ltd.		1,232,436
	1,652,000	China Oilfield Services, Ltd.		1,323,502
	2,588,000	China Oriental Group Co., Ltd.		855,453
	810,000	China Petroleum & Chemical Corp.		683,793
	1,626,000	China Power International Development, Ltd.		786,235
	166,778	Chong Hing Bank, Ltd.		439,968
	15,200	Compagnie de Saint-Gobain		1,492,201
	39,800	Companhia Vale do Rio Doce - Class A*		1,244,656
	76,900	Corporacion Mapfre S.A.		395,848
	42,187	Credit Suisse Group		3,037,862
	53,000	DAH Sing Financial Group		461,178
	182,000	Delta Electronics, Inc.		587,707
	10,978	Deutsche Bank AG		1,476,889
	34,900	Deutsche Post AG		1,052,540
	27,300	Dexia SA		815,690
	5,170	EVS Broadcast Equipment S.A.		330,700
	637,000	Ezra Holdings Pte., Ltd.		2,268,897

Schedule of Investments 17

Shares			Value
	26,800	First Quantum Minerals, Ltd.*	$	1,785,583
	15,053	ForeningsSparbanken AB		527,800
	3,008,000	Fountain Set Holdings, Ltd.		1,044,319
	10,400	Fugro N.V.		528,071
	1,790	Georg Fischer AG(a)		1,295,477
	5,500	Grontmij N.V.(a)		813,902
	58,300	HBOS PLC		1,205,167
	386,000	Hengan International Group Co., Ltd.		1,129,800
	16,900	Holcim, Ltd.		1,700,912
	238,000	Hon Hai Precision Industry Co., Ltd.		1,590,592
	14,900	Honda Motor Co., Ltd.		519,288
	444,200	Hong Leong Financial Group Bhd.		738,285
	1,570,000	Hongguo International Holdings, Ltd.(a)		1,320,127
	332,000	Hopson Development Holdings, Ltd.		830,291
	21,600	Hyundai Mipo Dockyard Co., Ltd.		3,968,561
	52,000	Inmet Mining Corp.*		2,860,856
	193,000	Ishikawajima-Harima Heavy Industries Co., Ltd.		799,330
	257,340	Johnson Health Tech. Co., Ltd.		1,904,146
	100,000	Joyo Bank, Ltd.		622,385
	134,000	Keppel Corp., Ltd.		1,677,051
	136,000	Kingboard Chemical Holdings, Ltd.		571,146
	116,200	Koninklijke Ahold N.V.(a)		1,364,228
	104,400	Koninklijke KPN N.V.	$	1,626,548
	44,000	Kuraray Co., Ltd.		473,619
	9,350	Lafarge S.A.		1,468,909
	770,000	Li Ning Co., Ltd.		1,519,065
	445,000	Mah Sing Group Bhd.		640,923
	44,900	Manulife Financial Corp.*		1,544,386
	13,100	Megastudy Co., Ltd.		2,298,232
	50,000	Mitsubishi Chemical Holdings Corp.		424,986
	65,000	Mitsubishi Corp.		1,500,787
	193,000	Mitsubishi Heavy Industries, Ltd.		1,244,758
	54	Mitsubishi UFJ Financial Group, Inc.		608,506
	90,300	Mitsui & Co., Ltd.		1,699,716
	42,900	National Bank of Greece S.A.		2,269,201
	7,820	Nestle S.A.		3,048,165
	13,450	Next PLC		595,636
	47,000	NGK Insulators, Ltd.		964,327
	6,900	Nintendo Co., Ltd.		2,002,456
	147	Nippon Telegraph & Telephone Corp.		776,644
	45,800	Nokia Oyj		1,055,211
	58,200	Nomura Holdings, Inc.		1,206,835
	25,600	Novartis AG		1,430,584
	24,000	Nutreco Holding N.V.		1,800,696
	11,400	OPG Groep N.V.		1,429,926
	2,450,000	Pacific Basin Shipping, Ltd.		2,101,193
	13,000	Phonak Holding AG		998,379
	1,217,000	PT Aneka Tambang Tbk		1,571,144

18 Schedule of Investments

Shares			Value
	1,297,000	Raffles Education Corp., Ltd.	$	1,957,529
	7,040	Raiffeisen International Bank Holding AG		998,283
	314,000	Realtek Semiconductor Corp.		688,665
	13,359	Roche Holding AG		2,373,727
	62,400	Rona, Inc.*		1,277,519
	19,300	Royal Bank of Canada*		961,489
	42,500	Royal Bank of Scotland Group PLC		1,663,611
	19,600	SBM Offshore N.V.		706,648
	12,930	Schneider Electric SA		1,647,903
	4,100	Shimamura Co., Ltd.		449,508
	348,900	Siam Commercial Bank Public Co., Ltd.		676,990
	4,348,000	Sichuan Expressway Co., Ltd.		978,930
	18,500	Siemens AG		1,980,883
	618,000	Siliconware Precision Industries Co.		1,169,295
	27,800	Smit International N.V.		1,783,597
	20,200	Sony Corp.		1,021,070
	365,000	SP Setia Bhd.		813,183
	29,900	Stantec, Inc.*		822,496
	20,700	Swiss Re		1,894,636
	173,000	Taiheiyo Cement Corp.		761,820
	12,600	Takeda Pharmaceutical Co., Ltd.		825,177
	102,000	Telefonica S.A.		2,258,516
	174,000	Telekom Malaysia Bhd.		503,471
Shares or Principal Amount				Value
	189,200	Tesco PLC	$	1,655,612
	4,680	The Swatch Group AG		1,240,223
	33,240	TNT N.V.		1,527,744
	51,200	Tokyo Electric Power Co.		1,748,060
	100,000	Tokyo Gas Co., Ltd.		555,902
	115,000	Tokyu Land Corp.		1,306,881
	21,250	Total S.A.		1,484,379
	48,900	Toyota Motor Corp.		3,132,133
	115,000	Transmile Group Bhd.		434,756
	229,000	Tripod Technology Corp.		938,655
	8,200	Tsakos Energy Navigation, Ltd.*		426,400
	21,874	UBS AG(a)		1,304,765
	122,000	United Overseas Bank, Ltd.		1,687,237
	21,730	Vacon Oyj		813,901
	2,252,000	Victory City International Holdings, Ltd.		937,196
	1,026,400	WCT Engineering Bhd.		1,746,739
	4,570	Zurich Financial Services AG		1,321,914
Total Common Stocks (Cost $142,445,470)				162,144,717
Preferred Stock (0.4%)
	64,600,000	Brasil Telecom Participacoes S.A.*		580,343
Total Preferred Stock (Cost $555,893)				580,343
Short-Term Investments (1.4%)
$	2,370,687	Brown Brothers Harriman Time Deposit - U.S. Dollar, 4.69%, 04/02/07#*		2,370,687

Schedule of Investments 19

Principal Amount			Value
$	1,171	Brown Brothers Harriman Time Deposit - Australian Dollar, 5.17%, 04/02/07#*	$	1,171
	3,005	Brown Brothers Harriman Time Deposit - British Pound, 4.39%, 04/02/07#*		3,005
	395	Brown Brothers Harriman Time Deposit - Canadian Dollar, 3.20%, 04/02/07#*		395
	179	Brown Brothers Harriman Time Deposit - Danish Krone, 3.05%, 04/02/07#*		179
	5,711	Brown Brothers Harriman Time Deposit - Euro, 2.86%, 04/02/07#*		5,711
$	1,903	Brown Brothers Harriman Time Deposit - Hong Kong Dollar, 3.28%, 04/02/07#*	$	1,903
	152	Brown Brothers Harriman Time Deposit - Norwegian Kroner, 2.97%, 04/02/07#*		152
	155	Brown Brothers Harriman Time Deposit - Singapore Dollar, 1.75%, 04/02/07#*		155
	254	Brown Brothers Harriman Time Deposit - Swedish Krona, 2.37%, 04/02/07#*		254
Total Short-Term Investments (Cost $2,383,612)				2,383,612
Total Investments 100.1% (Cost $145,384,975)				165,108,672
Liabilities Less Other Assets (0.1)%				(131,409	)
Net Assets 100.0%			$	164,977,263

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, 2007.
*	All securities were fair valued (Note 1) as of March 31, 2007 unless noted with a *. Total value of securities fair valued was $145,746,079.

20 Schedule of Investments

Country Composition
March 31, 2007

Japan	15.1%
Switzerland	14.3%
Canada	8.5%
Netherlands	7.0%
Hong Kong	6.7%
Singapore	5.9%
United Kingdom	4.8%
Taiwan	4.2%
China	4.0%
Malaysia	4.0%
Germany	3.9%
South Korea	3.8%
Spain	3.8%
France	3.7%
Greece	1.4%
Brazil	1.1%
Finland	1.1%
Indonesia	1.0%
Luxembourg	1.0%
Belgium	0.7%
Ireland	0.7%
Austria	0.6%
Mexico	0.4%
Thailand	0.4%
Bermuda	0.3%
Sweden	0.3%

Percentages are based upon net assets.

Sector Composition
March 31, 2007

Financial	24.1%
Industrials	23.2%
Consumer Discretionary	10.6%
Materials	9.7%
Leisure and Consumer Staples	8.1%
Telecommunication and Utilities	7.1%
Information Technology	6.4%
Healthcare	5.4%
Energy	4.1%

Percentages are based upon net assets.

Industry Composition
March 31, 2007

Diversified Banks	12.9%
Diversified Metals & Mining	4.7%
Integrated Telecommunication Services	4.5%
Marine	3.6%
Diversified Capital Markets	3.5%
Construction & Farm Machinery & Heavy Trucks	3.3%
Construction & Engineering	2.8%
Education Services	2.6%
Industrial Machinery	2.6%
Pharmaceuticals	2.6%
Real Estate Management & Development	2.6%
Oil & Gas Equipment & Services	2.5%
Construction Materials	2.4%
Automobile Manufacturers	2.2%
Industrial Conglomerates	2.2%
Leisure Products	2.1%
Health Care Distributors	2.0%
Multi-Line Insurance	2.0%
Packaged Foods & Meats	1.9%
Air Freight & Logistics	1.8%
Food Retail	1.8%
Trading Companies & Distributors	1.8%
Electrical Components & Equipment	1.5%

Schedule of Investments 21

Industry Composition (continued)
March 31, 2007

Electronic Equipment Manufacturers	1.3%
Integrated Oil & Gas	1.3%
Steel	1.3%
Home Entertainment Software	1.2%
Personal Products	1.2%
Reinsurance	1.2%
Textiles	1.2%
Agriculture Products	1.1%
Electric Utilities	1.1%
Semiconductors	1.1%
Electronic Manufacturing Services	1.0%
Office Electronics	1.0%
Railroads	1.0%
Aluminum	0.9%
Building Products	0.9%
Life & Health Insurance	0.9%
Apparel Accessories & Luxury Goods	0.8%
Communications Equipment	0.8%
Footwear	0.8%
Heavy Electrical Equipment	0.8%
Home Improvement Retail	0.8%
Wireless Telecommunication Services	0.8%
Household Appliances	0.7%
Investment Banking & Brokerage	0.7%
Consumer Electronics	0.6%
Health Care Equipment	0.6%
Highway and Railtracks	0.6%
Independent Power Producers & Energy Traders	0.5%
Department Stores	0.4%
Regional Banks	0.4%
Apparel Retail	0.3%
Commodity Chemicals	0.3%
Diversified Chemicals	0.3%
Gas Utilities	0.3%
Home Building	0.3%
Oil & Gas Exploration & Production	0.3%

Percentages are based upon net assets.

22 Schedule of Investments

Six Month Hypothetical Expense Example
March 31, 2007 (unaudited)

Example

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transactions 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 (10/1/06 - 3/31/07).

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

Expense Example 23

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.

24 Expense Example

Six Month Hypothetical Expense Example
March 31, 2007 (unaudited) (continued)

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/06		3/31/07		10/1/06-3/31/07*		10/1/06-3/31/07
ICON Asia-Pacific Region Fund
Class S
Actual Expenses	$	1,000.00	$	1,142.30	$	7.85		1.47%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.67		7.39
Class A
Actual Expenses		1,000.00		1,140.10		10.51		1.97%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.18		9.90
ICON Europe Fund
Class S
Actual Expenses		1,000.00		1,178.80		7.33		1.35%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.27		6.79
Class A
Actual Expenses		1,000.00		1,176.30		10.04		1.85%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.78		9.30
ICON International Equity Fund
Class I
Actual Expenses		1,000.00		1,159.80		8.45		1.57%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.17		7.90
Class C
Actual Expenses		1,000.00		1,154.00		13.69		2.55%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.28		12.79
Class Z
Actual Expenses		1,000.00		1,161.60		6.90		1.28%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.62		6.44
Class A
Actual Expenses		1,000.00		1,160.00		8.67		1.61%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.00		8.10

*  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.

Expense Example 25

Statements of Assets and Liabilities
March 31, 2007 (unaudited)

	ICON			ICON			ICON
	Asia-Pacific			Europe			International
	Region Fund			Fund			Equity Fund
Assets
Investments, at cost	$	127,520,311		$	133,335,815		$	145,384,975
Investments, at value		146,847,649			152,018,398			165,108,672
Cash		-			-			644,433
Receivables:
Fund shares sold		332,773			305,789			347,776
Investments sold		3,727,247			2,574,473			2,669,401
Interest		465			2,758			2,289
Dividends		627,870			271,842			425,486
Expense reimbursements by Adviser		73			20			-
Foreign tax reclaims		-			100,697			55,630
Other assets		48,406			37,521			47,868
Total Assets		151,584,483			155,311,498			169,301,555
Liabilities
Payables:
Due to custodian bank		234,524			-			-
Interest		2,318			31,485			622
Investments bought		3,539,906			1,519,162			3,891,126
Fund shares redeemed		537,943			568,024			195,621
Advisory fees		121,571			127,932			136,096
Accrued distribution fees		29			98			39,258
Fund accounting fees		21,668			13,088			23,052
Transfer agent fees		23,193			13,890			18,389
Administration fees		5,781			5,942			6,291
Trustee fees		6,335			6,636			7,034
Accrued expenses		1,323			1,825			6,803
Total Liabilities		4,494,591			2,288,082			4,324,292
Net Assets - all share classes	$	147,089,892		$	153,023,416		$	164,977,263
Net Assets - Class S#	$	146,948,876		$	152,548,518		$	-
Net Assets - Class I	$	-		$	-		$	110,671,917
Net Assets - Class C	$	-		$	-		$	19,412,554
Net Assets - Class Z	$	-		$	-		$	31,222,930
Net Assets - Class A	$	141,016		$	474,898		$	3,669,862
Net Assets Consist of
Paid-in capital	$	123,417,638		$	120,448,585		$	133,996,881
Accumulated undistributed net investment income/(loss)		(668,631	)		(121,163	)		(264,127	)
Accumulated undistributed net realized gain/(loss) from investments and foreign currency translations		5,018,442			14,001,316			11,515,459
Unrealized appreciation/(depreciation) on investments and other assets and liabilities denominated in foreign currency		19,322,443			18,694,678			19,729,050
Net Assets	$	147,089,892		$	153,023,416		$	164,977,263
Shares outstanding (unlimited shares authorized, no par value)
Class S#		9,777,660			6,982,844			-
Class I		-			-			6,654,402
Class C		-			-			1,221,801
Class Z		-			-			1,857,356
Class A		9,408			21,798			218,743
Net asset value (offering and redemption price per share)
Class S#	$	15.03		$	21.85		$	-
Class I	$	-		$	-		$	16.63
Class C	$	-		$	-		$	15.89
Class Z	$	-		$	-		$	16.81
Class A	$	14.99		$	21.79		$	16.78
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	15.90		$	23.12		$	17.80

#  Class S was formerly the only class in the Fund. Multi-class operations commenced May 31, 2006.

The accompanying notes are an integral part of the financial statements.

