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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07883

ICON Funds

(Exact name of registrant as specified in charter)

5299 DTC Blvd. Suite 1200 Greenwood Village, CO 80111

(Address of principal executive offices) (Zip code)

Jessica A. Seidlitz 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, 2013

Date of reporting period: March 31, 2013

Item 1. Reports to Stockholders.

2013 SEMIANNUAL REPORT

ICON DIVERSIFIED FUNDS

INVESTMENT UPDATE

(UNAUDITED)

ICON Bond Fund

ICON Equity Income Fund

ICON Fund

ICON Long/Short Fund

ICON Risk-Managed Balanced Fund (formerly, ICON Risk-Managed Equity Fund)

1-800-764-0442 | www.iconfunds.com

SAR-DIV-13 B95218

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

TABLEOF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Bond Fund	4
ICON Equity Income Fund	8
ICON Fund	11
ICON Long/Short Fund	13
ICON Risk-Managed Balanced Fund	16
Financial Statements (Unaudited)	20
Financial Highlights (Unaudited)	28
Notes to Financial Statements (Unaudited)	38
Six Month Hypothetical Expense Example (Unaudited)	58
Other Information (Unaudited)	61

ABOUT THIS REPORT (UNAUDITED)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions and adjustments for financial statement purposes. If your account is set up to receive Fund distributions in cash rather than to reinvest them, your actual return may differ from these figures. The Funds’ performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. 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, 2013, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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.

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

2 ABOUT THIS REPORT

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.

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 ICON system relies on the integrity of financial statements released to the market as part of our analysis.

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

ICON BOND FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (63.8%)
$	220,000	ACE INA Holdings, Inc.(a)		8.88	%		08/15/29	$	323,068
	152,000	Altria Group, Inc.		9.25	%		08/06/19		211,870
	450,000	Altria Group, Inc.		9.95	%		11/10/38		743,149
	1,440,000	American Express Bank FSB(b)		0.50	%		06/12/17		1,428,116
	1,000,000	American Express Co.		7.00	%		03/19/18		1,248,692
	900,000	American International Group, Inc.		4.25	%		05/15/13		903,872
	500,000	AmeriGas Finance LLC/AmeriGas Finance Corp.		7.00	%		05/20/22		543,750
	500,000	AT&T, Inc.		1.40	%		12/01/17		496,526
	900,000	AT&T, Inc.		5.80	%		02/15/19		1,085,360
	300,000	AutoNation, Inc.		5.50	%		02/01/20		325,500
	800,000	Avnet, Inc.		6.00	%		09/01/15		870,083
	355,000	B&G Foods, Inc.		7.63	%		01/15/18		378,963
	1,000,000	Ball Corp.		5.00	%		03/15/22		1,040,000
	950,000	Bank of America NA(b)		0.58	%		06/15/17		913,544
	300,000	Baxter International, Inc.		5.90	%		09/01/16		348,910
	950,000	Berkshire Hathaway Finance Corp.		4.25	%		01/15/21		1,068,398
	700,000	Berkshire Hathaway Finance Corp.		3.00	%		05/15/22		713,504
	500,000	Bottling Group LLC		5.50	%		04/01/16		568,534
	500,000	CA, Inc.		5.38	%		12/01/19		565,874
	500,000	Celgene Corp.		3.25	%		08/15/22		505,679
	450,000	Central Garden and Pet Co.		8.25	%		03/01/18		463,500
	500,000	CenturyLink, Inc., Series T		5.80	%		03/15/22		506,250
	550,000	CIT Group, Inc.		5.00	%		08/15/22		587,283
	450,000	Coca-Cola Co.		4.88	%		03/15/19		530,384
	500,000	Coca-Cola Co.		3.30	%		09/01/21		541,657
	450,000	Comcast Cable Holdings, LLC		9.46	%		11/15/22		681,919
	500,000	Commercial Metals Co.		7.35	%		08/15/18		555,000
	400,000	Constellation Brands, Inc.		7.25	%		09/01/16		454,000
	114,000	Cox Communications, Inc.(a)		7.63	%		06/15/25		148,563
	700,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.		2.40	%		03/15/17		717,964
	500,000	DISH DBS Corp.		7.13	%		02/01/16		555,625
	900,000	Dollar General Corp.		4.13	%		07/15/17		966,375
	500,000	Ecolab, Inc.		4.35	%		12/08/21		551,673
	300,000	Endo Health Solutions, Inc.		7.00	%		07/15/19		320,625

