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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, 2012
Date of reporting period: March 31, 2012
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Item 1. Reports to Stockholders.
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2012 SEMIANNUAL REPORT
ICON DIVERSIFIED FUNDS
INVESTMENT UPDATE
(UNAUDITED)
ICON Bond Fund
ICON Equity Income Fund
ICON Fund (formerly, ICON Core Equity Fund)
ICON Long/Short Fund
ICON Risk-Managed Equity Fund
1-800-764-0442 | www.iconfunds.com
SAR-DIV-12 B82510
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You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 • www.iconfunds.com
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Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or
2 | ABOUT THIS REPORT |
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underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
There are risks associated with selling short, including the risk that the ICON Long/Short Fund may have to cover its short position at a higher price than the short price, resulting in a loss. The ICON Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. Call options involve certain risks, such as limited gains and lack of liquidity in the underlying securities, and are not suitable for all investors. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks.
Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. The ICON Bond Fund may invest up to 25% of its assets in high-yield bonds that are below investment grade. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other higher-quality bonds.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ABOUT THIS REPORT | 3 |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (74.2%) | ||||||||||||||||
$ | 220,000 | ACE INA Holdings, Inc. | 8.88 | % | 08/15/29 | $ | 308,756 | |||||||||
1,000,000 | Allied Waste North America, Inc. | 6.88 | % | 06/01/17 | 1,043,750 | |||||||||||
1,000,000 | Ally Financial, Inc. | 6.75 | % | 12/01/14 | 1,040,768 | |||||||||||
450,000 | Altria Group, Inc. | 9.25 | % | 08/06/19 | 605,128 | |||||||||||
450,000 | Altria Group, Inc. | 9.95 | % | 11/10/38 | 684,471 | |||||||||||
1,000,000 | Ameren Energy Generating Co.(a) | 7.00 | % | 04/15/18 | 885,000 | |||||||||||
1,440,000 | American Express Bank FSB(b) | 0.54 | % | 06/12/17 | 1,367,025 | |||||||||||
1,000,000 | American Express Co. | 7.00 | % | 03/19/18 | 1,227,645 | |||||||||||
900,000 | American International Group, Inc. | 4.25 | % | 05/15/13 | 919,893 | |||||||||||
500,000 | AmeriGas Finance LLC/AmeriGas Finance Corp. | 7.00 | % | 05/20/22 | 510,000 | |||||||||||
500,000 | Amgen, Inc. | 3.88 | % | 11/15/21 | 511,974 | |||||||||||
900,000 | AT&T, Inc. | 5.80 | % | 02/15/19 | 1,068,249 | |||||||||||
800,000 | Avnet, Inc. | 6.00 | % | 09/01/15 | 883,851 | |||||||||||
1,000,000 | Ball Corp. | 5.00 | % | 03/15/22 | 1,002,500 | |||||||||||
250,000 | �� | Bank of America Corp. | 5.42 | % | 03/15/17 | 255,621 | ||||||||||
900,000 | Bank of America Corp. | 5.63 | % | 07/01/20 | 938,279 | |||||||||||
1,000,000 | Bank of America Corp. | 6.80 | % | 03/15/28 | 964,845 | |||||||||||
950,000 | Bank of America NA(b) | 0.77 | % | 06/15/17 | 820,681 | |||||||||||
1,000,000 | BB&T Corp. | 5.25 | % | 11/01/19 | 1,097,535 | |||||||||||
401,000 | Bill Barrett Corp. | 9.88 | % | 07/15/16 | 441,100 | |||||||||||
500,000 | CA, Inc. | 5.38 | % | 12/01/19 | 545,007 | |||||||||||
400,000 | Chesapeake Energy Corp. | 9.50 | % | 02/15/15 | 458,000 | |||||||||||
950,000 | Citigroup, Inc. | 6.00 | % | 08/15/17 | 1,056,252 | |||||||||||
1,000,000 | Citigroup, Inc. | 6.13 | % | 05/15/18 | 1,120,986 | |||||||||||
450,000 | Coca-Cola Co. | 4.88 | % | 03/15/19 | 517,356 | |||||||||||
450,000 | Comcast Cable Holdings LLC | 9.46 | % | 11/15/22 | 652,355 | |||||||||||
1,000,000 | Commercial Metals Co. | 7.35 | % | 08/15/18 | 1,033,750 | |||||||||||
1,000,000 | Computer Sciences Corp. | 6.50 | % | 03/15/18 | 1,082,500 | |||||||||||
400,000 | Constellation Brands, Inc. | 7.25 | % | 09/01/16 | 453,000 | |||||||||||
900,000 | Cooper Tire & Rubber Co.(a) | 7.63 | % | 03/15/27 | 882,000 | |||||||||||
114,000 | Cox Communications, Inc. | 7.63 | % | 06/15/25 | 141,917 | |||||||||||
450,000 | Dean Foods Co. | 6.90 | % | 10/15/17 | 452,250 | |||||||||||
950,000 | Delphi Financial Group, Inc. | 7.88 | % | 01/31/20 | 1,110,317 | |||||||||||
500,000 | Denbury Resources, Inc. | 9.75 | % | 03/01/16 | 548,750 |
4 | SCHEDULEOF INVESTMENTS |
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Shares or Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
$ | 400,000 | DISH DBS Corp. | 7.13 | % | 02/01/16 | $ | 442,500 | |||||||||
500,000 | Ecolab, Inc. | 4.35 | % | 12/08/21 | 530,058 | |||||||||||
450,000 | Entergy Corp. | 3.63 | % | 09/15/15 | 457,574 | |||||||||||
500,000 | ERP Operating L.P. | 5.38 | % | 08/01/16 | 556,133 | |||||||||||
450,000 | Exelon Generation Co. LLC | 5.35 | % | 01/15/14 | 482,561 | |||||||||||
750,000 | Exelon Generation Co. LLC | 6.20 | % | 10/01/17 | 880,133 | |||||||||||
900,000 | Exelon Generation Co. LLC | 4.00 | % | 10/01/20 | 924,941 | |||||||||||
500,000 | Express Scripts, Inc. | 3.13 | % | 05/15/16 | 520,652 | |||||||||||
500,000 | Fiserv, Inc. | 4.75 | % | 06/15/21 | 531,839 | |||||||||||
400,000 | Ford Motor Credit Co. LLC | 8.00 | % | 06/01/14 | 440,342 | |||||||||||
1,000,000 | Ford Motor Credit Co. LLC | 5.63 | % | 09/15/15 | 1,063,450 | |||||||||||
1,000,000 | Frontier Communications Corp. | 8.13 | % | 10/01/18 | 1,057,500 | |||||||||||
900,000 | Gap, Inc. | 5.95 | % | 04/12/21 | 908,232 | |||||||||||
500,000 | General Electric Capital Corp. | 4.75 | % | 09/15/14 | 542,323 | |||||||||||
1,000,000 | General Electric Capital Corp.(b) | 0.71 | % | 05/11/16 | 955,979 | |||||||||||
1,000,000 | Goldman Sachs Group, Inc.(b) | 0.92 | % | 03/22/16 | 912,782 | |||||||||||
1,000,000 | HCP, Inc. | 5.65 | % | 12/15/13 | 1,060,958 | |||||||||||
1,500,000 | HCP, Inc. | 6.30 | % | 09/15/16 | 1,683,234 | |||||||||||
500,000 | HCP, Inc. | 6.70 | % | 01/30/18 | 577,548 | |||||||||||
450,000 | Hospira, Inc. | 6.05 | % | 03/30/17 | 500,977 | |||||||||||
500,000 | Hospira, Inc. | 5.60 | % | 09/15/40 | 474,610 | |||||||||||
500,000 | HSBC Finance Corp. | 4.75 | % | 07/15/13 | 518,396 | |||||||||||
474,700 | JC Penney Corp., Inc. | 7.95 | % | 04/01/17 | 529,290 | |||||||||||
450,000 | John Hancock Life Insurance Co.(c)(d) | 7.38 | % | 02/15/24 | 524,143 | |||||||||||
1,000,000 | JPMorgan Chase Bank NA(b) | 0.80 | % | 06/13/16 | 929,123 | |||||||||||
500,000 | Life Technologies Corp. | 3.50 | % | 01/15/16 | 519,347 | |||||||||||
400,000 | Limited Brands, Inc. | 5.63 | % | 02/15/22 | 403,500 | |||||||||||
900,000 | Lockheed Martin Corp. | 4.25 | % | 11/15/19 | 974,899 | |||||||||||
1,400,000 | Lorillard Tobacco Co.(a) | 6.88 | % | 05/01/20 | 1,644,943 | |||||||||||
500,000 | Mead Johnson Nutrition Co. | 4.90 | % | 11/01/19 | 559,691 | |||||||||||
450,000 | Medco Health Solutions, Inc. | 2.75 | % | 09/15/15 | 462,611 | |||||||||||
350,000 | Merrill Lynch & Co., Inc. | 5.45 | % | 02/05/13 | 359,893 | |||||||||||
900,000 | Microsoft Corp. | 5.30 | % | 02/08/41 | 1,086,338 | |||||||||||
900,000 | Morgan Stanley | 1.05 | % | 10/15/15 | 809,778 | |||||||||||
950,000 | Morgan Stanley | 3.50 | % | 10/15/20 | 924,013 | |||||||||||
1,000,000 | National City Corp. | 6.88 | % | 05/15/19 | 1,163,106 | |||||||||||
500,000 | Newfield Exploration Co. | 7.13 | % | 05/15/18 | 526,250 | |||||||||||
900,000 | Novartis Capital Corp. | 4.40 | % | 04/24/20 | 1,020,683 | |||||||||||
1,000,000 | NRG Energy, Inc.(a) | 7.38 | % | 01/15/17 | 1,040,000 | |||||||||||
900,000 | PepsiCo, Inc. | 5.00 | % | 06/01/18 | 1,050,464 | |||||||||||
600,000 | Pitney Bowes, Inc.(a) | 4.75 | % | 05/15/18 | 610,415 |
SCHEDULEOF INVESTMENTS | 5 |
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Shares or Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
$ | 750,000 | PPL Energy Supply LLC(a) | 6.50 | % | 05/01/18 | $ | 866,734 | |||||||||
180,000 | Provident Cos., Inc. | 7.00 | % | 07/15/18 | 191,817 | |||||||||||
1,000,000 | Reynolds American, Inc. | 7.25 | % | 06/01/12 | 1,009,279 | |||||||||||
900,000 | Reynolds American, Inc. | 7.25 | % | 06/01/13 | 958,877 | |||||||||||
1,000,000 | Rowan Cos., Inc. | 7.88 | % | 08/01/19 | 1,193,514 | |||||||||||
1,350,000 | RR Donnelley & Sons Co. | 6.13 | % | 01/15/17 | 1,289,250 | |||||||||||
900,000 | RR Donnelley & Sons Co. | 6.63 | % | 04/15/29 | 738,000 | |||||||||||
450,000 | Sara Lee Corp.(a) | 2.75 | % | 09/15/15 | 465,202 | |||||||||||
400,000 | Smithfield Foods, Inc. | 10.00 | % | 07/15/14 | 468,000 | |||||||||||
1,350,000 | Southern Copper Corp. | 5.38 | % | 04/16/20 | 1,474,697 | |||||||||||
900,000 | Staples, Inc. | 9.75 | % | 01/15/14 | 1,022,588 | |||||||||||
1,000,000 | Suntrust Banks, Inc.(b) | 0.88 | % | 04/01/15 | 937,794 | |||||||||||
500,000 | Tennessee Gas Pipeline Co. | 7.00 | % | 10/15/28 | 566,501 | |||||||||||
500,000 | Tesoro Corp. | 6.63 | % | 11/01/15 | 511,250 | |||||||||||
400,000 | Toll Brothers Finance Corp. | 6.75 | % | 11/01/19 | 435,312 | |||||||||||
1,000,000 | Torchmark Corp. | 6.38 | % | 06/15/16 | 1,111,175 | |||||||||||
1,000,000 | UIL Holdings Corp. | 4.63 | % | 10/01/20 | 1,010,990 | |||||||||||
850,000 | Valmont Industries, Inc. | 6.63 | % | 04/20/20 | 972,734 | |||||||||||
500,000 | Ventas Realty L.P. / Ventas Capital Corp. | 4.75 | % | 06/01/21 | 504,483 | |||||||||||
450,000 | Vornado Realty L.P. | 4.25 | % | 04/01/15 | 471,821 | |||||||||||
500,000 | Wachovia Corp. | 5.25 | % | 08/01/14 | 538,167 | |||||||||||
900,000 | Wells Fargo Bank NA(b) | 0.71 | % | 05/16/16 | 857,441 | |||||||||||
1,000,000 | Willis North America, Inc. | 6.20 | % | 03/28/17 | 1,118,991 | |||||||||||
450,000 | Windstream Corp. | 8.13 | % | 08/01/13 | 479,250 | |||||||||||
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| Total Corporate Bonds (Cost $74,346,168) | | 76,986,587 | |||||||||||||
U.S. Treasury Obligations (14.8%) | ||||||||||||||||
2,000,000 | U.S. Treasury Note | 2.38 | % | 07/31/17 | 2,126,250 | |||||||||||
2,000,000 | U.S. Treasury Note | 1.88 | % | 08/31/17 | 2,073,124 | |||||||||||
3,000,000 | U.S. Treasury Note | 1.25 | % | 01/31/19 | 2,937,186 | |||||||||||
2,000,000 | U.S. Treasury Note | 3.63 | % | 02/15/20 | 2,268,750 | |||||||||||
3,000,000 | U.S. Treasury Note | 2.13 | % | 08/15/21 | 2,997,891 | |||||||||||
3,000,000 | U.S. Treasury Note | 2.00 | % | 02/15/22 | 2,942,343 | |||||||||||
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| Total U.S. Treasury Obligations (Cost $15,016,708) | | 15,345,544 |
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Shares or Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Bonds (5.6%) | ||||||||||||||||
$ | 900,000 | AngloGold Ashanti Holdings PLC | 5.38 | % | 04/15/20 | $ | 926,399 | |||||||||
900,000 | ArcelorMittal(a) | 5.50 | % | 03/01/21 | 883,327 | |||||||||||
900,000 | Aspen Insurance Holdings, Ltd. | 6.00 | % | 12/15/20 | 929,560 | |||||||||||
1,000,000 | Gold Fields Orogen Holding BVI, Ltd.(d) | 4.88 | % | 10/07/20 | 958,491 | |||||||||||
900,000 | Petrobras International Finance Co. | 5.38 | % | 01/27/21 | 969,065 | |||||||||||
900,000 | Vale Overseas, Ltd. | 8.25 | % | 01/17/34 | 1,176,969 | |||||||||||
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| Total Foreign Corporate Bonds (Cost $5,790,645) | | 5,843,811 | |||||||||||||
Collateral for Securities on Loan (5.9%) | ||||||||||||||||
6,154,130 | State Street Navigator Prime Portfolio | 6,154,130 | ||||||||||||||
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| Total Collateral for Securities on Loan (Cost $6,154,130) | | 6,154,130 | |||||||||||||
Short-Term Investment (4.7%) | ||||||||||||||||
$ | 4,895,838 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | 4,895,838 | |||||||||||||
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| Total Short-Term Investments (Cost $4,895,838) | | 4,895,838 | |||||||||||||
| Total Investments 105.2% (Cost $106,203,489) | | 109,225,910 | |||||||||||||
Liabilities Less Other Assets (5.2)% | (5,419,492 | ) | ||||||||||||||
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Net Assets 100.0% | $ | 103,806,418 | ||||||||||||||
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The accompanying notes are an integral part of the financial statements.
(a) | All or a portion of the security was on loan as of March 31, 2012. |
(b) | Floating Rate Security. Rate disclosed is as of March 31, 2012. |
(c) | This security is considered to be illiquid. The value of this security at March 31, 2012 was $524,143, which represents 0.5% of the Fund’s Net Assets. |
(d) | Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale. |
SCHEDULEOF INVESTMENTS | 7 |
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ICON Bond Fund
Credit Diversification
March 31, 2012 (unaudited)
A1 | 1.7% | |||
A2 | 4.6% | |||
A3 | 7.9% | |||
Aa2 | 3.3% | |||
Aa3 | 1.5% | |||
Aaa | 1.0% | |||
B1 | 3.0% | |||
B2 | 1.3% | |||
Ba1 | 6.2% | |||
Ba2 | 5.2% | |||
Ba3 | 0.9% | |||
Baa1 | 13.8% | |||
Baa2 | 14.2% | |||
Baa3 | 15.2% | |||
|
| |||
79.8% | ||||
|
|
Percentages are based upon corporate and foreign corporate bond investments as a percentage of net assets.
Ratings based on Moody’s Investors Service, Inc.
8 | SCHEDULEOF INVESTMENTS |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (88.9%) | ||||||||
8,500 | 3M Co. | $ | 758,285 | |||||
6,100 | Aflac, Inc. | 280,539 | ||||||
7,100 | AGL Resources, Inc. | 278,462 | ||||||
4,700 | Air Products & Chemicals, Inc. | 431,460 | ||||||
4,600 | Alliance Resource Partners L.P. | 276,460 | ||||||
9,400 | Altria Group, Inc. | 290,178 | ||||||
14,100 | American Eagle Outfitters, Inc. | 242,379 | ||||||
27,900 | Annaly Capital Management, Inc., REIT | 441,378 | ||||||
42,800 | Apollo Investment Corp. | 306,876 | ||||||
10,000 | Archer-Daniels-Midland Co. | 316,600 | ||||||
3,700 | Bayer AG, ADR | 260,073 | ||||||
13,000 | BB&T Corp.(a) | 408,070 | ||||||
38,500 | BGC Partners, Inc., Class A | 284,515 | ||||||
1,700 | BlackRock, Inc. | 348,330 | ||||||
5,900 | BP PLC, ADR | 265,500 | ||||||
5,200 | Buckle, Inc.(a) | 249,080 | ||||||
5,100 | Caterpillar, Inc. | 543,252 | ||||||
8,200 | CEC Entertainment, Inc. | 310,862 | ||||||
3,400 | Chevron Corp. | 364,616 | ||||||
9,700 | Computer Sciences Corp. | 290,418 | ||||||
5,000 | Corn Products International, Inc. | 288,250 | ||||||
17,700 | CSX Corp. | 380,904 | ||||||
6,500 | Darden Restaurants, Inc. | 332,540 | ||||||
10,200 | Dow Chemical Co. | 353,328 | ||||||
5,500 | E.I. du Pont de Nemours & Co. | 290,950 | ||||||
5,600 | Eaton Corp. | 279,048 | ||||||
5,100 | Emerson Electric Co. | 266,118 | ||||||
6,100 | Ensco PLC, ADR | 322,873 |
Shares or Principal Amount | Value | |||||||
6,700 | Exxon Mobil Corp. | $ | 581,091 | |||||
26,000 | General Electric Co. | 521,820 | ||||||
56,500 | GFI Group, Inc. | 212,440 | ||||||
9,100 | Guess?, Inc. | 284,375 | ||||||
19,700 | H&R Block, Inc. | 324,459 | ||||||
10,500 | Harsco Corp. | 246,330 | ||||||
8,800 | HJ Heinz Co.(a) | 471,240 | ||||||
6,300 | Home Depot, Inc. | 316,953 | ||||||
4,400 | Illinois Tool Works, Inc. | 251,328 | ||||||
26,600 | Intel Corp. | 747,726 | ||||||
3,900 | International Business Machines Corp. | 813,735 | ||||||
21,000 | JPMorgan Chase & Co. | 965,580 | ||||||
10,800 | Linear Technology Corp. | 363,960 | ||||||
3,600 | Lockheed Martin Corp. | 323,496 | ||||||
11,500 | Lowe’s Cos., Inc. | 360,870 | ||||||
22,000 | Manulife Financial Corp. | 298,100 | ||||||
7,200 | Medtronic, Inc. | 282,168 | ||||||
25,100 | Microsoft Corp. | 809,475 | ||||||
7,100 | Molson Coors Brewing Co., Class B | 321,275 | ||||||
4,200 | Norfolk Southern Corp. | 276,486 | ||||||
19,200 | NTT DoCoMo, Inc., ADR | 320,064 | ||||||
7,500 | Nucor Corp. | 322,125 | ||||||
7,100 | Omnicom Group, Inc. | 359,615 | ||||||
4,000 | PartnerRe, Ltd. | 271,560 | ||||||
55,300 | PDL BioPharma, Inc.(a) | 351,155 | ||||||
20,200 | Pfizer, Inc. | 457,732 | ||||||
10,300 | Principal Financial Group, Inc. | 303,953 | ||||||
28,800 | Redwood Trust, Inc., REIT(a) | 322,560 | ||||||
7,900 | Reynolds American, Inc. | 327,376 | ||||||
5,100 | Sempra Energy | 305,796 | ||||||
6,900 | Southern Co. | 310,017 | ||||||
9,100 | Target Corp. | 530,257 |
SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
Shares or Principal Amount | Value | |||||||
17,300 | TCF Financial Corp.(a) | $ | 205,697 | |||||
11,200 | UGI Corp. | 305,200 | ||||||
2,200 | Union Pacific Corp. | 236,456 | ||||||
47,900 | United Online, Inc. | 234,231 | ||||||
3,900 | United Parcel Service, Inc., Class B | 314,808 | ||||||
2,800 | United Technologies Corp. | 232,232 | ||||||
13,100 | Valero Energy Corp. | 337,587 | ||||||
8,700 | Waddell & Reed Financial, Inc., Class A | 281,967 |
Shares or Principal Amount | Value | |||||||
8,800 | Walt Disney Co. | $ | 385,264 | |||||
12,300 | Wells Fargo & Co. | 419,922 | ||||||
52,400 | Xerox Corp. | 423,392 | ||||||
|
| |||||||
| Total Common Stocks (Cost $23,238,003) | 25,793,217 | ||||||
Preferred Stock (1.2%) | ||||||||
13,400 | Capital One Capital II(a) | 339,154 | ||||||
|
| |||||||
| Total Preferred Stocks (Cost $342,954) | 339,154 |
Shares or Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (5.1%) | ||||||||||||||||
$ | 600,000 | Bank of America Corp. | 5.42 | % | 03/15/17 | $ | 613,489 | |||||||||
350,000 | Commercial Metals Co. | 7.35 | % | 08/15/18 | 361,813 | |||||||||||
500,000 | Goldman Sachs Group, Inc. | 5.38 | % | 03/15/20 | 508,288 | |||||||||||
|
| |||||||||||||||
| Total Corporate Bonds (Cost $1,475,790) | | 1,483,590 | |||||||||||||
Convertible Preferred Stocks (1.8%) | ||||||||||||||||
6,100 | Omnicare Capital Trust II, Series B | 4.00 | % | 06/15/33 | 289,750 | |||||||||||
200 | Wells Fargo & Co., Series L | 7.50 | % | 12/31/49 | 223,340 | |||||||||||
|
| |||||||||||||||
| Total Convertible Preferred Stocks (Cost $482,315) | | 513,090 |
Underlying Security/Expiration Date/Exercise Price | Contracts* | Value | ||||||
Call Options Purchased (0.7%) | ||||||||
Archer-Daniels-Midland Co., January 2013, $35.00 | 69 | 9,522 | ||||||
Bank Of America Corp., January 2013, $7.50 | 500 | 134,250 | ||||||
Goldman Sachs Group, Inc., January 2013, $120.00 | 42 | 66,675 | ||||||
|
| |||||||
Total Call Options Purchased (Cost $97,608) | 210,447 |
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (3.7%) | ||||||||
1,081,349 | State Street Navigator Prime Portfolio | 1,081,349 | ||||||
|
| |||||||
Total Collateral for Securities on Loan (Cost $1,081,349) | 1,081,349 | |||||||
Total Investments 101.4% (Cost $26,718,019) | 29,420,847 | |||||||
Liabilities Less Other Assets (1.4)% | (419,398 | ) | ||||||
|
| |||||||
Net Assets 100.0% | $ | 29,001,449 | ||||||
|
|
10 | SCHEDULEOF INVESTMENTS |
Table of Contents
The accompanying notes are an integral part of the financial statements.
* | All options have 100 shares per contract. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
ICON Equity Income Fund
Sector Composition
March 31, 2012 (unaudited)
Financial | 20.4% | |||
Industrials | 16.0% | |||
Consumer Discretionary | 12.7% | |||
Information Technology | 12.7% | |||
Energy | 7.4% | |||
Consumer Staples | 7.0% | |||
Health Care | 5.7% | |||
Utilities | 5.2% | |||
Materials | 4.8% | |||
|
| |||
91.9% | ||||
|
|
Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.
12 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON Equity Income Fund
Industry Composition
March 31, 2012 (unaudited)
Industrial Conglomerates | 4.4% | |||
Integrated Oil & Gas | 4.2% | |||
Semiconductors | 3.8% | |||
Other Diversified Financial Services | 3.3% | |||
Asset Management & Custody Banks | 3.2% | |||
Railroads | 3.1% | |||
Life & Health Insurance | 3.1% | |||
IT Consulting & Other Services | 2.8% | |||
Systems Software | 2.8% | |||
Industrial Machinery | 2.7% | |||
Apparel Retail | 2.7% | |||
Mortgage REIT’s | 2.6% | |||
Pharmaceuticals | 2.5% | |||
Home Improvement Retail | 2.3% | |||
Diversified Chemicals | 2.2% | |||
Restaurants | 2.2% | |||
Diversified Banks | 2.2% | |||
Tobacco | 2.1% | |||
Regional Banks | 2.1% | |||
Agricultural Products | 2.1% | |||
Gas Utilities | 2.0% | |||
Aerospace & Defense | 1.9% | |||
Construction & Farm Machinery & Heavy Trucks | 1.9% | |||
General Merchandise Stores | 1.8% |
Investment Banking & Brokerage | 1.7% | |||
Packaged Foods & Meats | 1.6% | |||
Industrial Gases | 1.5% | |||
Office Electronics | 1.5% | |||
Movies & Entertainment | 1.3% | |||
Advertising | 1.2% | |||
Biotechnology | 1.2% | |||
Consumer Finance | 1.2% | |||
Oil & Gas Refining & Marketing | 1.2% | |||
Specialized Consumer Services | 1.1% | |||
Oil & Gas Drilling | 1.1% | |||
Steel | 1.1% | |||
Brewers | 1.1% | |||
Wireless Telecommunication Services | 1.1% | |||
Air Freight & Logistics | 1.1% | |||
Electric Utilities | 1.1% | |||
Multi-Utilities | 1.1% | |||
Data Processing & Outsourced Services | 1.0% | |||
Health Care Services | 1.0% | |||
Health Care Equipment | 1.0% | |||
Coal & Consumable Fuels | 1.0% | |||
Other Industries | 2.7% | |||
|
| |||
91.9% | ||||
|
|
Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 13 |
Table of Contents
ICON FUND (FORMERLY,ICONCOREEQUITYFUND)
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.7%) | ||||||||
22,100 | Accenture PLC, Class A | $ | 1,425,450 | |||||
7,900 | Apple, Inc.† | 4,735,813 | ||||||
22,100 | BB&T Corp. | 693,719 | ||||||
29,000 | CACI International, Inc., Class A† | 1,806,410 | ||||||
15,800 | Cash America International, Inc.(a) | 757,294 | ||||||
27,800 | Caterpillar, Inc. | 2,961,256 | ||||||
22,000 | Celgene Corp.† | 1,705,440 | ||||||
3,100 | CME Group, Inc. | 896,923 | ||||||
114,700 | Comcast Corp., Class A | 3,442,147 | ||||||
31,800 | Cooper Industries PLC | 2,033,610 | ||||||
61,800 | CSX Corp. | 1,329,936 | ||||||
18,400 | Dover Corp. | 1,158,096 | ||||||
21,600 | Eaton Corp. | 1,076,328 | ||||||
48,100 | Emerson Electric Co. | 2,509,858 | ||||||
38,700 | Ezcorp, Inc., Class A† | 1,256,009 | ||||||
9,600 | FedEx Corp. | 882,816 | ||||||
94,200 | General Electric Co. | 1,890,594 | ||||||
30,500 | Halliburton Co. | 1,012,295 | ||||||
49,500 | Helen of Troy, Ltd.† | 1,683,495 | ||||||
31,000 | Illinois Tool Works, Inc. | 1,770,720 | ||||||
9,100 | International Business Machines Corp. | 1,898,715 | ||||||
39,000 | JPMorgan Chase & Co. | 1,793,220 | ||||||
67,800 | Juniper Networks, Inc.† | 1,551,264 | ||||||
62,300 | Lowe’s Cos., Inc. | 1,954,974 | ||||||
17,000 | National Oilwell Varco, Inc. | 1,350,990 |
Shares or Principal Amount | Value | |||||||
16,200 | NetApp, Inc.† | $ | 725,274 | |||||
6,400 | Nike, Inc., Class B | 694,016 | ||||||
44,100 | Noble Corp.† | 1,652,427 | ||||||
26,400 | Nucor Corp.(a) | 1,133,880 | ||||||
6,300 | Parker Hannifin Corp. | 532,665 | ||||||
27,700 | Praxair, Inc. | 3,175,528 | ||||||
15,900 | Schlumberger, Ltd. | 1,111,887 | ||||||
6,800 | Siemens AG, ADR | 685,712 | ||||||
105,200 | Steel Dynamics, Inc. | 1,529,608 | ||||||
37,300 | Time Warner Cable, Inc. | 3,039,950 | ||||||
79,200 | TJX Cos., Inc. | 3,145,032 | ||||||
14,500 | Union Pacific Corp. | 1,558,460 | ||||||
54,700 | Valero Energy Corp. | 1,409,619 | ||||||
30,200 | Viacom, Inc., Class B | 1,433,292 | ||||||
44,100 | Walt Disney Co. | 1,930,698 | ||||||
43,600 | Wells Fargo & Co. | 1,488,504 | ||||||
18,500 | Wolverine World Wide, Inc. | 687,830 | ||||||
|
| |||||||
| Total Common Stocks (Cost $51,159,850) | 69,511,754 | ||||||
Collateral for Securities on Loan (1.6%) | ||||||||
1,141,203 | State Street Navigator Prime Portfolio | 1,141,203 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $1,141,203) | 1,141,203 | ||||||
| Total Investments 101.3% (Cost $52,301,053) | 70,652,957 | ||||||
| Liabilities Less Other Assets (1.3)% | (929,338 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 69,723,619 | ||||||
|
|
14 | SCHEDULEOF INVESTMENTS |
Table of Contents
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
SCHEDULEOF INVESTMENTS | 15 |
Table of Contents
ICON Fund
Sector Composition
March 31, 2012 (unaudited)
Industrials | 26.4% | |||
Consumer Discretionary | 25.8% | |||
Information Technology | 17.4% | |||
Financial | 9.9% | |||
Energy | 9.4% | |||
Materials | 8.4% | |||
Health Care | 2.4% | |||
|
| |||
99.7% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Fund
Industry Composition
March 31, 2012 (unaudited)
Cable & Satellite | 9.3% | |||
IT Consulting & Other Services | 7.4% | |||
Computer Hardware | 6.8% | |||
Electrical Components & Equipment | 6.5% | |||
Industrial Machinery | 6.5% | |||
Oil & Gas Equipment & Services | 5.0% | |||
Movies & Entertainment | 4.8% | |||
Industrial Gases | 4.6% | |||
Apparel Retail | 4.5% | |||
Construction & Farm Machinery & Heavy Trucks | 4.3% | |||
Railroads | 4.1% | |||
Steel | 3.8% | |||
Industrial Conglomerates | 3.7% | |||
Consumer Finance | 2.9% | |||
Home Improvement Retail | 2.8% |
Other Diversified Financial Services | 2.6% | |||
Biotechnology | 2.4% | |||
Household Appliances | 2.4% | |||
Oil & Gas Drilling | 2.4% | |||
Communications Equipment | 2.2% | |||
Diversified Banks | 2.1% | |||
Oil & Gas Refining & Marketing | 2.0% | |||
Footwear | 2.0% | |||
Specialized Finance | 1.3% | |||
Air Freight & Logistics | 1.3% | |||
Computer Storage & Peripherals | 1.0% | |||
Regional Banks | 1.0% | |||
|
| |||
99.7% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
16 | SCHEDULEOF INVESTMENTS |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.0%) | ||||||||
9,500 | Accenture PLC, Class A(x) | $ | 612,750 | |||||
1,700 | Apple, Inc.† (x) | 1,019,099 | ||||||
4,400 | Automatic Data Processing, Inc.(x) | 242,836 | ||||||
10,800 | BB&T Corp.(a) | 339,012 | ||||||
6,400 | CACI International, Inc., Class A† | 398,656 | ||||||
5,500 | Caterpillar, Inc.(x) | 585,860 | ||||||
5,600 | Celgene Corp.† (x) | 434,112 | ||||||
27,800 | Charles Schwab Corp. | 399,486 | ||||||
600 | CME Group, Inc. | 173,598 | ||||||
5,800 | Cognizant Technology Solutions Corp., Class A† (x) | 446,310 | ||||||
21,500 | Comcast Corp., Class A(x) | 645,215 | ||||||
1,300 | Computer Sciences Corp.(x) | 38,922 | ||||||
3,500 | Cooper Industries PLC | 223,825 | ||||||
18,600 | CSX Corp.(x) | 400,272 | ||||||
10,500 | Danaher Corp.(x) | 588,000 | ||||||
8,600 | Dover Corp. | 541,284 | ||||||
6,100 | Ecolab, Inc. | 376,492 | ||||||
5,600 | Emerson Electric Co. | 292,208 | ||||||
14,300 | Ezcorp, Inc., Class A† | 464,107 | ||||||
4,000 | FedEx Corp. | 367,840 | ||||||
25,800 | General Electric Co.(x) | 517,806 | ||||||
4,800 | Guess?, Inc. | 150,000 | ||||||
8,200 | Halliburton Co. | 272,158 | ||||||
10,700 | Helen of Troy, Ltd.† | 363,907 | ||||||
3,600 | Home Depot, Inc. | 181,116 | ||||||
5,700 | Illinois Tool Works, Inc. | 325,584 | ||||||
3,200 | International Business Machines Corp.(x) | 667,680 | ||||||
11,600 | JPMorgan Chase & Co. | 533,368 | ||||||
17,500 | Juniper Networks, Inc.† | 400,400 |
Shares or Principal Amount | Value | |||||||
10,000 | Lowe’s Cos., Inc. | $ | 313,800 | |||||
3,600 | National Oilwell Varco, Inc. | 286,092 | ||||||
8,200 | NetApp, Inc.† | 367,114 | ||||||
3,100 | Nike, Inc., Class B | 336,164 | ||||||
7,900 | Noble Corp.† (x) | 296,013 | ||||||
2,400 | Norfolk Southern Corp. | 157,992 | ||||||
4,600 | Praxair, Inc. | 527,344 | ||||||
4,500 | Reliance Steel & Aluminum Co. | 254,160 | ||||||
3,400 | Schlumberger, Ltd.(x) | 237,762 | ||||||
5,700 | Time Warner Cable, Inc.(x) | 464,550 | ||||||
16,600 | TJX Cos., Inc.(x) | 659,186 | ||||||
15,300 | Valero Energy Corp. | 394,281 | ||||||
2,200 | Walt Disney Co.(x) | 96,316 | ||||||
15,000 | Wells Fargo & Co. | 512,100 | ||||||
|
| |||||||
| Total Common Stocks (Cost $13,227,602) | 16,904,777 | ||||||
|
Collateral for Securities on Loan (0.5%) |
| ||||||
98,040 | State Street Navigator Prime Portfolio | 98,040 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $98,040) |
| 98,040
|
| ||||
Short-Term Investment (1.6%) | ||||||||
$ | 276,486 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | 276,486 | |||||
|
| |||||||
| Total Short-Term Investments (Cost $276,486) | 276,486 | ||||||
| Total Investments 100.1% (Cost $13,602,128) | 17,279,303 | ||||||
| Liabilities Less Other Assets (0.1)% | (24,760 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 17,254,543 | ||||||
|
|
SCHEDULEOF INVESTMENTS | 17 |
Table of Contents
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(x) | All or a portion of the security is pledged as collateral for securities sold short. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
18 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON LONG/SHORT FUND
SCHEDULEOF SECURITIES SOLD SHORT
MARCH 31, 2012 (UNAUDITED)
Shares | Short Security | Value | ||||||
2,000 | SL Green Realty Corp., REIT | $ | 155,100 | |||||
3,000 | SPDR S&P 500 ETF Trust | 422,160 | ||||||
3,300 | Texas Industries, Inc. | 115,533 | ||||||
|
| |||||||
Total Securities Sold Short (Proceeds $596,617) | $ | 692,793 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
REIT Real Estate Investment Trust
SCHEDULEOF INVESTMENTS | 19 |
Table of Contents
ICON Long/Short Fund
Sector Composition
March 31, 2012 (unaudited)
Information Technology | 24.3% | |||
Industrials | 23.2% | |||
Consumer Discretionary | 18.6% | |||
Financial | 14.1% | |||
Energy | 8.6% | |||
Materials | 6.7% | |||
Health Care | 2.5% | |||
|
| |||
98.0% | ||||
|
|
Percentages are based upon long positions as a percentage
of net assets.
ICON Long/Short Fund
Industry Composition
March 31, 2012 (unaudited)
IT Consulting & Other Services | 12.3% | |||
Cable & Satellite | 6.4% | |||
Industrial Conglomerates | 6.4% | |||
Computer Hardware | 5.9% | |||
Industrial Machinery | 5.0% | |||
Apparel Retail | 4.7% | |||
Oil & Gas Equipment & Services | 4.6% | |||
Construction & Farm Machinery & Heavy Trucks | 3.4% | |||
Railroads | 3.2% | |||
Other Diversified Financial Services | 3.1% | |||
Industrial Gases | 3.1% | |||
Electrical Components & Equipment | 3.0% | |||
Diversified Banks | 3.0% | |||
Home Improvement Retail | 2.9% | |||
Consumer Finance | 2.7% |
Biotechnology | 2.5% | |||
Communications Equipment | 2.3% | |||
Investment Banking & Brokerage | 2.3% | |||
Oil & Gas Refining & Marketing | 2.3% | |||
Specialty Chemicals | 2.2% | |||
Air Freight & Logistics | 2.1% | |||
Computer Storage & Peripherals | 2.1% | |||
Household Appliances | 2.1% | |||
Regional Banks | 2.0% | |||
Footwear | 2.0% | |||
Oil & Gas Drilling | 1.7% | |||
Data Processing & Outsourced Services | 1.6% | |||
Steel | 1.5% | |||
Specialized Finance | 1.0% | |||
Movies & Entertainment | 0.6% | |||
|
| |||
98.0% | ||||
|
|
Percentages are based upon long positions as a percentage of net assets.