26 Financial Statements

Statements of Operations
For the period ended March 31, 2007 (unaudited)

	ICON
	Asia-Pacific			ICON			ICON
	Region			Europe			International
	Fund			Fund			Equity Fund
Investment Income
Interest	$	11,864		$	109,860		$	48,012
Dividends		1,012,285			828,732			918,523
Foreign taxes withheld		(83,679	)		(58,595	)		(60,641	)
Total Investment Income		940,470			879,997			905,894
Expenses
Advisory fees		687,911			741,589			718,460
Distribution fees:
Class I		-			-			116,922
Class C		-			-			85,500
Class A		113			361			3,477
Fund accounting fees		30,615			33,260			33,086
Transfer agent fees		63,116			43,067			53,736
Custody fees		43,384			53,321			53,671
Administration fees		31,759			34,238			33,170
Registration fees		22,725			13,913			17,158
Insurance expense		4,423			2,956			3,416
Trustee fees and expenses		5,619			6,298			6,307
Interest expense		85,242			31,620			4,362
Other expenses		40,929			44,870			43,748
Total expenses before expense (reimbursement)/recoupment and transfer agent earnings credit		1,015,836			1,005,493			1,173,013
Transfer agent earnings credit		(3,383	)		(3,834	)		(3,593	)
Expense (reimbursement)/recoupment by Adviser due to expense limitation agreement		(783	)		(491	)		601
Net Expenses		1,011,670			1,001,168			1,170,021
Net Investment Income/(Loss)		(71,200	)		(121,171	)		(264,127	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		11,888,112			14,459,607			11,639,411
Net realized gain/(loss) from foreign currency translations		72,073			(306,743	)		(107,973	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		6,440,401			8,443,448			9,551,468
Net realized and unrealized gain/(loss) on investments and foreign currency transactions		18,400,586			22,596,312			21,082,906
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	18,329,386		$	22,475,141		$	20,818,779

The accompanying notes are an integral part of the financial statements.

Financial Statements 27

Statements of Changes in Net Assets

	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31, 2007			September 30,
	(unaudited)			2006
Operations
Net investment income/(loss)	$	(71,200	)	$	155,747
Net realized gain/(loss) from investments transactions		11,888,112			1,094,030
Net realized gain/(loss) from foreign currency translations		72,073			(569,787	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		6,440,401			6,454,824
Net increase/(decrease) in net assets resulting from operations		18,329,386			7,134,814
Dividends and Distributions to Shareholders
Net investment income
Class S#		(327,103	)		(85,846	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(214	)		-
Net realized gains
Class S#		-			-
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		-			-
Net decrease from dividends and distributions		(327,317	)		(85,846	)
Fund Share Transactions
Shares sold
Class S#		32,843,660			221,387,084
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		106,684			24,469
Reinvested dividends and distributions
Class S#		303,437			80,516
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		174			-
Shares repurchased
Class S#		(51,634,799	)		(129,793,185	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(61	)		(26	)
Net increase/(decrease) from fund share transactions		(18,380,905	)		91,698,858
Total net increase/(decrease) in net assets		(378,836	)		98,747,826
Net Assets
Beginning of period		147,468,728			48,720,902
End of period	$	147,089,892		$	147,468,728

The accompanying notes are an integral part of the financial statements.

28 Financial Statements

ICON Europe Fund						ICON International Equity Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31, 2007			September 30,
2007 (unaudited)			2006			(unaudited)			2006
$	(121,171	)	$	688,766		$	(264,127	)	$	405,330
	14,459,607			2,724,355			11,639,411			6,781,431
	(306,743	)		(286,266	)		(107,973	)		(454,070	)
	8,443,448			6,903,602			9,551,468			4,534,281
	22,475,141			10,030,457			20,818,779			11,266,972
	(366,098	)		-			-			-
	-			-			(10,385	)		(24,881	)
	-			-			-			-
	-			-			-			(50,351	)
	(553	)		-			-			-
	(1,940,765	)		(1,340,887	)		-			-
	-			-			(3,723,882	)		(1,143,374	)
	-			-			(724,596	)		(134,889	)
	-			-			(1,230,878	)		(934,778	)
	(3,610	)		-			(117,472	)		-
	(2,311,026	)		(1,340,887	)		(5,807,213	)		(2,288,273	)
	74,447,122			117,006,017			-			-
	-			-			29,336,161			68,838,279
	-			-			4,767,791			12,648,559
	-			-			795,118			13,277,909
	408,308			29,478			3,256,150			88,208
	2,085,318			1,336,067			-			-
	-			-			3,619,722			1,133,191
	-			-			666,173			130,198
	-			-			1,228,139			983,433
	4,163			-			116,347			-
	(49,523,715	)		(44,864,637	)		-			-
	-			-			(8,529,036	)		(13,588,831	)
	-			-			(1,588,681	)		(915,055	)
	-			-			(2,370,136	)		(5,302,946	)
	(1,105	)		(36	)		(68,355	)		(29	)
	27,420,091			73,506,889			31,229,393			77,292,916
	47,584,206			82,196,459			46,240,959			86,271,615
	105,439,210			23,242,751			118,736,304			32,464,689
$	153,023,416		$	105,439,210		$	164,977,263		$	118,736,304

Financial Statements 29

Statements of Changes in Net Assets (continued)

	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31,			September 30,
	2007 (unaudited)			2006
Transactions in Fund Shares
Shares Sold
Class S#		2,291,441			17,006,822
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		7,556			1,846
Reinvested dividends and distributions
Class S#		21,264			6,233
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		12			-
Shares repurchased
Class S#		(3,714,056	)		(10,164,560	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(4	)		(2	)
Net increase/(decrease)		(1,393,787	)		6,850,339
Shares outstanding beginning of period		11,180,855			4,330,516
Shares outstanding end of period		9,787,068			11,180,855
Purchase and Sales of Investment Securities
(excluding short-term securities)
Purchase of securities	$	96,161,190		$	291,355,445
Proceeds from sales of securities		111,815,840			202,024,877
Accumulated undistributed net investment income/(loss)	$	(668,631	)	$	(270,114	)

#  Class S was formerly the only class in the Fund. Multi-class operations commenced May 31, 2006.

The accompanying notes are an integral part of the financial statements.

30 Financial Statements

ICON Europe Fund						ICON International Equity Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,
2007 (unaudited)			2006			2007 (unaudited)			2006
	3,658,583			6,577,613			-			-
	-			-			1,841,642			4,778,664
	-			-			313,658			892,329
	-			-			49,310			987,753
	20,077			1,577			209,797			5,877
	100,015			91,261			-			-
	-			-			228,951			84,133
	-			-			43,972			9,984
	-			-			76,903			72,522
	200			-			7,295			-
	(2,378,178	)		(2,549,057	)		-			-
	-			-			(534,208	)		(935,489	)
	-			-			(103,455	)		(64,198	)
	-			-			(146,555	)		(372,280	)
	(54	)		(2	)		(4,224	)		(2	)
	1,400,643			4,121,392			1,983,086			5,459,293
	5,603,999			1,482,607			7,969,216			2,509,923
	7,004,642			5,603,999			9,952,302			7,969,216
$	116,719,203		$	133,003,344		$	133,459,730		$	168,974,479
	93,335,212			60,122,066			105,663,393			98,308,045
$	(121,163	)	$	366,659		$	(264,127	)	$	10,385

Financial Statements 31

Financial Highlights

			Income from investment operations									Less dividends
	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, 2007 (unaudited)	$	13.19	$	(0.01	)	$	1.88		$	1.87		$	(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	)		-
Year ended September 30, 2003		5.68		0.04			1.90			1.94			-			-
Year ended September 30, 2002		6.81		(0.19	)		(0.91	)		(1.10	)		-			-
Class A
Period ended March 31, 2007 (unaudited)		13.18		(0.01	)		1.85			1.84			(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, 2007 (unaudited)		18.82		(0.02	)		3.37			3.35			(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			-			-
Year ended September 30, 2003		7.40		(0.02	)		2.46			2.44			-			-
Year ended September 30, 2002		8.13		(0.04	)		(0.67	)		(0.71	)		(0.02	)		-
Class A
Period ended March 31, 2007 (unaudited)		18.79		(0.05	)		3.36			3.31			(0.04	)		(0.27	)
May 31, 2006 (inception) to September 30, 2006		18.40		(0.02	)		0.41			0.39			-			-
ICON International Equity Fund
Class I
Period ended March 31, 2007 (unaudited)		14.94		(0.02	)		2.37			2.35			-	(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, 2007 (unaudited)		14.36		(0.10	)		2.29			2.19			-			(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, 2007 (unaudited)		15.07		-	(d)		2.40			2.40			-			(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	)		-
Year ended September 30, 2003		5.96		0.06			2.45			2.51			-			(0.06	)
Year ended September 30, 2002		7.24		0.04			(1.25	)		(1.21	)		(0.04	)		-
Class A
Period ended March 31, 2007 (unaudited)		15.06		(0.02	)		2.40			2.38			-			(0.66	)
May 31, 2006 (inception) to September 30, 2006		15.17		0.03			(0.14	)		(0.11	)		-			-

(x)  Calculated using the average share method.

*	The total return calculation is for the period indicated and excludes any sales charges.
#	Class S was formerly the only class in the Fund. Multi-class operations commenced May 31, 2006.

(a)	Annualized for periods less than a year.
(b)	Portfolio turnover is calculated at the Fund level and is not annualized.
(c)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 2. The ratios in these financial highlights reflect the limitation, including the interest expense.
(d)	Amount less than $0.005.

The accompanying notes are an integral part of the financial statements.

32 Financial Highlights

															Ratio of expenses to average net assets(a)					Ratio of net investment income to average net assets(a)
															Before		After			Before			After
															expense		expense			expense			expense
															limitation/		limitation/			limitation/			limitation/
											Net		Average		recoupment		recoupment			recoupment			recoupment
						Net					assets,		net		and		and			and			and
and distributions						asset					end of		assets		transfer		transfer			transfer			transfer
			Total			value,					period		for the		agent		agent			agent			agent			Portfolio
Return of			dividends and			end of		Total			(in		period (in		earnings		earnings			earnings			earnings			turnover
capital			distributions			period		return*			thousands)		thousands)		credit		credit			credit			credit			rate(b)
$	-		$	(0.03	)	$	15.03		14.23	%	$	146,949	$	137,870		1.48%		1.47	%		(0.11	)%		(0.10	)%		69.12%
	-			(0.01	)		13.19		17.36	%		147,444		130,654		1.44%		1.44	%		0.12	%		0.12	%		159.51%
	-			(0.03	)		11.25		38.12	%		48,721		15,225		1.93%		N/A			0.30	%		N/A			185.84%
	-			(0.02	)		8.17		7.51	%		17,047		14,976		1.91%		N/A			0.20	%		N/A			58.62%
	-			-			7.62		34.15	%		6,084		6,683		1.98%		N/A			0.68	%		N/A			81.44%
	(0.03	)		(0.03	)		5.68		(16.29	)%		6,927		12,142		1.66%		N/A			(0.23	)%		N/A			14.43%
	-			(0.03	)		14.99		14.01	%		141		91		3.71%		1.97	%(c)		(1.91	)%		(0.17	)%		69.12%
	-			-			13.18		(2.66	)%		24		9		25.78%		1.81	%(c)		(23.09	)%		0.88	%		159.51%
	-			(0.32	)		21.85		17.88	%		152,549		148,701		1.35%		1.35	%		(0.16	)%		(0.16	)%		64.23%
	-			(0.86	)		18.82		27.09	%		105,409		61,054		1.51%		1.51	%		1.13	%		1.13	%		100.62%
	-			-			15.68		30.34	%		23,243		16,665		1.85%		N/A			0.51	%		N/A			153.55%
	-			-			12.03		22.26	%		7,826		7,230		2.24%		N/A			(0.38	)%		N/A			78.57%
	-			-			9.84		32.97	%		9,262		6,774		1.87%		N/A			(0.29	)%		N/A			101.37%
	-			(0.02	)		7.40		(8.76	)%		4,619		5,706		2.14%		N/A			(0.42	)%		N/A			12.26%
	-			(0.31	)		21.79		17.63	%		475		290		2.20%		1.85	%(c)		(0.84	)%		(0.49	)%		64.23%
	-			-			18.79		2.12	%		30		7		33.40%		1.84	%(c)		(31.86	)%		(0.30	)%		100.62%
	-			(0.66	)		16.63		15.98	%		110,672		93,986		1.57%		1.57	%(c)		(0.30	)%		(0.30	)%		74.71%
	-			(0.63	)		14.94		21.20	%		76,454		47,266		1.71%		1.71	%(c)		0.59	%		0.59	%		129.31%
	-			(0.97	)		12.91		32.90	%		15,376		7,921		2.02%		1.97	%		0.27	%		0.32	%		139.23%
	-			-			10.59		(3.38	)%		3,211		1,960		2.32%		N/A			0.44	%		N/A			117.74%
	-			(0.66	)		15.89		15.40	%		19,413		17,178		2.56%		2.55	%(c)		(1.30	)%		(1.29	)%		74.71%
	-			(0.62	)		14.36		20.09	%		13,899		7,550		2.76%		2.54	%(c)		(0.39	)%		(0.18	)%		129.31%
	-			(0.97	)		12.53		29.56	%		1,622		643		4.52%		3.51	%		(2.23	)%		(1.22	)%		139.23%
	-			-			10.55		(6.55	)%		183		162		3.06%		N/A			(0.16	)%		N/A			117.74%
	-			(0.66	)		16.81		16.16	%		31,223		30,390		1.28%		1.28	%(c)		(0.06	)%		(0.06	)%		74.71%
	-			(0.65	)		15.07		21.54	%		28,295		23,485		1.41%		1.40	%(c)		0.60	%		0.61	%		129.31%
	-			(0.97	)		13.00		33.57	%		15,466		12,184		1.68%		1.68	%		0.51	%		0.51	%		139.23%
	-			(0.06	)		10.60		26.79	%		9,303		10,063		1.98%		N/A			0.03	%		N/A			117.74%
	-			(0.06	)		8.41		42.60	%		10,587		8,571		2.00%		N/A			0.88	%		N/A			98.91%
	(0.03	)		(0.07	)		5.96		(16.94	)%		8,222		13,347		1.72%		N/A			0.48	%		N/A			91.99%
	-			(0.66	)		16.78		16.04	%		3,670		2,791		1.56%		1.61	%(c)		(0.25	)%		(0.30	)%		74.71%
	-			-			15.06		(0.73	)%		88		13		19.13%		1.79	%(c)		(16.62	)%		0.72	%		129.31%

Financial Highlights 33

Notes to Financial Statements
March 31, 2007 (unaudited)

1. Organization and Significant Accounting Policies

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 two classes of shares, Class S and Class A. The International Equity Fund offers four classes of shares, Class I, Class C, Class Z and Class A. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs and shareholder servicing costs and 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 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 tend to 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 is less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small- and mid-cap

34 Notes to Financial Statements

investing, including limited product lines, less liquidity, and small market share.

In addition, 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 involves future claims that may be made against each Fund. However, based on experience, the Funds expect the risk of loss to be minimal.