4 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
$	450,000	Entergy Corp.		3.63	%		09/15/15	$	470,190
	500,000	ERP Operating L.P.		5.38	%		08/01/16		566,417
	500,000	Fiserv, Inc.		4.75	%		06/15/21		542,005
	400,000	Ford Motor Credit Co., LLC		8.00	%		06/01/14		430,308
	1,000,000	Gap, Inc.		5.95	%		04/12/21		1,143,119
	500,000	General Electric Capital Corp.		4.75	%		09/15/14		529,117
	1,000,000	General Electric Capital Corp.(b)		0.49	%		05/11/16		987,386
	500,000	Google, Inc.		3.63	%		05/19/21		554,365
	1,500,000	HCP, Inc.		6.30	%		09/15/16		1,737,124
	500,000	HCP, Inc.		6.70	%		01/30/18		606,916
	450,000	Hospira, Inc.		6.05	%		03/30/17		512,073
	500,000	International Lease Finance Corp.		4.88	%		04/01/15		524,375
	300,000	Jarden Corp.		7.50	%		01/15/20		326,625
	450,000	John Hancock Life Insurance Co.(a)(c)		7.38	%		02/15/24		571,836
	800,000	Johnson & Johnson		5.55	%		08/15/17		956,841
	1,200,000	Johnson & Johnson		2.95	%		09/01/20		1,285,936
	1,000,000	JPMorgan Chase Bank NA(b)		0.61	%		06/13/16		984,070
	900,000	Kellogg Co.		4.00	%		12/15/20		1,002,069
	500,000	Life Technologies Corp.		3.50	%		01/15/16		521,854
	500,000	Limited Brands, Inc.		5.63	%		02/15/22		530,000
	900,000	Lockheed Martin Corp.		4.25	%		11/15/19		1,012,718
	1,400,000	Lorillard Tobacco Co.(d)		6.88	%		05/01/20		1,697,916
	500,000	Masco Corp.		6.13	%		10/03/16		558,352
	500,000	Mead Johnson Nutrition Co.		4.90	%		11/01/19		568,298
	450,000	Medco Health Solutions, Inc.		2.75	%		09/15/15		469,167
	800,000	Merck & Co., Inc.		6.00	%		09/15/17		969,584
	900,000	Morgan Stanley(b)		0.78	%		10/15/15		885,068
	950,000	Morgan Stanley(e)		3.50	%		10/15/20		976,037
	500,000	National City Corp.		6.88	%		05/15/19		619,021
	900,000	Novartis Capital Corp.		4.40	%		04/24/20		1,038,330
	1,000,000	NVR, Inc.		3.95	%		09/15/22		1,026,510
	900,000	PepsiCo, Inc.		5.00	%		06/01/18		1,058,554
	500,000	PepsiCo, Inc.		3.13	%		11/01/20		535,400
	500,000	Simon Property Group L.P.		5.10	%		06/15/15		546,833
	350,000	Southern Copper Corp.		5.38	%		04/16/20		397,404
	1,000,000	Suntrust Banks, Inc.(b)		0.61	%		04/01/15		989,154
	500,000	Tennessee Gas Pipeline Co.		7.00	%		10/15/28		678,666
	600,000	Tesoro Corp.(d)		4.25	%		10/01/17		627,000
	300,000	Thermo Fisher Scientific, Inc.		3.20	%		03/01/16		317,963
	400,000	Toll Brothers Finance Corp.		6.75	%		11/01/19		466,743
	500,000	Torchmark Corp.		6.38	%		06/15/16		562,408

SCHEDULEOF INVESTMENTS 5

Shares or Principal Amount			Interest Rate			Maturity Date		Value
$	450,000	TransDigm, Inc.		7.75	%		12/15/18	$	493,875
	500,000	United Parcel Service, Inc.		5.13	%		04/01/19		601,153
	850,000	Valmont Industries, Inc.		6.63	%		04/20/20		1,006,505
	500,000	Ventas Realty L.P./Ventas Capital Corp.		4.75	%		06/01/21		555,669
	450,000	Vornado Realty L.P.		4.25	%		04/01/15		475,631
	500,000	Wachovia Corp.		5.25	%		08/01/14		529,007
	500,000	Wal-Mart Stores, Inc.		5.38	%		04/05/17		588,374
	450,000	Wal-Mart Stores, Inc.		4.13	%		02/01/19		512,842
	700,000	Wal-Mart Stores, Inc.		3.25	%		10/25/20		757,073
	500,000	Wal-Mart Stores, Inc.		4.25	%		04/15/21		573,153
	900,000	Wells Fargo Bank NA(b)		0.50	%		05/16/16		885,288
	450,000	Windstream Corp.		8.13	%		08/01/13		459,000
	Total Corporate Bonds (Cost $57,368,656)								60,085,532
	U.S. Treasury Obligations (29.8%)
	2,000,000	U.S. Treasury Bond		2.75	%		11/15/42		1,853,750
	1,500,000	U.S. Treasury Note		2.00	%		02/15/22		1,542,071
	2,500,000	U.S. Treasury Note		2.13	%		08/15/21		2,612,500
	2,500,000	U.S. Treasury Note		1.25	%		01/31/19		2,541,602
	2,000,000	U.S. Treasury Note		0.13	%		12/31/14		1,996,562
	2,000,000	U.S. Treasury Note		1.13	%		12/31/19		1,992,812
	2,000,000	U.S. Treasury Note		0.25	%		01/31/15		2,000,468
	1,000,000	U.S. Treasury Note		0.38	%		02/15/16		1,000,625
	2,000,000	U.S. Treasury Note		0.25	%		02/28/15		2,000,156
	2,000,000	U.S. Treasury Note		0.63	%		08/31/17		1,997,968
	2,000,000	U.S. Treasury Note		0.38	%		03/15/16		2,001,250
	2,000,000	U.S. Treasury Note		2.38	%		07/31/17		2,149,218
	2,000,000	U.S. Treasury Note		3.63	%		02/15/20		2,323,750
	2,000,000	U.S. Treasury Note		1.88	%		08/31/17		2,107,500
	Total U.S. Treasury Obligations (Cost $27,353,051)								28,120,232
	Foreign Corporate Bonds (1.8%)
	1,000,000	Gold Fields Orogen Holding BVI, Ltd.(a)(c)		4.88	%		10/07/20		982,500
	300,000	LyondellBasell Industries		5.00	%		04/15/19		339,000
	300,000	Telefonica Emisiones SAU		6.42	%		06/20/16		332,721
	Total Foreign Corporate Bonds (Cost $1,629,491)								1,654,221
	Collateral for Securities on Loan (2.4%)
	2,304,225	State Street Navigator Prime Portfolio, 0.22%							2,304,225
	Total Collateral for Securities on Loan (Cost $2,304,225)								2,304,225

6 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investments (5.3%)
$	5,003,645	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13	$	5,003,645
	Total Short-Term Investments (Cost $5,003,645)			5,003,645
	Total Investments 103.1% (Cost $93,659,068)			97,167,855
	Liabilities Less Other Assets (3.1)%			(2,883,562	)
	Net Assets 100.0%		$	94,284,293

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

(a) These securities are considered to be illiquid. The aggregate value of these securities at March 31, 2013 was $2,025,967, which represent 2.1% of the Fund’s Net Assets.

(b) Floating Rate Security. Rate disclosed is as of March 31, 2013.

(c) Security was acquired pursuant to Rule 144A of the Securities Act of 1933 and may be deemed to be restricted for resale.

(d) All or a portion of the security was on loan as of March 31, 2013.

(e) Step Bond - the coupon is at a fixed rate and resets at a specific date and rate. The rate disclosed is as of March 31, 2013.