20 | SCHEDULEOF INVESTMENTS |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (104.1%) | ||||||||
3,300 | 3M Co.(x) | $ | 294,393 | |||||
4,100 | Abbott Laboratories | 251,289 | ||||||
5,800 | Accenture PLC, Class A(x) | 374,100 | ||||||
2,900 | AGL Resources, Inc.(x) | 113,738 | ||||||
2,900 | Air Products & Chemicals, Inc.(x) | 266,220 | ||||||
9,400 | Altria Group, Inc.(x) | 290,178 | ||||||
1,400 | Amerisource-Bergen Corp.(x) | 55,552 | ||||||
4,400 | Amgen, Inc.(x) | 299,156 | ||||||
1,500 | Apple, Inc.† (x) | 899,205 | ||||||
4,200 | Automatic Data Processing, Inc.(x) | 231,798 | ||||||
4,400 | Bank of New York Mellon Corp. | 106,172 | ||||||
2,200 | Barrick Gold Corp.(x) | 95,656 | ||||||
4,800 | BB&T Corp.(x) | 150,672 | ||||||
3,300 | Best Buy Co., Inc.(x) | 78,144 | ||||||
1,300 | Cardinal Health, Inc.(x) | 56,043 | ||||||
2,800 | Caterpillar, Inc.(x) | 298,256 | ||||||
2,500 | Chevron Corp.(x) | 268,100 | ||||||
400 | CME Group, Inc.(x) | 115,732 | ||||||
2,600 | Cognizant Technology Solutions Corp., Class A†(x) | 200,070 | ||||||
3,000 | ConocoPhillips | 228,030 | ||||||
2,100 | Cooper Industries PLC | 134,295 | ||||||
3,000 | Corn Products International, Inc.(x) | 172,950 | ||||||
16,500 | CSX Corp.(x) | 355,080 | ||||||
3,200 | Danaher Corp. | 179,200 | ||||||
5,300 | Dover Corp.(x) | 333,582 | ||||||
3,700 | E.I. du Pont de Nemours & Co.(x) | 195,730 | ||||||
2,200 | Express Scripts, Inc.†(x) | 119,196 |
Shares or Principal Amount | Value | |||||||
2,700 | Exxon Mobil Corp.(x) | $ | 234,171 | |||||
1,600 | FedEx Corp.(x) | 147,136 | ||||||
2,900 | Genuine Parts Co.(x) | 181,975 | ||||||
1,100 | Goldman Sachs Group, Inc. | 136,807 | ||||||
300 | Google, Inc., Class A†(x) | 192,372 | ||||||
5,900 | Halliburton Co.(x) | 195,821 | ||||||
3,400 | Helmerich & Payne, Inc. | 183,430 | ||||||
13,600 | Intel Corp.(x) | 382,296 | ||||||
4,400 | International Business Machines Corp.(x) | 918,060 | ||||||
2,800 | Johnson Controls, Inc. | 90,944 | ||||||
2,150 | JOS A. Bank Clothiers, Inc.†(x) | 108,381 | ||||||
11,100 | JPMorgan Chase & Co.(x) | 510,378 | ||||||
2,900 | Kimberly-Clark Corp. | 214,281 | ||||||
1,500 | Laboratory Corp. of America Holdings†(x) | 137,310 | ||||||
5,300 | Lincare Holdings, Inc.(x) | 137,164 | ||||||
12,100 | Lowe’s Cos., Inc.(x) | 379,698 | ||||||
2,900 | M&T Bank Corp.(x) | 251,952 | ||||||
1,400 | McDonald’s Corp. | 137,340 | ||||||
6,800 | Medtronic, Inc.(x) | 266,492 | ||||||
15,000 | Microsoft Corp.(x) | 483,750 | ||||||
6,700 | Morgan Stanley(x) | 131,588 | ||||||
2,500 | Murphy Oil Corp.(x) | 140,675 | ||||||
4,000 | National Oilwell Varco, Inc.(x) | 317,880 | ||||||
1,300 | Nike, Inc., Class B(x) | 140,972 | ||||||
1,700 | Occidental Petroleum Corp.(x) | 161,891 | ||||||
2,900 | Oracle Corp.(x) | 84,564 | ||||||
3,100 | Parker Hannifin Corp.(x) | 262,105 |
SCHEDULEOF INVESTMENTS | 21 |
Table of Contents
Shares or Principal Amount | Value | |||||||
4,800 | Philip Morris International, Inc.(x) | $ | 425,328 | |||||
600 | PPG Industries, Inc. | 57,480 | ||||||
5,700 | PPL Corp.(x) | 161,082 | ||||||
2,500 | Praxair, Inc.(x) | 286,600 | ||||||
1,600 | Procter & Gamble Co.(x) | 107,536 | ||||||
3,200 | Prudential Financial, Inc.(x) | 202,848 | ||||||
1,600 | QUALCOMM, Inc.(x) | 108,832 | ||||||
2,200 | Sempra Energy(x) | 131,912 | ||||||
5,900 | Southern Co. | 265,087 | ||||||
7,200 | Sysco Corp. | 214,992 | ||||||
4,900 | Target Corp.(x) | 285,523 | ||||||
16,400 | TJX Cos., Inc.(x) | 651,244 | ||||||
5,000 | Torchmark Corp.(x) | 249,250 |
Shares or Principal Amount | Value | |||||||
1,000 | Tupperware Brands Corp.(x) | $ | 63,500 | |||||
5,900 | U.S. Bancorp(x) | 186,912 | ||||||
3,500 | UGI Corp. | 95,375 | ||||||
3,700 | Union Pacific Corp.(x) | 397,676 | ||||||
2,300 | United Technologies Corp.(x) | 190,762 | ||||||
2,100 | Valero Energy Corp. | 54,117 | ||||||
1,700 | Varian Medical Systems, Inc.†(x) | 117,232 | ||||||
4,900 | Wal-Mart Stores, Inc.(x) | 299,880 | ||||||
8,100 | Walt Disney Co.(x) | 354,618 | ||||||
9,300 | Wells Fargo & Co.(x) | 317,502 | ||||||
5,700 | Xcel Energy, Inc.(x) | 150,879 | ||||||
|
| |||||||
| Total Common Stocks (Cost $14,268,753) | 18,068,137 |
Underlying Security/Expiration Date/Exercise Price | Contracts* | Value | ||||||||
Put Option Purchased (0.2%) | ||||||||||
S+P 500 Index, April 2012, $1,345.00 | 100 | $ | 38,500 | |||||||
|
| |||||||||
Total Put Options Purchased (Cost $102,536) | 38,500 | |||||||||
Shares or Principal Amount | Value | |||||||||
Short-Term Investment (5.2%) | ||||||||||
$905,826 State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | $ | 905,826 | ||||||||
|
| |||||||||
Total Short-Term Investments (Cost $905,826) | 905,826 | |||||||||
Total Investments 109.5% (Cost $15,277,115) | 19,012,463 | |||||||||
Liabilities Less Other Assets (9.5)% | (1,645,021 | ) | ||||||||
|
| |||||||||
Net Assets 100.0% | $ | 17,367,442 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(x) | All or a portion of the security is pledged as collateral for call options written. |
* | All options have 100 share per contract. |
22 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON RISK-MANAGED EQUITY FUND
SCHEDULEOF WRITTEN CALL OPTIONS
MARCH 31, 2012 (UNAUDITED)
Underlying Security/Expiration Date/Exercise Price | Contracts* | Value | ||||
S+P 500 Index, April 2012, $1,360.00 | 80 | $ | 427,600 | |||
|
| |||||
Total Options Written (Premiums received $286,524) | $ | 427,600 | ||||
|
|
The accompanying notes are an integral part of the financial statements.
* | All options have 100 share per contract. |
SCHEDULEOF INVESTMENTS | 23 |
Table of Contents
ICON Risk-Managed Equity Fund
Sector Composition
March 31, 2012 (unaudited)
Information Technology | 22.3% | |||
Industrials | 14.9% | |||
Consumer Discretionary | 14.3% | |||
Financial | 13.6% | |||
Energy | 10.3% | |||
Consumer Staples | 9.9% | |||
Health Care | 8.3% | |||
Utilities | 5.3% | |||
Materials | 5.2% | |||
|
| |||
104.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
24 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON Risk-Managed Equity Fund
Industry Composition
March 31, 2012 (unaudited)
IT Consulting & Other Services | 8.6% | |||
Integrated Oil & Gas | 6.0% | |||
Computer Hardware | 5.2% | |||
Apparel Retail | 4.4% | |||
Railroads | 4.3% | |||
Tobacco | 4.1% | |||
Industrial Machinery | 3.4% | |||
Systems Software | 3.3% | |||
Industrial Gases | 3.2% | |||
Oil & Gas Equipment & Services | 3.0% | |||
Other Diversified Financial Services | 2.9% | |||
Diversified Banks | 2.9% | |||
Industrial Conglomerates | 2.7% | |||
Life & Health Insurance | 2.6% | |||
Electric Utilities | 2.5% | |||
Regional Banks | 2.3% | |||
Health Care Services | 2.3% | |||
Health Care Equipment | 2.2% | |||
Semiconductors | 2.2% | |||
Home Improvement Retail | 2.2% | |||
Movies & Entertainment | 2.0% | |||
Household Products | 1.9% |
Hypermarkets & Super Centers | 1.7% | |||
Biotechnology | 1.7% | |||
Construction & Farm Machinery & Heavy Trucks | 1.7% | |||
General Merchandise Stores | 1.6% | |||
Multi-Utilities | 1.6% | |||
Investment Banking & Brokerage | 1.6% | |||
Diversified Chemicals | 1.5% | |||
Pharmaceuticals | 1.4% | |||
Data Processing & Outsourced Services | 1.3% | |||
Food Distributors | 1.2% | |||
Gas Utilities | 1.2% | |||
Internet Software & Services | 1.1% | |||
Aerospace & Defense | 1.1% | |||
Oil & Gas Drilling | 1.1% | |||
Distributors | 1.1% | |||
Agricultural Products | 1.0% | |||
Other Industries | 8.0% | |||
|
| |||
104.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 25 |
Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES
MARCH 31, 2012 (UNAUDITED)
ICON Bond Fund | ICON Equity Income Fund | |||||||
Assets |
| |||||||
Investments, at cost | $ | 106,203,489 | $ | 26,718,019 | ||||
|
|
|
| |||||
Investments, at value† | 109,225,910 | 29,420,847 | ||||||
Deposits for short sales | – | – | ||||||
Cash | – | 2,835 | ||||||
Receivables: | ||||||||
Fund shares sold | 444,730 | 195,416 | ||||||
Investments sold | – | 613,001 | ||||||
Interest | 1,180,476 | 5,927 | ||||||
Dividends | – | 109,913 | ||||||
Expense reimbursements due from Adviser | 38,410 | 9,405 | ||||||
Foreign tax reclaims | – | 11,717 | ||||||
Other assets | 28,018 | 25,059 | ||||||
|
|
|
| |||||
Total Assets | 110,917,544 | 30,394,120 | ||||||
|
|
|
| |||||
Liabilities | ||||||||
Options written, at value (premiums received $286,524) | – | – | ||||||
Securities sold short, at value (proceeds of $596,617) | – | – | ||||||
Payables: | ||||||||
Due to custodian bank | – | 75,589 | ||||||
Due to prime broker | – | – | ||||||
Expense recoupment due to adviser | – | 3,519 | ||||||
Investments purchased | 335,689 | – | ||||||
Payable for collateral received on securities loaned | 6,154,130 | 1,081,349 | ||||||
Fund shares redeemed | 501,927 | 154,183 | ||||||
Dividends from short positions | – | – | ||||||
Distributions due to shareholders | 7,437 | 14,853 | ||||||
Advisory fees | 48,863 | 20,833 | ||||||
Accrued distribution fees | 7,675 | 6,679 | ||||||
Fund accounting fees | 3,218 | 1,113 | ||||||
Transfer agent fees | 14,444 | 9,608 | ||||||
Administration fees | 4,068 | 1,388 | ||||||
Trustee fees | 3,562 | 1,233 | ||||||
Accrued expenses | 30,113 | 22,324 | ||||||
|
|
|
| |||||
Total Liabilities | 7,111,126 | 1,392,671 | ||||||
|
|
|
| |||||
Net Assets - all share classes | $ | 103,806,418 | $ | 29,001,449 | ||||
|
|
|
| |||||
Net Assets - Class C | $ | 3,821,180 | $ | 4,802,431 | ||||
|
|
|
| |||||
Net Assets - Class S* | $ | 76,561,416 | $ | 12,637,995 | ||||
|
|
|
| |||||
Net Assets - Class A | $ | 23,423,822 | $ | 11,561,023 | ||||
|
|
|
|
26 | FINANCIAL STATEMENTS |
Table of Contents
ICON Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||
$ | 52,301,053 | $ | 13,602,128 | $ | 15,277,115 | |||||
|
|
|
|
|
| |||||
70,652,957 | 17,279,303 | 19,012,463 | ||||||||
– | 750,012 | – | ||||||||
– | 551 | 4,163 | ||||||||
250,632 | 261,138 | 163,337 | ||||||||
1,149,296 | 242,173 | – | ||||||||
– | – | – | ||||||||
89,348 | 14,756 | 30,688 | ||||||||
7,678 | 16,714 | 16,925 | ||||||||
10,546 | – | – | ||||||||
30,365 | 17,797 | 18,636 | ||||||||
|
|
|
|
|
| |||||
72,190,822 | 18,582,444 | 19,246,212 | ||||||||
|
|
|
|
|
| |||||
– | – | 427,600 | ||||||||
– | 692,793 | – | ||||||||
231,674 | – | – | ||||||||
– | 39,753 | 1,304,977 | ||||||||
– | – | 103 | ||||||||
790,454 | 437,156 | – | ||||||||
1,141,203 | 98,040 | – | ||||||||
175,388 | 7,956 | 98,704 | ||||||||
– | 2,526 | – | ||||||||
– | – | 2,822 | ||||||||
46,063 | 11,989 | 11,664 | ||||||||
21,277 | 6,927 | 3,425 | ||||||||
2,419 | 546 | 631 | ||||||||
15,525 | 7,234 | 6,321 | ||||||||
3,068 | 705 | 777 | ||||||||
2,400 | 455 | 634 | ||||||||
37,732 | 21,821 | 21,112 | ||||||||
|
|
|
|
|
| |||||
2,467,203 | 1,327,901 | 1,878,770 | ||||||||
|
|
|
|
|
| |||||
$ | 69,723,619 | $ | 17,254,543 | $ | 17,367,442 | |||||
|
|
|
|
|
| |||||
$ | 20,671,874 | $ | 6,418,028 | $ | 2,328,281 | |||||
|
|
|
|
|
| |||||
$ | 32,713,675 | $ | 3,153,399 | $ | 8,557,464 | |||||
|
|
|
|
|
| |||||
$ | 16,338,070 | $ | 7,683,116 | $ | 6,481,697 | |||||
|
|
|
|
|
|
FINANCIAL STATEMENTS | 27 |
Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES (CONTINUED)
MARCH 31, 2012 (UNAUDITED)
ICON Bond Fund | ICON Equity Income Fund | |||||||
Net Assets Consist of |
| |||||||
Paid-in capital | $ | 99,559,627 | $ | 54,815,376 | ||||
Accumulated undistributed net investment income/(loss) | (329,127 | ) | (510 | ) | ||||
Accumulated undistributed net realized gain/(loss) from investments, written options securities sold short and foreign currency transactions | 1,553,497 | (28,516,245 | ) | |||||
Unrealized appreciation/(depreciation) on investments, written options, securities sold short and foreign currency transactions | 3,022,421 | 2,702,828 | ||||||
|
|
|
| |||||
Net Assets | $ | 103,806,418 | $ | 29,001,449 | ||||
|
|
|
| |||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||
Class C | 373,062 | 393,520 | ||||||
Class S* | 7,502,988 | 1,041,477 | ||||||
Class A | 2,295,469 | 956,959 | ||||||
Net asset value (offering and redemption price per share) | ||||||||
Class C | $ | 10.24 | $ | 12.20 | ||||
Class S* | $ | 10.20 | $ | 12.13 | ||||
Class A | $ | 10.20 | $ | 12.08 | ||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 10.71 | $ | 12.82 | ||||
† Includes securities on loan of | $ | 5,934,756 | $ | 1,045,634 |
* | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
The accompanying notes are an integral part of the financial statements.
28 | FINANCIAL STATEMENTS |
Table of Contents
ICON Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||
$ | 95,736,195 | $ | 76,630,275 | $ | 34,516,706 | |||||
110,814 | (35,001 | ) | (218 | ) | ||||||
(44,475,294 | ) | (62,921,730 | ) | (20,743,318 | ) | |||||
18,351,904 | 3,580,999 | 3,594,272 | ||||||||
|
|
|
|
|
| |||||
$ | 69,723,619 | $ | 17,254,543 | $ | 17,367,442 | |||||
|
|
|
|
|
| |||||
1,963,232 | 465,356 | 207,496 | ||||||||
2,874,686 | 213,349 | 706,736 | ||||||||
1,495,784 | 528,186 | 546,688 | ||||||||
$ | 10.53 | $ | 13.79 | $ | 11.22 | |||||
$ | 11.38 | $ | 14.78 | $ | 12.11 | |||||
$ | 10.92 | $ | 14.55 | $ | 11.86 | |||||
$ | 11.59 | $ | 15.44 | $ | 12.58 | |||||
$ | 1,120,179 | $ | 95,426 | $ | – |
FINANCIAL STATEMENTS | 29 |
Table of Contents
STATEMENTSOF OPERATIONS
FORTHEPERIODENDED MARCH 31, 2012 (UNAUDITED)
ICON Bond Fund | ICON Equity Income Fund | |||||||
Investment Income | ||||||||
Interest | $ | 2,422,195 | $ | 54,989 | ||||
Dividends | – | 701,494 | ||||||
Income from securities lending, net | 5,487 | 4,880 | ||||||
Foreign taxes withheld | – | (6,814 | ) | |||||
|
|
|
| |||||
Total Investment Income | 2,427,682 | 754,549 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Advisory fees | 288,637 | 125,447 | ||||||
Distribution fees: | ||||||||
Class I* | 71,228 | 20,100 | ||||||
Class C | 16,510 | 22,127 | ||||||
Class A | 11,641 | 8,447 | ||||||
Fund accounting fees | 9,621 | 3,345 | ||||||
Transfer agent fees | 43,855 | 24,524 | ||||||
Administration fees | 24,044 | 8,360 | ||||||
Prime broker expense | – | – | ||||||
Custody fees | 2,068 | 2,687 | ||||||
Registration fees: | ||||||||
Class I* | 6,348 | 4,418 | ||||||
Class C | 4,340 | 4,512 | ||||||
Class S** | 560 | 558 | ||||||
Class A | 2,274 | 5,244 | ||||||
Insurance expense | 8,794 | 3,161 | ||||||
Trustee fees and expenses | 5,143 | 1,853 | ||||||
Audit and tax service expense | 15,531 | 16,691 | ||||||
Interest expense | 226 | 1,011 | ||||||
Recoupment of previously reimbursed expenses | – | 3,519 | ||||||
Other expenses | 31,682 | 17,974 | ||||||
Dividends on short positions | – | – | ||||||
|
|
|
| |||||
Total expenses before expense reimbursement | 542,502 | 273,978 | ||||||
Expense reimbursement by Adviser due to expense limitation agreement | (82,100 | ) | (21,579 | ) | ||||
|
|
|
| |||||
Net Expenses | 460,402 | 252,399 | ||||||
|
|
|
| |||||
Net Investment Income/(Loss) | 1,967,280 | 502,150 | ||||||
|
|
|
|
30 | FINANCIAL STATEMENTS |
Table of Contents
ICON Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||
$ | 1 | $ | 2 | $ | 11 | |||||
690,529 | 116,709 | 232,980 | ||||||||
– | – | – | ||||||||
(13,278 | ) | – | (193 | ) | ||||||
|
|
|
|
|
| |||||
677,252 | 116,711 | 232,798 | ||||||||
|
|
|
|
|
| |||||
267,753 | 66,086 | 74,790 | ||||||||
38,544 | 6,180 | 12,466 | ||||||||
98,336 | 29,837 | 11,290 | ||||||||
10,107 | 4,526 | 5,191 | ||||||||
7,101 | 1,550 | 1,995 | ||||||||
55,078 | 19,072 | 18,550 | ||||||||
17,843 | 3,886 | 4,984 | ||||||||
– | 3,713 | – | ||||||||
1,596 | 997 | 4,159 | ||||||||
4,916 | 3,428 | 3,996 | ||||||||
5,661 | 5,185 | 4,502 | ||||||||
940 | 165 | 370 | ||||||||
4,903 | 5,009 | 5,246 | ||||||||
6,114 | 1,213 | 1,543 | ||||||||
3,755 | 772 | 1,039 | ||||||||
15,994 | 18,394 | 18,442 | ||||||||
3,360 | 506 | 2,091 | ||||||||
– | – | 103 | ||||||||
32,133 | 12,022 | 14,655 | ||||||||
– | 6,029 | – | ||||||||
|
|
|
|
|
| |||||
574,134 | 188,570 | 185,412 | ||||||||
(7,678 | ) | (36,858 | ) | (34,704 | ) | |||||
|
|
|
|
|
| |||||
566,456 | 151,712 | 150,708 | ||||||||
|
|
|
|
|
| |||||
110,796 | (35,001 | ) | 82,090 | |||||||
|
|
|
|
|
|
FINANCIAL STATEMENTS | 31 |
Table of Contents
STATEMENTSOF OPERATIONS (CONTINUED)
FORTHEPERIODENDED MARCH 31, 2012 (UNAUDITED)
ICON Bond Fund | ICON Equity Income Fund | |||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, Securities Sold Short and Foreign Currency Transactions | ||||||||
Net realized gain/(loss) from investment transactions | 1,553,503 | 94,066 | ||||||
Net realized gain/(loss) from foreign currency transactions | – | 249 | ||||||
Net realized gain/(loss) from written options | – | – | ||||||
Net realized gain/(loss) from securities sold short | – | – | ||||||
Change in unrealized net appreciation/(depreciation) on investments and foreign currency transactions | 1,074,129 | 5,940,376 | ||||||
Change in unrealized net appreciation/(depreciation) on written options | – | – | ||||||
Change in unrealized net appreciation/(depreciation) on securities sold short | – | – | ||||||
|
|
|
| |||||
Net realized and unrealized gain/(loss) on investments, written options, securities sold short and foreign currency transactions | 2,627,632 | 6,034,691 | ||||||
|
|
|
| |||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 4,594,912 | $ | 6,536,841 | ||||
|
|
|
|
* | Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger. |
** | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
The accompanying notes are an integral part of the financial statements.
32 | FINANCIAL STATEMENTS |
Table of Contents
ICON Fund | ICON Long/Short Fund | ICON Risk-Managed Equity Fund | ||||||||
(926,746 | ) | (272,430 | ) | 376,166 | ||||||
– | – | – | ||||||||
– | – | (813,595 | ) | |||||||
– | 3,104 | – | ||||||||
19,099,273 | 4,099,822 | 2,805,557 | ||||||||
– | – | (205,064 | ) | |||||||
– | (138,534 | ) | – | |||||||
|
|
|
|
|
| |||||
18,172,527 | 3,691,962 | 2,163,064 | ||||||||
|
|
|
|
|
| |||||
$ | 18,283,323 | $ | 3,656,961 | $ | 2,245,154 | |||||
|
|
|
|
|
|
FINANCIAL STATEMENTS | 33 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS
ICON Bond Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 1,967,280 | $ | 5,651,322 | ||||
Net realized gain/(loss) on investment transactions, written options, securities sold short and foreign currency transactions | 1,553,503 | 3,288,516 | ||||||
Change in net unrealized appreciation/(depreciation) on investments, foreign currency transactions, written options and securities sold short | 1,074,129 | (8,196,071 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets resulting from operations | 4,594,912 | 743,767 | ||||||
|
|
|
| |||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class I* | (1,197,245 | ) | (5,454,987 | ) | ||||
Class C | (66,951 | ) | (148,880 | ) | ||||
Class S** | (525,860 | ) | (44,454 | ) | ||||
Class A | (176,965 | ) | (2,400 | ) | ||||
Net realized gains | ||||||||
Class I* | (1,600,813 | ) | (2,996,875 | ) | ||||
Class C | (65,783 | ) | (86,038 | ) | ||||
Class S** | (15,117 | ) | (21,226 | ) | ||||
Class A | (4,480 | ) | (723 | ) | ||||
|
|
|
| |||||
Net decrease from dividends and distributions | (3,653,214 | ) | (8,755,583 | ) | ||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class I* | 10,974,194 | 32,580,297 | ||||||
Class C | 269,165 | 750,410 | ||||||
Class S** | 78,020,521 | 19,196 | ||||||
Class A*** | 28,098,383 | 267,330 | ||||||
Reinvested dividends and distributions | ||||||||
Class I* | 2,526,420 | 8,265,981 | ||||||
Class C | 121,788 | 213,732 | ||||||
Class S** | 505,415 | 1,620 | ||||||
Class A | 166,308 | 2,562 | ||||||
Shares repurchased | ||||||||
Class I*** | (104,334,901 | ) | (87,891,304 | ) | ||||
Class C | (486,990 | ) | (1,362,160 | ) | ||||
Class S** | (4,027,224 | ) | (126,205 | ) | ||||
Class A*** | (5,536,144 | ) | (12,669 | ) | ||||
|
|
|
| |||||
Net Increase/(decrease) from fund share transactions | 6,296,935 | (47,291,210 | ) | |||||
|
|
|
| |||||
Total net increase/(decrease) in net assets | 7,238,633 | (55,303,026 | ) | |||||
Net Assets | ||||||||
Beginning of period | 96,567,785 | 151,870,811 | ||||||
|
|
|
| |||||
End of period | $ | 103,806,418 | $ | 96,567,785 | ||||
|
|
|
|
34 | FINANCIAL STATEMENTS |
Table of Contents
ICON Equity Income Fund | ICON Fund | |||||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||
$ | 502,150 | $ | 1,783,165 | $ | 110,796 | $ | 161,465 | |||||||
94,315 | 5,490,002 | (926,746 | ) | 10,265,342 | ||||||||||
5,940,376 | (7,090,202 | ) | 19,099,273 | (5,953,813 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
6,536,841 | 182,965 | 18,283,323 | 4,472,994 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(241,898 | ) | (1,549,373 | ) | (161,444 | ) | (168,477 | ) | |||||||
(30,030 | ) | (125,340 | ) | – | – | |||||||||
(79,437 | ) | (6,010 | ) | – | – | |||||||||
(108,461 | ) | (124,650 | ) | – | – | |||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
– | – | – | – | |||||||||||
|
|
|
|
|
|
|
| |||||||
(459,826 | ) | (1,805,373 | ) | (161,444 | ) | (168,477 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
987,981 | 12,707,420 | 847,758 | 12,906,410 | |||||||||||
697,123 | 1,345,156 | 400,296 | 1,201,294 | |||||||||||
17,468,016 | 80,077 | 35,700,330 | 39,438 | |||||||||||
10,442,913 | 2,446,198 | 19,054,815 | 572,831 | |||||||||||
231,892 | 1,486,514 | 155,712 | 164,558 | |||||||||||
22,455 | 101,343 | – | – | |||||||||||
76,688 | 5,779 | – | – | |||||||||||
83,562 | 88,433 | – | – | |||||||||||
(30,536,686 | ) | (25,184,721 | ) | (56,622,985 | ) | (43,843,823 | ) | |||||||
(582,103 | ) | (843,467 | ) | (2,533,778 | ) | (8,294,982 | ) | |||||||
(5,832,723 | ) | (16,701 | ) | (5,957,758 | ) | (345,913 | ) | |||||||
(2,796,280 | ) | (840,365 | ) | (5,796,881 | ) | (660,978 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(9,737,162 | ) | (8,624,334 | ) | (14,752,491 | ) | (38,261,165 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(3,660,147 | ) | (10,246,742 | ) | 3,369,388 | (33,956,648 | ) | ||||||||
32,661,596 | 42,908,338 | 66,354,231 | 100,310,879 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 29,001,449 | $ | 32,661,596 | $ | 69,723,619 | $ | 66,354,231 | |||||||
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 35 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Long/Short Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | (35,001 | ) | $ | (91,742 | ) | ||
Net realized gain/(loss) on investment transactions, written options, securities sold short and foreign currency transactions | (269,326 | ) | 1,531,016 | |||||
Change in net unrealized appreciation/(depreciation) on investments, foreign currency transactions, written options and securities sold short | 3,961,288 | (1,378,386 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets resulting from operations | 3,656,961 | 60,888 | ||||||
|
|
|
| |||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class I* | – | – | ||||||
Class C | – | – | ||||||
Class S** | – | – | ||||||
Class A | – | – | ||||||
Net realized gains | ||||||||
Class I* | – | – | ||||||
Class C | – | – | ||||||
Class S** | – | – | ||||||
Class A | – | – | ||||||
|
|
|
| |||||
Net decrease from dividends and distributions | – | – | ||||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class I* | 615,566 | 2,207,397 | ||||||
Class C | 313,582 | 172,641 | ||||||
Class S** | 3,504,759 | 5,994 | ||||||
Class A*** | 6,853,933 | 378,445 | ||||||
Reinvested dividends and distributions | ||||||||
Class I* | – | – | ||||||
Class C | – | – | ||||||
Class S** | – | – | ||||||
Class A | – | – | ||||||
Shares repurchased | ||||||||
Class I*** | (9,274,530 | ) | (6,096,500 | ) | ||||
Class C | (836,859 | ) | (4,226,492 | ) | ||||
Class S** | (615,242 | ) | (99,121 | ) | ||||
Class A*** | (1,187,758 | ) | (1,018,297 | ) | ||||
|
|
|
| |||||
Net Increase/(decrease) from fund share transactions | (626,549 | ) | (8,675,933 | ) | ||||
|
|
|
| |||||
Total net increase/(decrease) in net assets | 3,030,412 | (8,615,045 | ) | |||||
Net Assets | ||||||||
Beginning of period | 14,224,131 | 22,839,176 | ||||||
|
|
|
| |||||
End of period | $ | 17,254,543 | $ | 14,224,131 | ||||
|
|
|
|
36 | FINANCIAL STATEMENTS |
Table of Contents
ICON Risk-Managed Equity Fund | ||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||
$ | 82,090 | $ | 173,708 | |||
(437,429 | ) | 2,108,423 | ||||
2,600,493 | (1,739,486 | ) | ||||
|
|
|
| |||
2,245,154 | 542,645 | |||||
|
|
|
| |||
(41,651 | ) | (171,775 | ) | |||
(2,473 | ) | (3,673 | ) | |||
(20,524 | ) | (807 | ) | |||
(17,660 | ) | (27,376 | ) | |||
– | – | |||||
– | – | |||||
– | – | |||||
– | – | |||||
|
|
|
| |||
(82,308 | ) | (203,631 | ) | |||
|
|
|
| |||
960,926 | 4,921,371 | |||||
165,098 | 495,568 | |||||
10,049,984 | 9,665 | |||||
7,628,506 | 454,303 | |||||
36,883 | 162,601 | |||||
2,390 | 3,600 | |||||
19,743 | 807 | |||||
14,617 | 24,439 | |||||
(18,292,414 | ) | (7,970,159 | ) | |||
(174,625 | ) | (1,039,898 | ) | |||
(1,826,558 | ) | (12,896 | ) | |||
(3,517,715 | ) | (2,709,760 | ) | |||
|
|
|
| |||
(4,933,165 | ) | (5,660,359 | ) | |||
|
|
|
| |||
(2,770,319 | ) | (5,321,345 | ) | |||
20,137,761 | 25,459,106 | |||||
|
|
|
| |||
$ | 17,367,442 | $ | 20,137,761 | |||
|
|
|
|
FINANCIAL STATEMENTS | 37 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Bond Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class I* | 1,086,363 | 3,096,208 | ||||||
Class C | 26,443 | 71,019 | ||||||
Class S** | 7,761,710 | 1,835 | ||||||
Class A*** | 2,797,481 | 25,660 | ||||||
Reinvested dividends and distributions | ||||||||
Class I* | 252,285 | 795,208 | ||||||
Class C | 12,089 | 20,535 | ||||||
Class S** | 49,415 | 156 | ||||||
Class A | 16,271 | 249 | ||||||
Shares repurchased | ||||||||
Class I*** | (10,382,660 | ) | (8,382,077 | ) | ||||
Class C | (47,792 | ) | (128,801 | ) | ||||
Class S** | (395,329 | ) | (12,029 | ) | ||||
Class A*** | (542,964 | ) | (1,229 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) | 633,312 | (4,513,266 | ) | |||||
Shares outstanding, beginning of period | 9,538,207 | 14,051,473 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 10,171,519 | 9,538,207 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | (329,127 | ) | $ | (329,386 | ) | ||
|
|
|
|
* | Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger. |
** | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
*** | Class I shares merged into Class A on January 23, 2012. The information presented includes the merger activity. |
The accompanying notes are an integral part of the financial statements.
38 | FINANCIAL STATEMENTS |
Table of Contents
ICON Equity Income Fund | ICON Fund | |||||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||
89,438 | 1,070,619 | 85,117 | 1,260,372 | |||||||||||
61,413 | 116,234 | 41,392 | 125,482 | |||||||||||
1,496,829 | 6,846 | 3,384,564 | 3,786 | |||||||||||
901,202 | 209,444 | 1,888,205 | 56,844 | |||||||||||
20,872 | 128,303 | 16,136 | 16,133 | |||||||||||
2,002 | 8,989 | – | – | |||||||||||
6,337 | 508 | – | – | |||||||||||
7,193 | 7,833 | – | – | |||||||||||
(2,620,173 | ) | (2,120,602 | ) | (5,367,692 | ) | (4,156,795 | ) | |||||||
(50,988 | ) | (73,121 | ) | (266,346 | ) | (877,121 | ) | |||||||
(475,591 | ) | (1,444 | ) | (524,922 | ) | (33,715 | ) | |||||||
(234,357 | ) | (73,851 | ) | (539,582 | ) | (66,713 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(795,823 | ) | (720,242 | ) | (1,283,128 | ) | (3,671,727 | ) | |||||||
3,187,779 | 3,908,021 | 7,616,830 | 11,288,557 | |||||||||||
|
|
|
|
|
|
|
| |||||||
2,391,956 | 3,187,779 | 6,333,702 | 7,616,830 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | (510 | ) | $ | (42,834 | ) | $ | 110,814 | $ | 161,462 | |||||
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 39 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Long/Short Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class I* | 49,085 | 168,947 | ||||||
Class C | 23,848 | 14,038 | ||||||
Class S** | 251,780 | 480 | ||||||
Class A*** | 510,283 | 31,066 | ||||||
Reinvested dividends and distributions | ||||||||
Class I* | – | – | ||||||
Class C | – | – | ||||||
Class S** | – | – | ||||||
Class A | – | – | ||||||
Shares repurchased | ||||||||
Class I*** | (693,486 | ) | (478,602 | ) | ||||
Class C | (67,810 | ) | (350,539 | ) | ||||
Class S** | (42,066 | ) | (7,938 | ) | ||||
Class A*** | (88,128 | ) | (82,587 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) | (56,494 | ) | (705,135 | ) | ||||
Shares outstanding, beginning of period | 1,263,385 | 1,968,520 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 1,206,891 | 1,263,385 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | (35,001 | ) | $ | – | |||
|
|
|
|
* | Class I shares merged into Class A on January 23, 2012. The information presented is that before the merger. |
** | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
*** | Class I shares merged into Class A on January 23, 2012. The information presented includes the merger activity. |
The accompanying notes are an integral part of the financial statements.
40 | FINANCIAL STATEMENTS |
Table of Contents
ICON Risk-Managed Equity Fund | ||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||
86,185 | 431,144 | |||||
15,601 | 47,099 | |||||
850,308 | 834 | |||||
660,886 | 40,810 | |||||
3,305 | 14,135 | |||||
226 | 330 | |||||
1,631 | 69 | |||||
1,260 | 2,138 | |||||
(1,585,531 | ) | (693,438 | ) | |||
(16,395 | ) | (96,498 | ) | |||
(150,673 | ) | (1,092 | ) | |||
(301,427 | ) | (232,103 | ) | |||
|
|
|
| |||
(434,624 | ) | (486,572 | ) | |||
1,895,544 | 2,382,116 | |||||
|
|
|
| |||
1,460,920 | 1,895,544 | |||||
|
|
|
| |||
$ | (218 | ) | $ | – | ||
|
|
|
|
FINANCIAL STATEMENTS | 41 |
Table of Contents
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Bond Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 10.15 | $ | 0.18 | $ | 0.25 | $ | 0.43 | $ | (0.17 | ) | $ | (0.17 | ) | ||||||||||
Year Ended September 30, 2011 | 10.83 | 0.39 | (0.46 | ) | (0.07 | ) | (0.39 | ) | (0.22 | ) | ||||||||||||||
Year Ended September 30, 2010 | 10.30 | 0.39 | 0.57 | 0.96 | (0.39 | ) | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2009 | 9.46 | 0.34 | 0.84 | 1.18 | (0.34 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 10.05 | 0.35 | (0.55 | ) | (0.20 | ) | (0.39 | ) | – | |||||||||||||||
Year Ended September 30, 2007 | 10.02 | 0.38 | 0.04 | 0.42 | (0.39 | ) | – | |||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.11 | 0.21 | 0.27 | 0.48 | (0.22 | ) | (0.17 | ) | ||||||||||||||||
Year Ended September 30, 2011 | 10.79 | 0.47 | (0.46 | ) | 0.01 | (0.47 | ) | (0.22 | ) | |||||||||||||||
Year Ended September 30, 2010 | 10.26 | 0.48 | 0.57 | 1.05 | (0.48 | ) | (0.04 | ) | ||||||||||||||||
Year Ended September 30, 2009 | 9.42 | 0.45 | 0.81 | 1.26 | (0.42 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 10.02 | 0.44 | (0.57 | ) | (0.13 | ) | (0.47 | ) | – | |||||||||||||||
Year Ended September 30, 2007 | 10.00 | 0.46 | 0.03 | 0.49 | (0.47 | ) | – | |||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.11 | 0.20 | 0.26 | 0.46 | (0.20 | ) | (0.17 | ) | ||||||||||||||||
Year Ended September 30, 2011 | 10.81 | 0.46 | (0.46 | ) | – | (0.48 | ) | (0.22 | ) |
The accompanying notes are an integral part of the financial statements.
42 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.34 | ) | $ | 10.24 | 4.42 | % | $ | 3,821 | 2.19 | % | 1.60 | % | 2.86 | % | 3.45 | % | 27.93 | % | ||||||||||||||||
(0.61 | ) | 10.15 | (0.68 | )% | 3,879 | 2.16 | % | 1.60 | % | 3.11 | % | 3.67 | % | 32.13 | % | |||||||||||||||||||
(0.43 | ) | 10.83 | 9.52 | % | 4,544 | 2.46 | % | 1.60 | % | 2.88 | % | 3.74 | % | 63.47 | % | |||||||||||||||||||
(0.34 | ) | 10.30 | 12.80 | % | 4,441 | 2.40 | % | 1.60 | % | 2.75 | % | 3.55 | % | 73.71 | % | |||||||||||||||||||
(0.39 | ) | 9.46 | (2.16 | )% | 2,725 | 2.42 | % | 1.60 | % | 2.71 | % | 3.53 | % | 73.47 | % | |||||||||||||||||||
(0.39 | ) | 10.05 | 4.27 | % | 1,491 | 3.15 | % | 1.60 | % | 2.28 | % | 3.82 | % | 34.40 | % | |||||||||||||||||||
(0.39 | ) | 10.20 | 4.87 | % | 76,561 | 0.81 | % | 0.75 | % | 3.98 | % | 4.04 | % | 27.93 | % | |||||||||||||||||||
(0.69 | ) | 10.11 | 0.15 | % | 881 | 1.18 | % | 0.75 | % | 4.08 | % | 4.51 | % | 32.13 | % | |||||||||||||||||||
(0.52 | ) | 10.79 | 10.45 | % | 1,049 | 1.39 | % | 0.75 | % | 3.95 | % | 4.59 | % | 63.47 | % | |||||||||||||||||||
(0.42 | ) | 10.26 | 13.79 | % | 1,087 | 1.91 | % | 0.75 | % | 3.34 | % | 4.50 | % | 73.71 | % | |||||||||||||||||||
(0.47 | ) | 9.42 | (1.43 | )% | 8 | 186.00 | % | 0.75 | % | (180.79 | )% | 4.46 | % | 73.47 | % | |||||||||||||||||||
(0.47 | ) | 10.02 | 5.02 | % | 11 | 31.60 | % | 0.75 | % | (26.18 | )% | 4.67 | % | 34.40 | % | |||||||||||||||||||
(0.37 | ) | 10.20 | 4.74 | % | 23,424 | 1.41 | % | 1.00 | % | 3.39 | % | 3.80 | % | 27.93 | % | |||||||||||||||||||
(0.70 | ) | 10.11 | (0.02 | )% | 249 | 5.83 | % | 1.01 | % | (0.38 | )% | 4.44 | % | 32.13 | % |
FINANCIAL HIGHLIGHTS | 43 |
Table of Contents
FINANCIAL HIGHLIGHTS
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Equity Income Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 10.16 | $ | 0.13 | $ | 1.99 | $ | 2.12 | $ | (0.08 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 10.85 | 0.37 | (0.72 | ) | (0.35 | ) | (0.34 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 10.16 | 0.36 | 0.64 | 1.00 | (0.31 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 11.73 | 0.32 | (1.56 | ) | (1.24 | ) | (0.33 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 16.33 | 0.21 | (2.97 | ) | (2.76 | ) | (0.20 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.85 | 0.14 | 2.23 | 2.37 | (0.22 | ) | (0.67 | ) | ||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.21 | 0.22 | 1.95 | 2.17 | (0.25 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.96 | 0.50 | (0.71 | ) | (0.21 | ) | (0.54 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 10.26 | 0.47 | 0.64 | 1.11 | (0.41 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 11.84 | 0.41 | (1.57 | ) | (1.16 | ) | (0.42 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 16.46 | 0.38 | (3.04 | ) | (2.66 | ) | (0.32 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.94 | 0.30 | 2.26 | 2.56 | (0.37 | ) | (0.67 | ) | ||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.15 | 0.19 | 1.96 | 2.15 | (0.22 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.90 | 0.47 | (0.71 | ) | (0.24 | ) | (0.51 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 10.21 | 0.46 | 0.63 | 1.09 | (0.40 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 11.80 | 0.38 | (1.57 | ) | (1.19 | ) | (0.40 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 16.40 | 0.31 | (2.99 | ) | (2.68 | ) | (0.28 | ) | (1.64 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.92 | 0.27 | 2.22 | 2.49 | (0.34 | ) | (0.67 | ) |
The accompanying notes are an integral part of the financial statements.
44 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.08 | ) | $ | 12.20 | 20.91 | % | $ | 4,802 | 2.49 | % | 2.21 | % | 2.05 | % | 2.33 | % | 60.57 | % | ||||||||||||||||
(0.34 | ) | 10.16 | (3.47 | )% | 3,874 | 2.53 | % | 2.20 | % | 2.85 | % | 3.18 | % | 142.75 | % | |||||||||||||||||||
(0.31 | ) | 10.85 | 9.99 | % | 3,569 | 2.97 | % | 2.20 | % | 2.68 | % | 3.46 | % | 123.33 | % | |||||||||||||||||||
(0.33 | ) | 10.16 | (10.12 | )% | 3,348 | 2.69 | % | 2.21 | % | 3.21 | % | 3.69 | % | 148.56 | % | |||||||||||||||||||
(1.84 | ) | 11.73 | (18.60 | )% | 4,461 | 2.34 | %(e) | 2.20 | % | 1.40 | % | 1.54 | % | 132.93 | % | |||||||||||||||||||
(0.89 | ) | 16.33 | 16.45 | % | 5,331 | 2.33 | %(f) | 2.21 | % | 0.75 | % | 0.87 | % | 121.30 | % | |||||||||||||||||||
(0.25 | ) | 12.13 | 21.43 | % | 12,638 | 1.23 | % | 1.21 | % | 3.61 | % | 3.63 | % | 60.57 | % | |||||||||||||||||||
(0.54 | ) | 10.21 | (2.40 | )% | 142 | 3.99 | % | 1.20 | % | 1.45 | % | 4.24 | % | 142.75 | % | |||||||||||||||||||
(0.41 | ) | 10.96 | 11.04 | % | 88 | 7.66 | % | 1.20 | % | (2.01 | )% | 4.45 | % | 123.33 | % | |||||||||||||||||||
(0.42 | ) | 10.26 | (9.20 | )% | 66 | 8.73 | % | 1.21 | % | (2.83 | )% | 4.69 | % | 148.56 | % | |||||||||||||||||||
(1.96 | ) | 11.84 | (17.81 | )% | 81 | 11.18 | %(e) | 1.20 | % | (7.14 | )% | 2.84 | % | 132.93 | % | |||||||||||||||||||
(1.04 | ) | 16.46 | 17.74 | % | 40 | 11.08 | %(f) | 1.21 | % | (7.96 | )% | 1.92 | % | 121.30 | % | |||||||||||||||||||
(0.22 | ) | 12.08 | 21.32 | % | 11,561 | 1.71 | % | 1.46 | % | 3.01 | % | 3.26 | % | 60.57 | % | |||||||||||||||||||
(0.51 | ) | 10.15 | (2.66 | )% | 2,871 | 1.91 | % | 1.45 | % | 3.55 | % | 4.01 | % | 142.75 | % | |||||||||||||||||||
(0.40 | ) | 10.90 | 10.84 | % | 1,521 | 4.59 | % | 1.45 | % | 1.19 | % | 4.32 | % | 123.33 | % | |||||||||||||||||||
(0.40 | ) | 10.21 | (9.53 | )% | 237 | 5.68 | % | 1.46 | % | 0.26 | % | 4.48 | % | 148.56 | % | |||||||||||||||||||
(1.92 | ) | 11.80 | (17.98 | )% | 281 | 5.40 | %(e) | 1.44 | % | (1.67 | )% | 2.29 | % | 132.93 | % | |||||||||||||||||||
(1.01 | ) | 16.40 | 17.29 | % | 322 | 3.77 | %(f) | 1.45 | % | (0.60 | )% | 1.73 | % | 121.30 | % |
FINANCIAL HIGHLIGHTS | 45 |
Table of Contents
FINANCIAL HIGHLIGHTS
Income from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 8.17 | $ | (0.02 | ) | $ | 2.38 | $ | 2.36 | $ | – | $ | – | |||||||||||
Year Ended September 30, 2011 | 8.36 | (0.05 | ) | (0.14 | ) | (0.19 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 8.37 | (0.04 | ) | 0.11 | 0.07 | (0.08 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 10.46 | 0.03 | (2.12 | ) | (2.09 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2008 | 15.66 | (0.01 | ) | (3.82 | ) | (3.83 | ) | – | (1.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.52 | (0.10 | ) | 2.35 | 2.25 | – | (1.11 | ) | ||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.82 | 0.04 | 2.52 | 2.56 | – | – | ||||||||||||||||||
Year Ended September 30, 2011 | 9.04 | (0.07 | ) | (0.15 | ) | (0.22 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 9.07 | (0.01 | ) | 0.11 | 0.10 | (0.13 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 11.24 | 0.10 | (2.27 | ) | (2.17 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2008 | 16.62 | 0.09 | (4.10 | ) | (4.01 | ) | – | (1.37 | ) | |||||||||||||||
Year Ended September 30, 2007 | 15.23 | 0.03 | 2.47 | 2.50 | – | (1.11 | ) | |||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.46 | 0.01 | 2.45 | 2.46 | – | – | ||||||||||||||||||
Year Ended September 30, 2011 | 8.67 | (0.07 | ) | (0.14 | ) | (0.21 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 8.73 | (0.08 | ) | 0.10 | 0.02 | (0.08 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 10.92 | 0.01 | (2.20 | ) | (2.19 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2008 | 16.32 | (0.01 | ) | (4.02 | ) | (4.03 | ) | – | (1.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.09 | (0.06 | ) | 2.40 | 2.34 | – | (1.11 | ) |
The accompanying notes are an integral part of the financial statements.