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 Funds’ Board or pursuant to procedures approved by the Board. The valuation assigned to fair-valued securities for purposes of calculating a Fund’s net asset value (“NAV”) may differ from the security’s most recent

Notes to Financial Statements 35

Notes to Financial Statements (unaudited) (continued)

closing market price and from the prices used by other mutual funds to calculate their NAVs.

Lacking any sales that day, the 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 principal market where the option is traded. 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 a matrix 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 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. 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.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management has recently begun to evaluate the application of the Statement to the Funds, and is not in a position at this

36 Notes to Financial Statements

time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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, 2007.

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 into U.S. dollars at the prevailing rates of exchange daily. 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 in connection with planned purchases or sales of securities as a hedge against fluctuations in foreign exchange rates pending the settlement of transactions in foreign securities. 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.

Notes to Financial Statements 37

Notes to Financial Statements (unaudited) (continued)

These contracts are marked-to-market daily and the related appreciation or depreciation of the contract is presented in the Statements 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 in the Statements of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2007.

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 the 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, 2007.

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

38 Notes to Financial Statements

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 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 option transactions during the period ended March 31, 2007.

Securities Lending

The Funds may lend their portfolio securities. The advantage of lending portfolio securities is that the Fund continues to have the benefits (and risks) of ownership of the loaned securities, while at the same time receiving compensation from the borrower of the securities. The primary risk in lending portfolio securities is that a borrower may fail to return a portfolio security. The Funds did not enter into any lending of portfolio securities during the period ended March 31, 2007.

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 received by shareholders of the Funds which are derived from foreign source income and foreign taxes paid by the Funds are to be treated, to the extent allowable under the Code, as if received and paid by the shareholders of the Funds. Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

Notes to Financial Statements 39

Notes to Financial Statements (unaudited) (continued)

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 ICON 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.

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has recently begun to evaluate the application of the Interpretation to the Funds, and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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

40 Notes to Financial Statements

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 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.

2. 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:

	Class S		Class I		Class C		Class Z		Class A
ICON Asia-Pacific Region Fund		-		N/A		N/A		N/A		1.80%
ICON Europe Fund		-		N/A		N/A		N/A		1.80%
ICON International Equity Fund		N/A		1.80%		2.55%		1.55%		1.80%

The expense limitations will continue in effect until at least January 29, 2016. 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.

Notes to Financial Statements 41

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2007 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:

	2008		2009		2010
ICON Asia-Pacific Region Fund	$	-	$	722	$	783
ICON Europe Fund		-		709		491
ICON International Equity Fund		-		13,863		8,718

Transfer Agent, Custody and Accounting Fees

BISYS Fund Services Ohio, Inc. (“BISYS”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays BISYS 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 is a result from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2007, 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. As of January 31, 2006, 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. Prior to that date, this agreement provided for an annual fee to ICON of 0.05% on the Funds’ first $1.5 billion of average daily net assets and 0.045% on average daily net assets in excess of $1.5 billion.

42 Notes to Financial Statements

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 BISYS pursuant to which BISYS assists ICON with the administration and business affairs of the Trust. For its services, ICON pays BISYS 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 of the International Equity Fund and Class A shareholders of the Asia-Pacific Region Fund and Europe Fund pay an annual 12b-1 and service fee of 0.25% of average daily net assets. The Class C shareholders of the International Equity Fund pay an annual 12b-1 and service fee of 1.00% of average daily net assets.

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 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2007, the total related amounts paid by the Trust under this agreement are included in Other Expenses on the Statement of Operations.

Some of the 12b-1 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, 2007, the amount was $13,504.

3. Line of Credit

The Funds have entered into Lines of Credit agreements with BBH. The maximum borrowing is limited to the lesser of $50 million or 25% of the net

Notes to Financial Statements 43

Notes to Financial Statements (unaudited) (continued)

asset value in the Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest is charged at LIBOR plus 2.00% which was 7.32% at March 31, 2007. The average interest rate charged for the period ended March 31, 2007 was 6.57%.

	Average Borrowing
	(10/1/06 - 3/31/07)
ICON Asia-Pacific Region Fund**	$	2,729,737
ICON Europe Fund**		5,658,558
ICON International Equity Fund**		493,932

**Fund had outstanding borrowings as of March 31, 2007.

4. 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 in the following tables represent net capital loss carryforwards as of September 30, 2006 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.

	Amount		Expiration Date
ICON Asia-Pacific Region Fund	$	1,351,390		September 30, 2007
		3,254,268		September 30, 2009
		1,330,946		September 30, 2010
		952,529		September 30, 2011

During the year ended September 30, 2006 the ICON Asia-Pacific Region Fund utilized capital loss carryforwards of $898,474. For the year ended September 30, 2006, the ICON Asia-Pacific Region Fund will elect to defer post October currency losses of $569,787.

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal tax purposes as of March 31, 2007, are noted as follows. Unrealized appreciation

44 Notes to Financial Statements

/(depreciation) in the table below exclude appreciation/(depreciation) on foreign currency transactions.

			Unrealized		Unrealized			Net Appreciation
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)
ICON Asia-Pacific Region Fund	$	127,600,565	$	21,072,458	$	(1,825,374	)	$	19,247,084
ICON Europe Fund		133,471,208		19,574,239		(1,027,049	)		18,547,190
ICON International Equity Fund		145,408,856		20,888,210		(1,188,394	)		19,699,816

Notes to Financial Statements 45

Other Information (unaudited)

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconadvisers.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 SEC 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.iconadvisers.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.iconadvisers.com or on the SEC’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.iconadvisers.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.

ICON Distributors, Inc., Distributor

46 Other Information

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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.iconadvisers.com
By E-Mail	info@iconadvisers.com

1-800-764-0442

www.iconadvisers.com

FSANN-INT (03-07)

2007 Semiannual Report
ICON Sector Funds
Investment Update

March 31, 2007
(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

Table of Contents

About this Report (Unaudited)	2
Message from ICON Funds (Unaudited)	4
Schedules of Investments (Unaudited)	7
ICON Consumer Discretionary Fund	7
ICON Energy Fund	10
ICON Financial Fund	13
ICON Healthcare Fund	16
ICON Industrials Fund	19
ICON Information Technology Fund	23
ICON Leisure and Consumer Staples Fund	26
ICON Materials Fund	29
ICON Telecommunication & Utilities Fund	32
Six Month Hypothetical Expense Example (Unaudited)	36
Financial Statements (Unaudited)	38
Financial Highlights (Unaudited)	48
Notes to Financial Statements (Unaudited)	54
Other Information (Unaudited)	65

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 tax return of capital. 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.iconadvisers.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, 2007, 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. Each Fund’s holdings as of March 31, 2007 are included in each Fund’s Schedule of Investments.

While ICON’s quantitative investment methodology primarily considers financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. 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 portfolio managers’ 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,” “estimates,” variations of such words and similar expressions are intended

2 About This Report

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, and other factors beyond the control of our portfolio managers. 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. Investments in foreign securities may entail unique risks, including political, market and currency risks. The prospectus contains this and other information about the Funds and is available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus carefully.

About This Report 3

Message from ICON Funds (unaudited)

Dear ICON Shareholder:

The ICON approach is based on the observation and belief that markets experience themes (meaning industry leadership) that typically last one to two years. We use a disciplined approach to look for two traits to identify industries that have the potential to lead the next theme: valuation and relative strength.

We believe industries that are about to lead the market include stocks with prices below our estimate of intrinsic value (indicated by valuation) and also have performed more strongly than the broad market average during the previous six months (indicated by relative strength).

When calculating valuation, we don’t use financial ratios such as price-to-earnings or price-to-book value. Rather, our proprietary valuation equation incorporates historic company earnings, an estimated growth rate for future earnings, the triple-A bond yield, and beta, a measure of risk.

Early in May 2006, when the domestic market appeared to hit a peak, the average value-to-price ratio for the approximately 2,040 domestic stocks in our database was 1.03. Translated, that means that our methodology indicated that stocks were priced about 3% below our estimate of fair value.

Over time, we have found that the best evaluation timeframe for ICON’s value-to-price ratio is about 12 to 13 months into the future. This means that our calculations (all things being equal without any changes in our assumptions), or estimates of company earnings, growth rates, bond yield and beta, indicated that prices would have to advance about 3% during the next year to be considered fairly valued.

Of course, there is always the potential that assumptions will change, including the assumption that growing earnings will increase value and that slowing earnings will decrease value during a normal one-year period. As of March 31, 2007, the Standard & Poor’s Composite 1500 Index, a broad measure of the U.S. stock market, was 10% higher than it was on May 5, 2006, the market low.

Stock prices have since advanced even beyond what our value-to-price ratios would have expected in May-June 2006. Intrinsic value grew, and stock prices have been trying to catch up. In short, it was proper to be invested.

A Volatile Period

While it was prudent to be invested in equities during the last six months, the period was unpleasant. The market experienced a brief, but sharp

4 Message From ICON Funds

five-week drop from a peak in early May 2006 through mid-June 2006. As sell-offs usually do, this decline scared many investors out of the market, and those on the sidelines have not participated in the subsequent recovery. With valuation as our guide, with our valuations’ best evaluation period being one year forward, and making no attempt to “time” or guess one-month moves, we rode through the volatility.

In early 2006, the ICON Funds were primarily invested in small and mid-sized companies in cyclical, economically sensitive industries as our valuation and relative strength metrics pointed to. Some industries were commodity-based. For example, the ICON Diversified Funds were overweighted in the Industrials and Materials sectors. These stocks got hit the worst during the quick drop in the summer of 2006.

Then suddenly, a new theme appeared for the final five months of 2006. It was a “recession-proof” theme led by mature companies with steady earnings. Most of these companies have revenues that are not dependent upon the ups and downs of the economy. We could only infer from the decline in cyclical stocks and the immediate, subsequent advance in recession-proof stocks that investors were expecting a recession.

As the relative strength component of the recession-proof stocks kicked in, we heavily rotated in August and September 2006 toward that theme. Guided by our system, that rotation took about six weeks.

There has not been a recession, and investors have abandoned recession-proof stocks. Year-to-date in 2007, the best-performing sector index is Materials. Investors have shifted their preference back to some cyclical industries.

Emotions Have Driven Sell-Offs

The emotional sell-off of the summer of 2006 is reminiscent of other times the market has experienced quick drops. In August 1998, the market dropped about 15% as investors feared that the recession in Asia would spread to Europe and then the United States. It never happened. The U.S. market snapped back and resumed its upward course.

Similarly, with the invasion of Kuwait in 1990, the market sold off but came back once investors realized that the war had no impact on the economy and corporate earnings.

A more recent example is the market’s sharp drop in response to the terrorist attacks in September 2001. Investors immediately sold stocks in a panic, but prices quickly came back as investors realized that, as horrible as the World Trade Center and Pentagon attacks were, they had less net effect on the economy than originally anticipated.

Message From ICON Funds 5

Quick, emotion-based sell-offs and rapid, short-lived theme changes do occur but are not the norm in our experience. These scenarios can be difficult for ICON’s quantitative system to handle since it is better suited for one- to two-year themes. Just as in 1990, 1998, and 2001, we stayed true to our system during the past six months, looking for industries with the combination of value and relative strength.

Finding Undervalued Industries

As 2007 has unfolded, attractive industries with those two traits are plentiful in our estimation. Based on our measure of value and relative strength, we expect the market to resume its upward path, and we believe the turbulence of late second quarter and early third quarters of 2006 will be viewed as further examples of irrational, temporary setbacks.

At ICON, we utilize a quantitative approach to eliminate emotions and guessing. Over the long run, value grows as corporate earnings grow, and in our experience, prices try to keep up with value. News events interfere with and alter the path that prices take. Investors react to news, sometimes incorrectly, as we saw last summer. That is all part of the territory that goes along with investing in publicly traded equities.

Thank you for the opportunity to guide your investments. We appreciate your commitment to the ICON Funds.

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

6 Message From ICON Funds

ICON Consumer Discretionary Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (99.9%)
	43,100	Abercrombie & Fitch Co.	$	3,261,808
	76,300	Advance Auto Parts, Inc.		2,941,365
	40,300	AutoZone, Inc.(a)		5,164,042
	63,700	Bed Bath & Beyond, Inc.(a)		2,558,829
	51,500	Best Buy Co., Inc.		2,509,080
	137,000	Big 5 Sporting Goods Corp.		3,551,040
	39,900	BorgWarner, Inc.		3,009,258
	57,100	Chico’s FAS, Inc.(a)		1,394,953
	21,900	Coach, Inc.(a)		1,096,095
	301,500	Comcast Corp. - Class A(a)		7,823,925
	39,100	Crocs, Inc.(a)		1,847,475
	22,400	DaimlerChrysler AG - ADR		1,832,544
	8,800	Dick’s Sporting Goods, Inc.(a)		512,688
	41,500	Dollar Tree Stores, Inc.(a)		1,586,960
	78,400	Drew Industries, Inc.(a)		2,248,512
	46,100	eBay, Inc.(a)		1,528,215
	28,900	EchoStar Communications Corp. - Class A(a)		1,255,127
	27,100	Family Dollar Stores, Inc.		802,702
	13,600	Federated Department Stores, Inc.		612,680
	8,600	Fomento Economico Mexicano, S.A. de C.V. - ADR		949,354
	29,000	GameStop Corp. - Class A(a)		944,530
	50,400	Gildan Activewear, Inc. - Class A(a)		2,966,040
	87,600	Honda Motor Co., Ltd. - ADR	$	3,054,612
	52,300	J.C. Penney Co., Inc.		4,296,968
	66,000	Jarden Corp.(a)		2,527,800
	58,400	Johnson Controls, Inc.		5,525,808
	77,100	Jos. A. Bank Clothiers, Inc.(a)		2,725,485
	76,300	Kohl’s Corp.(a)		5,845,343
	18,800	Liz Claiborne, Inc.		805,580
	213,800	Lowe’s Cos., Inc.		6,732,562
	28,200	Men’s Wearhouse		1,326,810
	57,100	Monaco Coach Corp.		909,603
	74,900	Nike, Inc. - Class B		7,958,874
	79,400	O’Reilly Automotive, Inc.(a)		2,628,140
	98,600	PetSmart, Inc.		3,249,856
	32,400	RadioShack Corp.		875,772
	109,600	Ross Stores, Inc.		3,770,240
	41,900	Stage Stores, Inc.		976,689
	128,850	Staples, Inc.		3,329,484
	19,900	Steinway Musical Instruments, Inc.		642,173
	198,200	Stride Rite Corp.		3,050,298
	129,800	Superior Industries International, Inc.		2,703,734
	157,800	Target Corp.		9,351,228
	70,200	Tenneco, Inc.(a)		1,787,292
	110,600	The DIRECTV Group, Inc.(a)		2,551,542
	268,000	The Home Depot, Inc.		9,846,320
	28,400	The Stanley Works		1,572,224
	62,600	The Walt Disney Co.		2,155,318
	194,000	Time Warner, Inc.		3,825,680
	91,600	TJX Cos., Inc.		2,469,536

Schedule of Investments 7

Shares			Value
	36,500	Toyota Motor Corp. - ADR	$	4,677,840
	140,400	Tuesday Morning Corp.		2,083,536
	45,400	Urban Outfitters, Inc.(a)		1,203,554
	63,000	Viacom, Inc. - Class B(a)		2,589,930
	13,800	Whirlpool Corp.		1,171,758
	47,500	Winnebago Industries, Inc.	$	1,597,425
Total Investments (Cost $147,022,115) 99.9%				160,216,236
Other Assets Less Liabilities 0.1%				114,767
Net Assets 100.0%			$	160,331,003

The accompanying notes are an integral part of the financial statements.