ICON Bond Fund

Credit Diversification

March 31, 2013 (unaudited)

Aaa	32.2%
Aa2	5.0%
Aa3	6.2%
A1	3.6%
A2	1.5%
A3	6.2%
Baa1	14.7%
Baa2	7.5%
Baa3	7.2%
Ba1	4.4%
Ba2	2.6%

Ba3	2.6%
B1	0.4%
B2	0.8%
B3	0.5%
	95.4%

Percentages are based upon U.S. Treasury obligations, corporate and foreign corporate bond investments as a percentage of net assets. Ratings based on Moody’s Investors Service, Inc.

SCHEDULEOF INVESTMENTS 7

ICON EQUITY INCOME FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (85.6%)
	4,300	American Electric Power Co., Inc.	$	209,109
	28,100	Annaly Capital Management, Inc., REIT(a)		446,509
	800	Apple, Inc.		354,104
	11,700	Avista Corp.		320,580
	8,000	BCE, Inc.		373,520
	12,400	CA, Inc.		312,108
	3,400	Chevron Corp.		403,988
	6,000	Computer Programs & Systems, Inc.		324,660
	3,500	ConocoPhillips		210,350
	9,300	Dow Chemical Co.		296,112
	6,600	Dr. Pepper Snapple Group, Inc.		309,870
	4,200	Energy Transfer Partners L.P.		212,898
	7,700	Ensco PLC, Class A		462,000
	4,300	EPR Properties, REIT		223,815
	8,600	Garmin, Ltd.(a)		284,144
	16,700	Gentex Corp.		334,167
	14,200	Healthcare Services Group, Inc.		363,946
	3,300	Illinois Tool Works, Inc.		201,102
	6,700	Integrys Energy Group, Inc.		389,672
	28,300	Interpublic Group of Cos., Inc.		368,749
	5,900	Johnson & Johnson		481,027
	10,800	JPMorgan Chase & Co.		512,568
	4,900	Lorillard, Inc.		197,715
	2,400	M&T Bank Corp.(a)		247,584
	3,600	McGraw-Hill Cos., Inc.		187,488
	6,500	Men’s Wearhouse, Inc.		217,230
	4,600	Methanex Corp.		186,898
	7,000	MTS Systems Corp.		407,050
	16,400	Newell Rubbermaid, Inc.		428,040

Shares or Principal Amount			Value
	5,000	Nordstrom, Inc.	$	276,150
	5,100	Norfolk Southern Corp.		393,108
	4,300	Northern Trust Corp.		234,608
	9,400	Nucor Corp.		433,810
	3,600	Oceaneering International, Inc.		239,076
	7,100	Omnicom Group, Inc.		418,190
	4,700	Philip Morris International, Inc.		435,737
	7,600	Principal Financial Group, Inc.		258,628
	3,400	Rayonier, Inc., REIT(a)		202,878
	15,500	Republic Services, Inc.		511,500
	6,500	Reynolds American, Inc.		289,185
	7,700	Seagate Technology PLC		281,512
	6,600	South Jersey Industries, Inc.		366,894
	7,000	Spectra Energy Corp.		215,250
	5,200	Target Corp.		355,940
	5,200	Teekay LNG Partners L.P.		215,436
	4,200	Tiffany & Co.		292,068
	9,000	Total System Services, Inc.		223,020
	4,100	Tupperware Brands Corp.		335,134
	7,900	UIL Holdings Corp.		312,761
	4,700	United Technologies Corp.		439,121
	2,200	V.F. Corp.		369,050
	7,200	Valassis Communications, Inc.(a)		215,064
	5,500	Valero Energy Corp.		250,195
	5,500	Waddell & Reed Financial, Inc., Class A		240,790
	12,800	Wells Fargo & Co.		473,472
	13,300	Westar Energy, Inc.		441,294

8 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	7,900	Williams Cos., Inc.	$	295,934
	9,100	Xcel Energy, Inc.		270,270
	Total Common Stocks (Cost $16,705,752)			18,553,078

Shares or Principal Amount			Value
	Preferred Stock (1.7%)
	14,100	Discover Financial Services, Series B(a)	$	364,344
	Total Preferred Stocks (Cost $364,908)			364,344

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (8.8%)
$	300,000	Altria Group, Inc.		9.95	%		11/10/38	$	495,433
	350,000	Commercial Metals Co.		7.35	%		08/15/18		388,500
	300,000	Gap, Inc.		5.95	%		04/12/21		342,935
	350,000	Limited Brands, Inc.		5.63	%		02/15/22		371,000
	300,000	Tesoro Corp.(a)		4.25	%		10/01/17		313,500
	Total Corporate Bonds (Cost $1,889,978)								1,911,368

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
Call Options Purchased (0.3%)
Commercial Metals Co., June 2013, $15.00		200	$	24,500
Discover Financial Services, January 2014, $45.00		78		30,420
Tractor Supply Co., January 2014, $115.00		29		14,935
Total Call Options Purchased (Cost $48,906)				69,855

Shares or Principal Amount			Value
	Collateral for Securities on Loan (8.6%)
	1,857,529	State Street Navigator Prime Portfolio, 0.22%	$	1,857,529
	Total Collateral for Securities on Loan (Cost $1,857,529)			1,857,529
	Short-Term Investments (3.0%)
$	647,377	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		647,377
	Total Short-Term Investments (Cost $647,377)			647,377
	Total Investments 108.0% (Cost $21,514,450)			23,403,551
	Liabilities Less Other Assets (8.0)%			(1,731,206	)
	Net Assets 100.0%		$	21,672,345

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, 2013.

REIT Real Estate Investment Trust

SCHEDULEOF INVESTMENTS 9

ICON Equity Income Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Discretionary	18.8%
Financial	14.8%
Utilities	12.4%
Energy	11.6%
Industrials	8.8%
Information Technology	7.3%
Consumer Staples	5.7%
Materials	4.2%
Health Care	3.7%
	87.3%

Percentages are based upon common and preferred stocks as a percentage of net assets.

