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, 2008

Date of reporting period: March 31, 2008

     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).

2008 Semiannual Report

ICON U.S. Diversified Funds

Investment Update

March 31, 2008

(Unaudited)

ICON Bond Fund

ICON Core Equity Fund

ICON Equity Income Fund

ICON Income Opportunity Fund

ICON Long/Short Fund

Table of Contents

About This Report (Unaudited)	2
Message from ICON Funds (Unaudited)	5
Schedules of Investments (Unaudited)	8
ICON Bond Fund	8
ICON Core Equity Fund	13
ICON Equity Income Fund	17
ICON Income Opportunity Fund	21
ICON Long/Short Fund	26
Financial Statements (Unaudited)	32
Financial Highlights (Unaudited)	42
Notes to Financial Statements (Unaudited)	52
Six-Month Hypothetical Expense Example (Unaudited)	66
Other Information (Unaudited)	69

About This Report (unaudited)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions, tax return of capital, and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.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, 2008, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector. Each Fund’s holdings as of March 31, 2008 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 countries. In general,

2 About This Report

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.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward-looking statements, which are not statements of historical fact. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report; and other factors beyond the control of our investment team. Therefore, actual outcome may differ materially from what is expressed in such forward looking statements.

There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.

There are risks associated with selling short, including the risk that the ICON Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The ICON Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. Call options involve certain risks, such as limited gains and lack of liquidity in the underlying securities, and are not

About This Report 3

suitable for all investors. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks.

Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The ICON Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds.

The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.

4 About This Report

Message From ICON Funds (unaudited)

Dear Shareholder:

March 31, 2008 concluded the first six months of the ICON Funds’ fiscal year. Generally, domestic stock prices drifted lower over that period, giving back some of the gains of the previous five years. We were surprised that the downward drift continued into the first three months of 2008, as many of the conditions we believe are typical of buying opportunities existed last fall.

When the market declined on August 15, 2007 and again on November 26, 2007, we measured stock prices to be about 20% and 34% below our estimates of intrinsic value, respectively. During that timeframe, long-term interest rates were dropping, financial news was negative, concerns over the economy grew, and the Federal Reserve (Fed) began easing monetary policy. In our experience, these conditions suggest stock prices could likely rise rather than fall.

When the Fed eases, it injects reserves into the banking system so banks can make more loans, which creates money as defined by M1. Historically, the growth in M1 has stimulated the economy and typically prevented a recession or promoted a quick recovery.

In the past, stock investors have not waited to see economic growth after the Fed eases. Instead, they’ve typically responded to the increase in M1 and anticipated economic growth by six to nine months. These periods have typically been viewed favorably by investors. Something unusual happened this time. The Fed injected reserves, but banks did not increase their lending, and M1 did not grow. Apparently, investors saw this and delayed their buying until seeing signs of growth in M1.

In March, the Fed implemented some innovative steps designed to help banks increase their lending. It appears investors are encouraged by these steps, as stock prices have moved higher off the March 10, 2008 low, but only time will tell whether the Fed’s steps increase bank lending.

Staying with Our Discipline

No matter the conditions or the news, we consistently apply our valuation approach with the belief that over the long run, stock prices try to keep up with our estimation of value. There are periods, however, when investors worry about events around them, and stock prices behave independent of value. We believe we have just come through one of those times given the concerns about the economy, sub-prime mortgage problems, and the lack of growth in M1.

Message From ICON Funds 5

At ICON, we ride through these difficult times because we see the data that goes into valuation such as earnings and interest rates. We are pleased with the quality of the companies we own. We believe that in time, prices will move up to value. Investors without that data and insight may depend on news headlines and public conjecture, which makes it less attractive to stay invested through times when the market drifts lower.

We believe investors may miss sudden market rallies if they are not invested because, in our experience, stock prices lead the economy (and news) by six to nine months. Stock prices often rally while the economy (and news) continues to deteriorate. By looking at the news and economic data, it is difficult to identify a market bottom. We rely on valuation, which sometimes means being invested during pre-rally turbulance.

The market low on March 10, 2008 was accompanied by many of the characteristics our research indicates are typical of bottoms and buying opportunities. Weak investor confidence was one of those characteristics. We believe investor confidence is a lagging variable. Many investors hope confidence returns so a rally can begin, but we think they have the relationship backwards. Confidence lags stock prices and improves after stock prices move higher, in our experience.

An equity trader on the floor of the stock exchange was interviewed on TV recently, and he was worried about the economy. He said he would like to see the employment situation improve. According to our research, employment is the piece of data that lags the most. If the normal relationship holds true, the market may rally long before employment improves.

ICON Income Opportunity Fund

The ICON Covered Call Fund opened on September 30, 2002. In January 2007, we changed the Fund’s name to the ICON Income Opportunity Fund, and we began writing index options instead of call options on individual stocks. We now have a year and a quarter to evaluate that change, and we are delighted with the results.

The Fund’s principal investment objective is to seek modest capital appreciation using our ICON methodology and to maximize realized gains. As a result of our strategy, we have found that the Fund captures some of the upside of equities and reduces the Fund’s volatility relative to broad market indexes.

6 Message From ICON Funds

Research on Industry Selection

An article in the New York Times on April 6, 2008 referred to research and a working paper by Busse & Tong of Emory University. From 1980-2006, the researchers studied whether investment managers were better at industry selection or stock selection. The article states, “The researchers found that industry bets were responsible for about half the margin by which the average fund beat or lagged behind the market. Stock selection was responsible for the other half.” The article also reports that researchers “found that an adviser with good industry-selection ability was a good bet to continue his winning ways. By contrast, an adviser with good individual stock-selection ability was far less likely to repeat the feat.”

At ICON, we believe markets have themes, meaning that certain industries typically lead for one to two years. I created the ICON system in the early and mid-1980s to capture industry leadership. It is gratifying to see third party research that supports our system.

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

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

M1 is one measure of the money supply that approximates cash used by consumers and companies, including currency in public circulation, credit union share account balances, NOW account balances, automatic transfer account balances, demand deposits, and traveler’s checks.

Message From ICON Funds 7

ICON Bond Fund
Schedule of Investments
March 31, 2008 (unaudited)

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Corporate Bonds (60.7)%
$	220,000	Ace INA Holdings, Inc.		8.88	%		08/15/29	$	270,441
	2,000,000	Alabama Power Co.(a)		3.28	%		08/25/09		1,992,330
	275,000	Allied Waste North America		5.75	%		02/15/11		268,813
	750,000	American General Finance		5.38	%		10/01/12		736,260
	500,000	AutoZone, Inc.		5.50	%		11/15/15		480,727
	2,000,000	Bank of America Corp.		6.25	%		04/15/12		2,133,770
	1,000,000	Bank of America Corp.		4.88	%		09/15/12		1,014,561
	3,000,000	Bank of America Corp.		5.38	%		06/15/14		3,085,254
	1,000,000	BB&T Corp.		6.50	%		08/01/11		1,057,387
	1,000,000	Caterpillar Financial Services Corp.(a)		5.29	%		10/09/09		997,220
	150,000	Centex Corp.		4.55	%		11/01/10		132,000
	1,127,000	Chartered Semiconductor - YD		5.75	%		08/03/10		1,145,410
	450,000	Cincinnati Financial Corp.		6.90	%		05/15/28		457,760
	500,000	CIT Group, Inc.(a)		3.10	%		06/08/09		414,113
	750,000	CIT Group, Inc.		4.75	%		12/15/10		597,085
	355,000	CIT Group, Inc.		7.75	%		04/02/12		285,387
	1,000,000	Citigroup, Inc.(a)		3.22	%		05/18/10		976,980
	1,000,000	Citigroup, Inc.		6.00	%		02/21/12		1,020,911
	410,000	CNA Financial Corp.		6.60	%		12/15/08		416,144
	1,750,000	Comcast Cable Communications Holdings		8.38	%		03/15/13		1,943,954
	400,000	Comcast Cable Communications Holdings		8.88	%		05/01/17		457,544
	550,000	Comerica Bank		7.13	%		12/01/13		558,918
	114,000	Cox Communications, Inc.		7.63	%		06/15/25		122,470
	1,000,000	Credit Suisse USA, Inc.(a)		3.16	%		06/05/09		994,819
	1,000,000	Credit Suisse USA, Inc.(a)		3.27	%		03/02/11		975,470
	1,000,000	Credit Suisse USA, Inc.		6.13	%		11/15/11		1,056,614
	2,500,000	DaimlerChrysler AG		6.50	%		11/15/13		2,635,220
	500,000	DaimlerChrysler NA Holding		8.00	%		06/15/10		535,348
	1,000,000	DaimlerChrysler NA Holding		7.75	%		01/18/11		1,075,351
��	500,000	Deutsche Telekom International Finance - YD		8.00	%		06/15/10		534,851
	260,000	Dillard’s, Inc.		9.50	%		09/01/09		263,900
	232,000	Dillard’s, Inc.		9.13	%		08/01/11		235,480
	500,000	Donnelley (R.R.) & Sons		4.95	%		04/01/14		459,686
	750,000	Embratel - YD		11.00	%		12/15/08		783,750
	500,000	Farmers Insurance Capital Notes(b)		7.20	%		07/15/48		454,276

8 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	6,000	First American Financial Corp.		7.55	%		04/01/28	$	6,169
	3,000,000	Ford Motor Credit Co.		5.63	%		10/01/08		2,949,378
	1,000,000	General Electric Capital Corp.(a)		2.93	%		03/12/10		994,585
	1,000,000	General Electric Capital Corp.(a)		3.28	%		05/08/13		952,357
	500,000	General Electric Capital Corp.		5.45	%		01/15/13		523,694
	2,500,000	GMAC LLC		5.13	%		05/09/08		2,488,602
	250,000	Goldman Sachs Group, Inc.		7.35	%		10/01/09		262,847
	1,500,000	Goldman Sachs Group, Inc.		4.50	%		06/15/10		1,511,367
	1,000,000	Goldman Sachs Group, Inc.		5.00	%		01/15/11		1,018,801
	1,250,000	Goldman Sachs Group, Inc.		6.88	%		01/15/11		1,334,364
	1,000,000	Goldman Sachs Group, Inc.		6.60	%		01/15/12		1,057,308
	1,000,000	Goldman Sachs Group, Inc.		5.70	%		09/01/12		1,026,577
	2,000,000	Honeywell International, Inc.(a)		3.29	%		07/27/09		1,991,832
	670,000	Household Finance Corp.		5.88	%		02/01/09		675,025
	500,000	Household Finance Corp.		7.00	%		05/15/12		518,606
	1,900,000	Household Finance Corp.(a)		6.48	%		11/10/13		1,862,000
	2,000,000	HSBC Finance Corp.		5.00	%		06/30/15		1,882,462
	950,000	IBM Corp.		8.38	%		11/01/19		1,219,463
	1,000,000	IBM International Group Capital(a)		3.65	%		07/29/09		1,002,554
	500,000	International Lease Finance Corp.		6.38	%		03/15/09		505,911
	294,000	International Lease Finance Corp.		4.88	%		09/01/10		291,784
	450,000	John Hancock(b)		7.38	%		02/15/24		507,609
	455,000	JP Morgan Chase & Co.		6.75	%		08/15/08		460,167
	1,350,000	JP Morgan Chase & Co.		6.63	%		03/15/12		1,435,258
	500,000	Kraft Foods, Inc.		6.25	%		06/01/12		520,702
	950,000	Lehman Brothers Holdings, Inc.		3.50	%		08/07/08		935,446
	218,000	Morgan Stanley		3.63	%		04/01/08		217,997
	500,000	Morgan Stanley		3.88	%		01/15/09		499,807
	250,000	Morgan Stanley		4.25	%		05/15/10		246,409
	500,000	Morgan Stanley		4.75	%		04/01/14		464,141
	400,000	New Jersey Bell Telephone		7.85	%		11/15/29		439,779
	122,000	NLV Financial Corp.(b)		6.50	%		03/15/35		115,078
	2,000,000	Oracle Corp.(a)		3.13	%		05/14/10		1,978,796
	500,000	Prudential Financial, Inc.		4.75	%		06/13/15		484,202
	1,000,000	Roadway Corp.		8.25	%		12/01/08		975,000
	500,000	Ryder System, Inc.		5.85	%		03/01/14		500,504
	382,000	Sears Roebuck Acceptance Corp.		6.25	%		05/01/09		374,472
	213,000	Semco Energy, Inc.		6.40	%		11/25/08		214,350
	1,000,000	SLM Corp.		4.20	%		09/15/09		943,503
	700,000	Standard Pacific Corp.(c)		6.50	%		10/01/08		665,000
	350,000	Telefonica de Argentina - YD		9.13	%		11/07/10		373,975

Schedule of Investments 9

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
$	500,000	Tennessee Gas Pipeline		7.00	%		10/15/28	$	498,202
	2,000,000	The Home Depot, Inc.		5.25	%		12/16/13		1,956,818
	288,000	TRW, Inc.		6.32	%		05/27/08		289,163
	500,000	Tyco International, Ltd. - YD		6.13	%		11/01/08		503,739
	155,000	Union Carbide Corp.		6.70	%		04/01/09		157,073
	410,000	Verizon, Inc.		8.30	%		08/01/31		470,625
	2,000,000	Wachovia Corp.(a)		3.43	%		08/01/13		1,766,632
	1,000,000	Walt Disney Co.(a)		4.13	%		07/16/10		989,946
	500,000	Washington Mutual, Inc.		4.00	%		01/15/09		450,000
	1,000,000	Washington Mutual Bank		5.13	%		01/15/15		747,500
Total Corporate Bonds (Cost $75,709,653)									74,827,783
U.S. Government and U.S. Government Agency Bonds (35.0)%
	270,000	Fannie Mae		3.10	%		07/28/08		270,537
	500,000	Fannie Mae		4.00	%		09/02/08		503,300
	5,000,000	Fannie Mae		5.25	%		08/01/12		5,243,245
	7,825,000	Fannie Mae		5.13	%		01/02/14		8,113,195
	500,000	Fannie Mae		5.00	%		04/17/15		500,277
	11,650,000	Fannie Mae		5.25	%		09/15/16		12,641,077
	1,000,000	Fannie Mae		5.00	%		07/09/18		1,000,677
	225,000	Federal Farm Credit Bank		5.90	%		08/04/08		257,996
	1,000,000	Federal Home Loan Bank		4.00	%		02/12/10		1,031,290
	750,000	Federal Home Loan Bank		5.50	%		02/14/20		750,253
	500,000	Federal Home Loan Bank		5.50	%		03/03/20		502,587
	500,000	Freddie Mac		5.75	%		04/15/08		500,603
	200,000	Freddie Mac		5.13	%		10/15/08		203,110
	370,000	Freddie Mac		5.00	%		10/29/13		370,100
	457,000	Freddie Mac		5.00	%		09/15/14		457,115
	1,500,000	Freddie Mac		5.16	%		02/27/15		1,514,191
	400,000	Freddie Mac		5.00	%		12/15/15		400,100
	250,000	Freddie Mac		5.50	%		07/18/16		275,743
	550,000	Freddie Mac		5.00	%		09/09/16		550,150
	975,000	Freddie Mac		5.25	%		07/27/17		977,028
	1,500,000	Freddie Mac		6.75	%		09/15/29		1,857,886
	3,650,000	U.S. Treasury Bonds		8.13	%		08/15/21		5,184,427
Total U.S. Government and U.S. Government Agency Bonds (Cost $41,424,803)									43,104,887

10 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Foreign Government Bonds (1.9)%
$	1,000,000	Federal Republic of Brazil - YD		9.38	%		04/07/08	$	1,000,976
	750,000	Federal Republic of Brazil - YD		14.50	%		10/15/09		876,750
	500,000	Republic of South Africa - YD		6.50	%		06/02/14		520,625
Total Foreign Government Bonds (Cost $2,359,133)									2,398,351
Short-Term Investment (1.0)%
	1,287,119	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#							1,287,119
Total Short-Term Investments (Cost $1,287,119)									1,287,119
Other Securities (0.6)%
	693,693	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%							693,693
Total Other Securities (Cost $693,693)									693,693
Total Investments 99.2% (Cost $121,474,401)									122,311,833
Other Assets Less Liabilities 0.8%									1,004,077
Net Assets 100.0%								$	123,315,910

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

(a)	Variable or Floating Rate Security. Rate disclosed is as of March 31, 2008.
(b)	Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. The securities are considered to be illiquid. The aggregate value of these securities at March 31, 2008 was $1,076,963 which represented 0.87% of the Fund’s Net Assets.
(c)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
YD	Yankee Dollar Bond

Schedule of Investments 11

ICON Bond Fund
Credit Quality Diversification
March 31, 2008
(Unaudited)

Aaa	25.7%
Aa1	7.6%
Aa2	11.2%
Aa3	15.2%
A1	4.7%
A2	7.3%
A3	6.3%
Baa1	3.1%
Baa2	4.0%
Baa3	3.8%
Ba1	2.4%
Ba2	0.4%
B1	5.6%
B2	0.3%

Percentages are based upon total investments less short-term investments. Ratings based on Moody’s.

12 Schedule of Investments

ICON Core Equity Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.8%)
	38,100	Aaron Rents, Inc.	$	820,674
	45,400	Aflac, Inc.		2,948,730
	21,700	Allegheny Energy, Inc.		1,095,850
	35,200	Amedisys, Inc.(a)(b)		1,384,768
	25,300	America Movil S.A.B. de C.V. - ADR		1,611,357
	60,200	American Railcar Industries, Inc.(b)		1,223,866
	59,000	Amphenol Corp. - Class A		2,197,750
	84,400	Arbor Realty Trust, Inc. - REIT(b)		1,272,752
	18,300	ArcelorMittal - Class A(b)		1,496,940
	54,200	Arkansas Best Corp.(b)		1,726,812
	82,700	AT&T, Inc.		3,167,410
	18,900	Atwood Oceanics, Inc.(a)		1,733,508
	25,500	Ball Corp.		1,171,470
	84,500	Banco Santander Central Hispano S.A. - ADR(b)		1,684,930
	89,300	Bank of America Corp.		3,385,363
	17,100	Bank of New York Mellon Corp.		713,583
	41,700	BB&T Corp.(b)		1,336,902
	19,700	BorgWarner, Inc.		847,691
	17,100	Burlington Northern Santa Fe Corp.		1,576,962
	39,100	Cameron International Corp.(a)		1,628,124
	21,100	Capital One Financial Corp.		1,038,542
	47,300	Cash America International, Inc.		1,721,720
	32,100	Chevron Corp.		2,740,056
	10,300	China Mobile, Ltd. - ADR		772,603
	24,400	Church & Dwight Co., Inc.		1,323,456
	18,700	Constellation Energy Group, Inc.		1,650,649
	51,800	CVS Caremark Corp.		2,098,418
	91,300	D.R. Horton, Inc.		1,437,975
	14,000	Diamond Offshore Drilling, Inc.		1,629,600
	9,000	DryShips, Inc.(b)		539,190
	18,200	Everest Re Group, Ltd.		1,629,446
	23,100	Express Scripts, Inc.(a)		1,485,792
	58,400	Foot Locker, Inc.		687,368
	21,700	Fossil, Inc.(a)		662,718
	19,000	Freeport-McMoRan Copper & Gold, Inc. - Class B		1,828,180
	25,100	Fresenius Medical Care AG & Co. KGA - ADR		1,263,032
	113,300	General Electric Co.		4,193,233
	20,800	Henry Schein, Inc.(a)		1,193,920

Schedule of Investments 13

Shares or Principal Amount			Value
	28,800	International Business Machines Corp.	$	3,316,032
	36,300	Johnson & Johnson, Inc.		2,354,781
	24,600	Johnson Controls, Inc.		831,480
	71,500	JPMorgan Chase & Co.		3,070,925
	30,700	K-V Pharmaceutical Co.(a)(b)		766,272
	48,200	Kirby Corp.(a)		2,747,400
	60,800	Lowe’s Cos., Inc.		1,394,752
	13,000	Lubrizol Corp.		721,630
	17,100	M&T Bank Corp.(b)		1,376,208
	32,000	Manulife Financial Corp.		1,215,360
	21,700	Marathon Oil Corp.		989,520
	29,900	MEMC Electronic Materials, Inc.(a)		2,119,910
	23,900	MetLife, Inc.		1,440,214
	53,600	MICROS Systems, Inc.(a)		1,804,176
	36,900	Microsoft Corp.		1,047,222
	23,300	Monsanto Co.		2,597,950
	32,100	Murphy Oil Corp.		2,636,694
	146,000	National Bank of Greece S.A. - ADR		1,541,760
	14,310	Nestle S.A. - ADR(b)		1,794,990
	26,800	Nike, Inc. - Class B		1,822,400
	35,900	Norfolk Southern Corp.		1,950,088
	37,800	Old Dominion Freight Line, Inc.(a)(b)		1,203,174
	67,400	OptionsXpress Holdings, Inc.(b)		1,395,854
	127,400	Oracle Corp.(a)		2,491,944
	47,800	Procter & Gamble Co.		3,349,346
	27,000	Public Service Enterprise		1,085,130
	20,100	QUALCOMM, Inc.		824,100
	40,700	Redwood Trust, Inc. - REIT(b)		1,479,445
	32,100	RenaissanceRe Holdings, Ltd.		1,666,311
	106,600	Rent-A-Center, Inc.(a)		1,956,110
	41,000	Ross Stores, Inc.		1,228,360
	23,600	Ryder System, Inc.		1,437,476
	13,700	Siemens AG - ADR		1,492,478
	25,900	State Street Corp.		2,046,100
	23,100	Stryker Corp.		1,502,655
	23,400	SunTrust Banks, Inc.		1,290,276
	18,800	Telefonica S.A. - ADR		1,626,388
	34,700	Teva Pharmaceutical Industries, Ltd. - ADR(b)		1,602,793
	8,700	The Goldman Sachs Group, Inc.		1,438,893
	29,400	The Home Depot, Inc.		822,318
	35,500	The Manitowoc Co., Inc.		1,448,400
	21,800	The Pepsi Bottling Group, Inc.		739,238
	23,300	The Stanley Works		1,109,546
	34,100	The Valspar Corp.		676,544
	35,700	Toll Brothers, Inc.(a)		838,236
	11,900	Transocean, Inc.(a)		1,608,880
	16,150	Union Pacific Corp.		2,024,887
	18,600	V.F. Corp.		1,441,686
	31,500	Wachovia Corp.(b)		850,500

14 Schedule of Investments

Shares or Principal Amount			Value
	59,300	Wells Fargo & Co.	$	1,725,630
	12,700	Whirlpool Corp.(b)		1,102,106
	6,900	Wimm-Bill-Dann Foods OJSC - ADR		707,112
Total Common Stocks (Cost $136,005,190)				142,673,020
Short-Term Investments (0.4%)
$	506,388	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		506,388
Total Short-Term Investments (Cost $506,388)				506,388
Other Securities (12.2%)
	17,406,171	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		17,406,171
Total Other Securities (Cost $17,406,171)				17,406,171
Total Investments 112.4% (Cost $153,917,749)				160,585,579
Liabilities Less Other Assets (12.4)%				(17,692,759	)
Net Assets 100.0%			$	142,892,820

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates listed above are as of March 31, 2008.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Schedule of Investments 15

ICON Core Equity Fund
Sector Composition
March 31, 2008
(Unaudited)

Financial	25.5	%
Industrials	15.0	%
Consumer Discretionary	12.2	%
Information Technology	9.6	%
Energy	8.9	%
Health Care	8.0	%
Telecommunication & Utilities	7.7	%
Leisure & Consumer Staples	7.0	%
Materials	5.9	%

Percentages are based upon net assets.

ICON Core Equity Fund
Industry Composition
March 31, 2008
(Unaudited)

Other Diversified Financial Services	4.6%
Integrated Oil & Gas	4.4%
Diversified Banks	4.1%
Life & Health Insurance	4.0%
Industrial Conglomerates	3.9%
Railroads	3.9%
Systems Software	3.7%
Oil & Gas Drilling	3.4%
Integrated Telecommunication Services	3.3%
Pharmaceuticals	3.2%
Household Products	3.2%
Trucking	3.0%
Health Care Services	2.9%
Regional Banks	2.8%
Computer Hardware	2.3%
Reinsurance	2.3%
Marine	2.3%
Investment Banking & Brokerage	2.0%
Home Furnishing Retail	2.0%
Consumer Finance	1.9%
Asset Management & Custody Banks	1.9%
Mortgage REITs	1.9%
Construction & Farm Machinery & Heavy Trucks	1.9%
Fertilizers & Agricultural Chemicals	1.8%
Packaged Foods & Meats	1.8%
Wireless Telecommunication Services	1.6%
Homebuilding	1.6%
Home Improvement Retail	1.6%
Household Appliances	1.6%
Electronic Equipment Manufacturers	1.5%
Semiconductor Equipment	1.5%
Apparel Accessories & Luxury Goods	1.5%
Drug Retail	1.5%
Apparel Retail	1.4%
Diversified Metals & Mining	1.3%
Footwear	1.3%
Auto Parts & Equipment	1.2%
Independent Power Producers & Energy Traders	1.2%
Oil & Gas Equipment & Services	1.1%
Health Care Equipment	1.1%
Steel	1.0%
Specialty Chemicals	1.0%
Health Care Distributors	0.8%
Metal & Glass Containers	0.8%
Electric Utilities	0.8%
Multi-Utilities	0.8%
Communications Equipment	0.6%
Soft Drinks	0.5%

Percentages are based upon net assets.

16 Schedule of Investments

ICON Equity Income Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (88.9%)
	8,700	3M Co.	$	688,605
	20,300	Abbott Laboratories		1,119,545
	10,600	ACE, Ltd.		583,636
	28,900	Aflac, Inc.		1,877,055
	5,900	Alcon, Inc.		839,275
	52,200	Annaly Capital Management, Inc. - REIT		799,704
	8,500	Apache Corp.		1,026,970
	56,200	Arbor Realty Trust, Inc. - REIT		847,496
	9,400	ArcelorMittal - Class A		768,920
	27,000	Archer Daniels Midland Co.		1,111,320
	30,000	Arkansas Best Corp.		955,800
	44,700	Asbury Automotive Group, Inc.		615,072
	59,000	AT&T, Inc.		2,259,700
	20,000	Automatic Data Processing, Inc.		847,800
	51,300	Bank of America Corp.		1,944,783
	25,900	Bank of New York Mellon Corp.		1,080,807
	18,600	Baxter International, Inc.		1,075,452
	31,200	BB&T Corp.		1,000,272
	8,600	Becton, Dickinson & Co.		738,310
	8,500	BHP Billiton, Ltd. - ADR		559,725
	10,000	BP Prudhoe Bay Royalty Trust		933,700
	10,000	Burlington Northern Santa Fe Corp.		922,200
	20,800	Capital One Financial Corp.		1,023,776
	22,400	Cash America International, Inc.		815,360
	21,000	CBRL Group, Inc.		751,170
	4,400	CF Industries Holdings, Inc.		455,928
	19,700	Chevron Corp.		1,681,592
	25,090	Chunghwa Telecom Co., Ltd. - ADR		652,842
	10,900	Colgate - Palmolive Co.		849,219
	16,800	ConocoPhillips		1,280,328
	13,900	Consolidated Edison Company of New York, Inc.		551,830
	21,100	Credicorp, Ltd.		1,513,714
	69,000	D.R. Horton, Inc.		1,086,750
	22,500	Darden Restaurants, Inc.		732,375
	6,600	Deutsche Bank AG - ADR		746,130
	24,800	Diana Shipping, Inc.		652,736
	15,900	Dominion Resources, Inc. of Virginia		649,356
	16,300	Dow Chemical Co.		600,655
	7,600	Eaton Corp.		605,492
	13,200	Emerson Electric Co.		679,272
	19,300	Ethan Allen Interiors, Inc.		548,699
	19,900	Fannie Mae		523,768
	27,400	Federated Investors, Inc.		1,072,984
	57,000	Foot Locker, Inc.		670,890
	19,900	FPL Group, Inc.		1,248,526
	5,800	Freeport - McMoRan Copper & Gold, Inc.  - Class B		558,076
	13,600	Genco Shipping & Trading, Ltd.		767,448
	68,100	General Electric Co.		2,520,381
	23,700	General Maritime Corp.		559,557
	19,000	Genuine Parts Co.		764,180
	13,000	Greif, Inc. - Class A		883,090

Schedule of Investments 17

Shares or Principal Amount			Value
	19,800	H.J. Heinz Co.	$	930,006
	59,100	Haverty Furniture Cos., Inc.		628,824
	26,900	Hewlett - Packard Co.		1,228,254
	23,700	Intel Corp.		501,966
	23,100	International Business Machines Corp.		2,659,734
	25,200	Johnson & Johnson, Inc.		1,634,724
	49,200	JP Morgan Chase & Co.		2,113,140
	40,600	KB Home		1,004,038
	11,100	Kimberly - Clark Corp.		716,505
	10,000	L - 3 Communications Holdings, Inc.		1,093,400
	74,200	La - Z - Boy, Inc.		618,828
	37,700	Leggett & Platt, Inc.		574,925
	10,400	Lockheed Martin Corp.		1,032,720
	41,600	Lowe’s Cos., Inc.		954,304
	9,000	Lubrizol Corp.		499,590
	15,900	Lufkin Industries, Inc.		1,014,738
	39,300	Masco Corp.		779,319
	47,400	MCG Capital Corp.		430,866
	15,300	MetLife, Inc.		921,978
	53,100	Microsoft Corp.		1,506,978
	5,000	Monsanto Co.		557,500
	24,800	Nike, Inc. - Class B		1,686,400
	59,500	NN, Inc.		578,935
	21,900	Nordstrom, Inc.		713,940
	19,400	Norfolk Southern Corp.		1,053,808
	10,700	Occidental Petroleum Corp.		782,919
	23,000	Owens & Minor, Inc.		904,820
	27,100	Oxford Industries, Inc.		610,563
	38,500	Partner Communications Co., Ltd.		864,325
	10,300	PartnerRe, Ltd.		785,890
	24,300	Penske Automotive Group, Inc.		472,878
	30,200	People’s United Financial, Inc.		522,762
	19,600	PepsiCo, Inc.		1,415,120
	16,000	PNC Financial Services Group, Inc.		1,049,120
	15,200	Polaris Industries, Inc.		623,352
	9,100	PPG Industries, Inc.		550,641
	25,900	Procter & Gamble Co.		1,814,813
	12,000	Progress Energy, Inc.		500,400
	21,600	QUALCOMM, Inc.		885,600
	21,300	Raytheon Co.		1,376,193
	25,700	Redwood Trust, Inc. - REIT		934,195
	37,600	Regions Financial Corp.		742,600
	11,900	RenaissanceRe Holdings, Ltd.		617,729
	22,700	San Juan Basin Royalty Trust		845,121
	33,800	Selective Insurance Group, Inc.		807,144
	34,400	The Home Depot, Inc.		962,168
	11,500	The Stanley Works		547,630
	30,900	U.S. Bancorp		999,924
	9,900	Union Pacific Corp.		1,241,262
	12,800	United Parcel Service, Inc. - Class B		934,656
	11,200	V.F. Corp.		868,112
	50,700	Waddell & Reed Financial, Inc. - Class A		1,628,991
	47,000	Wells Fargo & Co.		1,367,700
	20,800	West Pharmaceutical Services, Inc.		919,984
	20,500	World Acceptance Corp.(a)		652,925
Total Common Stocks (Cost $96,693,314)				100,707,228
Rights (0.0%)
	6,771	MCG Capital Corp. Rights		7,245
Total Rights (Cost $0)				7,245

18 Schedule of Investments

			Interest			Maturity
Shares or Principal Amount			Rate			Date		Value
Convertible Preferred Stocks (0.9%)
	7,000	Northrop Grumman Corp.		7.00	%		04/04/21	$	987,140
Total Convertible Preferred Stocks (Cost $927,374)									987,140
Corporate Bonds (2.7%)
$	500,000	Financing Corp.		9.40	%		02/08/18		712,977
	1,000,000	DaimlerChrysler AG		6.50	%		11/15/13		1,054,088
	1,288,000	Household Finance Corp.		4.75	%		07/15/13		1,266,194
Total Corporate Bonds (Cost $3,003,984)									3,033,259
U.S. Government And U.S. Government Agency Bonds (7.1%)
	750,000	Fannie Mae		6.63	%		09/15/09		796,597
	650,000	Fannie Mae		8.10	%		08/12/19		866,917
	1,000,000	Federal Home Loan Bank		5.80	%		09/02/08		1,014,061
	1,323,000	Freddie Mac		5.16	%		02/27/15		1,335,517
	1,750,000	Freddie Mac		5.00	%		01/16/09		1,787,711
	2,000,000	Freddie Mac		5.50	%		07/18/16		2,205,940
Total U.S. Government And U.S. Government Agency Bonds (Cost $7,849,676)									8,006,743

Underlying Security/
Expiration Date/
Exercise Price	Contracts*		Value
Call Options Purchased (0.1%)
Suntech Power Holdings Co., Ltd., Expiration January 2009, Exercise Price $75		100	$	23,250
Rent - A - Center, Inc., Expiration January 2009, Exercise Price $22.50		333		65,768
Total Call Options Purchased (Cost $241,589)				89,018

Shares or Principal Amount			Value
Short - Term Investments (0.6%)
$	670,903	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#	$	670,903
Total Short - Term Investments (Cost $670,903)				670,903
Total Investments 100.3% (Cost $109,386,840)				113,501,536
Liabilities Less Other Assets (0.3)%				(262,419	)
Net Assets 100.0%			$	113,239,117

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 above are as of March 31, 2008.
*	All options have 100 shares per contract.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Schedule of Investments 19

ICON Equity Income Fund
Sector Composition
March 31, 2008
(Unaudited)