(a)	Non-income producing security.
ADR	American Depositary Receipt

8 Schedule of Investments

Industry Composition
March 31, 2007

Apparel Retail	10.8%
Home Improvement Retail	10.4%
Auto Parts & Equipment	9.5%
General Merchandise Stores	8.6%
Footwear	8.0%
Automobile Manufacturers	7.5%
Broadcast & Cable TV	7.2%
Department Stores	6.8%
Automotive Retail	6.7%
Specialty Stores	6.6%
Movies & Entertainment	5.3%
Apparel Accessories & Luxury Goods	3.0%
Computer & Electronics Retail	2.7%
Household Appliances	1.7%
Home Furnishing Retail	1.6%
Housewares & Specialties	1.6%
Internet Software Services	0.9%
Soft Drinks	0.6%
Leisure Products	0.4%

Percentages are based upon net assets.

Schedule of Investments 9

ICON Energy Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (98.9%)
	250,000	Acergy S.A. - ADR(a)	$	5,322,500
	150,000	Anadarko Petroleum Corp.		6,447,000
	100,000	Apache Corp.		7,070,000
	375,000	Atwood Oceanics, Inc.(a)		22,008,750
	375,000	Cameron International Corp.(a)		23,546,250
	400,000	Chesapeake Energy Corp.		12,352,000
	300,000	Chevron Corp.		22,188,000
	250,000	China Petroleum and Chemical Corp. - ADR		21,120,000
	100,000	CNOOC, Ltd. - ADR		8,763,000
	200,000	Comstock Resources, Inc.(a)		5,476,000
	150,000	ConocoPhillips		10,252,500
	250,000	Diamond Offshore Drilling, Inc.		20,237,500
	175,000	Dril-Quip, Inc.(a)		7,574,000
	300,000	El Paso Corp.		4,341,000
	300,000	ENSCO International, Inc.		16,320,000
	175,000	FMC Technologies, Inc.(a)		12,208,000
	100,000	General Maritime Corp.		2,888,000
	125,000	GlobalSantaFe Corp.		7,710,000
	550,000	Grant Prideco, Inc.(a)		27,412,000
	400,000	Helmerich & Payne, Inc.		12,136,000
	75,000	Knightsbridge Tankers, Ltd.	$	2,092,500
	175,000	Lufkin Industries, Inc.		9,831,500
	275,050	Marathon Oil Corp.		27,183,191
	525,000	Nabors Industries, Ltd.(a)		15,576,750
	375,000	National Oilwell Varco, Inc.(a)		29,171,250
	375,000	Newpark Resources, Inc.(a)		2,643,750
	150,000	Noble Corp.		11,802,000
	75,000	Nordic American Tanker Shipping, Ltd.		2,718,750
	350,000	Oil States International, Inc.(a)		11,231,500
	550,000	Parker Drilling Co.(a)		5,164,500
	175,000	PetroChina Co., Ltd. - ADR		20,490,750
	175,000	Petroleo Brasileiro S.A. - ADR		17,414,250
	400,000	Pride International, Inc.(a)		12,040,000
	575,000	Range Resources Corp.		19,205,000
	350,000	Rowan Cos., Inc.		11,364,500
	125,000	Royal Dutch Shell PLC - Class A - ADR		8,287,500
	25,000	Schlumberger, Ltd.		1,727,500
	100,000	Ship Finance International, Ltd.		2,743,000
	650,000	Superior Energy Services, Inc.(a)		22,405,500

10 Schedule of Investments

Shares			Value
	475,000	The Williams Companies, Inc.	$	13,518,500
	275,000	Tidewater, Inc.		16,109,500
	275,000	Transocean, Inc.(a)		22,467,500
	100,000	Tsakos Energy Navigation, Ltd.		5,200,000
	200,000	Ultra Petroleum Corp.(a)		10,626,000
	225,000	Unit Corp.(a)		11,382,750
	50,000	W&T Offshore, Inc.		1,446,500
	225,000	W-H Energy Services, Inc.(a)		10,516,500
	399,998	Weatherford International, Ltd.(a)		18,039,910
	400,033	XTO Energy, Inc.		21,925,809
Total Common Stocks (Cost $386,470,382)				619,699,160
Short-Term Investments (1.1%)
$	7,020,917	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#	$	7,020,917
Total Short-Term Investments (Cost $7,020,917)				7,020,917
Total Investments 100.0% (Cost $393,491,299)				626,720,077
Other Assets Less Liabilities 0.0%				22,839
Net Assets 100.0%			$	626,742,916

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, 2007.
ADR	American Depositary Receipt

Schedule of Investments 11

Industry Composition
March 31, 2007

Oil & Gas Equipment & Services	31.6%
Oil & Gas Drilling	26.8%
Integrated Oil & Gas	20.3%
Oil & Gas Exploration & Production	14.9%
Oil & Gas Storage & Transportation	5.3%

Percentages are based upon net assets.

12 Schedule of Investments

ICON Financial Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (97.5%)
	38,800	A.G. Edwards, Inc.	$	2,684,184
	130,200	Aflac, Inc.		6,127,212
	33,800	Ambac Financial Group, Inc.		2,919,982
	126,200	American Capital Strategies, Ltd.		5,591,922
	63,300	American Express Co.		3,570,120
	204,900	American International Group, Inc.		13,773,378
	84,200	Ameriprise Financial, Inc.		4,811,188
	114,500	Aon Corp.		4,346,420
	210,200	Banco Bilbao Vizcaya Argentaria, S.A. - ADR		5,160,410
	358,300	Banco Santander Central Hispano SA - ADR		6,388,489
	142,400	Bank of America Corp.		7,265,248
	61,800	Bank of Ireland - ADR		5,345,700
	71,900	BNP Paribas - ADR		3,753,180
	76,300	Cash America International, Inc.		3,128,300
	116,900	CB Richard Ellis Group, Inc. - Class A(a)		3,995,642
	19,300	Chicago Mercantile Exchange		10,276,478
	168,700	CIT Group, Inc.		8,927,604
	156,500	Citigroup, Inc.		8,034,710
	71,700	Credicorp Ltd.		3,493,941
	173,600	Credit Suisse Group - ADR		12,469,688
	86,600	Deutsche Bank AG - ADR		11,651,164
	94,900	EZCORP, Inc.(a)		1,397,877
	254,100	Fidelity National Financial, Inc.	$	6,100,941
	69,000	Franklin Resources, Inc.		8,337,270
	99,100	Genworth Financial, Inc. - Class A		3,462,554
	114,100	Horace Mann Educators Corp.		2,344,755
	87,900	ICICI Bank, Ltd. - ADR		3,230,325
	89,600	ING Group N.V. - ADR		3,792,768
	23,900	iStar Financial, Inc.		1,119,237
	362,900	JPMorgan Chase & Co.		17,557,102
	98,300	Lehman Brothers Holding, Inc.		6,887,881
	77,500	Lincoln National Corp.		5,253,725
	138,100	Loews Corp.		6,273,883
	7,100	Markel Corp.(a)		3,442,293
	94,200	Mastercard, Inc. - Class A		10,007,808
	190,700	MCG Capital Corp.		3,577,532
	85,200	Merrill Lynch & Co., Inc.		6,958,284
	147,400	MetLife, Inc.		9,308,310
	189,100	Morgan Stanley		14,893,516
	167,400	National Financial Partners Corp.		7,852,734
	151,600	Philadelphia Consolidated Holding Corp.(a)		6,668,884
	63,525	Portfolio Recovery Associates Inc.(a)		2,836,391
	84,400	Prudential Financial, Inc.		7,617,944
	23,700	Redwood Trust, Inc.		1,236,666
	117,900	StanCorp Financial Group, Inc.		5,797,143
	43,200	State Street Corp.		2,797,200

Schedule of Investments 13

Shares			Value
	87,400	The Allstate Corp.	$	5,249,244
	38,100	The Bear Stearns Cos., Inc.		5,728,335
	237,300	The Charles Schwab Corp.		4,340,217
	88,300	The Goldman Sachs Group, Inc.		18,245,429
	91,100	Travelers Cos., Inc.		4,716,247
	121,200	UBS AG - ADR	$	7,202,916
	146,100	US Bancorp		5,109,117
	89,500	Wells Fargo & Co.		3,081,485
Total Investments (Cost $298,354,544) 97.5%				336,140,973
Other Assets Less Liabilities 2.5%				8,509,244
Net Assets 100.0%			$	344,650,217

The accompanying notes are an integral part of the financial statements.

(a)	Non-income producing security.
ADR	American Depositary Receipt

14 Schedule of Investments

Industry Composition
March 31, 2007

Investment Banking & Brokerage	17.3%
Other Diversified Financial Services	10.6%
Diversified Banks	10.3%
Life & Health Insurance	9.9%
Diversified Capital Markets	9.1%
Property & Casualty Insurance	8.4%
Multi-Line Insurance	7.5%
Asset Management & Custody Banks	7.3%
Specialized Finance	6.4%
Insurance Brokers	3.5%
Data Processing & Outsourced Services	2.9%
Consumer Finance	2.4%
Real Estate Management & Development	1.2%
Mortgage Reits	0.7%

Percentages are based upon net assets.

Schedule of Investments 15

ICON Healthcare Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (96.2%)
	100,000	Aetna, Inc.	$	4,379,000
	133,334	Amedisys, Inc.(a)		4,324,022
	450,000	AmerisourceBergen Corp.		23,737,500
	200,000	Amgen, Inc.(a)		11,176,000
	100,000	AMN Healthcare Services, Inc.(a)		2,262,000
	100,000	AstraZeneca PLC - ADR		5,365,000
	250,000	Barr Pharmaceuticals, Inc.(a)		11,587,500
	100,000	Biogen Idec, Inc.(a)		4,438,000
	200,000	Biovail Corp. - ADR		4,372,000
	150,000	Cambrex Corp.		3,690,000
	400,000	Celgene Corp.(a)		20,984,000
	125,000	CIGNA Corp.		17,832,500
	150,000	Community Health Systems, Inc.(a)		5,287,500
	125,000	Coventry Health Care, Inc.(a)		7,006,250
	125,000	DaVita, Inc.(a)		6,665,000
	250,000	Dr. Reddy’s Laboratories, Ltd. - ADR		4,115,000
	350,000	Eli Lilly & Co.		18,798,500
	325,000	Forest Laboratories, Inc.(a)		16,718,000
	60,000	Genentech, Inc.(a)		4,927,200
	175,000	Genzyme Corp.(a)		10,503,500
	150,000	Gilead Sciences, Inc.(a)		11,475,000
	100,000	Henry Schein, Inc.(a)		5,518,000
	200,000	Humana, Inc.(a)	$	11,604,000
	200,000	Immucor, Inc.(a)		5,886,000
	425,000	Johnson & Johnson, Inc.		25,610,500
	325,000	K-V Pharmaceutical Co.(a)		8,037,250
	475,000	King Pharmaceuticals, Inc.(a)		9,343,250
	175,000	LifeCell Corp.(a)		4,369,750
	100,000	Lincare Holdings, Inc.(a)		3,665,000
	100,000	Manor Care, Inc.		5,436,000
	75,000	Matthews International Corp. - Class A		3,052,500
	150,000	McKesson HBOC, Inc.		8,781,000
	125,000	MedcoHealth Solutions, Inc.(a)		9,066,250
	75,000	Medtronic, Inc.		3,679,500
	425,000	Merck & Co., Inc.		18,772,250
	775,000	Mylan Laboratories, Inc.		16,383,500
	50,000	Owens & Minor, Inc.		1,836,500
	550,000	Pfizer, Inc.		13,893,000
	100,000	Possis Medical, Inc.(a)		1,301,000
	300,000	PSS World Medical, Inc.(a)		6,342,000
	150,000	Psychiatric Solutions, Inc.(a)		6,046,500
	100,000	Quest Diagnostics, Inc.		4,987,000
	180,000	ResMed, Inc.(a)		9,066,600
	200,000	Respironics, Inc.(a)		8,398,000

16 Schedule of Investments

Shares			Value
	150,000	Schering-Plough Corp.	$	3,826,500
	150,000	Sciele Pharma, Inc.(a)		3,552,000
	125,000	St. Jude Medical, Inc.(a)		4,701,250
	275,000	Stryker Corp.		18,238,000
	104,500	Syneron Medical, Ltd.		2,826,725
	150,000	Teva Pharmaceutical Industries, Ltd. - ADR		5,614,500
	325,000	Thermo Electron Corp.(a)		15,193,750
	250,000	UnitedHealth Group, Inc.		13,242,500
	100,000	Universal Health Services, Inc. - Class B		5,726,000
	125,000	WellPoint, Inc.(a)	$	10,137,500
	200,000	Wyeth		10,006,000
	200,000	Zimmer Holdings, Inc.(a)		17,082,000
Total Common Stocks (Cost $426,676,383)				500,865,547
Short-Term Investments (3.9%)
$	20,148,656	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#		20,148,656
Total Short-Term Investments (Cost $20,148,656)				20,148,656
Total Investments 100.1% (Cost $446,825,039)				521,014,203
Liabilities Less Other Assets (0.1)%				(313,793	)
Net Assets 100.0%			$	520,700,410

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, 2007.
ADR	American Depositary Receipt

Schedule of Investments 17

Industry Composition
March 31, 2007

Pharmaceuticals	33.9%
Biotechnology	13.0%
Health Care Equipment	12.5%
Managed Health Care	12.3%
Health Care Distributors	8.9%
Health Care Services	5.9%
Health Care Facilities	4.3%
Life Science Tools & Services	3.6%
Health Care Supplies	1.2%
Specialized Consumer Services	0.6%

Percentages are based upon net assets.