ICON Equity Income Fund

Industry Composition

March 31, 2013 (unaudited)

Multi-Utilities	4.5%
Electric Utilities	4.5%
Oil & Gas Storage & Transportation	4.3%
Tobacco	4.3%
Advertising	3.6%
Housewares & Specialties	3.5%
Integrated Oil & Gas	2.8%
Environmental & Facilities Services	2.4%
Other Diversified Financial Services	2.4%
Asset Management & Custody Banks	2.2%
Diversified Banks	2.2%
Pharmaceuticals	2.2%
Mortgage REIT’s	2.1%
Oil & Gas Drilling	2.1%
Aerospace & Defense	2.0%
Specialized REIT’s	2.0%
Steel	2.0%
Electronic Equipment & Instruments	1.9%
Publishing	1.9%
Railroads	1.8%
Apparel, Accessories & Luxury Goods	1.7%
Consumer Finance	1.7%

Diversified Support Services	1.7%
Gas Utilities	1.7%
Integrated Telecommunication Services	1.7%
Auto Parts & Equipment	1.6%
Computer Hardware	1.6%
General Merchandise Stores	1.6%
Health Care Technology	1.5%
Diversified Chemicals	1.4%
Soft Drinks	1.4%
Systems Software	1.4%
Computer Storage & Peripherals	1.3%
Consumer Electronics	1.3%
Department Stores	1.3%
Specialty Stores	1.3%
Life & Health Insurance	1.2%
Oil & Gas Refining & Marketing	1.2%
Oil & Gas Equipment & Services	1.1%
Regional Banks	1.1%
Apparel Retail	1.0%
Data Processing & Outsourced Services	1.0%
Other Industries (each less than 1%)	1.8%
	87.3%

Percentages are based upon common and preferred stocks as a percentage of net assets.

10 SCHEDULEOF INVESTMENTS

ICON FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (100.2%)
	11,700	Accenture PLC, Class A	$	888,849
	5,000	Apple, Inc.		2,213,150
	15,800	Cash America International, Inc.		829,026
	17,300	Caterpillar, Inc.		1,504,581
	46,600	CSX Corp.		1,147,758
	10,100	Dover Corp.		736,088
	19,600	Dril-Quip, Inc.†		1,708,532
	11,500	Eaton Corp.		704,375
	14,800	EMC Corp.†		353,572
	11,600	F5 Networks, Inc.†		1,033,328
	9,600	FedEx Corp.		942,720
	33,700	FMC Technologies, Inc.†		1,832,943
	22,500	Hibbett Sports, Inc.†		1,266,075
	9,100	International Business Machines Corp.		1,941,030
	32,600	JPMorgan Chase & Co.		1,547,196
	15,700	Lululemon Athletica, Inc.†(a)		978,895
	29,600	Nike, Inc., Class B		1,746,696
	26,400	Oceaneering International, Inc.		1,753,224
	6,000	Panera Bread Co., Class A†		991,440

Shares or Principal Amount			Value
	22,700	Questcor Pharmaceuticals, Inc.(a)	$	738,658
	8,300	Time Warner Cable, Inc.		797,298
	31,700	TJX Cos., Inc.		1,481,975
	13,400	Tractor Supply Co.		1,395,342
	14,500	Union Pacific Corp.		2,064,945
	14,800	Valero Energy Corp.		673,252
	30,200	Viacom, Inc., Class B		1,859,414
	27,700	Walt Disney Co.		1,573,360
	29,400	Wells Fargo & Co.		1,087,506
	15,900	Wolverine World Wide, Inc.		705,483
	Total Common Stocks (Cost $25,672,525)			36,496,711
	Collateral for Securities on Loan (4.1%)
	1,509,075	State Street Navigator Prime Portfolio, 0.22%		1,509,075
	Total Collateral for Securities on Loan (Cost $1,509,075)			1,509,075
	Total Investments 104.3% (Cost $27,181,600)			38,005,786
	Liabilities Less Other Assets (4.3)%			(1,565,409	)
	Net Assets 100.0%		$	36,440,377

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, 2013.

SCHEDULEOF INVESTMENTS 11

ICON Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Discretionary	35.1%
Industrials	19.5%
Information Technology	17.6%
Energy	16.4%
Financial	9.6%
Health Care	2.0%
	100.2%

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

ICON Fund

Industry Composition

March 31, 2013 (unaudited)

Oil & Gas Equipment & Services	14.5%
Movies & Entertainment	9.4%
Railroads	8.8%
IT Consulting & Other Services	7.8%
Specialty Stores	7.3%
Footwear	6.7%
Computer Hardware	6.1%
Other Diversified Financial Services	4.3%
Apparel Retail	4.1%
Construction & Farm Machinery & Heavy Trucks	4.1%
Diversified Banks	3.0%
Communications Equipment	2.8%
Apparel, Accessories & Luxury Goods	2.7%

Restaurants	2.7%
Air Freight & Logistics	2.6%
Consumer Finance	2.3%
Cable & Satellite	2.2%
Industrial Machinery	2.0%
Pharmaceuticals	2.0%
Electrical Components & Equipment	1.9%
Oil & Gas Refining & Marketing	1.9%
Computer Storage & Peripherals	1.0%
	100.2%

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

12 SCHEDULEOF INVESTMENTS

ICON LONG/SHORT FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (102.4%)
	9,500	Accenture PLC, Class A	$	721,715
	1,900	Apple, Inc.(x)		840,997
	11,300	Bed Bath & Beyond, Inc.†		727,946
	24,100	Bio-Reference Labs, Inc.†(a)		626,118
	4,900	Caterpillar, Inc.(x)		426,153
	11,100	Cognizant Technology Solutions Corp., Class A†(x)		850,371
	22,000	CSX Corp.		541,860
	6,300	Danaher Corp.		391,545
	5,200	Dover Corp.		378,976
	5,600	Dril-Quip, Inc.†		488,152
	8,400	F5 Networks, Inc.†		748,272
	4,600	FedEx Corp.		451,720
	12,100	FMC Technologies, Inc.†		658,119
	13,400	Hibbett Sports, Inc.†		754,018
	3,200	International Business Machines Corp.(x)		682,560
	14,400	Jarden Corp.†		617,040
	11,600	JPMorgan Chase & Co.		550,536
	800	Mastercard, Inc., Class A		432,904
	23,200	Nike, Inc., Class B		1,369,032
	7,700	Norfolk Southern Corp.		593,516
	9,400	Oceaneering International, Inc.		624,254