46 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | – | $ | 10.53 | 28.89 | % | $ | 20,672 | 2.33 | % | 2.30 | % | (0.44 | )% | (0.41 | )% | 17.24 | % | |||||||||||||||||
– | 8.17 | (2.27 | )% | 17,884 | 2.27 | % | 2.27 | % | (0.50 | )% | (0.50 | )% | 57.93 | % | ||||||||||||||||||||
(0.08 | ) | 8.36 | 0.84 | % | 24,573 | 2.25 | % | 2.25 | % | (0.45 | )% | (0.45 | )% | 123.12 | % | |||||||||||||||||||
– | 8.37 | (19.98 | )% | 33,089 | 2.25 | % | 2.25 | % | 0.44 | % | 0.44 | % | 208.48 | % | ||||||||||||||||||||
(1.37 | ) | 10.46 | (26.61 | )% | 55,364 | 2.05 | % | 2.05 | % | (0.09 | )% | (0.09 | )% | 173.81 | % | |||||||||||||||||||
(1.11 | ) | 15.66 | 16.25 | % | 92,350 | 2.02 | % | 2.02 | % | (0.68 | )% | (0.67 | )% | 116.81 | % | |||||||||||||||||||
– | 11.38 | 29.02 | % | 32,714 | 1.01 | % | 1.01 | % | 0.73 | % | 0.73 | % | 17.24 | % | ||||||||||||||||||||
– | 8.82 | (2.43 | )% | 133 | 2.52 | % | 2.52 | % | (0.72 | )% | (0.72 | )% | 57.93 | % | ||||||||||||||||||||
(0.13 | ) | 9.04 | 1.10 | % | 406 | 1.90 | % | 1.90 | % | (0.06 | )% | (0.06 | )% | 123.12 | % | |||||||||||||||||||
– | 9.07 | (19.31 | )% | 887 | 1.45 | % | 1.45 | % | 1.27 | % | 1.27 | % | 208.48 | % | ||||||||||||||||||||
(1.37 | ) | 11.24 | (26.11 | )% | 1,222 | 1.34 | % | 1.34 | % | 0.65 | % | 0.65 | % | 173.81 | % | |||||||||||||||||||
(1.11 | ) | 16.62 | 17.18 | % | 1,320 | 1.18 | % | 1.18 | % | 0.17 | % | 0.17 | % | 116.81 | % | |||||||||||||||||||
– | 10.92 | 29.08 | % | 16,338 | 1.70 | % | 1.58 | % | 0.05 | % | 0.17 | % | 17.24 | % | ||||||||||||||||||||
– | 8.46 | (2.42 | )% | 1,245 | 2.52 | % | 2.52 | % | (0.75 | )% | (0.75 | )% | 57.93 | % | ||||||||||||||||||||
(0.08 | ) | 8.67 | 0.22 | % | 1,362 | 2.68 | % | 2.68 | % | (0.88 | )% | (0.88 | )% | 123.12 | % | |||||||||||||||||||
– | 8.73 | (20.05 | )% | 1,969 | 2.43 | % | 2.43 | % | 0.11 | % | 0.11 | % | 208.48 | % | ||||||||||||||||||||
(1.37 | ) | 10.92 | (26.76 | )% | 1,878 | 2.09 | % | 2.09 | % | (0.08 | )% | (0.08 | )% | 173.81 | % | |||||||||||||||||||
(1.11 | ) | 16.32 | 16.25 | % | 1,390 | 1.66 | % | 1.65 | % | (0.42 | )% | (0.41 | )% | 116.81 | % |
FINANCIAL HIGHLIGHTS | 47 |
Table of Contents
FINANCIAL HIGHLIGHTS
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Long/Short Fund(d) | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 10.89 | $ | (0.06 | ) | $ | 2.96 | $ | 2.90 | $ | – | $ | – | |||||||||||
Year Ended September 30, 2011 | 11.29 | (0.11 | ) | (0.29 | ) | (0.40 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 11.19 | (0.08 | ) | 0.27 | 0.19 | (0.09 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 13.13 | 0.06 | (1.81 | ) | (1.75 | ) | (0.19 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 18.54 | – | (4.67 | ) | (4.67 | ) | – | (0.74 | ) | |||||||||||||||
Year Ended September 30, 2007 | 16.67 | (0.08 | ) | 2.38 | 2.30 | – | (0.43 | ) | ||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 11.61 | – | (g) | 3.17 | 3.17 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 11.90 | 0.02 | (0.31 | ) | (0.29 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2010 | 11.80 | 0.03 | 0.29 | 0.32 | (0.22 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.81 | 0.17 | (1.89 | ) | (1.72 | ) | (0.29 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 19.30 | 0.18 | (4.93 | ) | (4.75 | ) | – | (0.74 | ) | |||||||||||||||
Year Ended September 30, 2007 | 17.29 | 0.10 | 2.41 | 2.51 | (0.07 | ) | (0.43 | ) | ||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 11.44 | (0.01 | ) | 3.12 | 3.11 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 11.77 | (0.02 | ) | (0.31 | ) | (0.33 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 11.67 | – | 0.28 | 0.28 | (0.18 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.69 | 0.14 | (1.88 | ) | (1.74 | ) | (0.28 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 19.20 | 0.10 | (4.85 | ) | (4.75 | ) | (0.02 | ) | (0.74 | ) | ||||||||||||||
Year Ended September 30, 2007 | 17.18 | 0.05 | 2.46 | 2.51 | (0.06 | ) | (0.43 | ) |
The accompanying notes are an integral part of the financial statements.
48 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | – | $ | 13.79 | 26.63 | % | $ | 6,418 | 2.93 | % | 2.43 | % | (1.43 | )% | (0.93 | )% | 27.83 | % | |||||||||||||||||
– | 10.89 | (3.54 | )% | 5,546 | 3.14 | % | 2.70 | % | (1.38 | )% | (0.94 | )% | 67.28 | % | ||||||||||||||||||||
(0.09 | ) | 11.29 | 1.65 | % | 9,547 | 3.60 | % | 3.19 | % | (1.14 | )% | (0.73 | )% | 136.50 | % | |||||||||||||||||||
(0.19 | ) | 11.19 | (13.10 | )% | 15,093 | 2.95 | % | 2.81 | % | 0.44 | % | 0.58 | % | 131.79 | % | |||||||||||||||||||
(0.74 | ) | 13.13 | (26.09 | )% | 27,148 | 2.31 | % | 2.31 | % | (0.01 | )% | (0.01 | )% | 174.59 | % | |||||||||||||||||||
(0.43 | ) | 18.54 | 14.05 | % | 43,986 | 2.33 | % | 2.32 | % | (0.48 | )% | (0.47 | )% | 105.00 | % | |||||||||||||||||||
– | 14.78 | 27.30 | % | 3,154 | 1.67 | % | 1.37 | % | (0.24 | )% | 0.06 | % | 27.83 | % | ||||||||||||||||||||
– | 11.61 | (2.44 | )% | 42 | 7.76 | % | 1.65 | % | (5.96 | )% | 0.15 | % | 67.28 | % | ||||||||||||||||||||
(0.22 | ) | 11.90 | 2.63 | % | 132 | 5.80 | % | 2.15 | % | (3.39 | )% | 0.25 | % | 136.50 | % | |||||||||||||||||||
(0.29 | ) | 11.80 | (12.10 | )% | 128 | 4.40 | % | 1.73 | % | (1.12 | )% | 1.55 | % | 131.79 | % | |||||||||||||||||||
(0.74 | ) | 13.81 | (25.45 | )% | 540 | 2.37 | % | 1.44 | % | 0.16 | % | 1.09 | % | 174.59 | % | |||||||||||||||||||
(0.50 | ) | 19.30 | 14.81 | % | 447 | 1.25 | % | 1.25 | % | 0.55 | % | 0.55 | % | 105.00 | % | |||||||||||||||||||
– | 14.55 | 27.19 | % | 7,683 | 2.24 | % | 1.67 | % | (0.77 | )% | (0.20 | )% | 27.83 | % | ||||||||||||||||||||
– | 11.44 | (2.80 | )% | 1,213 | 3.23 | % | 1.91 | % | (1.46 | )% | (0.14 | )% | 67.28 | % | ||||||||||||||||||||
(0.18 | ) | 11.77 | 2.34 | % | 1,855 | 3.65 | % | 2.45 | % | (1.21 | )% | (0.01 | )% | 136.50 | % | |||||||||||||||||||
(0.28 | ) | 11.67 | (12.39 | )% | 2,390 | 2.64 | % | 2.06 | % | 0.76 | % | 1.34 | % | 131.79 | % | |||||||||||||||||||
(0.76 | ) | 13.69 | (25.61 | )% | 4,859 | 1.72 | % | 1.72 | % | 0.63 | % | 0.63 | % | 174.59 | % | |||||||||||||||||||
(0.49 | ) | 19.20 | 14.94 | % | 6,481 | 1.68 | % | 1.67 | % | 0.27 | % | 0.26 | % | 105.00 | % |
FINANCIAL HIGHLIGHTS | 49 |
Table of Contents
FINANCIAL HIGHLIGHTS
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 10.09 | $ | 0.01 | $ | 1.13 | $ | 1.14 | $ | (0.01 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 10.15 | 0.01 | (0.05 | ) | (0.04 | ) | (0.02 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 9.88 | (0.02 | ) | 0.29 | 0.27 | – | – | |||||||||||||||||
Year Ended September 30, 2009 | 10.72 | 0.05 | (0.79 | ) | (0.74 | ) | (0.10 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 12.61 | 0.01 | (1.32 | ) | (1.31 | ) | (0.05 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.39 | (0.11 | ) | 1.56 | 1.45 | – | (2.23 | ) | ||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.88 | 0.07 | 1.23 | 1.30 | (0.07 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.96 | 0.12 | (0.05 | ) | 0.07 | (0.15 | ) | – | ||||||||||||||||
Year Ended September 30, 2010 | 10.61 | 0.08 | 0.33 | 0.41 | (0.06 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 11.46 | 0.22 | (0.91 | ) | (0.69 | ) | (0.16 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 13.37 | 0.15 | (1.43 | ) | (1.28 | ) | (0.10 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.94 | 0.01 | 1.65 | 1.66 | – | (2.23 | ) | |||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.66 | 0.05 | 1.20 | 1.25 | (0.05 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.72 | 0.09 | (0.05 | ) | 0.04 | (0.10 | ) | – | ||||||||||||||||
Year Ended September 30, 2010 | 10.39 | 0.05 | 0.33 | 0.38 | (0.05 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 11.25 | 0.09 | (0.80 | ) | (0.71 | ) | (0.15 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 13.15 | 0.10 | (1.38 | ) | (1.28 | ) | (0.09 | ) | (0.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.80 | (0.03 | ) | 1.65 | 1.62 | (0.04 | ) | (2.23 | ) |
The accompanying notes are an integral part of the financial statements.
50 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.01 | ) | $ | 11.22 | 11.32 | % | $ | 2,328 | 2.92 | % | 2.22 | % | (0.58 | )% | 0.12 | % | 36.86 | % | ||||||||||||||||
(0.02 | ) | 10.09 | (0.45 | )% | 2,099 | 2.95 | % | 2.23 | % | (0.66 | )% | 0.06 | % | 67.61 | % | |||||||||||||||||||
– | 10.15 | 2.73 | % | 2,609 | 3.36 | % | 2.30 | % | (1.27 | )% | (0.21 | )% | 114.34 | % | ||||||||||||||||||||
(0.10 | ) | 9.88 | (6.69 | )% | 3,199 | 2.72 | % | 2.24 | % | 0.06 | % | 0.54 | % | 194.31 | % | |||||||||||||||||||
(0.58 | ) | 10.72 | (10.85 | )% | 4,207 | 2.52 | % | 2.21 | % | (0.24 | )% | 0.07 | % | 184.47 | % | |||||||||||||||||||
(2.23 | ) | 12.61 | 11.53 | % | 2,291 | 2.76 | % | 2.25 | % | (1.34 | )% | (0.83 | )% | 150.42 | % | |||||||||||||||||||
(0.07 | ) | 12.11 | 11.93 | % | 8,557 | 1.35 | % | 1.24 | % | 1.07 | % | 1.18 | % | 36.86 | % | |||||||||||||||||||
(0.15 | ) | 10.88 | 0.51 | % | 60 | 7.22 | % | 1.23 | % | (4.94 | )% | 1.05 | % | 67.61 | % | |||||||||||||||||||
(0.06 | ) | 10.96 | 3.90 | % | 62 | 10.41 | % | 1.31 | % | (8.34 | )% | 0.75 | % | 114.34 | % | |||||||||||||||||||
(0.16 | ) | 10.61 | (5.79 | )% | 72 | 3.55 | % | 1.24 | % | (0.10 | )% | 2.21 | % | 194.31 | % | |||||||||||||||||||
(0.63 | ) | 11.46 | (9.99 | )% | 422 | 4.39 | % | 1.21 | % | (1.98 | )% | 1.20 | % | 184.47 | % | |||||||||||||||||||
(2.23 | ) | 13.37 | 12.67 | % | 37 | 17.99 | % | 1.25 | % | (16.64 | )% | 0.10 | % | 150.42 | % | |||||||||||||||||||
(0.05 | ) | 11.86 | 11.76 | % | 6,482 | 2.10 | % | 1.48 | % | 0.27 | % | 0.89 | % | 36.86 | % | |||||||||||||||||||
(0.10 | ) | 10.66 | 0.32 | % | 1,982 | 2.08 | % | 1.48 | % | 0.20 | % | 0.80 | % | 67.61 | % | |||||||||||||||||||
(0.05 | ) | 10.72 | 3.69 | % | 4,020 | 2.62 | % | 1.59 | % | (0.57 | )% | 0.46 | % | 114.34 | % | |||||||||||||||||||
(0.15 | ) | 10.39 | (6.05 | )% | 1,501 | 2.87 | % | 1.49 | % | (0.43 | )% | 0.95 | % | 194.31 | % | |||||||||||||||||||
(0.62 | ) | 11.25 | (10.18 | )% | 863 | 3.75 | % | 1.46 | % | (1.44 | )% | 0.85 | % | 184.47 | % | |||||||||||||||||||
(2.27 | ) | 13.15 | 12.51 | % | 294 | 7.12 | % | 1.49 | % | (5.85 | )% | (0.22 | )% | 150.42 | % |
FINANCIAL HIGHLIGHTS | 51 |
Table of Contents
(x) | Calculated using the average shares method. |
* | The total return calculation is for the period indicated and excludes any sales charges. |
** | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
*** | Class I shares merged into Class A on January 23, 2012. The results of each class prior to the merger may have been different that what is presented. |
† | Unaudited. |
(a) | Annualized for periods less than a year. |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. |
(c) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including the interest expense. |
(d) | The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 2.30% for Class C, 1.25% for Class S and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the dividends on short positions. |
(e) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including expenses that were paid on behalf of the Fund by a third party related to a tax matter were 2.54%, 11.38% and 5.60% for Class C, S and A, respectively. |
(f) | The ratio of expenses to average net assets before expense limitation and transfer agent earnings credit including a potential Internal Revenue Code section 860 deficiency dividend expense were 2.91%, 11.66% and 4.35% for Class C, S and A, respectively. |
(g) | Amount less than $0.005. |
The accompanying notes are an integral part of the financial statements.
52 | FINANCIAL HIGHLIGHTS |
Table of Contents
MARCH 31, 2012 (UNAUDITED)
1. Organization
The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”)(formerly, ICON Core Equity Fund), ICON Long/Short Fund (“Long/Short Fund”) and ICON Risk-Managed Equity Fund (“Risk-Managed Equity Fund”) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund has three classes of shares: Class C, Class S and Class A. Prior to January 23, 2012, each Fund had four share classes: Class I, Class C, Class Z and Class A. On January 23, 2012, Class I merged into Class A and Class Z was renamed Class S. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently twelve other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The investment objective of the Bond Fund is maximum total return. The investment objective of the Equity Income Fund is modest capital appreciation and income. The investment objective of the ICON Fund is long-term capital appreciation with a secondary objective of capital preservation. The investment objective of the Long/Short Fund is capital appreciation. The investment objective of the Risk-Managed Equity Fund is modest capital appreciation and to maximize realized gains.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium-and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The
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Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. The Risk-Managed Equity Fund invests in call options; call options involve certain risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small- and mid-cap investing, including limited product lines, less liquidity and small market share.
The ICON Fund has a significant weighting in the Industrials sector and the Consumer Discretionary sector which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect those sectors.
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.
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Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.
The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices
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using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3 — significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2012:
Level 1 | Level 2 | Total | ||||||||||
ICON Bond Fund* | ||||||||||||
Assets | ||||||||||||
Corporate Bonds | $ | - | $ | 76,986,587 | $ | 76,986,587 | ||||||
U.S. Treasury Obligations | - | 15,345,544 | 15,345,544 | |||||||||
Foreign Corporate Bonds | - | 5,843,811 | 5,843,811 | |||||||||
Collateral for Securities on Loan | - | 6,154,130 | 6,154,130 | |||||||||
Short-Term Investments | - | 4,895,838 | 4,895,838 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | - | $ | 109,225,910 | $ | 109,225,910 | ||||||
|
|
|
|
|
| �� |
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Level 1 | Level 2 | Total | ||||||||||
ICON Equity Income Fund* | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 25,793,217 | $ | - | $ | 25,793,217 | ||||||
Preferred Stocks | 339,154 | - | 339,154 | |||||||||
Corporate Bonds | - | 1,483,590 | 1,483,590 | |||||||||
Convertible Preferred Stock | 513,090 | - | 513,090 | |||||||||
Call Options Purchased | 210,447 | - | 210,447 | |||||||||
Collateral for Securities on Loan | - | 1,081,349 | 1,081,349 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 26,855,908 | $ | 2,564,939 | $ | 29,420,847 | ||||||
|
|
|
|
|
| |||||||
ICON Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 69,511,754 | $ | - | $ | 69,511,754 | ||||||
Collateral for Securities on Loan | - | 1,141,203 | 1,141,203 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 69,511,754 | $ | 1,141,203 | $ | 70,652,957 | ||||||
|
|
|
|
|
| |||||||
ICON Long/Short Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 16,904,777 | $ | - | $ | 16,904,777 | ||||||
Collateral for Securities on Loan | - | 98,040 | 98,040 | |||||||||
Short-Term Investments | - | 276,486 | 276,486 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 16,904,777 | $ | 374,526 | $ | 17,279,303 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Securities Sold Short | ||||||||||||
Common Stock | $ | (270,633 | ) | $ | - | $ | (270,633 | ) | ||||
Exchange Traded Funds | (422,160 | ) | - | (422,160 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | (692,793 | ) | $ | - | $ | (692,793 | ) | ||||
|
|
|
|
|
| |||||||
ICON Risk-Managed Equity Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 18,068,137 | $ | - | $ | 18,068,137 | ||||||
Put Option Purchased | 38,500 | - | 38,500 | |||||||||
Short-Term Investments | - | 905,826 | 905,826 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 18,106,637 | $ | 905,826 | $ | 19,012,463 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Written Call Options | $ | (427,600 | ) | $ | - | $ | (427,600 | ) | ||||
|
|
|
|
|
| |||||||
Total | $ | (427,600 | ) | $ | - | $ | (427,600 | ) | ||||
|
|
|
|
|
|
* | Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details. |
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There were no Level 3 securities held in any of the Funds at March 31, 2012.
For the period ended March 31, 2012, there was no significant security transfer activity between Level 1 and Level 2.
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011- 04, “Fair Value Measurements and Disclosures (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
Options Transactions
The Funds’ use of derivatives for the period ended March 31, 2012 was limited to purchased and written options.
The Risk-Managed Equity Fund’s primary investment strategy involves the use of options. Each of the other Funds may also purchase and/or write (sell) call and put options on any security in which it may invest. The Funds utilize options to hedge against changes in market conditions or to provide market exposure while trying to reduce transaction costs.
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Option contracts involve market risk, liquidity and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.
When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains.
Each Fund may also purchase put and call options. When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Fund’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Fund exercises a put or a call option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. Written and purchased options are non-income producing securities.
As of March 31, 2012, the Equity Income Fund engaged in purchased call option transactions and the Risk-Managed Equity Fund engaged in written
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call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments.
The Risk-Managed Equity Fund’s written options are collateralized by cash and/or securities held in a segregated account at the Fund’s custodian. The securities pledged as collateral are included on the Schedule of Investments. Such collateral is restricted from the Fund’s use. The cash collateral held for the prime broker and/or borrowings from the prime broker are included on the Statement of Assets and Liabilities.
The number of options contracts written and the premiums received by the Risk-Managed Equity Fund during the period ended March 31, 2012, were as follows:
Risk-Managed Equity Fund | ||||||||
Number of Contracts | Premiums Received | |||||||
Options outstanding, beginning of period | 75 | $ | 250,738 | |||||
Options written during period | 700 | 1,675,248 | ||||||
Options closed during period | (695 | ) | (1,639,462 | ) | ||||
|
|
|
| |||||
Options outstanding, end of period | 80 | $ | 286,524 | |||||
|
|
|
|
The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:
Fair Values of Derivative Instruments as of March 31, 2012
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging instruments | Statement of Assets and Liabilities Location | Fair Value | Statement of Assets and Liabilities Location | Fair Value | ||||||||
Purchased option contracts | ||||||||||||
Equity risk | ||||||||||||
ICON Equity Income Fund | Investments, | $ | 210,447 | Investments, | $ | - | ||||||
ICON Risk-Managed Equity Fund | at value | 38,500 | at value | - | ||||||||
Written option contracts | ||||||||||||
Equity risk | ||||||||||||
ICON Risk-Managed Equity Fund | Options written, at value | $ | - | Options written, at value | $ | 427,600 |
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Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations
Derivatives not accounted for as hedging instruments | Location of Gain/(Loss) on Derivatives | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Equity Income Fund | Net realized gain/(loss) from | $ | (1,237 | ) | ||
ICON Risk-Managed Equity Fund | investment transactions | (1,199,962 | ) | |||
Written option contracts | ||||||
Equity risk | ||||||
ICON Risk-Managed Equity Fund | Net realized gain/(loss) from written option transactions | $ | (813,595 | ) |
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations
Derivatives not accounted for as hedging instruments | Location of Gain/(Loss) on Derivatives | Amount | ||||
Purchased option contracts | ||||||
Equity risk | ||||||
ICON Equity Income Fund | Change in unrealized net | $ | 307,807 | |||
ICON Risk-Managed Equity Fund | appreciation/(depreciation) on investments | (101,010 | ) | |||
Written option contracts | ||||||
Equity risk | Change in unrealized net | |||||
ICON Risk-Managed Equity Fund | appreciation/ (depreciation) on written options | $ | (205,064 | ) |
For the period ended March 31, 2012, the Fund’s quarterly holdings of options contracts were as follows:
ICON Equity Income Fund | ICON Risk- Managed Equity Fund | ICON Risk- Managed Equity Fund | ||||||||||
Quarter Ended | Number of Purchased Options Contracts Outstanding | Number of Written Options Contracts Outstanding | ||||||||||
December, 31, 2011 | 1,446 | 75 | 105 | |||||||||
March 31, 2012 | 611 | 100 | 80 |
The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly, the
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Funds do not follow hedge accounting, even for derivatives employed as economic hedges.
Short Sales
The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. The Long/Short Fund enters into short positions in equity securities identified as being overvalued.
Short sales involve market risk. If a security sold short increases in price, the Long/Short Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. These short sales are collateralized by cash and/or securities held with the Fund’s prime broker and in a segregated account at the Fund’s custodian. The collateral required is determined daily by reference to the market value of the short positions. Such collateral for the Fund is restricted from use. The cash collateral that is restricted from use is included on the Statement of Assets and Liabilities as “Deposits for short sales.” The securities pledged as collateral that are restricted from use are included on the Schedule of Investments. Dividends received on short sales are treated as an expense on the Statement of Operations. Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the Fund’s prime broker. As of March 31, 2012, the Long/Short Fund engaged in short selling. The short positions are included in the Schedule of Securities Sold Short on the Schedule of Investments.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
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As of March 31, 2012, the following Funds had securities with the following values on loan:
Fund | Value of Loaned Securities | Value of Collateral | ||||||
ICON Bond Fund | $ | 5,934,756 | $ | 6,154,130 | ||||
ICON Equity Income Fund | 1,045,634 | 1,081,349 | ||||||
ICON Fund | 1,120,179 | 1,141,203 | ||||||
ICON Long/Short Fund | 95,426 | 98,040 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.
Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Bond Fund distributes net investment income, if any, to shareholders monthly. The Equity Income Fund and the Risk-Managed Equity Fund intend to distribute net investment income, if any, to shareholders quarterly. The other Funds distribute income, if any, annually. The Funds distribute net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforwards. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
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Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax periods and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of 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.
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Below are the class level expenses that are included on the Statement of Operations:
Fund | Legal Expense | Printing And Postage Expense | Transfer Agent Expense | |||||||||
ICON Bond Fund | ||||||||||||
Class I* | $ | 5,364 | $ | 6,229 | $ | 22,511 | ||||||
Class C | 325 | 749 | 5,740 | |||||||||
Class S** | 1,745 | 681 | 3,371 | |||||||||
Class A | 624 | 3,680 | 12,233 | |||||||||
ICON Equity Income Fund | ||||||||||||
Class I* | 1,612 | 4,231 | 11,285 | |||||||||
Class C | 409 | 672 | 4,944 | |||||||||
Class S** | 503 | 551 | 1,741 | |||||||||
Class A | 586 | 2,750 | 6,554 | |||||||||
ICON Fund | ||||||||||||
Class I* | 2,846 | 7,915 | 13,931 | |||||||||
Class C | 1,641 | 4,888 | 27,365 | |||||||||
Class S** | 895 | 701 | 2,694 | |||||||||
Class A | 580 | 4,543 | 11,088 | |||||||||
ICON Long/Short Fund | ||||||||||||
Class I* | 483 | 2,135 | 5,154 | |||||||||
Class C | 592 | 1,662 | 8,897 | |||||||||
Class S** | 104 | 254 | 1,056 | |||||||||
Class A | 366 | 2,063 | 3,965 | |||||||||
ICON Risk-Managed Equity Fund | ||||||||||||
Class I* | 912 | 3,556 | 7,909 | |||||||||
Class C | 221 | 634 | 3,373 | |||||||||
Class S** | 384 | 484 | 1,518 | |||||||||
Class A | 423 | 2,727 | 5,750 |
* | Class I shares merged into Class A shares on January 23, 2012. The information presented is that before the merger. |
** | Class Z shares were formerly named Class S shares prior to January 23, 2012. |
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily net assets of the Bond Fund, 0.75%
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of average daily net assets of the Equity Income Fund, ICON Fund, and Risk-Managed Equity Fund, and 0.85% of average daily net assets of the Long/Short Fund.
ICON Advisers has contractually agreed to limit the Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ expenses do not exceed the following amounts:
Fund | Class A | Class C | Class S | |||||||||
ICON Bond Fund | 1.00% | 1.60% | 0.75% | |||||||||
ICON Equity Income Fund | 1.45% | 2.20% | 1.20% | |||||||||
ICON Fund | 1.50% | 2.25% | 1.25% | |||||||||
ICON Long/Short Fund | 1.55% | 2.30% | 1.25% | |||||||||
ICON Risk-Managed Equity Fund | 1.45% | 2.20% | 1.20% |
Effective January 23, 2012, expense limitations of 1.50%, 2.25% and 1.25% were implemented for Class A, Class C and Class S, respectively, of the ICON Fund.
The Funds’ expense limitations, excluding the Bond Fund Class A and all classes of the ICON Fund, will continue in effect until at least January 31, 2021. The Bond Fund Class A and all classes of the ICON Fund will continue in effect until at least January 31, 2013. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2012 | 2013 | 2014 | 2015 | ||||||||||||
ICON Bond Fund | $ | 16,706 | $ | 45,987 | $ | 26,738 | $ | 36,978 | ||||||||
ICON Equity Income Fund | 7,676 | 30,881 | 17,561 | 12,908 | ||||||||||||
ICON Fund | - | - | - | 7,678 | ||||||||||||
ICON Long/Short Fund | 14,684 | 56,787 | 37,402 | 22,779 | ||||||||||||
ICON Risk-Managed Equity Fund | 9,699 | 35,577 | 22,218 | 18,889 |
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Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
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Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares and for other shareholder services. Under the 12b-1 Plan, Bond Fund Class C shareholders pay an annual distribution and service fee of 0.85% of average daily net assets and Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The shareholders of the other Funds pay an annual distribution and service fee of 1.00% of average daily net assets for Class C shares and an annual distribution and service fee of 0.25% of average daily net assets for Class A shares. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements of Operations.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The Funds may have borrowings with the prime broker as a result of brokerage requirements. Interest on domestic borrowing with the prime broker is charged at the Fed Funds rate plus 0.50%. The average interest rate charged for ICON Bond Fund, ICON Equity Income Fund and ICON Fund for the period ended March 31, 2012 was 1.39%. The average interest rate charged for ICON Long/Short Fund for the period ended March 31, 2012 was 1.93%. The average interest rate charged for ICON Risk-Managed Equity Fund for the period ended March 31, 2012 was 1.99%.
68 | NOTESTO FINANCIAL STATEMENTS |
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Fund | Average Borrowing (10/1/11-3/31/12) | |||
ICON Bond Fund | $ | 32,011 | ||
ICON Equity Income Fund* | 141,961 | |||
ICON Fund* | 473,401 | |||
ICON Long/Short Fund* | 106,013 | |||
ICON Risk-Managed Equity Fund* | 713,725 |
* | Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2012. |
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding securities sold short, short-term securities and written options contracts) was as follows:
Fund | Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long-Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations | ||||||||||||
ICON Bond Fund | $ | 21,271,343 | $ | 25,284,359 | $ | 9,986,517 | $ | 546,250 | ||||||||
ICON Equity Income Fund | 19,600,264 | 29,467,229 | - | - | ||||||||||||
ICON Fund | 12,219,679 | 27,265,359 | - | - | ||||||||||||
ICON Long/Short Fund | 4,110,313 | 5,283,421 | - | - | ||||||||||||
ICON Risk-Managed Equity Fund | 7,448,310 | 14,058,377 | - | - |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables includes losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
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For the year ended September 30, 2011 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Equity Income Fund | $ | 9,397,439 | 2017 | |||||
19,089,764 | 2018 | |||||||
ICON Fund | 23,715,124 | 2017 | ||||||
19,833,424 | 2018 | |||||||
ICON Long/Short Fund | 43,306,180 | 2017 | ||||||
19,325,857 | 2018 | |||||||
ICON Risk-Managed Equity Fund | 5,993,077 | 2017 | ||||||
14,212,596 | 2018 |
Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011 the Funds utilized capital loss carryforwards:
Fund | Amount | |||
ICON Equity Income Fund | $ | 5,627,077 | ||
ICON Fund | 10,265,321 | |||
ICON Long/Short Fund | 853,303 | |||
ICON Risk-Managed Equity Fund | 2,242,574 |
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:
Distributions Paid from | ||||||||||||
Fund | Ordinary Income | Net Long-Term Gains | Total Distributions Paid | |||||||||
ICON Bond Fund | $ | 7,853,451 | $ | 1,064,414 | $ | 8,917,865 | ||||||
ICON Equity Income Fund | 1,710,940 | - | 1,710,940 | |||||||||
ICON Fund | 168,477 | - | 168,477 | |||||||||
ICON Long/Short Fund | - | - | - | |||||||||
ICON Risk-Managed Equity Fund | 203,631 | - | 203,631 |
70 | NOTESTO FINANCIAL STATEMENTS |
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As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Net Long- Term-Gains | Accumulated Earnings | Distributions Payable* | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation)** | Total Accumulated Earnings/ (Deficit) | |||||||||||||||||||||
ICON Bond Fund | $ | 29,622 | $ | 1,686,187 | $ | 1,715,809 | $ | (359,008 | ) | $ | - | $ | 1,948,292 | $ | 3,305,093 | |||||||||||||
ICON Equity Income Fund | 314,548 | - | 314,548 | (357,382 | ) | (28,487,200 | ) | (3,360,908 | ) | (31,890,942 | ) | |||||||||||||||||
ICON Fund | 161,462 | - | 161,462 | - | (43,548,548 | ) | (747,369 | ) | (44,134,455 | ) | ||||||||||||||||||
ICON Long/Short Fund | - | - | - | - | (62,632,037 | ) | (400,656 | ) | (63,032,693 | ) | ||||||||||||||||||
ICON Risk-Managed Equity Fund | - | - | - | - | (20,205,673 | ) | 893,563 | (19,312,110 | ) |
* | Differences between the financial statement distribution payable and the tax basis distribution payable are a result of accrual based accounting and cash basis accounting used for federal tax reporting purposes. |
** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net (Depreciation) | ||||||||||||
ICON Bond Fund | $ | 106,203,489 | $ | 3,948,547 | $ | (926,126 | ) | $ | 3,022,421 | |||||||
ICON Equity Income Fund | 26,718,019 | 3,321,666 | (618,838 | ) | 2,702,828 | |||||||||||
ICON Fund | 52,301,053 | 18,895,404 | (543,500 | ) | 18,351,904 | |||||||||||
ICON Long/Short Fund | 13,602,128 | 3,860,331 | (279,332 | ) | 3,580,999 | |||||||||||
ICON Risk-Managed | 15,277,115 | 3,942,280 | (348,008 | ) | 3,594,272 |
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital
NOTESTO FINANCIAL STATEMENTS | 71 |
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losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.
7. Subsequent Events
Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.
72 | NOTESTO FINANCIAL STATEMENTS |
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SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE
MARCH 31, 2012 (UNAUDITED)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads),
EXPENSE EXAMPLE | 73 |
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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 Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11-3/31/12* | Annualized Expense Ratio 10/1/11-3/31/12 | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Bond Fund | ||||||||||||||||
Class C | $ | 1,000.00 | $ | 1,044.20 | $ | 8.18 | 1.60 | % | ||||||||
Class S** | 1,000.00 | 1,048.70 | 3.85 | 0.75 | % | |||||||||||
Class A*** | 1,000.00 | 1,047.40 | 5.12 | 1.00 | % | |||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class C | 1,000.00 | 1,209.10 | 12.19 | 2.21 | % | |||||||||||
Class S** | 1,000.00 | 1,214.30 | 6.69 | 1.21 | % | |||||||||||
Class A*** | 1,000.00 | 1,213.20 | 8.07 | 1.46 | % | |||||||||||
ICON Fund | ||||||||||||||||
Class C | 1,000.00 | 1,288.90 | 13.17 | 2.30 | % | |||||||||||
Class S** | 1,000.00 | 1,290.20 | 5.79 | 1.01 | % | |||||||||||
Class A*** | 1,000.00 | 1,290.80 | 9.05 | 1.58 | % | |||||||||||
ICON Long/Short Fund | ||||||||||||||||
Class C | 1,000.00 | 1,266.30 | 13.78 | 2.43 | % | |||||||||||
Class S** | 1,000.00 | 1,273.00 | 7.81 | 1.37 | % | |||||||||||
Class A*** | 1,000.00 | 1,271.90 | 9.48 | 1.67 | % | |||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||||
Class C | 1,000.00 | 1,113.20 | 11.74 | 2.22 | % | |||||||||||
Class S** | 1,000.00 | 1,119.30 | 6.55 | 1.24 | % | |||||||||||
Class A*** | 1,000.00 | 1,117.60 | 7.83 | 1.48 | % | |||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Bond Fund | ||||||||||||||||
Class C | 1,000.00 | 1,017.00 | 8.07 | |||||||||||||
Class S** | 1,000.00 | 1,021.24 | 3.80 | |||||||||||||
Class A*** | 1,000.00 | 1,019.99 | 5.06 | |||||||||||||
ICON Equity Income Fund | ||||||||||||||||
Class C | 1,000.00 | 1,013.97 | 11.11 | |||||||||||||
Class S** | 1,000.00 | 1,018.96 | 6.10 | |||||||||||||
Class A*** | 1,000.00 | 1,017.71 | 7.36 | |||||||||||||
ICON Fund | ||||||||||||||||
Class C | 1,000.00 | 1,013.49 | 11.59 | |||||||||||||
Class S** | 1,000.00 | 1,019.94 | 5.11 | |||||||||||||
Class A*** | 1,000.00 | 1,017.10 | 7.97 |
74 | EXPENSE EXAMPLE |
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Beginning Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11-3/31/12* | Annualized Expense Ratio 10/1/11-3/31/12 | |||||||||||
ICON Long/Short Fund | ||||||||||||||
Class C | 1,000.00 | 1,012.84 | 12.24 | |||||||||||
Class S** | 1,000.00 | 1,018.13 | 6.93 | |||||||||||
Class A*** | 1,000.00 | 1,016.66 | 8.41 | |||||||||||
ICON Risk-Managed Equity Fund | ||||||||||||||
Class C | 1,000.00 | 1,013.89 | 11.19 | |||||||||||
Class S** | 1,000.00 | 1,018.82 | 6.24 | |||||||||||
Class A*** | 1,000.00 | 1,017.61 | 7.46 |
* | Expenses are equal to the Fund's six month expense ratio and annualized, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Class S shares were formerly named Class Z shares prior to January 23, 2012. |
*** | Class I shares merged into Class A on January 23, 2012. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
EXPENSE EXAMPLE | 75 |
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Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
Cost Basis Information
Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.
The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.