18 Schedule of Investments

ICON Industrials Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (98.1%)
	3,000	AAON, Inc.	$	78,390
	35,000	AAR Corp.(a)		964,600
	82,500	ABB, Ltd. - ADR		1,417,350
	7,600	Actuant Corp. - Class A		385,776
	29,500	Acuity Brands, Inc.		1,605,980
	15,000	Aircastle, Ltd.		530,700
	7,500	Albany International Corp. - Class A		269,550
	5,000	Alexander & Baldwin, Inc.		252,200
	12,000	Allied Waste Industries, Inc.(a)		151,080
	25,000	American Commercial Lines, Inc.(a)		786,250
	12,500	American Standard Cos., Inc.		662,750
	15,000	AMETEK, Inc.		518,100
	5,200	AMR Corp.(a)		158,340
	5,000	Apogee Enterprises, Inc.		100,200
	11,000	Astec Industries, Inc.(a)		442,750
	35,000	Baldor Electric Co.		1,320,900
	20,000	Ball Corp.		917,000
	12,800	Barnes Group, Inc.		294,528
	22,500	Barrett Business Services, Inc.		518,625
	29,500	Belden CDT, Inc.		1,580,905
	25,000	Burlington Northern Santa Fe Corp.		2,010,750
	11,100	Canadian National Railway Co. - ADR	$	489,954
	18,500	Canadian Pacific Railway, Ltd. - ADR		1,044,325
	42,500	Caterpillar, Inc.		2,848,775
	18,700	CDI Corp.		540,804
	20,000	Ceradyne, Inc.(a)		1,094,800
	7,500	Cintas Corp.		270,750
	5,000	Clean Harbors, Inc.(a)		226,100
	6,000	Consolidated Graphics, Inc.(a)		444,300
	5,000	Copart, Inc.(a)		140,050
	2,500	Corrections Corp. of America(a)		132,025
	10,000	CRA International, Inc.(a)		521,800
	31,500	CSX Corp.		1,261,575
	5,000	Cummins, Inc.		723,600
	27,500	Curtiss-Wright Corp.		1,059,850
	10,100	Danaher Corp.		721,645
	10,000	Deere & Co.		1,086,400
	10,000	Diana Shipping, Inc.		176,100
	7,700	Dover Corp.		375,837
	5,000	DRS Technologies, Inc.		260,850
	30,000	DryShips, Inc.		675,900
	19,000	Dun & Bradstreet Corp.		1,732,800
	7,600	Eaton Corp.		635,056
	20,000	Emerson Electric Co.		861,800

Schedule of Investments 19

Shares			Value
	10,200	EnPro Industries, Inc.(a)	$	367,710
	10,000	Euroseas, Ltd.		99,900
	50,000	Excel Maritime Carriers, Ltd.(a)		861,500
	9,000	FedEx Corp.		966,870
	21,600	Franklin Electric Co., Inc.		1,004,400
	15,000	FTI Consulting, Inc.(a)		503,850
	7,400	GATX Corp.		353,720
	29,000	Gehl Co.(a)		736,020
	18,000	Genco Shipping & Trading, Ltd.		572,040
	7,200	General Cable Corp.(a)		384,696
	23,800	General Dynamics Corp.		1,818,320
	200,000	General Electric Co.		7,072,000
	11,500	Genlyte Group, Inc.(a)		811,325
	18,000	Greenbrier Cos., Inc.		480,600
	66,000	Healthcare Services Group, Inc.		1,890,900
	10,000	HEICO Corp.		364,900
	11,600	Herman Miller, Inc.		388,484
	20,000	Honeywell International, Inc.		921,200
	22,000	Hub Group, Inc. - Class A(a)		637,780
	14,000	Hubbell, Inc. - Class B		675,360
	11,500	IDEX Corp.		585,120
	15,000	II-VI, Inc.(a)		507,750
	10,000	Illinois Tool Works, Inc.		516,000
	25,300	Ingersoll Rand Co., Ltd. - Class A		1,097,261
	10,000	JB Hunt Transport Services, Inc.		262,400
	12,500	Joy Global, Inc.	$	536,250
	12,000	Kansas City Southern(a)		426,960
	10,100	Kaydon Corp.		429,856
	18,700	Kelly Services, Inc. - Class A		602,140
	5,100	Kennametal, Inc.		344,811
	37,500	Kirby Corp.(a)		1,311,750
	10,000	Knight Transportation, Inc.		178,200
	10,500	L-3 Communications Holdings, Inc.		918,435
	4,000	Lennox International, Inc.		142,800
	17,700	Lincoln Electric Holdings, Inc.		1,054,212
	27,500	Lockheed Martin Corp.		2,668,050
	18,700	Manpower, Inc.		1,379,499
	25,000	Masco Corp.		685,000
	5,100	Middleby Corp.(a)		672,384
	22,500	Moog, Inc. - Class A(a)		937,125
	7,400	MSC Industrial Direct Co., Inc. - Class A		345,432
	2,500	NCI Building Systems, Inc.(a)		119,350
	25,000	Norfolk Southern Corp.		1,265,000
	17,500	Northrop Grumman Corp.		1,298,850
	10,000	Old Dominion Freight Line, Inc.(a)		288,100
	27,500	Pacer International, Inc.		740,850
	15,200	Parker Hannifin Corp.		1,311,912
	5,000	Precision Castparts Corp.		520,250

20 Schedule of Investments

Shares or Principal Amount			Value
	50,000	Quintana Maritime, Ltd.	$	688,500
	20,000	R.R. Donnelley & Sons Co.		731,800
	34,300	Raytheon Co.		1,799,378
	25,000	Regal-Beloit Corp.		1,159,500
	30,000	Republic Services, Inc.		834,600
	4,100	Ryder System, Inc.		202,294
	25,000	Seaspan Corp.		669,750
	12,500	Siemens AG - ADR		1,340,000
	6,000	Simpson Manufacturing Co., Inc.		185,040
	14,400	Steelcase, Inc. - Class A		286,416
	15,000	Tata Motors, Ltd. - ADR		243,150
	10,000	Teledyne Technologies, Inc.(a)		374,400
	15,000	Terex Corp.(a)		1,076,400
	7,500	Textron, Inc.		673,500
	40,000	The Boeing Co.		3,556,400
	12,500	The Toro Co.		640,500
	10,000	Thomas & Betts Corp.(a)		488,200
	20,000	Trinity Industries, Inc.		838,400
	15,000	Ultrapetrol (Bahamas), Ltd.		251,700
	20,600	Union Pacific Corp.		2,091,930
	14,900	United Rentals, Inc.(a)		409,750
	20,000	United Technologies Corp.	$	1,300,000
	25,000	UTi Worldwide, Inc.		614,500
	11,900	W.W. Grainger, Inc.		919,156
	20,000	Wabtec Corp.		689,800
	5,250	Waste Connections, Inc.(a)		157,185
	19,500	Waste Management, Inc.		670,995
	14,900	Watsco, Inc.		760,943
	4,400	WESCO International, Inc.(a)		276,232
	10,000	Woodward Governor Co.		411,700
	10,000	YRC Worldwide, Inc.(a)		402,200
Total Common Stocks (Cost $89,603,525)				99,093,461
Short-Term Investments (1.9%)
$	1,915,657	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#		1,915,657
Total Short-Term Investments (Cost $1,915,657)				1,915,657
Total Investments (Cost $91,519,182) 100.0%				101,009,118
Other Assets Less Liabilities 0.0%				48,074
Net Assets 100.0%			$	101,057,192

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, 2007.
ADR	American Depositary Receipt

Schedule of Investments 21

Industry Composition
March 31, 2007

Aerospace & Defense	19.6%
Electrical Components & Equipment	11.3%
Construction & Farm Machinery & Heavy Trucks	10.3%
Industrial Conglomerates	9.0%
Industrial Machinery	9.0%
Railroads	8.5%
Marine	6.3%
Diversified Commercial & Professional Services	5.1%
Trading Companies & Distributors	3.5%
Human Resource & Employment Services	3.0%
Air Freight & Logistics	2.9%
Environmental & Facilities Services	2.0%
Building Products	1.9%
Heavy Electrical Equipment	1.4%
Trucking	1.3%
Commercial Printing	1.2%
Metal & Glass Containers	0.9%
Office Services & Supplies	0.7%
Airlines	0.2%

Percentages are based upon net assets.

22 Schedule of Investments

ICON Information Technology Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (100.2%)
	17,800	Accenture, Ltd. - Class A	$	686,012
	39,400	Alliance Data Systems Corp.(a)		2,427,828
	145,700	Altera Corp.(a)		2,912,543
	55,500	Analog Devices, Inc.		1,914,195
	55,400	Anixter International, Inc.(a)		3,653,076
	102,200	Apple Computer, Inc.(a)		9,495,402
	179,300	Applied Materials, Inc.		3,284,776
	87,100	Arrow Electronics, Inc.(a)		3,288,025
	63,900	AT&T, Inc.		2,519,577
	54,300	AutoDesk, Inc.(a)		2,041,680
	154,300	Avnet, Inc.(a)		5,576,402
	13,700	Brother Industries, Ltd. - ADR		1,846,075
	787,100	Cisco Systems, Inc.(a)		20,094,663
	55,700	Cognizant Technology Solutions Corp.(a)		4,916,639
	448,700	Dell, Inc.(a)		10,414,327
	76,400	Diebold, Inc.		3,645,044
	298,400	eBay, Inc.(a)		9,891,960
	61,800	Electronic Data Systems Corp.		1,710,624
	56,300	Fair Issac Corp.		2,177,684
	40,200	Fiserv, Inc.(a)		2,133,012
	40,800	Google, Inc. - Class A(a)		18,692,928
	76,100	Harris Corp.		3,877,295
	328,300	Hewlett-Packard Co.		13,177,962
	172,800	Hon Hai Precision Industry Co., Ltd. - GDR	$	2,335,151
	43,400	Infocrossing, Inc.(a)		645,358
	479,900	Intel Corp.		9,180,487
	197,700	International Business Machines Corp.		18,635,202
	84,600	Intevac, Inc.(a)		2,230,902
	74,700	KLA-Tencor Corp.		3,983,004
	42,500	Mastercard, Inc. - Class A		4,515,200
	56,400	Memc Electronic Materials, Inc.(a)		3,416,712
	22,600	MICROS Systems, Inc.(a)		1,220,174
	542,100	Microsoft Corp.		15,108,327
	104,600	Nokia Corp. - ADR		2,397,432
	167,500	ON Semiconductor Corp.(a)		1,494,100
	80,400	Open Text Corp.(a)		1,765,584
	113,400	Oracle Corp.(a)		2,055,942
	66,600	QUALCOMM, Inc.		2,841,156
	21,100	SAP AG - ADR		942,115
	334,257	Siliconware Precision Industries Co. - ADR		3,279,061
	43,200	Standard Microsystems Corp.(a)		1,319,328
	323,462	Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		3,477,217
	27,500	Tessera Technology, Inc.(a)		1,092,850

Schedule of Investments 23

Shares			Value
	168,300	Texas Instruments, Inc.	$	5,065,830
	86,600	The9, Ltd. - ADR(a)		2,921,884
	299,800	Xerox Corp.(a)		5,063,622
Total Investments 100.2% (Cost $193,519,993)				225,364,367
Liabilities Less Other Assets (0.2)%				(547,556	)
Net Assets 100.0%			$	224,816,811

The accompanying notes are an integral part of the financial statements.

(a)	Non-income producing security.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

24 Schedule of Investments

Industry Composition
March 31, 2007

Computer Hardware	24.6%
Internet Software Services	13.5%
Communications Equipment	13.0%
Semiconductors	12.8%
Systems Software	8.1%
Semiconductor Equipment	6.2%
Technology Distributors	5.6%
Data Processing & Outsourced Services	5.1%
Office Electronics	3.1%
IT Consulting & Other Services	2.5%
Application Software	2.3%
Home Entertainment Software	1.3%
Integrated Telecommunication Services	1.1%
Electronic Equipment Manufacturers	1.0%

Percentages are based upon net assets.

Schedule of Investments 25

ICON Leisure and Consumer Staples Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (97.8%)
	77,300	Alberto-Culver Co.	$	1,768,624
	22,900	Altria Group, Inc.		2,010,849
	44,500	Archer Daniels Midland Co.		1,633,150
	46,700	Brinker International, Inc.		1,527,090
	17,200	Buffalo Wild Wings, Inc.(a)		1,095,640
	34,100	Bunge, Ltd.		2,803,702
	80,400	Cablevision Systems Corp.		2,446,572
	37,100	Carnival Corp.		1,738,506
	30,400	CBRL Group, Inc.		1,407,520
	27,600	Central European Distribution Corp.(a)		803,436
	50,700	Clear Channel Communications, Inc.		1,776,528
	138,800	Comcast Corp. - Class A(a)		3,601,860
	37,600	ConAgra Foods, Inc.		936,616
	15,500	CVS Corp.		529,170
	25,500	Darden Restaurants, Inc.		1,050,345
	25,800	Dean Foods Co.(a)		1,205,892
	55,300	EchoStar Communications Corp. - Class A(a)		2,401,679
	7,100	Energizer Holdings, Inc.(a)		605,843
	10,100	Fomento Economico Mexicano, S.A. de C.V. - ADR		1,114,939
	104,830	Global Sources, Ltd.(a)		1,466,572
	1,400	Google, Inc. - Class A(a)		641,424
	33,800	Grupo Televisa S.A. - ADR		1,007,240
	42,600	Hansen Natural Corp.(a)		1,613,688
	20,200	Hewlett-Packard Co.	$	810,828
	29,100	Hilton Hotels Corp.		1,046,436
	13,900	International Speedway Corp. - Class A		718,630
	57,300	JAKKS Pacific, Inc.(a)		1,369,470
	22,000	Kimberly-Clark Corp.		1,506,780
	107,300	Koninkljke Ahold N.V. - ADR(a)		1,259,702
	42,000	Kroger Co.		1,186,500
	74,800	Lee Enterprises, Inc.		2,247,740
	28,600	Mattel, Inc.		788,502
	48,900	McDonald’s Corp.		2,202,945
	28,100	Media General, Inc. - Class A		1,072,296
	199,300	Mediacom Communications Corp.(a)		1,622,302
	46,500	Meredith Corp.		2,668,635
	56,300	Nash Finch Co.		1,940,098
	13,500	Nestle S.A. - ADR		1,311,525
	141,800	News Corp. - Class A		3,278,416
	23,300	Polaris Industries, Inc.		1,117,934
	48,700	Procter & Gamble Co.		3,075,892
	28,900	Rare Hospitality International, Inc.(a)		869,601
	25,000	RC2 Corp.(a)		1,009,750
	97,300	Rentrak Corp.(a)		1,520,799
	21,300	Royal Caribbean Cruises, Ltd.		898,008
	35,700	Safeway, Inc.		1,308,048
	51,300	Scholastic Corp.(a)		1,595,430
	29,900	Steinway Musical Instruments, Inc.		964,873
	19,500	Sysco Corp.		659,685
	105,300	The DIRECTV Group, Inc.(a)		2,429,271
	104,000	The Walt Disney Co.		3,580,720

26 Schedule of Investments

Shares or Principal Amount			Value
	156,600	Time Warner, Inc.	$	3,088,152
	16,000	USANA Health Sciences, Inc.(a)		749,920
	46,800	Viacom, Inc. - Class B(a)		1,923,948
	23,600	Wimm-Bill-Dann Foods OJSC - ADR		1,884,696
	16,300	Yum! Brands, Inc.		941,488
Total Common Stocks (Cost $77,919,933)				87,835,905
Short-Term Investments (0.1%)
$	137,050	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#	$	137,050
Total Short-Term Investments (Cost $137,050)				137,050
Total Investments (Cost $78,056,983) 97.9%				87,972,955
Other Assets Less Liabilities 2.1%				1,875,527
Net Assets 100.0%			$	89,848,482

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, 2007.
ADR	American Depositary Receipt

Schedule of Investments 27

Industry Composition
March 31, 2007

Broadcast & Cable TV	17.0%
Movies & Entertainment	14.9%
Restaurants	10.3%
Publishing	10.1%
Packaged Foods & Meats	5.9%
Household Products	5.8%
Leisure Products	5.8%
Agriculture Products	4.9%
Food Retail	4.2%
Hotels, Resorts & Cruise Lines	4.1%
Food Distributors	3.8%
Soft Drinks	3.0%
Personal Products	2.8%
Tobacco	2.2%
Computer Hardware	0.9%
Leisure Facilities	0.8%
Internet Software Services	0.7%
Drug Retail	0.6%

Percentages are based upon net assets.