Shares or Principal Amount			Value
	4,300	Panera Bread Co., Class A†	$	710,532
	5,600	Questcor Pharmaceuticals, Inc.(a)		182,224
	15,100	ResMed, Inc.(a)		700,036
	2,800	Target Corp.		191,660
	6,100	Time Warner Cable, Inc.		585,966
	16,600	TJX Cos., Inc.(x)		776,050
	7,700	Tractor Supply Co.		801,801
	2,400	V.F. Corp.		402,600
	14,900	Valero Energy Corp.		677,801
	6,000	Walt Disney Co.(x)		340,800
	15,000	Wells Fargo & Co.		554,850
	Total Common Stocks (Cost $16,221,417)			19,400,124
	Collateral for Securities on Loan (7.8%)
	1,469,253	State Street Navigator Prime Portfolio, 0.22%		1,469,253
	Total Collateral for Securities on Loan (Cost $1,469,253)			1,469,253
	Total Investments 110.2% (Cost $17,690,670)			20,869,377
	Liabilities Less Other Assets (10.2)%			(1,925,374	)
	Net Assets 100.0%		$	18,944,003

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, 2013.

SCHEDULEOF INVESTMENTS 13

ICON LONG/SHORT FUND

SCHEDULEOF SECURITIES SOLD SHORT

MARCH 31, 2013 (UNAUDITED)

Shares		Short Security	Value
	2,000	SL Green Realty Corp., REIT	$	172,220
	3,300	Texas Industries, Inc.†		208,263
Total Securities Sold Short (Proceeds $234,016)			$	380,483

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

† Non-income producing security.

REIT Real Estate Investment Trust

14 SCHEDULEOF INVESTMENTS

ICON Long/Short Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Discretionary	38.4%
Information Technology	22.5%
Industrials	14.7%
Energy	13.0%
Health Care	8.0%
Financial	5.8%
	102.4%

Percentages are based upon common, preferred and convertible preferred stocks as a percentage of net assets.

ICON Long/Short Fund

Industry Composition

March 31, 2013 (unaudited)

IT Consulting & Other Services	11.9%
Oil & Gas Equipment & Services	9.3%
Specialty Stores	8.2%
Footwear	7.2%
Railroads	6.0%
Computer Hardware	4.4%
Apparel Retail	4.1%
Communications Equipment	4.0%
Homefurnishing Retail	3.8%
Restaurants	3.8%
Health Care Equipment	3.7%
Oil & Gas Refining & Marketing	3.6%
Health Care Services	3.3%
Housewares & Specialties	3.3%
Cable & Satellite	3.1%
Diversified Banks	2.9%

Other Diversified Financial Services	2.9%
Air Freight & Logistics	2.4%
Data Processing & Outsourced Services	2.3%
Construction & Farm Machinery & Heavy Trucks	2.2%
Apparel, Accessories & Luxury Goods	2.1%
Industrial Conglomerates	2.1%
Industrial Machinery	2.0%
Movies & Entertainment	1.8%
General Merchandise Stores	1.0%
Pharmaceuticals	1.0%
	102.4%

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

SCHEDULEOF INVESTMENTS 15

ICON RISK-MANAGED BALANCED FUND

SCHEDULEOF INVESTMENTS

(FORMERLY ICON RISK-MANAGED EQUITY FUND)

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (81.6%)
	3,000	3M Co.	$	318,930
	4,200	Abbott Laboratories		148,344
	5,300	Accenture PLC, Class A		402,641
	1,000	Apple, Inc.(x)		442,630
	1,000	Atwood Oceanics, Inc.†		52,540
	4,800	BB&T Corp.(x)		150,672
	900	Chevron Corp.		106,938
	4,000	Coca-Cola Co.		161,760
	5,300	Computer Programs & Systems, Inc.		286,783
	1,700	ConocoPhillips(x)		102,170
	4,300	CSX Corp.		105,909
	1,100	Dover Corp.		80,168
	1,600	Dril-Quip, Inc.†		139,472
	1,200	E.I. du Pont de Nemours & Co.(x)		58,992
	6,200	Emerson Electric Co.		346,394
	3,300	Energy Transfer Partners L.P.		167,277
	2,300	FMC Corp.		131,169
	4,100	GameStop Corp., Class A(a)		114,677
	1,300	Genuine Parts Co.		101,400
	6,900	Hawaiian Electric Industries, Inc.		191,199
	5,900	Intel Corp.		128,915
	1,300	International Business Machines Corp.(x)		277,290
	6,100	Johnson & Johnson		497,333
	10,200	JPMorgan Chase & Co.(x)		484,092
	2,600	LyondellBasell Industries, Class A		164,554
	1,100	M&T Bank Corp.(a)		113,476
	900	MDC Holdings, Inc.		32,985
	1,400	National Oilwell Varco, Inc.		99,050

Shares or Principal Amount			Value
	5,500	Newell Rubbermaid, Inc.	$	143,550
	2,400	Nike, Inc., Class B(x)		141,624
	3,600	Noble Corp.		137,340
	3,700	Nucor Corp.		170,755
	3,500	Oceaneering International, Inc.		232,435
	1,300	Oil States International, Inc.†		106,041
	900	Parker Hannifin Corp.		82,422
	30,000	PDL BioPharma, Inc.(a)		219,300
	1,400	Philip Morris International, Inc.		129,794
	1,700	PulteGroup, Inc.†		34,408
	4,800	Reynolds American, Inc.		213,552
	900	Ryland Group, Inc.(x)		37,458
	2,200	SCANA Corp.		112,552
	3,700	Southern Co.		173,604
	2,100	Target Corp.(x)		143,745
	6,400	TJX Cos., Inc.(x)		299,200
	1,000	Toll Brothers, Inc.†		34,240
	5,400	U.S. Bancorp(x)		183,222
	1,800	Union Pacific Corp.(x)		256,338
	2,100	United Technologies Corp.(x)		196,203
	9,000	Valero Energy Corp.		409,410
	7,400	Walt Disney Co.(x)		420,320
	12,900	Wells Fargo & Co.(x)		477,171
	7,600	Westar Energy, Inc.		252,168
	4,500	Xcel Energy, Inc.		133,650
	Total Common Stocks (Cost $8,027,998)			10,148,262