76 | OTHER INFORMATION |
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For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
OTHER INFORMATION | 77 |
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For more information about the ICON Funds, contact us:
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
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2012 SEMIANNUAL REPORT
ICON INTERNATIONAL FUNDS
INVESTMENT UPDATE
(UNAUDITED)
ICON Asia-Pacific Region Fund
ICON Europe Fund
ICON International Equity Fund
1-800-764-0442 | www.iconfunds.com
SAR-INTL-12 B82510
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You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 • www.iconfunds.com
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2 | ||||
Schedules of Investments (Unaudited) | ||||
4 | ||||
8 | ||||
11 | ||||
16 | ||||
26 | ||||
30 | ||||
45 | ||||
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Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Adviser may have reimbursed certain fees or expenses of some of the Funds. If not for these reimbursements, performance would have been lower. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
While ICON’s quantitative investment methodology primarily considers company-specific factors beyond financial data, various company factors may impact a stock’s performance, and therefore, Fund performance. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
2 | ABOUT THIS REPORT |
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There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
An investment in a region fund may involve greater risk and volatility than a diversified fund. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ABOUT THIS REPORT | 3 |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (93.1%) | ||||||||
48,000 | Adani Enterprises, Ltd. | $ | 286,016 | |||||
1,196,000 | Agricultural Bank of China, Ltd., Class H | 511,372 | ||||||
20,200 | Aisin Seiki Co., Ltd.(a) | 718,417 | ||||||
31,000 | Amcor, Ltd. | 239,078 | ||||||
500 | Amorepacific Corp.** | 529,103 | ||||||
15,000 | Ansell, Ltd.(a) | 231,593 | ||||||
62,100 | Australia & New Zealand Banking Group, Ltd. | 1,498,114 | ||||||
5,600 | Baidu, Inc., ADR†** | 816,312 | ||||||
864,000 | Bank of Ayudhya PCL | 756,788 | ||||||
767,000 | Bank Rakyat Indonesia Persero Tbk PT | 584,540 | ||||||
282,000 | Belle International Holdings, Ltd. | 506,060 | ||||||
47,500 | Bharti Airtel, Ltd. | 314,493 | ||||||
42,700 | BHP Billiton, Ltd. | 1,539,319 | ||||||
265,000 | Bumi Armada Bhd† | 381,346 | ||||||
27,000 | Celltrion, Inc. | 881,361 | ||||||
650,000 | Chaoda Modern Agriculture Holdings, Ltd.†***(b) | 57,755 | ||||||
3,000 | Cheil Industries, Inc. | 254,308 | ||||||
474,000 | China Lilang, Ltd. | 504,739 | ||||||
123,000 | China Mengniu Dairy Co., Ltd. | 359,865 | ||||||
120,000 | China Shineway Pharmaceutical Group, Ltd. | 182,832 | ||||||
217,000 | China ZhengTong Auto Services Holdings, Ltd.† | 215,815 | ||||||
29,500 | Coca-Cola Amatil, Ltd. | 381,125 |
Shares or Principal Amount | Value | |||||||
42,000 | Computershare, Ltd. | $ | 392,067 | |||||
53,000 | Crown, Ltd.(a) | 478,291 | ||||||
4,700 | CSL, Ltd. | 175,020 | ||||||
16,000 | Divi’s Laboratories, Ltd. | 240,209 | ||||||
6,800 | Don Quijote Co., Ltd.(a) | 247,605 | ||||||
456,000 | Dongyue Group | 417,768 | ||||||
45,200 | Doosan Infracore Co., Ltd.† | 873,343 | ||||||
1,323,000 | Ezion Holdings, Ltd. | 1,037,098 | ||||||
100,000 | Fisher & Paykel Healthcare Corp., Ltd. | 183,691 | ||||||
70,500 | Glenmark Pharmaceuticals, Ltd. | 428,089 | ||||||
10,600 | Gree, Inc.(a) | 267,074 | ||||||
356,000 | Guangzhou Automobile Group Co., Ltd., Class H† | 353,714 | ||||||
86,000 | Gudang Garam Tbk PT | 517,980 | ||||||
14,200 | Hanwha Corp. | 409,553 | ||||||
45,200 | HCL Technologies, Ltd. | 427,513 | ||||||
940,000 | Hengdeli Holdings, Ltd. | 395,555 | ||||||
26,804 | HKT Trust / HKT, Ltd.†** | 20,986 | ||||||
15,100 | Honda Motor Co., Ltd.(a) | 581,564 | ||||||
74,900 | Hong Leong Bank Bhd | 308,313 | ||||||
329,000 | Huabao International Holdings, Ltd. | 212,875 | ||||||
1,400 | Hyundai Glovis Co., Ltd. | 252,140 | ||||||
2,790 | Hyundai Mobis | 708,151 | ||||||
7,500 | Hyundai Motor Co. | 1,548,736 | ||||||
2,592,000 | Indika Energy Tbk PT | 717,146 |
4 | SCHEDULEOF INVESTMENTS |
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Shares or Principal Amount | Value | |||||||
288,000 | Insurance Australia Group, Ltd. | $ | 1,016,912 | |||||
14,000 | JSR Corp.(a) | 284,064 | ||||||
300 | Jupiter Telecommunications Co., Ltd. | 300,425 | ||||||
100,000 | Kasikornbank PCL | 499,283 | ||||||
40 | KDDI Corp.(a) | 260,262 | ||||||
17,100 | Korea Aerospace Industries, Ltd. | 438,829 | ||||||
4,000 | KT&G Corp. | 284,627 | ||||||
22,500 | Kuraray Co., Ltd.(a) | 320,001 | ||||||
11,100 | LG Fashion Corp. | 391,335 | ||||||
7,730 | LS Corp. | 546,669 | ||||||
368,000 | M1, Ltd. | 744,464 | ||||||
17,000 | Mahindra & Mahindra, Ltd. | 233,314 | ||||||
65,407 | Meritz Fire & Marine Insurance Co., Ltd.† | 745,515 | ||||||
5,500 | Miraca Holdings, Inc. | 215,390 | ||||||
80,000 | Mitsubishi Gas Chemical Co., Inc.(a) | 538,288 | ||||||
17,000 | Mitsubishi Tanabe Pharma Corp. | 239,383 | ||||||
52,400 | National Australia Bank, Ltd. | 1,337,672 | ||||||
10,800 | Newcrest Mining, Ltd. | 332,172 | ||||||
2,600 | Nitori Holdings Co., Ltd. | 235,130 | ||||||
12,300 | Nitto Denko Corp.(a) | 501,585 | ||||||
1,000 | NongShim Co., Ltd. | 201,118 | ||||||
486,000 | Olam International, Ltd.(a) | 913,312 | ||||||
11,000 | Orica, Ltd. | 319,867 | ||||||
4,800 | Otsuka Corp. | 391,051 | ||||||
7,700 | Otsuka Holdings Co., Ltd. | 228,263 | ||||||
1,233,000 | PCCW, Ltd. | 441,911 | ||||||
2,405 | POSCO | 806,489 | ||||||
192,072 | PTT Global Chemical PCL | 441,778 | ||||||
85,400 | PTT PCL | 979,904 |
Shares or Principal Amount | Value | |||||||
10,600 | Rio Tinto, Ltd.(a) | $ | 719,053 | |||||
344,000 | S.A. SA International Holdings, Ltd. | 199,614 | ||||||
4,700 | S1 Corp. | 219,067 | ||||||
285,000 | Sakari Resources, Ltd.(a) | 529,233 | ||||||
32,500 | Seek, Ltd.(a) | 238,155 | ||||||
45,000 | Semirara Mining Corp. | 257,239 | ||||||
6,100 | Shinhan Financial Group Co., Ltd. | 236,316 | ||||||
17,000 | Shionogi & Co., Ltd.(a) | 236,037 | ||||||
877,000 | Sihuan Pharmaceutical Holdings Group, Ltd. | 341,028 | ||||||
90,000 | Singapore Telecommunications, Ltd. | 224,737 | ||||||
4,790 | SK Innovation Co., Ltd. | 702,993 | ||||||
2,100 | SK Telecom Co., Ltd. | 259,597 | ||||||
6,300 | Sohu.com, Inc.†**(a) | 347,571 | ||||||
293,000 | Sterlite Industries India, Ltd. | 633,496 | ||||||
40,000 | Sumitomo Rubber Industries, Ltd. | 536,644 | ||||||
20,500 | Tata Steel, Ltd. | 188,744 | ||||||
829,500 | Telekomunikasi Indonesia Tbk PT | 635,887 | ||||||
4,400 | Terumo Corp.(a) | 211,436 | ||||||
20,000 | Toyo Suisan Kaisha, Ltd. | 520,060 | ||||||
25,000 | Toyota Motor Corp.(a) | 1,087,802 | ||||||
44,000 | Tsingtao Brewery Co., Ltd., Class H | 237,100 | ||||||
58,400 | Union Bank of India | 270,704 | ||||||
143,000 | United Phosphorus, Ltd.† | 363,894 | ||||||
302,000 | Want Want China Holdings, Ltd. | 337,139 | ||||||
14,300 | Wesfarmers, Ltd. | 445,277 | ||||||
9,500 | Woodside Petroleum, Ltd. | 343,331 |
SCHEDULEOF INVESTMENTS | 5 |
Table of Contents
Shares or Principal Amount | Value | |||||||
46,400 | Woori Finance Holdings Co., Ltd. | $ | 535,850 | |||||
22,000 | Yantai Changyu Pioneer Wine Co., Ltd., Class B | 248,728 | ||||||
|
| |||||||
| Total Common Stocks (Cost $48,060,416) | 48,240,577 |
Shares or Principal Amount | Value | |||||||
| Collateral for Securities on Loan (15.5%) | |||||||
8,056,590 | State Street Navigator Prime Portfolio | $ | 8,056,590 | |||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $8,056,590) | 8,056,590 | ||||||
| Total Investments 108.6%* (Cost $56,117,006) | 56,297,167 | ||||||
| Liabilities Less Other Assets (8.6)% | (4,466,325 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 51,830,842 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 89.77% of net assets. |
** | This security is considered a Level 1 security. See Note 2 for further details. |
*** | This security is considered a Level 3 security. See Note 2 for further details. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
(b) | This security is considered to be illiquid. The value of this security at March 31, 2012 was $57,755, which represents 0.1% of the Fund’s Net Assets. |
ADR | American Depositary Receipt |
6 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON Asia-Pacific Region Fund
Country Composition
March 31, 2012 (unaudited)
South Korea | 20.9% | |||
Australia | 18.7% | |||
Japan | 15.3% | |||
China | 8.7% | |||
Singapore | 6.7% | |||
India | 6.5% | |||
Thailand | 5.2% | |||
Indonesia | 4.7% | |||
Hong Kong | 4.2% | |||
Malaysia | 1.3% | |||
Philippines | 0.5% | |||
New Zealand | 0.4% | |||
|
| |||
93.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Asia-Pacific Region Fund
Sector Composition
March 31, 2012 (unaudited)
Consumer Discretionary | 17.8% | |||
Materials | 16.5% | |||
Financial | 16.0% | |||
Consumer Staples | 9.7% | |||
Energy | 9.6% | |||
Health Care | 7.3% | |||
Utilities | 5.6% | |||
Industrials | 5.5% | |||
Information Technology | 5.1% | |||
|
| |||
93.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Asia-Pacific Region Fund
Industry Composition
March 31, 2012 (unaudited)
Diversified Banks | 12.6% | |||
Automobile Manufacturers | 7.3% | |||
Diversified Metals & Mining | 5.6% | |||
Pharmaceuticals | 4.9% | |||
Property & Casualty Insurance | 3.4% | |||
Wireless Telecommunication Services | 3.0% | |||
Coal & Consumable Fuels | 2.9% | |||
Commodity Chemicals | 2.9% | |||
Internet Software & Services | 2.8% | |||
Auto Parts & Equipment | 2.8% | |||
Oil & Gas Equipment & Services | 2.7% | |||
Packaged Foods & Meats | 2.7% | |||
Specialty Chemicals | 2.7% | |||
Integrated Telecommunication Services | 2.6% | |||
Steel | 1.9% | |||
Integrated Oil & Gas | 1.9% | |||
Food Distributors | 1.8% |
Apparel, Accessories & Luxury Goods | 1.7% | |||
Industrial Machinery | 1.7% | |||
IT Consulting & Other Services | 1.6% | |||
Tobacco | 1.6% | |||
Diversified Chemicals | 1.5% | |||
Oil & Gas Refining & Marketing | 1.4% | |||
Specialty Stores | 1.1% | |||
Electrical Components & Equipment | 1.1% | |||
Tires & Rubber | 1.0% | |||
Personal Products | 1.0% | |||
Apparel Retail | 1.0% | |||
Other Industries (each less than 1%) | 13.9% | |||
|
| |||
93.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 7 |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (97.2%) | ||||||||
2,100 | Adidas AG | $ | 164,095 | |||||
1,600 | Air Liquide S.A. | 213,373 | ||||||
9,400 | Alliance Oil Co., Ltd.† | 103,821 | ||||||
2,000 | Allianz SE† | 238,703 | ||||||
3,700 | BASF SE | 323,526 | ||||||
10,685 | Bayer AG | 751,464 | ||||||
3,800 | Bayerische Motoren Werke AG | 341,834 | ||||||
3,200 | BioMerieux | 252,194 | ||||||
94,100 | BP PLC | 700,789 | ||||||
3,860 | Brenntag AG | 472,609 | ||||||
25,700 | British Sky Broadcasting Group PLC | 278,030 | ||||||
3,500 | Carlsberg A/S, Class B | 290,353 | ||||||
3,200 | Cie de St-Gobain | 142,774 | ||||||
10,834 | Cie Generale des Etablissements Michelin, Class B | 807,080 | ||||||
6,500 | Continental AG† | 613,623 | ||||||
4,600 | Delhaize Group S.A. | 241,961 | ||||||
31,500 | Deutsche Telekom AG | 379,517 | ||||||
5,800 | ElringKlinger AG | 166,069 | ||||||
3,000 | Fugro NV, NV† | 213,955 | ||||||
18,000 | GEA Group AG | 620,901 | ||||||
11,800 | Gerresheimer AG | 516,165 | ||||||
31,200 | GlaxoSmithKline PLC | 697,501 | ||||||
28,700 | Halfords Group PLC | 142,678 | ||||||
3,300 | Heineken NV | 183,455 | ||||||
12,600 | K+S AG | 658,941 | ||||||
4,300 | Kabel Deutschland Holding AG† | 265,447 | ||||||
3,300 | L’Oreal S.A. | 407,292 | ||||||
2,800 | Lonza Group AG† | 144,716 | ||||||
10,000 | LUKOIL OAO, ADR** | 608,000 |
Shares or Principal Amount | Value | |||||||
3,970 | LVMH Moet Hennessy Louis Vuitton S.A. | $ | 683,175 | |||||
6,700 | Metro AG | 259,072 | ||||||
1,150 | Muenchener Rueckversicherungs Gesellschaft AG† | 173,421 | ||||||
18,900 | Nestle S.A. | 1,189,123 | ||||||
19,600 | Novartis AG | 1,085,010 | ||||||
10,900 | OMV AG | 387,674 | ||||||
23,600 | Petrofac, Ltd. | 657,693 | ||||||
23,600 | QIAGEN NV† | 367,475 | ||||||
1,400 | Randgold Resources, Ltd. | 122,282 | ||||||
9,800 | Reckitt Benckiser Group PLC | 554,465 | ||||||
68,000 | Rexam PLC | 465,713 | ||||||
3,300 | Rheinmetall AG | 195,391 | ||||||
6,130 | Roche Holding AG | 1,066,806 | ||||||
164,000 | RSA Insurance Group PLC | 274,463 | ||||||
6,500 | Safran S.A. | 238,884 | ||||||
5,300 | Sanofi | 411,235 | ||||||
9,300 | SAP AG | 649,564 | ||||||
21,600 | SBM Offshore NV | 441,947 | ||||||
6,700 | Siemens AG | 675,655 | ||||||
3,700 | Stallergenes S.A. | 221,539 | ||||||
40,300 | Statoil ASA | 1,093,827 | ||||||
3,500 | Suedzucker AG | 111,435 | ||||||
57,400 | Telenor ASA | 1,065,585 | ||||||
45,300 | TeliaSonera AB | 316,043 | ||||||
115,100 | Tesco PLC | 607,500 | ||||||
20,900 | Total S.A. | 1,067,562 | ||||||
15,200 | Ultra Electronics Holdings PLC | 425,497 | ||||||
31,300 | Unilever PLC | 1,032,663 | ||||||
394,000 | Vodafone Group PLC | 1,086,788 |
8 | SCHEDULEOF INVESTMENTS |
Table of Contents
Shares or Principal Amount | Value | |||||||
17,100 | Weir Group PLC | $ | 482,378 | |||||
4,000 | Yara International ASA | 190,675 | ||||||
|
| |||||||
| Total Common Stocks (Cost $27,295,660) | 28,541,406 | ||||||
Preferred Stocks (1.3%) | ||||||||
3,100 | Henkel AG & Co. KGaA | 227,179 | ||||||
2,400 | Porsche Automobil Holding SE | 141,642 | ||||||
|
| |||||||
| Total Preferred Stocks (Cost $359,433) | 368,821 |
Shares or Principal Amount | Value | |||||||
Short-Term Investment (1.1%) | ||||||||
$ | 329,612 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | $ | 329,612 | ||||
|
| |||||||
| Total Short-Term Investments (Cost $329,612) | 329,612 | ||||||
| Total Investments 99.6%* (Cost $27,984,705) | 29,239,839 | ||||||
| Other Assets Less Liabilities 0.4% | 118,893 | ||||||
|
| |||||||
Net Assets 100.0% | $ | 29,358,732 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 96.40% of net assets. |
** | This security is considered a Level 1 security. See Note 2 for further details. |
ADR | American Depositary Receipt |
SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
ICON Europe Fund
Country Composition
March 31, 2012 (unaudited)
Germany | 27.1% | |||
Britain | 15.5% | |||
France | 15.1% | |||
Switzerland | 11.9% | |||
United Kingdom | 9.8% | |||
Norway | 8.0% | |||
Netherlands | 4.1% | |||
Russia | 2.4% | |||
Austria | 1.3% | |||
Sweden | 1.1% | |||
Denmark | 1.0% | |||
Belgium | 0.8% | |||
Jersey | 0.4% | |||
|
| |||
98.5% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON Europe Fund
Sector Composition
March 31, 2012 (unaudited)
Health Care | 18.8% | |||
Energy | 18.0% | |||
Consumer Staples | 17.4% | |||
Consumer Discretionary | 12.3% | |||
Industrials | 11.1% | |||
Utilities | 9.7% | |||
Materials | 6.7% | |||
Financial | 2.3% | |||
Information Technology | 2.2% | |||
|
| |||
98.5% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON Europe Fund
Industry Composition
March 31, 2012 (unaudited)
Pharmaceuticals | 14.4% | |||
Integrated Oil & Gas | 13.1% | |||
Packaged Foods & Meats | 7.9% | |||
Integrated Telecommunication Services | 6.0% | |||
Oil & Gas Equipment & Services | 4.5% | |||
Industrial Machinery | 3.8% | |||
Wireless Telecommunication Services | 3.7% | |||
Life Sciences Tools & Services | 3.5% | |||
Industrial Conglomerates | 3.0% | |||
Fertilizers & Agricultural Chemicals | 2.9% | |||
Food Retail | 2.9% | |||
Apparel, Accessories & Luxury Goods | 2.9% | |||
Tires & Rubber | 2.7% |
Household Products | 2.7% | |||
Auto Parts & Equipment | 2.7% | |||
Aerospace & Defense | 2.3% | |||
Application Software | 2.2% | |||
Cable & Satellite | 1.9% | |||
Automobile Manufacturers | 1.6% | |||
Brewers | 1.6% | |||
Trading Companies & Distributors | 1.6% | |||
Metal & Glass Containers | 1.6% | |||
Personal Products | 1.4% | |||
Diversified Chemicals | 1.1% | |||
Other Industries (each less than 1%) | 6.5% | |||
|
| |||
98.5% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
10 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON INTERNATIONAL EQUITY FUND
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (95.9%) | ||||||||
8,600 | Agnico-Eagle Mines, Ltd.** | $ | 286,595 | |||||
1,035,000 | America Movil S.A.B. de C.V., Series L** | 1,287,905 | ||||||
1,500 | Amorepacific Corp.** | 1,587,309 | ||||||
86,000 | Asics Corp.(a) | 982,165 | ||||||
81,100 | Atrium Innovations, Inc.†** | 933,408 | ||||||
5,600 | Baidu, Inc., ADR†** | 816,312 | ||||||
23,500 | Barrick Gold Corp.** | 1,021,329 | ||||||
16,200 | Bayer AG | 1,139,327 | ||||||
110,710 | BP PLC | 824,489 | ||||||
7,300 | Brenntag AG | 893,795 | ||||||
64,300 | Celltrion, Inc. | 2,098,944 | ||||||
43,300 | Centerra Gold, Inc.** | 673,300 | ||||||
1,702,000 | Chaoda Modern Agriculture Holdings, Ltd.†***(b) | 151,229 | ||||||
10,400 | Cie Generale des Etablissements Michelin, Class B | 774,750 | ||||||
668,000 | Compartamos S.A.B. de C.V.** | 757,608 | ||||||
8,600 | Continental AG† | 811,871 | ||||||
50,400 | Deutsche Telekom AG | 607,227 | ||||||
72,000 | Diagnosticos da America S.A.** | 552,587 | ||||||
888,000 | Dongyue Group | 813,549 | ||||||
14,100 | Empire Co., Ltd., Class A** | 814,236 | ||||||
3,594,000 | Ezion Holdings, Ltd. | 2,817,332 | ||||||
4,000 | FANUC Corp.(a) | 716,461 | ||||||
200,000 | Fisher & Paykel Healthcare Corp., Ltd. | 367,382 | ||||||
5,600 | Fugro NV, NV† | 399,383 | ||||||
24,900 | GEA Group AG | 858,912 |
Shares or Principal Amount | Value | |||||||
15,000 | Gerresheimer AG | $ | 656,142 | |||||
52,800 | GlaxoSmithKline PLC | 1,180,387 | ||||||
15,500 | Gree, Inc.(a) | 390,532 | ||||||
148,000 | Gudang Garam Tbk PT | 891,407 | ||||||
42,000 | Hengan International Group Co., Ltd. | 422,059 | ||||||
5,800 | Hyundai Department Store Co., Ltd. | 891,445 | ||||||
63,000 | Hyundai Greenfood Co., Ltd. | 844,558 | ||||||
4,400 | Hyundai Home Shopping Network Corp. | 522,397 | ||||||
3,800 | Hyundai Mobis | 964,507 | ||||||
14,000 | Hyundai Motor Co. | 2,890,975 | ||||||
22,700 | K+S AG | 1,187,139 | ||||||
48,100 | Kinross Gold Corp.** | 470,174 | ||||||
10,500 | Korea Aerospace Industries, Ltd. | 269,456 | ||||||
12,600 | KT&G Corp. | 896,574 | ||||||
104,000 | Lewis Group, Ltd. | 1,034,125 | ||||||
53,000 | LG Fashion Corp. | 1,868,538 | ||||||
1,500 | LG Household & Health Care, Ltd. | 788,958 | ||||||
6,600 | LVMH Moet Hennessy Louis Vuitton S.A. | 1,135,757 | ||||||
6,300 | Mando Corp. | 928,351 | ||||||
9,700 | Metro AG | 375,074 | ||||||
19,700 | Metro, Inc.** | 1,050,522 | ||||||
58,000 | MTN Group, Ltd. | 1,022,731 | ||||||
30,300 | Nestle S.A. | 1,906,372 | ||||||
28,000 | Novartis AG | 1,550,014 | ||||||
600,000 | Olam International, Ltd.(a) | 1,127,545 | ||||||
14,000 | Otsuka Holdings Co., Ltd. | 415,024 | ||||||
29,500 | Pan American Silver Corp.**(a) | 650,955 | ||||||
14,100 | Petrofac, Ltd. | 392,944 |
SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
Shares or Principal Amount | Value | |||||||
17,000 | Potash Corp. of Saskatchewan, Inc.** | $ | 776,159 | |||||
25,800 | QIAGEN NV† | 401,731 | ||||||
8,700 | Roche Holding AG | 1,514,064 | ||||||
225,000 | RSA Insurance Group PLC(a) | 376,549 | ||||||
860,000 | S.A. SA International Holdings, Ltd. | 499,035 | ||||||
6,400 | Sanofi | 496,586 | ||||||
7,200 | SAP AG | 502,889 | ||||||
24,100 | Saputo, Inc.** | 1,044,023 | ||||||
8,300 | Siemens AG | 837,005 | ||||||
5,100 | SK Holdings Co., Ltd. | 665,053 | ||||||
4,400 | SK Innovation Co., Ltd. | 645,756 | ||||||
61,300 | Statoil ASA | 1,663,811 | ||||||
41,400 | Suncor Energy, Inc.** | 1,352,675 | ||||||
47,700 | Suncorp Group, Ltd. | 416,039 | ||||||
870,000 | Telekomunikasi Indonesia Tbk PT | 666,934 | ||||||
87,500 | Telenor ASA | 1,624,368 | ||||||
53,000 | TeliaSonera AB | 369,764 | ||||||
191,000 | Tesco PLC | 1,008,102 | ||||||
19,900 | Teva Pharmaceutical Industries, Ltd., ADR** | 896,694 | ||||||
160,000 | Thai Union Frozen Products PCL | 367,078 | ||||||
13,000 | Tiger Brands, Ltd. | 457,004 | ||||||
16,200 | Tim Hortons, Inc.** | 866,642 | ||||||
31,155 | Total S.A. | 1,591,382 | ||||||
50,000 | Toyo Suisan Kaisha, Ltd. | 1,300,150 | ||||||
24,400 | Trican Well Service, Ltd.**(a) | 358,374 | ||||||
23,000 | Ultra Electronics Holdings PLC | 643,844 |
Shares or Principal Amount | Value | |||||||
45,900 | Unilever PLC | $ | 1,514,353 | |||||
218,000 | United Phosphorus, Ltd. | 554,748 | ||||||
9,000 | Valeant Pharmaceuticals International, Inc.†** | 482,641 | ||||||
513,000 | Vodafone Group PLC | 1,415,031 | ||||||
80,000 | Yantai Changyu Pioneer Wine Co., Ltd., Class B | 904,466 | ||||||
878,000 | Yingde Gases | 996,087 | ||||||
|
| |||||||
| Total Common Stocks (Cost $77,153,586) | 76,921,104 | ||||||
Preferred Stocks (3.4%) | ||||||||
30,440 | Banco Bradesco S.A.** | 531,777 | ||||||
70,000 | Investimentos Itau S.A.** | 431,401 | ||||||
140,000 | Petroleo Brasileiro S.A.** | 1,790,791 | ||||||
|
| |||||||
| Total Preferred Stocks (Cost $2,911,908) | 2,753,969 | ||||||
| Collateral for Securities on Loan (5.3%) | |||||||
4,269,148 | State Street Navigator Prime Portfolio | 4,269,148 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $4,269,148) | 4,269,148 | ||||||
| Total Investments 104.6%* (Cost $84,334,642) | 83,944,221 | ||||||
| Liabilities Less Other Assets (4.6)% | (3,682,871 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 80,261,350 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
* | The value of foreign securities fair valued (Note 2) as of March 31, 2012 was 75.05% of net assets. |
** | This security is considered a Level 1 security. See Note 2 for further details. |
*** | This security is considered a Level 3 security. See Note 2 for further details. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
(b) | This security is considered to be illiquid. The value of this security at March 31, 2012 was $151,229, which represents 0.2% of the Fund’s Net Assets. |
ADR | American Depositary Receipt |
12 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON International Equity Fund
Country Composition
March 31, 2012 (unaudited)
South Korea | 19.8% | |||
Canada | 13.4% | |||
Germany | 9.8% | |||
Switzerland | 6.2% | |||
Britain | 5.1% | |||
France | 5.0% | |||
Singapore | 4.9% | |||
Japan | 4.7% | |||
Brazil | 4.1% | |||
Norway | 4.1% | |||
United Kingdom | 4.0% | |||
China | 3.7% | |||
South Africa | 3.1% | |||
Mexico | 2.6% | |||
Hong Kong | 2.1% | |||
Indonesia | 1.9% | |||
Israel | 1.1% | |||
Netherlands | 1.0% | |||
India | 0.7% | |||
Australia | 0.5% | |||
Sweden | 0.5% | |||
New Zealand | 0.5% | |||
Thailand | 0.5% | |||
|
| |||
99.3% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
ICON International Equity Fund
Sector Composition
March 31, 2012 (unaudited)
Consumer Staples | 21.9% | |||
Consumer Discretionary | 18.7% | |||
Energy | 14.8% | |||
Health Care | 14.6% | |||
Materials | 9.3% | |||
Utilities | 8.7% | |||
Industrials | 6.1% | |||
Financial | 3.1% | |||
Information Technology | 2.1% | |||
|
| |||
99.3% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 13 |
Table of Contents
ICON International Equity Fund
Industry Composition
March 31, 2012 (unaudited)
Pharmaceuticals | 12.2% | |||
Integrated Oil & Gas | 9.0% | |||
Packaged Foods & Meats | 8.2% | |||
Oil & Gas Equipment & Services | 4.9% | |||
Wireless Telecommunication Services | 4.6% | |||
Integrated Telecommunication Services | 4.1% | |||
Apparel, Accessories & Luxury Goods | 3.7% | |||
Personal Products | 3.7% | |||
Automobile Manufacturers | 3.6% | |||
Food Retail | 3.6% | |||
Auto Parts & Equipment | 3.4% | |||
Fertilizers & Agricultural Chemicals | 3.1% | |||
Gold | 3.1% | |||
Tobacco | 2.2% | |||
Department Stores | 2.2% | |||
Industrial Machinery | 2.0% | |||
Industrial Conglomerates | 1.9% |
Internet Software & Services | 1.5% | |||
Food Distributors | 1.4% | |||
Life Sciences Tools & Services | 1.3% | |||
Homefurnishing Retail | 1.3% | |||
Industrial Gases | 1.2% | |||
Footwear | 1.2% | |||
Diversified Banks | 1.2% | |||
Aerospace & Defense | 1.1% | |||
Distillers & Vintners | 1.1% | |||
Trading Companies & Distributors | 1.1% | |||
Restaurants | 1.1% | |||
Specialty Chemicals | 1.0% | |||
Property & Casualty Insurance | 1.0% | |||
Household Products | 1.0% | |||
Tires & Rubber | 1.0% | |||
Other Industries (each less than 1%) | 6.3% | |||
|
| |||
99.3% | ||||
|
|
Percentages are based upon common and preferred stocks as a percentage of net assets.
14 | SCHEDULEOF INVESTMENTS |
Table of Contents
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Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES
MARCH 31, 2012 (UNAUDITED)
ICON Asia-Pacific Region Fund | ICON Europe Fund | ICON International Equity Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 56,117,006 | $ | 27,984,705 | $ | 84,334,642 | ||||||
|
|
|
|
|
| |||||||
Investments, at value† | 56,297,167 | 29,239,839 | 83,944,221 | |||||||||
Foreign currency, at value(a) | 737,577 | 7,670 | 601,038 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 192,161 | 11,878 | 62,610 | |||||||||
Investments sold | 3,856,224 | 66,079 | 1,760,556 | |||||||||
Dividends | 223,986 | 50,776 | 210,664 | |||||||||
Expense reimbursements due from Adviser | 16,447 | 14,950 | 4,463 | |||||||||
Foreign tax reclaims | 381 | 78,750 | 111,027 | |||||||||
Other assets | 28,722 | 25,596 | 36,216 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 61,352,665 | 29,495,538 | 86,730,795 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | 710,684 | – | 786,427 | |||||||||
Expense recoupment due to adviser | – | – | 822 | |||||||||
Investments purchased | 485,286 | – | 202,324 | |||||||||
Payable for collateral received on securities loaned | 8,056,590 | – | 4,269,148 | |||||||||
Fund shares redeemed | 58,199 | 74,077 | 1,038,568 | |||||||||
Advisory fees | 47,213 | 25,004 | 69,280 | |||||||||
Accrued distribution fees | 1,026 | 80 | 10,006 | |||||||||
Fund accounting fees | 1,881 | 988 | 2,084 | |||||||||
Transfer agent fees | 14,444 | 8,474 | 19,120 | |||||||||
Administration fees | 2,358 | 1,249 | 3,461 | |||||||||
Trustee fees | 1,575 | 931 | 2,765 | |||||||||
Capital gains tax | 90,497 | – | 14,089 | |||||||||
Accrued expenses | 52,070 | 26,003 | 51,351 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 9,521,823 | 136,806 | 6,469,445 | |||||||||
|
|
|
|
|
| |||||||
Net Assets - all share classes | $ | 51,830,842 | $ | 29,358,732 | $ | 80,261,350 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class S* | $ | 49,702,603 | $ | 29,186,097 | $ | 59,278,866 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class C | $ | 985,649 | $ | 69,044 | $ | 7,819,685 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class A | $ | 1,142,590 | $ | 103,591 | $ | 13,162,799 | ||||||
|
|
|
|
|
|
16 | FINANCIAL STATEMENTS |
Table of Contents
ICON Asia-Pacific Region Fund | ICON Europe Fund | ICON International Equity Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 63,089,376 | $ | 81,966,062 | $ | 173,565,599 | ||||||
Accumulated undistributed net investment income/(loss) | 36,029 | 18,610 | (141,134 | ) | ||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (11,469,089 | ) | (53,882,330 | ) | (92,772,140 | ) | ||||||
Unrealized appreciation/(depreciation) on investments and foreign currency transactions | 174,526 | 1,256,390 | (390,975 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 51,830,842 | $ | 29,358,732 | $ | 80,261,350 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S* | 4,035,749 | 2,375,239 | 5,425,250 | |||||||||
Class C | 82,067 | 5,690 | 766,359 | |||||||||
Class A | 92,873 | 8,405 | 1,207,941 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S* | $ | 12.32 | $ | 12.29 | $ | 10.93 | ||||||
Class C | $ | 12.01 | $ | 12.13 | $ | 10.20 | ||||||
Class A | $ | 12.30 | $ | 12.32 | $ | 10.90 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 13.05 | $ | 13.07 | $ | 11.56 | ||||||
† Includes securities on loan of | $ | 7,617,567 | $ | – | $ | 4,066,856 | ||||||
(a) Foreign currency, at cost | $ | 737,094 | $ | 7,679 | $ | 597,712 |
* | Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. |
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 17 |
Table of Contents
STATEMENTSOF OPERATIONS
FORTHEPERIODENDED MARCH 31, 2012 (UNAUDITED)
ICON Asia-Pacific Region Fund | ICON Europe Fund | ICON International Equity Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 47 | $ | 29 | $ | 61 | ||||||
Dividends | 500,348 | 270,688 | 717,654 | |||||||||
Income from securities lending, net | 4,316 | 2,462 | 8,030 | |||||||||
Foreign taxes withheld | (26,990 | ) | (24,368 | ) | (72,618 | ) | ||||||
|
|
|
|
|
| |||||||
Total Investment Income | 477,721 | 248,811 | 653,127 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 282,257 | 146,105 | 409,552 | |||||||||
Distribution fees: | ||||||||||||
Class I* | – | – | 19,176 | |||||||||
Class C | 4,353 | 329 | 41,103 | |||||||||
Class A | 1,204 | 134 | 9,623 | |||||||||
Fund accounting fees | 5,614 | 2,913 | 8,191 | |||||||||
Transfer agent fees | 35,149 | 20,606 | 50,753 | |||||||||
Administration fees | 14,108 | 7,302 | 20,470 | |||||||||
Custody fees | 36,892 | 6,959 | 40,524 | |||||||||
Registration fees: | ||||||||||||
Class S** | 7,948 | 6,245 | 3,731 | |||||||||
Class I* | – | – | 4,304 | |||||||||
Class C | 3,523 | 3,326 | 3,727 | |||||||||
Class Z** | – | – | 1,794 | |||||||||
Class A | 2,817 | 3,033 | 4,019 | |||||||||
Insurance expense | 4,683 | 2,871 | 6,791 | |||||||||
Trustee fees and expenses | 3,052 | 1,640 | 4,364 | |||||||||
Audit and tax service expense | 16,067 | 16,057 | 16,860 | |||||||||
Interest expense | 599 | 491 | 355 | |||||||||
Recoupment of previously reimbursed expenses | – | – | 1,396 | |||||||||
Other expenses | 31,350 | 19,028 | 34,602 | |||||||||
|
|
|
|
|
| |||||||
Total expenses before expense reimbursement | 449,616 | 237,039 | 681,335 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (7,913 | ) | (8,157 | ) | (12,882 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 441,703 | 228,882 | 668,453 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income/(Loss) | 36,018 | 19,929 | (15,326 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments, Foreign Currency Transactions and Capital Gains Tax | ||||||||||||
Net realized gain/(loss) from investment transactions | (581,953 | ) | (3,143,511 | ) | (11,706,398 | ) | ||||||
Net realized gain/(loss) from foreign currency transactions | (77,580 | ) | (33,448 | ) | (202,107 | ) | ||||||
Net realized capital gains tax | (90,225 | ) | – | (69,253 | ) | |||||||
Change in unrealized net appreciation/(depreciation) on investments and foreign currency transactions | 11,954,622 | 8,876,901 | 26,634,764 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain/(loss) on investments, foreign currency transactions and capital gains tax | 11,204,864 | 5,699,942 | 14,657,006 | |||||||||
|
|
|
|
|
| |||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 11,240,882 | $ | 5,719,871 | $ | 14,641,680 | ||||||
|
|
|
|
|
|
* | Class I shares of the International Equity Fund merged into Class A shares on January 23, 2012. |
** | Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. |
The accompanying notes are an integral part of the financial statements.