Financial	24.0	%
Industrials	13.4	%
Consumer Discretionary	12.0	%
Leisure & Consumer Staples	8.0	%
Energy	7.1	%
Information Technology	6.7	%
Health Care	6.4	%
Telecommunication & Utilities	6.0	%
Materials	5.3	%

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

ICON Equity Income Fund
Industry Composition

March 31, 2008

(Unaudited)

Asset Management & Custody Banks	3.7%
Other Diversified Financial Services	3.6%
Computer Hardware	3.5%
Diversified Banks	3.4%
Integrated Oil & Gas	3.3%
Aerospace & Defense	3.1%
Household Products	3.0%
Railroads	2.8%
Industrial Conglomerates	2.8%
Integrated Telecommunication Services	2.6%
Life & Health Insurance	2.5%
Regional Banks	2.5%
Oil & Gas Exploration & Production	2.4%
Pharmaceuticals	2.4%
Mortgage REITs	2.2%
Consumer Finance	2.2%
Homebuilding	1.9%
Home Improvement Retail	1.7%
Health Care Equipment	1.7%
Electric Utilities	1.6%
Health Care Supplies	1.6%
Home Furnishings	1.5%
Footwear	1.5%
Systems Software	1.3%
Restaurants	1.3%
Apparel Accessories & Luxury Goods	1.3%
Marine	1.3%
Soft Drinks	1.3%
Reinsurance	1.2%
Property & Casualty Insurance	1.2%
Steel	1.2%
Multi-Utilities	1.1%
Diversified Chemicals	1.0%
Diversified Metals & Mining	1.0%
Agricultural Products	1.0%
Automotive Retail	1.0%
Oil & Gas Equipment & Services	0.9%
Fertilizers & Agricultural Chemicals	0.9%
Trucking	0.8%
Air Freight & Logistics	0.8%
Packaged Foods & Meats	0.8%
Health Care Distributors	0.8%
Communications Equipment	0.8%
Metal & Glass Containers	0.8%
Wireless Telecommunication Services	0.8%
Data Processing & Outsourced Services	0.8%
Building Products	0.7%
Distributors	0.7%
Diversified Capital Markets	0.7%
Home Furnishing Retail	0.7%
Department Stores	0.6%
Electrical Components & Equipment	0.6%
Apparel Retail	0.6%
Leisure Products	0.6%
Industrial Machinery	0.5%
Oil & Gas Storage & Transportation	0.5%
Household Appliances	0.5%
Thrifts & Mortgage Finance	0.5%
Semiconductors	0.4%
Specialty Chemicals	0.4%

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

20 Schedule of Investments

ICON Income Opportunity Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.9%)
	12,600	Abbott Laboratories	$	694,890
	12,500	Aflac, Inc.x		811,875
	19,600	America Movil S.A.B. de C.V. - ADRx		1,248,324
	20,300	AmerisourceBergen Corp.		831,894
	6,600	Anixter International, Inc.(a)		422,664
	32,200	Arbor Realty Trust, Inc.(b) - REIT		485,576
	6,300	ArcelorMittal - Class A(b)		515,340
	24,300	Archer Daniels Midland Co.x		1,000,188
	19,500	Arkansas Best Corp.(b)		621,270
	41,200	Banco Santander Central Hispano S.A. - ADR(b)x		821,528
	36,200	Bank of America Corp.		1,372,342
	19,400	Bank of New York Mellon Corp.		809,562
	14,200	Baxter International, Inc.		821,044
	37,300	BB&T Corp.x		1,195,838
	24,200	Capital One Financial Corp.(b)x		1,191,124
	19,300	Cash America International, Inc.		702,520
	10,400	Caterpillar, Inc.		814,216
	23,400	CBRL Group, Inc.		837,018
	33,200	Cemex S.A.B. de C.V - ADR(b)		867,184
	5,200	China Mobile, Ltd. - ADR		390,052
	12,000	ConocoPhillipsx		914,520
	6,300	Constellation Energy Group, Inc.		556,101
	11,400	Cummins, Inc.		533,748
	19,200	CVS Caremark Corp.		777,792
	50,100	D.R. Horton, Inc.x		789,075
	3,400	Diamond Offshore Drilling, Inc.		395,760
	21,600	Dollar Tree, Inc.(a)		595,944
	14,200	Eaton Corp.		1,131,314
	10,500	Entergy Corp.x		1,145,340
	3,600	Everest Re Group, Ltd.		322,308
	8,900	Express Scripts, Inc.(a)		572,448
	11,000	Fidelity National Information Services, Inc.		419,540
	10,200	FPL Group, Inc.		639,948
	9,200	Freeport - McMoRan Copper & Gold, Inc. - Class Bx		885,224
	40,100	General Electric Co.x		1,484,101
	25,000	General Maritime Corp.(b)		590,250
	10,100	Genzyme Corp.(a)		752,854
	12,200	Greif, Inc. - Class A		828,746
	10,500	Halliburton Co.		412,965
	7,300	Helmerich & Payne, Inc.		342,151
	22,800	Ingersoll Rand Co., Ltd. - Class A		1,016,424
	12,300	International Business Machines Corp.x		1,416,222
	22,700	Johnson & Johnson, Inc.		1,472,549

Schedule of Investments 21

Shares or Principal Amount			Value
	12,300	Johnson Controls, Inc.x	$	415,740
	40,200	JPMorgan Chase & Co.x		1,726,590
	3,000	Kimberly - Clark Corp.		193,650
	18,400	Kohl’s Corp.(a)x		789,176
	5,200	Lockheed Martin Corp.		516,360
	22,800	Lowe’s Cos., Inc.x		523,032
	15,100	Marriott International, Inc. - Class A		518,836
	2,300	Mastercard, Inc. - Class A(b)		512,877
	9,300	MEMC Electronic Materials, Inc.(a)		659,370
	47,600	Microsoft Corp.x		1,350,888
	9,600	Monsanto Co.		1,070,400
	15,000	Murphy Oil Corp.x		1,232,100
	21,200	Nabors Industries, Ltd.(a)x		715,924
	10,800	Nike, Inc. - Class Bx		734,400
	11,600	Nordstrom, Inc.x		378,160
	29,500	Norfolk Southern Corp.x		1,602,440
	14,100	Novartis AG - ADR		722,343
	14,200	NRG Energy, Inc.(a)		553,658
	12,400	Occidental Petroleum Corp.x		907,308
	19,900	Old Dominion Freight Line, Inc.(a)(b)		633,417
	52,400	Oracle Corp.(a)x		1,024,944
	18,200	Polaris Industries, Inc.(b)		746,382
	13,800	Procter & Gamble Co.x		966,966
	14,200	Public Service Enterprise		570,698
	13,400	Raytheon Co.		865,774
	11,800	Redwood Trust, Inc.(b) - REIT		428,930
	6,400	RenaissanceRe Holdings, Ltd.		332,224
	47,500	Rent - A - Center, Inc.(a)x		871,625
	8,000	Research In Motion, Ltd.(a)		897,840
	8,500	Reynolds American, Inc.		501,755
	39,500	Ross Stores, Inc.x		1,183,420
	16,800	Ryder System, Inc.		1,023,288
	12,800	State Street Corp.		1,011,200
	15,100	Stryker Corp.		982,255
	5,800	Telefonica S.A. - ADR		501,758
	11,700	Telefonos de Mexico S.A. de C.V. - ADR		439,920
	4,200	The Clorox Co.		237,888
	7,800	The Goldman Sachs Group, Inc.		1,290,042
	41,800	The Home Depot, Inc.x		1,169,146
	14,000	The Manitowoc Co., Inc.		571,200
	11,400	The Toro Co.		471,846
	25,100	The Valspar Corp.		497,984
	15,700	TJX Cos., Inc.		519,199
	20,400	Toll Brothers, Inc.(a)x		478,992
	4,400	Transocean, Inc.(a)		594,880
	12,600	Union Pacific Corp.x		1,579,788
	14,000	V.F. Corp.x		1,085,140
	36,500	Vimpel - Communications - ADR x		1,090,985
	11,000	Wachovia Corp.(b)		297,000
	18,400	Wal - Mart Stores, Inc.		969,312
	13,600	Weatherford International, Ltd.(a)(b)		985,592
	43,500	Wells Fargo & Co.x		1,265,850
	19,200	WESCO International, Inc.(a)		700,608
	28,100	Western Digital Corp.(a)x		759,824
	6,800	Whirlpool Corp.(b)		590,104

22 Schedule of Investments

Shares or Principal Amount			Value
	14,700	World Acceptance Corp.(a)(b)	$	468,195
	24,200	Zions Bancorpx		1,102,310
Total Common Stocks (Cost $77,144,226)				79,281,306
Short-Term Investments (2.0%)
$	1,611,231	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		1,611,231
Total Short-Term Investments (Cost $1,611,231)				1,611,231

Underlying Securities
Index/Expiration
Date/Exercise Price	Contracts*
Put Options Purchased (1.4%)
S&P 500 Index, Expiration May 2008, Exercise Price $1330		240	1,120,800
Total Put Options Purchased (Cost $999,204)			1,120,800

Shares or Principal Amount			Value
Other Securities (10.3%)
	8,197,590	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%	$	8,197,590
Total Other Securities (Cost $8,197,590)				8,197,590
Total Investments 113.6% (Cost $87,952,251)				90,210,927
Liabilities Less Other Assets (13.6)%				(10,836,564	)
Net Assets 100.0%			$	79,374,363

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

(a)	Non - income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
x	All or a portion of the security is pledged as collateral for written call options.
*	All options have 100 shares per contract.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

Schedule of Investments 23

Schedule of Written Call Options
March 31, 2008 (unaudited)

Underlying Securities
Index/Expiration
Date/Exercise Price	Contracts*		Value
S&P 500 Index,
Expiration May 2008, Exercise Price $1350		600	$	1,872,000
Total Options Written (Premiums received $2,997,990)			$	1,872,000

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

* All written options have 100 shares per contract.

24 Schedule of Investments

ICON Income Opportunity Fund
Sector Composition
March 31, 2008
(Unaudited)

Financial	19.6	%
Industrials	17.2	%
Consumer Discretionary	12.9	%
Information Technology	9.3	%
Telecommunication & Utilities	9.0	%
Energy	8.9	%
Health Care	8.6	%
Leisure & Consumer Staples	8.5	%
Materials	5.9	%

Percentages are based upon net assets.

ICON Income Opportunity Fund
Industry Composition
March 31, 2008
(Unaudited)

Railroads	4.0%
Other Diversified Financial Services	3.9%
Integrated Oil & Gas	3.9%
Pharmaceuticals	3.7%
Wireless Telecommunication Services	3.5%
Diversified Banks	3.0%
Construction & Farm Machinery & Heavy Trucks	3.0%
Systems Software	3.0%
Consumer Finance	3.0%
Regional Banks	2.9%
Trucking	2.9%
Industrial Machinery	2.7%
Oil & Gas Drilling	2.6%
Asset Management & Custody Banks	2.3%
Health Care Equipment	2.2%
Electric Utilities	2.2%
Apparel Retail	2.2%
Home Improvement Retail	2.2%
Industrial Conglomerates	1.9%
Computer Hardware	1.8%
Aerospace & Defense	1.8%
Oil & Gas Equipment & Services	1.7%
Household Products	1.7%
Investment Banking & Brokerage	1.6%
Homebuilding	1.6%
Department Stores	1.5%
Independent Power Producers & Energy Traders	1.4%
Apparel Accessories & Luxury Goods	1.4%
Fertilizers & Agricultural Chemicals	1.4%
Agricultural Products	1.3%
Hypermarkets & Super Centers	1.2%
Integrated Telecommunication Services	1.2%
Data Processing & Outsourced Services	1.1%
Mortgage REITs	1.1%
Communications Equipment	1.1%
Diversified Metals & Mining	1.1%
Homefurnishing Retail	1.1%
Construction Materials	1.1%
Restaurants	1.1%
Health Care Distributors	1.0%
Metal & Glass Containers	1.0%
Life & Health Insurance	1.0%
Drug Retail	1.0%
Computer Storage & Peripherals	1.0%
Biotechnology	1.0%
Leisure Products	0.9%
Footwear	0.9%
Trading Companies & Distributors	0.9%
Semiconductor Equipment	0.8%
Reinsurance	0.8%
General Merchandise Stores	0.8%
Oil & Gas Storage & Transportation	0.7%
Household Appliances	0.7%
Health Care Services	0.7%
Multi-Utilities	0.7%
Hotels Resorts & Cruise Lines	0.7%
Steel	0.7%
Tobacco	0.6%
Specialty Chemicals	0.6%
Technology Distributors	0.5%
Auto Parts & Equipment	0.5%

Percentages are based upon net assets.

Schedule of Investments 25

ICON Long/Short Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (98.3)%
	50,000	Abercrombie & Fitch Co.	$	3,657,000
	56,100	Aflac, Inc.		3,643,695
	44,500	America Movil S.A.B. de C.V. - ADR		2,834,205
	61,500	Amphenol Corp. - Class A		2,290,875
	39,100	Anixter International, Inc.(a)		2,503,964
	335,000	Anthracite Capital, Inc.(b) - REIT		2,211,000
	28,000	Apache Corp.		3,382,960
	145,000	Arbor Realty Trust, Inc.(b) - REIT		2,186,600
	60,000	Archer Daniels Midland Co.		2,469,600
	65,700	Arrow Electronics, Inc.(a)		2,210,805
	61,000	Atwood Oceanics, Inc.(a)x		5,594,920
	117,000	Bank of America Corp.		4,435,470
	80,000	BB&T Corp.(b)		2,564,800
	30,000	Bristow Group, Inc.(a)		1,610,100
	38,200	Burlington Northern Santa Fe Corp.		3,522,804
	60,000	Cash America International, Inc.		2,184,000
	30,000	Caterpillar, Inc.		2,348,700
	50,000	CBRL Group, Inc.		1,788,500
	100,000	Coca-Cola Enterprises, Inc.		2,420,000
	75,000	Companhia Vale do Rio Doce - ADR		2,598,000
	50,000	Corn Products International, Inc.		1,857,000
	30,000	Cummins, Inc.		1,404,600
	175,000	D.R. Horton, Inc.		2,756,250
	105,000	Darden Restaurants, Inc.		3,417,750
	70,000	Desarrolladora Homex S.A. de C.V. - ADR(a)(b)		4,063,500
	20,000	Diamond Offshore Drilling, Inc.x		2,328,000
	25,000	DryShips, Inc.(b)		1,497,750
	26,400	Everest Re Group, Ltd.		2,363,592
	39,700	Express Scripts, Inc.(a)		2,553,504
	45,000	Fannie Mae		1,184,400
	35,000	Federated Investors, Inc.		1,370,600
	41,000	FMC Technologies, Inc.(a)		2,332,490
	51,200	Freeport-McMoRan Copper & Gold, Inc. - Class B		4,926,464
	25,700	Genco Shipping & Trading, Ltd.(b)		1,450,251
	38,500	Henry Schein, Inc.(a)		2,209,900

26 Schedule of Investments

Shares or Principal Amount			Value
	37,400	International Business Machines Corp.x	$	4,306,236
	67,000	Jos. A. Bank Clothiers, Inc.(a)(b)		1,373,500
	85,000	JPMorgan Chase & Co.		3,650,750
	50,000	KB Home(b)		1,236,500
	65,000	Kirby Corp.(a)		3,705,000
	45,000	Loews Corp.		1,809,900
	50,000	M&T Bank Corp.(b)		4,024,000
	52,600	MedcoHealth Solutions, Inc.(a)		2,303,354
	64,500	MetLife, Inc.		3,886,770
	89,500	Microsoft Corp.		2,540,010
	23,500	Monsanto Co.		2,620,250
	33,300	Moog, Inc. - Class A(a)		1,405,593
	32,500	Murphy Oil Corp.		2,669,550
	115,000	Navios Maritime Holdings, Inc.		1,067,200
	38,600	Nike, Inc. - Class B		2,624,800
	50,000	Norfolk Southern Corp.x		2,716,000
	42,600	Northrop Grumman Corp.		3,314,706
	75,000	Old Dominion Freight Line, Inc.(a)(b)		2,387,250
	125,000	Oracle Corp.(a)		2,445,000
	140,000	Pacer International, Inc.		2,300,200
	50,500	Prudential Financial, Inc.		3,951,625
	22,500	Reliance Steel & Aluminum Co.		1,346,850
	125,000	Rent-A-Center, Inc.(a)		2,293,750
	35,400	Royal Dutch Shell PLC - ADR - Class Ax		2,441,892
	42,500	Ryder System, Inc.		2,588,675
	47,500	State Street Corp.		3,752,500
	50,000	Swisscom AG - ADR		1,720,085
	95,500	Target Corp.x		4,839,940
	47,500	Telefonica S.A. - ADR		4,109,225
	18,400	The Hartford Financial Services Group, Inc.		1,394,168
	89,600	The Pepsi Bottling Group, Inc.x		3,038,336
	162,000	TJX Cos., Inc.x		5,357,340
	39,600	Transatlantic Holdings, Inc.x		2,627,460
	31,000	Transocean, Inc.(a)x		4,191,200
	75,000	U.S. Bancorp		2,427,000
	45,000	Union Pacific Corp.x		5,642,100
	65,500	Wachovia Corp.(b)		1,768,500
	50,000	Weatherford International, Ltd.(a)(b)x		3,623,500
	90,100	Wells Fargo & Co.x		2,621,910
	50,000	Whirlpool Corp.(b)		4,339,000
	100,000	World Acceptance Corp.(a)(b)		3,185,000
Total Common Stocks (Cost $206,386,541)				211,820,674

Schedule of Investments 27

Shares or Principal Amount			Value
Other Securities (13.1%)
	28,166,148	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%	$	28,166,148
Total Other Securities (Cost $28,166,148)				28,166,148
Total Investments 111.4% (Cost $234,552,689)				239,986,822
Liabilities Less Other Assets (11.4)%				(24,604,690	)
Net Assets 100.0%			$	215,382,132

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
x	All or a portion of the security is pledged as collateral for securities sold short.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

28 Schedule of Investments

ICON Long/Short Fund
Schedule of Short Securities
March 31, 2008 (unaudited)

Shares		Short Security	Value
	4,200	AvalonBay Communities, Inc.	$	405,384
	9,100	BRE Properties, Inc.		414,596
	8,000	Corporate Office Properties Trust		268,880
	60,000	Energy Partners, Ltd.(a)		568,200
	62,800	Insituform Technologies, Inc.(a)		868,524
	17,000	KBR, Inc.		471,410
	30,000	Leapfrog Enterprises, Inc.(a)		211,500
	50,200	Petrohawk Energy Corp.(a)		1,012,534
	57,500	Pinnacle Entertainment, Inc.(a)		736,000
	30,000	ProLogis		1,765,800
	5,000	PS Business Parks, Inc.		259,500
	4,400	Simon Property Group, Inc.		408,804
	2,900	SL Green Realty Corp.		236,263
	2,300	The Macerich Co.		161,621
	15,000	The Marcus Corp.		288,000
	25,000	Tootsie Roll Industries, Inc.		630,000
	30,000	Vital Images, Inc.(a)		444,600
	4,400	Vornado Realty Trust		379,324
Total Securities Sold Short (Proceeds $10,122,991)			$	9,530,940

The accompanying notes are an integral part of financial statements.

(a) Non-income producing security.

Schedule of Investments 29

ICON Long/Short Fund
Sector Composition
March 31, 2008
(Unaudited)

Financial	26.5	%
Industrials	16.5	%
Consumer Discretionary	15.1	%
Energy	13.1	%
Information Technology	7.6	%
Leisure & Consumer Staples	6.9	%
Materials	5.3	%
Telecommunication & Utilities	4.0	%
Health Care	3.3	%

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

ICON Long/Short Fund
Industry Composition
March 31, 2008
(Unaudited)

Oil & Gas Drilling	5.6%
Railroads	5.5%
Life & Health Insurance	5.3%
Apparel Retail	4.8%
Other Diversified Financial Services	3.8%
Homebuilding	3.8%
Marine	3.6%
Oil & Gas Equipment & Services	3.6%
Diversified Metals & Mining	3.5%
Diversified Banks	3.1%
Regional Banks	3.1%
Integrated Telecommunication Services	2.7%
Soft Drinks	2.5%
Consumer Finance	2.5%
Restaurants	2.4%
Asset Management & Custody Banks	2.3%
Integrated Oil & Gas	2.3%
Reinsurance	2.3%
Systems Software	2.3%
Trucking	2.3%
Health Care Services	2.3%
General Merchandise Stores	2.2%
Aerospace & Defense	2.2%
Technology Distributors	2.2%
Mortgage REITs	2.0%
Household Appliances	2.0%
Agricultural Products	2.0%
Computer Hardware	2.0%
Construction & Farm Machinery & Heavy Trucks	1.8%
Oil & Gas Exploration & Production	1.6%
Multi-Line Insurance	1.5%
Wireless Telecommunication Services	1.3%
Footwear	1.2%
Fertilizers & Agricultural Chemicals	1.2%
Air Freight & Logistics	1.1%
Home Furnishing Retail	1.1%
Electronic Equipment Manufacturers	1.1%
Health Care Distributors	1.0%
Steel	0.6%
Thrifts & Mortgage Finance	0.6%

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

30 Schedule of Investments

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Statements of Assets and Liabilities
March 31, 2008 (unaudited)

	ICON Bond			ICON Core
	Fund			Equity Fund
Assets
Investments, at cost	$	121,474,401		$	153,917,749
Investments, at value†		122,311,833			160,585,579
Cash		-			-
Deposits for short sales		-			-
Receivables:
Fund shares sold		861,913			205,972
Investments sold		-			1,249,609
Interest		1,477,164			24,924
Dividends		-			111,671
Expense reimbursements by Adviser		1,486			-
Expense reimbursement by Sub-Administrator		-			-
Other assets		33,815			37,591
Total Assets		124,686,211			162,215,346
Liabilities
Options written, at value (premiums received of $0, $0, $0, $2,997,990 and $0)		-			-
Common stocks sold short, at value (proceeds of $0, $0, $0, $0 and $10,122,991)		-			-
Payables:
Due to custodian bank		110			187,739
Interest		-			-
Investments bought		-			1,270,645
Payable for collateral received on securities loaned		693,693			17,406,171
Fund shares redeemed		74,939			173,079
Distributions due to shareholders		430,330			-
Advisory fees and fee waiver recoupment		62,523			90,629
Accrued distribution fees		27,395			75,280
Fund accounting fees		5,883			2,622
Transfer agent fees		29,214			66,240
Administration fees		4,910			5,811
Trustee fees		7,345			8,509
Accrued Code 860 related legal expenses		-			-
Code 860 Expense		-			-
Accrued expenses		33,959			35,801
Total Liabilities		1,370,301			19,322,526
Net Assets - all share classes	$	123,315,910		$	142,892,820
Net Assets - Class I	$	120,568,857		$	68,637,404
Net Assets - Class C	$	2,746,148		$	71,633,701
Net Assets - Class Z	$	905		$	1,286,993
Net Assets - Class A	$	-		$	1,334,722
Net Assets Consist of
Paid-in capital	$	123,091,275		$	139,555,154
Accumulated undistributed net investment income/(loss)		(435,466	)		(11,725	)
Accumulated undistributed net realized gain/(loss) from investments, written options, and securities sold short		(177,331	)		(3,318,439	)
Unrealized appreciation/(depreciation) on investments, written options, and securities sold short		837,432			6,667,830
Net Assets	$	123,315,910		$	142,892,820

^†  Includes securities on loan of $658,350, $17,214,104, $0, $8,108,961, and $27,329,275.

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

32 Financial Statements

ICON Equity			ICON Income			ICON Long/
Income Fund			Opportunity Fund			Short Fund
$	109,386,840		$	87,952,251		$	234,552,689
	113,501,536			90,210,927			239,986,822
	-			-			-
	-			-			9,321,431
	389,337			330,520			253,533
	-			733,348			7,313,135
	105,692			19,682			43,459
	246,150			95,898			281,544
	796			1,278			-
	1,484,905			-			-
	35,537			35,527			62,048
	115,763,953			91,427,180			257,261,972
	-			1,872,000			-
	-			-			9,530,940
	585,325			903,936			1,084,757
	-			-			2,382
	-			877,540			2,322,454
	-			8,197,590			28,166,148
	109,757			50,522			417,853
	161,663			-			-
	71,233			55,769			163,922
	26,842			18,213			71,735
	2,826			2,426			2,915
	31,681			24,943			55,051
	4,549			3,093			8,933
	6,693			4,616			13,448
	198,687			-			-
	1,286,218			-			-
	39,362			42,169			39,302
	2,524,836			12,052,817			41,879,840
$	113,239,117		$	79,374,363		$	215,382,132
$	107,948,718		$	75,750,519		$	171,201,512
$	4,980,185		$	3,026,410		$	37,726,529
$	37,890		$	108,721		$	617,020
$	272,324		$	488,713		$	5,837,071
$	113,277,454		$	83,187,383		$	229,556,390
	(148,228	)		205,374			261,995
	(4,004,805	)		(7,403,060	)		(20,462,437	)
	4,114,696			3,384,666			6,026,184
$	113,239,117		$	79,374,363		$	215,382,132

Financial Statements 33

Statements of Assets and Liabilities (continued)
March 31, 2008 (unaudited)

	ICON Bond		ICON Core
	Fund		Equity Fund
Shares outstanding (unlimited shares authorized, no par value)
Class I		11,892,882		5,208,432
Class C		270,306		5,817,242
Class Z		89		97,770
Class A		-		103,812
Net asset value (offering and redemption price per share)
Class I	$	10.14	$	13.18
Class C	$	10.16	$	12.31
Class Z	$	10.17	$	13.16
Class A	$	-	$	12.86
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	-	$	13.64

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

34 Financial Statements

ICON Equity		ICON Income		ICON Long/
Income Fund		Opportunity Fund		Short Fund
	8,316,316		6,275,290		10,737,609
	388,050		263,539		2,467,959
	2,924		8,862		38,557
	21,087		40,591		367,557
$	12.98	$	12.07	$	15.94
$	12.83	$	11.48	$	15.29
$	12.96	$	12.27	$	16.00
$	12.91	$	12.04	$	15.88
$	13.70	$	12.77	$	16.85

Financial Statements 35

Statements of Operations
For the period ended March 31, 2008 (unaudited)

				ICON
	ICON			Core Equity
	Bond Fund			Fund
Investment Income
Interest	$	3,184,929		$	21,008
Dividends		-			1,334,724
Income from securities lending, net		9,183			55,237
Foreign taxes withheld		-			-
Total Investment Income		3,194,112			1,410,969
Expenses
Advisory fees:		370,809			626,643
Distribution fees
Class I		152,082			101,711
Class C		8,219			414,870
Class A		-			1,802
Fund accounting fees		21,614			22,531
Transfer agent fees		50,595			120,296
Administration fees		28,736			38,828
Registration fees:
Class I		12,246			7,145
Class C		6,625			7,162
Class A		-			3,484
Insurance expense		4,540			6,392
Trustee fees and expenses		8,546			9,699
Interest expense		1,223			1,117
Other expenses		52,640			63,507
Dividends on short positions		-			-
Recoupment of previously reimbursed expenses		-			-
Code 860 related legal expenses		-			-
Code 860 Expense		-			-
Total expenses before expense reimbursement and transfer agent earnings credit		717,875			1,425,187
Transfer agent earnings credit		(1,875	)		(2,493	)
Expense reimbursement by Adviser due to expense limitation agreement		(91,617	)		-
Expense reimbursement of Code 860 related expenses by the Sub-Administrator		-			-
Net Expenses		624,383			1,422,694
Net Investment Income/(Loss)		2,569,729			(11,725	)
Net Realized and Unrealized Gain/(Loss) on Investment Transactions
Net realized gain/(loss) from investment transactions		1,435,306			(3,318,621	)
Net realized gain/(loss) from written option transactions		-			-
Net realized gain/(loss) from securities sold short		-			-
Change in unrealized net appreciation/(depreciation) on investments		412,617			(19,981,298	)
Change in unrealized appreciation/(depreciation) on written options and securities sold short		-			-
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options and Securities Sold Short		1,847,923			(23,299,919	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,417,652		$	(23,311,644	)

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

36 Financial Statements

			ICON
ICON			Income			ICON
Equity Income			Opportunity			Long/Short
Fund			Fund			Fund
$	348,490		$	13,918		$	89,881
	1,461,580			743,505			2,196,304
	-			35,424			88,117
	(2,205	)		-			-
	1,807,865			792,847			2,374,302
	458,001			300,123			1,158,757
	146,002			96,245			279,639
	24,843			13,078			210,583
	406			441			8,052
	17,824			12,583			35,085
	56,935			42,545			94,724
	28,386			18,604			63,349
	7,931			9,149			16,940
	5,926			6,056			7,942
	3,429			3,612			3,712
	4,494			2,815			9,858
	8,115			6,399			12,850
	360			7,898			9,711
	57,380			58,353			83,085
	-			-			61,248
	-			31,764			-
	198,687			-			-
	478,848			-			-
	1,497,567			609,665			2,055,535
	(1,842	)		(1,221	)		(4,073	)
	(19,325	)		(20,971	)		(8,368	)
	(677,535	)		-			-
	798,865			587,473			2,043,094
	1,009,000			205,374			331,208
	(3,985,912	)		(5,219,322	)		(18,133,991	)
	-			7,792,677			-
	-			-			2,784,837
	(11,794,328	)		(7,042,754	)		(24,053,227	)
	-			450,977			(503,778	)
	(15,780,240	)		(4,018,422	)		(39,906,159	)
$	(14,771,240	)	$	(3,813,048	)	$	(39,574,951	)

Financial Statements 37

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,
	2008 (unaudited)			2007			2008 (unaudited)			2007
Operations
Net investment income/(loss)	$	2,569,729		$	4,602,241		$	(11,725	)	$	(534,514	)
Net realized gain/(loss) from investment transactions, written options, and securities sold short		1,435,306			(158,250	)		(3,318,621	)		19,681,940
Change in unrealized appreciation/(depreciation) on investments and written options and securities sold short		412,617			756,222			(19,981,298	)		11,709,068
Net increase/(decrease) in net assets resulting from operations		4,417,652			5,200,213			(23,311,644	)		30,856,494
Dividends and Distributions to Shareholders
Net investment income
Class I		(2,931,844	)		(4,626,599	)		-			-
Class C		(39,808	)		(46,277	)		-			-
Class Z		(66	)		(527	)		-			-
Class A		-			-			-			-
Net realized gains
Class I		-			-			(7,187,602	)		(7,580,907	)
Class C		-			-			(7,656,597	)		(7,230,668	)
Class Z		-			-			(109,019	)		(94,989	)
Class A		-			-			(124,615	)		(36,638	)
Net decrease from dividends and distributions		(2,971,718	)		(4,673,403	)		(15,077,833	)		(14,943,202	)
Fund Share Transactions
Shares sold
Class I		28,443,623			68,988,664			7,660,295			23,824,919
Class C		1,655,887			917,781			2,966,406			8,551,109
Class Z		3,364			48,144			204,942			133,685
Class A		-			-			702,580			1,422,196
Reinvested dividends and distributions
Class I		2,898,484			4,481,263			6,810,276			6,749,960
Class C		38,629			44,325			7,380,164			6,925,661
Class Z		66			525			107,124			92,041
Class A		-			-			112,656			32,501
Shares repurchased
Class I		(35,315,245	)		(41,215,819	)		(15,678,121	)		(55,610,067	)
Class C		(445,502	)		(441,608	)		(11,726,538	)		(26,377,163	)
Class Z		(13,675	)		(41,463	)		(41,819	)		(299,637	)
Class A		-			-			(521,280	)		(279,650	)
Net increase/(decrease) from fund share transactions		(2,734,369	)		32,781,812			(2,023,315	)		(34,834,445	)
Total net increase/(decrease) in net assets		(1,288,435	)		33,308,622			(40,412,792	)		(18,921,153	)
Net Assets
Beginning of period		124,604,345			91,295,723			183,305,612			202,226,765
End of period	$	123,315,910		$	124,604,345		$	142,892,820		$	183,305,612

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

38 Financial Statements

ICON Equity Income Fund						ICON Income Opportunity Fund						ICON Long/Short Fund
Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,			March 31,			September 30,
2008 (unaudited)			2007			2008 (unaudited)			2007			2008 (unaudited)			2007
$	1,009,000		$	2,521,140		$	205,374		$	(91,815	)	$	331,208		$	655,127
	(3,985,912	)		15,603,497			2,573,355			2,785,990			(15,349,154	)		7,336,230
	(11,794,328	)		4,578,186			(6,591,777	)		5,052,554			(24,557,005	)		24,000,849
	(14,771,240	)		22,702,823			(3,813,048	)		7,746,729			(39,574,951	)		31,992,206
	(984,155	)		(2,854,133	)		-			(46,145	)		(399,948	)		(394,093	)
	(23,795	)		(70,223	)		-			-			-			-
	(353	)		(787	)		-			-			-			(13,175	)
	(2,372	)		(3,730	)		-			(41	)		(7,652	)		(7,001	)
	(12,299,870	)		(5,844,508	)		(3,156,831	)		(10,443,229	)		(9,426,798	)		(4,519,604	)
	(509,032	)		(206,407	)		(103,778	)		(411,998	)		(1,802,594	)		(791,906	)
	(4,033	)		(971	)		(2,015	)		(3,627	)		(8,704	)		(82,900	)
	(33,610	)		(2,660	)		(13,118	)		(5,517	)		(264,846	)		(47,236	)
	(13,857,220	)		(8,983,419	)		(3,275,742	)		(10,910,557	)		(11,910,542	)		(5,855,915	)
	12,737,958			20,775,427			16,885,064			32,396,237			57,131,098			124,049,120
	930,076			879,642			1,191,166			350,569			5,565,551			18,629,284
	3,443			21,895			100,607			29,639			450,372			287,714
	78,789			289,568			220,140			269,504			1,600,571			6,279,254
	12,676,661			8,210,633			3,124,009			10,266,374			9,338,356			4,670,355
	503,543			256,742			102,150			379,286			1,686,440			745,754
	4,385			1,757			2,015			3,627			8,484			96,075
	35,980			6,277			13,118			5,556			218,920			43,032
	(14,734,026	)		(51,367,295	)		(14,633,593	)		(22,746,946	)		(92,087,905	)		(80,032,782	)
	(640,287	)		(1,040,584	)		(323,435	)		(1,156,174	)		(5,432,673	)		(5,843,771	)
	(615	)		(11,598	)		(25,740	)		(89	)		(228,318	)		(3,639,251	)
	(89,362	)		(12,552	)		(9,204	)		(84	)		(1,239,548	)		(977,888	)
	11,506,545			(21,990,088	)		6,646,297			19,797,499			(22,988,652	)		64,306,896
	(17,121,915	)		(8,270,684	)		(442,493	)		16,633,671			(74,474,145	)		90,443,187
	130,361,032			138,631,716			79,816,856			63,183,185			289,856,277			199,413,090
$	113,239,117		$	130,361,032		$	79,374,363		$	79,816,856		$	215,382,132		$	289,856,277