16 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Interest Rate			Maturity Date		Value
	Corporate Bonds (14.4%)
$	100,000	Altria Group, Inc.		9.25	%		08/06/19	$	139,388
	200,000	Berkshire Hathaway, Inc.		3.40	%		01/31/22		210,778
	200,000	Coca-Cola Co.		3.30	%		09/01/21		216,663
	200,000	Ecolab, Inc.		4.35	%		12/08/21		220,669
	200,000	Gap, Inc.		5.95	%		04/12/21		228,624
	200,000	Johnson & Johnson		5.55	%		08/15/17		239,210
	100,000	Lockheed Martin Corp.		2.13	%		09/15/16		103,861
	200,000	Thermo Fisher Scientific, Inc.		3.20	%		03/01/16		211,976
	200,000	Wal-Mart Stores, Inc.		3.25	%		10/25/20		216,307
	Total Corporate Bonds (Cost $1,796,199)								1,787,476
	U.S. Treasury Obligations (4.0%)
	100,000	U.S. Treasury Note		1.25	%		01/31/19		101,664
	200,000	U.S. Treasury Note		0.63	%		08/31/17		199,797
$	200,000	U.S. Treasury Note		1.13	%		12/31/19		199,281
	Total U.S. Treasury Obligations (Cost $499,088)								500,742

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
Put Options Purchased (0.1%)
S+P 500 Index, April 2013, $1,450.00		10	$	1,350
S+P 500 Index, April 2013, $1,500.00		30		9,750
Total Put Options Purchased (Cost $52,335)				11,100

Shares or Principal Amount			Value
	Collateral for Securities on Loan (3.5%)
	428,901	State Street Navigator Prime Portfolio, 0.22%	$	428,901
	Total Collateral for Securities on Loan (Cost $428,901)			428,901
	Short-Term Investments (0.2%)
$	23,259	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		23,259
	Total Short-Term Investments (Cost $23,259)			23,259
	Total Investments 103.8% (Cost $10,827,780)			12,899,740
	Liabilities Less Other Assets (3.8)%			(472,460	)
	Net Assets 100.0%		$	12,427,280

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

* All options have 100 shares per contract.

† Non-income producing security.

(x) All or a portion of the security is pledged as collateral for call options written.

(a) All or a portion of the security was on loan as of March 31, 2013.

SCHEDULEOF INVESTMENTS 17

ICON RISK-MANAGED BALANCED FUND

SCHEDULEOF WRITTEN CALL OPTIONS

(FORMERLY ICON RISK-MANAGED EQUITY FUND)

MARCH 31, 2013 (UNAUDITED)

Underlying Security/ Expiration Date/ Exercise Price	Contracts*		Value
S+P 500 Index, April 2013, $1,570.00		25	$	36,750
Total Options Written (Premiums received $29,466)			$	36,750

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

* All options have 100 shares per contract.

18 SCHEDULEOF INVESTMENTS

ICON Risk-Managed Balanced Fund

Sector Composition

March 31, 2013 (unaudited)

Energy	12.5%
Consumer Discretionary	12.2%
Financial	11.3%
Industrials	11.1%
Information Technology	10.0%
Health Care	9.3%
Utilities	5.4%
Materials	4.3%
Consumer Staples	4.0%
Telecommunication & Utilities	1.5%
	81.6%

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

ICON Risk-Managed Balanced Fund

Industry Composition

March 31, 2013 (unaudited)

IT Consulting & Other Services	5.5%
Diversified Banks	5.3%
Pharmaceuticals	5.2%
Electric Utilities	5.0%
Oil & Gas Equipment & Services	4.6%
Other Diversified Financial Services	3.9%
Computer Hardware	3.6%
Movies & Entertainment	3.4%
Oil & Gas Refining & Marketing	3.3%
Railroads	2.9%
Electrical Components & Equipment	2.8%
Tobacco	2.8%
Industrial Conglomerates	2.6%
Apparel Retail	2.4%
Health Care Technology	2.3%
Regional Banks	2.1%
Multi-Utilities	2.0%
Biotechnology	1.8%
Integrated Oil & Gas	1.7%

Aerospace & Defense	1.6%
Diversified Chemicals	1.5%
Oil & Gas Drilling	1.5%
Steel	1.4%
Oil & Gas Storage & Transportation	1.3%
Commodity Chemicals	1.3%
Industrial Machinery	1.3%
Soft Drinks	1.3%
General Merchandise Stores	1.2%
Housewares & Specialties	1.1%
Footwear	1.1%
Homebuilding	1.1%
Semiconductors	1.0%
Other Industries (each less than 1%)	1.7%
	81.6%