18 | FINANCIAL STATEMENTS |
Table of Contents
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Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS
ICON Asia-Pacific Region Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 36,018 | $ | 388,046 | ||||
Net realized gain/(loss) on investment transactions | (581,953 | ) | 9,874,630 | |||||
Net realized gain/(loss) from foreign currency transactions | (77,580 | ) | 287,624 | |||||
Net realized capital gains tax | (90,225 | ) | (28,063 | ) | ||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 11,954,622 | (23,378,425 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets | 11,240,882 | (12,856,188 | ) | |||||
|
|
|
| |||||
Dividends to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (215,357 | ) | - | |||||
Class C | - | - | ||||||
Class A | (1,981 | ) | - | |||||
|
|
|
| |||||
Net decrease from dividends | (217,338 | ) | - | |||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 2,789,619 | 24,830,854 | ||||||
Class C | 138,616 | 858,994 | ||||||
Class A | 441,535 | 832,245 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 209,005 | - | ||||||
Class C | - | - | ||||||
Class A | 1,823 | - | ||||||
Shares repurchased | ||||||||
Class S | (19,626,421 | ) | (27,570,610 | ) | ||||
Class C | (114,105 | ) | (286,152 | ) | ||||
Class A | (230,501 | ) | (1,054,975 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) from fund share transactions | (16,390,429 | ) | (2,389,644 | ) | ||||
|
|
|
| |||||
Total Net increase/(decrease) in net assets | (5,366,885 | ) | (15,245,832 | ) | ||||
Net Assets | ||||||||
Beginning of period | 57,197,727 | 72,443,559 | ||||||
|
|
|
| |||||
End of period | $ | 51,830,842 | $ | 57,197,727 | ||||
|
|
|
|
20 | FINANCIAL STATEMENTS |
Table of Contents
ICON Europe Fund | ||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||
$ | 19,929 | $ | 606,191 | |||||||
(3,143,511 | ) | 4,703,346 | ||||||||
| (33,448 | ) | (367,632 | ) | ||||||
- | - | |||||||||
| 8,876,901 |
| (11,104,476 | ) | ||||||
|
|
|
| |||||||
5,719,871 | (6,162,571 | ) | ||||||||
|
|
|
| |||||||
(459,020 | ) | (453,210 | ) | |||||||
(307 | ) | (410 | ) | |||||||
(1,339 | ) | (1,567 | ) | |||||||
|
|
|
| |||||||
(460,666 | ) | (455,187 | ) | |||||||
|
|
|
| |||||||
1,570,977 | 7,568,313 | |||||||||
2,972 | 5,475 | |||||||||
2,403 | 10,420 | |||||||||
445,476 | 440,889 | |||||||||
307 | 410 | |||||||||
1,289 | 1,511 | |||||||||
(6,153,418 | ) | (21,855,777 | ) | |||||||
(5,100 | ) | (2,563 | ) | |||||||
(24,538 | ) | (30,619 | ) | |||||||
|
|
|
| |||||||
(4,159,632 | ) | (13,891,941 | ) | |||||||
|
|
|
| |||||||
1,099,573 | (20,509,699 | ) | ||||||||
28,259,159 | 48,768,858 | |||||||||
|
|
|
| |||||||
$ | 29,358,732 | $ | 28,259,159 | |||||||
|
|
|
|
FINANCIAL STATEMENTS | 21 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Asia-Pacific Region Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 245,043 | 1,912,320 | ||||||
Class C | 12,135 | 66,475 | ||||||
Class A | 37,654 | 64,370 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 20,116 | - | ||||||
Class C | - | - | ||||||
Class A | 176 | - | ||||||
Shares repurchased | ||||||||
Class S | (1,724,669 | ) | (2,154,565 | ) | ||||
Class C | (10,246 | ) | (22,566 | ) | ||||
Class A | (20,993 | ) | (81,339 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) | (1,440,784 | ) | (215,305 | ) | ||||
Shares outstanding, beginning of period | 5,651,473 | 5,866,778 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 4,210,689 | 5,651,473 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | 36,029 | $ | 217,349 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
22 | FINANCIAL STATEMENTS |
Table of Contents
ICON Europe Fund | ||||||||||
Period ended | Year ended September 30, 2011 | |||||||||
136,946 | 540,432 | |||||||||
245 | 402 | |||||||||
210 | 765 | |||||||||
42,386 | 32,418 | |||||||||
29 | 31 | |||||||||
122 | 111 | |||||||||
(538,662 | ) | (1,585,829 | ) | |||||||
(429 | ) | (183 | ) | |||||||
(2,148 | ) | (2,203 | ) | |||||||
|
|
|
| |||||||
(361,301 | ) | (1,014,056 | ) | |||||||
2,750,635 | 3,764,691 | |||||||||
|
|
|
| |||||||
2,389,334 | 2,750,635 | |||||||||
|
|
|
| |||||||
$ | 18,610 |
| $ | 459,347 | ||||||
|
|
|
|
FINANCIAL STATEMENTS | 23 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON International Equity Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | (15,326 | ) | $ | 932,766 | |||
Net realized gain/(loss) on investment transactions | (11,706,398 | ) | 11,896,021 | |||||
Net realized gain/(loss) from foreign currency transactions | (202,107 | ) | 58,537 | |||||
Net realized capital gains tax | (69,253 | ) | (33,954 | ) | ||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 26,634,764 | (37,453,624 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets | 14,641,680 | (24,600,254 | ) | |||||
|
|
|
| |||||
Dividends to Shareholders | ||||||||
Net investment income | ||||||||
Class S (pre-merger)* | (446,175 | ) | (209,215 | ) | ||||
Class I** | (153,050 | ) | (118,029 | ) | ||||
Class C | - | - | ||||||
Class S (formerly, Class Z) | (74,204 | ) | (82,032 | ) | ||||
Class A | (13,281 | ) | (20,141 | ) | ||||
Class Q*** | (52,806 | ) | ||||||
|
|
|
| |||||
Net decrease from dividends | (686,710 | ) | (482,223 | ) | ||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S (pre-merger)* | 1,305,260 | 28,322,716 | ||||||
Class I** | 1,041,882 | 13,088,283 | ||||||
Class C | 64,201 | 918,923 | ||||||
Class S (formerly, Class Z)**** | 53,507,061 | 2,581,160 | ||||||
Class A | 14,813,470 | 1,383,795 | ||||||
Class Q*** | - | 23,892 | ||||||
Reinvested dividends and distributions | ||||||||
Class S (pre-merger)* | 445,550 | 204,055 | ||||||
Class I** | 134,039 | 101,764 | ||||||
Class C | - | - | ||||||
Class S (formerly, Class Z) | 69,998 | 79,707 | ||||||
Class A | 9,439 | 17,213 | ||||||
Class Q*** | - | 52,676 | ||||||
Shares repurchased | ||||||||
Class S (pre-merger)* | (42,941,189 | ) | (11,610,081 | ) | ||||
Class I** | (29,247,969 | ) | (17,474,596 | ) | ||||
Class C | (1,737,451 | ) | (4,428,987 | ) | ||||
Class S (formerly, Class Z)**** | (4,677,426 | ) | (6,802,428 | ) | ||||
Class A | (5,407,209 | ) | (3,354,216 | ) | ||||
Class Q*** | - | (9,287,654 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) from fund share transactions | (12,620,344 | ) | (6,183,778 | ) | ||||
|
|
|
| |||||
Total Net increase/(decrease) in net assets | 1,334,626 | (31,266,255 | ) | |||||
Net Assets | ||||||||
Beginning of period | 78,926,724 | 110,192,979 | ||||||
|
|
|
| |||||
End of period | $ | 80,261,350 | $ | 78,926,724 | ||||
|
|
|
|
24 | FINANCIAL STATEMENTS |
Table of Contents
ICON International Equity Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S (pre-merger)* | 125,902 | 2,179,451 | ||||||
Class I** | 102,639 | 1,070,213 | ||||||
Class C | 6,744 | 77,449 | ||||||
Class S (formerly, Class Z)**** | 5,114,828 | 206,375 | ||||||
Class A | 1,419,883 | 109,312 | ||||||
Class Q*** | - | 1,884 | ||||||
Reinvested dividends and distributions | ||||||||
Class S (pre-merger)* | 45,933 | 16,118 | ||||||
Class I** | 14,139 | 8,240 | ||||||
Class C | - | - | ||||||
Class S (formerly, Class Z) | 7,307 | 6,377 | ||||||
Class A | 986 | 1,382 | ||||||
Class Q*** | - | 4,218 | ||||||
Shares repurchased | ||||||||
Class S (pre-merger)* | (4,078,066 | ) | (933,083 | ) | ||||
Class I** | (2,858,784 | ) | (1,434,870 | ) | ||||
Class C | (180,528 | ) | (375,566 | ) | ||||
Class S (formerly, Class Z)**** | (437,159 | ) | (529,937 | ) | ||||
Class A**** | (501,127 | ) | (267,603 | ) | ||||
Class Q*** | - | (718,870 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) | (1,217,303 | ) | (578,910 | ) | ||||
Shares outstanding, beginning of period | 8,616,853 | 9,195,763 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 7,399,550 | 8,616,853 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | (141,134 | ) | $ | 560,902 | |||
|
|
|
|
* | Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. The information presented is that before the merger. |
** | Class I shares of the International Equity Fund merged into Class A shares on January 23, 2012. The information presented is that before the merger. |
*** | Class Q shares of the International Equity Fund closed on April 12, 2011. |
**** | The information presented includes the January 23, 2012 merger activity. |
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 25 |
Table of Contents
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 10.12 | $ | 0.01 | $ | 2.23 | $ | 2.24 | $ | (0.04 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 12.35 | 0.07 | (2.30 | ) | (2.23 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2010 | 10.64 | 0.01 | 1.89 | 1.90 | (0.19 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 9.47 | 0.08 | 1.20 | 1.28 | (0.11 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 18.82 | 0.10 | (6.99 | ) | (6.89 | ) | (0.12 | ) | (2.34 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.19 | 0.15 | 5.51 | 5.66 | (0.03 | ) | – | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 9.88 | (0.04 | ) | 2.17 | 2.13 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 12.17 | (0.02 | ) | (2.27 | ) | (2.29 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 10.54 | (0.05 | ) | 1.82 | 1.77 | (0.14 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 9.41 | 0.02 | 1.18 | 1.20 | (0.07 | ) | – | |||||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 13.73 | 0.05 | (4.37 | ) | (4.32 | ) | – | – | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.10 | – | (d) | 2.22 | 2.22 | (0.02 | ) | – | ||||||||||||||||
Year Ended September 30, 2011 | 12.35 | 0.04 | (2.29 | ) | (2.25 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2010 | 10.63 | 0.02 | 1.86 | 1.88 | (0.16 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 9.38 | 0.05 | 1.25 | 1.30 | (0.05 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 18.72 | 0.03 | (6.93 | ) | (6.90 | ) | (0.10 | ) | (2.34 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.18 | 0.27 | 5.30 | 5.57 | (0.03 | ) | – | |||||||||||||||||
ICON Europe Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.27 | 0.01 | 2.19 | 2.20 | (0.18 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 12.95 | 0.19 | (2.73 | ) | (2.54 | ) | (0.14 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 12.28 | 0.18 | 0.60 | 0.78 | (0.11 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.23 | 0.15 | (0.79 | ) | (0.64 | ) | (0.31 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 24.04 | 0.36 | (8.21 | ) | (7.85 | ) | (0.21 | ) | (2.75 | ) | ||||||||||||||
Year Ended September 30, 2007 | 18.82 | 0.21 | 5.33 | 5.54 | (0.05 | ) | (0.27 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.07 | (0.05 | ) | 2.16 | 2.11 | (0.05 | ) | – | ||||||||||||||||
Year Ended September 30, 2011 | 12.77 | 0.07 | (2.70 | ) | (2.63 | ) | (0.07 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 12.15 | 0.09 | 0.56 | 0.65 | (0.03 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.12 | 0.07 | (0.80 | ) | (0.73 | ) | (0.24 | ) | – | |||||||||||||||
January 25, 2008 (inception) to September 30, 2008 | 17.91 | 0.07 | (4.86 | ) | (4.79 | ) | – | – | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 10.28 | (0.01 | ) | 2.19 | 2.18 | (0.14 | ) | – | ||||||||||||||||
Year Ended September 30, 2011 | 12.98 | 0.18 | (2.75 | ) | (2.57 | ) | (0.13 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 12.30 | 0.15 | 0.60 | 0.75 | (0.07 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.14 | 0.12 | (0.75 | ) | (0.63 | ) | (0.21 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 23.91 | 0.26 | (8.17 | ) | (7.91 | ) | (0.11 | ) | (2.75 | ) | ||||||||||||||
Year Ended September 30, 2007 | 18.79 | 0.15 | 5.28 | 5.43 | (0.04 | ) | (0.27 | ) |
26 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.04 | ) | $ | 12.32 | 22.25 | % | $ | 49,703 | 1.54 | % | 1.54 | % | 0.15 | % | 0.15 | % | 40.86 | % | ||||||||||||||||
– | 10.12 | (18.06 | )% | 55,637 | 1.59 | % | 1.59 | % | 0.55 | % | 0.55 | % | 71.03 | % | ||||||||||||||||||||
(0.19 | ) | 12.35 | 18.02 | % | 70,854 | 1.63 | % | 1.63 | % | 0.13 | % | 0.13 | % | 100.41 | % | |||||||||||||||||||
(0.11 | ) | 10.64 | 14.18 | % | 108,325 | 1.54 | % | 1.54 | % | 1.00 | % | 1.00 | % | 171.05 | % | |||||||||||||||||||
(2.46 | ) | 9.47 | (41.26 | )% | 69,519 | 1.42 | % | 1.42 | % | 0.70 | % | 0.70 | % | 168.42 | % | |||||||||||||||||||
(0.03 | ) | 18.82 | 43.03 | % | 205,332 | 1.38 | % | 1.38 | % | 0.96 | % | 0.97 | % | 130.84 | % | |||||||||||||||||||
– | 12.01 | 21.56 | % | 986 | 3.57 | % | 2.55 | %(c) | (1.80 | )% | (0.78 | )% | 40.86 | % | ||||||||||||||||||||
– | 9.88 | (18.82 | )% | 792 | 4.40 | % | 2.55 | %(c) | (2.02 | )% | (0.17 | )% | 71.03 | % | ||||||||||||||||||||
(0.14 | ) | 12.17 | 17.02 | % | 441 | 9.04 | % | 2.57 | %(c) | (6.91 | )% | (0.44 | )% | 100.41 | % | |||||||||||||||||||
(0.07 | ) | 10.54 | 13.10 | % | 260 | 19.80 | % | 2.55 | %(c) | (17.06 | )% | 0.19 | % | 171.05 | % | |||||||||||||||||||
| – | | 9.41 | (31.46 | )% | 33 | 23.58 | % | 2.64 | %(c) | (20.28 | )% | 0.66 | % | 168.42 | % | ||||||||||||||||||
(0.02 | ) | 12.30 | 22.02 | % | 1,142 | 2.52 | % | 1.80 | %(c) | (0.79 | )% | (0.07 | )% | 40.86 | % | |||||||||||||||||||
– | 10.10 | (18.22 | )% | 768 | 3.05 | % | 1.81 | %(c) | (0.97 | )% | 0.27 | % | 71.03 | % | ||||||||||||||||||||
(0.16 | ) | 12.35 | 17.91 | % | 1,149 | 5.17 | % | 1.82 | %(c) | (3.13 | )% | 0.22 | % | 100.41 | % | |||||||||||||||||||
(0.05 | ) | 10.63 | 14.11 | % | 543 | 5.89 | % | 1.82 | %(c) | (3.41 | )% | 0.66 | % | 171.05 | % | |||||||||||||||||||
(2.44 | ) | 9.38 | (41.53 | )% | 412 | 2.94 | % | 1.88 | %(c) | (0.82 | )% | 0.24 | % | 168.42 | % | |||||||||||||||||||
(0.03 | ) | 18.72 | 42.38 | % | 973 | 3.26 | % | 1.85 | %(c) | 0.24 | % | 1.65 | % | 130.84 | % | |||||||||||||||||||
(0.18 | ) | 12.29 | 21.73 | % | 29,186 | 1.56 | % | 1.56 | % | 0.14 | % | 0.14 | % | 60.67 | % | |||||||||||||||||||
(0.14 | ) | 10.27 | (19.90 | )% | 28,095 | 1.54 | % | 1.54 | % | 1.40 | % | 1.40 | % | 51.94 | % | |||||||||||||||||||
(0.11 | ) | 12.95 | 6.40 | % | 48,547 | 1.58 | % | 1.58 | % | 1.48 | % | 1.48 | % | 105.08 | % | |||||||||||||||||||
(0.31 | ) | 12.28 | (4.13 | )% | 56,681 | 1.57 | % | 1.57 | % | 1.52 | % | 1.52 | % | 129.97 | % | |||||||||||||||||||
(2.96 | ) | 13.23 | (36.83 | )% | 84,320 | 1.35 | % | 1.35 | % | 1.89 | % | 1.89 | % | 181.83 | % | |||||||||||||||||||
(0.32 | ) | 24.04 | 29.69 | % | 139,069 | 1.35 | % | 1.35 | % | 0.97 | % | 0.97 | % | 133.36 | % | |||||||||||||||||||
(0.05 | ) | 12.13 | 21.06 | % | 69 | 15.18 | % | 2.55 | %(c) | (13.47 | )% | (0.84 | )% | 60.67 | % | |||||||||||||||||||
(0.07 | ) | 10.07 | (20.73 | )% | 59 | 19.88 | % | 2.52 | %(c) | (16.84 | )% | 0.52 | % | 51.94 | % | |||||||||||||||||||
(0.03 | ) | 12.77 | 5.37 | % | 71 | 40.14 | % | 2.55 | %(c) | (36.86 | )% | 0.73 | % | 105.08 | % | |||||||||||||||||||
(0.24 | ) | 12.15 | (5.04 | )% | 22 | 75.12 | % | 2.57 | %(c) | (71.83 | )% | 0.72 | % | 129.97 | % | |||||||||||||||||||
| – | | 13.12 | (26.74 | )% | 16 | 51.24 | % | 2.58 | %(c) | (48.03 | )% | 0.63 | % | 181.83 | % | ||||||||||||||||||
(0.14 | ) | 12.32 | 21.42 | % | 104 | 9.26 | % | 1.80 | %(c) | (7.58 | )% | (0.12 | )% | 60.67 | % | |||||||||||||||||||
(0.13 | ) | 10.28 | (20.04 | )% | 105 | 11.29 | % | 1.80 | %(c) | (8.20 | )% | 1.29 | % | 51.94 | % | |||||||||||||||||||
(0.07 | ) | 12.98 | 6.16 | % | 150 | 17.22 | % | 1.80 | %(c) | (14.22 | )% | 1.21 | % | 105.08 | % | |||||||||||||||||||
(0.21 | ) | 12.30 | (4.32 | )% | 159 | 11.15 | % | 1.82 | %(c) | (8.08 | )% | 1.25 | % | 129.97 | % | |||||||||||||||||||
(2.86 | ) | 13.14 | (37.17 | )% | 370 | 4.36 | % | 1.83 | %(c) | (1.18 | )% | 1.35 | % | 181.83 | % | |||||||||||||||||||
(0.31 | ) | 23.91 | 29.14 | % | 666 | 2.43 | % | 1.84 | %(c) | 0.09 | % | 0.69 | % | 133.36 | % |
FINANCIAL HIGHLIGHTS | 27 |
Table of Contents
FINANCIAL HIGHLIGHTS (CONTINUED)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON International Equity Fund | ||||||||||||||||||||||||
Class S** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 9.22 | $ | 0.05 | $ | 1.77 | $ | 1.82 | $ | (0.11 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 12.11 | 0.14 | (2.95 | ) | (2.81 | ) | (0.08 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 11.13 | 0.13 | 1.06 | 1.19 | (0.21 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 10.87 | 0.11 | 0.35 | 0.46 | (0.20 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 20.34 | 0.22 | (7.53 | ) | (7.31 | ) | (0.17 | ) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.07 | 0.20 | 5.73 | 5.93 | – | (0.66 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.56 | (0.05 | ) | 1.69 | 1.64 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 11.30 | – | (d) | (2.74 | ) | (2.74 | ) | – | – | |||||||||||||||
Year Ended September 30, 2010 | 10.40 | (0.01 | ) | 1.01 | 1.00 | (0.10 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 10.10 | – | (d) | 0.36 | 0.36 | (0.06 | ) | – | ||||||||||||||||
Year Ended September 30, 2008 | 19.09 | 0.07 | (7.07 | ) | (7.00 | ) | – | (d) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.36 | – | (d) | 5.39 | 5.39 | – | (0.66 | ) | ||||||||||||||||
Class A*** | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 9.16 | 0.02 | 1.77 | 1.79 | (0.05 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 12.04 | 0.10 | (2.94 | ) | (2.84 | ) | (0.04 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 11.07 | 0.08 | 1.06 | 1.14 | (0.17 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 10.78 | 0.06 | 0.37 | 0.43 | (0.14 | ) | – | |||||||||||||||||
Year Ended September 30, 2008 | 20.24 | 0.18 | (7.52 | ) | (7.34 | ) | (0.13 | ) | (1.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 15.06 | 0.17 | 5.67 | 5.84 | – | (0.66 | ) |
(x) | Calculated using the average shares method. |
* | The total return calculation is for the period indicated and excludes any sales charges. |
** | Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. The results of each class prior to the merger may have been different than what is presented. |
*** | Class I shares merged into Class A on January 23, 2012. The results of each class prior to the merger may have been different than what is presented. |
† | Unaudited. |
(a) | Annualized for periods less than a year. |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. |
(c) | The Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense. |
(d) | Amount less than $0.005. |
(e) | The ratio of expenses to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.25%, 2.52% and 1.76% for Class S, Class C and Class A, respectively. |
(f) | The ratio of net investment income/(loss) to average net assets after the contractual expense limitation and voluntary expense waiver and transfer agent earnings credit is 1.25%, (0.01%) and 0.74% for Class S, Class C and Class A, respectively. |
The accompanying notes are an integral part of the financial statements.
28 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit(c) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.11 | ) | $ | 10.93 | 19.88 | % | $ | 59,279 | 1.39 | % | 1.39 | % | 0.88 | % | 0.88 | % | 76.22 | % | ||||||||||||||||
(0.08 | ) | 9.22 | (23.38 | )% | 6,826 | 1.45 | % | 1.45 | % | 1.12 | % | 1.12 | % | 91.46 | % | |||||||||||||||||||
(0.21 | ) | 12.11 | 10.87 | % | 12,806 | 1.43 | % | 1.36 | % | 1.06 | % | 1.12 | % | 111.29 | % | |||||||||||||||||||
(0.20 | ) | 11.13 | 5.16 | % | 29,437 | 1.43 | % | 1.25 | %(e) | 1.07 | % | 1.25 | %(f) | 182.73 | % | |||||||||||||||||||
(2.16 | ) | 10.87 | (39.66 | )% | 13,580 | 1.27 | % | 1.27 | % | 1.31 | % | 1.31 | % | 188.73 | % | |||||||||||||||||||
(0.66 | ) | 20.34 | 40.56 | % | 37,619 | 1.26 | % | 1.26 | % | 1.16 | % | 1.16 | % | 132.30 | % | |||||||||||||||||||
– | 10.20 | 19.16 | % | 7,819 | 2.72 | % | 2.55 | % | (1.14 | )% | (0.97 | )% | 76.22 | % | ||||||||||||||||||||
– | 8.56 | (24.25 | )% | 8,050 | 2.64 | % | 2.55 | % | (0.11 | )% | (0.02 | )% | 91.46 | % | ||||||||||||||||||||
(0.10 | ) | 11.30 | 9.65 | % | 13,990 | 2.69 | % | 2.55 | % | (0.21 | )% | (0.07 | )% | 111.29 | % | |||||||||||||||||||
(0.06 | ) | 10.40 | 3.79 | % | 15,774 | 2.64 | % | 2.55 | %(e) | (0.13 | )% | (0.04 | )%(f) | 182.73 | % | |||||||||||||||||||
(1.99 | ) | 10.10 | (40.38 | )% | 22,194 | 2.44 | % | 2.44 | % | 0.47 | % | 0.47 | % | 188.73 | % | |||||||||||||||||||
(0.66 | ) | 19.09 | 38.74 | % | 29,274 | 2.57 | % | 2.56 | % | (0.04 | )% | (0.03 | )% | 132.30 | % | |||||||||||||||||||
(0.05 | ) | 10.90 | 19.62 | % | 13,163 | 1.95 | % | 1.80 | % | 0.23 | % | 0.38 | % | 76.22 | % | |||||||||||||||||||
(0.04 | ) | 9.16 | (23.65 | )% | 2,640 | 2.03 | % | 1.80 | % | 0.56 | % | 0.79 | % | 91.46 | % | |||||||||||||||||||
(0.17 | ) | 12.04 | 10.38 | % | 5,358 | 2.16 | % | 1.80 | % | 0.33 | % | 0.68 | % | 111.29 | % | |||||||||||||||||||
(0.14 | ) | 11.07 | 4.65 | % | 5,214 | 2.08 | % | 1.80 | %(e) | 0.42 | % | 0.70 | %(f) | 182.73 | % | |||||||||||||||||||
(2.12 | ) | 10.78 | (39.95 | )% | 7,001 | 1.73 | % | 1.73 | % | 1.17 | % | 1.17 | % | 188.73 | % | |||||||||||||||||||
(0.66 | ) | 20.24 | 39.97 | % | 6,744 | 1.70 | % | 1.69 | % | 0.98 | % | 0.99 | % | 132.30 | % |
FINANCIAL HIGHLIGHTS | 29 |
Table of Contents
MARCH 31, 2012 (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. Each fund has three classes of shares: Class S, Class C and Class A. Prior to January 23, 2012, the International Equity Fund had five share classes: Class S, Class I, Class C, Class Z and Class A. On January 23, 2012, the following changes took place in the International Equity Fund: Class I merged into Class A, Class S merged into Class Z and Class Z was renamed to Class S. All classes have equal rights as to earnings, assets and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently fourteen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The Funds primarily invest in foreign securities; the Asia-Pacific Region Fund and the Europe Fund primarily invest in companies whose principal business activities fall within specific regions. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general,
30 | NOTESTO FINANCIAL STATEMENTS |
Table of Contents
there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity, and small market share.
The Europe Fund has a significant weighting in Germany which may cause each Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country and/or sector.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading. The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market
NOTESTO FINANCIAL STATEMENTS | 31 |
Table of Contents
NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
32 | NOTESTO FINANCIAL STATEMENTS |
Table of Contents
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3 — significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2012:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ICON Asia-Pacific Region Fund* | ||||||||||||||||
Assets |
| |||||||||||||||
Common Stocks | ||||||||||||||||
South Korea | $ | 529,103 | $ | 10,295,997 | $ | - | $ | 10,825,100 | ||||||||
Australia | - | 9,687,046 | - | 9,687,046 | ||||||||||||
Japan | - | 7,920,481 | - | 7,920,481 | ||||||||||||
China | 1,163,883 | 3,350,235 | - | 4,514,118 | ||||||||||||
Singapore | - | 3,448,844 | - | 3,448,844 | ||||||||||||
India | - | 3,386,472 | - | 3,386,472 | ||||||||||||
Thailand | - | 2,677,753 | - | 2,677,753 | ||||||||||||
Other Countries | 20,986 | 5,702,022 | 57,755 | 5,780,763 | ||||||||||||
Collateral for Securities on Loan | - | 8,056,590 | - | 8,056,590 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,713,972 | $ | 54,525,440 | $ | 57,755 | $ | 56,297,167 | ||||||||
|
|
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 33 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
ICON Europe Fund* | ||||||||||||||||
Assets |
| |||||||||||||||
Common Stocks | ||||||||||||||||
Germany | $ | - | $ | 7,577,432 | $ | - | $ | 7,577,432 | ||||||||
Britain | - | 4,545,368 | - | 4,545,368 | ||||||||||||
France | - | 4,445,108 | - | 4,445,108 | ||||||||||||
Switzerland | - | 3,485,655 | - | 3,485,655 | ||||||||||||
United Kingdom | - | 2,860,790 | - | 2,860,790 | ||||||||||||
Norway | - | 2,350,087 | - | 2,350,087 | ||||||||||||
Other Countries | 608,000 | 2,668,966 | 3,276,966 | |||||||||||||
Preferred Stock | ||||||||||||||||
Germany | - | 368,821 | - | 368,821 | ||||||||||||
Short-Term Investments | - | 329,612 | - | 329,612 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 608,000 | $ | 28,631,839 | $ | - | $ | 29,239,839 | ||||||||
|
|
|
|
|
|
|
| |||||||||
ICON International Equity Fund* | ||||||||||||||||
Assets |
| |||||||||||||||
Common Stocks | ||||||||||||||||
South Korea | $ | 1,587,309 | $ | 14,275,512 | $ | - | $ | 15,862,821 | ||||||||
Canada | 10,781,033 | - | - | 10,781,033 | ||||||||||||
Germany | - | 7,869,381 | - | 7,869,381 | ||||||||||||
Switzerland | - | 4,970,450 | - | 4,970,450 | ||||||||||||
Britain | - | 4,108,077 | - | 4,108,077 | ||||||||||||
France | - | 3,998,475 | - | 3,998,475 | ||||||||||||
Other Countries | 4,311,106 | 24,868,532 | 151,229 | 29,330,867 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Brazil | 2,753,969 | - | - | 2,753,969 | ||||||||||||
Collateral for Securities on Loan | - | 4,269,148 | - | 4,269,148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 19,433,417 | $ | 64,359,575 | $ | 151,229 | $ | 83,944,221 | ||||||||
|
|
|
|
|
|
|
|
* | Please refer to the Schedule of Investments and the Sector/Industry Classification and Country Composition tables for additional security details. |
For the period ended March 31, 2012, there was no significant transfer activity between Level 1 and Level 2.
34 | NOTESTO FINANCIAL STATEMENTS |
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A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period ended March 31, 2012 for the Asia-Pacific Region Fund and the International Equity Fund, was as follows:
Common Stocks Hong Kong | ||||
ICON Asia-Pacific Region Fund | ||||
Beginning balance 9/30/11 | $ | 91,815 | ||
Purchases | - | |||
Sales | - | |||
Accrued discounts/(premiums) | - | |||
Total realized gains/(losses) | - | |||
Total change in unrealized appreciation/(depreciation) | (34,060 | ) | ||
Transfers in to Level 3 | - | |||
Transfers out of Level 3 | - | |||
Ending balance 3/31/12 | $ | 57,755 | ||
|
| |||
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/12 | $ | (34,060 | ) | |
|
| |||
ICON International Equity Fund | ||||
Beginning balance 9/30/11 | $ | 240,414 | ||
Purchases | - | |||
Sales | - | |||
Accrued discounts/(premiums) | - | |||
Total realized gains/(losses) | - | |||
Total change in unrealized appreciation/(depreciation) | (89,185 | ) | ||
Transfers in to Level 3 | - | |||
Transfers out of Level 3 | - | |||
Ending balance 3/31/12 | $ | 151,229 | ||
|
| |||
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/12 | $ | (89,185 | ) | |
|
|
Net realized gain/(loss) and net change in unrealized appreciation/depreciation is reflected on the Statement of Operations.
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.
NOTESTO FINANCIAL STATEMENTS | 35 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. Purchases and sales of securities are translated into U.S. dollars at the contractual currency exchange rates established at the time of each trade.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net unrealized appreciation or depreciation on investments and foreign currency translations arise from changes in the value of assets and liabilities, resulting from changes in the exchange rates and changes in market prices of securities held.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2012, the following Funds had securities with the following values on loan:
Fund | Value of Loaned Securities | Value of Collateral | ||||||
ICON Asia-Pacific Region Fund | $ | 7,617,567 | $ | 8,056,590 | ||||
ICON International Equity Fund | 4,066,856 | 4,269,148 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.
36 | NOTESTO FINANCIAL STATEMENTS |
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Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes, or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Certain foreign countries impose a tax on capital gains which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized.
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the
NOTESTO FINANCIAL STATEMENTS | 37 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of Expenses
Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.
Below are the class level expenses that are included on the Statement of Operations:
Fund | Legal Expense | Printing and Postage Expense | Transfer Agent Expense | |||||||||
ICON Asia-Pacific Region Fund | ||||||||||||
Class S | $ | 4,731 | $ | 15,466 | $ | 32,298 | ||||||
Class C | 75 | 209 | 1,609 | |||||||||
Class A | 84 | 443 | 1,242 | |||||||||
ICON Europe Fund | ||||||||||||
Class S | 2,775 | 8,497 | 19,142 | |||||||||
Class C | 7 | 236 | 670 | |||||||||
Class A | 10 | 292 | 794 |
38 | NOTESTO FINANCIAL STATEMENTS |
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Fund | Legal Expense | Printing and Postage Expense | Transfer Agent Expense | |||||||||
ICON International Equity Fund | ||||||||||||
Class S (pre-merger)* | $ | 2,178 | $ | 3,130 | $ | 7,778 | ||||||
Class I** | 1,375 | 2,781 | 11,970 | |||||||||
Class C | 691 | 2,468 | 11,548 | |||||||||
Class S (formerly, Class Z)* | 2,031 | 3,447 | 10,041 | |||||||||
Class A | 598 | 2,739 | 9,416 |
* | Class S shares of the International Equity Fund merged into Class Z shares and were renamed Class S on January 23, 2012. The information presented for Class S (pre-merger) is that before the merger. |
** | Class I shares of the International Equity Fund were merged into Class A shares on January 23, 2012. The information presented is that before the merger. |
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% of each Fund’s average daily net assets.
ICON Advisers has contractually agreed to limit the Funds’ operating expenses (exclusive of brokerage, interest, taxes, and extraordinary expenses) to the extent necessary to ensure that the Funds’ expenses do not exceed the following amounts:
Fund | Class S | Class C | Class A | |||||||||
ICON Asia-Pacific Region Fund | - | 2.55% | 1.80% | |||||||||
ICON Europe Fund | - | 2.55% | 1.80% | |||||||||
ICON International Equity Fund | 1.55% | 2.55% | 1.80% |
The Funds’ expense limitations will continue in effect until at least January 31, 2021. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
NOTESTO FINANCIAL STATEMENTS | 39 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2012 | 2013 | 2014 | 2015 | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 15,459 | $ | 47,207 | $ | 31,078 | $ | 7,913 | ||||||||
ICON Europe Fund | 14,983 | 42,776 | 29,163 | 8,157 | ||||||||||||
ICON International Equity Fund | 9,113 | 20,212 | 11,377 | 8,978 |
Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company, (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
40 | NOTESTO FINANCIAL STATEMENTS |
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ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statements of Operations.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and
NOTESTO FINANCIAL STATEMENTS | 41 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2012 was 1.39%.
Fund | Average Borrowing (10/1/11-3/31/12) | |||
ICON Asia-Pacific Region Fund* | $ | 84,552 | ||
ICON Europe Fund | 69,357 | |||
ICON International Equity Fund* | 50,093 |
* | Fund had outstanding borrowings under these agreements as of March 31, 2012. |
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:
Fund | Purchases of Securities | Proceeds from Sales of Securities | ||||||
ICON Asia-Pacific Region Fund | $ | 22,040,712 | $ | 40,903,415 | ||||
ICON Europe Fund | 17,240,728 | 21,544,932 | ||||||
ICON International Equity Fund | 60,535,658 | 72,813,677 |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables include losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
42 | NOTESTO FINANCIAL STATEMENTS |
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For the year ended September 30, 2011 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Asia-Pacific Region Fund | $ | 10,719,331 | 2017 | |||||
ICON Europe Fund | 24,032,405 | 2017 | ||||||
26,614,409 | 2018 | |||||||
ICON International Equity Fund | 53,195,839 | 2017 | ||||||
27,012,993 | 2018 |
Future capital loss carryforward utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011, the Funds utilized capital loss carryforwards:
Fund | Amount | |||
ICON Asia-Pacific Region Fund | $ | 9,873,592 | ||
ICON Europe Fund | 4,703,346 | |||
ICON International Equity Fund | 11,896,021 |
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:
Fund | Distributions Paid from Ordinary Income | Total Distributions Paid | ||||||
ICON Asia-Pacific Region Fund | $ | - | $ | - | ||||
ICON Europe Fund | 455,187 | 455,187 | ||||||
ICON International Equity Fund | 482,223 | 482,223 |
As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation)* | Total Accumulated Earnings/ (Deficit) | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 217,349 | $ | (10,719,331 | ) | $ | (11,780,096 | ) | $ | (22,282,078 | ) | |||||
ICON Europe Fund | 460,661 | (50,646,814 | ) | (7,680,382 | ) | (57,866,535 | ) | |||||||||
ICON International Equity Fund | 560,902 | (80,208,832 | ) | (27,611,289 | ) | (107,259,219 | ) |
* | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
NOTESTO FINANCIAL STATEMENTS | 43 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Appreciation/ | ||||||||||||
ICON Asia-Pacific Region Fund | $ | 56,117,006 | $ | 3,651,868 | $ | (3,471,707 | ) | $ | 180,161 | |||||||
ICON Europe Fund | 27,984,705 | 2,693,864 | (1,438,730 | ) | 1,255,134 | |||||||||||
ICON International Equity Fund | 84,334,642 | 5,953,688 | (6,344,109 | ) | (390,421 | ) |
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.
7. Subsequent Events
Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.
44 | NOTESTO FINANCIAL STATEMENTS |
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SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE
MARCH 31, 2012 (UNAUDITED)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads),
EXPENSE EXAMPLE | 45 |
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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 Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11 - 3/31/12* | Annualized Expense Ratio 10/1/11 - 3/31/12 | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,222.50 | $ | 8.58 | 1.54% | |||||||||
Class C | 1,000.00 | 1,215.60 | 14.14 | 2.55% | ||||||||||||
Class A | 1,000.00 | 1,220.20 | 10.00 | 1.80% | ||||||||||||
ICON Europe Fund | ||||||||||||||||
Class S | 1,000.00 | 1,217.30 | 8.67 | 1.56% | ||||||||||||
Class C | 1,000.00 | 1,210.60 | 14.11 | 2.55% | ||||||||||||
Class A | 1,000.00 | 1,214.20 | 9.99 | 1.80% | ||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S** | 1,000.00 | 1,198.80 | 7.67 | 1.39% | ||||||||||||
Class C | 1,000.00 | 1,191.60 | 13.99 | 2.55% | ||||||||||||
Class A*** | 1,000.00 | 1,196.20 | 9.90 | 1.80% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Asia-Pacific Region Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.28 | 7.79 | |||||||||||||
Class C | 1,000.00 | 1,012.24 | 12.84 | |||||||||||||
Class A | 1,000.00 | 1,015.99 | 9.08 | |||||||||||||
ICON Europe Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.18 | 7.88 | |||||||||||||
Class C | 1,000.00 | 1,012.23 | 12.85 | |||||||||||||
Class A | 1,000.00 | 1,015.98 | 9.09 | |||||||||||||
ICON International Equity Fund | ||||||||||||||||
Class S** | 1,000.00 | 1,018.03 | 7.04 | |||||||||||||
Class C | 1,000.00 | 1,012.24 | 12.84 | |||||||||||||
Class A*** | 1,000.00 | 1,015.99 | 9.08 |
* | Expenses are equal to the Fund's six month expense ratio and annualized, multiplied by the average account value ofer the period, multiplied by 183/366 to reflect the one-half year period. |
** | Class S shares of the International Equity Fund merged into Class Z shares and were renamed to Class S on January 23, 2012. |
*** | Class I shares merged into Class A on January 23, 2012. |
Total returns exclude applicable sales charges. If sales charges were included (maximum 5.75%), returns would be lower.
46 | EXPENSE EXAMPLE |
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Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
Cost Basis Information
Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.
The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.
OTHER INFORMATION | 47 |
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For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
48 | OTHER INFORMATION |
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For more information about the ICON Funds, contact us:
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
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2012 SEMIANNUAL REPORT
ICON SECTOR FUNDS
INVESTMENT UPDATE
(UNAUDITED)
ICON Consumer Discretionary Fund
ICON Consumer Staples Fund
ICON Energy Fund
ICON Financial Fund
ICON Healthcare Fund
ICON Industrials Fund
ICON Information Technology Fund
ICON Materials Fund
ICON Utilities Fund (formerly, ICON Telecommunication & Utilities Fund)
1-800-764-0442 | www.iconfunds.com
SAR-SECT-12 B82510
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You can now sign up for electronic delivery of ICON Fund shareholder reports, including prospectuses, annual reports, semiannual reports and proxy statements.
When these materials are available, you will receive an email from ICON with instructions on how to view the documents. Statements, transaction confirmations and other documents that are not available online will continue to be sent to you by U.S. mail.
Visit ICON’s website at www.iconfunds.com to learn more and sign up.
You may change or cancel your participation in eDelivery by visiting www.iconfunds.com, or you can request a hard copy of any of the materials free of charge by calling ICON Funds at 1-800-764-0442.
1-800-764-0442 • www.iconfunds.com
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Historical Returns
All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, results would have been lower.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.
Portfolio Data
This Report reflects ICON’s portfolio holdings as of March 31, 2012, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.
According to ICON, value investing is an analytical, quantitative approach to investing that employs various factors, including projecting earnings growth estimates, in an effort to determine whether securities are over- or underpriced relative to ICON’s estimates of their intrinsic value. Value investing involves risks and uncertainties and does not guarantee better performance or lower costs than other investment methodologies. ICON’s value-to-price ratio is a ratio of intrinsic value, as calculated using ICON’s proprietary valuation methodology, of a broad range of domestic and international securities within ICON’s system as compared to the current market price of those securities. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.
There are risks associated with mutual fund investing, including the loss of principal. The likelihood of loss may be greater if you invest for a shorter period of time. There is no assurance that the investment process will consistently lead to successful results.
2 | ABOUT THIS REPORT |
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An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers.
The prospectus and statement of additional information contain this and other information about the Funds and are available by visiting www.iconfunds.com or calling 1-800-764-0442. Please read the prospectus and statement of additional information carefully.