28 Schedule of Investments

ICON Materials Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (96.9%)
	78,100	Air Products & Chemical, Inc.	$	5,770,809
	103,000	Albemarle Corp.		4,258,020
	70,100	Alcan, Inc. - ADR		3,659,220
	153,100	Alcoa, Inc.		5,190,090
	22,300	Allegheny Technologies, Inc.		2,379,187
	10,900	American Standard Cos., Inc.		577,918
	45,000	Arcelor Mittal - Class A		2,380,050
	76,000	Ball Corp.		3,484,600
	15,200	Barrick Gold Corp. - ADR		433,960
	68,900	Bemis Co., Inc.		2,300,571
	25,000	BHP Billiton Ltd. - ADR		1,211,250
	7,400	Burlington Northern Santa Fe Corp.		595,182
	14,800	Carpenter Technology Corp.		1,787,248
	18,800	Caterpillar, Inc.		1,260,164
	40,400	Companhia Vale do Rio Doce - ADR		1,494,396
	45,900	Crown Holdings, Inc.(a)		1,122,714
	19,500	Cytec Industries, Inc.		1,096,680
	25,000	Dow Chemical Co.		1,146,500
	14,700	Dril-Quip, Inc.(a)		636,216
	245,000	E.I. du Pont de Nemours and Co.		12,110,350
	26,900	Eagle Materials, Inc.		1,200,547
	66,200	Ferro Corp.		1,430,582
	25,000	FMC Corp.		1,885,750
	47,500	Freeport-McMoran Copper & Gold, Inc. - Class B	$	3,144,025
	20,000	Greif, Inc. - Class A		2,222,200
	254,900	Hercules, Inc.(a)		4,980,746
	23,700	International Flavors & Fragrances, Inc.		1,119,114
	23,400	Joy Global, Inc.		1,003,860
	15,500	Lafarge S.A. - ADR		608,995
	94,600	Lubrizol Corp.		4,874,738
	31,800	Martin Marietta Materials, Inc.		4,299,360
	33,900	Monsanto Co.		1,863,144
	217,600	Myers Industries, Inc.		4,064,768
	8,000	National Oilwell Varco, Inc.(a)		622,320
	19,700	Newmont Mining Corp.		827,203
	44,800	NN, Inc.		559,552
	18,200	Northwest Pipe Co.(a)		724,906
	4,100	PotashCorp of Saskatchewan, Inc.		655,713
	53,900	PPG Industries, Inc.		3,789,709
	109,900	Praxair, Inc.		6,919,304
	15,800	Quanex Corp.		669,130
	27,400	Reliance Steel & Aluminum Co.		1,326,160
	10,400	Rexam PLC - ADR		565,240
	219,400	RPM International, Inc.		5,068,140
	23,900	RTI International Metals, Inc.(a)		2,175,139
	57,200	Sealed Air Corp.		1,807,520

Schedule of Investments 29

Shares or Principal Amount			Value
	26,600	Silgan Holdings, Inc.	$	1,359,526
	25,000	Southern Copper Corp.		1,791,500
	33,200	Steel Dynamics, Inc.		1,434,240
	26,700	Syngenta AG - ADR		1,015,935
	9,800	Terex Corp.(a)		703,248
	12,000	Texas Industries, Inc.		906,360
	10,700	The Scotts Miracle-Gro Co.		471,121
	12,300	Union Pacific Corp.		1,249,065
Total Common Stocks (Cost $101,771,535)				120,233,985
Short-Term Investments (2.6%)
$	3,192,903	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#	$	3,192,903
Total Short-Term Investments (Cost $3,192,903)				3,192,903
Total Investments 99.5% (Cost $104,964,438)				123,426,888
Other Assets Less Liabilities 0.5%				617,393
Net Assets 100.0%			$	124,044,281

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, 2007.
ADR	American Depositary Receipt

30 Schedule of Investments

Industry Composition
March 31, 2007

Diversified Chemicals	19.4%
Specialty Chemicals	14.4%
Metal & Glass Containers	10.3%
Steel	10.3%
Industrial Gases	10.2%
Aluminum	7.1%
Diversified Metals & Mining	6.7%
Construction Materials	5.6%
Paper Packaging	3.3%
Fertilizers & Agricultural Chemicals	3.2%
Construction & Farm Machinery & Heavy Trucks	2.4%
Railroads	1.5%
Gold	1.0%
Oil & Gas Equipment & Services	1.0%
Building Products	0.5%

Percentages are based upon net assets.

Schedule of Investments 31

ICON Telecommunication & Utilities Fund
Schedule of Investments
March 31, 2007 (unaudited)

Shares			Value
Common Stocks (97.3%)
	10,000	ADC Telecommunications, Inc.(a)	$	167,400
	8,400	AGL Resources, Inc.		358,848
	25,000	Allegheny Energy, Inc.(a)		1,228,500
	4,000	Allete, Inc.		186,480
	50,806	America Movil S.A.B. de C.V. - ADR		2,428,019
	42,500	American Electric Power Co., Inc.		2,071,875
	7,500	American States Water Co.		276,525
	12,500	Apple Computer, Inc.(a)		1,161,375
	550,000	AT&T, Inc.		21,686,500
	18,200	Atmos Energy Corp.		569,296
	10,075	BCE, Inc. - ADR		284,921
	32,000	Belden CDT, Inc.		1,714,880
	57,400	BT Group PLC - ADR		3,444,574
	7,500	CenterPoint Energy, Inc.		134,550
	42,500	Cisco Systems, Inc.(a)		1,085,025
	43,250	Comcast Corp. - Class A(a)		1,122,338
	4,000	Companhia de Saneamento Basico do Estado de Sao Paulo - ADR		135,160
	2,500	Companhia Energetica de Minas Gerais - ADR		121,625
	17,000	Consolidated Edison Company of New York, Inc.	$	868,020
	40,000	Constellation Energy Group		3,478,000
	2,000	CPFL Energia S.A. - ADR		84,600
	40,000	Dominion Resources, Inc. of Virginia		3,550,800
	34,500	Edison International		1,694,985
	12,500	El Paso Electric Co.(a)		329,375
	10,000	Embarq Corp.		563,500
	32,000	Emerson Electric Co.		1,378,880
	37,500	Enersis S.A. - ADR		610,875
	22,000	Entergy Corp.		2,308,240
	13,800	Equitable Resources, Inc.		666,816
	80,000	Exelon Corp.		5,496,800
	35,300	First Energy Corp.		2,338,272
	45,200	FPL Group, Inc.		2,764,884
	21,800	France Telecom S.A. - ADR		575,520
	33,000	General Cable Corp.(a)		1,763,190
	25,000	Hubbell, Inc. - Class B		1,206,000
	50,000	II-VI, Inc.(a)		1,692,500
	2,500	Integrys Energy Group, Inc.		138,775
	6,000	International Power PLC - ADR		471,060
	55,000	Koninklijke (Royal) KPN N.V. - ADR		859,650

32 Schedule of Investments

Shares			Value
	5,000	Korea Electric Power Corp. - ADR	$	100,000
	24,500	KT Corp. - ADR		548,555
	5,000	Lockheed Martin Corp.		485,100
	23,000	MDU Resources Group, Inc.		661,020
	11,300	National Grid PLC - ADR		890,553
	14,500	Northeast Utilities		475,165
	73,500	NRG Energy, Inc.(a)		5,294,940
	15,000	NSTAR		526,800
	12,000	OGE Energy Corp.		465,600
	21,400	Ormat Technologies, Inc.		897,944
	81,700	Partner Communications Co., Ltd.		1,209,160
	15,000	Pepco Holdings, Inc.		435,300
	15,000	PG&E Corp.		724,050
	22,800	Philippine Long Distance Telephone Co. - ADR		1,203,840
	25,000	PNM Resources, Inc.		807,500
	45,500	PPL Corp.		1,860,950
	11,000	PT Telekomunikasi Indonesia - ADR		474,540
	7,500	Puget Energy, Inc.		192,600
	33,000	Questar Corp.		2,943,930
	135,000	Qwest Communications International, Inc.(a)		1,213,650
	30,000	Sempra Energy		1,830,300
	5,500	Siemens AG - ADR		589,600
	23,700	Sierra Pacific Resources(a)	$	411,906
	3,200	South Jersey Industries, Inc.		121,760
	82,200	Southern Co.		3,012,630
	15,200	Southern Union Co.		461,928
	11,000	Southwest Gas Corp.		427,570
	19,700	Telecom Italia S.p.A. - ADR		564,602
	5,000	Telecomunicacoes de Sao Paulo S.A. - ADR		128,050
	44,966	Telefonica S.A. - ADR		2,985,742
	37,100	Telefonos de Mexico S.A. de C.V. - ADR		1,239,140
	33,900	Telekom Austria AG - ADR		1,709,916
	48,400	Telenor ASA - ADR		2,573,428
	10,000	Telus Corp.		500,000
	50,000	The AES Corp.(a)		1,076,000
	28,000	Thomas & Betts Corp.(a)		1,366,960
	15,200	UGI Corp.		405,992
	7,500	UniSource Energy Corp.		281,625
	80,000	Verizon Communications, Inc.		3,033,600
	50,000	Vodafone Group PLC - ADR		1,343,000
	2,500	Wisconsin Energy Corp.		121,300
Total Common Stocks (Cost $98,349,010)				116,614,879

Schedule of Investments 33

Principal Amount			Value
Short-Term Investments (4.6%)
$	5,462,912	Brown Brothers Harriman Time Deposit, 4.69%, 04/02/07#	$	5,462,912
Total Short-Term Investments (Cost $5,462,912)				5,462,912
Total Investments 101.9% (Cost $103,811,922)				122,077,791
Liabilities Less Other Assets (1.9)%				(2,252,808	)
Net Assets 100.0%			$	119,824,983

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, 2007.
ADR	American Depositary Receipt

34 Schedule of Investments

Industry Composition
March 31, 2007

Integrated Telecommunication Services	35.5%
Electric Utilities	21.9%
Multi-Utilities	9.6%
Independent Power Producers & Energy Traders	8.5%
Electrical Components & Equipment	7.6%
Wireless Telecommunication Services	5.1%
Gas Utilities	5.0%
Communications Equipment	1.0%
Computer Hardware	1.0%
Broadcast & Cable TV	0.9%
Industrial Conglomerates	0.5%
Aerospace & Defense	0.4%
Water Utilities	0.3%

Percentages are based upon net assets.

Schedule of Investments 35

Six Month Hypothetical Expense Example
March 31, 2007 (unaudited)

As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transactions 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 (10/1/06 - 3/31/07).

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

36 Expense Example

only, and will not help you determine the relative total costs of owning different funds.

	Beginning		Ending
	Account		Account		Expenses Paid		Annualized
	Value		Value		During Period		Expense Ratio
	10/1/06		3/31/07		10/1/06-3/31/07*		10/1/06-3/31/07
ICON Consumer Discretionary Fund
Actual Expenses	$	1,000.00	$	1,072.70	$	6.56		1.27%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.67		6.39
ICON Energy Fund
Actual Expenses		1,000.00		1,156.80		6.51		1.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.97		6.09
ICON Financial Fund
Actual Expenses		1,000.00		1,038.40		6.05		1.19%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.07		5.99
ICON Healthcare Fund
Actual Expenses		1,000.00		1,032.90		6.23		1.23%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.87		6.19
ICON Industrials Fund
Actual Expenses		1,000.00		1,100.90		7.02		1.34%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.32		6.74
ICON Information Technology Fund
Actual Expenses		1,000.00		1,055.00		6.40		1.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.77		6.29
ICON Leisure and Consumer Staples Fund
Actual Expenses		1,000.00		1,084.30		6.96		1.34%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.32		6.74
ICON Materials Fund
Actual Expenses		1,000.00		1,216.90		7.79		1.41%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.97		7.09
ICON Telecommunication & Utilities Fund
Actual Expenses		1,000.00		1,194.40		7.33		1.34%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.32		6.74

*  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.

Expense Example 37

Statements of Assets and Liabilities
March 31, 2007 (unaudited)

	ICON
	Consumer			ICON		ICON		ICON
	Discretionary			Energy		Financial		Healthcare
	Fund			Fund		Fund		Fund
Assets
Investments, at cost	$	147,022,115		$	393,491,299	$	298,354,544	$	446,825,039
Investments, at value		160,216,236			626,720,077		336,140,973		521,014,203
Cash		-			-		-		-
Receivables:
Fund shares sold		70,610			1,156,157		150,507		553,682
Investments sold		9,327,728			1,436,438		9,176,524		-
Interest		92,461			1,806		366,487		5,182
Dividends		-			346,388		-		302,625
Other assets		40,015			79,833		48,414		70,466
Total Assets		169,747,050			629,740,699		345,882,905		521,946,158
Liabilities
Payables:
Due to custodian bank		67,252			-		349,815		-
Interest		4,266			-		1,154		-
Investments bought		8,909,013			-		-		-
Fund shares redeemed		253,988			2,304,947		483,014		644,387
Advisory fees		137,700			511,158		295,970		442,823
Fund accounting fees		5,180			14,581		8,820		12,783
Transfer agent fees		24,734			103,324		36,490		83,240
Administration fees		6,484			24,959		13,939		21,364
Trustee fees		7,162			26,877		15,392		23,080
Accrued expenses		268			11,937		28,094		18,071
Total Liabilities		9,416,047			2,997,783		1,232,688		1,245,748
Net Assets	$	160,331,003		$	626,742,916	$	344,650,217	$	520,700,410
Net Assets Consist of
Paid-in capital	$	145,398,292		$	353,600,221	$	293,891,219	$	420,792,605
Accumulated undistributed net investment income/(loss)		(124,804	)		2,023,527		262,566		(1,112,327	)
Accumulated undistributed net realized gain/(loss) from investments		1,863,394			37,890,390		12,710,003		26,830,968
Unrealized appreciation on investments		13,194,121			233,228,778		37,786,429		74,189,164
Net Assets	$	160,331,003		$	626,742,916	$	344,650,217	$	520,700,410
Shares outstanding (unlimited shares authorized, no par value)		12,346,970			18,771,214		24,100,325		30,553,285
Net asset value (offering and redemption price per share)	$	12.99		$	33.39	$	14.30	$	17.04

The accompanying notes are an integral part of the financial statements.

38 Financial Statements

		ICON
ICON		Information			ICON Leisure		ICON		ICON
Industrials		Technology			and Consumer		Materials		Telecommunication
Fund		Fund			Staples Fund		Fund		& Utilities Fund
$	91,519,182	$	193,519,993		$	78,056,983	$	104,964,438	$	103,811,922
	101,009,118		225,364,367			87,972,955		123,426,888		122,077,791
	8,217		-			-		-		4,403
	25,288		111,309			28,579		288,987		130,420
	526,965		2,025,066			1,989,970		3,384,044		-
	1,860		26,264			36		822		1,406
	94,851		-			72,353		100,818		156,021
	31,922		41,467			26,202		38,308		31,478
	101,698,221		227,568,473			90,090,095		127,239,867		122,401,519
	-		2,198,994			-		-		-
	-		6,998			2,220		215		-
	352,130		-			-		2,789,182		2,295,031
	157,103		282,130			124,943		241,382		136,059
	86,801		192,782			76,771		102,572		96,868
	4,686		6,351			3,543		4,068		4,216
	31,200		28,327			21,029		46,231		22,092
	4,276		9,258			3,586		4,896		4,553
	4,516		10,027			3,992		5,343		5,053
	317		16,795			5,529		1,697		12,664
	641,029		2,751,662			241,613		3,195,586		2,576,536
$	101,057,192	$	224,816,811		$	89,848,482	$	124,044,281	$	119,824,983
$	87,689,399	$	236,179,914		$	77,738,342	$	93,190,972	$	90,935,513
	55,015		(715,574	)		255,090		291,055		467,544
	3,822,842		(42,491,903	)		1,939,078		12,099,804		10,156,057
	9,489,936		31,844,374			9,915,972		18,462,450		18,265,869
$	101,057,192	$	224,816,811		$	89,848,482	$	124,044,281	$	119,824,983
	10,971,769		24,425,841			9,018,987		9,843,116		14,348,340
$	9.21	$	9.20		$	9.96	$	12.60	$	8.35

Financial Statements 39

Statements of Operations
For the period ended March 31, 2007 (unaudited)

��
	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Investment Income
Interest	$	44,883		$	165,765		$	52,945		$	254,884
Dividends		773,146			6,178,763			3,440,800			2,085,348
Foreign taxes withheld		-			-			-			-
Total Investment Income		818,029			6,344,528			3,493,745			2,340,232
Expenses
Advisory fees		738,124			3,398,291			1,922,438			2,803,397
Fund accounting fees		18,422			82,108			46,431			67,595
Transfer agent fees		68,097			268,314			109,513			230,578
Administration fees		34,078			159,101			88,748			130,172
Registration fees		16,511			27,498			18,123			25,068
Insurance expense		4,136			27,977			9,905			17,535
Trustee fees and expenses		4,537			19,742			12,699			18,953
Interest expense		30,640			60,427			15,001			52,623
Other expenses		32,035			127,198			75,920			120,452
Total expenses before transfer agent earnings credit		946,580			4,170,656			2,298,778			3,466,373
Transfer agent earnings credit		(3,747	)		(17,314	)		(9,570	)		(13,814	)
Net Expenses		942,833			4,153,342			2,289,208			3,452,559
Net Investment Income (Loss)		(124,804	)		2,191,186			1,204,537			(1,112,327	)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from investment transactions		4,674,572			41,305,694			14,649,271			26,830,969
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		3,218,329			49,643,601			81,857			(9,727,651	)
Net realized and unrealized gain/(loss) on Investments		7,892,901			90,949,295			14,731,128			17,103,318
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	7,768,097		$	93,140,481		$	15,935,665		$	15,990,991

The accompanying notes are an integral part of the financial statements.