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

SCHEDULEOF INVESTMENTS 19

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Bond Fund		ICON Equity Income Fund		ICON Fund		ICON Long/Short Fund		ICON Risk-Managed Balanced Fund
Assets
Investments, at cost	$	93,659,068	$	21,514,450	$	27,181,600	$	17,690,670	$	10,827,780
Investments, at value†		97,167,855		23,403,551		38,005,786		20,869,377		12,899,740
Deposits for Short Sales		-		-		-		388,093		-
Cash		-		14,254		-		-		952
Receivables:
Fund shares sold		266,049		72,484		3,563		21,810		20,806
Interest		746,824		32,391		-		-		17,177
Dividends		-		74,371		27,778		5,674		19,698
Expense reimbursements due from Adviser		36,538		13,388		10,224		15,721		17,158
Foreign tax reclaims		-		11,646		476		-		-
Other assets		17,187		16,643		26,021		16,321		16,519
Total Assets		98,234,453		23,638,728		38,073,848		21,316,996		12,992,050
Liabilities
Options written, at value (premiums received $29,466)		-		-		-		-		36,750
Securities sold short, at value (proceeds of $234,016)		-		-		-		380,483		-
Payables:
Due to custodian bank		-		-		5,357		186,150		-
Due to prime broker		-		-		-		93,524		46,049
Investments purchased		1,441,005		-		-		-		-
Payable for collateral received on securities loaned		2,304,225		1,857,529		1,509,075		1,469,253		428,901
Fund shares redeemed		97,824		16,964		32,072		190,370		6,313
Dividends from short positions		-		-		-		660		-
Distributions due to shareholders		7,742		35,702		-		-		3,406
Advisory fees		44,716		13,533		24,415		14,321		8,063
Accrued distribution fees		4,451		7,049		17,954		7,118		2,598
Fund accounting fees		5,412		1,345		2,799		1,249		795
Transfer agent fees		16,894		10,427		15,889		7,984		8,361
Administration fees		3,726		902		1,628		842		538
Trustee fees		2,535		678		1,519		574		383
Accrued expenses		21,630		22,254		22,763		20,465		22,613
Total Liabilities		3,950,160		1,966,383		1,633,471		2,372,993		564,770
Net Assets - all share classes	$	94,284,293	$	21,672,345	$	36,440,377	$	18,944,003	$	12,427,280
Net Assets - Class S	$	81,614,409	$	4,127,033	$	6,469,465	$	3,507,222	$	6,417,754
Net Assets - Class C	$	3,653,802	$	5,414,041	$	18,222,430	$	5,704,870	$	2,102,379
Net Assets - Class A	$	9,016,082	$	12,131,271	$	11,748,482	$	9,731,911	$	3,907,147

20 FINANCIAL STATEMENTS

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund			ICON Long/Short Fund			ICON Risk-Managed Balanced Fund
Net Assets Consist of
Paid-in capital	$	90,064,244		$	45,846,931		$	60,116,695		$	76,808,642		$	28,891,958
Accumulated undistributed net investment income/(loss)		(152	)		13,088			51,393			(76,897	)		1,416
Accumulated undistributed net realized gain/(loss)		711,414			(26,076,818	)		(34,551,897	)		(60,819,982	)		(18,530,770	)
Unrealized appreciation/(depreciation)		3,508,787			1,889,144			10,824,186			3,032,240			2,064,676
Net Assets	$	94,284,293		$	21,672,345		$	36,440,377		$	18,944,003		$	12,427,280
Shares outstanding (unlimited shares authorized, no par value)
Class S		8,045,346			310,924			523,386			221,902			496,252
Class C		358,788			405,661			1,601,936			390,866			175,538
Class A		888,363			918,607			992,203			627,397			308,443
Net asset value (offering and redemption price per share)
Class S	$	10.14		$	13.27		$	12.36		$	15.81		$	12.93
Class C	$	10.18		$	13.35		$	11.38		$	14.60		$	11.98
Class A	$	10.15		$	13.21		$	11.84		$	15.51		$	12.67
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	10.66		$	14.02		$	12.56		$	16.46		$	13.44
† Includes securities on loan of	$	2,208,670		$	1,820,816		$	1,468,975		$	1,432,959		$	425,080

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

FINANCIAL STATEMENTS 21

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2013 (UNAUDITED)

	ICON Bond Fund			ICON Equity Income Fund			ICON Fund			ICON Long/Short Fund			ICON Risk- Managed Balanced Fund
Investment Income
Interest	$	1,416,502		$	30,995		$	2		$	5		$	11,152
Dividends		-			558,234			417,400			168,792			178,214
Income from securities lending, net		12,854			7,609			26,528			11,111			3,010
Foreign taxes withheld		-			(1,915	)		(37	)		-			-
Total Investment Income		1,429,356			594,923			443,893			179,908			192,376
Expenses
Advisory fees		259,845			80,517			172,516			98,638			47,109
Distribution fees:
Class C		15,556			25,812			89,226			28,809			10,521
Class A		9,955			14,125			14,669			17,370			4,838
Fund accounting fees		13,377			3,346			7,414			3,298			2,116
Transfer agent fees		43,196			26,004			47,052			25,050			19,441
Administration fees		21,654			5,368			11,501			5,802			3,141
Custody fees		1,895			1,818			1,181			1,057			1,832
Registration fees:
Class S		1,665			623			1,824			581			665
Class C		2,154			2,217			2,559			2,262			2,323
Class A		901			3,939			3,769			4,045			3,928
Insurance expense		7,542			2,289			5,124			1,263			1,377
Trustee fees and expenses		4,796			1,188			2,697			1,302			665
Audit and tax service expense		14,449			15,736			15,035			17,550			17,551
Interest expense		-			481			4,255			2,099			2,327
Recoupment of previously reimbursed expenses		-			-			4,875			-			-
Dividends on short positions		-			-			-			1,320			-
Prime broker expense		-			-			-			2,571			-
Other expenses		27,305			14,457			21,625			13,223			12,272
Total expenses before expense reimbursement		424,290			197,920			405,322			226,240			130,106
Expense reimbursement by Adviser due to expense limitation agreement		(73,972	)		(28,674	)		(12,822	)		(24,099	)		(37,042	)
Net Expenses		350,318			169,246			392,500			202,141			93,064
Net Investment Income/(Loss)		1,079,038			425,677			51,393			(22,233	)		99,312
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		1,181,149			1,783,004			6,434,706			2,110,167			1,152,726
Foreign currency		-			(28	)		-			-			-
Written options		-			-			-			-			3,933
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(1,677,582	)		13,334			(2,673,416	)		(224,257	)		(545,715	)
Written options		-			-			-			-			(13,410	)
Securities sold short		-			-			-			(86,198	)		-
Net realized and unrealized gain/(loss)		(496,433	)		1,796,310			3,761,290			1,799,712			597,534
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	582,605		$	2,221,987		$	3,812,683		$	1,777,479		$	696,846

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

22 FINANCIAL STATEMENTS

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STATEMENTSOF CHANGESIN NET ASSETS