Financial Intermediary
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may influence the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
ABOUT THIS REPORT | 3 |
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ICON CONSUMER DISCRETIONARY FUND
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.4%) | ||||||||
7,300 | Advance Auto Parts, Inc. | $ | 646,561 | |||||
1,000 | AutoZone, Inc.† | 371,800 | ||||||
12,500 | Bally Technologies, Inc.† | 584,375 | ||||||
16,900 | Bed Bath & Beyond, Inc.† | 1,111,513 | ||||||
34,600 | Best Buy Co., Inc. | 819,328 | ||||||
23,200 | Big Lots, Inc.† | 998,064 | ||||||
12,800 | Coach, Inc. | 989,184 | ||||||
138,000 | Comcast Corp., Class A | 4,141,380 | ||||||
15,300 | Darden Restaurants, Inc. | 782,748 | ||||||
2,700 | Deckers Outdoor Corp.† | 170,235 | ||||||
18,000 | DIRECTV, Class A† | 888,120 | ||||||
26,400 | Discovery Communications, Inc., Class A† | 1,335,840 | ||||||
18,000 | Dollar Tree, Inc.† | 1,700,820 | ||||||
5,900 | Fossil, Inc.† | 778,682 | ||||||
22,400 | Genuine Parts Co.(a) | 1,405,600 | ||||||
9,500 | Guess?, Inc. | 296,875 | ||||||
23,700 | H&R Block, Inc. | 390,339 | ||||||
12,000 | Hasbro, Inc. | 440,640 | ||||||
17,000 | Helen of Troy, Ltd.† | 578,170 | ||||||
71,700 | Home Depot, Inc. | 3,607,227 | ||||||
49,400 | Johnson Controls, Inc. | 1,604,512 | ||||||
29,249 | JOS A. Bank Clothiers, Inc.† | 1,474,442 | ||||||
14,700 | Kohl’s Corp. | 735,441 | ||||||
19,400 | LKQ Corp.† | 604,698 | ||||||
94,100 | Lowe’s Cos., Inc. | 2,952,858 | ||||||
22,500 | McDonald’s Corp. | 2,207,250 |
Shares or Principal Amount | Value | |||||||
9,100 | McGraw-Hill Cos., Inc. | $ | 441,077 | |||||
17,400 | Monro Muffler Brake, Inc. | 721,926 | ||||||
26,220 | Nike, Inc., Class B | 2,843,297 | ||||||
8,700 | Nordstrom, Inc. | 484,764 | ||||||
25,600 | Omnicom Group, Inc. | 1,296,640 | ||||||
19,900 | Ross Stores, Inc. | 1,156,190 | ||||||
51,700 | Staples, Inc. | 836,506 | ||||||
7,200 | Steven Madden, Ltd.† | 307,800 | ||||||
45,700 | Target Corp. | 2,662,939 | ||||||
141,800 | TJX Cos., Inc. | 5,630,878 | ||||||
12,600 | Tractor Supply Co. | 1,141,056 | ||||||
11,300 | Tupperware Brands Corp. | 717,550 | ||||||
22,700 | Urban Outfitters, Inc.† | 660,797 | ||||||
12,300 | V.F. Corp. | 1,795,554 | ||||||
24,800 | Viacom, Inc., Class B | 1,177,008 | ||||||
94,900 | Walt Disney Co. | 4,154,722 | ||||||
29,700 | Wolverine World Wide, Inc. | 1,104,246 | ||||||
|
| |||||||
| Total Common Stocks (Cost $49,486,506) | 58,749,652 | ||||||
Collateral for Securities on Loan (2.3%) | ||||||||
1,356,600 | State Street Navigator Prime Portfolio | 1,356,600 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $1,356,600) | 1,356,600 |
4 | SCHEDULEOF INVESTMENTS |
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Shares or Principal Amount | Value | |||||||
Short-Term Investment (1.2%) | ||||||||
$ | 744,478 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | $ | 744,478 | ||||
|
| |||||||
| Total Short-Term Investments (Cost $744,478) | 744,478 | ||||||
| Total Investments 102.9% (Cost $51,587,584) | 60,850,730 | ||||||
| Liabilities Less Other Assets (2.9)% | (1,739,023 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 59,111,707 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
SCHEDULEOF INVESTMENTS | 5 |
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ICON Consumer Discretionary Fund Industry Composition
March 31, 2012 (unaudited)
Apparel Retail | 15.6% | |||
Home Improvement Retail | 11.1% | |||
General Merchandise Stores | 9.1% | |||
Movies & Entertainment | 9.0% | |||
Cable & Satellite | 8.5% | |||
Footwear | 7.5% | |||
Apparel, Accessories & Luxury Goods | 6.0% | |||
Restaurants | 5.1% | |||
Distributors | 3.4% | |||
Specialty Stores | 3.3% | |||
Automotive Retail | 2.9% | |||
Auto Parts & Equipment | 2.7% | |||
Broadcasting | 2.3% | |||
Advertising | 2.2% | |||
Department Stores | 2.1% | |||
Homefurnishing Retail | 1.9% | |||
Computer & Electronics Retail | 1.4% | |||
Housewares & Specialties | 1.2% | |||
Casinos & Gaming | 1.0% | |||
Household Appliances | 1.0% | |||
Other Industries (each less than 1%) | 2.1% | |||
|
| |||
99.4% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Consumer Discretionary Fund
Sector Composition
March 31, 2012 (unaudited)
Consumer Discretionary | 99.4% | |||
|
| |||
99.4% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
6 | SCHEDULEOF INVESTMENTS |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.8%) | ||||||||
25,400 | Altria Group, Inc. | $ | 784,098 | |||||
23,100 | Archer-Daniels-Midland Co. | 731,346 | ||||||
11,000 | Campbell Soup Co.(a) | 372,350 | ||||||
6,700 | Casey’s General Stores, Inc. | 371,582 | ||||||
27,000 | Coca-Cola Co. | 1,998,270 | ||||||
3,000 | Colgate-Palmolive Co. | 293,340 | ||||||
6,100 | Corn Products International, Inc. | 351,665 | ||||||
5,400 | Costco Wholesale Corp. | 490,320 | ||||||
19,800 | CVS Caremark Corp. | 887,040 | ||||||
15,000 | General Mills, Inc. | 591,750 | ||||||
5,200 | HJ Heinz Co. | 278,460 | ||||||
16,000 | Hormel Foods Corp. | 472,320 | ||||||
14,700 | Kimberly-Clark Corp. | 1,086,183 | ||||||
15,000 | Kroger Co. | 363,450 | ||||||
4,700 | Lorillard, Inc. | 608,556 | ||||||
4,900 | McCormick & Co., Inc. | 266,707 |
Shares or Principal Amount | Value | |||||||
12,700 | PepsiCo, Inc. | $ | 842,645 | |||||
24,100 | Philip Morris International, Inc. | 2,135,501 | ||||||
30,700 | Procter & Gamble Co. | 2,063,347 | ||||||
9,000 | Reynolds American, Inc. | 372,960 | ||||||
21,900 | Sysco Corp. | 653,934 | ||||||
35,000 | Wal-Mart Stores, Inc. | 2,142,000 | ||||||
20,100 | Walgreen Co. | 673,149 | ||||||
|
| |||||||
| Total Common Stocks (Cost $17,237,463) | 18,830,973 | ||||||
Collateral for Securities on Loan (1.9%) | ||||||||
355,300 | State Street Navigator Prime Portfolio | 355,300 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $355,300) | 355,300 | ||||||
| Total Investments 101.7% (Cost $17,592,763) | 19,186,273 | ||||||
| Liabilities Less Other Assets (1.7)% | (322,313 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 18,863,960 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
(a) | All or a portion of the security was on loan as of March 31, 2012. |
SCHEDULEOF INVESTMENTS | 7 |
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ICON Consumer Staples Fund
Industry Composition
March 31, 2012 (unaudited)
Tobacco | 20.7% | |||
Household Products | 18.2% | |||
Soft Drinks | 15.1% | |||
Hypermarkets & Super Centers | 13.9% | |||
Packaged Foods & Meats | 10.5% | |||
Drug Retail | 8.3% | |||
Agricultural Products | 5.7% | |||
Food Retail | 3.9% | |||
Food Distributors | 3.5% | |||
|
| |||
99.8% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Consumer Staples Fund
Sector Composition
March 31, 2012 (unaudited)
Consumer Staples | 99.8% | |||
|
| |||
99.8% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
8 | SCHEDULEOF INVESTMENTS |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.3%) | ||||||||
238,900 | Apache Corp. | $ | 23,995,116 | |||||
137,400 | Atwood Oceanics, Inc.† | 6,167,886 | ||||||
215,300 | Baker Hughes, Inc. | 9,029,682 | ||||||
134,200 | Cameron International Corp.† | 7,089,786 | ||||||
709,200 | Chevron Corp. | 76,054,608 | ||||||
34,700 | CNOOC, Ltd., ADR | 7,088,863 | ||||||
557,900 | ConocoPhillips | 42,405,979 | ||||||
108,000 | Consol Energy, Inc. | 3,682,800 | ||||||
51,300 | Core Laboratories NV | 6,749,541 | ||||||
192,000 | Devon Energy Corp. | 13,655,040 | ||||||
92,800 | Diamond Offshore Drilling, Inc.(a) | 6,194,400 | ||||||
78,200 | Dril-Quip, Inc.† | 5,084,564 | ||||||
340,000 | ENI SpA, ADR(a) | 15,918,800 | ||||||
169,600 | Ensco PLC, ADR | 8,976,928 | ||||||
1,202,900 | Exxon Mobil Corp. | 104,327,517 | ||||||
536,800 | Halliburton Co. | 17,816,392 | ||||||
259,600 | Helmerich & Payne, Inc. | 14,005,420 | ||||||
238,300 | Hess Corp. | 14,047,785 | ||||||
196,200 | Marathon Oil Corp. | 6,219,540 | ||||||
119,900 | Marathon Petroleum Corp. | 5,198,864 | ||||||
358,300 | Murphy Oil Corp. | 20,161,541 | ||||||
944,600 | Nabors Industries, Ltd.† | 16,521,054 | ||||||
349,400 | National Oilwell Varco, Inc. | 27,766,818 | ||||||
288,500 | Noble Corp.† | 10,810,095 | ||||||
454,400 | Occidental Petroleum Corp. | 43,272,512 |
Shares or Principal Amount | Value | |||||||
136,700 | Oceaneering International, Inc. | $ | 7,366,763 | |||||
115,400 | Peabody Energy Corp. | 3,341,984 | ||||||
568,300 | Schlumberger, Ltd. | 39,741,219 | ||||||
331,400 | Suncor Energy, Inc. | 10,836,780 | ||||||
174,000 | Tenaris S.A., ADR | 6,652,020 | ||||||
91,500 | Tesoro Corp.† | 2,455,860 | ||||||
98,100 | Tidewater, Inc. | 5,299,362 | ||||||
760,700 | Valero Energy Corp. | 19,603,239 | ||||||
397,200 | Weatherford International, Ltd.† | 5,993,748 | ||||||
348,700 | Western Refining, Inc. | 6,562,534 | ||||||
220,400 | World Fuel Services Corp. | 9,036,400 | ||||||
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| |||||||
| Total Common Stocks (Cost $587,461,108) | 629,131,440 | ||||||
Collateral for Securities on Loan (1.4%) | ||||||||
9,286,013 | State Street Navigator Prime Portfolio | 9,286,013 | ||||||
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| |||||||
| Total Collateral for Securities on Loan (Cost $9,286,013) | 9,286,013 |
SCHEDULEOF INVESTMENTS | 9 |
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Shares or Principal Amount | Value | |||||||
Short-Term Investment (1.8%) | ||||||||
$ | 11,278,139 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | $ | 11,278,139 | ||||
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| |||||||
| Total Short-Term Investments (Cost $11,278,139) | 11,278,139 | ||||||
| Total Investments 101.5% (Cost $608,025,260) | 649,695,592 | ||||||
| Liabilities Less Other Assets (1.5)% | (9,370,401 | ) | |||||
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| |||||||
Net Assets 100.0% | $ | 640,325,191 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
10 | SCHEDULEOF INVESTMENTS |
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ICON Energy Fund
Industry Composition
March 31, 2012 (unaudited)
Integrated Oil & Gas | 51.1% | |||
Oil & Gas Equipment & Services | 21.6% | |||
Oil & Gas Drilling | 9.8% | |||
Oil & Gas Exploration & Production | 8.0% | |||
Oil & Gas Refining & Marketing | 6.7% | |||
Coal & Consumable Fuels | 1.1% | |||
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| |||
98.3% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Energy Fund
Sector Composition
March 31, 2012 (unaudited)
Energy | 98.3% | |||
|
| |||
98.3% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 11 |
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SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.9%) | ||||||||
11,100 | ACE, Ltd.† | $ | 812,520 | |||||
17,700 | Aflac, Inc. | 814,023 | ||||||
5,900 | American Financial Group, Inc. | 227,622 | ||||||
11,200 | Ameriprise Financial, Inc. | 639,856 | ||||||
11,000 | Assurant, Inc. | 445,500 | ||||||
268,200 | Bank of America Corp. | 2,566,674 | ||||||
43,500 | Bank of New York Mellon Corp. | 1,049,655 | ||||||
52,300 | BB&T Corp. | 1,641,697 | ||||||
2,700 | BlackRock, Inc. | 553,230 | ||||||
16,500 | Brown & Brown, Inc. | 392,370 | ||||||
8,700 | Capital One Financial Corp. | 484,938 | ||||||
15,000 | Cash America International, Inc. | 718,950 | ||||||
76,400 | Charles Schwab Corp. | 1,097,868 | ||||||
11,500 | Chubb Corp. | 794,765 | ||||||
70,590 | Citigroup, Inc. | 2,580,064 | ||||||
3,200 | CME Group, Inc. | 925,856 | ||||||
8,900 | Comerica, Inc. | 288,004 | ||||||
7,900 | Cullen/Frost Bankers, Inc. | 459,701 | ||||||
22,200 | Deutsche Bank AG | 1,105,338 | ||||||
31,400 | DFC Global Corp.† | 592,518 | ||||||
18,900 | East West Bancorp, Inc. | 436,401 | ||||||
9,000 | Everest Re Group, Ltd. | 832,680 | ||||||
21,500 | Ezcorp, Inc., Class A† | 697,783 | ||||||
12,900 | First Cash Financial Services, Inc.† | 553,281 | ||||||
63,500 | First Niagara Financial Group, Inc. | 624,840 | ||||||
6,600 | Franklin Resources, Inc. | 818,598 | ||||||
106,200 | GFI Group, Inc. | 399,312 | ||||||
14,900 | Goldman Sachs Group, Inc. | 1,853,113 |
Shares or Principal Amount | Value | |||||||
4,600 | Greenhill & Co., Inc. | $ | 200,744 | |||||
20,400 | Hancock Holding Co. | 724,404 | ||||||
18,700 | Hartford Financial Services Group, Inc. | 394,196 | ||||||
16,100 | HCC Insurance Holdings, Inc. | 501,837 | ||||||
67,800 | ING Groep NV, ADR† | 564,096 | ||||||
21,400 | Invesco, Ltd. | 570,738 | ||||||
67,300 | JPMorgan Chase & Co. | 3,094,454 | ||||||
6,000 | M&T Bank Corp. | 521,280 | ||||||
61,300 | Manulife Financial Corp. | 830,615 | ||||||
31,500 | MetLife, Inc. | 1,176,525 | ||||||
10,500 | Moody’s Corp. | 442,050 | ||||||
84,700 | Morgan Stanley | 1,663,508 | ||||||
11,700 | MSCI, Inc.† | 430,677 | ||||||
24,000 | NASDAQ OMX Group, Inc.† | 621,600 | ||||||
15,800 | National Financial Partners Corp.† | 239,212 | ||||||
46,000 | People’s United Financial, Inc. | 609,040 | ||||||
12,500 | PNC Financial Services Group, Inc. | 806,125 | ||||||
18,000 | Progressive Corp. | 417,240 | ||||||
18,400 | Protective Life Corp. | 545,008 | ||||||
11,400 | Prudential Financial, Inc. | 722,646 | ||||||
22,100 | Raymond James Financial, Inc. | 807,313 | ||||||
25,200 | Reinsurance Group of America, Inc. | 1,498,644 | ||||||
24,300 | Selective Insurance Group, Inc. | 427,923 | ||||||
14,000 | StanCorp Financial Group, Inc. | 573,160 | ||||||
19,700 | State Street Corp. | 896,350 | ||||||
23,900 | Sun Life Financial, Inc. | 566,191 | ||||||
8,200 | T Rowe Price Group, Inc. | 535,460 |
12 | SCHEDULEOF INVESTMENTS |
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Shares or Principal Amount | Value | |||||||
18,100 | TD Ameritrade Holding Corp. | $ | 357,294 | |||||
11,700 | Torchmark Corp. | 583,245 | ||||||
33,900 | Tower Group, Inc. | 760,377 | ||||||
19,000 | Travelers Cos., Inc. | 1,124,800 | ||||||
60,200 | U.S. Bancorp | 1,907,136 | ||||||
6,500 | Waddell & Reed Financial, Inc., Class A | 210,665 | ||||||
171,900 | Wells Fargo & Co. | 5,868,666 | ||||||
13,100 | World Acceptance Corp.† | 802,375 | ||||||
|
| |||||||
| Total Common Stocks (Cost $50,150,258) | 56,402,751 | ||||||
| Total Investments 98.9% (Cost $50,150,258) | 56,402,751 | ||||||
| Other Assets Less Liabilities 1.1% | 636,285 | ||||||
|
| |||||||
Net Assets 100.0% | $ | 57,039,036 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
ADR | American Depositary Receipt |
SCHEDULEOF INVESTMENTS | 13 |
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ICON Financial Fund
Industry Composition
March 31, 2012 (unaudited)
Other Diversified Financial Services | 15.4% | |||
Diversified Banks | 14.1% | |||
Investment Banking & Brokerage | 11.2% | |||
Life & Health Insurance | 10.2% | |||
Asset Management & Custody Banks | 9.3% | |||
Regional Banks | 9.1% | |||
Property & Casualty Insurance | 7.6% | |||
Consumer Finance | 6.8% | |||
Specialized Finance | 4.2% | |||
Reinsurance | 4.1% | |||
Multi-line Insurance | 2.8% | |||
Diversified Capital Markets | 1.9% | |||
Insurance Brokers | 1.1% | |||
Thrifts & Mortgage Finance | 1.1% | |||
|
| |||
98.9% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Financial Fund
Sector Composition
March 31, 2012 (unaudited)
Financial | 98.9% | |||
|
| |||
98.9% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
14 | SCHEDULEOF INVESTMENTS |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (100.2%) | ||||||||
81,700 | Abbott Laboratories | $ | 5,007,393 | |||||
38,700 | Aetna, Inc. | 1,941,192 | ||||||
11,600 | Alexion Pharmaceuticals, Inc.† | 1,077,176 | ||||||
9,500 | Allergan, Inc. | 906,585 | ||||||
46,200 | Amerisource-Bergen Corp. | 1,833,216 | ||||||
57,600 | Amgen, Inc. | 3,916,224 | ||||||
25,200 | AstraZeneca PLC, ADR | 1,121,148 | ||||||
30,100 | Baxter International, Inc. | 1,799,378 | ||||||
11,300 | Bayer AG, ADR | 794,277 | ||||||
10,100 | Becton, Dickinson & Co. | 784,265 | ||||||
38,500 | Bio-Reference Labs, Inc.†(a) | 905,135 | ||||||
37,800 | Cardinal Health, Inc. | 1,629,558 | ||||||
45,800 | Celgene Corp.† | 3,550,416 | ||||||
13,500 | CIGNA Corp. | 664,875 | ||||||
28,100 | Coventry Health Care, Inc. | 999,517 | ||||||
39,600 | Covidien PLC | 2,165,328 | ||||||
74,700 | Eli Lilly & Co. | 3,008,169 | ||||||
30,600 | Express Scripts, Inc.† | 1,657,908 | ||||||
45,700 | Gilead Sciences, Inc.† | 2,232,445 | ||||||
22,100 | GlaxoSmithKline PLC, ADR | 992,511 | ||||||
36,300 | Hospira, Inc.† | 1,357,257 | ||||||
56,500 | Johnson & Johnson | 3,726,740 | ||||||
13,600 | Laboratory Corp. of America Holdings† | 1,244,944 | ||||||
28,800 | Magellan Health Services, Inc.† | 1,405,728 | ||||||
15,700 | McKesson Corp. | 1,377,989 |
Shares or Principal Amount | Value | |||||||
13,500 | Medco Health Solutions, Inc.† | $ | 949,050 | |||||
69,600 | Medtronic, Inc. | 2,727,624 | ||||||
158,700 | Merck & Co., Inc. | 6,094,080 | ||||||
24,400 | Novartis AG, ADR | 1,352,004 | ||||||
43,900 | Patterson Cos., Inc. | 1,466,260 | ||||||
406,400 | PDL BioPharma, Inc. | 2,580,640 | ||||||
403,400 | Pfizer, Inc. | 9,141,044 | ||||||
46,400 | Questcor Pharmaceuticals, Inc.†(a) | 1,745,568 | ||||||
51,700 | ResMed, Inc.† | 1,598,047 | ||||||
17,100 | Salix Pharmaceuticals, Ltd.†(a) | 897,750 | ||||||
41,000 | Sanofi-Aventis S.A., ADR | 1,588,750 | ||||||
48,100 | St Jude Medical, Inc. | 2,131,311 | ||||||
38,100 | Stryker Corp. | 2,113,788 | ||||||
24,400 | SurModics, Inc.† | 375,028 | ||||||
46,700 | Teva Pharmaceutical Industries, Ltd., ADR | 2,104,302 | ||||||
60,200 | United Therapeutics Corp.† | 2,837,226 | ||||||
64,500 | UnitedHealth Group, Inc. | 3,801,630 | ||||||
11,600 | Varian Medical Systems, Inc.† | 799,936 | ||||||
23,100 | Watson Pharmaceuticals, Inc.† | 1,549,086 | ||||||
26,700 | WellPoint, Inc. | 1,970,460 | ||||||
|
| |||||||
| Total Common Stocks (Cost $84,872,659) | 93,922,958 |
SCHEDULEOF INVESTMENTS | 15 |
Table of Contents
Shares or Principal Amount | Value | |||||||
Collateral for Securities on Loan (2.5%) | ||||||||
2,323,365 | State Street Navigator Prime Portfolio | $ | 2,323,365 | |||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $2,323,365) | 2,323,365 | ||||||
| Total Investments 102.7% (Cost $87,196,024) | 96,246,323 | ||||||
| Liabilities Less Other Assets (2.7)% | (2,507,720 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 93,738,603 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
16 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON Healthcare Fund
Industry Composition
March 31, 2012 (unaudited)
Pharmaceuticals | 44.1% | |||
Biotechnology | 17.3% | |||
Health Care Equipment | 15.5% | |||
Managed Health Care | 11.5% | |||
Health Care Distributors | 6.7% | |||
Health Care Services | 5.1% | |||
|
| |||
100.2% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Healthcare Fund
Sector Composition
March 31, 2012 (unaudited)
Health Care | 100.2% | |||
|
| |||
100.2% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 17 |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.8%) | ||||||||
20,000 | 3M Co. | $ | 1,784,200 | |||||
15,000 | Boeing Co. | 1,115,550 | ||||||
3,000 | Canadian National Railway Co. | 238,290 | ||||||
40,000 | Caterpillar, Inc. | 4,260,800 | ||||||
20,000 | Cooper Industries PLC | 1,279,000 | ||||||
120,000 | CSX Corp. | 2,582,400 | ||||||
30,000 | Danaher Corp. | 1,680,000 | ||||||
11,000 | Deere & Co. | 889,900 | ||||||
25,000 | Dover Corp. | 1,573,500 | ||||||
20,000 | Eaton Corp. | 996,600 | ||||||
25,000 | Emerson Electric Co. | 1,304,500 | ||||||
20,000 | FedEx Corp. | 1,839,200 | ||||||
10,000 | Gardner Denver, Inc. | 630,200 | ||||||
15,000 | General Dynamics Corp. | 1,100,700 | ||||||
200,000 | General Electric Co. | 4,014,000 | ||||||
30,000 | Illinois Tool Works, Inc. | 1,713,600 | ||||||
20,000 | Ingersoll-Rand PLC | 827,000 | ||||||
7,000 | Joy Global, Inc. | 514,500 | ||||||
30,000 | Kforce, Inc.† (a) | 447,000 | ||||||
10,000 | Navistar International Corp.† | 404,500 | ||||||
45,000 | Norfolk Southern Corp. | 2,962,350 | ||||||
25,000 | PACCAR, Inc. | 1,170,750 | ||||||
5,000 | Parker Hannifin Corp. | 422,750 |
Shares or Principal Amount | Value | |||||||
15,000 | Raytheon Co. | $ | 791,700 | |||||
15,000 | Regal-Beloit Corp. | 983,250 | ||||||
5,000 | Rockwell Collins, Inc.(a) | 287,800 | ||||||
7,000 | Ryder System, Inc. | 369,600 | ||||||
2,000 | Siemens AG, ADR | 201,680 | ||||||
25,000 | Union Pacific Corp. | 2,687,000 | ||||||
40,000 | United Parcel Service, Inc., Class B | 3,228,800 | ||||||
35,000 | United Technologies Corp. | 2,902,900 | ||||||
|
| |||||||
| Total Common Stocks (Cost $37,029,785) | 45,204,020 | ||||||
Collateral for Securities on Loan (0.6%) | ||||||||
291,263 | State Street Navigator Prime Portfolio | 291,263 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $291,263) | 291,263 | ||||||
Short-Term Investment (0.1%) | ||||||||
$ | 18,633 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | 18,633 | |||||
|
| |||||||
| Total Short-Term Investments (Cost $18,633) | 18,633 | ||||||
| Total Investments 100.5% (Cost $37,339,681) | 45,513,916 | ||||||
| Liabilities Less Other Assets (0.5)% | (208,964 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 45,304,952 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
18 | SCHEDULEOF INVESTMENTS |
Table of Contents
ICON Industrials Fund
Industry Composition
March 31, 2012 (unaudited)
Railroads | 18.7% | |||
Industrial Conglomerates | 16.9% | |||
Construction & Farm Machinery & Heavy Trucks | 16.0% | |||
Aerospace & Defense | 13.7% | |||
Industrial Machinery | 13.6% | |||
Air Freight & Logistics | 11.2% | |||
Electrical Components & Equipment | 7.9% | |||
Human Resource & Employment Services | 1.0% | |||
Trucking | 0.8% | |||
|
| |||
99.8% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Industrials Fund
Sector Composition
March 31, 2012 (unaudited)
Industrials | 99.8% | |||
|
| |||
99.8% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
SCHEDULEOF INVESTMENTS | 19 |
Table of Contents
ICON INFORMATION TECHNOLOGY FUND
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (98.2%) | ||||||||
30,000 | Accenture PLC, Class A | $ | 1,935,000 | |||||
51,300 | Amdocs, Ltd.† | 1,620,054 | ||||||
5,600 | Anixter International, Inc.† | 406,168 | ||||||
24,500 | Apple, Inc.† | 14,687,015 | ||||||
18,200 | Arrow Electronics, Inc.† | 763,854 | ||||||
41,400 | Automatic Data Processing, Inc. | 2,284,866 | ||||||
4,700 | Baidu, Inc., ADR† | 685,119 | ||||||
17,900 | CACI International, Inc., Class A† | 1,114,991 | ||||||
130,100 | Cisco Systems, Inc. | 2,751,615 | ||||||
20,300 | Cognizant Technology Solutions Corp., Class A† | 1,562,085 | ||||||
49,400 | CoreLogic, Inc.† | 806,208 | ||||||
25,800 | CSG Systems International, Inc.† | 390,612 | ||||||
31,700 | Digital River, Inc.† | 593,107 | ||||||
23,100 | eBay, Inc.† | 852,159 | ||||||
66,400 | EMC Corp.† | 1,984,032 | ||||||
4,300 | First Solar, Inc.†(a) | 107,715 | ||||||
205,700 | Flextronics International, Ltd.† | 1,487,211 | ||||||
24,300 | Global Payments, Inc. | 1,154,250 | ||||||
7,200 | Google, Inc., Class A† | 4,616,928 | ||||||
66,000 | Hewlett-Packard Co. | 1,572,780 | ||||||
17,600 | Infosys Technologies, Ltd., ADR(a) | 1,003,728 | ||||||
85,900 | Ingram Micro, Inc., Class A† | 1,594,304 | ||||||
149,400 | Intel Corp. | 4,199,634 |
Shares or Principal Amount | Value | |||||||
33,300 | International Business Machines Corp. | $ | 6,948,045 | |||||
24,400 | Lender Processing Services, Inc. | 634,400 | ||||||
3,900 | Mastercard, Inc., Class A | 1,640,106 | ||||||
136,500 | MEMC Electronic Materials, Inc.† | 492,765 | ||||||
28,400 | Methode Electronics, Inc. | 263,552 | ||||||
177,100 | Microsoft Corp. | 5,711,475 | ||||||
15,600 | Multi-Fineline Electronix, Inc.† | 428,220 | ||||||
30,300 | NetApp, Inc.† | 1,356,531 | ||||||
81,500 | Oracle Corp. | 2,376,540 | ||||||
71,000 | Perficient, Inc.† | 852,710 | ||||||
97,600 | QLogic Corp.† | 1,733,376 | ||||||
53,600 | QUALCOMM, Inc. | 3,645,872 | ||||||
17,700 | Synaptics, Inc.† | 646,227 | ||||||
14,300 | Syntel, Inc. | 800,800 | ||||||
14,100 | Visa, Inc., Class A | 1,663,800 | ||||||
20,600 | Western Digital Corp.† | 852,634 | ||||||
|
| |||||||
| Total Common Stocks (Cost $59,427,258) | 78,220,488 | ||||||
Collateral for Securities on Loan (1.3%) | ||||||||
1,070,769 | State Street Navigator Prime Portfolio | 1,070,769 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $1,070,769) | 1,070,769 |
20 | SCHEDULEOF INVESTMENTS |
Table of Contents
Shares or Principal Amount | Value | |||||||
Short-Term Investment (0.1%) | ||||||||
$ | 24,539 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | $ | 24,539 | ||||
|
| |||||||
| Total Short-Term Investments (Cost $24,539) | 24,539 | ||||||
| Total Investments 99.6% (Cost $60,522,566) | 79,315,796 | ||||||
| Other Assets Less Liabilities 0.4% | 357,310 | ||||||
|
| |||||||
Net Assets 100.0% | $ | 79,673,106 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
ADR | American Depositary Receipt |
SCHEDULEOF INVESTMENTS | 21 |
Table of Contents
ICON Information Technology Fund
Industry Composition
March 31, 2012 (unaudited)
Computer Hardware | 20.4% | |||
IT Consulting & Other Services | 17.8% | |||
Data Processing & Outsourced Services | 11.8% | |||
Systems Software | 10.2% | |||
Internet Software & Services | 9.5% | |||
Computer Storage & Peripherals | 8.3% | |||
Communications Equipment | 8.0% | |||
Semiconductors | 5.4% | |||
Technology Distributors | 3.5% | |||
Electronic Manufacturing Services | 2.7% | |||
Semiconductor Equipment | 0.6% | |||
|
| |||
98.2% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Information Technology Fund
Sector Composition
March 31, 2012 (unaudited)
Information Technology | 98.2% | |||
|
| |||
98.2% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
22 | SCHEDULEOF INVESTMENTS |
Table of Contents
SCHEDULEOF INVESTMENTS
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (99.1%) | ||||||||
50,000 | A Schulman, Inc. | $ | 1,351,000 | |||||
7,000 | Agrium, Inc. | 604,590 | ||||||
45,000 | Air Products & Chemicals, Inc. | 4,131,000 | ||||||
20,000 | Airgas, Inc. | 1,779,400 | ||||||
45,000 | ArcelorMittal(a) | 860,850 | ||||||
10,000 | Archer-Daniels-Midland Co. | 316,600 | ||||||
25,000 | Ashland, Inc. | 1,526,500 | ||||||
30,000 | Barrick Gold Corp. | 1,304,400 | ||||||
25,000 | Calgon Carbon Corp.† | 390,250 | ||||||
10,000 | CF Industries Holdings, Inc. | 1,826,500 | ||||||
15,000 | Cliffs Natural Resources, Inc. | 1,038,900 | ||||||
20,000 | Crown Holdings, Inc.† | 736,600 | ||||||
155,000 | Dow Chemical Co. | 5,369,200 | ||||||
130,000 | E.I. du Pont de Nemours & Co. | 6,877,000 | ||||||
50,000 | Ecolab, Inc. | 3,086,000 | ||||||
7,000 | FMC Corp. | 741,020 | ||||||
130,000 | Freeport-McMoRan Copper & Gold, Inc. | 4,945,200 | ||||||
25,000 | Goldcorp, Inc. | 1,126,500 | ||||||
75,000 | Kinross Gold Corp. | 734,250 | ||||||
25,000 | Monsanto Co. | 1,994,000 | ||||||
50,000 | Mosaic Co. | 2,764,500 | ||||||
65,000 | Newmont Mining Corp. | 3,332,550 | ||||||
25,000 | Norfolk Southern Corp. | 1,645,750 |
Shares or Principal Amount | Value | |||||||
55,000 | Nucor Corp. | $ | 2,362,250 | |||||
35,000 | Potash Corp. of Saskatchewan, Inc. | 1,599,150 | ||||||
20,000 | PPG Industries, Inc. | 1,916,000 | ||||||
55,000 | Praxair, Inc. | 6,305,200 | ||||||
10,000 | Reliance Steel & Aluminum Co. | 564,800 | ||||||
25,000 | Sealed Air Corp. | 482,750 | ||||||
10,107 | Southern Copper Corp. | 320,493 | ||||||
125,000 | Steel Dynamics, Inc. | 1,817,500 | ||||||
5,000 | Union Pacific Corp. | 537,400 | ||||||
|
| |||||||
| Total Common Stocks (Cost $53,706,150) | 64,388,103 | ||||||
Collateral for Securities on Loan (1.2%) | ||||||||
809,484 | State Street Navigator Prime Portfolio | 809,484 | ||||||
|
| |||||||
| Total Collateral for Securities on Loan (Cost $809,484) | 809,484 | ||||||
Short-Term Investment (0.9%) | ||||||||
$ | 574,859 | State Street Euro Dollar Time Deposit (USD), 0.01%, 04/02/12 | 574,859 | |||||
|
| |||||||
| Total Short-Term Investments (Cost $574,859) | 574,859 | ||||||
| Total Investments 101.2% (Cost $55,090,493) | 65,772,446 | ||||||
| Liabilities Less Other Assets (1.2)% | (777,479 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 64,994,967 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
† | Non-income producing security. |
(a) | All or a portion of the security was on loan as of March 31, 2012. |
SCHEDULEOF INVESTMENTS | 23 |
Table of Contents
ICON Materials Fund
Industry Composition
March 31, 2012 (unaudited)
Diversified Chemicals | 22.9% | |||
Industrial Gases | 18.8% | |||
Fertilizers & Agricultural Chemicals | 13.5% | |||
Steel | 10.2% | |||
Gold | 10.0% | |||
Specialty Chemicals | 9.2% | |||
Diversified Metals & Mining | 8.1% | |||
Railroads | 3.4% | |||
Metal & Glass Containers | 1.2% | |||
Other Industries (each less than 1%) | 1.8% | |||
|
| |||
99.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Materials Fund
Sector Composition
March 31, 2012 (unaudited)
Materials | 95.2% | |||
Industrials | 3.4% | |||
Consumer Staples | 0.5% | |||
|
| |||
99.1% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
24 | SCHEDULEOF INVESTMENTS |
Table of Contents
SCHEDULEOF INVESTMENTS
(FORMERLY, ICON TELECOMMUNICATION & UTILITIES FUND)
MARCH 31, 2012 (UNAUDITED)
Shares or Principal Amount | Value | |||||||
Common Stocks (100.4%) | ||||||||
26,500 | AGL Resources, Inc. | $ | 1,039,330 | |||||
9,100 | Allete, Inc. | 377,559 | ||||||
61,900 | American Electric Power Co., Inc. | 2,388,102 | ||||||
11,300 | Atmos Energy Corp. | 355,498 | ||||||
16,800 | Dominion Resources, Inc. of Virginia | 860,328 | ||||||
117,100 | Duke Energy Corp. | 2,460,271 | ||||||
30,400 | Entergy Corp. | 2,042,880 | ||||||
17,000 | Exelon Corp. | 666,570 | ||||||
27,400 | Integrys Energy Group, Inc. | 1,451,926 | ||||||
10,800 | Laclede Group, Inc. | 421,416 | ||||||
15,200 | MDU Resources Group, Inc. | 340,328 | ||||||
18,000 | NextEra Energy, Inc. | 1,099,440 | ||||||
10,000 | Northwest Natural Gas Co. | 454,000 | ||||||
7,100 | NorthWestern Corp. | 251,766 | ||||||
51,400 | Pepco Holdings, Inc. | 970,946 | ||||||
4,000 | PG&E Corp. | 173,640 |
Shares or Principal Amount | Value | |||||||
15,000 | Piedmont Natural Gas Co., Inc. | $ | 466,050 | |||||
82,000 | PPL Corp. | 2,317,320 | ||||||
42,200 | Public Service Enterprise Group, Inc. | 1,291,742 | ||||||
28,200 | SCANA Corp. | 1,286,202 | ||||||
24,600 | Sempra Energy | 1,475,016 | ||||||
84,000 | Southern Co. | 3,774,120 | ||||||
62,700 | TECO Energy, Inc. | 1,100,385 | ||||||
20,400 | UGI Corp. | 555,900 | ||||||
46,200 | Vectren Corp. | 1,342,572 | ||||||
14,100 | WGL Holdings, Inc. | 573,870 | ||||||
29,800 | Wisconsin Energy Corp. | 1,048,364 | ||||||
43,100 | Xcel Energy, Inc. | 1,140,857 | ||||||
|
| |||||||
| Total Common Stocks (Cost $30,712,612) | 31,726,398 | ||||||
| Total Investments 100.4% (Cost $30,712,612) | 31,726,398 | ||||||
| Liabilities Less Other Assets (0.4)% | (136,301 | ) | |||||
|
| |||||||
Net Assets 100.0% | $ | 31,590,097 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
SCHEDULEOF INVESTMENTS | 25 |
Table of Contents
ICON Utilities Fund
Industry Composition
March 31, 2012 (unaudited)
Electric Utilities | 51.0% | |||
Multi-Utilities | 37.2% | |||
Gas Utilities | 12.2% | |||
|
| |||
100.4% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
ICON Utilities Fund
Sector Composition
March 31, 2012 (unaudited)
Utilities | 100.4% | |||
|
| |||
100.4% | ||||
|
|
Percentages are based upon common stocks as a percentage of net assets.