40 Financial Statements

			ICON									ICON
ICON			Information			ICON Leisure			ICON			Telecommunication
Industrials			Technology			and Consumer			Materials			& Utilities
Fund			Fund			Staples Fund			Fund			Fund
$	38,413		$	24,557		$	31,901		$	21,892		$	37,021
	614,514			839,311			1,093,267			1,318,948			1,461,002
	-			-			-			(1,632	)		-
	652,927			863,868			1,125,168			1,339,208			1,498,023
	436,494			1,265,776			485,207			584,652			583,365
	11,732			30,987			12,856			14,937			15,356
	68,834			90,571			72,310			108,947			68,175
	20,152			58,433			22,399			26,991			26,932
	12,356			16,762			11,702			15,430			13,567
	4,288			5,862			1,822			5,077			2,410
	3,317			9,014			4,516			4,992			5,398
	1,370			49,750			7,306			25,693			24,386
	28,281			58,635			34,775			38,773			44,771
	586,824			1,585,790			652,893			825,492			784,360
	(2,171	)		(6,348	)		(2,442	)		(2,899	)		(2,851	)
	584,653			1,579,442			650,451			822,593			781,509
	68,274			(715,574	)		474,717			516,615			716,514
	6,582,861			9,513,775			2,268,058			12,099,977			11,549,250
	545,672			4,842,896			5,370,689			9,659,322			8,809,394
	7,128,533			14,356,671			7,638,747			21,759,299			20,358,644
$	7,196,807		$	13,641,097		$	8,113,464		$	22,275,914		$	21,075,158

Financial Statements 41

Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund
	Period ended			Year ended
	March 31,			September 30,
	2007 (unaudited)			2006
Operations
Net investment income/(loss)	$	(124,804	)	$	(711,624	)
Net realized gain/(loss) from investment transactions		4,674,572			(1,974,252	)
Net realized gain from foreign currency translations		-			-
Change in net unrealized appreciation/(depreciation) on investments		3,218,329			(2,215,040	)
Net increase/(decrease) in net assets resulting from operations		7,768,097			(4,900,916	)
Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		-			(15,842,362	)
Net decrease from dividends and distributions		-			(15,842,362	)
Fund Share Transactions
Shares sold		84,482,621			169,800,249
Reinvested dividends and distributions		-			15,740,469
Shares repurchased		(42,711,786	)		(223,427,131	)
Net increase/(decrease) from fund share transactions		41,770,835			(37,886,413	)
Total net increase/(decrease) in net assets		49,538,932			(58,629,691	)
Net Assets
Beginning of period		110,792,071			169,421,762
End of period	$	160,331,003		$	110,792,071
Transactions in Fund Shares
Share Sold		6,463,949			13,890,840
Reinvested dividends and distributions		-			1,362,806
Shares repurchased		(3,266,550	)		(18,549,943	)
Net increase/(decrease)		3,197,399			(3,296,297	)
Shares outstanding beginning of period		9,149,571			12,445,868
Shares outstanding end of period		12,346,970			9,149,571
Purchase and Sales of Investment Securities (excluding short-term securities)
Purchase of securities	$	119,145,366		$	269,340,097
Proceeds from sales of securities		78,307,342			323,712,014
Accumulated undistributed net investment income/(loss)	$	(124,804	)	$	-

The accompanying notes are an integral part of the financial statements.

42 Financial Statements

ICON Energy Fund						ICON Financial Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,
2007 (unaudited)			2006			2007 (unaudited)			2006
$	2,191,186		$	(1,539,702	)	$	1,204,537		$	2,917,573
	41,305,694			97,201,478			14,649,271			19,921,934
	-			-			-			-
	49,643,601			(135,974,290	)		81,857			14,885,101
	93,140,481			(40,312,514	)		15,935,665			37,724,608
	-			(2,256,525	)		(3,859,545	)		(1,744,311	)
	(71,884,906	)		(23,251,426	)		(15,342,221	)		(16,113,682	)
	(71,884,906	)		(25,507,951	)		(19,201,766	)		(17,857,993	)
	75,169,202			381,970,561			60,310,100			225,592,853
	66,740,457			24,368,155			18,814,482			17,760,399
	(324,788,562	)		(561,109,848	)		(99,822,056	)		(105,489,351	)
	(182,878,903	)		(154,771,132	)		(20,697,474	)		137,863,901
	(161,623,328	)		(220,591,597	)		(23,963,575	)		157,730,516
	788,366,244			1,008,957,841			368,613,792			210,883,276
$	626,742,916		$	788,366,244		$	344,650,217		$	368,613,792
	2,370,200			11,049,736			4,022,129			16,117,798
	2,077,847			760,300			1,267,822			1,353,679
	(10,409,594	)		(16,964,736	)		(6,670,277	)		(7,698,732	)
	(5,961,547	)		(5,154,700	)		(1,380,326	)		9,772,745
	24,732,761			29,887,461			25,480,651			15,707,906
	18,771,214			24,732,761			24,100,325			25,480,651
$	1,706,550		$	213,408,134		$	164,279,235		$	526,674,690
	207,956,239			408,025,665			210,909,872			404,037,325
$	2,023,527		$	(167,659	)	$	262,566		$	2,917,574

Financial Statements 43

Statements of Changes in Net Assets (continued)

	ICON Healthcare Fund
	Period ended			Year ended
	March 31,			September 30,
	2007 (unaudited)			2006
Operations
Net investment income/(loss)	$	(1,112,327	)	$	(3,659,319	)
Net realized gain/(loss) from investment transactions		26,830,969			58,118,854
Net realized gain from foreign currency translations		-			-
Change in net unrealized appreciation/(depreciation) on investments		(9,727,651	)		(45,909,243	)
Net increase/(decrease) in net assets resulting from operations		15,990,991			8,550,292
Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		(43,433,266	)		(10,591,515	)
Net decrease from dividends and distributions		(43,433,266	)		(10,591,515	)
Fund Share Transactions
Shares sold		120,515,489			403,323,627
Reinvested dividends and distributions		39,813,766			9,893,314
Shares repurchased		(258,388,619	)		(447,733,008	)
Net increase/(decrease) from fund share transactions		(98,059,364	)		(34,516,067	)
Total net increase/(decrease) in net assets		(125,501,639	)		(36,557,290	)
Net Assets
Beginning of period		646,202,049			682,759,339
End of period	$	520,700,410		$	646,202,049
Transactions in Fund Shares
Share Sold		6,873,634			22,417,731
Reinvested dividends and distributions		2,401,313			557,019
Shares repurchased		(14,724,154	)		(25,034,402	)
Net increase/(decrease)		(5,449,207	)		(2,059,652	)
Shares outstanding beginning of period		36,002,492			38,062,144
Shares outstanding end of period		30,553,285			36,002,492
Purchase and Sales of Investment Securities (excluding short-term securities)
Purchase of securities	$	54,158,573		$	394,109,360
Proceeds from sales of securities		193,721,310			446,505,389
Accumulated undistributed net investment income/(loss)	$	(1,112,327	)	$	-

The accompanying notes are an integral part of the financial statements.

44 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,
2007 (unaudited)			2006			2007 (unaudited)			2006
$	68,274		$	(654,991	)	$	(715,574	)	$	(1,595,172	)
	6,582,861			52,064,019			9,513,775			2,580,097
	-			-			-			-
	545,672			(34,755,918	)		4,842,896			(5,472,197	)
	7,196,807			16,653,110			13,641,097			(4,487,272	)
	(29,288	)		-			-			-
	(30,562,108	)		(6,835,273	)		-			-
	(30,591,396	)		(6,835,273	)		-			-
	35,685,592			70,147,062			46,544,791			175,022,474
	30,151,213			6,801,064			-			-
	(47,399,674	)		(197,386,921	)		(77,357,531	)		(148,620,178	)
	18,437,131			(120,438,795	)		(30,812,740	)		26,402,296
	(4,957,458	)		(110,620,958	)		(17,171,643	)		21,915,024
	106,014,650			216,635,608			241,988,454			220,073,430
$	101,057,192		$	106,014,650		$	224,816,811		$	241,988,454
	3,491,208			5,011,944			4,919,264			20,144,351
	3,426,275			543,216			-			-
	(3,964,865	)		(14,600,539	)		(8,246,009	)		(17,698,365	)
	2,952,618			(9,045,379	)		(3,326,745	)		2,445,986
	8,019,151			17,064,530			27,752,586			25,306,600
	10,971,769			8,019,151			24,425,841			27,752,586
$	72,981,252		$	188,989,372		$	88,763,871		$	432,267,414
	81,204,674			319,518,181			120,143,517			406,207,512
$	55,015		$	16,029		$	(715,574	)	$	-

Financial Statements 45

Statements of Changes in Net Assets (continued)

	ICON Leisure and Consumer Staples Fund
	Period ended			Year ended
	March 31,			September 30,
	2007 (unaudited)			2006
Operations
Net investment income/(loss)	$	474,717		$	(351,244	)
Net realized gain/(loss) from investment transactions		2,268,058			(110,039	)
Net realized gain from foreign currency translations		-			2,784
Change in net unrealized appreciation/(depreciation) on investments		5,370,689			452,764
Net increase/(decrease) in net assets resulting from operations		8,113,464			(5,735	)
Dividends and Distributions to Shareholders
Net investment income		(219,627	)		-
Net realized gains		(38,584	)		(9,538,955	)
Return of Capital		-			(34,857	)
Net decrease from dividends and distributions		(258,211	)		(9,573,812	)
Fund Share Transactions
Shares sold		37,075,597			42,533,627
Reinvested dividends and distributions		238,048			8,013,754
Shares repurchased		(23,456,456	)		(20,242,047	)
Net increase/(decrease) from fund share transactions		13,857,189			30,305,334
Total net increase/(decrease) in net assets		21,712,442			20,725,787
Net Assets
Beginning of period		68,136,040			47,410,253
End of period	$	89,848,482		$	68,136,040
Transactions in Fund Shares
Share Sold		3,986,190			4,626,945
Reinvested dividends and distributions		23,949			900,421
Shares repurchased		(2,388,747	)		(2,093,062	)
Net increase/(decrease)		1,621,392			3,434,304
Shares outstanding beginning of period		7,397,595			3,963,291
Shares outstanding end of period		9,018,987			7,397,595
Purchase and Sales of Investment Securities (excluding short-term securities)
Purchase of securities	$	76,953,214		$	129,436,793
Proceeds from sales of securities		65,035,539			109,381,086
Accumulated undistributed net investment income/(loss)	$	255,090		$	-

The accompanying notes are an integral part of the financial statements.

46 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,
2007 (unaudited)			2006			2007 (unaudited)			2006
$	516,615		$	1,129,408		$	716,514		$	1,318,975
	12,099,977			20,331,914			11,549,250			13,921,397
	-			(22,334	)		-			-
	9,659,322			(8,247,321	)		8,809,394			(12,032,876	)
	22,275,914			13,191,667			21,075,158			3,207,496
	(1,332,635	)		(236,508	)		(1,406,911	)		(1,880,275	)
	(11,756,758	)		(9,051,351	)		(8,089,030	)		(9,640,653	)
	-			-			-			-
	(13,089,393	)		(9,287,859	)		(9,495,941	)		(11,520,928	)
	32,629,390			150,400,169			33,740,551			74,670,691
	12,497,890			8,769,250			9,342,455			11,345,862
	(65,366,859	)		(127,545,242	)		(54,599,262	)		(78,591,644	)
	(20,239,579	)		31,624,177			(11,516,256	)		7,424,909
	(11,053,058	)		35,527,985			62,961			(888,523	)
	135,097,339			99,569,354			119,762,022			120,650,545
$	124,044,281		$	135,097,339		$	119,824,983		$	119,762,022
	2,651,186			12,578,419			4,279,788			10,006,996
	1,084,886			825,717			1,207,036			1,644,205
	(5,470,746	)		(10,637,952	)		(6,782,907	)		(10,581,608	)
	(1,734,674	)		2,766,184			(1,296,083	)		1,069,593
	11,577,790			8,811,606			15,644,423			14,574,830
	9,843,116			11,577,790			14,348,340			15,644,423
$	50,159,801		$	286,596,817		$	99,280,432		$	166,415,855
	87,489,402			262,570,119			121,926,729			169,449,797
$	291,055		$	1,107,175		$	467,544		$	1,157,941

Financial Statements 47

Financial Highlights

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Consumer Discretionary Fund
Period Ended March 31, 2007(unaudited)	$	12.11	$	(0.01	)	$	0.89		$	0.88		$	-		$	-
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			-			-
Year Ended September 30, 2003		10.12		(0.08	)		1.75			1.67			-			-
Year Ended September 30, 2002		8.96		(0.06	)		1.22			1.16			-			-
ICON Energy Fund
Period Ended March 31, 2007(unaudited)		31.88		0.10			4.77			4.87			-			(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			-			-
Year Ended September 30, 2003		11.84		(0.04	)		1.90			1.86			-			-
Year Ended September 30, 2002		11.29		(0.08	)		0.65			0.57			(0.02	)		-
ICON Financial Fund
Period Ended March 31, 2007(unaudited)		14.47		0.05			0.53			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	)		-
Year Ended September 30, 2003		8.84		0.05			1.92			1.97			(0.03	)		-
Year Ended September 30, 2002		12.04		(0.01	)		(1.08	)		(1.09	)		-			(2.11	)

(x)	Calculated using the average share method.
(a)	Amount less than $0.005.
(b)	Annualized for periods less than a year.
*	Total return calculation is for the period indicated.

The accompanying notes are an integral part of the financial statements.