Financial Statements 39

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,
	2008 (unaudited)			2007			2008 (unaudited)			2007
Transactions in Fund Shares
Shares sold
Class I		2,800,059			6,930,357			508,535			1,521,324
Class C		161,808			91,548			213,508			576,959
Class Z		334			4,870			13,847			8,541
Class A		-			-			49,040			92,820
Reinvested dividends and distributions
Class I		285,589			448,497			459,223			447,314
Class C		3,795			4,422			531,329			483,635
Class Z		6			53			7,238			6,091
Class A		-			-			7,775			2,184
Shares repurchased
Class I		(3,473,591	)		(4,131,816	)		(1,077,231	)		(3,549,165	)
Class C		(43,709	)		(44,117	)		(826,553	)		(1,762,394	)
Class Z		(1,359	)		(4,178	)		(2,741	)		(19,996	)
Class A		-			-			(38,190	)		(18,320	)
Net increase/(decrease)		(267,068	)		3,299,636			(154,220	)		(2,211,007	)
Shares outstanding beginning of period		12,430,344			9,130,708			11,381,476			13,592,483
Shares outstanding end of period		12,163,276			12,430,344			11,227,256			11,381,476
Purchase and Sales of Investment Securities (excluding short-term securities)
Purchase of securities (including short sale transactions)	$	19,704,413		$	21,614,156		$	111,871,964		$	228,139,282
Proceeds from sales of securities (including short sale transactions)		7,296,287			25,763,927			128,466,334			275,726,296
Purchases of long-term U.S. government securities		22,415,123			43,613,130			-			-
Proceeds from sales of long-term U.S. government securities		35,278,459			5,421,100			-			-
Accumulated undistributed net investment income/(loss)	$	(435,466	)	$	(33,477	)	$	(11,725	)	$	-

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

40 Financial Statements

ICON Equity Income Fund						ICON Income Opportunity Fund						ICON Long/Short Fund
Period ended			Year ended			Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31,			September 30,			March 31,			September 30,
2008 (unaudited)			2007			2008 (unaudited)			2007			2008 (unaudited)			2007
	886,269			1,331,983			1,332,096			2,383,848			3,194,466			6,741,937
	69,071			56,569			99,681			26,619			321,854			1,050,920
	241			1,408			7,877			2,101			27,212			15,636
	5,339			18,766			17,870			20,879			90,039			340,691
	885,689			536,569			245,985			776,387			528,188			266,877
	35,564			16,958			8,435			29,724			99,261			43,971
	307			114			156			274			478			5,462
	2,526			405			1,035			424			12,424			2,463
	(1,020,985	)		(3,260,624	)		(1,161,111	)		(1,672,257	)		(5,391,609	)		(4,408,590	)
	(43,009	)		(67,244	)		(26,179	)		(87,051	)		(325,175	)		(328,475	)
	(44	)		(734	)		(1,915	)		(7	)		(12,297	)		(189,213	)
	(6,411	)		(794	)		(703	)		(6	)		(72,485	)		(53,377	)
	814,557			(1,366,624	)		523,227			1,480,935			(1,527,644	)		3,488,302
	7,913,820			9,280,444			6,065,055			4,584,120			15,139,326			11,651,024
	8,728,377			7,913,820			6,588,282			6,065,055			13,611,682			15,139,326
$	74,997,455		$	154,997,733		$	85,744,529		$	109,635,674		$	248,785,003		$	324,247,248
	75,177,570			192,524,496			74,972,115			104,042,037			270,541,248			246,986,193
	3,975,018			7,570,798			-			-			-			-
	1,804,800			750,000			-			-			-			-
$	(148,228	)	$	(146,553	)	$	205,374		$	-		$	261,995		$	338,387

Financial Statements 41

Financial Highlights

			Income from investment operations							Less dividends and
	Net asset		Net		Net realized					Dividends			Distributions
	value,		investment		and unrealized			Total from		from net			from net
	beginning		income/		gains/(losses)			investment		investment			realized
	of period		(loss)(x)		on investments			operations		income			gains
ICON Bond Fund
Class I +
Period Ended March 31, 2008 (unaudited)	$	10.02	$	0.21	$	0.15		$	0.36	$	(0.24	)	$	-
Year Ended September 30, 2007		10.00		0.44		0.03			0.47		(0.45	)		-
Year Ended September 30, 2006		10.16		0.42		(0.15	)		0.27		(0.42	)		(0.01	)
Year Ended September 30, 2005		10.52		0.40		(0.29	)		0.11		(0.41	)		(0.06	)
Year Ended September 30, 2004		10.41		0.45		0.10			0.55		(0.44	)		-
September 30, 2002 (inception) to September 30, 2003		10.00		0.42		0.38			0.80		(0.39	)		-
Class C
Period Ended March 31, 2008 (unaudited)		10.05		0.18		0.14			0.32		(0.21	)		-
Year Ended September 30, 2007		10.02		0.38		0.04			0.42		(0.39	)		-
Year Ended September 30, 2006		10.18		0.36		(0.15	)		0.21		(0.36	)		(0.01	)
Year Ended September 30, 2005		10.54		0.33		(0.28	)		0.05		(0.35	)		(0.06	)
Year Ended September 30, 2004		10.42		0.38		0.12			0.50		(0.38	)		-
October 31, 2002 (inception) to September 30, 2003		9.79		0.37		0.60			0.97		(0.34	)		-
Class Z
Period Ended March 31, 2008 (unaudited)		10.02		0.23		0.17			0.40		(0.25	)		-
Year Ended September 30, 2007		10.00		0.46		0.03			0.49		(0.47	)		-
Year Ended September 30, 2006		10.15		0.45		(0.15	)		0.30		(0.44	)		(0.01	)
Year Ended September 30, 2005		10.51		0.42		(0.28	)		0.14		(0.44	)		(0.06	)
May 6, 2004 (inception) to September 30, 2004		10.26		0.46		(0.02	)		0.44		(0.19	)		-

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

42 Financial Highlights

										Ratio of expenses to					Ratio of net investment
										average net assets (a)					income to average net assets(a)
										Before		After			Before			After
										expense		expense			expense			expense
										limitation		limitation			limitation			limitation
distributions								Net assets,		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		credit		credit			credit			credit			rate(b)
$	(0.24	)	$	10.14		3.66	%	$	120,569		1.13%		1.00%	(c)		4.04	%		4.17	%		37.79	%
	(0.45	)		10.02		4.80	%		123,102		1.09%		1.00%	(c)		4.34	%		4.42	%		34.40	%
	(0.43	)		10.00		2.72	%		90,324		1.11%		1.01%	(c)		4.14	%		4.24	%		66.82	%
	(0.47	)		10.16		1.05	%		82,415		1.18%		1.10%			3.72	%		3.80	%		76.28	%
	(0.44	)		10.52		5.41	%		61,502		1.29%		1.30%			4.28	%		4.27	%		37.98	%
	(0.39	)		10.41		8.19	%		39,338		1.45%		1.30%			4.01	%		4.16	%		41.65	%
	(0.21	)		10.16		3.24	%		2,746		2.75%		1.60%	(c)		2.41	%		3.56	%		37.79	%
	(0.39	)		10.05		4.27	%		1,491		3.15%		1.60%	(c)		2.28	%		3.82	%		34.40	%
	(0.37	)		10.02		2.09	%		968		3.08%		1.61%	(c)		2.17	%		3.64	%		66.82	%
	(0.41	)		10.18		0.47	%		988		3.42%		1.69%			1.46	%		3.19	%		76.28	%
	(0.38	)		10.54		4.83	%		371		6.84%		1.90%			3.63	%		8.57	%		37.98	%
	(0.34	)		10.42		9.98	%		260		2.05%		1.90%			3.48	%		3.63	%		41.65	%
	(0.25	)		10.17		4.03	%		1		406.39%		0.77%	(c)		(401.13)	%		4.49	%		37.79	%
	(0.47	)		10.02		5.02	%		11		31.60%		0.75%	(c)		(26.18)	%		4.67	%		34.40	%
	(0.45	)		10.00		3.06	%		4		25.40%		0.76%	(c)		(20.18)	%		4.47	%		66.82	%
	(0.50	)		10.15		1.30	%		5		74.28%		0.84%			(69.41)	%		4.03	%		76.28	%
	(0.19	)		10.51		4.33	%		1		0.86%		0.86%			4.60	%		4.60	%		37.98	%

Financial Highlights 43

Financial Highlights (continued)

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized						Dividends		Distributions
	value,		investment			and unrealized			Total from			from net		from net
	beginning		income/			gains/(losses)			investment			investment		realized
	of period		(loss)(x)			on investments			operations			income		gains
ICON Core Equity Fund
Class I +
Period Ended March 31, 2008 (unaudited)	$	16.59	$	0.03		$	(2.07	)	$	(2.04	)	$	-	$	(1.37	)
Year Ended September 30, 2007		15.22		0.02			2.46			2.48			-		(1.11	)
Year Ended September 30, 2006		15.14		(0.02	)		0.67			0.65			-		(0.57	)
Year Ended September 30, 2005		12.78		(0.05	)		2.41			2.36			-		-
Year Ended September 30, 2004		11.12		(0.07	)		1.73			1.66			-		-
Year Ended September 30, 2003		9.50		(0.04	)		1.66			1.62			-		-
Class C
Period Ended March 31, 2008 (unaudited)		15.66		(0.03	)		(1.95	)		(1.98	)		-		(1.37	)
Year Ended September 30, 2007		14.52		(0.10	)		2.35			2.25			-		(1.11	)
Year Ended September 30, 2006		14.58		(0.14	)		0.65			0.51			-		(0.57	)
Year Ended September 30, 2005		12.41		(0.15	)		2.32			2.17			-		-
Year Ended September 30, 2004		10.88		(0.16	)		1.69			1.53			-		-
Year Ended September 30, 2003		9.36		(0.11	)		1.63			1.52			-		-
Class Z
Period Ended March 31, 2008 (unaudited)		16.62		(0.01	)		(2.08	)		(2.09	)		-		(1.37	)
Year Ended September 30, 2007		15.23		0.03			2.47			2.50			-		(1.11	)
Year Ended September 30, 2006		15.12		0.02			0.66			0.68			-		(0.57	)
Year Ended September 30, 2005		12.79		(0.14	)		2.47			2.33			-		-
May 6, 2004 (inception) to September 30, 2004		12.07		(0.03	)		0.75			0.72			-		-
Class A
Period Ended March 31, 2008 (unaudited)		16.32		(0.06	)		(2.03	)		(2.09	)		-		(1.37	)
Year Ended September 30, 2007		15.09		(0.06	)		2.40			2.34			-		(1.11	)
May 31, 2006 (inception) to September 30, 2006		15.80		(0.27	)		(0.44	)		(0.71	)		-		-

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

44 Financial Highlights

										Ratio of expenses to				Ratio of net investment
										average net assets (a)				income to average net assets (a)
										Before		After		Before			After
										expense		expense		expense			expense
										limitation		limitation		limitation			limitation
distributions								Net assets,		and transfer		and transfer		and transfer			and transfer
Total			Net asset					end of		agent		agent		agent			agent			Portfolio
dividends and			value, end		Total			period (in		earnings		earnings		earnings			earnings			turnover
distributions			of period		return*			thousands)		credit		credit		credit			credit			rate(b)
$	(1.37	)	$	13.18		(13.21	)%	$	68,637		1.30%		1.30%		0.39	%		0.39	%		67.25	%
	(1.11	)		16.59		17.05	%		88,246		1.24%		1.23%		0.12	%		0.13	%		116.81	%
	(0.57	)		15.22		4.35	%		104,966		1.23%		1.23%		(0.13)	%		(0.13	)%		148.67	%
	-			15.14		18.47	%		93,780		1.27%		N/A		(0.33)	%		N/A			136.82	%
	-			12.78		14.93	%		47,273		1.33%		N/A		(0.59)	%		N/A			116.26	%
	-			11.12		17.05	%		37,603		1.39%		N/A		(0.37)	%		N/A			188.07	%
	(1.37	)		12.31		(13.63	)%		71,634		2.10%		2.09%		(0.41)	%		(0.40	)%		67.25	%
	(1.11	)		15.66		16.25	%		92,350		2.02%		2.02%		(0.68)	%		(0.67	)%		116.81	%
	(0.57	)		14.52		3.54	%		95,842		2.03%		2.02%		(0.91)	%		(0.91	)%		148.67	%
	-			14.58		17.49	%		78,145		2.04%		N/A		(1.10)	%		N/A			136.82	%
	-			12.41		14.06	%		53,101		2.08%		N/A		(1.34)	%		N/A			116.26	%
	-			10.88		16.24	%		35,428		2.14%		N/A		(1.12)	%		N/A			188.07	%
	(1.37	)		13.16		(13.48	)%		1,287		1.81%		1.81%		(0.10)	%		(0.10	)%		67.25	%
	(1.11	)		16.62		17.18	%		1,320		1.18%		1.18%		0.17	%		0.17	%		116.81	%
	(0.57	)		15.23		4.57	%		1,291		0.99%		0.98%		0.12	%		0.12	%		148.67	%
	-			15.12		18.22	%		1,165		1.76%		N/A		(0.94)	%		N/A			136.82	%
	-			12.79		5.97	%		36		1.12%		N/A		(0.28)	%		N/A			116.26	%
	(1.37	)		12.86		(13.75	)%		1,335		2.50%		2.49%		(0.79)	%		(0.78	)%		67.25	%
	(1.11	)		16.32		16.25	%		1,390		1.66%		1.65%		(0.42)	%		(0.41	)%		116.81	%
	-			15.09		(4.49	)%		128		7.44%		7.43%		(5.45)	%		(5.44	)%		148.67	%

Financial Highlights 45

Financial Highlights (continued)

			Income from investment operations								Less dividends and
	Net asset		Net		Net realized						Dividends			Distributions
	value,		investment		and unrealized			Total from			from net			from net
	beginning		income/		gains/ (losses)			investment			investment			realized
	of period		(loss)(x)		on investments			operations			income			gains
ICON Equity Income Fund
Class I +
Period Ended March 31, 2008 (unaudited)	$	16.48	$	0.12	$	(1.86	)	$	(1.74	)	$	(0.12	)	$	(1.64	)
Year Ended September 30, 2007		14.94		0.29		2.26			2.55			(0.34	)		(0.67	)
Year Ended September 30, 2006		15.79		0.30		0.29			0.59			(0.35	)		(1.09	)
Year Ended September 30, 2005		14.33		0.27		1.54			1.81			(0.27	)		(0.08	)
Year Ended September 30, 2004		12.22		0.31		2.09			2.40			(0.29	)		-
September 30, 2002 (inception) to September 30, 2003		10.00		0.25		2.20			2.45			(0.23	)		-
Class C
Period Ended March 31, 2008 (unaudited)		16.33		0.06		(1.85	)		(1.79	)		(0.07	)		(1.64	)
Year Ended September 30, 2007		14.85		0.14		2.23			2.37			(0.22	)		(0.67	)
Year Ended September 30, 2006		15.71		0.15		0.29			0.44			(0.21	)		(1.09	)
Year Ended September 30, 2005		14.27		0.13		1.54			1.67			(0.15	)		(0.08	)
Year Ended September 30, 2004		12.21		0.20		2.06			2.26			(0.20	)		-
November 8, 2002 (inception) to September 30, 2003		10.63		0.16		1.59			1.75			(0.17	)		-
Class Z
Period Ended March 31, 2008 (unaudited)		16.46		0.13		(1.87	)		(1.74	)		(0.12	)		(1.64	)
Year Ended September 30, 2007		14.94		0.30		2.26			2.56			(0.37	)		(0.67	)
Year Ended September 30, 2006		15.79		0.30		0.29			0.59			(0.35	)		(1.09	)
Year Ended September 30, 2005		14.33		0.28		1.55			1.83			(0.29	)		(0.08	)
May 10, 2003 (inception) to September 30, 2004)		13.43		0.39		0.70			1.09			(0.19	)		-
Class A
Period Ended March 31, 2008 (unaudited)		16.40		0.11		(1.86	)		(1.75	)		(0.10	)		(1.64	)
Year Ended September 30, 2007		14.92		0.27		2.22			2.49			(0.34	)		(0.67	)
May 31, 2006 (inception) to September 30, 2006		15.04		0.08		(0.01	)		0.07			(0.19	)		-

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

46 Financial Highlights

										Ratio of expenses to						Ratio of net investment
										average net assets (a)						income to average net assets (a)
										Before			After			Before			After
										expense			expense			expense			expense
										limitation			limitation			limitation			limitation
distributions								Net assets,		and transfer			and transfer			and transfer			and transfer
Total			Net asset					end of		agent			agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		earnings			earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		credit			credit			credit			credit			rate(b)
$	(1.76	)	$	12.98		(11.51	)%	$	107,949		$1.28%	(h)		1.27%	(c)		1.68	%		1.69	%		63.85	%
	(1.01	)		16.48		17.67	%		124,668		1.23%	(g)		1.22%	(c)		1.86	%		1.86	%		121.30	%
	(1.44	)		14.94		4.02	%		133,835		1.23%			1.23%	(c)		1.96	%		1.96	%		162.84	%
	(0.35	)		15.79		12.71	%		129,681		1.27%			1.27%			1.79	%		1.79	%		143.82	%
	(0.29	)		14.33		19.69	%		117,552		1.35%			1.37%			2.25	%		2.23	%		51.84	%
	(0.23	)		12.22		24.72	%		42,474		1.72%			1.45%			2.23	%		2.30	%		35.17	%
	(1.71	)		12.83		(11.93	)%		4,980		2.42%	(h)		2.20%	(c)		0.56	%		0.78	%		63.85	%
	(0.89	)		16.33		16.45	%		5,331		2.33%	(g)		2.21%	(c)		0.75	%		0.87	%		121.30	%
	(1.30	)		14.85		3.03	%		4,753		2.29%			2.20%	(c)		0.91	%		1.00	%		162.84	%
	(0.23	)		15.71		11.71	%		3,861		2.53%			2.20%			0.53	%		0.86	%		143.82	%
	(0.20	)		14.27		18.56	%		1,885		3.47%			2.20%			0.12	%		1.40	%		51.84	%
	(0.17	)		12.21		16.63	%		581		2.48%			2.20%			1.10	%		1.38	%		35.17	%
	(1.76	)		12.96		(11.49	)%		38		29.97%	(h)		1.20%	(c)		(26.99)	%		1.78	%		63.85	%
	(1.04	)		16.46		17.74	%		40		11.08%	(g)		1.21%	(c)		(7.96)	%		1.92	%		121.30	%
	(1.44	)		14.94		4.04	%		24		4.36%			1.20%	(c)		(1.20)	%		1.96	%		162.84	%
	(0.37	)		15.79		12.89	%		23		9.37%			1.20%			(6.31)	%		1.86	%		143.82	%
	(0.19	)		14.33		8.12	%		14		1.11%			0.97%	(d)		2.62	%		2.76	%		51.84	%
	(1.74	)		12.91		(11.60	)%		272		6.16%	(h)		1.45%	(c)		(3.18)	%		1.53	%		63.85	%
	(1.01	)		16.40		17.29	%		322		3.77%	(g)		1.45%	(c)		(0.60)	%		1.73	%		121.30	%
	(0.19	)		14.92		0.46	%		19		38.36%			1.44%	(c)		(35.18)	%		1.74	%		162.84	%

Financial Highlights 47

Financial Highlights (continued)

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Income Opportunity Fund
Class I+
Period Ended March 31, 2008 (unaudited)	$	13.18	$	0.03		$	(0.61	)	$	(0.58	)	$	-		$	(0.53	)
Year Ended September 30, 2007		13.80		(0.02	)		1.64			1.62			(0.01	)		(2.23	)
Year Ended September 30, 2006		13.88		(0.01	)		0.05			0.04			-			(0.12	)
Year Ended September 30, 2005		13.25		(0.06	)		1.26			1.20			-			(0.57	)
Year Ended September 30, 2004		12.40		(0.07	)		1.36			1.29			-			(0.44	)
September 30, 2002 (inception) to September 30, 2003		10.00		(0.07	)		2.47			2.40			-			-
Class C
Period Ended March 31, 2008 (unaudited)		12.61		(0.01	)		(0.59	)		(0.60	)		-			(0.53	)
Year Ended September 30, 2007		13.39		(0.11	)		1.56			1.45			-			(2.23	)
Year Ended September 30, 2006		13.56		(0.11	)		0.06			(0.05	)		-			(0.12	)
Year Ended September 30, 2005		13.06		(0.16	)		1.23			1.07			-			(0.57	)
Year Ended September 30, 2004		12.32		(0.16	)		1.34			1.18			-			(0.44	)
November 21, 2002 (inception) to September 30, 2003		10.75		(0.17	)		1.74			1.57			-			-
Class Z
Period Ended March 31, 2008 (unaudited)		13.37		0.06			(0.63	)		(0.57	)		-			(0.53	)
Year Ended September 30, 2007		13.94		0.01			1.65			1.66			-			(2.23	)
Year Ended September 30, 2006		13.94		0.02			0.10			0.12			-			(0.12	)
Year Ended September 30, 2005		13.29		(0.03	)		1.25			1.22			-			(0.57	)
May 6, 2004 (inception) to September 30, 2003		12.86		(0.01	)		0.44			0.43			-			-
Class A
Period Ended March 31, 2008 (unaudited)		13.15		0.04			(0.62	)		(0.58	)		-			(0.53	)
Year Ended September 30, 2007		13.80		(0.03	)		1.65			1.62			(0.04	)		(2.23	)
May 31, 2006 (inception) to September 30, 2006		13.73		0.03			0.04			0.07			-			-

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

48 Financial Highlights

										Ratio of expenses to					Ratio of net investment
										average net assets(a)					income to average net assets(a)
										Before		After			Before			After
										expense		expense			expense			expense
										limitation		limitation			limitation			limitation
distributions								Net assets,		and transfer		and transfer			and transfer			and transfer
Total			Net asset					end of		agent		agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		earnings		earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		credit		credit			credit			credit			rate(b)
$	(0.53	)	$	12.07		(4.57	)%	$	75,751		1.45%		1.44%	(c)		0.53	%		0.54	%		92.50	%
	(2.24	)		13.18		12.51	%		77,195		1.50%		1.50%	(c)		(0.11)	%		(0.11	)%		150.42	%
	(0.12	)		13.80		0.30	%		60,321		1.47%		1.47%	(c)		(0.04)	%		(0.04	)%		159.55	%
	(0.57	)		13.88		9.21	%		54,347		1.54%		1.45%			(0.57)	%		(0.48	)%		159.35	%
	(0.44	)		13.25		10.53	%		42,962		1.60%		1.45%			(0.67)	%		(0.52	)%		167.57	%
	-			12.40		24.00	%		20,981		2.07%		1.45%			(1.27)	%		(0.65	)%		184.24	%
	(0.53	)		11.48		(4.95	)%		3,026		2.82%		2.22%	(c)		(0.80)	%		(0.20	)%		92.50	%
	(2.23	)		12.61		11.53	%		2,291		2.76%		2.25%	(c)		(1.34)	%		(0.83	)%		150.42	%
	(0.12	)		13.39		(0.36	)%		2,842		2.61%		2.23%	(c)		(1.23)	%		(0.85	)%		159.55	%
	(0.57	)		13.56		8.31	%		3,652		2.80%		2.20%			(1.80)	%		(1.20	)%		159.35	%
	(0.44	)		13.06		9.69	%		1,964		3.89%		2.20%			(2.93)	%		(1.23	)%		167.57	%
	-			12.32		14.60	%		148		2.83%		2.20%			(2.13)	%		(1.50	)%		184.24	%
	(0.53	)		12.27		(4.43	)%		109		17.79%		1.22%	(c)		(15.69)	%		0.88	%		92.50	%
	(2.23	)		13.37		12.67	%		37		17.99%		1.25%	(c)		(16.64)	%		0.10	%		150.42	%
	(0.12	)		13.94		0.88	%		5		3.52%		1.22%	(c)		(2.14)	%		0.15	%		159.55	%
	(0.57	)		13.94		9.42	%		3		53.94%		1.20%			(52.97)	%		(0.23	)%		159.35	%
	-			13.29		3.34	%		3		1.12%		1.12%			(0.11)	%		(0.11	)%		167.57	%
	(0.53	)		12.04		(4.58	)%		489		5.73%		1.47%	(c)		(3.69)	%		0.57	%		92.50	%
	(2.27	)		13.15		12.51	%		294		7.12%		1.49%	(c)		(5.85)	%		(0.22	)%		150.42	%
	-			13.80		0.51	%		15		42.18%		1.47%	(c)		(40.01)	%		0.69	%		159.55	%

Financial Highlights 49

Financial Highlights (continued)

			Income from investment operations										Less dividends and
	Net asset		Net				Net realized						Dividends			Distributions
	value,		investment				and unrealized			Total from			from net			from net
	beginning		income/				gains/ (losses)			investment			investment			realized
	of period		(loss)(x)				on investments			operations			income			gains
ICON Long/Short Fund(f)
Class I+
Period Ended March 31, 2008 (unaudited)	$	19.26	$	0.03			$	(2.58	)	$	(2.55	)	$	(0.03	)	$	(0.74	)
Year Ended September 30, 2007		17.19		0.07				2.47			2.54			(0.04	)		(0.43	)
Year Ended September 30, 2006		15.99		0.03				1.17			1.20			-			-
Year Ended September 30, 2005		13.92		(0.08	)			2.65			2.57			-			(0.50	)
Year Ended September 30, 2004		12.00		(0.08	)			2.16			2.08			-			(0.16	)
September 30, 2002 (inception) to September 30, 2003		10.00		(0.07	)			2.07			2.00			-			-
Class C
Period Ended March 31, 2008 (unaudited)		18.54		(0.04	)			(2.47	)		(2.51	)		-			(0.74	)
Year Ended September 30, 2007		16.67		(0.08	)			2.38			2.30			-			(0.43	)
Year Ended September 30, 2006		15.63		(0.13	)			1.17			1.04			-			-
Year Ended September 30, 2005		13.73		(0.19	)			2.59			2.40			-			(0.50	)
Year Ended September 30, 2004		11.92		(0.18	)			2.15			1.97			-			(0.16	)
October 17, 2002 (inception) to September 30, 2003		10.61		(0.15	)			1.46			1.31			-			-
Class Z
Period Ended March 31, 2008 (unaudited)		19.30		0.05				(2.61	)		(2.56	)		-			(0.74	)
Year Ended September 30, 2007		17.29		0.10				2.41			2.51			(0.07	)		(0.43	)
Year Ended September 30, 2006		16.05		0.11				1.13			1.24			-			-
Year Ended September 30, 2005		13.94		(0.05	)			2.66			2.61			-			(0.50	)
May 6, 2004 (inception) to September 30, 2004		13.99		(0.04	)			(0.01	)		(0.05	)		-			-
Class A
Period Ended March 31, 2008 (unaudited)		19.20		0.01				(2.57	)		(2.56	)		(0.02	)		(0.74	)
Year Ended September 30, 2007		17.18		0.05				2.46			2.51			(0.06	)		(0.43	)
May 31, 2006 (inception) to September 30, 2006		17.52		0.05		��		(0.39	)		(0.34	)		-			-

(x)	Calculated using the average share method.
(a)	Annualized for periods less than a year.
*	The total return calculation is for the period indicated and excludes any sales charges.
+	The Fund has changed its originally stated inception date of October 1, 2002 to September 30, 2002.
(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 3. The ratios in these financial highlights reflect the limitation, including the interest expense.
(d)	The limitation on expenses for Class Z shares occurred when the Adviser reimbursed the Fund for excise and income taxes incurred during the period. These expenses were extraordinary expenses not subject to the contractual expense limitation discussed in Note 3.
(e)	Prior disclosures were reclassified to be consistent with current presentation.
(f)	The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 1.55% for Class I, 2.30% for Class C, 1.25% for Class Z and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions.
(g)	The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including non-recurring Code 860 expense were 1.81%, 2.91%, 11.66% and 4.35% for Class I, C, Z and A, respectively. See Note 6.
(h)	The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including non-recurring Code 860 expense and Code 860 related legal expenses were 2.39%, 3.53%, 31.08% and 7.27% for Class I, C, Z and A, respectively. See Note 6.

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 average net assets(a)
										Before			After			Before			After
										expense			expense			expense			expense
										limitation			limitation			limitation			limitation
distributions								Net assets,		and transfer			and transfer			and transfer			and transfer
Total			Net asset					end of		agent			agent			agent			agent			Portfolio
dividends and			value, end		Total			period (in		earnings			earnings			earnings			earnings			turnover
distributions			of period		return*			thousands)		credit			credit			credit			credit			rate(b)
$	(0.77	)	$	15.94		(13.62	)%	$	171,202		1.36	%		1.36	%(c)		0.38	%		0.38	%		94.55	%
	(0.47	)		19.26		15.05	%		238,943		1.46	%		1.46	%(c)		0.39	%		0.39	%		105.00	%
	-			17.19		7.50	%		168,522		1.45	%(e)		1.45	%(c)		0.18	%(e)		0.18	%		94.62	%
	(0.50	)		15.99		18.69	%		53,158		1.58	%		1.58	%		(0.53)	%		(0.53	)%		112.06	%
	(0.16	)		13.92		17.42	%		24,480		2.15	%		1.74	%		(1.03)	%		(0.62	)%		148.32	%
	-			12.00		20.00	%		9,726		3.09	%		1.55	%		(2.20)	%		(0.66	)%		162.25	%
	(0.74	)		15.29		(13.93	)%		37,727		2.23	%		2.23	%(c)		(0.46)	%		(0.46	)%		94.55	%
	(0.43	)		18.54		14.05	%		43,986		2.33	%		2.32	%(c)		(0.48)	%		(0.47	)%		105.00	%
	-			16.67		6.65	%		26,763		2.30	%(e)		2.30	%(c)		(0.78)	%(e)		(0.78	)%		94.62	%
	(0.50	)		15.63		17.68	%		13,925		2.37	%		2.32	%		(1.35)	%		(1.31	)%		112.06	%
	(0.16	)		13.73		16.61	%		3,716		3.70	%		2.49	%		(2.57)	%		(1.35	)%		148.32	%
	-			11.92		12.35	%		269		3.84	%		2.30	%		(2.99)	%		(1.45	)%		162.25	%
	(0.74	)		16.00		(13.63	)%		617		4.19	%		1.34	%(c)		(2.25)	%		0.60	%		94.55	%
	(0.50	)		19.30		14.81	%		447		1.25	%		1.25	%(c)		0.55	%		0.55	%		105.00	%
	-			17.29		7.73	%		3,306		1.17	%(e)		1.17	%(c)		0.61	%(e)		0.61	%		94.62	%
	(0.50	)		16.05		18.96	%		140		3.07	%		1.33	%		(2.07)	%		(0.33	)%		112.06	%
	-			13.94		(0.36	)%		32		1.98	%		1.76	%		(0.50)	%		(0.28	)%		148.32	%
	(0.76	)		15.88		(13.71	)%		5,837		1.68	%		1.60	%(c)		0.08	%		0.16	%		94.55	%
	(0.49	)		19.20		14.94	%		6,481		1.68	%		1.67	%(c)		0.27	%		0.26	%		105.00	%
	-			17.18		(1.94	)%		821		2.51	%		1.54	%(c)		(0.01)	%		0.96	%		94.62	%

Financial Highlights 51

Notes to Financial Statements
March 31, 2008 (unaudited)

1. Organization

The ICON Bond Fund (“Bond Fund”), ICON Core Equity Fund (“Core Equity Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Income Opportunity Fund (“Income Opportunity Fund”, formerly, the ICON Covered Call 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 Equity Income Fund is modest capital appreciation and income. The investment objective of the Income Opportunity Fund is modest capital appreciation and to maximize realized gains. The investment objective of the Long/Short Fund is capital appreciation.

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium- and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Income Opportunity Fund invests in call options; call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. The Long/Short Fund engages in short

52 Notes to Financial Statements

selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. There are also risks associated with small and mid-cap investing, including limited product lines, less liquidity and small market share. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and 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 the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on

Notes to Financial Statements 53

Notes to Financial Statements (unaudited) (continued)

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. Options on securities indexes are generally valued at 4:15 p.m. Eastern time each day the NYSE is open. The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the 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.

54 Notes to Financial Statements

New Accounting Pronouncement

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 does not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS No. 157 during the fiscal year ending September 30, 2009 as required.

Repurchase Agreements

Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to purchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the period ended March 31, 2008.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

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 on the Statement of Assets and Liabilities. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2008.