26 | SCHEDULEOF INVESTMENTS |
Table of Contents
(This page is intentionally left blank)
Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES
MARCH 31, 2012 (UNAUDITED)
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 51,587,584 | $ | 17,592,763 | $ | 608,025,260 | ||||||
|
|
|
|
|
| |||||||
Investments, at value† | 60,850,730 | 19,186,273 | 649,695,592 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 179,423 | 4,507 | 579,736 | |||||||||
Interest | – | – | 3 | |||||||||
Dividends | 65,317 | 87,887 | 409,923 | |||||||||
Expense reimbursements due from Adviser | 333 | 2,018 | – | |||||||||
Foreign tax reclaims | – | 3,207 | 29,517 | |||||||||
Other assets | 22,959 | 14,023 | 88,256 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 61,118,762 | 19,297,915 | 650,803,027 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | – | 10,576 | – | |||||||||
Expense recoupment due to adviser | – | 1,494 | 111 | |||||||||
Investments purchased | 547,422 | – | – | |||||||||
Payable for collateral received on securities loaned | 1,356,600 | 355,300 | 9,286,013 | |||||||||
Fund shares redeemed | 29,607 | 23,509 | 406,148 | |||||||||
Distributions due to shareholders | – | 5,098 | – | |||||||||
Advisory fees | 47,814 | 17,841 | 553,539 | |||||||||
Accrued distribution fees | 2,652 | 550 | 8,688 | |||||||||
Fund accounting fees | 1,792 | 742 | 21,931 | |||||||||
Transfer agent fees | 4,187 | 4,993 | 85,243 | |||||||||
Administration fees | 2,389 | 892 | 27,993 | |||||||||
Trustee fees | 708 | 524 | 15,549 | |||||||||
Accrued expenses | 13,884 | 12,436 | 72,621 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,007,055 | 433,955 | 10,477,836 | |||||||||
|
|
|
|
|
| |||||||
Net Assets - all share classes | $ | 59,111,707 | $ | 18,863,960 | $ | 640,325,191 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class S | $ | 46,777,581 | $ | 16,835,974 | $ | 621,971,144 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class C | $ | 61,474 | $ | 275,219 | $ | 7,612,507 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class A | $ | 12,272,652 | $ | 1,752,767 | $ | 10,741,540 | ||||||
|
|
|
|
|
|
28 | FINANCIAL STATEMENTS |
Table of Contents
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 68,857,862 | $ | 19,617,064 | $ | 623,444,336 | ||||||
Accumulated undistributed net investment income/(loss) | 139,419 | 22,052 | 2,276,939 | |||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (19,148,720 | ) | (2,368,666 | ) | (27,066,416 | ) | ||||||
Unrealized appreciation/ (depreciation) on investments and foreign currency transactions | 9,263,146 | 1,593,510 | 41,670,332 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 59,111,707 | $ | 18,863,960 | $ | 640,325,191 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 4,148,390 | 1,735,786 | 32,739,612 | |||||||||
Class C | 5,528 | 28,721 | 404,976 | |||||||||
Class A | 1,093,457 | 179,848 | 566,419 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 11.28 | $ | 9.70 | $ | 19.00 | ||||||
Class C | $ | 11.12 | $ | 9.58 | $ | 18.80 | ||||||
Class A | $ | 11.22 | $ | 9.75 | $ | 18.96 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 11.90 | $ | 10.34 | $ | 20.12 | ||||||
† Includes securities on loan of | $ | 1,335,320 | $ | 353,733 | $ | 9,150,422 |
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 29 |
Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES
MARCH 31, 2012 (UNAUDITED)
ICON Financial Fund | ICON Healthcare Fund | ICON Industrials Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 50,150,258 | $ | 87,196,024 | $ | 37,339,681 | ||||||
|
|
|
|
|
| |||||||
Investments, at value† | 56,402,751 | 96,246,323 | 45,513,916 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 104,253 | 22,174 | 27,891 | |||||||||
Investments sold | 1,838,945 | – | 224,495 | |||||||||
Dividends | 36,309 | 125,855 | 84,260 | |||||||||
Expense reimbursements due from Adviser | 461 | 1,500 | 852 | |||||||||
Foreign tax reclaims | 4,616 | 1,563 | 2,199 | |||||||||
Other assets | 15,958 | 21,049 | 15,415 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 58,403,293 | 96,418,464 | 45,869,028 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | 1,259,310 | 181,748 | – | |||||||||
Expense recoupment due to adviser | 127 | – | 725 | |||||||||
Payable for collateral received on securities loaned | – | 2,323,365 | 291,263 | |||||||||
Fund shares redeemed | 26,945 | 57,092 | 197,014 | |||||||||
Advisory fees | 48,458 | 72,464 | 40,643 | |||||||||
Accrued distribution fees | 242 | 58 | 50 | |||||||||
Fund accounting fees | 1,788 | 2,753 | 1,645 | |||||||||
Transfer agent fees | 8,648 | 20,187 | 12,393 | |||||||||
Administration fees | 2,421 | 3,620 | 2,030 | |||||||||
Trustee fees | 1,089 | 1,692 | 1,503 | |||||||||
Accrued expenses | 15,229 | 16,882 | 16,810 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,364,257 | 2,679,861 | 564,076 | |||||||||
|
|
|
|
|
| |||||||
Net Assets - all share classes | $ | 57,039,036 | $ | 93,738,603 | $ | 45,304,952 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class S | $ | 55,505,992 | $ | 93,563,846 | $ | 45,142,661 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class C | $ | 11,725 | $ | 32,984 | $ | 22,504 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class A | $ | 1,521,319 | $ | 141,773 | $ | 139,787 | ||||||
|
|
|
|
|
|
30 | FINANCIAL STATEMENTS |
Table of Contents
ICON Financial Fund | ICON Healthcare Fund | ICON Industrials Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 153,283,689 | $ | 88,953,704 | $ | 73,897,039 | ||||||
Accumulated undistributed net investment income/(loss) | 192,610 | 462,693 | 260,990 | |||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (102,689,784 | ) | (4,728,093 | ) | (37,027,307 | ) | ||||||
Unrealized appreciation/(depreciation) on investments and foreign currency transactions | 6,252,521 | 9,050,299 | 8,174,230 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 57,039,036 | $ | 93,738,603 | $ | 45,304,952 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 8,890,230 | 5,773,450 | 5,231,738 | |||||||||
Class C | 1,905 | 2,065 | 2,636 | |||||||||
Class A | 245,218 | 8,798 | 16,486 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 6.24 | $ | 16.21 | $ | 8.63 | ||||||
Class C | $ | 6.16 | $ | 15.97 | $ | 8.54 | ||||||
Class A | $ | 6.20 | $ | 16.11 | $ | 8.48 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 6.58 | $ | 17.09 | $ | 9.00 | ||||||
† Includes securities on loan of | $ | – | $ | 2,277,024 | $ | 285,330 |
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 31 |
Table of Contents
STATEMENTSOF ASSETSAND LIABILITIES
MARCH 31, 2012 (UNAUDITED)
ICON Information Technology Fund | ICON Materials Fund | ICON Utilities Fund | ||||||||||
Assets | ||||||||||||
Investments, at cost | $ | 60,522,566 | $ | 55,090,493 | $ | 30,712,612 | ||||||
|
|
|
|
|
| |||||||
Investments, at value† | 79,315,796 | 65,772,446 | 31,726,398 | |||||||||
Cash | – | 89 | – | |||||||||
Receivables: | ||||||||||||
Fund shares sold | 1,541,447 | 32,195 | 25,399 | |||||||||
Investments sold | – | – | 621,058 | |||||||||
Dividends | 25,131 | 116,485 | 123,606 | |||||||||
Expense reimbursements due from Adviser | 847 | 898 | – | |||||||||
Foreign tax reclaims | – | – | 9,333 | |||||||||
Other assets | 17,517 | 20,988 | 15,768 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 80,900,738 | 65,943,101 | 32,521,562 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Due to custodian bank | – | – | 554,078 | |||||||||
Expense recoupment due to adviser | – | – | 5,320 | |||||||||
Payable for collateral received on securities loaned | 1,070,769 | 809,484 | – | |||||||||
Fund shares redeemed | 54,605 | 37,937 | 304,876 | |||||||||
Distributions due to shareholders | – | – | 14,520 | |||||||||
Advisory fees | 64,670 | 56,916 | 28,423 | |||||||||
Accrued distribution fees | 81 | 326 | 4,173 | |||||||||
Fund accounting fees | 2,480 | 2,294 | 1,107 | |||||||||
Transfer agent fees | 12,768 | 15,523 | 4,399 | |||||||||
Administration fees | 3,230 | 2,843 | 1,420 | |||||||||
Trustee fees | 1,727 | 1,966 | 583 | |||||||||
Accrued expenses | 17,302 | 20,845 | 12,566 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,227,632 | 948,134 | 931,465 | |||||||||
|
|
|
|
|
| |||||||
Net Assets - all share classes | $ | 79,673,106 | $ | 64,994,967 | $ | 31,590,097 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class S | $ | 79,352,976 | $ | 64,109,849 | $ | 21,530,713 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class C | $ | 101,026 | $ | 219,562 | $ | 3,127,498 | ||||||
|
|
|
|
|
| |||||||
Net Assets - Class A | $ | 219,104 | $ | 665,556 | $ | 6,931,886 | ||||||
|
|
|
|
|
|
32 | FINANCIAL STATEMENTS |
Table of Contents
ICON Information Technology Fund | ICON Materials Fund | ICON Utilities Fund | ||||||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 87,838,635 | $ | 73,192,200 | $ | 39,955,674 | ||||||
Accumulated undistributed net investment income/(loss) | (123,079 | ) | 317,190 | 926 | ||||||||
Accumulated undistributed net realized gain/(loss) from investments and foreign currency transactions | (26,835,680 | ) | (19,196,376 | ) | (9,380,289 | ) | ||||||
Unrealized appreciation/(depreciation) on investments and foreign currency transactions | 18,793,230 | 10,681,953 | 1,013,786 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 79,673,106 | $ | 64,994,967 | $ | 31,590,097 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited shares authorized, no par value) | ||||||||||||
Class S | 7,283,990 | 5,593,352 | 3,303,362 | |||||||||
Class C | 9,426 | 19,365 | 486,314 | |||||||||
Class A | 20,211 | 58,259 | 1,076,388 | |||||||||
Net asset value (offering and redemption price per share) | ||||||||||||
Class S | $ | 10.89 | $ | 11.46 | $ | 6.52 | ||||||
Class C | $ | 10.72 | $ | 11.34 | $ | 6.43 | ||||||
Class A | $ | 10.84 | $ | 11.42 | $ | 6.44 | ||||||
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share | $ | 11.50 | $ | 12.12 | $ | 6.83 | ||||||
† Includes securities on loan of | $ | 1,055,871 | $ | 794,125 | $ | – |
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 33 |
Table of Contents
STATEMENTSOF OPERATIONS
FORTHEPERIODENDED MARCH 31, 2012 (UNAUDITED)
ICON Consumer Discretionary Fund | ICON Consumer Staples Fund | ICON Energy Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 33 | $ | 11 | $ | 161 | ||||||
Dividends | 478,766 | 326,414 | 5,702,100 | |||||||||
Income from securities lending, net | 684 | 3 | 2,762 | |||||||||
Foreign taxes withheld | (326 | ) | – | (12,060 | ) | |||||||
|
|
|
|
|
| |||||||
Total Investment Income | 479,157 | 326,428 | 5,692,963 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Advisory fees | 236,313 | 109,846 | 3,196,448 | |||||||||
Distribution fees: | ||||||||||||
Class C | 240 | 565 | 31,458 | |||||||||
Class A | 9,297 | 1,712 | 10,605 | |||||||||
Fund accounting fees | 4,726 | 2,197 | 64,662 | |||||||||
Transfer agent fees | 27,043 | 16,258 | 260,066 | |||||||||
Administration fees | 11,811 | 5,490 | 161,587 | |||||||||
Custody fees | 3,279 | 2,150 | 9,414 | |||||||||
Registration fees: | ||||||||||||
Class S | 7,493 | 5,803 | 28,998 | |||||||||
Class C | 2 | 139 | 2,460 | |||||||||
Class A | 836 | 4 | 1,639 | |||||||||
Insurance expense | 1,926 | 1,656 | 45,002 | |||||||||
Trustee fees and expenses | 1,834 | 1,048 | 32,414 | |||||||||
Audit and tax service expense | 13,255 | 13,262 | 13,430 | |||||||||
Interest expense | 1,305 | 2,321 | 907 | |||||||||
Recoupment of previously reimbursed expenses | 1,325 | 1,779 | 219 | |||||||||
Other expenses | 19,841 | 11,390 | 149,579 | |||||||||
|
|
|
|
|
| |||||||
Total expenses before expense reimbursement | 340,526 | 175,620 | 4,008,888 | |||||||||
Expense reimbursement by Adviser due to expense limitation agreement | (788 | ) | (6,253 | ) | (219 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 339,738 | 169,367 | 4,008,669 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income/(Loss) | 139,419 | 157,061 | 1,684,294 | |||||||||
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency Transactions | ||||||||||||
Net realized gain/(loss) from investment transactions | 673,823 | 1,301,263 | (891,968 | ) | ||||||||
Net realized gain/(loss) from foreign currency transactions | – | – | (183 | ) | ||||||||
Change in unrealized net appreciation/ (depreciation) on investments and foreign currency transactions | 10,429,780 | 1,551,397 | 98,919,040 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain/(loss) on investments and foreign currency transactions | 11,103,603 | 2,852,660 | 98,026,889 | |||||||||
|
|
|
|
|
| |||||||
Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 11,243,022 | $ | 3,009,721 | $ | 99,711,183 | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
34 | FINANCIAL STATEMENTS |
Table of Contents
ICON Financial Fund | ICON Healthcare Fund | ICON Industrials Fund | ICON Information Technology Fund | ICON Materials Fund | ICON Utilities Fund | |||||||||||||||||
$ | 34 | $ | 30 | $ | 29 | $ | 13 | $ | 64 | $ | 29 | |||||||||||
495,069 | 994,682 | 619,546 | 340,226 | 783,134 | 663,329 | |||||||||||||||||
– | 380 | 861 | 162 | 738 | – | |||||||||||||||||
(3,492 | ) | (3,792 | ) | (3,550 | ) | – | (6,988 | ) | – | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
491,611 | 991,300 | 616,886 | 340,401 | 776,948 | 663,358 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
218,874 | 391,566 | 253,991 | 347,518 | 336,903 | 145,467 | |||||||||||||||||
51 | 140 | 103 | 65 | 913 | 9,449 | |||||||||||||||||
460 | 182 | 788 | 98 | 770 | 4,804 | |||||||||||||||||
4,366 | 7,831 | 5,066 | 6,951 | 6,738 | 2,909 | |||||||||||||||||
22,568 | 52,178 | 32,116 | 38,825 | 40,425 | 17,436 | |||||||||||||||||
10,939 | 19,571 | 12,695 | 17,369 | 16,838 | 7,270 | |||||||||||||||||
1,740 | 1,782 | 1,328 | 1,419 | 1,651 | 1,905 | |||||||||||||||||
6,332 | 7,530 | 7,091 | 7,071 | 6,964 | 5,900 | |||||||||||||||||
– | 533 | 34 | – | 563 | 2 | |||||||||||||||||
9 | 294 | 132 | – | 438 | 780 | |||||||||||||||||
3,301 | 4,860 | 4,434 | 5,118 | 5,963 | 1,620 | |||||||||||||||||
1,976 | 3,839 | 2,872 | 3,431 | 3,592 | 1,268 | |||||||||||||||||
13,271 | 13,294 | 13,270 | 13,284 | 13,279 | 13,260 | |||||||||||||||||
320 | 2,530 | 3,898 | 721 | 814 | 1,261 | |||||||||||||||||
126 | – | 725 | – | – | 7,142 | |||||||||||||||||
16,055 | 24,986 | 19,267 | 23,375 | 26,318 | 12,655 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
300,388 | 531,116 | 357,810 | 465,245 | 462,169 | 233,128 | |||||||||||||||||
| (1,365 | ) | (2,516 | ) | (1,898 | ) | (1,765 | ) | (2,407 | ) | (1,086 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
299,023 | 528,600 | 355,912 | 463,480 | 459,762 | 232,042 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
192,588 | 462,700 | 260,974 | (123,079 | ) | 317,186 | 431,316 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
209,190 | 177,504 | 2,636,157 | 2,876,579 | 1,287,495 | 518,569 | |||||||||||||||||
(70 | ) | – | (62 | ) | – | – | – | |||||||||||||||
12,344,595 | 13,969,249 | 10,210,905 | 16,591,571 | 14,890,387 | 376,961 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
�� | ||||||||||||||||||||||
12,553,715 | 14,146,753 | 12,847,000 | 19,468,150 | 16,177,882 | 895,530 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 12,746,303 | $ | 14,609,453 | $ | 13,107,974 | $ | 19,345,071 | $ | 16,495,068 | $ | 1,326,846 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 35 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS
ICON Consumer Discretionary Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 139,419 | $ | (66,187 | ) | |||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 673,823 | 3,958,013 | ||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 10,429,780 | (2,613,003 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets resulting from operations | 11,243,022 | 1,278,823 | ||||||
|
|
|
| |||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | – | – | ||||||
Class C | – | – | ||||||
Class A | – | – | ||||||
Net realized gains | ||||||||
Class S | – | – | ||||||
Class C | – | – | ||||||
Class A | – | – | ||||||
|
|
|
| |||||
Net decrease from dividends and distributions | – | – | ||||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 18,362,783 | 35,997,921 | ||||||
Class C | 19,965 | 34,449 | ||||||
Class A | 11,887,631 | 13,977 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | – | – | ||||||
Class C | – | – | ||||||
Class A | – | – | ||||||
Shares repurchased | ||||||||
Class S | (15,369,678 | ) | (20,906,184 | ) | ||||
Class C | (2,022 | ) | – | |||||
Class A | (1,196,234 | ) | (2,421 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) from fund share transactions | 13,702,445 | 15,137,742 | ||||||
|
|
|
| |||||
Total net increase/(decrease) in net assets | 24,945,467 | 16,416,565 | ||||||
Net Assets | ||||||||
Beginning of period | 34,166,240 | 17,749,675 | ||||||
|
|
|
| |||||
End of period | $ | 59,111,707 | $ | 34,166,240 | ||||
|
|
|
|
36 | FINANCIAL STATEMENTS |
Table of Contents
ICON Consumer Staples Fund | ICON Energy Fund | ICON Financial Fund | ||||||||||||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||||||||
$ | 157,061 | $ | 279,768 | $ | 1,684,294 | $ | 5,196,764 | $ | 192,588 | $ | 219,707 | |||||||||||
| 1,301,263 |
| 6,056,213 | (892,151 | ) | 56,907,131 | 209,120 | 4,264,953 | ||||||||||||||
| 1,551,397 |
| (3,689,577 | ) | 98,919,040 | (79,499,501 | ) | 12,344,595 | (8,169,704 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 3,009,721 |
| 2,646,404 | 99,711,183 | (17,395,606 | ) | 12,746,303 | (3,685,044 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(379,664 | ) | (315,201 | ) | (4,918,808 | ) | (6,512,391 | ) | (210,303 | ) | (214,079 | ) | |||||||||||
(2,615 | ) | – | * | (14,407 | ) | (2,299 | ) | (30 | ) | – | * | |||||||||||
(32,498 | ) | – | * | (36,255 | ) | (2,050 | ) | (365 | ) | – | * | |||||||||||
– | – | (13,005,707 | ) | – | – | – | ||||||||||||||||
– | – | (124,748 | ) | – | – | – | ||||||||||||||||
– | – | (160,032 | ) | – | – | – | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(414,777 | ) | (315,201 | ) | (18,259,957 | ) | (6,516,740 | ) | (210,698 | ) | (214,079 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
13,359,839 | 4,430,851 | 72,566,048 | 292,023,538 | 19,475,615 | 5,449,823 | |||||||||||||||||
204,655 | 64,933 | 2,506,813 | 6,473,169 | – | 11,500 | |||||||||||||||||
1,819,963 | 58,829 | 5,055,013 | 13,691,961 | 1,383,826 | 43,528 | |||||||||||||||||
368,365 | 307,247 | 16,918,343 | 6,151,455 | 205,515 | 205,345 | |||||||||||||||||
2,339 | – | 123,901 | 2,134 | 30 | – | |||||||||||||||||
31,867 | – | 166,811 | 1,303 | 127 | – | |||||||||||||||||
(19,968,798 | ) | (17,099,046 | ) | (103,899,858 | ) | (231,307,972 | ) | (9,006,930 | ) | (28,086,279 | ) | |||||||||||
(300 | ) | (8,325 | ) | (371,154 | ) | (481,687 | ) | – | – | |||||||||||||
(241,691 | ) | (33,053 | ) | (1,307,804 | ) | (5,707,105 | ) | (19,594 | ) | (10,223 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,423,761 | ) | (12,278,564 | ) | (8,241,887 | ) | 80,846,796 | 12,038,589 | (22,386,306 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,828,817 | ) | (9,947,361 | ) | 73,209,339 | 56,934,450 | 24,574,194 | (26,285,429 | ) | ||||||||||||||
20,692,777 | 30,640,138 | 567,115,852 | 510,181,402 | 32,464,842 | 58,750,271 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 18,863,960 | $ | 20,692,777 | $ | 640,325,191 | $ | 567,115,852 | $ | 57,039,036 | $ | 32,464,842 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 37 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Consumer Discretionary Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 1,800,793 | 3,902,028 | ||||||
Class C | 2,084 | 3,645 | ||||||
Class A | 1,205,239 | 1,549 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | – | – | ||||||
Class C | – | – | ||||||
Class A | – | – | ||||||
Shares repurchased | ||||||||
Class S | (1,536,306 | ) | (2,259,195 | ) | ||||
Class C | (202 | ) | – | |||||
Class A | (113,060 | ) | (272 | ) | ||||
|
|
|
| |||||
Net increase/(decrease) | 1,358,548 | 1,647,755 | ||||||
Shares outstanding, beginning of period | 3,888,827 | 2,241,072 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 5,247,375 | 3,888,827 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | 139,419 | $ | – | ||||
|
|
|
|
* | Amount less than $0.50. |
The accompanying notes are an integral part of the financial statements.
38 | FINANCIAL STATEMENTS |
Table of Contents
ICON Consumer Staples Fund | ICON Energy Fund | ICON Financial Fund | ||||||||||||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||||||||
1,452,740 | 502,481 | 3,772,104 | 13,946,024 | 3,533,796 | 964,735 | |||||||||||||||||
22,063 | 7,402 | 130,967 | 310,026 | – | 1,897 | |||||||||||||||||
199,940 | 6,526 | 263,801 | 634,607 | 243,484 | 7,154 | |||||||||||||||||
40,118 | 35,644 | 970,645 | 315,298 | 42,287 | 34,396 | |||||||||||||||||
252 | – | 7,162 | 109 | 6 | – | |||||||||||||||||
3,440 | – | 9,581 | 66 | 27 | – | |||||||||||||||||
(2,150,125 | ) | (1,937,424 | ) | (5,434,587 | ) | (11,397,070 | ) | (1,598,914 | ) | (4,672,640 | ) | |||||||||||
(31 | ) | (966 | ) | (19,677 | ) | (23,612 | ) | – | – | |||||||||||||
(26,265 | ) | (3,794 | ) | (68,879 | ) | (272,758 | ) | (3,363 | ) | (2,086 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(457,868 | ) | (1,390,131 | ) | (368,883 | ) | 3,512,690 | 2,217,323 | (3,666,544 | ) | |||||||||||||
2,402,223 | 3,792,354 | 34,079,890 | 30,567,200 | 6,920,030 | 10,586,574 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,944,355 | 2,402,223 | 33,711,007 | 34,079,890 | 9,137,353 | 6,920,030 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 22,052 |
| $ | 279,768 | $ | 2,276,939 | $ | 5,562,115 | $ | 192,610 | $ | 210,720 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 39 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Healthcare Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 462,700 | $ | 663,361 | ||||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 177,504 | 16,832,522 | ||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 13,969,249 | (14,799,677 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets resulting from operations | 14,609,453 | 2,696,206 | ||||||
|
|
|
| |||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (661,181 | ) | (368,446 | ) | ||||
Class C | (198 | ) | – | * | ||||
Class A | (1,982 | ) | – | * | ||||
|
|
|
| |||||
Net decrease from dividends and distributions | (663,361 | ) | (368,446 | ) | ||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 28,206,163 | 34,364,122 | ||||||
Class C | 12,000 | 24,350 | ||||||
Class A | 87,887 | 139,248 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 617,310 | 339,364 | ||||||
Class C | 198 | – | ||||||
Class A | 1,781 | – | ||||||
Shares repurchased | ||||||||
Class S | (24,289,504 | ) | (34,486,108 | ) | ||||
Class C | (5,777 | ) | – | |||||
Class A | (100,640 | ) | – | |||||
|
|
|
| |||||
Net increase/(decrease) from fund share transactions | 4,529,418 | 380,976 | ||||||
|
|
|
| |||||
Total net increase/(decrease) in net assets | 18,475,510 | 2,708,736 | ||||||
Net Assets | ||||||||
Beginning of period | 75,263,093 | 72,554,357 | ||||||
|
|
|
| |||||
End of period | $ | 93,738,603 | $ | 75,263,093 | ||||
|
|
|
|
40 | FINANCIAL STATEMENTS |
Table of Contents
ICON Industrials Fund | ICON Information Technology Fund | ICON Materials Fund | ||||||||||||||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||||||||
$ | 260,974 | $ | 535,389 | $ | (123,079 | ) | $ | (310,407 | ) | $ | 317,186 | $ | 651,166 | |||||||||
2,636,095 | 4,947,567 | 2,876,579 | 10,930,880 | 1,287,495 | 14,037,247 | |||||||||||||||||
10,210,905 | (9,247,082 | ) | 16,591,571 | (7,722,736 | ) | 14,890,387 | (18,663,236 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
13,107,974 | (3,764,126 | ) | 19,345,071 | 2,897,737 | 16,495,068 | (3,974,823 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(533,894 | ) | (478,530 | ) | – | – | (645,281 | ) | (477,527 | ) | |||||||||||||
(101 | ) | – | * | – | – | (1,002 | ) | – | * | |||||||||||||
(1,598 | ) | (24 | ) | – | – | (4,719 | ) | (659 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(535,593 | ) | (478,554 | ) | – | – | (651,002 | ) | (478,186 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
4,228,345 | 25,861,382 | 11,278,654 | 21,159,024 | 3,709,126 | 23,865,539 | |||||||||||||||||
15,368 | 28,866 | 96,278 | 2,731 | 66,981 | 191,926 | |||||||||||||||||
2,798,025 | 583,511 | 201,928 | 1,500 | 151,719 | 1,071,934 | |||||||||||||||||
525,486 | 466,250 | – | – | 586,449 | 429,088 | |||||||||||||||||
55 | – | – | – | 923 | – | |||||||||||||||||
548 | 24 | – | – | 3,278 | 518 | |||||||||||||||||
(22,702,575 | ) | (43,113,233 | ) | (12,327,516 | ) | (40,245,229 | ) | (14,928,576 | ) | (48,822,526 | ) | |||||||||||
(11,894 | ) | (8,746 | ) | – | (1,175 | ) | (4,509 | ) | (35,925 | ) | ||||||||||||
(2,910,901 | ) | (392,087 | ) | (5,072 | ) | – | (108,871 | ) | (428,748 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(18,057,543 | ) | (16,574,033 | ) | (755,728 | ) | (19,083,149 | ) | (10,523,480 | ) | (23,728,194 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(5,485,162 | ) | (20,816,713 | ) | 18,589,343 | (16,185,412 | ) | 5,320,586 | (28,181,203 | ) | |||||||||||||
50,790,114 | 71,606,827 | 61,083,763 | 77,269,175 | 59,674,381 | 87,855,584 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 45,304,952 | $ | 50,790,114 | $ | 79,673,106 | $ | 61,083,763 | $ | 64,994,967 | $ | 59,674,381 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 41 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Healthcare Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 1,854,743 | 2,280,950 | ||||||
Class C | 788 | 1,631 | ||||||
Class A | 6,050 | 9,286 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 43,139 | 25,045 | ||||||
Class C | 14 | – | ||||||
Class A | 125 | – | ||||||
Shares repurchased | ||||||||
Class S | (1,664,277 | ) | (2,443,847 | ) | ||||
Class C | (369 | ) | – | |||||
Class A | (6,664 | ) | – | |||||
|
|
|
| |||||
Net increase/(decrease) | 233,549 | (126,935 | ) | |||||
Shares outstanding, beginning of period | 5,550,764 | 5,677,699 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 5,784,313 | 5,550,764 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | 462,693 | $ | 663,354 | ||||
|
|
|
|
* | Amount less than $0.50. |
The accompanying notes are an integral part of the financial statements.
42 | FINANCIAL STATEMENTS |
Table of Contents
ICON Industrials Fund | ICON Information Technology Fund | ICON Materials Fund | ||||||||||||||||||||
Period ended | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||||||||||||
507,862 | 3,033,834 | 1,147,527 | 2,272,423 | 339,683 | 2,072,102 | |||||||||||||||||
1,849 | 3,349 | 9,266 | 289 | 6,260 | 16,427 | |||||||||||||||||
335,820 | 67,174 | 20,535 | 160 | 14,254 | 92,217 | |||||||||||||||||
69,693 | 56,790 | – | – | 58,940 | 37,972 | |||||||||||||||||
7 | – | – | – | 93 | – | |||||||||||||||||
73 | 3 | – | – | 330 | 46 | |||||||||||||||||
(2,799,824 | ) | (5,217,067 | ) | (1,293,286 | ) | (4,436,744 | ) | (1,365,392 | ) | (4,284,985 | ) | |||||||||||
(1,408 | ) | (1,162 | ) | – | (130 | ) | (452 | ) | (2,964 | ) | ||||||||||||
(337,524 | ) | (49,061 | ) | (485 | ) | – | (10,553 | ) | (38,036 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,223,452 | ) | (2,106,140 | ) | (116,443 | ) | (2,164,002 | ) | (956,837 | ) | (2,107,221 | ) | |||||||||||
7,474,312 | 9,580,452 | 7,430,070 | 9,594,072 | 6,627,813 | 8,735,034 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,250,860 | 7,474,312 | 7,313,627 | 7,430,070 | 5,670,976 | 6,627,813 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 260,990 | $ | 535,609 | $ | (123,079 | ) | $ | – | $ | 317,190 | $ | 651,006 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS | 43 |
Table of Contents
STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)
ICON Utilities Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Operations | ||||||||
Net investment income/(loss) | $ | 431,316 | $ | 938,924 | ||||
Net realized gain/(loss) on investment transactions and foreign currency transactions | 518,569 | 3,030,424 | ||||||
Change in net unrealized appreciation/(depreciation) on investments and foreign currency transactions | 376,961 | (1,633,228 | ) | |||||
|
|
|
| |||||
Net increase/(decrease) in net assets resulting from operations | 1,326,846 | 2,336,120 | ||||||
|
|
|
| |||||
Dividends and Distributions to Shareholders | ||||||||
Net investment income | ||||||||
Class S | (444,932 | ) | (1,565,042 | ) | ||||
Class C | (48,666 | ) | (445 | ) | ||||
Class A | (85,231 | ) | (4,387 | ) | ||||
|
|
|
| |||||
Net decrease from dividends and distributions | (578,829 | ) | (1,569,874 | ) | ||||
|
|
|
| |||||
Fund Share Transactions | ||||||||
Shares sold | ||||||||
Class S | 13,432,293 | 8,448,631 | ||||||
Class C | 3,392,357 | 24,131 | ||||||
Class A | 6,476,749 | 450,760 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 386,631 | 1,508,702 | ||||||
Class C | 25,894 | 320 | ||||||
Class A | 48,974 | 4,387 | ||||||
Shares repurchased | ||||||||
Class S | (14,364,849 | ) | (21,453,429 | ) | ||||
Class C | (289,538 | ) | – | |||||
Class A | (51,707 | ) | – | |||||
|
|
|
| |||||
Net increase/(decrease) from fund share transactions | 9,056,804 | (11,016,498 | ) | |||||
|
|
|
| |||||
Total net increase/(decrease) in net assets | 9,804,821 | (10,250,252 | ) | |||||
Net Assets | ||||||||
Beginning of period | 21,785,276 | 32,035,528 | ||||||
|
|
|
| |||||
End of period | $ | 31,590,097 | $ | 21,785,276 | ||||
|
|
|
|
44 | FINANCIAL STATEMENTS |
Table of Contents
ICON Utilities Fund | ||||||||
Period ended March 31, 2012 (unaudited) | Year ended September 30, 2011 | |||||||
Transactions in Fund Shares | ||||||||
Shares sold | ||||||||
Class S | 2,050,685 | 1,349,348 | ||||||
Class C | 523,844 | 3,803 | ||||||
Class A | 1,005,071 | 71,186 | ||||||
Reinvested dividends and distributions | ||||||||
Class S | 57,690 | 244,079 | ||||||
Class C | 3,903 | 51 | ||||||
Class A | 7,406 | 703 | ||||||
Shares repurchased | ||||||||
Class S | (2,194,505 | ) | (3,416,187 | ) | ||||
Class C | (45,289 | ) | – | |||||
Class A | (7,980 | ) | – | |||||
|
|
|
| |||||
Net increase/(decrease) | 1,400,825 | (1,747,017 | ) | |||||
Shares outstanding, beginning of period | 3,465,239 | 5,212,256 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 4,866,064 | 3,465,239 | ||||||
|
|
|
| |||||
Accumulated undistributed net investment income/(loss) | $ | 926 | $ | 148,439 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
FINANCIAL STATEMENTS | 45 |
Table of Contents
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 8.79 | $ | 0.03 | $ | 2.46 | $ | 2.49 | $ | – | $ | – | ||||||||||||
Year Ended September 30, 2011 | 7.92 | (0.02 | ) | 0.89 | 0.87 | – | – | |||||||||||||||||
Year Ended September 30, 2010 | 6.83 | (0.05 | ) | 1.42 | 1.37 | (0.28 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 7.19 | 0.01 | (0.37 | ) | (0.36 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2008 | 12.79 | – | (d) | (2.61 | ) | (2.61 | ) | – | (2.99 | ) | ||||||||||||||
Year Ended September 30, 2007 | 12.11 | (0.04 | ) | 0.72 | 0.68 | – | – | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.72 | (0.04 | ) | 2.44 | 2.40 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 7.92 | (0.12 | ) | 0.92 | 0.80 | – | – | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.75 | 0.02 | 2.45 | 2.47 | – | – | ||||||||||||||||||
Year Ended September 30, 2011 | 7.92 | (0.06 | ) | 0.89 | 0.83 | – | – | |||||||||||||||||
ICON Consumer Staples Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.61 | 0.07 | 1.20 | 1.27 | (0.18 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.08 | 0.10 | 0.52 | 0.62 | (0.09 | ) | – | |||||||||||||||||
Year Ended September 30, 2010 | 7.32 | 0.08 | 0.76 | 0.84 | (0.08 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 7.37 | 0.04 | (0.09 | ) | (0.05 | ) | – | – | (d) | |||||||||||||||
Year Ended September 30, 2008 | 10.62 | 0.03 | (1.60 | ) | (1.57 | ) | (0.13 | ) | (1.55 | ) | ||||||||||||||
Year Ended September 30, 2007 | 9.21 | 0.10 | 1.33 | 1.43 | (0.02 | ) | – | (d) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.53 | 0.03 | 1.17 | 1.20 | (0.15 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.08 | 0.04 | 0.50 | 0.54 | (0.09 | ) | – | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.68 | 0.06 | 1.20 | 1.26 | (0.19 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.08 | 0.11 | 0.58 | 0.69 | (0.09 | ) | – | |||||||||||||||||
ICON Energy Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 16.64 | 0.05 | 2.86 | 2.91 | (0.15 | ) | (0.40 | ) | ||||||||||||||||
Year Ended September 30, 2011 | 16.69 | 0.16 | – | 0.16 | (0.21 | ) | – | |||||||||||||||||
Year Ended September 30, 2010 | 16.92 | 0.21 | (0.23 | ) | (0.02 | ) | (0.21 | ) | – | |||||||||||||||
Year Ended September 30, 2009 | 27.06 | 0.21 | (2.41 | ) | (2.20 | ) | (0.12 | ) | (7.82 | ) | ||||||||||||||
Year Ended September 30, 2008 | 41.46 | 0.20 | (4.82 | ) | (4.62 | ) | (0.11 | ) | (9.67 | ) | ||||||||||||||
Year Ended September 30, 2007 | 31.88 | 0.08 | 12.86 | 12.94 | – | (3.36 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 16.47 | (0.06 | ) | 2.84 | 2.78 | (0.05 | ) | (0.40 | ) | |||||||||||||||
Year Ended September 30, 2011 | 16.69 | (0.10 | ) | 0.09 | (0.01 | ) | (0.21 | ) | – | |||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 16.59 | 0.01 | 2.85 | 2.86 | (0.09 | ) | (0.40 | ) | ||||||||||||||||
Year Ended September 30, 2011 | 16.69 | 0.08 | 0.03 | 0.11 | (0.21 | ) | – | |||||||||||||||||
ICON Financial Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 4.69 | 0.02 | 1.56 | 1.58 | (0.03 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 5.55 | 0.03 | (0.87 | ) | (0.84 | ) | (0.02 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 5.97 | 0.02 | (0.32 | ) | (0.30 | ) | (0.12 | ) | – | |||||||||||||||
Year Ended September 30, 2009 | 8.55 | 0.09 | (2.43 | ) | (2.34 | ) | (0.24 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 14.30 | 0.21 | (4.29 | ) | (4.08 | ) | (0.14 | ) | (1.53 | ) | ||||||||||||||
Year Ended September 30, 2007 | 14.47 | 0.13 | 0.45 | 0.58 | (0.15 | ) | (0.60 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 4.64 | (0.01 | ) | 1.55 | 1.54 | (0.02 | ) | – | ||||||||||||||||
Year Ended September 30, 2011 | 5.55 | (0.02 | ) | (0.87 | ) | (0.89 | ) | (0.02 | ) | – | ||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 4.68 | 0.01 | 1.54 | 1.55 | (0.03 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 5.55 | 0.01 | (0.86 | ) | (0.85 | ) | (0.02 | ) | – |
The accompanying notes are an integral part of the financial statements.
46 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | – | $ | 11.28 | 28.33 | % | $ | 46,778 | 1.41 | % | 1.41 | %(c) | 0.65 | % | 0.65 | % | 58.58 | % | |||||||||||||||||
– | 8.79 | 10.98 | % | 34,123 | 1.54 | % | 1.54 | %(c) | (0.23 | )% | (0.23 | )% | 107.57 | % | ||||||||||||||||||||
(0.28 | ) | 7.92 | 20.61 | % | 17,750 | 2.02 | % | 2.02 | % | (0.62 | )% | (0.62 | )% | 194.84 | % | |||||||||||||||||||
– | 6.83 | (5.01 | )% | 14,205 | 1.63 | % | 1.63 | % | 0.14 | % | 0.14 | % | 200.23 | % | ||||||||||||||||||||
(2.99 | ) | 7.19 | (24.21 | )% | 72,242 | 1.38 | % | 1.38 | % | (0.04 | )% | (0.04 | )% | 218.32 | % | |||||||||||||||||||
– | 12.79 | 5.62 | % | 94,477 | 1.30 | % | 1.30 | % | (0.31 | )% | (0.31 | )% | 144.89 | % | ||||||||||||||||||||
– | 11.12 | 27.52 | % | 61 | 5.67 | % | 2.74 | %(c) | (3.73 | )% | (0.80 | )% | 58.58 | % | ||||||||||||||||||||
– | 8.72 | 10.10 | % | 32 | 13.14 | % | 2.75 | %(c) | (11.73 | )% | (1.34 | )% | 107.57 | % | ||||||||||||||||||||
– | 11.22 | 28.23 | % | 12,273 | 1.56 | % | 1.56 | %(c) | 0.29 | % | 0.29 | % | 58.58 | % | ||||||||||||||||||||
– | 8.75 | 10.48 | % | 11 | 18.49 | % | 1.98 | %(c) | (17.17 | )% | (0.66 | )% | 107.57 | % | ||||||||||||||||||||
(0.18 | ) | 9.70 | 14.80 | % | 16,836 | 1.57 | % | 1.52 | %(c) | 1.40 | % | 1.45 | % | 64.97 | % | |||||||||||||||||||
(0.09 | ) | 8.61 | 7.64 | % | 20,614 | 1.57 | % | 1.50 | %(c) | 1.03 | % | 1.10 | % | 109.56 | % | |||||||||||||||||||
(0.08 | ) | 8.08 | 11.56 | % | 30,640 | 1.54 | % | 1.54 | % | 0.98 | % | 0.98 | % | 86.31 | % | |||||||||||||||||||
– | (d) | 7.32 | (0.64 | )% | 26,074 | 1.58 | % | 1.58 | % | 0.72 | % | 0.72 | % | 134.29 | % | |||||||||||||||||||
(1.68 | ) | 7.37 | (17.40 | )% | 42,139 | 1.46 | % | 1.46 | % | 0.31 | % | 0.31 | % | 132.40 | % | |||||||||||||||||||
(0.02 | ) | 10.62 | 15.61 | % | 31,571 | 1.41 | % | 1.41 | % | 1.02 | % | 1.02 | % | 150.72 | % | |||||||||||||||||||
(0.15 | ) | 9.58 | 14.18 | % | 275 | 4.22 | % | 2.54 | %(c) | (0.94 | )% | 0.74 | % | 64.97 | % | |||||||||||||||||||
(0.09 | ) | 8.53 | 6.65 | % | 55 | 7.00 | % | 2.50 | %(c) | (4.09 | )% | 0.41 | % | 109.56 | % | |||||||||||||||||||
(0.19 | ) | 9.75 | 14.69 | % | 1,753 | 1.82 | % | 1.78 | %(c) | 1.17 | % | 1.21 | % | 64.97 | % | |||||||||||||||||||
(0.09 | ) | 8.68 | 8.52 | % | 24 | 7.60 | % | 1.75 | %(c) | (4.60 | )% | 1.25 | % | 109.56 | % | |||||||||||||||||||
(0.55 | ) | 19.00 | 17.76 | % | 621,971 | 1.22 | % | 1.22 | %(c) | 0.54 | % | 0.54 | % | 41.92 | % | |||||||||||||||||||
(0.21 | ) | 16.64 | 0.80 | % | 556,393 | 1.20 | % | 1.20 | %(c) | 0.77 | % | 0.77 | % | 88.31 | % | |||||||||||||||||||
(0.21 | ) | 16.69 | (0.17 | )% | 510,181 | 1.24 | % | 1.24 | % | 1.26 | % | 1.26 | % | 169.86 | % | |||||||||||||||||||
(7.94 | ) | 16.92 | (1.73 | )% | 560,555 | 1.24 | % | 1.24 | % | 1.39 | % | 1.39 | % | 186.47 | % | |||||||||||||||||||
(9.78 | ) | 27.06 | (14.62 | )% | 492,637 | 1.16 | % | 1.16 | % | 0.59 | % | 0.59 | % | 119.87 | % | |||||||||||||||||||
(3.36 | ) | 41.46 | 43.64 | % | 816,075 | 1.17 | %(e) | 1.17 | %(e) | 0.24 | %(e) | 0.24 | %(e) | 54.75 | % | |||||||||||||||||||
(0.45 | ) | 18.80 | 17.06 | % | 7,613 | 2.35 | % | 2.35 | %(c) | (0.59 | )% | (0.59 | )% | 41.92 | % | |||||||||||||||||||
(0.21 | ) | 16.47 | (0.23 | )% | 4,718 | 2.47 | % | 2.47 | %(c) | (0.47 | )% | (0.47 | )% | 88.31 | % | |||||||||||||||||||
(0.49 | ) | 18.96 | 17.47 | % | 10,742 | 1.62 | % | 1.62 | %(c) | 0.12 | % | 0.12 | % | 41.92 | % | |||||||||||||||||||
(0.21 | ) | 16.59 | 0.49 | % | 6,005 | 1.70 | % | 1.70 | %(c) | 0.38 | % | 0.38 | % | 88.31 | % | |||||||||||||||||||
(0.03 | ) | 6.24 | 33.83 | % | 55,506 | 1.36 | % | 1.36 | %(c) | 0.88 | % | 0.88 | % | 31.52 | % | |||||||||||||||||||
(0.02 | ) | 4.69 | (15.18 | )% | 32,432 | 1.40 | % | 1.40 | %(c) | 0.44 | % | 0.44 | % | 100.23 | % | |||||||||||||||||||
(0.12 | ) | 5.55 | (5.11 | )% | 58,750 | 1.43 | % | 1.43 | % | 0.36 | % | 0.36 | % | 143.36 | % | |||||||||||||||||||
(0.24 | ) | 5.97 | (26.80 | )% | 82,067 | 1.42 | % | 1.42 | % | 1.70 | % | 1.70 | % | 194.00 | % | |||||||||||||||||||
(1.67 | ) | 8.55 | (31.93 | )% | 128,175 | 1.22 | % | 1.22 | % | 1.94 | % | 1.94 | % | 220.83 | % | |||||||||||||||||||
(0.75 | ) | 14.30 | 3.84 | % | 200,089 | 1.21 | % | 1.21 | % | 0.86 | % | 0.86 | % | 93.04 | % | |||||||||||||||||||
(0.02 | ) | 6.16 | 33.20 | % | 12 | 18.64 | % | 2.50 | %(c) | (16.39 | )% | (0.25 | )% | 31.52 | % | |||||||||||||||||||
(0.02 | ) | 4.64 | (16.08 | )% | 9 | 35.28 | % | 2.50 | %(c) | (33.22 | )% | (0.44 | )% | 100.23 | % | |||||||||||||||||||
(0.03 | ) | 6.20 | 33.35 | % | 1,521 | 2.05 | % | 1.75 | %(c) | 0.01 | % | 0.31 | % | 31.52 | % | |||||||||||||||||||
(0.02 | ) | 4.68 | (15.36 | )% | 24 | 7.37 | % | 1.75 | %(c) | (5.50 | )% | 0.12 | % | 100.23 | % |
FINANCIAL HIGHLIGHTS | 47 |
Table of Contents
FINANCIAL HIGHLIGHTS (CONTINUED)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Healthcare Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 13.56 | $ | 0.09 | $ | 2.70 | $ | 2.79 | $ | (0.14 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 12.78 | 0.12 | 0.73 | 0.85 | (0.07 | ) | – | |||||||||||||||||
Year Ended September 30, 2010 | 12.29 | 0.04 | 0.63 | 0.67 | (0.18 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 13.49 | 0.08 | (1.28 | ) | (1.20 | ) | – | – | ||||||||||||||||
Year Ended September 30, 2008 | 17.68 | (0.02 | ) | (2.65 | ) | (2.67 | ) | – | (1.52 | ) | ||||||||||||||
Year Ended September 30, 2007 | 17.95 | – | (d) | 1.19 | 1.19 | – | (1.46 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 13.43 | 0.01 | 2.65 | 2.66 | (0.12 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 12.78 | (0.01 | ) | 0.73 | 0.72 | (0.07 | ) | – | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 13.53 | 0.05 | 2.69 | 2.74 | (0.16 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 12.78 | 0.12 | 0.70 | 0.82 | (0.07 | ) | – | |||||||||||||||||
ICON Industrials Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 6.80 | 0.04 | 1.88 | 1.92 | (0.09 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 7.47 | 0.07 | (0.67 | ) | (0.60 | ) | (0.07 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 6.38 | 0.05 | 1.17 | 1.22 | (0.13 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 8.16 | 0.08 | (1.82 | ) | (1.74 | ) | (0.04 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 10.77 | 0.05 | (2.32 | ) | (2.27 | ) | (0.01 | ) | (0.33 | ) | ||||||||||||||
Year Ended September 30, 2007 | 13.22 | 0.02 | 2.63 | 2.65 | – | (d) | (5.10 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 6.72 | – | 1.87 | 1.87 | (0.05 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 7.47 | (0.02 | ) | (0.66 | ) | (0.68 | ) | (0.07 | ) | – | ||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 6.76 | 0.04 | 1.77 | 1.81 | (0.09 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 7.47 | 0.05 | (0.69 | ) | (0.64 | ) | (0.07 | ) | – | |||||||||||||||
ICON Information Technology Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.22 | (0.02 | ) | 2.69 | 2.67 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.05 | (0.04 | ) | 0.21 | 0.17 | – | – | |||||||||||||||||
Year Ended September 30, 2010 | 7.79 | (0.05 | ) | 0.35 | 0.30 | (0.04 | ) | – | ||||||||||||||||
Year Ended September 30, 2009 | 7.86 | (0.01 | ) | (0.06 | ) | (0.07 | ) | – | – | |||||||||||||||
Year Ended September 30, 2008 | 11.02 | (0.04 | ) | (3.12 | ) | (3.16 | ) | – | – | |||||||||||||||
Year Ended September 30, 2007 | 8.72 | (0.05 | ) | 2.35 | 2.30 | – | – | |||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.13 | (0.09 | ) | 2.68 | 2.59 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.05 | (0.13 | ) | 0.21 | 0.08 | – | – | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.20 | (0.05 | ) | 2.69 | 2.64 | – | – | |||||||||||||||||
Year Ended September 30, 2011 | 8.05 | (0.05 | ) | 0.20 | 0.15 | – | – | |||||||||||||||||
ICON Materials Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 9.00 | 0.05 | 2.51 | 2.56 | (0.10 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.06 | 0.08 | (1.08 | ) | (1.00 | ) | (0.06 | ) | – | |||||||||||||||
Year Ended September 30, 2010 | 8.93 | 0.05 | 1.18 | 1.23 | (0.10 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 9.81 | 0.11 | (0.91 | ) | (0.80 | ) | (0.08 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 15.39 | 0.08 | (3.23 | ) | (3.15 | ) | (0.06 | ) | (2.37 | ) | ||||||||||||||
Year Ended September 30, 2007 | 11.67 | 0.08 | 5.10 | 5.18 | (0.15 | ) | (1.31 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.92 | (0.01 | ) | 2.49 | 2.48 | (0.06 | ) | – | ||||||||||||||||
Year Ended September 30, 2011 | 10.06 | (0.03 | ) | (1.05 | ) | (1.08 | ) | (0.06 | ) | – | ||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 8.97 | 0.03 | 2.50 | 2.53 | (0.08 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 10.06 | 0.05 | (1.08 | ) | (1.03 | ) | (0.06 | ) | – |
The accompanying notes are an integral part of the financial statements.