48 Financial Highlights

										Average					Ratio of net
and distributions								Net assets,		net assets		Ratio of			investment
Total			Net asset					end of		for the		expenses			income/(loss)			Portfolio
dividends and			value, end		Total			period (in		period (in		to average			to average			turnover
distributions			of period		return*			thousands)		thousands)		net assets(b)			net assets(b)			rate
$	-		$	12.99		7.27	%	$	160,331	$	148,303		1.27	%		(0.17	)%		53.61	%
	(2.23	)		12.11		6.20	%		110,792		156,240		1.32	%		(0.46	)%		173.83	%
	-			13.61		7.17	%		169,422		167,635		1.25	%		(0.57	)%		157.94	%
	-			12.70		7.72	%		151,922		178,011		1.31	%		(0.38	)%		120.63	%
	-			11.79		16.50	%		150,065		118,834		1.40	%		(0.79	)%		174.51	%
	-			10.12		12.95	%		121,640		184,174		1.29	%		(0.49	)%		128.06	%
	(3.36	)		33.39		15.68	%		626,743		690,339		1.21	%		0.64	%		0.25	%
	(0.93	)		31.88		(2.81	)%		788,366		947,108		1.17	%		(0.16	)%		22.86	%
	-			33.76		54.79	%		1,008,958		602,922		1.21	%		0.37	%		27.51	%
	-			21.81		59.20	%		287,614		127,920		1.35	%		(0.20	)%		13.42	%
	-			13.70		15.71	%		55,629		74,883		1.40	%		(0.29	)%		42.53	%
	(0.02	)		11.84		5.03	%		104,220		71,434		1.35	%		(0.61	)%		26.30	%
	(0.75	)		14.30		3.84	%		344,650		385,416		1.19	%		0.63	%		43.85	%
	(0.95	)		14.47		15.53	%		368,614		264,297		1.20	%		1.10	%		153.47	%
	(1.05	)		13.43		8.29	%		210,883		188,864		1.26	%		1.00	%		170.75	%
	(0.06	)		13.36		24.53	%		188,393		162,121		1.32	%		0.34	%		114.50	%
	(0.03	)		10.78		22.35	%		139,261		131,042		1.34	%		0.54	%		142.77	%
	(2.11	)		8.84		(11.88	)%		110,116		60,904		1.36	%		(0.06	)%		69.58	%

Financial Highlights 49

Financial Highlights (continued)

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Healthcare Fund
Period Ended March 31, 2007(unaudited)	$	17.95	$	(0.03	)	$	0.58		$	0.55		$	-		$	(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			-			-
Year Ended September 30, 2003		10.35		(0.09	)		2.02			1.93			-			-
Year Ended September 30, 2002		11.57		(0.12	)		(0.49	)		(0.61	)		-			(0.56	)
ICON Industrials Fund
Period Ended March 31, 2007(unaudited)		13.22		0.01			1.08			1.09			-	(a)		(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			-			-
Year Ended September 30, 2003		7.96		(0.05	)		0.89			0.84			-			-
Year Ended September 30, 2002		8.55		(0.02	)		(0.57	)		(0.59	)		-			-
ICON Information Technology Fund
Period Ended March 31, 2007(unaudited)		8.72		(0.03	)		0.51			0.48			-			-
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	)		-			-
Year Ended September 30, 2003		5.98		(0.08	)		2.37			2.29			-			-
Year Ended September 30, 2002		7.80		(0.10	)		(1.72	)		(1.82	)		-			-

(x)	Calculated using the average share method.
(a)	Amount less than $0.005.
(b)	Annualized for periods less than a year.
*	Total return calculation is for the period indicated.

The accompanying notes are an integral part of the financial statements.

50 Financial Highlights

													Average					Ratio of net
and distributions											Net assets,		net assets		Ratio of			investment
			Total			Net asset					end of		for the		expenses			income/(loss)			Portfolio
Return			dividends and			value, end		Total			period (in		period (in		to average			to average			turnover
of capital			distributions			of period		return*			thousands)		thousands)		net assets(b)			net assets(b)			rate
$	-		$	(1.46	)	$	17.04		3.29	%	$	520,700	$	564,809		1.23	%		(0.39	)%		9.80	%
	-			(0.27	)		17.95		1.56	%		646,202		667,967		1.19	%		(0.55	)%		61.37	%
	-			(0.04	)		17.94		31.39	%		682,759		463,813		1.22	%		(0.82	)%		47.88	%
	-			-			13.70		11.56	%		285,670		244,742		1.29	%		(1.04	)%		52.72	%
	-			-			12.28		18.65	%		141,259		120,068		1.34	%		(0.84	)%		85.52	%
	(0.05	)		(0.61	)		10.35		(5.63	)%		93,031		44,042		1.39	%		(1.05	)%		104.90	%
	-			(5.10	)		9.21		10.09	%		101,057		87,511		1.34	%		0.16	%		82.08	%
	-			(0.41	)		13.22		7.49	%		106,015		216,819		1.24	%		(0.30	)%		89.38	%
	-			-			12.70		20.72	%		216,636		196,295		1.24	%		(0.34	)%		67.25	%
	-			-			10.52		19.55	%		209,693		179,657		1.29	%		(0.47	)%		45.77	%
	-			-			8.80		10.55	%		132,554		70,382		1.43	%		(0.64	)%		90.49	%
	-			-			7.96		(6.90	)%		63,919		107,335		1.30	%		(0.24	)%		99.22	%
	-			-			9.20		5.50	%		224,817		253,756		1.25	%		(0.57	)%		35.45	%
	-			-			8.72		0.23	%		241,988		263,546		1.25	%		(0.61	)%		155.39	%
	-			-			8.70		10.13	%		220,073		264,222		1.29	%		(0.91	)%		152.16	%
	-			-			7.90		(4.47	)%		244,252		282,062		1.31	%		(0.91	)%		189.67	%
	-			-			8.27		38.29	%		307,972		190,287		1.35	%		(1.16	)%		155.39	%
	-			-			5.98		(23.33	)%		75,623		189,972		1.31	%		(1.09	)%		190.09	%

Financial Highlights 51

Financial Highlights (continued)

			Income from investment operations									Less dividends
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Leisure and Consumer Staples Fund
Period Ended March 31, 2007(unaudited)	$	9.21	$	0.05		$	0.72		$	0.77		$	(0.02	)	$	-	(a)
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			-			-
Year Ended September 30, 2003		11.20		(0.06	)		1.28			1.22			-			-
Year Ended September 30, 2002		9.42		(0.07	)		1.85			1.78			-			-
ICON Materials Fund
Period Ended March 31, 2007(unaudited)		11.67		0.05			2.34			2.39			(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	)		-
Year Ended September 30, 2003		5.68		0.03			0.50			0.53			(0.01	)		-
Year Ended September 30, 2002		5.70		0.02			(0.01	)		0.01			(0.03	)		-
ICON Telecommunication & Utilities Fund
Period Ended March 31, 2007(unaudited)		7.66		0.05			1.38			1.43			(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	)		-
Year Ended September 30, 2003		4.78		0.10			0.87			0.97			(0.06	)		-
Year Ended September 30, 2002		6.19		0.10			(1.45	)		(1.35	)		(0.06	)		-

(x)	Calculated using the average share method.
(a)	Amount less than $0.005.
(b)	Annualized for periods less than a year.
*	Total return calculation is for the period indicated.

The accompanying notes are an integral part of the financial statements.

52 Financial Highlights

													Average					Ratio of net
and distributions											Net assets,		net assets		Ratio of			investment
			Total			Net asset					end of		for the		expenses			income/(loss)			Portfolio
Return			dividends and			value, end		Total			period (in		period (in		to average			to average			turnover
of capital			distributions			of period		return*			thousands)		thousands)		net assets(b)			net assets(b)			rate
$	-		$	(0.02	)	$	9.96		8.43	%	$	89,848	$	97,427		1.34	%		0.98	%		70.25	%
	-	(a)		(2.67	)		9.21		0.11	%		68,136		50,507		1.54	%		(0.70	)%		215.75	%
	-			(3.43	)		11.96		5.01	%		47,410		99,988		1.30	%		(0.45	)%		271.72	%
	-			-			14.51		16.83	%		83,022		104,515		1.33	%		(0.31	)%		148.43	%
	-			-			12.42		10.89	%		82,347		80,928		1.38	%		(0.51	)%		139.54	%
	-			-			11.20		18.90	%		88,341		86,202		1.34	%		(0.55	)%		90.43	%
	-			(1.46	)		12.60		21.69	%		124,044		117,190		1.41	%		0.88	%		42.16	%
	-			(0.81	)		11.67		11.17	%		135,097		153,244		1.30	%		0.74	%		176.89	%
	-			(0.01	)		11.30		25.04	%		99,569		101,971		1.31	%		0.33	%		128.01	%
	-			(0.03	)		9.05		46.61	%		139,838		68,497		1.37	%		0.13	%		59.48	%
	-			(0.01	)		6.20		9.36	%		30,376		40,156		1.47	%		0.59	%		130.01	%
	-			(0.03	)		5.68		0.06	%		59,020		45,917		1.36	%		0.23	%		74.55	%
	-			(0.74	)		8.35		19.44	%		119,825		116,994		1.34	%		1.23	%		86.38	%
	-			(1.12	)		7.66		7.56	%		119,762		77,327		1.38	%		1.71	%		209.50	%
	-			(0.08	)		8.28		26.70	%		120,651		101,129		1.26	%		1.88	%		112.91	%
	-			(0.07	)		6.61		17.57	%		61,325		54,232		1.37	%		1.07	%		108.81	%
	-			(0.06	)		5.69		20.36	%		42,509		53,219		1.41	%		2.05	%		158.24	%
	-			(0.06	)		4.78		(22.05	)%		66,366		20,196		1.50	%		1.78	%		137.81	%

Financial Highlights 53

Notes to Financial Statements
March 31, 2007 (unaudited)

1. Organization and Significant Accounting Policies

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 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 industries and sectors. Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of each of 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 tend to 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 is 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 addition, 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

54 Notes to Financial Statements

exposure involves future claims that may be made against each Fund. However, based on experience, the Funds expect the risk of loss to be minimal.

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, the 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 principal market where the option is traded. 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 a matrix 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

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

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. 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.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management has recently begun to evaluate the application of the Statement to the Funds, and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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

56 Notes to Financial Statements

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, 2007.

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 into U.S. dollars at the prevailing rates of exchange daily. 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 in connection with planned purchases or sales of securities as a hedge against fluctuations in foreign exchange rates pending the settlement of transactions in foreign securities. 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 Statements 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 in the Statements of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2007.

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)

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 the 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, 2007.

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. As a writer of an option, a 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

58 Notes to Financial Statements

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 Funds did not enter into any option transactions during the period ended March 31, 2007.

Securities Lending

The Funds may lend their portfolio securities. The advantage of lending portfolio securities is that the Fund continues to have the benefits (and risks) of ownership of the loaned securities, while at the same time receiving compensation from the borrower of the securities. The primary risk in lending portfolio securities is that a borrower may fail to return a portfolio security. The Funds did not enter into any lending of portfolio securities during the period ended March 31, 2007.

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 received by shareholders of the Funds which are derived from foreign source income and foreign taxes paid by the Funds are to be treated, to the extent allowable under the Code, as if received and paid by the shareholders of the Funds. 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 ICON 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

Notes to Financial Statements 59

Notes to Financial Statements (unaudited) (continued)

gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has recently begun to evaluate the application of the Interpretation to the Funds, and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.

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

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.

60 Notes to Financial Statements

2. 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. Effective January 31, 2006, the Funds are obligated to pay ICON management fees computed daily at an annual rate of 1.00% of 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. Prior to that date, ICON received a monthly management fee that was computed daily at an annual rate of 1.00% of the Funds’ average daily net assets.

Transfer Agent, Custody and Accounting Fees

BISYS Fund Services Ohio, Inc. (“BISYS”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays BISYS 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 is a result from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2007, 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

Notes to Financial Statements 61

Notes to Financial Statements (unaudited) (continued)

and affairs. As of January 31, 2006, 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. Prior to that date, this agreement provided for an annual fee to ICON of 0.05% on the Funds’ first $1.5 billion of average daily net assets and 0.045% on average daily net assets in excess of $1.5 billion. 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 BISYS pursuant to which BISYS assists ICON with the administration and business affairs of the Trust. For its services, ICON pays BISYS 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 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2007, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

3. Line of Credit

The Funds have entered into Lines of Credit agreements with BBH. The maximum borrowing is limited to the lesser of $50 million or 25% of the net asset value in the Fund subject to a maximum borrowing limit by the Trust of $150 million. Interest is charged at LIBOR plus 2.00%, which was 7.32% at

62 Notes to Financial Statements

March 31, 2007. The average interest rate charged for the period ended March 31, 2007 was 6.57%.

	Average Borrowing
	(10/1/06-3/31/07)
ICON Consumer Discretionary Fund**	$	1,064,009
ICON Energy Fund		11,102,599
ICON Financial Fund**		1,591,021
ICON Healthcare Fund		5,934,929
ICON Industrials Fund		3,384,578
ICON Information Technology Fund**		2,066,908
ICON Leisure and Consumer Staples Fund**		724,967
ICON Materials Fund**		2,209,848
ICON Telecommunication & Utilities Fund		4,392,418

**Fund had outstanding borrowings as of March 31, 2007.

4. 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, 2006 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions. The ICON Information Technology Fund has a capital loss carryforward of $51,670,054, which expires in 2011. The ICON Leisure and Consumer Staples Fund has a capital loss carryforward of $92,773, which expires in 2014. Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended September 30, 2006, the ICON Consumer Discretionary Fund and ICON Leisure and Consumer Staples Fund deferred $2,665,204 and $134,547, respectively.

Notes to Financial Statements 63

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2007, 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	$	147,168,089	$	15,802,337	$	(2,754,190	)	$	13,048,147
ICON Energy Fund		393,665,720		239,083,351		(6,028,994	)		233,054,357
ICON Financial Fund		298,510,426		40,944,920		(3,314,373	)		37,630,547
ICON Healthcare Fund		446,825,040		89,280,445		(15,091,282	)		74,189,163
ICON Industrials Fund		91,503,153		11,537,777		(2,031,812	)		9,505,965
ICON Information Technology Fund		193,867,011		33,820,186		(2,322,830	)		31,497,356
ICON Leisure and Consumer Staples Fund		78,120,056		11,126,407		(1,273,508	)		9,852,899
ICON Materials Fund		105,090,781		18,847,030		(510,923	)		18,336,107
ICON Telecommunication & Utilities Fund		103,889,615		18,580,014		(391,838	)		18,188,176

64 Notes to Financial Statements

Other Information (unaudited)

Portfolio Holdings

A list of each ICON Fund’s Top 10 holdings is available at www.iconadvisers.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 SEC 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.iconadvisers.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.iconadvisers.com or on the SEC’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.iconadvisers.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.

ICON Distributors, Inc., Distributor

Other Information 65

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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.iconadvisers.com
By E-Mail	info@iconadvisers.com

1-800-764-0442

www.iconadvisers.com

FSANN-SEC (03-07)

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not applicable — only for annual reports.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable — only for annual reports.

Item 3. Audit Committee Financial Expert.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not
have an audit committee financial expert.

Not applicable — only for annual reports.

Item 4. Principal Accountant Fees and Services.

     (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

     (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

          (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

     (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

     (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

     (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable — only for annual reports.

Item 5. Audit Committee of Listed Registrants.

(a)

If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b)

If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

Item 6. Schedule of Investments.

File Schedule I — Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Not applicable.

Item 11. Controls and Procedures.

     (a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

     (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable - - Only effective for annual reports.

     (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). Certifications pursuant to Rule 30a-2(a) are attached hereto.

     (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

     (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference. 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 29, 2007

     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 29, 2007

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 29, 2007

* Print the name and title of each signing officer under his or her signature.