Futures Contracts

The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts

56 Notes to Financial Statements

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, 2008.

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 on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. Such liability is subject to off balance sheet risks to the extent of any future increases in market value of the written options. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option.

Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call 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,

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)

the exercise price and the market value of the index. Written and purchased options are non-income producing securities.

The Income Opportunity Fund’s written options are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. Such collateral for the Fund is restricted from use. The cash collateral or borrowings from the prime broker are included on the Statement of Assets and Liabilities. The securities pledged as collateral are included on the Schedule of Investments.

As of March 31, 2008, the Equity Income Fund and the Income Opportunity Fund engaged in option transactions which are included on each Fund’s Schedule of Investments.

Short Sales

The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Fund is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use is included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short may exceed the liabilities recorded on the Statement of Assets and Liabilities. Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of March 31, 2008, the Long/Short Fund engaged in short selling. The short positions are included on the Schedule of Securities Sold Short on the Schedule of Investments.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds may seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while

58 Notes to Financial Statements

they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Securities Lending Investment Fund of Brown Brothers Harriman Trust, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

As of March 31, 2008, the following Funds had securities with the following values on loans:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Bond Fund	$	658,350	$	693,693
ICON Core Equity Fund		17,214,104		17,406,171
ICON Income Opportunity Fund		8,108,961		8,197,590
ICON Long/Short Fund		27,329,275		28,166,148

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Bond Fund distributes net investment income, if any, to shareholders monthly. The Equity Income Fund and the Income Opportunity Fund intend to distribute net investment income, if any, to shareholders quarterly. Other Funds distribute income, if any, annually. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryovers. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of

Notes to Financial Statements 59

Notes to Financial Statements (unaudited) (continued)

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.

The Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has reviewed the Funds’ tax positions for all open tax years, and concluded that adoption had no effect on the Funds’ financial position or results of operations. At March 31, 2008, the Funds have recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years from 2003-2006, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair 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.

60 Notes to Financial Statements

Allocation of Income and Expenses

Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily nets assets of the Bond Fund, 0.75% of average daily net assets of the Core Equity, Equity Income and Income Opportunity Funds, and 0.85% of average daily net assets of the Long/Short Fund.

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 Equity Income Fund		1.45%		2.20%		1.20%		1.45	%
ICON Income Opportunity Fund		1.45%		2.20%		1.20%		1.45	%
ICON Long/Short Fund		1.55%		2.30%		1.25%		1.55	%

The Funds’ expense limitation will continue in effect until at least January 31, 2018.

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 61

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2008 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:

	2009		2010		2011
ICON Bond Fund	$	102,270	$	101,907	$	93,347
ICON Equity Income Fund		6,067		13,070		19,325
ICON Income Opportunity Fund		14,230		20,262		20,996
ICON Long/Short Fund		-		-		8,368

Accounting, Custody and Transfer Agent Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.

Transfer agent earnings credits are credits received for interest which is a result from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2008, the Funds received transfer agent earnings credits which are included on the Statement of Operations.

Administrative Services

The Trust has entered into an administrative services agreement with ICON pursuant to which ICON oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the period ended March 31, 2008, the Funds’ payment for administrative services to ICON is included on the Statement of Operations.

62 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 Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Distribution Fees

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, 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 on the Statement of Operations.

Related Parties

Certain Officers and Directors of ICON are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2008, 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, 2008, this amount was $115,209.

Notes to Financial Statements 63

Notes to Financial Statements (unaudited) (continued)

4. Line of Credit

Each Fund may borrow money limited to 331/3% of the Fund’s total assets. To facilitate this, the Funds have entered into Lines of Credit agreements with BBH and the prime broker. 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. Effective January 30, 2008, interest on domestic borrowings with BBH is charged at LIBOR plus 1.50%, which was 4.20% at March 31, 2008. Interest on domestic borrowings with the prime broker is charged at the Fed Funds rate plus 50 basis points, which was 3.50% at March 31, 2008. The average interest rate charged for the period ended March 31, 2008, was 4.82%.

	Average Borrowing
	(10/1/07-3/31/08)
ICON Bond Fund	$	1,511,273
ICON Core Equity Fund		579,561
ICON Equity Income Fund		247,264
ICON Income Opportunity Fund**		647,729
ICON Long/Short Fund**		907,888

**Fund had outstanding borrowings as of March 31, 2008.

5. Options Contracts Written

The number of option contracts written and the premiums received by the Income Opportunity Fund during the period ended March 31, 2008, were as follows:

	Number of			Premiums
	Contracts			Received
Options outstanding, beginning of period		527		$	2,000,804
Options written during period		10,689			43,627,210
Options expired during period		—			—
Options closed during period		(10,616	)		(42,630,024	)
Options exercised during period		—			—
Options outstanding, end of period		600		$	2,997,990

6. Federal Income Tax

Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals

64 Notes to Financial Statements

of wash losses, foreign currency transactions, net investment losses, and capital loss carryforwards.

The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2007 that may be available to offset future realized capital gains and thereby reduce future taxable income distributions. The ICON Bond Fund has a capital loss carryforward of $1,454,386, which expires in 2015.

For the year ended September 30, 2007 the ICON Bond Fund also elected to defer post October losses of $158,250.

As of March 31, 2008, 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	$	121,474,401	$	2,288,547		$	(1,451,115	)	$	837,432
ICON Core Equity Fund		153,917,749		14,064,267			(7,396,437	)		6,667,830
ICON Equity Income Fund		109,559,402		8,635,715			(4,693,581	)		3,942,134
ICON Income Opportunity Fund		95,204,916		(3,024,388	)		(3,841,601	)		(6,865,989	)
ICON Long/Short Fund		225,533,856		16,439,487			(11,517,461	)		4,922,026

Due to a potential late dividend declaration for the year ended September 30, 2006 requiring a Code Section 860 deficiency dividend, the Equity Income Fund may be required to pay penalties and interest estimated to be $1,286,218. Additionally, the sub-administrator has incurred legal expenses on behalf of the Equity Income Fund related to this matter of $198,687. The Equity Income Fund has been fully indemnified by the Sub-Administrator of the Fund for any amounts related to this matter that may be paid. This estimated Code Section 860 liability, Code 860 related legal expenses and the offsetting indemnification receivable have been included on the Statement of Assets and Liabilities and the Code 860 expense, Code 860 related legal expenses and the offsetting reimbursement have been included on the Statement of Operations.

Notes to Financial Statements 65

Six-Month Hypothetical Expense Example
March 31, 2008 (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 (10/1/07 - 3/31/08).

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 ongoing costs only

66 Expense Example

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
	10/1/07		3/31/08		10/1/07 - 3/31/08*		10/1/07 - 3/31/08
ICON Bond Fund
Class I
Actual Expenses	$	1,000.00	$	1,036.60	$	5.09		1.00%
Hypothetical Example (5% return before expenses)		1,000.00		1,020.00		5.05
Class C
Actual Expenses		1,000.00		1,032.40		8.13		1.60%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.00		8.07
Class Z
Actual Expenses		1,000.00		1,040.30		3.93		0.77%
Hypothetical Example (5% return before expenses)		1,000.00		1,021.15		3.89
ICON Core Equity Fund
Class I
Actual Expenses		1,000.00		867.90		6.07		1.30%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.50		6.56
Class C
Actual Expenses		1,000.00		863.70		9.74		2.09%
Hypothetical Example (5% return before expenses)		1,000.00		1,014.55		10.53
Class Z
Actual Expenses		1,000.00		865.20		8.44		1.81%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.95		9.12
Class A
Actual Expenses		1,000.00		862.50		11.59		2.49%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.55		12.53
ICON Equity Income Fund
Class I
Actual Expenses		1,000.00		884.90		5.98		1.27%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.65		6.41
Class C
Actual Expenses		1,000.00		880.70		10.34		2.20%
Hypothetical Example (5% return before expenses)		1,000.00		1,014.01		11.08
Class Z
Actual Expenses		1,000.00		885.10		5.66		1.20%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.00		6.06

Expense Example 67

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/07		3/31/08		10/1/07 - 3/31/08*		10/1/07 - 3/31/08
Class A
Actual Expenses	$	1,000.00	$	884.00	$	6.83		1.45%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.75		7.32
ICON Income Opportunity Fund
Class I
Actual Expenses		1,000.00		954.30		7.04		1.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.80		7.26
Class C
Actual Expenses		1,000.00		950.50		10.83		2.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.90		11.18
Class Z
Actual Expenses		1,000.00		955.70		5.96		1.22%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.90		6.16
Class A
Actual Expenses		1,000.00		954.20		7.18		1.47%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.65		7.42
ICON Long/Short Fund
Class I
Actual Expenses		1,000.00		863.80		6.34		1.36%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.20		6.86
Class C
Actual Expenses		1,000.00		860.70		10.37		2.23%
Hypothetical Example (5% return before expenses)		1,000.00		1,013.85		11.23
Class Z
Actual Expenses		1,000.00		863.70		6.24		1.34%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.30		6.76
Class A
Actual Expenses		1,000.00		862.90		7.45		1.60%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.00		8.07

* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 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.

68 Expense Example

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 69

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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

SAR-DIV (3/08)

2008 Semiannual Report

ICON International Funds

Investment Update

March 31, 2008

(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)	8
ICON Asia-Pacific Region Fund	8
ICON Europe Fund	13
ICON International Equity Fund	17
Financial Statements (Unaudited)	23
Financial Highlights (Unaudited)	30
Notes to Financial Statements (Unaudited)	34
Six-Month Hypothetical Expense Example (Unaudited)	46
Other Information (Unaudited)	49

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 adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.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, 2008, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2008 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 countries. In general,

2 About This Report

there is less governmental supervision of foreign stock exchanges and securities brokers and issuers. 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 ICON system relies on the integrity of financial statements released to the market as part of our analysis.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward-looking statements, which are not statements of historical fact. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates; the risks noted in this Report, and other factors beyond the control of our investment team. Therefore; actual outcome may differ materially from what is expressed in such forward-looking statements.

The prospectus and statement of additional information contains this and other information about the Funds and are available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.

About This Report 3

Message From ICON Funds (unaudited)

Dear ICON Shareholder:

March 31, 2008 concluded the first six months of the ICON Funds’ fiscal year. Generally, along with domestic stock prices, international stock prices drifted lower over that period, giving back some of the gains of the previous five years. We were surprised that the downward drift continued into the first three months of 2008, as many of the conditions we believe are typical of buying opportunities existed last fall.

International stocks dropped in August 2007 and again in November 2007, just as they did in the United States. Some international institutions had sub-prime mortgage exposure, but more importantly, we believe international investors were concerned that the U.S. economy would slow. Whether correct or not, investors viewed the U.S. economy as the engine that drives global growth. Therefore, international investors focused their attention on U.S. policy to deal with the sub-prime situation and the slowing economy.

At the lows on August 16, 2007 and November 22, 2007, we measured international stock prices to be about 26% and 27% below our estimates of intrinsic value, respectively. Long-term interest rates were dropping, financial news was negative, concerns over the U.S. economy grew, and although foreign central banks were not aggressively easing monetary policy, the U.S. Federal Reserve (Fed) took the lead and began to ease. In our experience, these conditions suggest stock prices could likely rise rather than fall.

When the Fed eases, it injects reserves into the U.S. banking system so banks can make more loans, which creates money as defined by M1. Historically, growth in M1 has stimulated the economy and typically prevented a recession or promoted a quick recovery.

In the past, stock investors have not waited to see economic growth after the Fed eases. Instead, they’ve typically responded to the increase in M1 and anticipated economic growth by six to nine months. These periods have historically been viewed favorably by investors. Something unusual happened this time. The Fed injected reserves, but banks did not increase their lending, and M1 did not grow. Apparently, international investors saw this and delayed their buying until they saw signs of growth in M1, again, with their focus on the U.S. economy as a global engine.

In March, the Fed implemented some innovative steps designed to enable banks to increase their lending. It appears international investors are encouraged by these steps, as stock prices have moved higher off the March 17, 2008 low, but only time will tell whether the Fed’s steps increase bank lending.

4 Message From ICON Funds

Staying with Our Discipline

We consistently apply our valuation approach with the belief that over the long run, stock prices try to keep up with our estimation of value. There are periods, however, when investors worry about events around them, and stock prices behave independent of value. We believe we have just come through one of those times given the concerns about the economy, sub-prime mortgage problems, and the lack of growth in M1.

At ICON, we ride through these difficult times because we see the data that goes into valuation such as earnings and interest rates. We are pleased with the quality of the companies we own. We believe that in time, prices will move up to value. Other investors may depend on news headlines and public conjecture, which makes it less attractive to stay invested through times when the market drifts lower.

We believe investors may miss sudden market rallies because in our experience, stock prices lead the economy (and news) by six to nine months. Stock prices often rally while the economy (and news) continues to deteriorate. By looking at the news and economic data, it is difficult to identify a market bottom. We rely on valuation, which sometimes means being invested during pre-rally turbulence.

The market low on March 17, 2008 was accompanied by many of the characteristics our research indicates are typical of bottoms and buying opportunities. Weak investor confidence was one of those characteristics. We believe investor confidence is a lagging variable. Many investors hope confidence returns so a rally can begin, but we think they have the relationship backwards. Confidence lags stock prices and improves after stock prices move higher.

An equity trader on the floor of the U.S. stock exchange was interviewed on TV recently, and he was worried about the U.S. economy. He said he would like to see the employment situation improve. According to our research, employment is the piece of data that lags the most. If the normal relationship holds true, the market may rally long before employment improves.

ICON International Equity Fund

I am pleased to announce that the ICON International Equity Fund not only weathered difficult markets, but outperformed every one of its peers in 2007.

The ICON International Equity Fund has been awarded 2007 Lipper Performance Achievement Certificates as the best-performing fund among 61 International Small/Mid-Cap Core funds for the one-year period ending

Message From ICON Funds 5

December 31, 2007 and as the best-performing fund among 43 International Small/Mid-Cap Core funds for the five-year period ending December 31, 2007 as classified by Lipper.

The Fund’s historical performance shows that ICON’s value-based, bottom-up industry rotation system was successful at identifying and capturing industry leadership internationally over a multiple-year timeframe, and we are honored to have that achievement recognized by Lipper.

Although Lipper classifies the Fund in the International Small/Mid-Cap Core category, ICON manages it and all the ICON Funds with a multi-cap approach and no constraints regarding market capitalization.

Research on Industry Selection

An article in the New York Times on April 6, 2008 referred to research and a working paper by Busse & Tong of Emory University. From 1980–2006, the researchers studied whether investment managers were better at industry selection or stock selection. The article states, “The researchers found that industry bets were responsible for about half the margin by which the average fund beat or lagged behind the market. Stock selection was responsible for the other half.” The article also reports that researchers “found that an adviser with good industry-selection ability was a good bet to continue his winning ways. By contrast, an adviser with good individual stock-selection ability was far less likely to repeat the feat.”

At ICON, we believe markets have themes, meaning that certain industries typically lead for one to two years. I created the ICON system in the early and mid-1980s to capture industry leadership. It is gratifying to see third party research that supports our system.

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

Past performance is no guarantee of future results. The awards for the ICON International Equity Fund are for the Fund’s Class Z shares, which are available only to institutional investors and employees of ICON Advisers, Inc. Performance for the Fund’s other share classes will vary due to differences in charges and expenses. A Lipper Certificate does not ensure

6 Message From ICON Funds

positive fund performance. LIPPER and the LIPPER Corporate Marks are proprietary trademarks of Lipper, a Reuters Company.

Lipper Inc. ranked ICON International Equity Fund, Class Z #1 of 61, #6 of 52, #1 of 43, and #16 of 22 International Small/Mid-Cap Core funds, based on cumulative total returns for the 1-, 3-, 5-, and 10-year periods ended 12/31/07. Lipper Inc. ranked ICON International Equity Fund, Class I #2 of 61 and #7 of 52 International Small/Mid-Cap Core funds, based on cumulative total returns for the 1- and 3-year periods ended 12/31/07. Lipper Inc. ranked ICON International Equity Fund, Class A #3 of 61 International Small/Mid-Cap Core funds, based on cumulative total returns for the 1-year period ended 12/31/07. Lipper Inc. ranked ICON International Equity Fund, Class C #4 of 61 and #8 of 52 International Small/Mid-Cap Core funds, based on cumulative total returns for the 1- and 3-year periods ended 12/31/07.

M1 is one measure of the money supply that approximates cash used by consumers and companies, including currency in public circulation, credit union share account balances, NOW account balances, automatic transfer account balances, demand deposits, and traveler’s checks.

Message From ICON Funds 7

ICON Asia-Pacific Region Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (96.1%)
	270,000	Asiatic Development Bhd.	$	713,761
	13,000	Astellas Pharma, Inc.		510,657
	690,000	AU Optronics Corp.		1,191,872
	445,000	Bangkok Bank Public Co., Ltd.		1,917,318
	133,000	Bank of East Asia, Ltd.		670,765
	1,072,000	Beauty China Holdings, Ltd.		599,902
	202,000	BOC Hong Kong Holdings, Ltd.		490,837
	13,900	Cheil Industries, Inc.		677,686
	52,000	Cheung Kong Holdings, Ltd.		748,661
	1,051,000	Chi Mei Optoelectronics Corp.		1,391,321
	1,086,000	China Agri-Industries Holdings, Ltd.(a)		661,890
	3,018,000	China Construction Bank Corp. Class H		2,279,739
	431,000	China Cosco Holdings Co., Ltd.		1,062,264
	88,000	China Merchants Holdings International Co., Ltd.		421,923
	296,000	China Mobile, Ltd.		4,447,457
	258,000	China National Building Material Co., Ltd. - Class H		617,771
	582,000	China Oilfield Services, Ltd.		967,946
	1,208,000	China Petroleum & Chemical Corp.		1,045,023
	671,450	China Steel Corp.		1,068,445
	508,090	Chunghwa Telecom Co., Ltd.		1,341,690
	1,244,000	CNOOC, Ltd.		1,832,722
	23,100	Credit Saison Co., Ltd.		648,333
	68,000	Daiichi Sankyo Co., Ltd.		2,017,718
	8,600	Daum Communications Corp.(a)		645,635
	108,000	DBS Group Holdings, Ltd.		1,422,543
	185	DeNA Co., Ltd.		1,171,385
	66,600	Denso Corp.		2,171,632
	125,200	Digi.com Bhd.		958,007
	18,700	Dongbu Insurance Co., Ltd.(a)		722,085
	105	East Japan Railway Co.		875,726
	4,150	Educomp Solutions, Ltd.		396,928
	94,900	Energy Resources of Australia, Ltd.		1,713,821
	164,000	Esprit Holdings Ltd.		1,990,092
	450,000	Eternal Chemical Co., Ltd.		526,764
	33,600	FamilyMart Co., Ltd.		1,218,887
	382,000	Fubon Financial Holding Co., Ltd.		434,909
	14,500	FUJIFILM Holdings Corp.		518,375
	2,816,000	Global Bio-chem Technology Group Co., Ltd.		1,086,192
	191,000	Hang Lung Properties, Ltd.		685,856
	32,000	Hang Seng Bank, Ltd.		583,448

8 Schedule of Investments

Shares or Principal Amount			Value
	316,000	Hengan International Group Co., Ltd.	$	1,089,502
	45,000	High Tech Computer Corp.		1,016,809
	297,618	Hon Hai Precision Industry Co., Ltd.		1,713,926
	45,500	Honda Motor Co., Ltd.		1,314,518
	5,500	Hyundai Heavy Industries Co., Ltd.		2,070,005
	12,500	Hyundai Motor Co., Ltd.		998,488
	8,600	Incitec Pivot, Ltd.		1,111,681
	35,880	Industrial Bank of Korea		531,822
	82,000	Jardine Cycle & Carriage, Ltd.		1,174,231
	7,200	Jindal Steel & Power, Ltd.		374,688
	105,000	Kansai Electric Power Co., Inc.(b)		2,627,600
	100,000	Keppel Corp., Ltd.		728,143
	1,730,000	KNM Group Bhd.		2,879,910
	36,600	Kobayashi Pharmaceutical Co., Ltd.		1,418,903
	55,400	Kyushu Electric Power Co., Inc.		1,359,622
	13,800	LG Electronics, Inc.		1,773,993
	592,000	Li & Fung, Ltd.		2,217,587
	676,000	Li Ning Co., Ltd.		1,924,383
	11,600	Macquarie Group, Ltd.(b)*		559,836
	56,000	Matsushita Electric Industrial Co., Ltd.		1,217,517
	122,800	Meritz Fire & Marine Insurance Co., Ltd.		1,123,314
	22,300	Millea Holdings, Inc.		829,923
	3,900	Mirae Asset Securities Co., Ltd.(a)		550,755
	72,900	Mitsubishi Corp.		2,230,898
	324,900	Mitsubishi UFJ Financial Group, Inc.		2,842,739
	110,450	Mitsui & Co., Ltd.		2,266,957
	52,600	National Australia Bank, Ltd.		1,454,366
	2,800	Nintendo Co., Ltd.		1,465,267
	221	Nippon Telegraph & Telephone Corp.		957,476
	162,000	Nippon Yusen Kabushiki Kaisha(b)		1,536,353
	7,500	Nitori Co., Ltd.		426,108
	614	NTT DoCoMo, Inc.		936,364
	70,800	OneSteel, Ltd.		414,445
	265,000	Osaka Gas Co., Ltd.		1,064,675
	8,840,000	Petron Corp.		1,209,376
	1,349,000	PT Bumi Resources Tbk		918,466
	151,000	PTT Exploration & Production Public Co., Ltd.		728,579
	1,937,000	Raffles Education Corp., Ltd.		1,462,940
	491,000	Raffles Medical Group, Ltd.		445,740
	300	Resona Holdings, Inc.		503,410
	3,000	Samsung Electronics Co., Ltd.		1,897,536
	15,000	Shinhan Financial Group, Ltd.		792,635
	62,000	Shionogi & Co., Ltd.		1,066,476
	554,000	Siam Commericial Bank Public Co., Ltd.		1,601,460
	191,000	Singapore Petroleum Co., Ltd.		945,054
	530,000	Singapore Technologies Engineering, Ltd.		1,311,340
	471,000	Singapore Telecommunications, Ltd.		1,348,540

Schedule of Investments 9

Shares or Principal Amount			Value
	1,446,000	Sinofert Holdings, Ltd.	$	1,348,454
	1,745,000	SinoPac Financial Holdings Co., Ltd.		831,206
	45,700	Sony Corp.		1,838,499
	29,000	Square Enix Co., Ltd.		1,017,757
	541,600	Star Publications Malaysia Bhd.		580,481
	358	Sumitomo Mitsui Financial Group, Inc.		2,378,605
	45,000	Suruga Bank, Ltd.		572,803
	34,000	Suzuken Co., Ltd.		1,403,281
	708,361	Taiwan Mobile Co., Ltd.		1,363,329
	27,100	Terumo Corp.		1,426,705
	1,656,000	Thanachart Capital Public Co., Ltd.		818,633
	79,000	The Gunma Bank, Ltd.		569,470
	100,000	The Hiroshima Bank, Ltd.		486,748
	135,000	The Wharf Holdings, Ltd.		641,906
	40,000	Tokai Rika Co., Ltd.		1,051,121
	140,000	Tokyo Gas Co., Ltd.(b)		570,722
	83,700	Toyota Motor Corp.(b)		4,230,027
	72,200	Transpacific Industries Group, Ltd.(b)		583,381
	633,000	Tung Ho Steel Enterprise Corp.		1,195,718
	143,000	United Overseas Bank, Ltd.		2,001,482
	2,723,886	WCT Engineering Bhd.		3,283,516
	104	West Japan Railway Co.		460,629
	970	Works Applications Co., Ltd.		1,430,008
	11,000	Yamada Denki Co., Ltd.		959,252
	620,000	Yanzhou Coal Mining Co., Ltd.		881,609
Total Common Stocks (Cost $134,371,019)				136,807,684
Rights (0.0%)
	544,777	WCT Engineering Bhd. Rights		0
Total Rights (Cost $0)				0
Short-Term Investments (1.7%)
$	2,465,483	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#*		2,465,483
Total Short-Term Investments (Cost $2,465,483)				2,465,483
Other Securities (6.9%)
	9,853,250	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%*		9,853,250
Total Other Securities (Cost $9,853,250)				9,853,250
Total Investments 104.7% (Cost $146,689,752)				149,126,417
Liabilities Less Other Assets (4.7)%				(6,712,976	)
Net Assets 100.0%			$	142,413,441

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
*	All securities were fair valued (Note 2) as of March 31, 2008 unless noted with a *. Total value of securities fair valued was $136,247,848.

10 Schedule of Investments

# 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, 2008.

Schedule of Investments 11

ICON Asia–Pacific Region Fund
Country Composition
March 31, 2008
(unaudited)

Japan	36.1	%
Hong Kong	13.0	%
Taiwan	8.5	%
South Korea	8.3	%
Singapore	7.6	%
Malaysia	5.9	%
Australia	4.1	%
China	4.1	%
Thailand	3.6	%
Cayman Islands	1.8	%
Bermuda	1.0	%
Philippines	0.9	%
Indonesia	0.7	%
India	0.5	%

Percentages are based upon net assets.

ICON Asia–Pacific Region Fund
Sector Composition
March 31, 2008
(unaudited)

Financial	21.0	%
Consumer Discretionary	17.6	%
Telecommunication & Utilities	11.9	%
Industrials	11.8	%
Energy	9.1	%
Information Technology	8.6	%
Health Care	5.8	%
Leisure & Consumer Staples	5.7	%
Materials	4.6	%

Percentages are based upon net assets.

12 Schedule of Investments

ICON Asia–Pacific Region Fund
Industry Composition
March 31, 2008
(unaudited)

Diversified Banks	13.9%
Wireless Telecommunication Services	5.5%
Automobile Manufacturers	4.6%
Consumer Electronics	3.4%
Trading Companies & Distributors	3.2%
Electric Utilities	2.8%
Integrated Telecommunication Services	2.5%
Pharmaceuticals	2.5%
Coal & Consumable Fuels	2.4%
Distributors	2.4%
Construction & Engineering	2.3%
Auto Parts & Equipment	2.2%
Electronic Equipment Manufacturers	2.2%
Steel	2.1%
Oil & Gas Equipment & Services	2.0%
Property & Casualty Insurance	1.9%
Marine	1.8%
Oil & Gas Exploration & Production	1.8%
Agricultural Products	1.8%
Home Entertainment Software	1.7%
Fertilizers & Agricultural Chemicals	1.7%
Oil & Gas Refining & Marketing	1.5%
Regional Banks	1.5%
Real Estate Management & Development	1.5%
Construction & Farm Machinery & Heavy Trucks	1.5%
Apparel Retail	1.4%
Leisure Products	1.4%
Semiconductors	1.3%
Education Services	1.3%
Electronic Manufacturing Services	1.2%
Personal Products	1.2%
Gas Utilities	1.1%
Consumer Finance	1.1%
Application Software	1.0%
Health Care Equipment	1.0%
Health Care Supplies	1.0%
Health Care Distributors	1.0%
Railroads	0.9%
Aerospace & Defense	0.9%
Food Retail	0.9%
Internet Retail	0.8%
Integrated Oil & Gas	0.7%
Computer Hardware	0.7%
Oil & Gas Drilling	0.7%
Computer & Electronics Retail	0.7%
Industrial Conglomerates	0.5%
Apparel Accessories & Luxury Goods	0.5%
Internet Software & Services	0.5%
Construction Materials	0.4%
Environmental & Facilities Services	0.4%
Publishing	0.4%
Investment Banking & Brokerage	0.4%
Asset Management & Custody Banks	0.4%
Commodity Chemicals	0.4%
Health Care Facilities	0.3%
Other Diversified Financial Services	0.3%
Home Furnishing Retail	0.3%
Marine Ports & Services	0.3%

Percentages are based upon net assets.

Schedule of Investments 13

ICON Europe Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.9%)
	55	A P Moller - Maersk A/S - Class B	$	617,185
	107,500	ABB, Ltd.		2,897,942
	32,800	Adidas AG		2,168,689
	6,200	Air Liquide S.A.		945,443
	7,720	Allianz AG		1,530,027
	4,200	Alstom		909,743
	15,900	Arcelormittal – Class A*		1,302,180
	160,500	Aviva PLC		1,967,714
	147,900	BAE Systems PLC		1,426,007
	49,300	Banco Bilbao Vizcaya Argentaria S.A.		1,084,021
	42,200	Banco Popular Espanol S.A.		764,925
	114,600	Banco Santander Central Hispano S.A.		2,282,852
	133,700	Barclays PLC		1,206,053
	11,200	Beiersdorf AG		938,412
	74,600	BHP Billiton PLC		2,196,984
	11,800	Bilfinger Berger AG		1,013,202
	6,400	BIM Birlesik Magazalar A.S		507,517
	13,300	BNP Paribas		1,340,947
	324,000	BP PLC		3,282,255
	8,300	Cargotec Corp. – Class B		408,739
	115,900	Cattles PLC		532,665
	19,600	CEZ A.S.		1,502,912
	37,700	Coca-Cola Hellenic Bottling Co. S.A.		1,760,722
	31,000	CRH PLC		1,176,261
	19,100	Daimler AG(a)(b)		1,634,867
	5,600	Danisco A/S		410,095
	43,500	Deutsche Post AG		1,330,458
	13,300	E.ON AG		2,480,351
	131,900	Enel S.p.A.		1,400,596
	46,500	Finmeccanica S.p.A.		1,583,175
	11,400	Fondiaria - Sai S.p.A.		472,567
	48,100	Fortis		1,208,507
	71,900	France Telecom S.A.		2,415,290
	21,600	Fresenius Medical Care AG & Co. KGA		1,085,199
	12,200	Fresenius SE		1,023,986
	34,200	Fugro N.V.		2,657,808
	58,500	Gerry Weber International AG		2,061,561
	34,100	Getinge AB - Class B		886,039
	256,000	Hera S.P.A.		1,034,508
	199,400	HSBC Holdings PLC		3,284,489
	61,700	IAWS Group PLC		1,444,043
	9,265	Imerys S.A.		848,876
	7,600	InBev N.V.		667,077
	187,100	Inchcape PLC		1,493,596
	38,400	ING Groep N.V.		1,435,469
	26,200	Irish Life & Permanent PLC		511,089
	12,800	KBC Groep N.V.		1,660,023
	11,400	KCI Konecranes Oyj		439,600
	79,840	Koninklijke Ahold N.V.(a)		1,185,093
	28,900	Koninklijke BAM Groep N.V.		683,889
	11,000	Krones AG		905,639
	7,830	Lafarge S.A.		1,360,458
	8,900	Linde AG		1,253,639
	96,700	Lloyds TSB Group PLC		863,857
	10,800	Lonza Group AG		1,433,070
	146,675	Man Group PLC		1,614,379
	5,600	Merck KGA(a)(b)		695,207
	6,300	Muenchener Rueckversicherungs-Gesellschaft AG		1,235,610
	32,300	National Bank of Greece S.A.		1,700,349

14 Schedule of Investments

Shares or Principal Amount			Value
	45,200	National Grid PLC	$	624,544
	10,950	Nestle S.A.		5,474,379
	13,200	Novartis AG		677,482
	7,700	Novo Nordisk A/S - Class B		529,944
	21,900	Nutreco Holding N.V.		1,682,166
	10,700	Oriflame Cosmetics S.A.		711,524
	17,100	Outokumpu Oyj(a)(b)		778,440
	8,950	Porsche AG		1,640,928
	33,100	Prosegur Compania de Seguridad S.A.		1,389,880
	56,800	Prudential PLC		749,857
	10,100	Raiffeisen International Bank Holding AG		1,377,745
	81,610	Rexam PLC		691,040
	15,630	Roche Holding AG		2,946,378
	38,400	Royal Dutch Shell PLC - Class A		1,324,265
	11,900	RWE AG		1,469,750
	45,100	Saipem S.p.A.		1,828,155
	8,000	Salzgitter AG		1,402,447
	35,000	SAP AG		1,734,377
	86,700	Savills PLC		606,478
	77,800	Seadrill, Ltd.(a)		2,096,612
	27,500	SGL Carbon AG(a)		1,749,523
	13,000	Siemens AG		1,420,823
	17,000	Smit International N.V.		1,732,390
	23,900	SSAB Svenskt Stal AB - Series A(a)(b)		673,335
	16,800	Swiss Re(a)(b)		1,468,832
	6,420	Syngenta AG		1,875,946
	72,300	Telefonica S.A.		2,077,138
	42,100	Temenos Group AG(a)(b)		1,103,489
	172,300	Tesco PLC		1,298,394
	26,900	TGS Nopec Geophysical Co. ASA(a)		392,040
	38,100	Total S.A.		2,822,344
	87,400	Turkcell Iletisim Hizmetleri A.S		724,447
	48,600	Unilever N.V.		1,635,897
	47,900	United Internet AG		1,039,178
	15,000	Vedanta Resources PLC		625,016
	12,000	Vestas Wind Systems A/S(a)		1,321,084
	5,900	Vienna Insurance Group		452,154
	50,100	Vimpel-Communications - ADR*		1,497,489
	18,200	Vivendi Universal		711,849
	601,600	Vodafone Group PLC		1,787,989
	8,350	Wimm-Bill-Dann Foods OJSC - ADR*		855,708
	17,300	Yara International ASA		1,006,530
	28,700	YIT Oyj		815,479
	4,750	Zurich Financial Services AG(a)(b)		1,497,542
Total Common Stocks (Cost $132,149,441)				140,484,863
Other Securities (4.1%)
	5,825,490	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%*		5,825,490
Total Other Securities (Cost $5,825,490)				5,825,490
Total Investments 104.0% (Cost $137,974,931)				146,310,353
Liabilities Less Other Assets (4.0%)				(5,685,505	)
Net Assets 100.0%			$	140,624,848

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
*	All securities were fair valued (Note 2) as of March 31, 2008 unless noted with a *. Total value of securities fair valued was $136,829,486.