48 | FINANCIAL HIGHLIGHTS |
Table of Contents
distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.14 | ) | $ | 16.21 | 20.71 | % | $ | 93,564 | 1.35 | % | 1.35 | %(c) | 1.18 | % | 1.18 | % | 27.11 | % | ||||||||||||||||
(0.07 | ) | 13.56 | 6.66 | % | 75,116 | 1.36 | % | 1.36 | %(c) | 0.85 | % | 0.85 | % | 83.63 | % | |||||||||||||||||||
(0.18 | ) | 12.78 | 5.39 | % | 72,554 | 1.36 | % | 1.36 | % | 0.31 | % | 0.31 | % | 102.42 | % | |||||||||||||||||||
– | 12.29 | (8.90 | )% | 110,605 | 1.37 | % | 1.37 | % | 0.74 | % | 0.74 | % | 105.75 | % | ||||||||||||||||||||
(1.52 | ) | 13.49 | (16.43 | )% | 160,083 | 1.25 | % | 1.25 | % | (0.12 | )% | (0.12 | )% | 61.44 | % | |||||||||||||||||||
(1.46 | ) | 17.68 | 7.17 | % | 473,287 | 1.20 | %(e) | 1.20 | %(e) | 0.01 | %(e) | 0.01 | %(e) | 24.56 | % | |||||||||||||||||||
(0.12 | ) | 15.97 | 19.93 | % | 33 | 12.97 | % | 2.50 | %(c) | (10.33 | )% | 0.14 | % | 27.11 | % | |||||||||||||||||||
(0.07 | ) | 13.43 | 5.64 | % | 22 | 31.38 | % | 2.50 | %(c) | (28.98 | )% | (0.10 | )% | 83.63 | % | |||||||||||||||||||
(0.16 | ) | 16.11 | 20.40 | % | 142 | 3.20 | % | 1.76 | %(c) | (0.73 | )% | 0.71 | % | 27.11 | % | |||||||||||||||||||
(0.07 | ) | 13.53 | 6.42 | % | 126 | 7.15 | % | 1.75 | %(c) | (4.58 | )% | 0.82 | % | 83.63 | % | |||||||||||||||||||
(0.09 | ) | 8.63 | 28.50 | % | 45,143 | 1.40 | % | 1.40 | %(c) | 1.03 | % | 1.03 | % | 15.45 | % | |||||||||||||||||||
(0.07 | ) | 6.80 | (8.21 | )% | 50,653 | 1.36 | % | 1.36 | %(c) | 0.80 | % | 0.80 | % | 55.87 | % | |||||||||||||||||||
(0.13 | ) | 7.47 | 19.40 | % | 71,607 | 1.40 | % | 1.40 | % | 0.73 | % | 0.73 | % | 54.34 | % | |||||||||||||||||||
(0.04 | ) | 6.38 | (21.25 | )% | 70,535 | 1.37 | % | 1.37 | % | 1.39 | % | 1.39 | % | 96.24 | % | |||||||||||||||||||
(0.34 | ) | 8.16 | (21.72 | )% | 125,286 | 1.25 | % | 1.25 | % | 0.55 | % | 0.55 | % | 143.40 | % | |||||||||||||||||||
(5.10 | ) | 10.77 | 28.73 | % | 155,739 | 1.27 | %(e) | 1.27 | %(e) | 0.16 | %(e) | 0.16 | %(e) | 125.44 | % | |||||||||||||||||||
(0.05 | ) | 8.54 | 27.87 | % | 23 | 10.75 | % | 2.52 | %(c) | (8.31 | )% | (0.08 | )% | 15.45 | % | |||||||||||||||||||
(0.07 | ) | 6.72 | (9.29 | )% | 15 | 13.56 | % | 2.50 | %(c) | (11.29 | )% | (0.23 | )% | 55.87 | % | |||||||||||||||||||
(0.09 | ) | 8.48 | 26.89 | % | 140 | 2.08 | % | 1.75 | %(c) | 0.71 | % | 1.04 | % | 15.45 | % | |||||||||||||||||||
(0.07 | ) | 6.76 | (8.75 | )% | 122 | 3.46 | % | 1.75 | %(c) | (1.12 | )% | 0.59 | % | 55.87 | % | |||||||||||||||||||
– | 10.89 | 32.48 | % | 79,353 | 1.33 | % | 1.33 | %(c) | (0.35 | )% | (0.35 | )% | 19.01 | % | ||||||||||||||||||||
– | 8.22 | 2.11 | % | 61,081 | 1.34 | % | 1.34 | %(c) | (0.40 | )% | (0.40 | )% | 44.84 | % | ||||||||||||||||||||
(0.04 | ) | 8.05 | 3.91 | % | 77,269 | 1.37 | % | 1.37 | % | (0.58 | )% | (0.58 | )% | 68.32 | % | |||||||||||||||||||
– | 7.79 | (0.89 | )% | 119,250 | 1.38 | % | 1.38 | % | (0.09 | )% | (0.09 | )% | 89.87 | % | ||||||||||||||||||||
– | 7.86 | (28.68 | )% | 178,450 | 1.24 | % | 1.24 | % | (0.41 | )% | (0.41 | )% | 171.22 | % | ||||||||||||||||||||
– | 11.02 | 26.38 | % | 266,965 | 1.23 | % | 1.23 | % | (0.49 | )% | (0.49 | )% | 78.66 | % | ||||||||||||||||||||
– | 10.72 | 31.86 | % | 101 | 16.78 | % | 2.50 | %(c) | (16.07 | )% | (1.79 | )% | 19.01 | % | ||||||||||||||||||||
– | 8.13 | 0.99 | % | 1 | 115.00 | % | 2.51 | %(c) | (113.96 | )% | (1.47 | )% | 44.84 | % | ||||||||||||||||||||
– | 10.84 | 32.20 | % | 219 | 3.88 | % | 1.75 | %(c) | (3.04 | )% | (0.91 | )% | 19.01 | % | ||||||||||||||||||||
– | 8.20 | 1.86 | % | 1 | 215.56 | % | 1.75 | %(c) | (214.36 | )% | (0.55 | )% | 44.84 | % | ||||||||||||||||||||
(0.10 | ) | 11.46 | 28.67 | % | 64,110 | 1.36 | % | 1.36 | %(c) | 0.95 | % | 0.95 | % | 27.15 | % | |||||||||||||||||||
(0.06 | ) | 9.00 | (10.07 | )% | 59,068 | 1.33 | % | 1.33 | %(c) | 0.73 | % | 0.73 | % | 62.97 | % | |||||||||||||||||||
(0.10 | ) | 10.06 | 13.92 | % | 87,856 | 1.38 | % | 1.38 | % | 0.54 | % | 0.54 | % | 70.80 | % | |||||||||||||||||||
(0.08 | ) | 8.93 | (7.87 | )% | 95,028 | 1.40 | % | 1.40 | % | 1.50 | % | 1.50 | % | 134.88 | % | |||||||||||||||||||
(2.43 | ) | 9.81 | (23.79 | )% | 118,522 | 1.26 | % | 1.26 | % | 0.60 | % | 0.60 | % | 111.26 | % | |||||||||||||||||||
(1.46 | ) | 15.39 | 48.63 | % | 131,321 | 1.33 | % | 1.33 | % | 0.59 | % | 0.59 | % | 109.10 | % | |||||||||||||||||||
(0.06 | ) | 11.34 | 27.87 | % | 220 | 4.02 | % | 2.50 | %(c) | (1.67 | )% | (0.15 | )% | 27.15 | % | |||||||||||||||||||
(0.06 | ) | 8.92 | (10.87 | )% | 120 | 4.11 | % | 2.50 | %(c) | (1.91 | )% | (0.30 | )% | 62.97 | % | |||||||||||||||||||
(0.08 | ) | 11.42 | 28.37 | % | 666 | 2.08 | % | 1.75 | %(c) | 0.26 | % | 0.59 | % | 27.15 | % | |||||||||||||||||||
(0.06 | ) | 8.97 | (10.37 | )% | 487 | 2.26 | % | 1.74 | %(c) | (0.07 | )% | 0.45 | % | 62.97 | % |
FINANCIAL HIGHLIGHTS | 49 |
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FINANCIAL HIGHLIGHTS (CONTINUED)
Income/(loss) from investment operations | Less dividends and | |||||||||||||||||||||||
Net asset value, beginning of period | Net investment income/ (loss)(x) | Net realized and unrealized gains/(losses) on investments | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | |||||||||||||||||||
ICON Utilities Fund | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Period Ended March 31, 2012† | $ | 6.29 | $ | 0.10 | $ | 0.26 | $ | 0.36 | $ | (0.13 | ) | $ | – | |||||||||||
Year Ended September 30, 2011 | 6.15 | 0.24 | 0.31 | 0.55 | (0.41 | ) | – | |||||||||||||||||
Year Ended September 30, 2010 | 5.66 | 0.19 | 0.44 | 0.63 | (0.14 | ) | – | |||||||||||||||||
Year Ended September 30, 2009 | 6.34 | 0.14 | (0.44 | ) | (0.30 | ) | (0.38 | ) | – | |||||||||||||||
Year Ended September 30, 2008 | 9.20 | 0.14 | (2.03 | ) | (1.89 | ) | (0.06 | ) | (0.91 | ) | ||||||||||||||
Year Ended September 30, 2007 | 7.66 | 0.10 | 2.18 | 2.28 | (0.11 | ) | (0.63 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 6.21 | 0.08 | 0.27 | 0.35 | (0.13 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 6.15 | 0.25 | 0.22 | 0.47 | (0.41 | ) | – | |||||||||||||||||
Class A | ||||||||||||||||||||||||
Period Ended March 31, 2012† | 6.24 | 0.11 | 0.24 | 0.35 | (0.15 | ) | – | |||||||||||||||||
Year Ended September 30, 2011 | 6.15 | 0.34 | 0.17 | 0.51 | (0.42 | ) | – |
(x) | Calculated using the average shares method. |
* | The total return calculation is for the period indicated and excludes any sales charges. |
† | Unaudited. |
(a) | Annualized for periods less than a year. |
(b) | Portfolio turnover is calculated at the Fund level and is not annualized for periods less than a year. |
(c) | Effective January 1, 2011, the Fund’s operating expenses, not including interest expense, are contractually limited to the amounts discussed in Note 3. The ratios in these financial highlights reflect the limitation, including interest expense. |
(d) | Amount less than $0.005. |
(e) | Ratios include transfer agent earnings credits received. These earnings credits reduced the net expense ratio and increased the net income ratio by 0.01%. |
The accompanying notes are an integral part of the financial statements.
50 | FINANCIAL HIGHLIGHTS |
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distributions | Ratio of expenses to average net assets(a) | Ratio of net investment income/(loss) to average net assets(a) | ||||||||||||||||||||||||||||||||
Total dividends and distributions | Net asset value, end of period | Total return* | Net assets, end of period (in thousands) | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Before expense limitation and transfer agent earnings credit | After expense limitation and transfer agent earnings credit | Portfolio turnover rate(b) | ||||||||||||||||||||||||||
$ | (0.13 | ) | $ | 6.52 | 5.64 | % | $ | 21,531 | 1.52 | % | 1.51 | %(c) | 2.97 | % | 2.96 | % | 31.53 | % | ||||||||||||||||
(0.41 | ) | 6.29 | 9.16 | % | 21,313 | 1.61 | % | 1.51 | %(c) | 3.75 | % | 3.85 | % | 114.73 | % | |||||||||||||||||||
(0.14 | ) | 6.15 | 11.16 | % | 32,036 | 1.67 | % | 1.67 | % | 3.28 | % | 3.28 | % | 84.45 | % | |||||||||||||||||||
(0.38 | ) | 5.66 | (4.39 | )% | 22,547 | 1.70 | % | 1.70 | % | 2.70 | % | 2.70 | % | 90.27 | % | |||||||||||||||||||
(0.97 | ) | 6.34 | (23.01 | )% | 30,335 | 1.35 | % | 1.35 | % | 1.74 | % | 1.74 | % | 102.65 | % | |||||||||||||||||||
(0.74 | ) | 9.20 | 31.60 | % | 109,509 | 1.33 | % | 1.33 | % | 1.20 | % | 1.20 | % | 154.99 | % | |||||||||||||||||||
(0.13 | ) | 6.43 | 5.60 | % | 3,127 | 2.51 | % | 2.49 | %(c) | 2.31 | % | 2.33 | % | 31.53 | % | |||||||||||||||||||
(0.41 | ) | 6.21 | 7.77 | % | 24 | 122.08 | % | 2.50 | %(c) | (115.58 | )% | 4.00 | % | 114.73 | % | |||||||||||||||||||
(0.15 | ) | 6.44 | 5.48 | % | 6,932 | 1.68 | % | 1.68 | %(c) | 3.28 | % | 3.28 | % | 31.53 | % | |||||||||||||||||||
(0.42 | ) | 6.24 | 8.56 | % | 449 | 185.34 | % | 1.75 | %(c) | (178.27 | )% | 5.32 | % | 114.73 | % |
FINANCIAL HIGHLIGHTS | 51 |
Table of Contents
MARCH 31, 2012 (UNAUDITED)
1. Organization
The ICON Consumer Discretionary Fund, ICON Consumer Staples Fund, ICON Energy Fund, ICON Financial Fund, ICON Healthcare Fund, ICON Industrials Fund, ICON Information Technology Fund, ICON Materials Fund, and ICON Utilities Fund (formerly, ICON Telecommunication & Utilities Fund) are series funds (individually a “Fund” and collectively, the “Funds”). The Funds are part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Each Fund has three classes of shares: Class S, Class C and Class A. All classes have equal rights as to earnings, assets, and voting privileges except that each Class may bear different distribution fees, registration costs, legal costs, mailing and printing costs and shareholder servicing costs and each Class has exclusive voting rights with respect to its distribution plan. There are currently eight other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.
Each Fund is authorized to issue an unlimited number of no par shares. The Funds invest primarily in securities of companies whose principal business activities fall within specific sectors and industries. The investment objective of each Fund is to provide long-term capital appreciation.
The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment in a non-diversified sector fund may involve greater risk and volatility than a more diversified fund. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity and small market share.
52 | NOTESTO FINANCIAL STATEMENTS |
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In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be minimal.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
Investment Valuation
The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.
The Funds use pricing services to obtain the market value of securities in their portfolios; if a pricing service is not able to provide a price, or the pricing service’s valuation quote is considered inaccurate or does not reflect the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market quotations from these sources are not readily available, the Funds’ securities or other assets are valued at fair value as determined in good faith by the Funds’ Board of Trustees (“Board”) or pursuant to procedures approved by the Board.
Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers
NOTESTO FINANCIAL STATEMENTS | 53 |
Table of Contents
NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued in accordance with the evaluated bid price supplied by the pricing service. The evaluated bid price supplied by the pricing service is based upon a matrix valuation system which considers such factors as security prices, yields, maturities and ratings. Short-term debt securities with remaining maturities of 60 days or less are generally valued at amortized cost or original cost plus accrued interest, which approximates market value. Currency rates as of the close of the NYSE are used to convert foreign security values into U.S. dollars.
The Funds’ securities traded in countries outside of the Western Hemisphere are fair valued daily by utilizing the quotations of an independent pricing service, unless the Board determines that use of another valuation methodology is appropriate. The purposes of daily fair valuation are to avoid stale prices and to take into account, among other things, any significant events occurring after the close of foreign markets. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movements and changes in the prices of indexes, securities and exchange rates in other markets to determine fair value as of the time a Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating a Fund’s NAV may differ from the security’s most recent closing market price and from the prices used by other mutual funds to calculate their NAVs.
Investments in other open-end investment companies are valued at net asset value.
Various inputs are used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — quoted prices in active markets for identical securities.
Level 2 — significant observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk).
Level 3 — significant unobservable inputs.
Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds’ own assumptions based on the best information available. The input levels are
54 | NOTESTO FINANCIAL STATEMENTS |
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not necessarily an indication of the risk or liquidity associated with investments at that level. For example, non-U.S. equity securities actively traded in foreign markets generally are reflected in Level 2 despite the availability of closing prices, because the Funds evaluate and determine whether those closing prices reflect fair value at the close of the NYSE or require adjustment, as described above. The following table summarizes the Funds’ investments, based on the inputs used to determine their values on March 31, 2012:
Level 1 | Level 2 | Total | ||||||||||
ICON Consumer Discretionary Fund* | ||||||||||||
Assets | ||||||||||||
Common Stocks | $ | 58,749,652 | $ | - | $ | 58,749,652 | ||||||
Collateral for Securities on Loan | - | 1,356,600 | 1,356,600 | |||||||||
Short-Term Investments | - | 744,478 | 744,478 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 58,749,652 | $ | 2,101,078 | $ | 60,850,730 | ||||||
|
|
|
|
|
| |||||||
ICON Consumer Staples Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 18,830,973 | $ | - | $ | 18,830,973 | ||||||
Collateral for Securities on Loan | - | 355,300 | 355,300 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 18,830,973 | $ | 355,300 | $ | 19,186,273 | ||||||
|
|
|
|
|
| |||||||
ICON Energy Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 629,131,440 | $ | - | $ | 629,131,440 | ||||||
Collateral for Securities on Loan | - | 9,286,013 | 9,286,013 | |||||||||
Short-Term Investments | - | 11,278,139 | 11,278,139 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 629,131,440 | $ | 20,564,152 | $ | 649,695,592 | ||||||
|
|
|
|
|
| |||||||
ICON Financial Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 56,402,751 | $ | - | $ | 56,402,751 | ||||||
|
|
|
|
|
| |||||||
Total | $ | 56,402,751 | $ | - | $ | 56,402,751 | ||||||
|
|
|
|
|
| |||||||
ICON Healthcare Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 93,922,958 | $ | - | $ | 93,922,958 | ||||||
Collateral for Securities on Loan | - | 2,323,365 | 2,323,365 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 93,922,958 | $ | 2,323,365 | $ | 96,246,323 | ||||||
|
|
|
|
|
|
NOTESTO FINANCIAL STATEMENTS | 55 |
Table of Contents
NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
Level 1 | Level 2 | Total | ||||||||||
ICON Industrials Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 45,204,020 | $ | - | $ | 45,204,020 | ||||||
Collateral for Securities on Loan | - | 291,263 | 291,263 | |||||||||
Short-Term Investments | - | 18,633 | 18,633 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 45,204,020 | $ | 309,896 | $ | 45,513,916 | ||||||
|
|
|
|
|
| |||||||
ICON Information Technology Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 78,220,488 | $ | - | $ | 78,220,488 | ||||||
Collateral for Securities on Loan | - | 1,070,769 | 1,070,769 | |||||||||
Short-Term Investments | - | 24,539 | 24,539 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 78,220,488 | $ | 1,095,308 | $ | 79,315,796 | ||||||
|
|
|
|
|
| |||||||
ICON Materials Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 64,388,103 | $ | - | $ | 64,388,103 | ||||||
Collateral for Securities on Loan | - | 809,484 | 809,484 | |||||||||
Short-Term Investments | - | 574,859 | 574,859 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 64,388,103 | $ | 1,384,343 | $ | 65,772,446 | ||||||
|
|
|
|
|
| |||||||
ICON Utilities Fund* | ||||||||||||
Assets |
| |||||||||||
Common Stocks | $ | 31,726,398 | $ | - | $ | 31,726,398 | ||||||
|
|
|
|
|
| |||||||
Total | $ | 31,726,398 | $ | - | $ | 31,726,398 | ||||||
|
|
|
|
|
|
* | Please refer to the Schedule of Investments and the Sector/Industry Classification tables for additional security details. |
There were no Level 3 securities held in any of the Funds at March 31, 2012.
For the period ended March 31, 2012, there was no significant security transfer activity between Level 1 and Level 2.
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 is effective for annual periods beginning after December 15, 2011 and is to be applied prospectively. The Funds are currently assessing the impact of this guidance on its financial statements.
56 | NOTESTO FINANCIAL STATEMENTS |
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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.
Securities Lending
Under procedures adopted by the Board, the Funds may lend securities to non-affiliated qualified parties. The Funds seek to earn additional income through securities lending. There is the risk of delay in recovering a loaned security. The Funds do not have the right to vote on securities while they are on loan; however, the Funds may attempt to call back the loan and vote the proxy.
All loans will be continuously secured by collateral which consists of cash. The cash collateral is invested in the State Street Navigator Prime Portfolio and is disclosed on the Schedule of Investments. The lending fees received and the Funds’ portion of the interest income earned on cash collateral are included on the Statement of Operations, if applicable.
As of March 31, 2012, the following Funds had securities with the following values on loan:
Fund | Value of Loaned Securities | Value of Collateral | ||||||
ICON Consumer Discretionary Fund | $ | 1,335,320 | $ | 1,356,600 | ||||
ICON Consumer Staples Fund | 353,733 | 355,300 | ||||||
ICON Energy Fund | 9,150,422 | 9,286,013 | ||||||
ICON Healthcare Fund | 2,277,024 | 2,323,365 | ||||||
ICON Industrials Fund | 285,330 | 291,263 |
NOTESTO FINANCIAL STATEMENTS | 57 |
Table of Contents
NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
Fund | Value of Loaned Securities | Value of Collateral | ||||||
ICON Information Technology Fund | $ | 1,055,871 | $ | 1,070,769 | ||||
ICON Materials Fund | 794,125 | 809,484 |
The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2012. It may also include collateral received from the pre-funding of loans.
Income Taxes
The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code and, accordingly, the Funds will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.
Dividends paid by the Funds from net investment income and distributions of net realized short-term gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
Dividends and distributions to shareholders are recorded by the Funds on the ex-dividend/distribution date. The Funds distribute income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.
Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax periods and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
58 | NOTESTO FINANCIAL STATEMENTS |
Table of Contents
Investment Income
Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued as earned. Certain dividends from foreign securities are recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are amortized over the life of the respective securities.
Investment Transactions
Security transactions are accounted for no later than one business day after the trade date. However, for financial reporting purposes, security transactions are accounted for on the trade date. Gains and losses on securities sold are determined on the basis of identified cost.
Allocation of Expenses
Each class of a Fund’s shares bears expenses incurred specifically on its behalf and, in addition, each class bears a portion of general expenses, based upon relative net assets of each class. Expenses which cannot be directly attributed to a specific Fund in the Trust are apportioned between all Funds in the Trust based upon relative net assets. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class-specific expenses are allocated daily to each class of shares based upon the proportion of net assets.
Below are the class level expenses that are included on the Statement of Operations:
Fund | Legal Expense | Printing And Postage Expense | Transfer Agent Expense | |||||||||
ICON Consumer Discretionary Fund | ||||||||||||
Class S | $ | 2,603 | $ | 10,974 | $ | 24,677 | ||||||
Class C | 3 | 143 | 691 | |||||||||
Class A | 487 | 330 | 1,675 | |||||||||
ICON Consumer Staples Fund | ||||||||||||
Class S | 1,801 | 4,958 | 14,368 | |||||||||
Class C | 11 | 142 | 786 | |||||||||
Class A | 124 | 245 | 1,104 |
NOTESTO FINANCIAL STATEMENTS | 59 |
Table of Contents
NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
Fund | Legal Expense | Printing And Postage Expense | Transfer Agent Expense | |||||||||
ICON Energy Fund | ||||||||||||
Class S | $ | 49,112 | $ | 49,911 | $ | 250,029 | ||||||
Class C | 489 | 368 | 4,413 | |||||||||
Class A | 659 | 3,430 | 5,624 | |||||||||
ICON Financial Fund | ||||||||||||
Class S | 3,292 | 6,667 | 21,148 | |||||||||
Class C | 1 | 139 | 694 | |||||||||
Class A | 28 | 232 | 726 | |||||||||
ICON Healthcare Fund | ||||||||||||
Class S | 6,105 | 10,380 | 50,568 | |||||||||
Class C | 2 | 139 | 837 | |||||||||
Class A | 11 | 228 | 773 | |||||||||
ICON Industrials Fund | ||||||||||||
Class S | 4,577 | 7,573 | 30,511 | |||||||||
Class C | 2 | 140 | 710 | |||||||||
Class A | 58 | 236 | 895 | |||||||||
ICON Information Technology Fund | ||||||||||||
Class S | 5,476 | 9,985 | 37,362 | |||||||||
Class C | 1 | 182 | 765 | |||||||||
Class A | 6 | 268 | 698 | |||||||||
ICON Materials Fund | ||||||||||||
Class S | 5,778 | 12,448 | 38,258 | |||||||||
Class C | 16 | 162 | 951 | |||||||||
Class A | 53 | 346 | 1,216 | |||||||||
ICON Utilities Fund | ||||||||||||
Class S | 1,807 | 5,620 | 15,453 | |||||||||
Class C | 147 | 150 | 824 | |||||||||
Class A | 298 | 244 | 1,159 |
3. Fees and Other Transactions with Affiliates
Investment Advisory Fees
ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 1.00% on the first $500 million of average daily net assets, 0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.
60 | NOTESTO FINANCIAL STATEMENTS |
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Effective January 1, 2011, ICON Advisers has contractually agreed to limit its Funds’ expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following amounts:
Fund | Class S | Class C | Class A | |||||||||
ICON Consumer Discretionary Fund | 1.74% | 2.74% | 1.99% | |||||||||
ICON Consumer Staples Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Energy Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Financial Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Healthcare Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Industrials Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Information Technology Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Materials Fund | 1.50% | 2.50% | 1.75% | |||||||||
ICON Utilities Fund | 1.50% | 2.50% | 1.75% |
The Funds’ expense limitations will continue in effect until at least January 31, 2013. To the extent ICON Advisers reimburses or absorbs fees and expenses, it may seek payment of such amounts for up to three years after the expenses were reimbursed or absorbed. A Fund will make no such payment, however, if the total Fund operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
As of March 31, 2012 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:
Fund | 2014 | 2015 | ||||||
ICON Consumer Discretionary Fund | $ | 1,471 | $ | 703 | ||||
ICON Consumer Staples Fund | 19,391 | 6,253 | ||||||
ICON Energy Fund | - | - | ||||||
ICON Financial Fund | 2,386 | 1,365 | ||||||
ICON Healthcare Fund | 3,414 | 2,516 | ||||||
ICON Industrials Fund | 2,124 | 1,898 | ||||||
ICON Information Technology Fund | 2,606 | 1,765 | ||||||
ICON Materials Fund | 3,934 | 2,407 | ||||||
ICON Utilities Fund | 18,982 | 848 |
Accounting, Custody and Transfer Agent Fees
State Street Bank and Trust Company (“State Street”) serves as the fund accounting agent for the funds. For its services, the Trust pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
NOTESTO FINANCIAL STATEMENTS | 61 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
State Street is the custodian of the Trust’s investments. For its services, the Trust pays State Street asset-based fees that vary according to the number of positions and transactions, plus out-of-pocket expenses.
Boston Financial Data Services, Inc. (“BFDS”) is the Trust’s transfer agent. For these services, the Trust pays a per account fee, plus certain other transaction cusip charges and out-of-pocket expenses. BFDS may pay each Fund transfer agent earnings credits. Transfer agent earnings credits are credits received for interest which results from overnight balances used by BFDS for clearing shareholder transactions.
Administrative Services
The Trust has entered into an administrative services agreement with ICON Advisers pursuant to which ICON Advisers oversees the administration of the Trust’s business and affairs. This agreement provides for an annual fee of 0.05% on the Trusts’ first $1.5 billion of average daily net assets, 0.045% on the next $1.5 billion of average daily net assets, 0.040% on the next $2 billion of average daily net assets and 0.030% on average daily net assets over $5 billion. For the period ended March 31, 2012, each Funds’ payment for administrative services to ICON Advisers is included on the Statement of Operations. The administrative services agreement provides that ICON Advisers will not be liable for any error of judgment, mistake of law, or any loss suffered by the Trust in connection with matters to which the administrative services agreement relates, except for a loss resulting from willful misfeasance, bad faith or negligence by ICON Advisers in the performance of its duties.
ICON Advisers has a sub-administration agreement with State Street to which State Street assists ICON Advisers with the administration and business affairs of the Trust. For its services, ICON Advisers pays State Street a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily assets of the Trust.
Distribution Fees
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”) under which the Funds are authorized to compensate the Funds’ distributor, ICON Distributors, Inc. (“IDI”) (an affiliate of the adviser) for the sale and distribution of shares. Under the 12b-1 Plan, Class A shareholders pay an annual distribution and service fee of 0.25% of average daily net assets. The Class C shareholders pay an annual
62 | NOTESTO FINANCIAL STATEMENTS |
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distribution and service fee of 1.00% of average daily net assets. The total amount paid under the 12b-1 plans, if any, by the Funds is shown on the Statement of Operations.
Other Related Parties
Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Funds; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Funds. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2012, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.
4. Borrowings
The Trust has entered into Lines of Credit agreements with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Interest on domestic borrowings is charged at the higher of the Federal Funds Rate effective on that day and the Overnight LIBOR Rate effective on that day plus 1.25%. The average interest rate charged for the period ended March 31, 2012 was 1.39%.
Fund | Average Borrowing (10/1/11-3/31/12) | |||
ICON Consumer Discretionary Fund | $ | 183,892 | ||
ICON Consumer Staples Fund* | 326,897 | |||
ICON Energy Fund | 128,105 | |||
ICON Financial Fund* | 45,030 | |||
ICON Healthcare Fund* | 355,947 | |||
ICON Industrials Fund | 548,127 | |||
ICON Information Technology Fund | 101,777 | |||
ICON Materials Fund | 114,653 | |||
ICON Utilities Fund* | 177,538 |
* | Fund had outstanding borrowings under these agreements as of March 31, 2012. |
NOTESTO FINANCIAL STATEMENTS | 63 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
5. Purchases and Sales of Investment Securities
For the period ended March 31, 2012, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) was as follows:
Fund | Purchases of Securities | Proceeds from Sales of Securities | ||||||
ICON Consumer Discretionary Fund | $ | 42,117,167 | $ | 27,178,337 | ||||
ICON Consumer Staples Fund | 13,747,241 | 18,385,427 | ||||||
ICON Energy Fund | 265,675,875 | 295,125,889 | ||||||
ICON Financial Fund | 25,239,101 | 13,592,741 | ||||||
ICON Healthcare Fund | 26,377,550 | 21,563,350 | ||||||
ICON Industrials Fund | 7,733,236 | 26,096,429 | ||||||
ICON Information Technology Fund | 13,187,616 | 15,456,054 | ||||||
ICON Materials Fund | 17,731,813 | 28,555,250 | ||||||
ICON Utilities Fund | 19,340,462 | 9,112,793 |
6. Federal Income Tax
Income and capital gain distributions are determined in accordance with income tax regulations that may differ from accounting principles that are generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferrals of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryforwards.
The tax components of capital shown in the following tables include losses the Funds may be able to offset against gains recognized in future years. The accumulated losses noted represent net capital loss carryforwards as of September 30, 2011 and post-October losses that may be available to offset future realized capital gains and thereby reduce future taxable income distributions.
For the year ended September 30, 2011 the following Funds had capital loss carryforwards:
Fund | Amounts | Expires | ||||||
ICON Consumer Discretionary Fund | $ | 11,308,112 | 2017 | |||||
8,355,189 | 2018 | |||||||
ICON Consumer Staples Fund | 1,764,198 | 2017 | ||||||
1,888,341 | 2018 | |||||||
ICON Energy Fund | 240,766 | 2018 |
64 | NOTESTO FINANCIAL STATEMENTS |
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Fund | Amounts | Expires | ||||||
ICON Financial Fund | $ | 58,696,031 | 2017 | |||||
43,715,782 | 2018 | |||||||
ICON Healthcare Fund | 4,557,995 | 2018 | ||||||
ICON Industrials Fund | 11,618,296 | 2017 | ||||||
28,045,106 | 2018 | |||||||
ICON Information Technology Fund | 21,080 | 2016 | ||||||
22,796,772 | 2017 | |||||||
6,573,259 | 2018 | |||||||
ICON Materials Fund | 12,782,639 | 2017 | ||||||
7,349,690 | 2018 | |||||||
ICON Utilities Fund | 6,027,677 | 2017 | ||||||
3,844,832 | 2018 |
Future capital loss carryover utilization in any given year may be limited if there are substantial shareholder redemptions or contributions. During the year ended September 30, 2011 the Funds utilized capital loss carryforwards:
Fund | Amount | |||
ICON Consumer Discretionary Fund | $ | 3,855,294 | ||
ICON Consumer Staples Fund | 5,999,632 | |||
ICON Energy Fund | 66,984,362 | |||
ICON Financial Fund | 4,644,695 | |||
ICON Healthcare Fund | 16,982,763 | |||
ICON Industrials Fund | 4,771,025 | |||
ICON Information Technology Fund | 10,930,880 | |||
ICON Materials Fund | 13,969,617 | |||
ICON Utilities Fund | 2,166,913 |
The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2011, were as follows:
Fund | Distributions Paid from Ordinary Income | Total Distributions Paid | ||||||
ICON Consumer Staples Fund | $ | 315,201 | $ | 315,201 | ||||
ICON Energy Fund | 6,516,740 | 6,516,740 | ||||||
ICON Financial Fund | 214,079 | 214,079 | ||||||
ICON Healthcare Fund | 368,446 | 368,446 | ||||||
ICON Industrials Fund | 478,554 | 478,554 | ||||||
ICON Materials Fund | 478,186 | 478,186 | ||||||
ICON Utilities Fund | 1,194,876 | 1,194,876 |
NOTESTO FINANCIAL STATEMENTS | 65 |
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NOTESTO FINANCIAL STATEMENTS (UNAUDITED)
(CONTINUED)
As of September 30, 2011, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Distributions Payable* | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation)** | Total Accumulated Earnings/ (Deficit) | |||||||||||||||
ICON Consumer Discretionary Fund | $ | - | $ | - | $ | (19,663,301 | ) | $ | (1,325,877 | ) | $ | (20,989,178 | ) | |||||||
ICON Consumer Staples Fund | 279,768 | - | (3,652,539 | ) | 24,723 | (3,348,048 | ) | |||||||||||||
ICON Energy Fund | 4,365,200 | - | (240,766 | ) | (68,694,805 | ) | (64,570,371 | ) | ||||||||||||
ICON Financial Fund | 210,720 | - | (102,411,813 | ) | (6,579,165 | ) | (108,780,258 | ) | ||||||||||||
ICON Healthcare Fund | 663,354 | - | (4,557,995 | ) | (5,266,551 | ) | (9,161,192 | ) | ||||||||||||
ICON Industrials Fund | 535,609 | - | (39,663,402 | ) | (2,036,675 | ) | (41,164,468 | ) | ||||||||||||
ICON Information Technology Fund | - | - | (29,391,111 | ) | 1,880,511 | (27,510,600 | ) | |||||||||||||
ICON Materials Fund | 651,006 | - | (20,132,329 | ) | (4,559,976 | ) | (24,041,299 | ) | ||||||||||||
ICON Utilities Fund | 523,437 | (374,998 | ) | (9,872,509 | ) | 610,476 | (9,113,594 | ) |
* | Differences between the financial statement distribution payable and the tax basis distribution payable are a result of accrual based accounting and cash based accounting used for federal tax reporting purposes. |
** | Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales. |
As of March 31, 2012, cost on investments for federal income tax purposes and the amount of net unrealized appreciation/(depreciation) were as follows:
Fund | Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net (Depreciation) | ||||||||||||
ICON Consumer Discretionary Fund | $ | 51,587,584 | $ | 9,542,164 | $ | (279,018 | ) | $ | 9,263,146 | |||||||
ICON Consumer Staples Fund | 17,592,763 | 1,626,742 | (33,232 | ) | 1,593,510 | |||||||||||
ICON Energy Fund | 608,025,260 | 59,080,606 | (17,410,274 | ) | 41,670,332 | |||||||||||
ICON Financial Fund | 50,150,258 | 6,607,649 | (355,156 | ) | 6,252,493 | |||||||||||
ICON Healthcare Fund | 87,196,024 | 9,879,668 | (829,369 | ) | 9,050,299 | |||||||||||
ICON Industrials Fund | 37,339,681 | 8,527,815 | (353,580 | ) | 8,174,235 | |||||||||||
ICON Information Technology Fund | 60,522,566 | 22,375,587 | (3,582,357 | ) | 18,793,230 | |||||||||||
ICON Materials Fund | 55,090,493 | 13,047,752 | (2,365,799 | ) | 10,681,953 | |||||||||||
ICON Utilities Fund | 30,712,612 | 1,441,043 | (427,257 | ) | 1,013,786 |
66 | NOTESTO FINANCIAL STATEMENTS |
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The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Funds. Under the Act, future capital losses generated by a fund may be carried over indefinitely, but these losses must be used prior to the utilization of any pre-enactment capital losses. Since pre-enactment capital losses may only be carried forward for eight years, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital losses will expire unused.
7. Subsequent Events
Management has evaluated the possibility of subsequent events and determined that there are no material events that would require disclosure in the Funds’ financial statements.
NOTESTO FINANCIAL STATEMENTS | 67 |
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SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE
MARCH 31, 2012 (UNAUDITED)
Example
As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Certain funds charge transaction fees, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees. Funds also incur various ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are indirectly paid by shareholders.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the various ICON Funds and to compare these costs with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the six-month period (10/1/11 – 3/31/12).
Actual Expenses
The first line in the table for each Fund provides information about actual account values and actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer agent fees. However, the Example does not include client specific fees, such as the $15 fee charged to IRA accounts, or the $15 fee charged for wire redemptions. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads),
68 | EXPENSE EXAMPLE |
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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 Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11 - 3/31/12* | Annualized Expense Ratio 10/1/11 - 3/31/12 | |||||||||||||
Actual Expenses | ||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,283.30 | $ | 8.07 | 1.41% | |||||||||
Class C | 1,000.00 | 1,275.20 | 15.61 | 2.74% | ||||||||||||
Class A | 1,000.00 | 1,282.30 | 8.88 | 1.56% | ||||||||||||
ICON Consumer Staples Fund | ||||||||||||||||
Class S | 1,000.00 | 1,148.00 | 8.17 | 1.52% | ||||||||||||
Class C | 1,000.00 | 1,141.80 | 13.60 | 2.54% | ||||||||||||
Class A | 1,000.00 | 1,146.90 | 9.55 | 1.78% | ||||||||||||
ICON Energy Fund | ||||||||||||||||
Class S | 1,000.00 | 1,177.60 | 6.66 | 1.22% | ||||||||||||
Class C | 1,000.00 | 1,170.60 | 12.75 | 2.35% | ||||||||||||
Class A | 1,000.00 | 1,174.70 | 8.82 | 1.62% | ||||||||||||
ICON Financial Fund | ||||||||||||||||
Class S | 1,000.00 | 1,338.30 | 7.97 | 1.36% | ||||||||||||
Class C | 1,000.00 | 1,332.00 | 14.58 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,333.50 | 10.22 | 1.75% | ||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Class S | 1,000.00 | 1,207.10 | 7.44 | 1.35% | ||||||||||||
Class C | 1,000.00 | 1,199.30 | 13.77 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,204.00 | 9.69 | 1.76% | ||||||||||||
ICON Industrials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,285.00 | 7.98 | 1.40% | ||||||||||||
Class C | 1,000.00 | 1,278.70 | 14.35 | 2.52% | ||||||||||||
Class A | 1,000.00 | 1,268.90 | 9.95 | 1.75% | ||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Class S | 1,000.00 | 1,324.80 | 7.75 | 1.33% | ||||||||||||
Class C | 1,000.00 | 1,318.60 | 14.50 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,322.00 | 10.17 | 1.75% | ||||||||||||
ICON Materials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,286.70 | 7.76 | 1.36% | ||||||||||||
Class C | 1,000.00 | 1,278.70 | 14.26 | 2.50% | ||||||||||||
Class A | 1,000.00 | 1,283.70 | 10.01 | 1.75% |
EXPENSE EXAMPLE | 69 |
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Beginning Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11 - 3/31/12* | Annualized Expense Ratio 10/1/11 - 3/31/12 | |||||||||||||
ICON Utilities Fund | ||||||||||||||||
Class S | $ | 1,000.00 | $ | 1,056.40 | $ | 7.76 | 1.51% | |||||||||
Class C | 1,000.00 | 1,056.00 | 12.82 | 2.49% | ||||||||||||
Class A | 1,000.00 | 1,054.80 | 8.63 | 1.68% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
ICON Consumer Discretionary Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.93 | 7.13 | |||||||||||||
Class C | 1,000.00 | 1,011.28 | 13.80 | |||||||||||||
Class A | 1,000.00 | 1,017.22 | 7.85 | |||||||||||||
ICON Consumer Staples Fund | ||||||||||||||||
Class S | 1,000.00 | 1,017.40 | 7.67 | |||||||||||||
Class C | 1,000.00 | 1,012.30 | 12.78 | |||||||||||||
Class A | 1,000.00 | 1,016.11 | 8.97 | |||||||||||||
ICON Energy Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.88 | 6.18 | |||||||||||||
Class C | 1,000.00 | 1,013.25 | 11.83 | |||||||||||||
Class A | 1,000.00 | 1,016.89 | 8.18 | |||||||||||||
ICON Financial Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.19 | 6.88 | |||||||||||||
Class C | 1,000.00 | 1,012.50 | 12.58 | |||||||||||||
Class A | 1,000.00 | 1,016.24 | 8.83 | |||||||||||||
ICON Healthcare Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.26 | 6.81 | |||||||||||||
Class C | 1,000.00 | 1,012.48 | 12.60 | |||||||||||||
Class A | 1,000.00 | 1,016.21 | 8.86 | |||||||||||||
ICON Industrials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.02 | 7.04 | |||||||||||||
Class C | 1,000.00 | 1,012.40 | 12.68 | |||||||||||||
Class A | 1,000.00 | 1,016.23 | 8.84 | |||||||||||||
ICON Information Technology Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.34 | 6.73 | |||||||||||||
Class C | 1,000.00 | 1,012.50 | 12.58 | |||||||||||||
Class A | 1,000.00 | 1,016.24 | 8.83 | |||||||||||||
ICON Materials Fund | ||||||||||||||||
Class S | 1,000.00 | 1,018.21 | 6.85 | |||||||||||||
Class C | 1,000.00 | 1,012.49 | 12.59 | |||||||||||||
Class A | 1,000.00 | 1,016.24 | 8.83 |
70 | EXPENSE EXAMPLE |
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Beginning Account Value 10/1/11 | Ending Account Value 3/31/12 | Expenses Paid During Period 10/1/11 - 3/31/12* | Annualized Expense Ratio 10/1/11 - 3/31/12 | |||||||||||
ICON Utilities Fund | ||||||||||||||
Class S | $ | 1,000.00 | $ | 1,017.46 | $ | 7.61 | ||||||||
Class C | 1,000.00 | 1,012.53 | 12.55 | |||||||||||
Class A | 1,000.00 | 1,016.60 | 8.47 |
* | Expenses are equal to the Fund's six month expense ratio and 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.
EXPENSE EXAMPLE | 71 |
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Portfolio Holdings
Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Proxy Voting
A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.
Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.
Cost Basis Information
Effective January 1, 2012, federal law requires mutual fund companies to maintain and report a shareholder’s cost basis by tax lot, gain/loss information and holding period of covered shares to the Internal Revenue Service on Form 1099. Covered shares are mutual fund shares acquired on or after January 1, 2012. A fund is not required to maintain and report information for shares not deemed as covered.
The new law requires each fund to elect a default tax identification methodology in order to perform the required reporting. As a result, the Trust has chosen Average Cost as its default tax identification methodology. This is the method each Fund will use. However, at the time of purchase or upon the sale of covered shares, shareholders may choose a different tax identification method. Furthermore, if you purchase shares through a financial intermediary, please contact the intermediary to find out what default tax identification method they will use. We recommend that you consult your tax adviser to determine which tax identification methodology best suits your individual tax situation.
72 | OTHER INFORMATION |
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For More Information
This report is for the general information of the Funds’ shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. You may obtain a copy of the prospectus, which contains information about the investment objectives, risks, charges, expenses, and share classes of each ICON Fund, by visiting www.iconfunds.com or by calling 1-800-764-0442. Please read the prospectus carefully before investing.
ICON Distributors, Inc., Distributor.
OTHER INFORMATION | 73 |
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For more information about the ICON Funds, contact us:
By Telephone | 1-800-764-0442 | |
By Mail | ICON Funds P.O. Box 55452 Boston, MA 02205-8165 | |
In Person | ICON Funds 5299 DTC Boulevard, 12th Floor Greenwood Village, CO 80111 | |
On the Internet | www.iconfunds.com | |
By E-Mail | info@iconadvisers.com |
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Item 2. Code of Ethics.
Not applicable – only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable – only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable – only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | The schedule of investments in securities of unaffiliated issuers is included in Item 1. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
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Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable – only for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
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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 30, 2012
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 30, 2012
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 30, 2012
* | Print the name and title of each signing officer under his or her signature. |