ADR  American Depositary Receipt

Schedule of Investments 15

ICON Europe Fund
Country Composition
March 31, 2008
(unaudited)

Germany	21.5	%
United Kingdom	18.4	%
Switzerland	13.9	%
Netherlands	8.9	%
France	8.1	%
Spain	5.4	%
Italy	4.5	%
Belgium	2.5	%
Greece	2.5	%
Ireland	2.2	%
Denmark	2.1	%
Finland	1.7	%
Russia	1.7	%
Sweden	1.6	%
Bermuda	1.5	%
Austria	1.3	%
Czech Republic	1.1	%
Norway	1.0	%

Percentages are based upon net assets.

ICON Europe Fund
Sector Composition
March 31, 2008
(unaudited)

Financial	22.0	%
Industrials	14.5	%
Leisure & Consumer Staples	13.8	%
Telecommunication & Utilities	12.1	%
Materials	11.5	%
Energy	10.2	%
Health Care	6.6	%
Consumer Discretionary	6.5	%
Information Technology	2.7	%

Percentages are based upon net assets.

16 Schedule of Investments

ICON Europe Fund
Industry Composition
March 31, 2008
(unaudited)

Diversified Banks	11.1%
Packaged Foods & Meats	6.7%
Integrated Oil & Gas	5.2%
Multi-Line Insurance	3.9%
Electric Utilities	3.9%
Heavy Electrical Equipment	3.7%
Oil & Gas Equipment & Services	3.5%
Pharmaceuticals	3.5%
Integrated Telecommunication Services	3.2%
Apparel Accessories & Luxury Goods	3.0%
Steel	3.0%
Wireless Telecommunication Services	2.9%
Construction Materials	2.4%
Automobile Manufacturers	2.4%
Other Diversified Financial Services	2.3%
Multi-Utilities	2.1%
Aerospace & Defense	2.1%
Food Retail	2.1%
Fertilizers & Agricultural Chemicals	2.0%
Diversified Metals & Mining	2.0%
Reinsurance	1.9%
Construction & Engineering	1.8%
Industrial Gases	1.6%
Health Care Services	1.5%
Oil & Gas Drilling	1.5%
Agricultural Products	1.5%
Soft Drinks	1.3%
Industrial Machinery	1.2%
Electrical Components & Equipment	1.2%
Application Software	1.2%
Marine Ports & Services	1.2%
Personal Products	1.2%
Asset Management & Custody Banks	1.2%
Distributors	1.1%
Life Sciences Tools & Services	1.0%
Industrial Conglomerates	1.0%
Diversified Commercial & Professional Services	1.0%
Air Freight & Logistics	0.9%
Life & Health Insurance	0.9%
Systems Software	0.8%
Internet Software & Services	0.7%
Health Care Equipment	0.6%
Movies & Entertainment	0.5%
Metal & Glass Containers	0.5%
Brewers	0.5%
Marine	0.4%
Consumer Finance	0.4%
Property & Casualty Insurance	0.3%

Percentages are based upon net assets.

Schedule of Investments 17

ICON International Equity Fund
Schedule of Investments
March 31, 2008 (Unaudited)

Shares or Principal Amount			Value
Common Stocks (99.4%)
	152,200	ABB, Ltd.	$	4,102,947
	32,000	Adidas AG		2,115,795
	12,000	Air Liquide S.A.		1,829,889
	1,689,700	America Movil S.A.B. de C.V.*		5,380,887
	21,600	Atwood Oceanics, Inc.(a)*		1,981,152
	1,256,000	AU Optronics Corp.		2,169,553
	211,700	Aviva PLC		2,595,421
	130,000	BAE Systems PLC		1,253,420
	50,000	Banco Bradesco S.A.*		1,389,681
	87,300	Banco Itau Holding Financeira S.A.*		1,990,380
	71,000	Banco Popular Espanol S.A.		1,286,959
	130,300	Banco Santander Central Hispano S.A.		2,595,599
	17,600	Bank of Nova Scotia*		798,363
	160,400	Barclays PLC		1,446,902
	21,500	Beiersdorf AG		1,801,417
	117,500	BHP Billiton PLC		3,460,397
	20,000	Bilfinger Berger AG		1,717,291
	12,300	BNP Paribas		1,240,124
	272,600	Bombardier, Inc., Class B*		1,453,052
	295,700	BP PLC		2,995,564
	309,900	Brasil Telecom Participacoes S.A.*		4,061,916
	32,600	Canadian National Railway Co.*		1,581,078
	628,000	Cemex S.A.B de C.V.*		1,645,814
	25,300	CEZ A.S		1,939,983
	1,692,000	China Agri-Industries Holdings, Ltd.(a)		1,031,233
	1,503,000	China Construction Bank Corp. - Class H		1,135,337
	661,000	China Cosco Holdings Co., Ltd.		1,629,134
	287,000	China Mobile, Ltd.		4,312,230
	420,000	China National Building Material Co., Ltd. - Class H		1,005,674
	876,000	China Oilfield Services, Ltd.		1,456,909
	1,572,000	China Petroleum & Chemical Corp.		1,359,914
	792,460	China Steel Corp.		1,261,002
	1,558,000	CNOOC, Ltd.		2,295,323
	50,700	Coca-Cola Hellenic Bottling Co. S.A.		2,367,868
	79,200	Companhia de Saneamento Basico do Estado de Sao Paulo*		1,761,906
	164,600	Companhia Vale do Rio Doce - Class A*		4,749,376
	622,000	Controladora Comercial Mexicana S.A. de C.V.*		1,753,413
	30,200	Daimler AG(a)(b)		2,584,974
	58,300	Denso Corp.		1,900,993
	35,600	Deutsche Post AG		1,088,834
	18,200	E.ON AG		3,394,165
	183,000	Enel S.p.A.		1,943,207

18 Schedule of Investments

Shares or Principal Amount			Value
	91,800	Energy Resources of Australia, Ltd.	$	1,657,838
	58,600	Finmeccanica S.p.A.		1,995,142
	365,000	FirstRand, Ltd.		722,040
	52,200	Fortis		1,311,519
	33,900	France Telecom S.A.		1,138,781
	26,600	Fresenius Medical Care AG & Co. KGaA		1,336,402
	23,800	Fresenius SE		1,997,612
	36,000	Fugro N.V.		2,797,693
	76,900	Gildan Activewear, Inc.*		2,901,547
	190,000	Grupo Aeroportuario del Sureste S.A.B. de C.V.*		1,081,929
	224,000	Hang Lung Properties, Ltd.(a)		804,354
	245,000	Hon Hai Precision Industry Co., Ltd.		1,410,909
	191,100	HSBC Holdings PLC		3,147,773
	7,400	Hyundai Heavy Industries Co., Ltd.		2,785,098
	77,300	IAWS Group PLC		1,809,149
	15,300	InBev N.V.		1,342,932
	36,000	ING Groep N.V.		1,345,752
	58,000	Irish Life & Permanent PLC		1,131,419
	17,700	Jindal Steel & Power, Ltd.		921,108
	74,900	Kansai Electric Power Co., Inc.(a)(b)		1,874,355
	13,800	KBC Groep N.V.		1,789,712
	163,000	Keppel Corp., Ltd.		1,186,873
	1,561,000	KNM Group Bhd.		2,598,578
	16,030	Lafarge S.A.		2,785,203
	16,100	LG Electronics, Inc.		2,069,659
	460,000	Li & Fung, Ltd.		1,723,125
	115,300	Lloyds TSB Group PLC		1,030,018
	15,100	Lonza Group AG		2,003,644
	177,775	Man Group PLC		1,956,681
	87,100	Manulife Financial Corp.(b)*		3,334,788
	7,100	Merck KGA(a)(b)		881,423
	151,000	Meritz Fire & Marine Insurance Co., Ltd.		1,381,274
	38,700	Metalurgica Gerdau S.A.*		1,606,249
	26,200	Millea Holdings, Inc.		975,067
	182,000	Mitsubishi UFJ Financial Group, Inc.		1,592,424
	147,000	Mitsui & Co., Ltd.		3,017,136
	8,200	Muenchener Rueckversicherungs-Gesellschaft AG		1,608,254
	58,300	National Australia Bank, Ltd.		1,611,968
	47,000	National Bank of Greece S.A.		2,474,192
	17,270	Nestle S.A.		8,634,021
	3,200	Nintendo Co., Ltd.		1,674,591
	24,300	Nutreco Holding N.V.		1,866,513
	602,600	Organizacion Soriana S.A.B. de C.V.*		1,761,011
	31,300	Outokumpu Oyj(a)(b)		1,424,863
	10,800	Porsche AG		1,980,114
	8,700	Potash Corp. of Saskatchewan, Inc.*		1,352,222
	48,200	Precision Drilling Corp.*		1,122,569
	28,700	Prosegur Compania de Seguridad S.A.		1,205,122
	1,807,000	Raffles Education Corp., Ltd.		1,364,756

Schedule of Investments 19

Shares or Principal Amount			Value
	13,440	Raiffeisen International Bank Holding AG	$	1,833,356
	25,700	Research In Motion*		2,892,314
	21,459	Roche Holding AG		4,045,191
	42,700	Rogers Communications, Inc. - Class B*		1,536,235
	19,300	Royal Bank of Canada*		901,808
	92,300	Royal Dutch Shell PLC - Class A		3,183,064
	18,700	RWE AG		2,309,607
	60,900	Saipem S.p.A.		2,468,617
	2,000	Samsung Electronics Co., Ltd.		1,265,024
	41,000	SAP AG		2,031,698
	605,900	Siam Commericial Bank Public Co., Ltd.		1,751,488
	12,000	Siemens AG		1,311,529
	483,000	Singapore Telecommunications, Ltd.(a)		1,382,898
	3,126,000	SinoPac Financial Holdings Co., Ltd.		1,489,027
	27,300	Sony Corp.		1,098,272
	73,000	Standard Bank Group, Ltd.		795,878
	62,600	Stantec, Inc.*		1,837,373
	260	Sumitomo Mitsui Financial Group, Inc.		1,727,479
	41,500	Sun Life Financial, Inc.*		1,940,738
	37,100	Suzuken Co., Ltd.		1,531,227
	25,100	Swiss Re(a)(b)		2,194,505
	6,200	Syngenta AG		1,811,661
	68,680	Telefonica S.A.		1,973,137
	76,400	Temenos Group AG(a)(b)		2,002,531
	182,700	Tesco PLC		1,376,765
	42,700	Teva Pharmaceutical Industries, Ltd. - ADR(a)(b)*		1,972,313
	2,427,000	Thanachart Capital Public Co., Ltd.		1,199,772
	152,000	The Wharf Holdings, Ltd.		722,738
	41,500	Total S.A.		3,074,207
	56,400	Toyota Motor Corp.(a)(b)		2,850,341
	10,745	Transocean, Inc.(a)*		1,452,724
	134,000	Turkcell Iletisim Hizmetleri A.S		1,110,708
	99,000	UniCredito Italiano S.p.A.		663,262
	41,700	Unilever N.V.		1,403,640
	135,000	United Overseas Bank, Ltd.		1,889,511
	27,100	Vedanta Resources PLC		1,129,196
	15,300	Vestas Wind Systems A/S(a)		1,684,382
	41,100	Vimpel-Communications - ADR*		1,228,479
	2,813,732	WCT Engineering Bhd.		3,391,821
	7,650	Wimm-Bill-Dann Foods OJSC - ADR*		783,972
	714,000	Yanzhou Coal Mining Co., Ltd.		1,015,273
	52,700	YIT Oyj(a)(b)		1,497,413
	6,510	Zurich Financial Services AG(a)(b)		2,052,421
Total Common Stocks (Cost $253,910,565)				257,204,073
Rights (0.0%)
	562,746	WCT Engineering Bhd. Rights		0
Total Rights (Cost $0)				0

20 Schedule of Investments

Shares or Principal Amount			Value
Other Securities (7.3%)
	18,906,662	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%*	$	18,906,662
Total Other Securities (Cost $18,906,662)				18,906,662
Total Investments 106.7% (Cost $272,817,227)				276,110,735
Liabilities Less Other Assets (6.7)%				(17,240,945	)
Net Assets 100.0%			$	258,869,790

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	BBH Time Deposits are considered short-term obligations and are payable on demand. Interest rates change periodically on specified dates. The rates are listed as of March 31, 2008.
*	All securities were fair valued (note 2) as of March 31, 2008 unless noted with a *. Total value of securities fair valued was $200,950,784.

ADR  American Depositary Receipt

Schedule of Investments 21

ICON International Equity Fund
Country Composition
March 31, 2008
(unaudited)

Switzerland	10.5	%
Germany	10.2	%
United Kingdom	9.2	%
Canada	8.4	%
Japan	7.1	%
Brazil	6.0	%
Hong Kong	4.8	%
Mexico	4.5	%
France	3.9	%
South Korea	2.9	%
Netherlands	2.9	%
Italy	2.7	%
Spain	2.7	%
Taiwan	2.5	%
Malaysia	2.3	%
China	2.3	%
Singapore	2.3	%
Greece	1.9	%
Belgium	1.7	%
Australia	1.3	%
Ireland	1.1	%
Thailand	1.1	%
Finland	1.1	%
Russia	0.8	%
United States of America	0.8	%
Israel	0.8	%
Czech Republic	0.8	%
Austria	0.7	%
Denmark	0.7	%
Cayman Islands	0.6	%
Turkey	0.4	%
India	0.4	%

Percentages are based upon net assets.

ICON International Equity Fund
Sector Composition
March 31, 2008
(unaudited)

Financial	23.5	%
Telecommunication & Utilities	13.7	%
Industrials	13.3	%
Energy	11.1	%
Materials	9.5	%
Leisure & Consumer Staples	9.2	%
Consumer Discretionary	8.6	%
Health Care	5.4	%
Information Technology	5.1	%

Percentages are based upon net assets.

22 Schedule of Investments

ICON International Equity Fund
Industry Composition
March 31, 2008
(unaudited)

Diversified Banks	13.4%
Wireless Telecommunication Services	5.3%
Packaged Foods & Meats	4.8%
Integrated Oil & Gas	4.1%
Diversified Metals & Mining	3.5%
Electric Utilities	3.5%
Integrated Telecommunication Services	3.3%
Construction & Engineering	3.3%
Oil & Gas Equipment & Services	3.1%
Automobile Manufacturers	2.9%
Pharmaceuticals	2.7%
Life & Health Insurance	2.4%
Oil & Gas Drilling	2.4%
Heavy Electrical Equipment	2.3%
Construction Materials	2.1%
Steel	2.0%
Apparel Accessories & Luxury Goods	1.9%
Aerospace & Defense	1.9%
Multi-Line Insurance	1.8%
Reinsurance	1.4%
Other Diversified Financial Services	1.3%
Health Care Services	1.3%
Consumer Electronics	1.2%
Fertilizers & Agricultural Chemicals	1.2%
Trading Companies & Distributors	1.2%
Agricultural Products	1.1%
Communications Equipment	1.1%
Construction & Farm Machinery & Heavy Trucks	1.1%
Coal & Consumable Fuels	1.0%
Industrial Conglomerates	1.0%
Soft Drinks	0.9%
Property & Casualty Insurance	0.9%
Multi-Utilities	0.9%
Oil & Gas Exploration & Production	0.9%
Electronic Equipment Manufacturers	0.8%
Application Software	0.8%
Life Sciences Tools & Services	0.8%
Systems Software	0.8%
Asset Management & Custody Banks	0.8%
Auto Parts & Equipment	0.7%
Industrial Gases	0.7%
Personal Products	0.7%
Water Utilities	0.7%
Department Stores	0.7%
Hypermarkets & Super Centers	0.7%
Distributors	0.7%
Home Entertainment Software	0.6%
Marine	0.6%
Railroads	0.6%
Health Care Distributors	0.6%
Real Estate Management & Development	0.6%
Electronic Manufacturing Services	0.5%
Food Retail	0.5%
Education Services	0.5%
Brewers	0.5%
Semiconductors	0.5%
Diversified Commercial & Professional Services	0.5%
Consumer Finance	0.5%
Air Freight & Logistics	0.4%
Airport Services	0.4%

Percentages are based upon net assets.

Schedule of Investments 23

Statements of Assets and Liabilities
March 31, 2008 (unaudited)

	ICON		ICON			ICON
	Asia-Pacific		Europe			International
	Region Fund		Fund			Equity Fund
Assets
Investments, at cost	$	146,689,752	$	137,974,931		$	272,817,227
Investments, at value†		149,126,417		146,310,353			276,110,735
Foreign currency at value (cost $1,597,565, $34,070 and $1,074,599)		1,597,467		34,050			1,054,755
Receivables:
Fund shares sold		193,174		226,586			938,141
Investments sold		2,001,504		2,464,853			2,615,553
Interest		7,999		17,886			26,766
Dividends		534,416		507,956			897,900
Expense reimbursements by Adviser		976		1,051			181
Foreign tax reclaims		-		37,290			148,277
Other assets		51,513		51,305			65,134
Total Assets		153,513,466		149,651,330			281,857,442
Liabilities
Payables:
Due to custodian bank		11,703		1,808,818			722,906
Investments bought		975,702		1,055,243			2,676,705
Payable for collateral received on securities loaned		9,853,250		5,825,490			18,906,662
Fund shares redeemed		65,982		131,789			300,478
Advisory fees and fee waiver recoupment		119,366		117,226			214,671
Accrued distribution fees		246		112			64,545
Fund accounting fees		16,631		16,242			17,472
Transfer agent fees		35,773		38,537			47,152
Administration fees		5,698		5,464			10,005
Trustee fees		8,401		8,263			15,117
Accrued expenses		7,273		19,298			11,939
Total Liabilities		11,100,025		9,026,482			22,987,652
Net Assets - all share classes	$	142,413,441	$	140,624,848		$	258,869,790
Net Assets - Class S	$	141,255,312	$	140,086,079		$	2,202,595
Net Assets - Class I	$	4,811	$	22,807		$	182,378,413
Net Assets - Class C	$	4,801	$	5,199		$	30,236,501
Net Assets - Class Z	$	4,811	$	5,208		$	12,446,288
Net Assets - Class A	$	1,143,706	$	505,555		$	8,721,920
Net Assets - Class Q	$	-	$	-		$	22,884,073
Net Assets Consist of
Paid-in capital	$	135,294,894	$	141,192,463		$	265,973,566
Accumulated undistributed net investment income/(loss)		16,598		283,232			530,707
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions		4,681,741		(9,188,305	)		(10,933,535	)
Unrealized appreciation/ (depreciation) on investment transactions and other assets and liabilities denominated in foreign currency		2,420,208		8,337,458			3,299,052
Net Assets	$	142,413,441	$	140,624,848		$	258,869,790
Shares outstanding (unlimited shares authorized, no par value)
Class S		10,699,490		7,506,232			144,698
Class I		364		1,224			12,128,914
Class C		364		279			2,123,249
Class Z		364		279			816,794
Class A		87,248		27,186			575,916
Class Q		-		-			1,502,727
Net asset value (offering and redemption price per share)
Class S	$	13.20	$	18.66		$	15.22
Class I	$	13.22	$	18.63		$	15.04
Class C	$	13.19	$	18.63		$	14.24
Class Z	$	13.22	$	18.67		$	15.24
Class A	$	13.11	$	18.60		$	15.14
Class Q	$	-	$	-		$	15.23
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.91	$	19.73		$	16.06

^†  Includes securities on loan of $9,427,034, $5,533,167 and $18,244,902.

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

24 Financial Statements

Statements of Operations
For the period ended March 31, 2008 (unaudited)

	ICON			ICON			ICON
	Asia-Pacific			Europe			International
	Region Fund			Fund			Equity Fund
Investment Income
Interest	$	19,065		$	17,743		$	50,949
Dividends		1,353,095			1,569,668			2,756,782
Income from securities lending, net		10,660			33,632			54,047
Foreign taxes withheld		(111,151	)		(123,200	)		(237,277	)
Total Investment Income		1,271,669			1,497,843			2,624,501
Expenses
Advisory fees		835,166			738,512			1,278,385
Distribution fees:
Class I		2			4			225,221
Class C		8			9			152,759
Class A		1,656			720			10,723
Fund accounting fees		37,245			33,417			46,132
Transfer agent fees		66,301			64,373			86,734
Custody fees		60,469			45,964			67,151
Administration fees		38,809			34,327			59,440
Registration fees:
Class S		15,255			14,647			1,121
Class I		94			94			11,155
Class C		94			94			11,195
Class Z		83			83			-
Class A		4,254			4,174			3,781
Class Q		-			-			987
Insurance expense		6,405			5,096			7,354
Trustee fees and expenses		7,501			6,797			10,494
Interest expense		95,066			31,109			30,503
Other expenses		41,528			32,818			50,103
Recoupment of previously reimbursed expenses		-			-			2,815
Total expenses before expense reimbursement and transfer agent earnings credit		1,209,936			1,012,238			2,056,053
Transfer agent earnings credit		(2,490	)		(2,243	)		(3,847	)
Expense reimbursement by Adviser due to expense limitation agreement		(7,404	)		(8,488	)		(304	)
Net Expenses		1,200,042			1,001,507			2,051,902
Net Investment Income/(Loss)		71,627			496,336			572,599
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Translations
Net realized gain/(loss) from investment transactions		11,249,391			(6,307,924	)		(8,263,333	)
Net realized gain/(loss) from foreign currency translations		(169,633	)		(114,364	)		(297,922	)
Change in unrealized net appreciation/(depreciation) on investments and foreign currency translations		(42,120,766	)		(12,486,123	)		(35,599,365	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Translations		(31,041,008	)		(18,908,411	)		(44,160,620	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(30,969,381	)	$	(18,412,075	)	$	(43,588,021	)

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

Financial Statements 25

Statements of Changes in Net Assets

	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31, 2008			September 30,
	(unaudited)			2007
Operations
Net investment income/(loss)	$	71,627		$	1,521,881
Net realized gain/(loss) from investment transactions		11,249,391			24,898,211
Net realized gain/(loss) from foreign currency translations		(169,633	)		(63,187	)
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(42,120,766	)		31,658,932
Net increase/(decrease) in net assets resulting from operations		(30,969,381	)		58,015,837
Dividends and Distributions to Shareholders
Net investment income
Class S		(1,159,659	)		(327,103	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(7,875	)		(214	)
Net realized gains
Class S		(21,792,618	)		-
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(177,023	)		-
Net decrease from dividends and distributions		(23,137,175	)		(327,317	)
Fund Share Transactions
Shares sold
Class S		38,067,257			89,318,346
Class I		5,000			-
Class C		5,000			-
Class Z		5,000			-
Class A		1,579,897			981,784
Class Q		-			-
Reinvested dividends and distributions
Class S		22,106,280			303,437
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		156,269			174
Class Q		-			-
Shares repurchased
Class S		(70,630,200	)		(89,329,345	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(1,079,474	)		(126,676	)
Class Q		-			-
Net increase/(decrease) from fund share transactions		(9,784,971	)		1,147,720
Total net increase/(decrease) in net assets		(63,891,527	)		58,836,240
Net Assets
Beginning of period		206,304,968			147,468,728
End of period	$	142,413,441		$	206,304,968

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

26 Financial Statements

ICON Europe Fund						ICON International Equity Fund
Period ended			Year ended			Period ended			Year ended
March 31,			September 30,			March 31, 2008			September 30,
2008 (unaudited)			2007			(unaudited)			2007
$	496,336		$	1,470,862		$	572,599		$	1,568,683
	(6,307,924	)		25,312,930			(8,263,333	)		27,661,435
	(114,364	)		(409,192	)		(297,922	)		(277,388	)
	(12,486,123	)		10,572,351			(35,599,365	)		28,720,835
	(18,412,075	)		36,946,951			(43,588,021	)		57,673,565
	(1,423,883	)		(366,098	)		-			-
	-			-			(1,286,755	)		(10,385	)
	-			-			(4,422	)		-
	-			-			(312,185	)		-
	(2,786	)		(553	)		(62,758	)		-
	(18,793,180	)		(1,940,765	)		-			-
	-			-			(19,127,601	)		(3,723,882	)
	-			-			(3,423,110	)		(724,596	)
	-			-			(3,637,063	)		(1,230,878	)
	(67,852	)		(3,610	)		(931,990	)		(117,472	)
	(20,287,701	)		(2,311,026	)		(28,785,884	)		(5,807,213	)
	56,217,724			113,256,468			2,295,653			-
	22,500			-			67,767,209			77,455,420
	5,000			-			9,610,308			11,921,728
	5,000			-			13,588,612			6,829,087
	120,753			575,800			8,134,449			8,691,180
	-			-			25,140,025			-
	19,745,712			2,085,318			-			-
	-			-			19,930,935			3,619,722
	-			-			3,142,931			666,173
	-			-			3,880,524			1,228,139
	58,430			4,163			919,493			116,347
	-			-			-			-
	(36,378,821	)		(116,233,754	)		(68,258	)		-
	-			-			(24,383,800	)		(22,357,920	)
	-			-			(3,009,454	)		(3,263,458	)
	-			-			(33,269,398	)		(8,285,805	)
	(205,871	)		(28,933	)		(4,569,630	)		(3,202,753	)
	-			-			(1,886,420	)		-
	39,590,427			(340,938	)		87,223,179			73,417,860
	890,651			34,294,987			14,849,274			125,284,212
	139,734,197			105,439,210			244,020,516			118,736,304
$	140,624,848		$	139,734,197		$	258,869,790		$	244,020,516

Financial Statements 27

Statements of Changes in Net Assets (continued)

	ICON Asia-Pacific Region Fund
	Period ended			Year ended
	March 31,			September 30,
	2008 (unaudited)			2007
Transactions in Fund Shares
Shares sold
Class S		2,352,336			5,692,452
Class I		364			-
Class C		364			-
Class Z		364			-
Class A		93,326			57,467
Class Q		-			-
Reinvested dividends and distributions
Class S		1,502,859			21,264
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		10,689			12
Class Q		-			-
Shares repurchased
Class S		(4,068,684	)		(5,979,748	)
Class I		-			-
Class C		-			-
Class Z		-			-
Class A		(68,742	)		(7,348	)
Class Q		-			-
Net increase/(decrease)		(177,124	)		(215,901	)
Shares outstanding beginning of period		10,964,954			11,180,855
Shares outstanding end of period		10,787,830			10,964,954
Purchase and Sales of Investment Securities
(excluding short-term securities)
Purchase of securities	$	139,106,894		$	207,034,481
Proceeds from sales of securities		173,104,281			205,128,051
Accumulated undistributed net investment income/(loss)	$	16,598		$	1,112,505

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,			September 30,
2008 (unaudited)			2007			2008 (unaudited)			2007
	2,522,914			5,325,734			149,161			-
	1,224			-			3,888,398			4,426,226
	279			-			576,662			722,425
	279			-			836,500			362,014
	5,441			27,337			454,453			496,277
	-			-			1,626,113			-
	984,824		��	100,015			-			-
	-			-			1,205,193			228,951
	-			-			200,187			43,972
	-			-			231,812			76,903
	2,920			200			55,159			7,295
	-			-			-			-
	(1,787,251	)		(5,242,428	)		(4,463	)		-
	-			-			(1,444,133	)		(1,293,738	)
	-			-			(186,711	)		(200,912	)
	-			-			(2,101,468	)		(466,665	)
	(9,008	)		(1,279	)		(266,928	)		(176,215	)
	-			-			(123,386	)		-
	1,721,622			209,579			5,096,549			4,226,533
	5,813,578			5,603,999			12,195,749			7,969,216
	7,535,200			5,813,578			17,292,298			12,195,749
$	143,486,652		$	195,767,756		$	261,832,895		$	289,490,635
	123,802,141			196,894,045			205,934,941			221,259,001
$	283,232		$	1,213,565		$	530,707		$	1,624,228

Financial Statements 29

Financial Highlights

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized			Total			Dividends			Distributions
	value,		investment			and unrealized			from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Asia – Pacific Region Fund
Class S
Period Ended March 31, 2008 (unaudited)	$	18.82	$	0.01		$	(3.17	)	$	(3.16	)	$	(0.12	)	$	(2.34	)
Year Ended September 30, 2007		13.19		0.15			5.51			5.66			(0.03	)		-
Year Ended September 30, 2006		11.25		0.02			1.93			1.95			(0.01	)		-
Year Ended September 30, 2005		8.17		0.03			3.08			3.11			(0.03	)		-
Year Ended September 30, 2004		7.62		0.02			0.55			0.57			(0.02	)		-
Year Ended September 30, 2003		5.68		0.04			1.90			1.94			-			-
Class I
January 25, 2008 (inception) to March 31, 2008 (unaudited)		13.73		0.05			(0.56	)		(0.51	)		-			-
Class C
January 25, 2008 (inception) to March 31, 2008 (unaudited)		13.73		0.02			(0.56	)		(0.54	)		-			-
Class Z
January 25, 2008 (inception) to March 31, 2008 (unaudited)		13.73		0.04			(0.55	)		(0.51	)		-			-
Class A
Period Ended March 31, 2008 (unaudited)		18.72		(0.03	)		(3.14	)		(3.17	)		(0.10	)		(2.34	)
Year Ended September 30, 2007		13.18		0.27			5.30			5.57			(0.03	)		-
May 31, 2006 (inception) to September 30, 2006		13.54		0.04			(0.40	)		(0.36	)		-			-
ICON Europe Fund
Class S
Period Ended March 31, 2008 (unaudited)		24.04		0.07			(2.49	)		(2.42	)		(0.21	)		(2.75	)
Year Ended September 30, 2007		18.82		0.21			5.33			5.54			(0.05	)		(0.27	)
Year Ended September 30, 2006		15.68		0.20			3.80			4.00			-			(0.86	)
Year Ended September 30, 2005		12.03		0.07			3.58			3.65			-			-
Year Ended September 30, 2004		9.84		(0.04	)		2.23			2.19			-			-
Year Ended September 30, 2003		7.40		(0.02	)		2.46			2.44			-			-
Class I
January 25, 2008 (inception) to March 31, 2008 (unaudited)		17.91		0.10			0.62			0.72			-			-
Class C
January 25, 2008 (inception) to March 31, 2008 (unaudited)		17.91		0.04			0.68			0.72			-			-
Class Z
January 25, 2008 (inception) to March 31, 2008 (unaudited)		17.91		0.07			0.69			0.76			-			-
Class A
Period Ended March 31, 2008(unaudited)		23.91		0.02			(2.47	)		(2.45	)		(0.11	)		(2.75	)
Year Ended September 30, 2007		18.79		0.15			5.28			5.43			(0.04	)		(0.27	)
May 31, 2006 (inception) to September 30, 2006		18.40		(0.02	)		0.41			0.39			-			-
ICON International Equity Fund
Class S
January 25, 2008 (inception) to March 31, 2008 (unaudited)		15.44		0.05			(0.27	)		(0.22	)		-			-
Class I
Period Ended March 31, 2008 (unaudited)		20.09		0.05			(2.98	)		(2.93	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		14.94		0.18			5.63			5.81			-	(e)		(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, 2008 (unaudited)		19.09		(0.03	)		(2.83	)		(2.86	)		-	(e)		(1.99	)
Year Ended September 30, 2007		14.36		-	(e)		5.39			5.39			-			(0.66	)
Year Ended September 30, 2006		12.53		(0.03	)		2.48			2.45			-			(0.62	)
Year Ended September 30, 2005		10.55		(0.14	)		3.09			2.95			-			(0.97	)
February 19, 2004 (inception) to September 30, 2004		11.29		(0.02	)		(0.72	)		(0.74	)		-			-

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

30 Financial Highlights

										Ratio of expenses to average net assets					Ratio of net investment income to average net assets
										Before		After			Before			After
										expense		expense			expense			expense
								Net		limitation		limitation			limitation			limitation
			Net					assets,		and		and			and			and
distributions			asset					end of		transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return*(a)			thousands)		credit(b)		credit(b)			credit(b)			credit(b)			rate(c)
$	(2.46	)	$	13.20		(18.13	)%	$	141,255		1.44%		1.44	%		0.09	%		0.09	%		81.31%
	(0.03	)		18.82		43.03	%		205,332		1.38%		1.38	%		0.96	%		0.97	%		130.84%
	(0.01	)		13.19		17.36	%		147,444		1.44%		1.44	%		0.12	%		0.12	%		159.51%
	(0.03	)		11.25		38.12	%		48,721		1.93%		N/A			0.30	%		N/A			185.84%
	(0.02	)		8.17		7.51	%		17,047		1.91%		N/A			0.20	%		N/A			58.62%
	-			7.62		34.15	%		6,084		1.98%		N/A			0.68	%		N/A			81.44%
	-			13.22		(3.71	)%		5		13.16%		1.57	%(d)		(9.67	)%		1.92	%		81.31%
	-			13.19		(3.93	)%		5		13.95%		2.69	%(d)		(10.46	)%		0.80	%		81.31%
	-			13.22		(3.71	)%		5		11.60%		1.59	%(d)		(8.11	)%		1.91	%		81.31%
	(2.44	)		13.11		(18.28	)%		1,144		3.00%		1.92	%(d)		(1.43	)%		(0.35	)%		81.31%
	(0.03	)		18.72		42.38	%		973		3.26%		1.85	%(d)		0.24	%		1.65	%		130.84%
	-			13.18		(2.66	)%		24		25.78%		1.81	%(d)		(23.09	)%		0.88	%		159.51%
	(2.96	)		18.66		(10.91	)%		140,086		1.36%		1.36	%		0.67	%		0.67	%		83.98%
	(0.32	)		24.04		29.69	%		139,069		1.35%		1.35	%		0.97	%		0.97	%		133.36%
	(0.86	)		18.82		27.09	%		105,409		1.51%		1.51	%		1.13	%		1.13	%		100.62%
	-			15.68		30.34	%		23,243		1.85%		N/A			0.51	%		N/A			153.55%
	-			12.03		22.26	%		7,826		2.24%		N/A			(0.38	)%		N/A			78.57%
	-			9.84		32.97	%		9,262		1.87%		N/A			(0.29	)%		N/A			101.37%
	-			18.63		4.02	%		23		6.98%		1.78	%(d)		(2.00	)%		3.20	%		83.98%
	-			18.63		4.02	%		5		12.76%		2.55	%(d)		(9.18	)%		1.03	%		83.98%
	-			18.67		4.24	%		5		10.92%		1.25	%(d)		(7.30	)%		2.26	%		83.98%
	(2.86	)		18.60		(11.06	)%		506		4.68%		1.82	%(d)		(2.70	)%		0.16	%		83.98%
	(0.31	)		23.91		29.14	%		666		2.43%		1.84	%(d)		0.09	%		0.69	%		133.36%
	-			18.79		2.12	%		30		33.40%		1.84	%(d)		(31.86	)%		(0.30	)%		100.62%
	-			15.22		(0.20	)%		2,203		1.61%		1.55	%(d)		1.73	%		1.79	%		80.61%
	(2.12	)		15.04		(15.53	)%		182,378		1.53%		1.53	%(d)		0.53	%		0.53	%		80.61%
	(0.66	)		20.09		40.11	%		170,383		1.54%		1.54	%(d)		1.02	%		1.03	%		132.30%
	(0.63	)		14.94		21.20	%		76,454		1.71%		1.71	%(d)		0.59	%		0.59	%		129.31%
	(0.97	)		12.91		32.90	%		15,376		2.02%		1.97	%		0.27	%		0.32	%		139.23%
	-			10.59		(3.38	)%		3,211		2.32%		N/A			0.44	%		N/A			117.74%
	(1.99	)		14.24		(15.94	)%		30,237		2.44%		2.44	%(d)		(0.37	)%		(0.39	)%		80.61%
	(0.66	)		19.09		38.74	%		29,274		2.57%		2.56	%(d)		(0.04	)%		(0.03	)%		132.30%
	(0.62	)		14.36		20.09	%		13,899		2.76%		2.54	%(d)		(0.39	)%		(0.18	)%		129.31%
	(0.97	)		12.53		29.56	%		1,622		4.52%		3.51	%		(2.23	)%		(1.22	)%		139.23%
	-			10.55		(6.55	)%		183		3.06%		N/A			(0.16	)%		N/A			117.74%

Financial Highlights 31

Financial Highlights (continued)

			Income from investment operations								Less dividends and
	Net asset		Net		Net realized			Total			Dividends			Distributions
	value,		investment		and unrealized			from			from net			from net
	beginning		income/		gains/(losses)			investment			investment			realized
	of period		(loss)(x)		on investments			operations			income			gains
Class Z
Period Ended March 31, 2008(unaudited)	$	20.34	$	0.04	$	(2.98	)	$	(2.94	)	$	(0.17	)	$	(1.99	)
Year Ended September 30, 2007		15.07		0.20		5.73			5.93			-			(0.66	)
Year Ended September 30, 2006		13.00		0.09		2.63			2.72			(0.03	)		(0.62	)
Year Ended September 30, 2005		10.60		0.06		3.31			3.37			-			(0.97	)
Year Ended September 30, 2004		8.41		0.01		2.24			2.25			(0.06	)		-
Year Ended September 30, 2003		5.96		0.06		2.45			2.51			-			(0.06	)
Class A
Period Ended March 31, 2008 (unaudited)		20.24		0.02		(3.00	)		(2.98	)		(0.13	)		(1.99	)
Year Ended September 30, 2007		15.06		0.17		5.67			5.84			-			(0.66	)
May 31, 2006 (inception) to September 30, 2006		15.17		0.03		(0.14	)		(0.11	)		-			-
Class Q
January 25, 2008 (inception) to March 31, 2008 (unaudited)		15.50		0.05		(0.32	)		(0.27	)		-			-

(x)	Calculated using the average share method.
*	The total return calculation is for the period indicated and excludes any sales charges.
(a)	Not annualized.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense.
(e)	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					Ratio of net investment income to average net assets
										Before		After			Before			After
										expense		expense			expense			expense
								Net		limitation		limitation			limitation			limitation
			Net					assets,		and		and			and			and
and distributions			asset					end of		transfer		transfer			transfer			transfer
Total			value,					period		agent		agent			agent			agent			Portfolio
dividends and			end of		Total			(in		earnings		earnings			earnings			earnings			turnover
distributions			period		return*(a)			thousands)		credit(b)		credit(b)			credit(b)			credit(b)			rate(c)
$	(2.16	)	$	15.24		(15.40	)%	$	12,446		1.25%		1.24	%(d)		0.48	%		0.49	%		80.61%
	(0.66	)		20.34		40.56	%		37,619		1.26%		1.26	%(d)		1.16	%		1.16	%		132.30%
	(0.65	)		15.07		21.54	%		28,295		1.41%		1.40	%(d)		0.60	%		0.61	%		129.31%
	(0.97	)		13.00		33.57	%		15,466		1.68%		1.68	%		0.51	%		0.51	%		139.23%
	(0.06	)		10.60		26.79	%		9,303		1.98%		N/A			0.03	%		N/A			117.74%
	(0.06	)		8.41		42.60	%		10,587		2.00%		N/A			0.88	%		N/A			98.91%
	(2.12	)		15.14		(15.67	)%		8,722		1.75%		1.75	%(d)		0.28	%		0.28	%		80.61%
	(0.66	)		20.24		39.97	%		6,744		1.70%		1.69	%(d)		0.98	%		0.99	%		132.30%
	-			15.06		(0.73	)%		88		19.13%		1.79	%(d)		(16.62	)%		0.72	%		129.31%
	-			15.23		(1.74	)%		22,884		1.29%		1.29	%(d)		1.76	%		1.76	%		80.61%

Financial Highlights 33

Notes to Financial Statements
March 31, 2008 (unaudited)

1. Organization

The ICON Asia-Pacific Region Fund (“Asia-Pacific Region Fund”), ICON Europe Fund (“Europe Fund”) and ICON International Equity Fund (“International Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. The Asia-Pacific Region Fund and the Europe Fund offer five classes of shares, Class S, Class I, Class C, Class Z and Class A. The International Equity Fund offers six classes of shares, Class S, Class I, Class C, Class Z, Class A, and Class Q. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs and transfer agent costs and that each Class has exclusive voting rights with respect to its distribution plan. There are 14 other active funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

Each Fund is authorized to issue an unlimited number of no par shares. The Funds primarily invest in foreign securities; the Asia-Pacific Region Fund and the Europe Fund primarily invest in companies whose principal business activities fall within specific regions. The investment objective of each Fund is long-term capital appreciation.

The Funds may have elements of risk, including the loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and 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 the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern time) each day the NYSE is open, except that (a) securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day; and (b) foreign securities in the Funds traded in countries outside of the Western Hemisphere are fair valued daily based on procedures established by the Funds’ Board of Trustees (“Board”) to avoid stale prices and to take into account, among other things, any significant events occurring after the close of a foreign market in those regions. The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Board or pursuant to procedures approved by the Board.

Notes to Financial Statements 35

Notes to Financial Statements (unaudited) (continued)

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes from dealers making a market for the security. Options are valued at their closing mid-price on the 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 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.

New Accounting Pronouncement

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 does not believe the adoption of

36 Notes to Financial Statements

SFAS No. 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS No. 157 during the fiscal year ending September 30, 2009 as required.

Repurchase Agreements

Repurchase agreements, if held by the Funds, are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. No repurchase agreements were purchased or sold by the Funds during the period ended March 31, 2008.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.

Forward Foreign Currency Contracts

The Funds may enter into short-term forward foreign currency contracts in connection with planned purchases or sales of securities as a hedge against fluctuations in foreign exchange rates pending the settlement of transactions

Notes to Financial Statements 37

Notes to Financial Statements (unaudited) (continued)

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 on the Statement of Assets and Liabilities. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2008.

Futures Contracts

The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the period ended March 31, 2008.

Options Transactions

Each Fund may write call and put options on any security in which it may invest. When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. 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

38 Notes to Financial Statements

proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the security underlying the written option.

Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Funds did not enter into any option transactions during the period ended March 31, 2008.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds may seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Securities Lending Investment Fund of Brown Brothers Harriman Trust, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

The cash collateral invested by the Lending Agent is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.

Notes to Financial Statements 39

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2008, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Asia-Pacific Region Fund	$	9,427,034	$	9,853,250
ICON Europe Fund		5,533,167		5,825,490
ICON International Equity Fund		18,244,902		18,906,662

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryovers. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

The Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has reviewed the Funds’ tax positions for all open tax years, and concluded that adoption had no effect on the Funds’ financial position or results of operations. At March 31, 2008, the Funds have recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

40 Notes to Financial Statements

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years from 2003-2006, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.

Investment Transactions

Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Allocation of Income and Expenses

Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds 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.

Notes to Financial Statements 41

Notes to Financial Statements (unaudited) (continued)

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON receives a monthly management fee that is computed daily at an annual rate of 1.00% of each Fund’s average daily net assets.

ICON has contractually agreed to limit its investment advisory fee and/or reimburse certain of the Funds’ operating expenses (exclusive of brokerage, interest, taxes, and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:

	Class S		Class I		Class C		Class Z		Class A		Class Q
ICON Asia-Pacific Region Fund		-		1.80%		2.55%		1.25%		1.80%		N/A
ICON Europe Fund		-		1.80%		2.55%		1.25%		1.80%		N/A
ICON International Equity Fund		1.80%		1.80%		2.55%		1.25%		1.80%		1.55%

The expense limitations will continue in effect until at least January 31, 2018. To the extent ICON reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.

As of March 31, 2008 the following amounts were still available for recoupment by ICON based upon their potential expiration dates:

	2009		2010		2011
ICON Asia-Pacific Region Fund	$	722	$	3,131		7,132
ICON Europe Fund		709		2,624		8,222
ICON International Equity Fund		-		-		304

Accounting, Custody and Transfer Agent Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of net assets, 0.0175% on net assets over $1.75 billion and up to $5 billion, and 0.01% on net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets

42 Notes to Financial Statements

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, 2008, the Funds received transfer agent earnings credits which are included on the Statement of Operations.

Administrative Services

The Trust has entered into an administrative services agreement with ICON pursuant to which ICON oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the period ended March 31, 2008, the Funds’ payment for administrative services to ICON is included on the Statement of Operations. The administrative services agreement provides that ICON will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON in the performance of its duties.

ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Distribution Fees

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class I and Class A shareholders pay an annual 12b-1 and service

Notes to Financial Statements 43

Notes to Financial Statements (unaudited) (continued)

fee of 0.25% of average daily net assets. The Class C shareholders pay an annual 12b-1 and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans is shown on the Statement of Operations.

Related Parties

Certain Officers and Directors of ICON are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2008, 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, 2008, the amount was $20,227.

4. Line of Credit

Each Fund may borrow money limited to 331/3% of the Fund’s total assets. To facilitate this, 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. Effective January 30, 2008, interest on domestic borrowings is charged at LIBOR plus 1.50% which was 4.20% at March 31, 2008. The average interest rate charged for the period ended March 31, 2008 was 6.68%.

	Average Borrowing
	(10/1/07 - 3/31/08)
ICON Asia-Pacific Region Fund	$	2,750,286
ICON Europe Fund**		1,200,492
ICON International Equity Fund**		1,305,631

**Fund had outstanding borrowings as of March 31, 2008.

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

44 Notes to Financial Statements

of wash losses, foreign currency transactions, net investment losses, and capital loss carryforwards.

The tax components of capital shown in the following tables represent losses or deductions the Funds may be able to offset against income and gains recognized in future years and post October loss deferrals.

During the year ended September 30, 2007 the ICON Asia-Pacific Region Fund utilized capital loss carryforwards of $6,889,133. For the year ended September 30, 2007, the ICON Asia-Pacific Region Fund and the ICON Europe Fund will elect to defer post October currency losses of $21,330 and $213,173, respectively.

As of March 31, 2008, book cost for financial reporting purposes is substantially the same for federal income tax puposes and differs from fair value by net unrealized appreciation/(depreciation) of securities as follows:

			Unrealized		Unrealized			Net Appreciation
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)
ICON Asia-Pacific Region Fund	$	146,717,558	$	12,214,896	$	(9,806,037	)	$	2,408,859
ICON Europe Fund		138,143,280		12,989,442		(4,822,369	)		8,167,073
ICON International Equity Fund		272,937,726		18,390,804		(15,217,795	)		3,173,009

Notes to Financial Statements 45

Six Month Hypothetical Expense Example
March 31, 2008 (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 (10/1/07 - 3/31/08).

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

46 Expense Example

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
	10/1/07		3/31/08		10/1/07-3/31/08*		10/1/07-3/31/08
ICON Asia-Pacific Region Fund
Class S Actual Expenses	$	1,000.00	$	818.70	$	6.55		1.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.80		7.26
Class I
Actual Expenses**		1,000.00		962.90		2.69		1.57%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.15		7.92
Class C
Actual Expenses**		1,000.00		960.70		4.61		2.69%
Hypothetical Example (5% return before expenses)		1,000.00		1,011.55		13.53
Class Z
Actual Expenses**		1,000.00		962.90		2.73		1.59%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.05		8.02
Class A
Actual Expenses		1,000.00		817.20		8.72		1.92%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.00		9.67
ICON Europe Fund
Class S
Actual Expenses		1,000.00		890.90		6.43		1.36%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.20		6.86
Class I
Actual Expenses**		1,000.00		1,040.20		3.18		1.78%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.10		8.97
Class C
Actual Expenses**		1,000.00		1,040.20		4.55		2.55%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.25		12.83
Class Z
Actual Expenses**		1,000.00		1,042.40		2.23		1.25%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.75		6.31

Expense Example 47

Six Month Hypothetical Expense Example
March 31, 2008 (unaudited) (continued)

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period		Expense Ratio
	10/1/07		3/31/08		10/1/07-3/31/08*		10/1/07-3/31/08
Class A
Actual Expenses	$	1,000.00	$	889.40	$	8.60		1.82%
Hypothetical Example (5% return before expenses)		1,000.00		1,015.90		9.17
ICON International Equity Fund
Class I
Actual Expenses		1,000.00		844.70		7.06		1.53%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.35		7.72
Class C
Actual Expenses		1,000.00		840.60		11.23		2.44%
Hypothetical Example (5% return before expenses)		1,000.00		1,012.80		12.28
Class Z
Actual Expenses		1,000.00		846.00		5.72		1.24%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.80		6.26
Class A
Actual Expenses		1,000.00		843.30		8.06		1.75%
Hypothetical Example (5% return before expenses)		1,000.00		1,016.25		8.82
Class S
Actual Expenses**		1,000.00		998.00		2.71		1.55%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.25		7.82
Class Q
Actual Expenses**		1,000.00		982.60		2.24		1.29%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.55		6.51

*   Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

**  Information shown reflects values using expense ratios and rates of return for the period January 28, 2008 (date of commencement of operations) through March 31, 2008. As such, the expense ratio is annualized, multiplied by the average account value of the period of operation, multiplied by 64/366 to reflect the actual period.

Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.

48 Expense Example

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 49

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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

SAR-INT (3/08)

2008 Semiannual Report
ICON Sector Funds
Investment Update

March 31, 2008
(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	22
ICON Leisure and Consumer Staples Fund	24
ICON Materials Fund	27
ICON Telecommunication & Utilities Fund	30
Financial Statements (Unaudited)	32
Financial Highlights (Unaudited)	42
Notes to Financial Statements (Unaudited)	48
Six-Month Hypothetical Expense Example (Unaudited)	59
Other Information (Unaudited)	61

About This Report (unaudited)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions, and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Fund results shown, unless otherwise indicated, are at net asset value.

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.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, 2008, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

Opinions and forecasts regarding industries, companies and/or themes, and portfolio composition and holdings are subject to change at any time based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector. Each Fund’s holdings as of March 31, 2008 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.

According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and

2 About This Report

international securities within ICON’s system as compared to the current market price of those securities. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.

This Report contains statements regarding industry or sector themes, new market themes, investment outlook, relative strength, value-to-price ratios, and investment team expectations, beliefs, goals and the like that are based on current expectations, recent individual stock performance relative to current market prices, estimates of company values and other information supplied to the market by the companies we follow. Words such as “expects,” “suggests,” “anticipates,” “targets,” “goals,” “value,” “intrinsic value,” “indicates,” “believes,” “considers,” “estimates,” variations of such words and similar expressions are intended to identify forward-looking statements, which are not statements of historical fact. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. These risks and uncertainties are based on a number of important factors, including, among others: stock price fluctuations; the integrity and accuracy of historical and projected financial and other information supplied by companies to the public; interest rates; future earnings growth rates, the risks noted in this Report, and other factors beyond the control of our investment team. Therefore, actual outcome may differ materially from what is expressed in such forward-looking statements.

There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.

An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment, and the Technology sector has been among the most volatile in the market. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and 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.

The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconadvisers.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.

About This Report 3

Message from ICON Funds (unaudited)

Dear ICON Shareholder:

March 31, 2008 concluded the first six months of the ICON Funds’ fiscal year. Generally, domestic stock prices drifted lower over that period, giving back some of the gains of the previous five years. We were surprised that the downward drift continued into the first three months of 2008, as many of the conditions we believe are typical of buying opportunities existed last fall.

When the market declined on August 15, 2007 and again on November 26, 2007, we measured stock prices to be about 20% and 34% below our estimates of intrinsic value, respectively. During that timeframe, long-term interest rates were dropping, financial news was negative, concerns over the economy grew, and the Federal Reserve (Fed) began easing monetary policy. In our experience, these conditions suggest stock prices could likely rise rather than fall.

When the Fed eases, it injects reserves into the banking system so banks can make more loans, which creates money as defined by M1. Historically, the growth in M1 has stimulated the economy and typically prevented a recession or promoted a quick recovery.

In the past, stock investors have not waited to see economic growth after the Fed eases. Instead, they’ve typically responded to the increase in M1 and anticipated economic growth by six to nine months. These periods have typically been viewed favorably by investors. Something unusual happened this time. The Fed injected reserves, but banks did not increase their lending, and M1 did not grow. Apparently, investors saw this and delayed their buying until seeing signs of growth in M1.

In March, the Fed implemented some innovative steps designed to help banks increase their lending. It appears investors are encouraged by these steps, as stock prices have moved higher off the March 10, 2008 low, but only time will tell whether the Fed’s steps increase bank lending.

Staying with Our Discipline

We consistently apply our valuation approach with the belief that over the long run, stock prices try to keep up with our estimation of value. There are periods, however, when investors worry about events around them, and stock prices behave independent of value. We believe we have just come through one of those times given the concerns about the economy, sub-prime mortgage problems, and the lack of growth in M1.

At ICON, we ride through these difficult times because we see the data that goes into valuation such as earnings and interest rates. We are pleased with

4 Message From ICON Funds

the quality of the companies we own. We believe that in time, prices will move up to value. Investors without that data and insight may depend on news headlines and public conjecture, which makes it less attractive to stay invested through times when the market drifts lower.

We believe investors may miss sudden market rallies if they are not invested because, in our experience, stock prices lead the economy (and news) by six to nine months. Stock prices often rally while the economy (and news) continues to deteriorate. By looking at the news and economic data, it is difficult to identify a market bottom. We rely on valuation, which sometimes means being invested during pre-rally turbulence.

The market low on March 10, 2008 was accompanied by many of the characteristics our research indicates are typical of bottoms and buying opportunities. Weak investor confidence was one of those characteristics. We believe investor confidence is a lagging variable. Many investors hope confidence returns so a rally can begin, but we think they have the relationship backwards. Confidence lags stock prices and improves after stock prices move higher, in our experience.

An equity trader on the floor of the stock exchange was interviewed on TV recently, and he was worried about the economy. He said he would like to see the employment situation improve. According to our research, employment is the piece of data that lags the most. If the normal relationship holds true, the market may rally long before employment improves.

Research on Industry Selection

An article in the New York Times on April 6, 2008 referred to research and a working paper by Busse & Tong of Emory University. From 1980-2006, the researchers studied whether investment managers were better at industry selection or stock selection. The article states, “The researchers found that industry bets were responsible for about half the margin by which the average fund beat or lagged behind the market. Stock selection was responsible for the other half.” The article also reports that researchers “found that an adviser with good industry-selection ability was a good bet to continue his winning ways. By contrast, an advisor with good individual stock-selection ability was far less likely to repeat the feat.”

Message From ICON Funds 5

At ICON, we believe markets have themes, meaning that certain industries typically lead for one to two years. I created the ICON system in the early and mid-1980s to capture industry leadership. It is gratifying to see third party research that supports our system.

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

Yours truly,

Craig T. Callahan, DBA

Chairman of the Board of Trustees and President of the Adviser

M1 is one measure of the money supply that approximates cash used by consumers and companies, including currency in public circulation, credit union share account balances, NOW account balances, automatic transfer account balances, demand deposits, and traveler’s checks.

6 Message From ICON Funds

ICON Consumer Discretionary Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (96.0%)
	101,200	Aaron Rents, Inc.	$	2,179,848
	30,900	Abercrombie & Fitch Co.		2,260,026
	34,700	Advance Auto Parts, Inc.		1,181,535
	57,600	Aeropostale, Inc.(a)		1,561,536
	51,000	American Axle & Manufacturing Holdings, Inc.		1,045,500
	89,700	AutoNation, Inc.(a)		1,342,809
	23,900	AutoZone, Inc.(a)		2,720,537
	68,500	Bed Bath & Beyond, Inc.(a)(b)		2,020,750
	71,300	Best Buy Co., Inc.		2,956,098
	31,700	BorgWarner, Inc.		1,364,051
	51,400	Centex Corp.		1,244,394
	92,700	D.R. Horton, Inc.		1,460,025
	42,600	Dick’s Sporting Goods, Inc.(a)(b)		1,140,828
	61,000	Dollar Tree, Inc.(a)		1,682,990
	76,100	Ethan Allen Interiors, Inc.(b)		2,163,523
	50,900	Fred’s, Inc. - Class A		521,725
	16,700	GameStop Corp. - Class A(a)		863,557
	50,000	Gildan Activewear, Inc. - Class A(a)		1,868,000
	42,900	H&R Block, Inc.(b)		890,604
	30,800	Honda Motor Co., Ltd. - ADR		887,348
	16,300	Iconix Brand Group, Inc.(a)		282,805
	33,300	J.C. Penney Co., Inc.		1,255,743
	74,300	Jarden Corp.(a)(b)		1,615,282
	57,900	Johnson Controls, Inc.		1,957,020
	57,500	KB Home(b)		1,421,975
	37,500	Kohl’s Corp.(a)		1,608,375
	81,600	LKQ Corp.(a)		1,833,552
	136,100	Lowe’s Cos., Inc.		3,122,134
	70,600	Macy’s, Inc.		1,628,036
	52,500	Matsushita Electric Industrial Co., Ltd. - ADR		1,139,775
	14,000	Mohawk Industries, Inc.(a)(b)		1,002,540
	39,120	Nike, Inc. - Class B		2,660,160
	27,000	Nissan Motor Co., Ltd. - ADR		450,360
	63,700	Nordstrom, Inc.		2,076,620
	44,500	O’Reilly Automotive, Inc.(a)		1,269,140
	27,400	Polo Ralph Lauren Corp.		1,597,146
	102,700	Pulte Homes, Inc.(b)		1,494,285
	103,800	Rent-A-Center, Inc.(a)		1,904,730
	97,300	Ross Stores, Inc.		2,915,108
	15,500	Sony Corp. - ADR(b)		621,085
	98,450	Staples, Inc.		2,176,729
	65,600	Target Corp.		3,324,608
	45,900	Tenneco, Inc.(a)		1,282,446

Schedule of Investments 7

Shares or Principal Amount			Value
	159,000	The Home Depot, Inc.	$	4,447,230
	48,500	The Ryland Group, Inc.(b)		1,595,165
	87,800	TJX Cos., Inc.		2,903,546
	59,800	Toll Brothers, Inc.(a)		1,404,104
	27,800	Tractor Supply Co.(a)		1,098,656
	45,500	Tupperware Brands Corp.		1,759,940
	74,200	Urban Outfitters, Inc.(a)		2,326,170
	27,200	V.F. Corp.		2,108,272
	26,300	Whirlpool Corp.(b)		2,282,314
Total Common Stocks (Cost $90,277,826)				89,920,735
Short-Term Investments (12.7%)
$	11,875,615	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#	$	11,875,615
Total Short-Term Investments (Cost $11,875,615)				11,875,615
Other Securities (10.4%)
	9,735,254	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		9,735,254
Total Other Securities (Cost $9,735,254)				9,735,254
Total Investments 119.1% (Cost $111,888,695)				111,531,604
Liabilities Less Other Assets (19.1)%				(17,888,109	)
Net Assets 100.0%			$	93,643,495

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
ADR	American Depositary Receipt.

8 Schedule of Investments

ICON Consumer Discretionary Fund
Industry Composition
March 31, 2008
(Unaudited)

Apparel Retail	12.8%
Homebuilding	9.2%
Home Improvement Retail	8.0%
Automotive Retail	7.0%
Department Stores	6.9%
Home Furnishing Retail	6.5%
Auto Parts & Equipment	6.1%
Apparel Accessories & Luxury Goods	6.0%
General Merchandise Stores	5.9%
Specialty Stores	4.7%
Computer & Electronics Retail	4.1%
Housewares & Specialties	3.6%
Home Furnishings	3.4%
Footwear	3.1%
Household Appliances	2.4%
Distributors	2.0%
Consumer Electronics	1.9%
Automobile Manufacturers	1.4%
Specialized Consumer Services	1.0%

Percentages are based upon net assets.

Schedule of Investments 9

ICON Energy Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (97.8%)
	200,200	Apache Corp.	$	24,188,164
	169,300	Atwood Oceanics, Inc.(a)		15,528,196
	632,400	Bois d’Arc Energy, Inc.(a)		13,590,276
	249,100	BP PLC - ADR		15,107,915
	99,900	Burlington Northern Santa Fe Corp.		9,212,778
	610,900	Chevron Corp.		52,146,424
	915,800	ConocoPhillips		69,793,118
	240,200	Diamond Offshore Drilling, Inc.		27,959,280
	162,400	Dril-Quip, Inc.(a)		7,546,728
	301,300	EnPro Industries, Inc.(a)(b)		9,397,547
	496,800	Exxon Mobil Corp.		42,019,344
	164,100	FMC Technologies, Inc.(a)		9,335,649
	143,500	Frontline, Ltd.(b)		6,603,870
	837,000	General Maritime Corp.(b)		19,761,570
	242,300	GulfMark Offshore, Inc.(a)(b)		13,258,656
	732,800	Halliburton Co.		28,821,024
	275,100	Helmerich & Payne, Inc.		12,893,937
	28,700	Independent Tankers Corp., Ltd.(a)		47,925
	504,500	Marathon Oil Corp.		23,005,200
	196,300	Massey Energy Co.		7,164,950
	355,100	Murphy Oil Corp.		29,167,914
	414,700	Nabors Industries, Ltd.(a)		14,004,419
	103,800	National Oilwell Varco, Inc.(a)		6,059,844
	232,500	Norfolk Southern Corp.		12,629,400
	550,500	Occidental Petroleum Corp.		40,280,085
	186,700	Peabody Energy Corp.		9,521,700
	195,900	Smith International, Inc.		12,582,657
	149,400	Superior Energy Services, Inc.(a)		5,919,228
	176,390	Transocean, Inc.(a)		23,847,928
	311,900	Union Drilling, Inc.(a)		5,455,131
	195,300	Unit Corp.(a)		11,063,745
	157,300	Walter Industries, Inc.		9,851,699
	275,598	Weatherford International, Ltd.(a)(b)		19,972,587
	81,441	XTO Energy, Inc.		5,037,940
Total Common Stocks (Cost $520,835,558)				612,776,828
Short-Term Investments (1.1%)
$	6,599,712	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		6,599,712
Total Short-Term Investments (Cost $6,599,712)				6,599,712

10 Schedule of Investments

Shares or Principal Amount			Value
Other Securities (6.8%)
	42,616,749	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%	$	42,616,749
Total Other Securities (Cost $42,616,749)				42,616,749
Total Investments 105.7% (Cost $570,052,019)				661,993,289
Liabilities Less Other Assets (5.7)%				(35,460,343	)
Net Assets 100.0%			$	626,532,946

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
ADR	American Depositary Receipt

Schedule of Investments 11

ICON Energy Fund
Industry Composition
March 31, 2008
(Unaudited)

Integrated Oil & Gas	43.3%
Oil & Gas Drilling	17.8%
Oil & Gas Equipment & Services	16.5%
Oil & Gas Exploration & Production	6.9%
Oil & Gas Storage & Transportation	4.1%
Railroads	3.5%
Coal & Consumable Fuels	2.6%
Industrial Conglomerates	1.6%
Industrial Machinery	1.5%

Percentages are based upon net assets.

12 Schedule of Investments

ICON Financial Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.4%)
	110,200	Aflac, Inc.	$	7,157,490
	176,200	Allianz SE - ADR		3,464,092
	138,000	Annaly Capital Management, Inc. - REIT		2,114,160
	223,600	Anworth Mortgage Asset Corp. - REIT		1,370,668
	157,100	Arbor Realty Trust, Inc. - REIT		2,369,068
	212,300	Assured Guaranty, Ltd.		5,040,002
	69,400	Automatic Data Processing, Inc.		2,941,866
	36,900	Banco de Chile - ADR		1,962,342
	118,700	Banco Santander Central Hispano S.A. - ADR		2,366,878
	313,800	Bank of America Corp.		11,896,158
	145,300	Bank of New York Mellon Corp.		6,063,369
	163,300	BB&T Corp.		5,235,398
	110,200	Capital One Financial Corp.		5,424,044
	110,100	Cash America International, Inc.		4,007,640
	150,000	Citigroup, Inc.		3,213,000
	105,300	Credicorp, Ltd.		7,554,222
	102,500	Discover Financial Services		1,677,925
	13,000	Everest Re Group, Ltd.		1,163,890
	225,900	EZCORP, Inc.(a)		2,780,829
	66,900	Fannie Mae		1,760,808
	112,500	Federated Investors, Inc.		4,405,500
	146,400	FirstMerit Corp.		3,024,624
	490,100	Flagstar Bancorp, Inc.		3,538,522
	72,000	Freddie Mac		1,823,040
	81,500	ING Group N.V. - ADR		3,045,655
	27,800	Jones Lang LaSalle, Inc.		2,150,052
	254,300	JPMorgan Chase & Co.		10,922,185
	45,000	M&T Bank Corp.		3,621,600
	72,400	Manulife Financial Corp.		2,749,752
	4,500	Markel Corp.(a)		1,979,865
	20,900	Mastercard, Inc. - Class A		4,660,491
	45,400	MetLife, Inc.		2,735,804
	89,000	Morgan Stanley		4,067,300
	69,700	NASDAQ Stock Market, Inc.(a)		2,694,602
	33,700	PartnerRe, Ltd.		2,571,310
	234,900	People’s United Financial, Inc.		4,066,119
	57,700	PNC Financial Services Group, Inc.		3,783,389
	65,300	Redwood Trust, Inc. - REIT		2,373,655
	168,900	Regions Financial Corp.		3,335,775
	23,300	RenaissanceRe Holdings, Ltd.		1,209,503
	90,100	SEI Investments Co.		2,224,569
	231,400	Selective Insurance Group, Inc.		5,525,832
	83,400	StanCorp Financial Group, Inc.		3,979,014

Schedule of Investments 13

Shares or Principal Amount			Value
	114,300	State Auto Financial Corp.	$	3,329,559
	64,600	State Street Corp.		5,103,400
	116,500	Sterling Financial Corp.		1,818,565
	35,700	SunTrust Banks, Inc.		1,968,498
	179,900	Synovus Financial Corp.		1,989,694
	175,000	TCF Financial Corp.		3,136,000
	136,400	TD Ameritrade Holding Corp.(a)		2,251,964
	104,100	The Charles Schwab Corp.		1,960,203
	22,600	The Goldman Sachs Group, Inc.		3,737,814
	73,400	The Hanover Insurance Group, Inc.		3,019,676
	33,300	Transatlantic Holdings, Inc.		2,209,455
	295,900	U.S. Bancorp		9,575,324
	122,700	Waddell & Reed Financial, Inc. - Class A		3,942,351
	174,700	Washington Federal, Inc.		3,990,148
	453,300	Wells Fargo & Co.		13,191,030
	132,000	World Acceptance Corp.(a)		4,204,200
	125,000	Zions Bancorp		5,693,750
Total Common Stocks (Cost $234,765,513)				231,173,638
Short-Term Investments (4.9%)
$	11,384,310	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		11,384,310
Total Short-Term Investments (Cost $11,384,310)				11,384,310

Underlying Security/
Expiration Date/
Exercise Price	Contracts		Value
Call Options Purchased (0.3%)
Bank of America Corp.,
Expiration January 2009,
Exercise Price $40.00		275		116,325
JPMorgan Chase & Co.,
Expiration January 2009,
Exercise Price $42.50		700		455,000
Total Call Options Purchased (Cost $590,550)				571,325
Total Investments 104.6% (Cost $246,740,373)				243,129,273
Liabilities Less Other Assets (4.6)%				(10,638,588	)
Net Assets 100.0%			$	232,490,685

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, 2008.
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

14 Schedule of Investments

ICON Financial Fund
Industry Composition
March 31, 2008
(Unaudited)

Diversified Banks	14.8%
Regional Banks	14.4%
Other Diversified Financial Services	12.5%
Asset Management & Custody Banks	9.4%
Property & Casualty Insurance	8.2%
Consumer Finance	7.7%
Life & Health Insurance	7.2%
Thrifts & Mortgage Finance	6.5%
Investment Banking & Brokerage	5.2%
Mortgage REITS	3.5%
Data Processing & Outsourced Services	3.3%
Reinsurance	3.1%
Multi-Line Insurance	1.5%
Specialized Finance	1.2%
Real Estate Management & Development	0.9%

Percentages are based upon net assets.

Schedule of Investments 15

ICON Healthcare Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (98.1%)
	112,400	Aetna, Inc.	$	4,730,916
	50,000	Aflac, Inc.		3,247,500
	40,000	Air Methods Corp.(a)(b)		1,934,800
	216,434	Amedisys, Inc.(a)(b)		8,514,514
	125,000	AmerisourceBergen Corp.		5,122,500
	247,300	Amgen, Inc.(a)		10,332,194
	146,400	Barr Pharmaceuticals, Inc.(a)		7,072,584
	30,000	Biogen Idec, Inc.(a)		1,850,700
	30,000	C.R. Bard, Inc.(b)		2,892,000
	75,000	Cardinal Health, Inc.		3,938,250
	85,000	Celgene Corp.(a)		5,209,650
	70,000	Cephalon, Inc.(a)(b)		4,508,000
	50,000	CIGNA Corp.		2,028,500
	100,000	Cubist Pharmaceuticals, Inc.(a)		1,842,000
	125,000	DaVita, Inc.(a)		5,970,000
	242,600	Eli Lilly & Co.		12,515,734
	80,000	Express Scripts, Inc.(a)		5,145,600
	145,000	Forest Laboratories, Inc.(a)		5,801,450
	85,000	Fresenius Medical Care AG & Co. KGaA - ADR		4,277,200
	60,000	Genentech, Inc.(a)(b)		4,870,800
	100,000	Genzyme Corp.(a)		7,454,000
	72,500	Gilead Sciences, Inc.(a)		3,735,925
	100,000	Henry Schein, Inc.(a)		5,740,000
	650,000	Johnson & Johnson, Inc.		42,165,500
	192,300	K-V Pharmaceutical Co.(a)(b)		4,799,808
	125,000	Laboratory Corp. of America Holdings(a)		9,210,000
	49,000	LifeCell Corp.(a)		2,059,470
	100,000	Lincare Holdings, Inc.(a)		2,811,000
	150,000	McKesson Corp.		7,855,500
	215,800	MedcoHealth Solutions, Inc.(a)		9,449,882
	90,000	Medtronic, Inc.		4,353,300
	300,000	Merck & Co., Inc.		11,385,000
	100,000	Owens & Minor, Inc.(b)		3,934,000
	550,000	Pfizer, Inc.		11,511,500
	150,000	PSS World Medical, Inc.(a)		2,499,000
	100,000	Quest Diagnostics, Inc.		4,527,000
	40,000	ResMed, Inc.(a)(b)		1,687,200
	75,000	Roche Holdings, Ltd. - ADR(b)		7,086,345
	300,000	Schering-Plough Corp.		4,323,000
	100,000	St. Jude Medical, Inc.(a)		4,319,000
	61,400	Stryker Corp.		3,994,070
	200,000	Teva Pharmaceutical Industries, Ltd. - ADR(b)		9,238,000
	100,000	VCA Antech, Inc.(a)		2,735,000
Total Common Stocks (Cost $264,137,081)				268,678,392

16 Schedule of Investments

Shares or Principal Amount			Value
Other Securities (14.3%)
	39,111,579	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%	$	39,111,579
Total Other Securities (Cost $39,111,579)				39,111,579
Total Investments 112.4% (Cost $303,248,660)				307,789,971
Liabilities Less Other Assets (12.4)%				(33,968,864	)
Net Assets 100.0%			$	273,821,107

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
ADR	American Depositary Receipt

Schedule of Investments 17

ICON Healthcare Fund
Industry Composition
March 31, 2008
(Unaudited)

Pharmaceuticals	42.4%
Health Care Services	18.9%
Biotechnology	15.3%
Health Care Distributors	10.6%
Health Care Equipment	6.3%
Managed Health Care	2.4%
Life & Health Insurance	1.2%
Health Care Facilities	1.0%

Percentages are based upon net assets.

18 Schedule of Investments

ICON Industrials Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (96.5%)
	60,000	ABB, Ltd. - ADR	$	1,615,200
	25,000	ABM Industries, Inc.		561,000
	35,000	Actuant Corp. - Class A		1,057,350
	5,000	Alliant Techsystems, Inc.(a)(b)		517,650
	50,000	Allied Waste Industries, Inc.(a)		540,500
	50,000	American Railcar Industries, Inc.(b)		1,016,500
	15,000	AMETEK, Inc.		658,650
	50,000	Arkansas Best Corp.(b)		1,593,000
	30,000	Astec Industries, Inc.(a)		1,162,800
	35,000	Burlington Northern Santa Fe Corp.		3,227,700
	33,700	Canadian National Railway Co. - ADR		1,628,384
	15,000	Carlisle Cos., Inc.		501,600
	50,000	Caterpillar, Inc.		3,914,500
	20,000	Celadon Group, Inc.(a)		193,600
	45,000	Con-Way, Inc.(b)		2,226,600
	15,000	Copa Holdings S.A. - Class A		571,650
	30,000	CSX Corp.		1,682,100
	30,000	Cummins, Inc.		1,404,600
	25,000	Danaher Corp.		1,900,750
	17,000	Diana Shipping, Inc.(b)		447,440
	25,000	DRS Technologies, Inc.		1,457,000
	15,000	DryShips, Inc.(b)		898,650
	57,900	Dynamex, Inc.(a)		1,464,870
	8,600	Eaton Corp.		685,162
	16,000	Esterline Technologies Corp.(a)		805,920
	15,000	Genco Shipping & Trading, Ltd.(b)		846,450
	25,000	General Dynamics Corp.		2,084,250
	530,000	General Electric Co.		19,615,300
	25,000	Goodrich Corp.		1,437,750
	10,000	Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		569,900
	31,500	Illinois Tool Works, Inc.		1,519,245
	35,000	Kirby Corp.(a)		1,995,000
	20,000	L-3 Communications Holdings, Inc.		2,186,800
	28,000	Lockheed Martin Corp.		2,780,400
	30,000	Manpower, Inc.		1,687,800
	78,800	Masco Corp.(b)		1,562,604
	25,000	Moog, Inc. - Class A(a)		1,055,250
	11,700	MSC Industrial Direct Co., Inc. - Class A		494,325
	50,000	Navios Maritime Holdings, Inc.		464,000
	59,000	Norfolk Southern Corp.		3,204,880
	30,000	Northrop Grumman Corp.		2,334,300

Schedule of Investments 19

Shares or Principal Amount			Value
	50,000	Old Dominion Freight Line, Inc.(a)(b)	$	1,591,500
	67,000	Pacer International, Inc.		1,100,810
	15,000	Parker Hannifin Corp.		1,039,050
	40,000	Raytheon Co.		2,584,400
	40,000	Republic Airways Holdings, Inc.(a)		866,400
	18,000	Robert Half International, Inc.		463,320
	25,000	Ryder System, Inc.		1,522,750
	140,000	Saia, Inc.(a)		2,220,400
	15,000	Siemens AG - ADR		1,634,100
	38,400	Simpson Manufacturing Co., Inc.(b)		1,043,712
	32,200	SkyWest, Inc.		680,064
	55,000	Tata Motors, Ltd. - ADR(b)		859,100
	27,500	Textron, Inc.		1,524,050
	39,300	The Manitowoc Co., Inc.		1,603,440
	10,000	The Toro Co.		413,900
	35,000	TrueBlue, Inc.(a)		470,400
	25,000	Union Pacific Corp.		3,134,500
	58,000	United Technologies Corp.		3,991,560
	33,100	Universal Forest Products, Inc.		1,065,820
	17,500	Valmont Industries, Inc.(b)		1,538,075
	6,300	W.W. Grainger, Inc.		481,257
	25,000	Walter Industries, Inc.		1,565,750
	13,300	Watsco, Inc.(b)		550,886
	25,000	WESCO International, Inc.(a)		912,250
Total Common Stocks (Cost $103,011,753)				108,428,924
Short-Term Investments (6.8%)
$	7,594,993	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		7,594,993
Total Short-Term Investments (Cost $7,594,993)				7,594,993
Other Securities (11.1%)
	12,512,822	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		12,512,822
Total Other Securities (Cost $12,512,822)				12,512,822
Total Investments 114.4% (Cost $123,119,568)				128,536,739
Liabilities Less Other Assets (14.4)%				(16,219,387	)
Net Assets 100.0%			$	112,317,352

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
ADR	American Depositary Receipt

20 Schedule of Investments

ICON Industrials Fund
Industry Composition
March 31, 2008
(Unaudited)

Industrial Conglomerates	22.2%
Aerospace & Defense	19.0%
Railroads	11.4%
Construction & Farm Machinery & Heavy Trucks	9.2%
Trucking	8.4%
Industrial Machinery	6.8%
Marine	4.2%
Building Products	3.2%
Human Resource & Employment Services	2.3%
Air Freight & Logistics	2.3%
Trading Companies & Distributors	2.1%
Heavy Electrical Equipment	1.4%
Airlines	1.4%
Environmental & Facilities Services	1.0%
Electrical Components & Equipment	0.6%
Diversified Commercial & Professional Services	0.5%
Airport Services	0.5%

Percentages are based upon net assets.

Schedule of Investments 21

ICON Information Technology Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (100.4%)
	60,300	Anixter International, Inc.(a)(b)	$	3,861,612
	117,100	AU Optronics Corp. - ADR(b)		2,012,949
	130,000	Avnet, Inc.(a)		4,254,900
	50,000	Bankrate, Inc.(a)(b)		2,494,500
	68,600	Canon, Inc. - ADR(b)		3,180,982
	146,600	Cisco Systems, Inc.(a)		3,531,594
	123,500	Cognizant Technology Solutions Corp.(a)		3,560,505
	50,000	Fidelity National Information Services, Inc.		1,907,000
	83,700	Fiserv, Inc.(a)		4,025,133
	129,300	Flextronics International, Ltd.(a)		1,214,127
	2,500	Google, Inc. - Class A(a)(b)		1,101,175
	93,300	Hewlett-Packard Co.		4,260,078
	234,600	Intel Corp.		4,968,828
	147,400	International Business Machines Corp.		16,971,636
	100,000	Intuit, Inc.(a)		2,701,000
	24,600	Mastercard, Inc. - Class A(b)		5,485,554
	52,400	MEMC Electronic Materials, Inc.(a)		3,715,160
	116,400	MICROS Systems, Inc.(a)		3,918,024
	450,000	Microsoft Corp.		12,771,000
	40,000	NDS Group PLC - ADR(a)		1,954,800
	96,900	Open Text Corp.(a)(b)		3,033,939
	230,900	Oracle Corp.(a)		4,516,404
	179,700	QUALCOMM, Inc.		7,367,700
	51,000	Research In Motion, Ltd.(a)		5,723,730
	45,800	SAP AG - ADR(b)		2,270,306
	95,200	ScanSource, Inc.(a)		3,445,288
	90,000	Seagate Technology		1,884,600
	100,000	SYNNEX Corp.(a)		2,122,000
	162,500	Western Digital Corp.(a)		4,394,000
	292,400	Xerox Corp.		4,377,228
Total Common Stocks (Cost $112,661,049)				127,025,752
Other Securities (17.1%)
	21,649,216	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		21,649,216
Total Other Securities (Cost $21,649,216)				21,649,216
Total Investments 117.5% (Cost $134,310,265)				148,674,968
Liabilities Less Other Assets (17.5)%				(22,126,966	)
Net Assets 100.0%			$	126,548,002

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
ADR	American Depositary Receipt

22 Schedule of Investments

ICON Information Technology Fund
Industry Composition
March 31, 2008
(Unaudited)

Computer Hardware	16.8%
Systems Software	16.8%
Communications Equipment	13.1%
Technology Distributors	10.8%
Data Processing & Outsourced Services	9.0%
Office Electronics	6.0%
Application Software	5.4%
Internet Software & Services	5.3%
Computer Storage & Peripherals	5.0%
Semiconductors	3.9%
Semiconductor Equipment	2.9%
IT Consulting & Other Services	2.8%
Electronic Equipment Manufacturers	1.6%
Electronic Manufacturing Services	1.0%

Percentages are based upon net assets.

Schedule of Investments 23

ICON Leisure and Consumer Staples Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.4%)
	23,400	Anheuser-Busch Cos., Inc.	$	1,110,330
	22,300	Archer Daniels Midland Co.		917,868
	20,500	Avon Products, Inc.		810,570
	19,700	Bob Evans Farms, Inc.(a)(b)		543,523
	22,800	Brinker International, Inc.		422,940
	15,300	British American Tobacco PLC - ADR		1,158,975
	29,100	CBRL Group, Inc.		1,040,907
	18,500	Central European Distribution Corp.(a)(b)		1,076,515
	4,000	CF Industries Holdings, Inc.		414,480
	12,400	Church & Dwight Co., Inc.		672,576
	26,300	Coca-Cola Enterprises, Inc.		636,460
	14,300	Colgate-Palmolive Co.		1,114,113
	50,800	Comcast Corp. - Class A		982,472
	13,300	Corn Products International, Inc.		493,962
	6,800	Ctrip.com International, Ltd. - ADR		360,536
	35,000	CVS Caremark Corp.		1,417,850
	32,000	Darden Restaurants, Inc.		1,041,600
	25,200	Fresh Del Monte Produce, Inc.(a)		917,280
	12,800	H.J. Heinz Co.		601,216
	10,100	Hasbro, Inc.		281,790
	13,200	Hormel Foods Corp.		549,912
	20,700	Jack in the Box, Inc.(a)		556,209
	13,400	Kimberly-Clark Corp.		864,970
	29,100	Kroger Co.		739,140
	18,500	Marriott International, Inc. - Class A		635,660
	38,200	Mattel, Inc.		760,180
	9,000	McCormick & Co., Inc.		332,730
	44,100	McCormick & Schmick’s Seafood Restaurants, Inc.(a)		513,765
	17,300	Molson Coors Brewing Co. - Class B		909,461
	9,300	Monsanto Co.		1,036,950
	12,200	Morningstar, Inc.(a)		748,470
	33,736	News Corp. - Class A		632,550
	27,300	PepsiCo, Inc.		1,971,060
	21,500	Polaris Industries, Inc.(a)(b)		881,715
	29,400	Pool Corp.(a)(b)		555,366
	39,700	Procter & Gamble Co.		2,781,779
	46,100	Rentrak Corp.(a)		556,888
	10,400	Reynolds American, Inc.		613,912
	15,700	Royal Caribbean Cruises, Ltd.(a)(b)		516,530
	20,800	Scholastic Corp.(a)		629,616
	29,300	Sonic Corp.(a)(b)		645,772
	24,300	Starbucks Corp.(a)		425,250
	5,500	The Andersons, Inc.(a)(b)		245,355
	36,200	The DIRECTV Group, Inc.(a)		897,398
	21,800	The Pepsi Bottling Group, Inc.		739,238

24 Schedule of Investments

Shares or Principal Amount			Value
	54,170	The Walt Disney Co.	$	1,699,854
	14,300	Unilever PLC - ADR		482,196
	18,100	UST, Inc.		986,812
	27,600	Viacom, Inc. - Class B(a)		1,093,512
	35,900	Wal-Mart Stores, Inc.		1,891,212
	5,300	Wimm-Bill-Dann Foods OJSC - ADR		543,144
	8,400	Yum! Brands, Inc.		312,564
Total Common Stocks (Cost $41,728,924)				42,765,133
Short-Term Investments (0.2%)
$	67,397	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		67,397
Total Short-Term Investments (Cost $67,397)				67,397
Other Securities (9.1%)
	3,921,114	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		3,921,114
Total Other Securities (Cost $3,921,114)				3,921,114
Total Investments 108.7% (Cost $45,717,435)				46,753,644
Liabilities Less Other Assets (8.7)%				(3,740,764	)
Net Assets 100.0%			$	43,012,880

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
ADR	American Depositary Receipt

Schedule of Investments 25

ICON Leisure and Consumer Staples Fund
Industry Composition
March 31, 2008
(Unaudited)

Restaurants	12.8%
Household Products	12.7%
Movies & Entertainment	9.2%
Soft Drinks	7.8%
Tobacco	6.4%
Packaged Foods & Meats	5.9%
Leisure Products	5.7%
Agricultural Products	5.3%
Brewers	4.7%
Hypermarkets & Super Centers	4.4%
Broadcasting & Cable TV	4.4%
Hotels Resorts & Cruise Lines	3.5%
Fertilizers & Agricultural Chemicals	3.4%
Drug Retail	3.3%
Publishing	3.2%
Distillers & Vintners	2.5%
Personal Products	1.9%
Food Retail	1.7%
Food Distributors	0.6%

Percentages are based upon net assets.

26 Schedule of Investments

ICON Materials Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.6%)
	75,000	Air Products & Chemical, Inc.	$	6,900,000
	75,000	Airgas, Inc.		3,410,250
	103,000	Albemarle Corp.		3,761,560
	140,000	Alcoa, Inc.		5,048,400
	15,000	Allegheny Technologies, Inc.(a)(b)		1,070,400
	50,000	ArcelorMittal — Class A(a)(b)		4,090,000
	75,000	Arch Chemicals, Inc.		2,794,500
	76,000	Ball Corp.		3,491,440
	25,000	Bemis Co., Inc.		635,750
	20,000	BHP Billiton, Ltd. - ADR(a)(b)		1,317,000
	8,300	Burlington Northern Santa Fe Corp.		765,426
	30,000	Celanese Corp., Series A		1,171,500
	59,900	Cemex S.A.B. de C.V. - ADR(a)(b)		1,564,588
	20,000	CF Industries Holdings, Inc.		2,072,400
	62,600	Companhia Vale do Rio Doce - ADR(a)(b)		2,168,464
	35,900	CRH PLC - ADR(a)(b)		1,376,765
	20,000	Crown Holdings, Inc.		503,200
	8,800	Diamond Offshore Drilling, Inc.		1,024,320
	125,000	Dow Chemical Co.		4,606,250
	150,000	Freeport-McMoRan Copper & Gold, Inc. - Class B		14,433,000
	60,000	Greif, Inc. - Class A		4,075,800
	59,700	H.B. Fuller Co.		1,218,477
	107,000	Hercules, Inc.		1,957,030
	45,000	Lubrizol Corp.		2,497,950
	17,900	Martin Marietta Materials, Inc.(a)(b)		1,900,443
	205,000	Monsanto Co.		22,857,500
	117,200	Newmont Mining Corp.		5,309,160
	50,000	NN, Inc.		486,500
	12,400	Norfolk Southern Corp.		673,568
	30,000	Old Dominion Freight Line, Inc.(a)(b)		954,900
	35,000	Pactiv Corp.		917,350
	50,000	PPG Industries, Inc.		3,025,500
	44,000	Praxair, Inc.		3,706,120
	20,000	Reliance Steel & Aluminum Co.		1,197,200
	100,000	RPM International, Inc.		2,094,000
	15,000	Ryder System, Inc.		913,650
	75,000	Sealed Air Corp.		1,893,750
	70,000	Sonoco Products Co.		2,004,100
	6,700	Southern Copper Corp.(a)(b)		695,661
	40,000	Terra Industries, Inc.		1,421,200
	85,000	The Valspar Corp.		1,686,400
	4,026	Transocean, Inc.		544,316
	10,000	Union Pacific Corp.		1,253,800

Schedule of Investments 27

Shares or Principal Amount			Value
	17,900	Vulcan Materials Co.(a)(b)	$	1,188,560
	50,000	Worthington Industries, Inc.(a)(b)		843,500
Total Common Stocks (Cost $109,692,275)				127,521,648
Short-Term Investments (1.4%)
$	1,733,210	Brown Brothers Harriman Time Deposit - U.S. Dollar, 1.63%, 04/01/08#		1,733,210
Total Short-Term Investments (Cost $1,733,210)				1,733,210
Other Securities (12.5%)
	16,103,358	Brown Brothers Harriman Securities Lending Investment Fund, 3.03%		16,103,358
Total Other Securities (Cost $16,103,358)				16,103,358
Total Investments 113.5% (Cost $127,528,843)				145,358,216
Liabilities Less Other Assets (13.5)%				(17,343,727	)
Net Assets 100.0%			$	128,014,489

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

(a)	Non-income producing security.
(b)	All or a portion of the security was on loan as of March 31, 2008.
#	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, 2008.
ADR	American Depositary Receipt

28 Schedule of Investments

ICON Materials Fund
Industry Composition
March 31, 2008
(Unaudited)

Fertilizers & Agricultural Chemicals	20.6%
Diversified Metals & Mining	14.5%
Specialty Chemicals	11.0%
Industrial Gases	11.0%
Diversified Chemicals	7.5%
Metal & Glass Containers	7.0%
Steel	6.0%
Construction Materials	4.7%
Gold	4.2%
Aluminum	3.9%
Paper Packaging	3.6%
Railroads	2.1%
Trucking	1.4%
Oil & Gas Drilling	1.2%
Commodity Chemicals	0.9%

Percentages are based upon net assets.

Schedule of Investments 29

ICON Telecommunication & Utilities Fund
Schedule of Investments
March 31, 2008 (unaudited)

Shares or Principal Amount			Value
Common Stocks (99.0%)
	66,200	Allegheny Energy, Inc.	$	3,343,100
	53,406	America Movil S.A.B. de C.V. - ADR		3,401,428
	70,000	American Electric Power Co., Inc.		2,914,100
	722,000	AT&T, Inc.		27,652,600
	5,000	China Mobile, Ltd. - ADR		375,050
	15,100	Companhia de Saneamento Basico do Estado de Sao Paulo - ADR		669,383
	59,100	Constellation Energy Group, Inc.		5,216,757
	62,200	Dominion Resources, Inc. of Virginia		2,540,248
	25,100	DRS Technologies, Inc.		1,462,828
	96,000	Edison International		4,705,920
	111,600	El Paso Electric Co.(a)		2,384,892
	15,500	Entergy Corp.		1,690,740
	20,000	Exelon Corp.		1,625,400
	16,000	First Energy Corp.		1,097,920
	43,000	FPL Group, Inc.		2,697,820
	200,000	France Telecom S.A. - ADR		6,716,000
	13,800	L-3 Communications Holdings, Inc.		1,508,892
	10,000	Lockheed Martin Corp.		993,000
	4,500	Millicom International Cellular S.A.(a)		425,475
	6,000	Mobile TeleSystems - ADR		455,100
	26,000	Pepco Holdings, Inc.		642,720
	78,500	Premiere Global Services, Inc.(a)		1,125,690
	27,500	Progress Energy, Inc.		1,146,750
	130,000	Public Service Enterprise		5,224,700
	21,200	RWE AG - ADR		2,628,291
	52,300	Southern Co.		1,862,403
	82,400	Swisscom AG - ADR		2,834,700
	25,100	Tele Norte Leste Participacoes S.A. - ADR		666,154
	88,966	Telefonica S.A. - ADR		7,696,449
	39,300	Telefonos de Mexico S.A. de C.V. - ADR		1,477,680
	43,700	Telenor ASA - ADR		2,515,324
	139,100	Verizon Communications, Inc.		5,070,195
	30,000	Vimpel-Communications - ADR		896,700
	60,000	Xcel Energy, Inc.		1,197,000
Total Investments 99.0% (Cost $101,699,218)				106,861,409
Other Assets Less Liabilities 1.0%				1,037,212
Net Assets 100.0%			$	107,898,621

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

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

30 Schedule of Investments

ICON Telecommunication & Utilities Fund
Industry Composition
March 31, 2008
(Unaudited)

Integrated Telecommunication Services	50.5%
Electric Utilities	22.4%
Multi-Utilities	10.7%
Wireless Telecommunication Services	5.2%
Independent Power Producers & Energy Traders	4.8%
Aerospace & Defense	3.7%
Alternative Carriers	1.1%
Water Utilities	0.6%

Percentages are based upon net assets.

Schedule of Investments 31

Statements of Assets and Liabilities
March 31, 2008 (unaudited)

	ICON
	Consumer			ICON		ICON			ICON
	Discretionary			Energy		Financial			Healthcare
	Fund			Fund		Fund			Fund
Assets
Investments, at cost	$	111,888,695		$	570,052,019	$	246,740,373		$	303,248,660
Investments, at value†		111,531,604			661,993,289		243,129,273			307,789,971
Cash		-			-		-			-
Receivables:
Fund shares sold		97,600			501,586		212,116			196,809
Investments sold		—			8,033,288		3,748,669			9,093,257
Interest		8,302			50,009		515			27,380
Dividends		88,581			177,769		456,887			272,167
Other assets		27,780			77,502		34,608			59,237
Total Assets	$	111,753,867			670,833,443		247,582,068			317,438,821
Liabilities
Payables:
Due to custodian bank		82,114			-		1,558,080			3,619,271
Investments bought		8,105,051			-		13,137,954			-
Payable for collateral received on securities loaned		9,735,254			42,616,749		-			39,111,579
Fund shares redeemed		72,931			1,010,845		170,297			505,726
Advisory fees		59,575			531,798		180,174			270,482
Fund accounting fees		1,934			4,352		2,630			3,121
Transfer agent fees		33,504			69,473		15,131			73,364
Administration fees		2,919			26,040		8,647			13,361
Trustee fees		4,248			37,814		12,730			18,914
Accrued expenses		12,842			3,426		5,740			1,896
Total Liabilities		18,110,372			44,300,497		15,091,383			43,617,714
Net Assets	$	93,643,495		$	626,532,946	$	232,490,685		$	273,821,107
Net Assets Consist of
Paid-in capital	$	92,921,854		$	439,250,568	$	253,814,740		$	269,903,963
Accumulated undistributed net investment income/(loss)		(44,535	)		1,736,492		1,211,385			(445,409	)
Accumulated undistributed net realized gain/(loss) from investment transactions		1,123,267			93,604,616		(18,924,340	)		(178,758	)
Unrealized appreciation/ (depreciation) on investment transactions		(357,091	)		91,941,270		(3,611,100	)		4,541,311
Net Assets	$	93,643,495		$	626,532,946	$	232,490,685		$	273,821,107
Shares outstanding (unlimited shares authorized no par value)		12,042,697			20,966,993		22,829,473			20,375,781
Net asset value (offering and redemption price per share)	$	7.78		$	29.88	$	10.18		$	13.44

†  Includes securities on loan of $9,704,194, $41,959,832, $0, $38,579,165, $12,263,527, $21,408,930, $3,884,958, $15,889,236, and $0.

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

32 Financial Statements

			ICON
ICON			Information			ICON Leisure			ICON		ICON
Industrials			Technology			and Consumer			Materials		Telecommunication
Fund			Fund			Staples Fund			Fund		& Utilities Fund
$	123,119,568		$	134,310,265		$	45,717,435		$	127,528,843	$	101,699,218
	128,536,739			148,674,968			46,753,644			145,358,216		106,861,409
	—			-			-			8,415		-
	30,859			29,730			19,633			406,808		117,754
	—			6,109,085			407,157			297,964		3,725,377
	13,450			31,853			10,744			13,276		-
	231,264			20,723			69,056			160,912		196,429
	41,503			41,042			19,726			36,846		42,022
	128,853,815			154,907,401			47,279,960			146,282,437		110,942,991
	—			6,292,488			-			-		2,681,624
	3,755,321			-			202,547			1,805,722		-
	12,512,822			21,649,216			3,921,114			16,103,358		-
	114,961			188,605			46,364			189,894		178,190
	83,437			126,491			36,729			106,938		98,296
	2,226			2,067			1,791			2,081		1,992
	17,229			42,922			16,834			21,199		40,195
	4,111			6,182			1,742			5,124		4,608
	5,910			8,855			2,586			7,536		6,902
	40,446			42,573			37,373			26,096		32,563
	16,536,463			28,359,399			4,267,080			18,267,948		3,044,370
$	112,317,352		$	126,548,002		$	43,012,880		$	128,014,489	$	107,898,621
$	107,898,103		$	137,032,111		$	42,910,540		$	108,395,946	$	107,482,071
	189,488			(757,653	)		(411	)		204,860		731,095
	(1,187,410	)		(24,091,159	)		(933,458	)		1,584,310		(5,476,736	)
	5,417,171			14,364,703			1,036,209			17,829,373		5,162,191
$	112,317,352		$	126,548,002		$	43,012,880		$	128,014,489	$	107,898,621
	12,000,278			13,948,186			5,246,481			10,431,137		14,235,983
$	9.36		$	9.07		$	8.20		$	12.27	$	7.58

Financial Statements 33

Statements of Operations
For the period ended March 31, 2008 (unaudited)

	ICON
	Consumer			ICON			ICON			ICON
	Discretionary			Energy			Financial			Healthcare
	Fund			Fund			Fund			Fund
Investment Income
Interest	$	26,395		$	167,599		$	56,029		$	124,730
Dividends		312,849			5,568,356			2,247,439			1,724,660
Income from securities lending, net		19,766			175,259			-			99,685
Foreign taxes withheld		-			-			-			-
Total Investment Income		359,010			5,911,214			2,303,468			1,949,075
Expenses
Advisory fees		258,500			3,594,133			948,659			2,021,216
Fund accounting fees		7,242			85,946			23,319			49,088
Transfer agent fees		38,798			161,757			54,887			148,740
Administration fees		12,041			169,830			44,137			93,913
Audit fees		7,750			7,750			7,750			7,750
Registration fees		14,314			26,547			15,735			22,672
Insurance expense		3,623			26,164			6,947			16,619
Trustee fees and expenses		3,813			18,665			4,423			10,193
Interest expense		23,315			14,477			18,994			32,327
Other expenses		34,919			80,359			2,224			43,762
Total expenses before transfer agent earnings credit		404,315			4,185,628			1,127,075			2,446,280
Transfer agent earnings credit		(770	)		(10,859	)		(2,924	)		(5,936	)
Net Expenses		403,545			4,174,769			1,124,151			2,440,344
Net Investment Income/(Loss)		(44,535	)		1,736,445			1,179,317			(491,269	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investment transactions		2,568,857			144,167,092			(18,579,464	)		5,836,338
Net realized gain/(loss) from foreign currency translations		-			302			-			-
Change in unrealized net appreciation/(depreciation) on investments		(8,777,502	)		(191,574,639	)		(22,423,494	)		(75,018,378	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions		(6,208,645	)		(47,407,245	)		(41,002,958	)		(69,182,040	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(6,253,180	)	$	(45,670,800	)	$	(39,823,641	)	$	(69,673,309	)

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

34 Financial Statements

			ICON
ICON			Information			ICON Leisure			ICON			ICON
Industrials			Technology			and Consumer			Materials			Telecommunication
Fund			Fund			Staples Fund			Fund			& Utilities Fund
$	58,378		$	34,895		$	18,278		$	60,226		$	92,944
	1,027,179			548,257			283,421			923,640			1,530,393
	64,963			113,833			37,461			53,674			-
	-			(19,159	)		-			(150	)		-
	1,150,520			677,826			339,160			1,037,390			1,623,337
	744,965			1,117,386			213,127			645,712			663,305
	20,427			28,593			8,881			17,772			18,362
	44,899			64,520			40,200			65,316			61,115
	34,578			51,874			9,911			30,021			30,833
	7,750			7,750			7,750			7,750			7,750
	17,784			18,522			10,805			15,752			20,552
	5,411			8,835			1,049			3,999			3,852
	9,486			11,839			7,038			9,822			9,483
	39,854			57,210			92			297			20,929
	48,449			72,096			41,432			38,108			58,160
	973,603			1,438,625			340,285			834,549			894,341
	(2,198	)		(3,146	)		(681	)		(1,974	)		(2,052	)
	971,405			1,435,479			339,604			832,575			892,289
	179,115			(757,653	)		(444	)		204,815			731,048
	(1,187,606	)		5,331,315			(933,489	)		2,982,862			(4,722,323	)
	-			-			-			-			-
	(19,354,996	)		(47,055,568	)		(3,562,302	)		(9,950,851	)		(11,885,793	)
	(20,542,602	)		(41,724,253	)		(4,495,791	)		(6,967,989	)		(16,608,116	)
$	(20,363,487	)	$	(42,481,906	)	$	(4,496,235	)	$	(6,763,174	)	$	(15,877,068	)

Financial Statements 35

Statements of Changes in Net Assets

	ICON Consumer Discretionary Fund
	Period Ended			Year Ended
	March 31,			September 30,
	2008 (Unaudited)			2007
Operations
Net investment income/(loss)	$	(44,535	)	$	(434,551	)
Net realized gain/(loss) from investment transactions		2,568,857			9,399,406
Net realized gain/(loss) from foreign currency translations		-			-
Change in net unrealized appreciation/(depreciation) on investments and foreign currency translations		(8,777,502	)		(1,555,381	)
Net increase/(decrease) in net assets resulting from operations		(6,253,180	)		7,409,474
Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		(5,715,433	)		-
Net decrease from dividends and distributions		(5,715,433	)		-
Fund Share Transactions
Shares sold		87,400,817			89,592,479
Reinvested dividends and distributions		5,647,506			-
Shares repurchased		(81,913,450	)		(113,316,789	)
Net increase/(decrease) from fund share transactions		11,134,873			(23,724,310	)
Total net increase/(decrease) in net assets		(833,740	)		(16,314,836	)
Net Assets
Beginning of period		94,477,235			110,792,071
End of period	$	93,643,495		$	94,477,235
Transactions in Fund Shares
Shares sold		10,986,797			6,847,754
Reinvested dividends and distributions		657,451			-
Shares repurchased		(6,986,665	)		(8,612,211	)
Net increase/(decrease)		4,657,583			(1,764,457	)
Shares outstanding beginning of period		7,385,114			9,149,571
Shares outstanding end of period		12,042,697			7,385,114
Purchase and Sales of Investment Securities
(excluding short-term securities)
Purchase of securities	$	94,173,782		$	200,968,196
Proceeds from sales of securities		92,878,254			225,414,872
Accumulated undistributed net investment income/(loss)	$	(44,535	)	$	-

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

36 Financial Statements

ICON Energy Fund						ICON Financial Fund
Period Ended			Year Ended			Period Ended			Year Ended
March 31,			September 30,			March 31,			September 30,
2008 (Unaudited)			2007			2008 (Unaudited)			2007
$	1,736,445		$	1,729,511		$	1,179,317		$	2,783,883
	144,167,092			148,157,856			(18,579,464	)		32,263,708
	302			-			-			-
	(191,574,639	)		99,930,732			(22,423,494	)		(18,892,178	)
	(45,670,800	)		249,818,099			(39,823,641	)		16,155,413
	(2,043,462	)		-			(1,809,844	)		(3,859,545	)
	(177,660,859	)		(71,884,906	)		(19,270,780	)		(15,342,221	)
	(179,704,321	)		(71,884,906	)		(21,080,624	)		(19,201,766	)
	67,496,164			240,156,174			145,305,510			72,560,984
	172,298,136			66,740,457			20,824,424			18,814,482
	(203,961,197	)		(457,121,104	)		(72,823,916	)		(256,853,973	)
	35,833,103			(150,224,473	)		93,306,018			(165,478,507	)
	(189,542,018	)		27,708,720			32,401,753			(168,524,860	)
	816,074,964			788,366,244			200,088,932			368,613,792
$	626,532,946		$	816,074,964		$	232,490,685		$	200,088,932
	1,995,975			6,798,155			13,073,569			4,850,768
	5,426,713			2,077,847			1,728,168			1,267,822
	(6,137,037	)		(13,927,421	)		(5,965,977	)		(17,605,528	)
	1,285,651			(5,051,419	)		8,835,760			(11,486,938	)
	19,681,342			24,732,761			13,993,713			25,480,651
	20,966,993			19,681,342			22,829,473			13,993,713
$	480,868,071		$	392,001,086		$	351,935,148		$	292,616,174
	615,062,018			574,733,632			165,751,496			477,406,026
$	1,736,492		$	2,043,509		$	1,211,385		$	1,841,912

Financial Statements 37

Statements of Changes in Net Assets (continued)

	ICON Healthcare Fund
	Period Ended			Year Ended
	March 31,			September 30,
	2008 (Unaudited)			2007
Operations
Net investment income/(loss)	$	(491,269	)	$	45,860
Net realized gain/(loss) from investment transactions		5,836,338			38,078,093
Change in net unrealized appreciation/(depreciation) on investments		(75,018,378	)		(4,357,126	)
Net increase/(decrease) in net assets resulting from operations		(69,673,309	)		33,766,827
Dividends and Distributions to Shareholders
Net investment income		-			-
Net realized gains		(35,443,355	)		(43,433,266	)
Net decrease from dividends and distributions		(35,443,355	)		(43,433,266	)
Fund Share Transactions
Shares sold		96,317,728			181,868,544
Reinvested dividends and distributions		33,320,610			39,813,766
Shares repurchased		(223,987,080	)		(384,931,407	)
Net increase/(decrease) from fund share transactions		(94,348,742	)		(163,249,097	)
Total net increase/(decrease) in net assets		(199,465,406	)		(172,915,536	)
Net Assets
Beginning of period		473,286,513			646,202,049
End of period	$	273,821,107		$	473,286,513
Transactions in Fund Shares
Shares sold		5,871,617			10,331,471
Reinvested dividends and distributions		2,093,003			2,401,313
Shares repurchased		(14,360,209	)		(21,963,906	)
Net increase/(decrease)		(6,395,589	)		(9,231,122	)
Shares outstanding beginning of period		26,771,370			36,002,492
Shares outstanding end of period		20,375,781			26,771,370
Purchase and Sales of Investment Securities
(excluding short-term securities)
Purchase of securities	$	103,347,136		$	129,819,228
Proceeds from sales of securities		236,161,837			316,128,173
Accumulated undistributed net investment income/(loss)	$	(445,409	)	$	45,860

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

38 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,
2008 (Unaudited)			2007			2008 (Unaudited)			2007
$	179,115		$	181,434		$	(757,653	)	$	(1,190,645	)
	(1,187,606	)		10,093,733			5,331,315			22,583,204
	(19,354,996	)		15,827,903			(47,055,568	)		34,418,793
	(20,363,487	)		26,103,070			(42,481,906	)		55,811,352
	(125,130	)		(29,288	)		-			-
	(5,678,288	)		(30,562,108	)		-			-
	(5,803,418	)		(30,591,396	)		-			-
	77,099,134			102,467,349			29,946,218			102,161,768
	5,764,952			30,151,213			-			-
	(100,118,350	)		(78,406,365	)		(127,881,092	)		(132,996,792	)
	(17,254,264	)		54,212,197			(97,934,874	)		(30,835,024	)
	(43,421,169	)		49,723,871			(140,416,780	)		24,976,328
	155,738,521			106,014,650			266,964,782			241,988,454
$	112,317,352		$	155,738,521		$	126,548,002		$	266,964,782
	7,310,469			10,027,742			2,724,839			10,238,362
	571,353			3,426,275			-			-
	(10,348,590	)		(7,006,122	)		(12,996,843	)		(13,770,758	)
	(2,466,768	)		6,447,895			(10,272,004	)		(3,532,396	)
	14,467,046			8,019,151			24,220,190			27,752,586
	12,000,278			14,467,046			13,948,186			24,220,190
$	111,612,546		$	167,987,214		$	122,472,814		$	191,800,451
	136,393,180			140,686,846			219,065,345			225,844,274
$	189,488		$	135,503		$	(757,653	)	$	-

Financial Statements 39

Statements of Changes in Net Assets (continued)

	ICON Leisure and Consumer
	Staples Fund
	Period Ended			Year Ended
	March 31,			September 30,
	2008 (Unaudited)			2007
Operations
Net investment income/(loss)	$	(444	)	$	749,754
Net realized gain/(loss) from investment transactions		(933,489	)		12,220,864
Change in net unrealized appreciation/(depreciation) on investments		(3,562,302	)		53,228
Net increase/(decrease) in net assets resulting from operations		(4,496,235	)		13,023,846
Dividends and Distributions to Shareholders
Net investment income		(530,094	)		(219,627	)
Net realized gains		(6,370,211	)		(38,584	)
Net decrease from dividends and distributions		(6,900,305	)		(258,211	)
Fund Share Transactions
Shares sold		24,173,076			38,286,389
Reinvested dividends and distributions		6,759,578			238,048
Shares repurchased		(8,094,163	)		(87,855,183	)
Net increase/(decrease) from fund share transactions		22,838,491			(49,330,746	)
Total net increase/(decrease) in net assets		11,441,951			(36,565,111	)
Net Assets
Beginning of period		31,570,929			68,136,040
End of period	$	43,012,880		$	31,570,929
Transactions in Fund Shares
Shares sold		2,392,974			4,103,651
Reinvested dividends and distributions		765,524			23,949
Shares repurchased		(885,392	)		(8,551,820	)
Net increase/(decrease)		2,273,106			(4,424,220	)
Shares outstanding beginning of period		2,973,375			7,397,595
Shares outstanding end of period		5,246,481			2,973,375
Purchase and Sales of Investment Securities
(excluding short-term securities)
Purchase of securities	$	42,800,689		$	108,060,147
Proceeds from sales of securities		26,465,984			157,645,145
Accumulated undistributed net investment income/(loss)	$	(411	)	$	530,127

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

40 Financial Statements

						ICON Telecommunication &
ICON Materials Fund						Utilities Fund
Period Ended			Year Ended			Period Ended			Year Ended
March 31,			September 30,			March 31,			September 30,
2008 (Unaudited)			2007			2008 (Unaudited)			2007
$	204,815		$	721,000		$	731,048		$	1,332,560
	2,982,862			28,330,381			(4,722,323	)		24,415,452
	(9,950,851	)		18,977,096			(11,885,793	)		7,591,509
	(6,763,174	)		48,028,477			(15,877,068	)		33,339,521
	(495,395	)		(1,332,635	)		(1,083,543	)		(1,406,911	)
	(20,315,377	)		(11,756,758	)		(15,519,409	)		(8,089,030	)
	(20,810,772	)		(13,089,393	)		(16,602,952	)		(9,495,941	)
	44,672,892			72,893,695			88,117,470			108,372,109
	19,305,814			12,497,890			15,458,710			9,342,455
	(39,710,977	)		(124,107,302	)		(72,706,129	)		(151,811,576	)
	24,267,729			(38,715,717	)		30,870,051			(34,097,012	)
	(3,306,217	)		(3,776,633	)		(1,609,969	)		(10,253,432	)
	131,320,706			135,097,339			109,508,590			119,762,022
$	128,014,489		$	131,320,706		$	107,898,621		$	109,508,590
	3,314,608			5,551,693			9,802,520			12,870,519
	1,551,914			1,084,886			1,860,254			1,207,036
	(2,970,474	)		(9,679,280	)		(9,336,160	)		(17,812,609	)
	1,896,048			(3,042,701	)		2,326,614			(3,735,054	)
	8,535,089			11,577,790			11,909,369			15,644,423
	10,431,137			8,535,089			14,235,983			11,909,369
$	64,592,503		$	130,657,599		$	85,505,773		$	165,662,385
	56,827,251			186,180,196			69,810,090			208,944,366
$	204,860		$	495,440		$	731,095		$	1,083,590

Financial Statements 41

Financial Highlights

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Consumer Discretionary Fund
Period Ended March 31, 2008(unaudited)	$	12.79	$	(0.01	)	$	(2.01	)	$	(2.02	)	$	-		$	(2.99	)
Year Ended September 30, 2007		12.11		(0.04	)		0.72			0.68			-			-
Year Ended September 30, 2006		13.61		(0.06	)		0.79			0.73			-			(2.23	)
Year Ended September 30, 2005		12.70		(0.08	)		0.99			0.91			-			-
Year Ended September 30, 2004		11.79		(0.05	)		0.96			0.91			-			-
Year Ended September 30, 2003		10.12		(0.08	)		1.75			1.67			-			-
ICON Energy Fund
Period Ended March 31, 2008(unaudited)		41.46		0.08			(1.88	)		(1.80	)		(0.11	)		(9.67	)
Year Ended September 30, 2007		31.88		0.08			12.86			12.94			-			(3.36	)
Year Ended September 30, 2006		33.76		(0.06	)		(0.89	)		(0.95	)		(0.08	)		(0.85	)
Year Ended September 30, 2005		21.81		0.10			11.85			11.95			-			-
Year Ended September 30, 2004		13.70		(0.04	)		8.15			8.11			-			-
Year Ended September 30, 2003		11.84		(0.04	)		1.90			1.86			-			-
ICON Financial Fund
Period Ended March 31, 2008(unaudited)		14.30		0.08			(2.53	)		(2.45	)		(0.14	)		(1.53	)
Year Ended September 30, 2007		14.47		0.13			0.45			0.58			(0.15	)		(0.60	)
Year Ended September 30, 2006		13.43		0.15			1.84			1.99			(0.09	)		(0.86	)
Year Ended September 30, 2005		13.36		0.13			0.99			1.12			(0.03	)		(1.02	)
Year Ended September 30, 2004		10.78		0.04			2.60			2.64			(0.06	)		-
Year Ended September 30, 2003		8.84		0.05			1.92			1.97			(0.03	)		-

(x)	Calculated using the average share method.
(a)	Not annualized.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.

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

42 Financial Highlights

										Ratio of expenses to					Ratio of net investment
distributions										average net assets					income to average net assets
								Net assets,
Total			Net asset					end of		Before transfer		After transfer			Before transfer			After transfer			Portfolio
dividends and			value, end		Total			period (in		agent earnings		agent earnings			agent earnings			agent earnings			turnover
distributions			of period		return(a)			thousands)		credit(b)		credit(b)			credit(b)			credit(b)			rate(c)
$	(2.99	)	$	7.78		(17.99	)%	$	93,643		1.57%		1.56	%		(0.17	)%		(0.17	)%		165.36	%
	-			12.79		5.62	%		94,477		1.30%		1.30	%		(0.31	)%		(0.31	)%		144.89	%
	(2.23	)		12.11		6.20	%		110,792		N/A		1.32	%		N/A			(0.46	)%		173.83	%
	-			13.61		7.17	%		169,422		N/A		1.25	%		N/A			(0.57	)%		157.94	%
	-			12.70		7.72	%		151,922		N/A		1.31	%		N/A			(0.38	)%		120.63	%
	-			11.79		16.50	%		150,065		N/A		1.40	%		N/A			(0.79	)%		174.51	%
	(9.78	)		29.88		(5.72	)%		626,533		1.15%		1.15	%		0.48	%		0.48	%		66.73	%
	(3.36	)		41.46		43.64	%		816,075		1.18%		1.17	%		0.23	%		0.24	%		54.75	%
	(0.93	)		31.88		(2.81	)%		788,366		N/A		1.17	%		N/A			(0.16	)%		22.86	%
	-			33.76		54.79	%		1,008,958		N/A		1.21	%		N/A			0.37	%		27.51	%
	-			21.81		59.20	%		287,614		N/A		1.35	%		N/A			(0.20	)%		13.42	%
	-			13.70		15.71	%		55,629		N/A		1.40	%		N/A			(0.29	)%		42.53	%
	(1.67	)		10.18		(18.95	)%		232,491		1.19%		1.19	%		1.24	%		1.24	%		86.07	%
	(0.75	)		14.30		3.84	%		200,089		1.21%		1.21	%		0.86	%		0.86	%		93.04	%
	(0.95	)		14.47		15.53	%		368,614		N/A		1.20	%		N/A			1.10	%		153.47	%
	(1.05	)		13.43		8.29	%		210,883		N/A		1.26	%		N/A			1.00	%		170.75	%
	(0.06	)		13.36		24.53	%		188,393		N/A		1.32	%		N/A			0.34	%		114.50	%
	(0.03	)		10.78		22.35	%		139,261		N/A		1.34	%		N/A			0.54	%		142.77	%

Financial Highlights 43

Financial Highlights (continued)

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Healthcare Fund
Period Ended March 31, 2008(unaudited)	$	17.68	$	(0.02	)	$	(2.70	)	$	(2.72	)	$	-		$	(1.52	)
Year Ended September 30, 2007		17.95		-	(d)		1.19			1.19			-			(1.46	)
Year Ended September 30, 2006		17.94		(0.10	)		0.38			0.28			-			(0.27	)
Year Ended September 30, 2005		13.70		(0.14	)		4.42			4.28			-			(0.04	)
Year Ended September 30, 2004		12.28		(0.14	)		1.56			1.42			-			-
Year Ended September 30, 2003		10.35		(0.09	)		2.02			1.93			-			-
ICON Industrials Fund
Period Ended March 31, 2008(unaudited)		10.77		0.01			(1.08	)		(1.07	)		(0.01	)		(0.33	)
Year Ended September 30, 2007		13.22		0.02			2.63			2.65			-	(d)		(5.10	)
Year Ended September 30, 2006		12.70		(0.04	)		0.97			0.93			-			(0.41	)
Year Ended September 30, 2005		10.52		(0.04	)		2.22			2.18			-			-
Year Ended September 30, 2004		8.80		(0.05	)		1.77			1.72			-			-
Year Ended September 30, 2003		7.96		(0.05	)		0.89			0.84			-			-
ICON Information Technology Fund
Period Ended March 31, 2008(unaudited)		11.02		(0.04	)		(1.91	)		(1.95	)		-			-
Year Ended September 30, 2007		8.72		(0.05	)		2.35			2.30			-			-
Year Ended September 30, 2006		8.70		(0.05	)		0.07			0.02			-			-
Year Ended September 30, 2005		7.90		(0.08	)		0.88			0.80			-			-
Year Ended September 30, 2004		8.27		(0.08	)		(0.29	)		(0.37	)		-			-
Year Ended September 30, 2003		5.98		(0.08	)		2.37			2.29			-			-

(x)	Calculated using the average share method.
(a)	Not annualized.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	Amount less than $0.005.

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

44 Financial Highlights

										Ratio of expenses to					Ratio of net investment
distributions										average net assets					income to average net assets
								Net assets,
Total			Net asset					end of		Before transfer		After transfer			Before transfer			After transfer			Portfolio
dividends and			value, end		Total			period (in		agent earnings		agent earnings			agent earnings			agent earnings			turnover
distribution			of period		return(a)			thousands)		credit(b)		credit(b)			credit(b)			credit(b)			rate(c)
$	(1.52	)	$	13.44		(16.74	)%	$	273,821		1.22%		1.21	%		(0.24	)%		(0.24	)%		26.34	%
	(1.46	)		17.68		7.17	%		473,287		1.21%		1.20	%		0.00	%		0.01	%		24.56	%
	(0.27	)		17.95		1.56	%		646,202		N/A		1.19	%		N/A			(0.55	)%		61.37	%
	(0.04	)		17.94		31.39	%		682,759		N/A		1.22	%		N/A			(0.82	)%		47.88	%
	-			13.70		11.56	%		285,670		N/A		1.29	%		N/A			(1.04	)%		52.72	%
	-			12.28		18.65	%		141,259		N/A		1.34	%		N/A			(0.84	)%		85.52	%
	(0.34	)		9.36		(10.20	)%		112,317		1.31%		1.31	%		0.24	%		0.24	%		75.22	%
	(5.10	)		10.77		28.73	%		155,739		1.28%		1.27	%		0.15	%		0.16	%		125.44	%
	(0.41	)		13.22		7.49	%		106,015		N/A		1.24	%		N/A			(0.30	)%		89.38	%
	-			12.70		20.72	%		216,636		N/A		1.24	%		N/A			(0.34	)%		67.25	%
	-			10.52		19.55	%		209,693		N/A		1.29	%		N/A			(0.47	)%		45.77	%
	-			8.80		10.55	%		132,554		N/A		1.43	%		N/A			(0.64	)%		90.49	%
	-			9.07		(17.70	)%		126,548		1.29%		1.29	%		(0.68	)%		(0.68	)%		55.89	%
	-			11.02		26.38	%		266,965		1.23%		1.23	%		(0.49	)%		(0.49	)%		78.66	%
	-			8.72		0.23	%		241,988		N/A		1.25	%		N/A			(0.61	)%		155.39	%
	-			8.70		10.13	%		220,073		N/A		1.29	%		N/A			(0.91	)%		152.16	%
	-			7.90		(4.47	)%		244,252		N/A		1.31	%		N/A			(0.91	)%		189.67	%
	-			8.27		38.29	%		307,972		N/A		1.35	%		N/A			(1.16	)%		155.39	%

Financial Highlights 45

Financial Highlights (continued)

			Income from investment operations									Less dividends and
	Net asset		Net			Net realized						Dividends			Distributions
	value,		investment			and unrealized			Total from			from net			from net
	beginning		income/			gains/(losses)			investment			investment			realized
	of period		(loss)(x)			on investments			operations			income			gains
ICON Leisure and Consumer Staples Fund
Period Ended March 31, 2008(unaudited)	$	10.62	$	-	(d)	$	(0.74	)	$	(0.74	)	$	(0.13	)	$	(1.55	)
Year Ended September 30, 2007		9.21		0.10			1.33			1.43			(0.02	)		-	(d)
Year Ended September 30, 2006		11.96		(0.07	)		(0.01	)		(0.08	)		-			(2.67	)
Year Ended September 30, 2005		14.51		(0.06	)		0.94			0.88			-			(3.43	)
Year Ended September 30, 2004		12.42		(0.04	)		2.13			2.09			-			-
Year Ended September 30, 2003		11.20		(0.06	)		1.28			1.22			-			-
ICON Materials Fund
Period Ended March 31, 2008(unaudited)		15.39		0.02			(0.71	)		(0.69	)		(0.06	)		(2.37	)
Year Ended September 30, 2007		11.67		0.08			5.10			5.18			(0.15	)		(1.31	)
Year Ended September 30, 2006		11.30		0.09			1.09			1.18			(0.02	)		(0.79	)
Year Ended September 30, 2005		9.05		0.03			2.23			2.26			(0.01	)		-
Year Ended September 30, 2004		6.20		0.01			2.87			2.88			(0.03	)		-
Year Ended September 30, 2003		5.68		0.03			0.50			0.53			(0.01	)		-
ICON Telecommunication & Utilities Fund
Period Ended March 31, 2008(unaudited)		9.20		0.05			(0.70	)		(0.65	)		(0.06	)		(0.91	)
Year Ended September 30, 2007		7.66		0.10			2.18			2.28			(0.11	)		(0.63	)
Year Ended September 30, 2006		8.28		0.13			0.37			0.50			(0.18	)		(0.94	)
Year Ended September 30, 2005		6.61		0.14			1.61			1.75			(0.08	)		-
Year Ended September 30, 2004		5.69		0.07			0.92			0.99			(0.07	)		-
Year Ended September 30, 2003		4.78		0.10			0.87			0.97			(0.06	)		-

(x)	Calculated using the average share method.
(a)	Not annualized.
(b)	Annualized for periods less than a year.
(c)	Portfolio turnover is calculated at the Fund level and is not annualized.
(d)	Amount less than $0.005.
(e)	Amount less than 0.005%

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

46 Financial Highlights

										Ratio of expenses to					Ratio of net investment
distributions										average net assets					income to average net assets
								Net assets,
Total			Net asset					end of		Before transfer		After transfer			Before transfer			After transfer			Portfolio
dividends and			value, end		Total			period (in		agent earnings		agent earnings			agent earnings			agent earnings			turnover
distributions			of period		return(a)			thousands)		credit(b)		credit(b)			credit(b)			credit(b)			rate(c)
$	(1.68	)	$	8.20		(8.10	)%	$	43,013		1.60%		1.59	%		-	%(e)		-	%(e)		63.13	%
	(0.02	)		10.62		15.61	%		31,571		1.41%		1.41	%		1.02	%		1.02	%		150.72	%
	(2.67	)		9.21		0.11	%		68,136		N/A		1.54	%		N/A			(0.70	)%		215.75	%
	(3.43	)		11.96		5.01	%		47,410		N/A		1.30	%		N/A			(0.45	)%		271.72	%
	-			14.51		16.83	%		83,022		N/A		1.33	%		N/A			(0.31	)%		148.43	%
	-			12.42		10.89	%		82,347		N/A		1.38	%		N/A			(0.51	)%		139.54	%
	(2.43	)		12.27		(4.68	)%		128,014		1.29%		1.29	%		0.32	%		0.32	%		44.55	%
	(1.46	)		15.39		48.63	%		131,321		1.33%		1.33	%		0.59	%		0.59	%		109.10	%
	(0.81	)		11.67		11.17	%		135,097		N/A		1.30	%		N/A			0.74	%		176.89	%
	(0.01	)		11.30		25.04	%		99,569		N/A		1.31	%		N/A			0.33	%		128.01	%
	(0.03	)		9.05		46.61	%		139,838		N/A		1.37	%		N/A			0.13	%		59.48	%
	(0.01	)		6.20		9.36	%		30,376		N/A		1.47	%		N/A			0.59	%		130.01	%
	(0.97	)		7.58		(7.96	)%		107,899		1.35%		1.35	%		1.10	%		1.10	%		55.06	%
	(0.74	)		9.20		31.60	%		109,509		1.33%		1.33	%		1.20	%		1.20	%		154.99	%
	(1.12	)		7.66		7.56	%		119,762		N/A		1.38	%		N/A			1.71	%		209.50	%
	(0.08	)		8.28		26.70	%		120,651		N/A		1.26	%		N/A			1.88	%		112.91	%
	(0.07	)		6.61		17.57	%		61,325		N/A		1.37	%		N/A			1.07	%		108.81	%
	(0.06	)		5.69		20.36	%		42,509		N/A		1.41	%		N/A			2.05	%		158.24	%

Financial Highlights 47

Notes to Financial Statements
March 31, 2008 (unaudited)

1. Organization

The ICON Consumer Discretionary Fund (“Consumer Discretionary Fund”), ICON Energy Fund (“Energy Fund”), ICON Financial Fund (“Financial Fund”), ICON Healthcare Fund (“Healthcare Fund”), ICON Industrials Fund (“Industrials Fund”), ICON Information Technology Fund (“Information Technology Fund”), ICON Leisure and Consumer Staples Fund (“Leisure and Consumer Staples Fund”), ICON Materials Fund (“Materials Fund”), and ICON Telecommunication & Utilities Fund (“Telecommunication & Utilities Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment management company. There are eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of each Fund is to provide long-term capital appreciation.

The Funds may have elements of risk, including the loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment in a non-diversified sector fund may involve greater risk and volatility than a diversified fund. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and 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 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

48 Notes to Financial Statements

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

2.  Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.

Investment Valuation

The Funds’ securities and other assets are valued at the closing price at the close of the regular trading session of the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes from dealers making a market for the security. Options are valued at their closing mid-price on the 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

Notes to Financial Statements 49

Notes to Financial Statements (unaudited) (continued)

remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.

The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes and securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value. 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.

New Accounting Pronouncement

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 does not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. Management intends to adopt SFAS No. 157 during the fiscal year ending September 30, 2009 as required.

50 Notes to 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, 2008.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.

Forward Foreign Currency Contracts

The Funds may enter into short-term forward foreign currency contracts 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 on the Statement of Assets and Liabilities. Net realized gains and losses on foreign currency transactions

Notes to Financial Statements 51

Notes to Financial Statements (unaudited) (continued)

represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. The Funds did not enter into any forward foreign currency contracts during the period ended March 31, 2008.

Futures Contracts

The Funds may invest in financial futures contracts for the purpose of hedging their existing securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing markets. Upon entering into a financial futures contract, the Fund is required to pledge to a broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying hedged assets. The Funds held no financial futures contracts during the period ended March 31, 2008.

Options Transactions

Each Fund may write call and put options on any security in which it may invest. When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. 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.

52 Notes to Financial Statements

Each Fund may also purchase put and call options on any security in which it may invest. When a Fund purchases a call or put option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The Financial Fund purchased call options during the period ended March 31, 2008.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds may seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.

All loans will be continuously secured by collateral which consists of cash. Brown Brothers Harriman (the “Lending Agent”) may invest the cash collateral in the Securities Lending Investment Fund of Brown Brothers Harriman Trust, which complies with Rule 2a-7 of the 1940 Act relating to money market funds.

The cash collateral invested by the Lending Agent is disclosed on the Schedules of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations, if applicable.

Notes to Financial Statements 53

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2008, the following Funds had securities with the following values on loan:

	Value of		Value of
Fund	Loaned Securities		Collateral
ICON Consumer Discretionary Fund	$	9,704,194	$	9,735,254
ICON Energy Fund		41,959,832		42,616,749
ICON Healthcare Fund		38,579,165		39,111,579
ICON Industrials Fund		12,263,527		12,512,822
ICON Information Technology Fund		21,408,930		21,649,216
ICON Leisure and Consumer Staples Fund		3,884,958		3,921,114
ICON Materials Fund		15,889,236		16,103,358

Income Taxes

The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryovers. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

The Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has reviewed the Funds’ tax positions for all open tax years, and concluded that adoption had no effect on the Funds’ financial position or results of operations. At March 31, 2008, the Funds have

54 Notes to Financial Statements

recorded no liabilities for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years from 2003-2006, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Investment Income

Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair 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.

3. Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON”) serves as the investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. Each Fund is 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.

Notes to Financial Statements 55

Notes to Financial Statements (unaudited) (continued)

Accounting, Transfer Agent and Custody Fees

Citi Fund Services Ohio, Inc. (“Citi”) is the Fund Accounting Agent for the Funds. For its services, the Trust pays Citi 0.03% on the first $1.75 billion of average net assets, 0.0175% on the average net assets over $1.75 billion and up to $5 billion, and 0.01% on average net assets in excess of $5 billion.

Brown Brothers Harriman (“BBH”) is the custodian of the Trust’s investments. For domestic custody services, the Trust pays BBH 0.0065% on the first $50 million of average net assets and 0.0050% on domestic assets above $50 million, plus certain transaction charges. For foreign custody services, the Trust pays BBH 0.03% on foreign assets plus certain transaction charges.

Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays an account fee of $13.25 per open account, $7.00 per networked account, $1.80 per closed account, plus certain other transaction and cusip charges.

Transfer agent earnings credits are credits received for interest which is a result from overnight balances used by the transfer agent, BFDS, for clearing shareholder transactions. During the period ended March 31, 2008, the Funds received transfer agent earnings credits which are included on the Statements of Operations.

Administrative Services

The Trust has entered into an administrative services agreement with ICON pursuant to which ICON oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Funds’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. During the period ended March 31, 2008, the Funds’ payment for administrative services to ICON is included on the Statements of Operations. The administrative services agreement provides that ICON will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON in the performance of its duties.

ICON has entered into a sub-administration agreement with Citi pursuant to which Citi assists ICON with the administration and business affairs of the

56 Notes to Financial Statements

Trust. For its services, ICON pays Citi at an annual rate of 0.025% on the first $1.75 billion of Trust assets and 0.015% on assets above $1.75 billion.

Related Parties

Certain Officers and Directors of ICON are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 90% by the Funds and 10% by the Adviser. For the period ended March 31, 2008, the total related amounts paid by the Trust under this arrangement are included in Other Expenses on the Statements of Operations.

4. Line of Credit

Each Fund may borrow money limited to 331/3% of the Fund’s total assets. To facilitate this, 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. Effective January 30, 2008, interest is charged at LIBOR plus 1.50%, which was 4.20% at March 31, 2008. The average interest rate charged for the period ended March 31, 2008 was 6.03%.

	Average Borrowing
	(10/01/07-3/31/08)
ICON Consumer Discretionary Fund	$	2,847,533
ICON Energy Fund		5,354,149
ICON Financial Fund		2,852,052
ICON Healthcare Fund**		9,135,667
ICON Industrials Fund		20,009,802
ICON Information Technology Fund**		3,152,936
ICON Leisure and Consumer Staples Fund		125,950
ICON Materials Fund		747,549
ICON Telecommunication & Utilities Fund**		6,889,812

**Fund had outstanding borrowings as of March 31, 2008.

5. Federal Income Tax

Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash losses, foreign currency transactions, net investment losses, and capital loss carryovers.

Notes to Financial Statements 57

Notes to Financial Statements (unaudited) (continued)

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, 2007 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 $29,035,041, which expires in 2011. During the year ended September 30, 2007, the following capital loss carryforwards were used:

ICON Information Technology Fund	$	22,635,013
ICON Leisure and Consumer Staples Fund		92,773

As of March 31, 2008, 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	$	112,477,039	$	2,879,681	$	(3,825,116	)	$	(945,435	)
ICON Energy Fund		570,346,580		106,808,462		(15,161,753	)		91,646,709
ICON Financial Fund		249,315,765		7,597,683		(13,784,175	)		(6,186,492	)
ICON Healthcare Fund		303,248,661		30,539,510		(25,998,200	)		4,541,310
ICON Industrials Fund		123,328,964		9,795,259		(4,587,484	)		5,207,775
ICON Information Technology Fund		134,438,776		17,949,852		(3,713,660	)		14,236,192
ICON Leisure and Consumer Staples Fund		45,851,257		2,499,652		(1,597,265	)		902,387
ICON Materials Fund		127,655,012		23,348,221		(5,645,017	)		17,703,204
ICON Telecommunication & Utilities Fund		102,412,069		10,563,622		(6,114,282	)		4,449,340

58 Notes to Financial Statements

Six-Month Hypothetical Expense Example
March 31, 2008 (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 (10/1/07 - 3/31/08).

Actual Expenses

The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $10 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees that may be charged by other funds. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Expense Example 59

Six-Month Hypothetical Expense Example
March 31, 2008 (unaudited)

	Beginning		Ending
	Account		Account		Expenses Paid		Annualized
	Value		Value		During Period		Expense Ratio
	10/1/07		3/31/08		10/1/07-3/31/08*		10/1/07-3/31/08
ICON Consumer Discretionary Fund
Actual Expenses	$	1,000.00	$	820.10	$	7.10		1.56%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.20		7.87
ICON Energy Fund
Actual Expenses		1,000.00		942.80		5.59		1.15%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.25		5.81
ICON Financial Fund
Actual Expenses		1,000.00		810.50		5.39		1.19%
Hypothetical Example (5% return before expenses)		1,000.00		1,019.05		6.01
ICON Healthcare Fund
Actual Expenses		1,000.00		832.60		5.54		1.21%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.95		6.11
ICON Industrials Fund
Actual Expenses		1,000.00		898.00		6.22		1.31%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.45		6.61
ICON Information Technology Fund
Actual Expenses		1,000.00		823.00		5.88		1.29%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.55		6.51
ICON Leisure and Consumer Staples Fund
Actual Expenses		1,000.00		919.00		7.63		1.59%
Hypothetical Example (5% return before expenses)		1,000.00		1,017.05		8.02
ICON Materials Fund
Actual Expenses		1,000.00		953.20		6.30		1.29%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.55		6.51
ICON Telecommunication & Utilities Fund
Actual Expenses		1,000.00		920.40		6.48		1.35%
Hypothetical Example (5% return before expenses)		1,000.00		1,018.25		6.81

*  Expenses are equal to a Fund’s six-month expense ratio annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period.

60 Expense Example

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 and statement of additional information. 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, and statement of additional information by visiting www.iconadvisers.com or by calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully before investing.

ICON Distributors, Inc., Distributor

Other Information 61

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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

SAR-SECT (3/08)

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 28, 2008

     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 28, 2008
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 28, 2008

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