	ICON Bond Fund						ICON Equity Income Fund
	Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012
Operations
Net investment income/(loss)	$	1,079,038		$	3,634,345		$	425,677		$	927,636
Net realized gain/(loss)		1,181,149			2,289,761			1,782,976			755,568
Change in net unrealized appreciation/(depreciation)		(1,677,582	)		3,238,077			13,334			5,113,358
Net increase/(decrease) in net assets resulting from operations		582,605			9,162,183			2,221,987			6,796,562
Dividends and Distributions to Shareholders
Net investment income
Class I*		-			(1,197,245	)		-			(241,898	)
Class S**		(956,744	)		(1,925,269	)		(94,328	)		(260,178	)
Class C		(31,214	)		(116,098	)		(84,065	)		(105,929	)
Class A		(91,232	)		(395,563	)		(233,544	)		(298,293	)
Net realized gains
Class I*		-			(1,600,813	)		-			-
Class S**		(2,116,924	)		(15,117	)		-			-
Class C		(105,020	)		(65,783	)		-			-
Class A		(208,330	)		(4,480	)		-			-
Net decrease from dividends and distributions		(3,509,464	)		(5,320,368	)		(411,937	)		(906,298	)
Fund Share Transactions
Shares sold
Class I*		-			10,974,194			-			987,981
Class S**		14,976,736			95,206,207			1,603,390			20,843,039
Class C		464,003			836,656			448,493			1,306,627
Class A***		3,032,783			29,040,913			1,715,906			12,715,353
Reinvested dividends and distributions
Class I*		-			2,526,419			-			231,892
Class S**		3,010,146			1,875,329			81,025			247,017
Class C		119,761			165,354			51,360			74,224
Class A		252,146			358,295			186,084			235,826
Shares repurchased
Class I*		-			(104,334,901	)		-			(30,536,686	)
Class S**		(15,213,989	)		(20,171,872	)		(5,051,399	)		(14,805,923	)
Class C		(572,631	)		(1,259,657	)		(682,097	)		(923,118	)
Class A***		(1,525,980	)		(22,958,360	)		(1,517,136	)		(5,901,423	)
Net increase/(decrease) from fund share transactions		4,542,975			(7,741,423	)		(3,164,374	)		(15,525,191	)
Total net increase/(decrease) in net assets		1,616,116			(3,899,608	)		(1,354,324	)		(9,634,927	)
Net Assets
Beginning of period		92,668,177			96,567,785			23,026,669			32,661,596
End of period	$	94,284,293		$	92,668,177		$	21,672,345		$	23,026,669

24 FINANCIAL STATEMENTS

ICON Fund						ICON Long/Short Fund						ICON Risk-Managed Balanced Fund
Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012
$	51,393		$	169,793		$	(22,233	)	$	(63,788	)	$	99,312		$	160,320
	6,434,706			2,561,945			2,110,167			(277,745	)		1,156,659			630,812
	(2,673,416	)		14,244,971			(310,455	)		3,722,984			(559,125	)		1,630,022
	3,812,683			16,976,709			1,777,479			3,381,451			696,846			2,421,154
	-			(161,444	)		-			-			-			(41,651	)
	(125,155	)		-			-			-			(60,864	)		(68,173	)
	-			-			-			-			(9,544	)		(7,633	)
	(44,656	)		-			-			-			(30,275	)		(42,911	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	(169,811	)		(161,444	)		-			-			(100,683	)		(160,368	)
	-			847,758			-			615,566			-			960,926
	724,956			40,695,868			673,341			6,330,779	��		806,766			12,234,963
	648,774			664,869			61,220			578,713			108,144			380,549
	371,427			19,633,373			1,360,196			18,944,856			415,828			8,459,342
	-			155,712			-			-			-			36,883
	120,377			-			-			-			58,091			63,891
	-			-			-			-			8,694			7,272
	44,027			-			-			-			24,359			34,051
	-			(56,622,985	)		-			(9,274,530	)		-			(18,292,414	)
	(18,408,592	)		(20,097,004	)		(935,855	)		(2,970,746	)		(1,457,087	)		(5,996,598	)
	(2,366,619	)		(4,806,640	)		(800,978	)		(1,381,252	)		(356,154	)		(513,378	)
	(2,067,843	)		(9,909,449	)		(8,353,390	)		(5,286,978	)		(756,728	)		(6,794,830	)
	(20,933,493	)		(29,438,498	)		(7,995,466	)		7,556,408			(1,148,087	)		(9,419,343	)
	(17,290,621	)		(12,623,233	)		(6,217,987	)		10,937,859			(551,924	)		(7,158,557	)
	53,730,998			66,354,231			25,161,990			14,224,131			12,979,204			20,137,761
$	36,440,377		$	53,730,998		$	18,944,003		$	25,161,990		$	12,427,280		$	12,979,204

FINANCIAL STATEMENTS 25

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Bond Fund						ICON Equity Income Fund
	Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class I*		-			1,086,363			-			89,438
Class S**		1,471,133			9,427,267			128,749			1,787,991
Class C		45,080			81,024			36,059			112,921
Class A***		297,188			2,888,672			139,534			1,092,400
Reinvested dividends and distributions
Class I*		-			252,285			-			20,872
Class S**		294,333			181,099			6,491			20,738
Class C		11,672			16,263			4,080			6,330
Class A		24,653			34,790			14,894			20,034
Shares repurchased
Class I*		-			(10,382,660	)		-			(2,620,173	)
Class S**		(1,463,907	)		(1,951,771	)		(409,127	)		(1,237,820	)
Class C		(55,496	)		(122,077	)		(54,672	)		(80,150	)
Class A***		(148,292	)		(2,233,329	)		(123,327	)		(507,849	)
Net increase/(decrease)		476,364			(722,074	)		(257,319	)		(1,295,268	)
Shares outstanding, beginning of period		8,816,133			9,538,207			1,892,511			3,187,779
Shares outstanding, end of period		9,292,497			8,816,133			1,635,192			1,892,511
Accumulated undistributed net investment income/(loss)	$	(152	)	$	-		$	13,088		$	(652	)

* 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.

26 FINANCIAL STATEMENTS

ICON Fund						ICON Long/Short Fund						ICON Risk-Managed Balanced Fund
Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012			Period Ended March 31, 2013 (unaudited)			Year Ended September 30, 2012
	-			85,117			-			49,085			-			86,186
	62,234			3,846,616			45,852			447,166			64,898			1,038,013
	61,132			67,437			4,494			43,992			9,565			34,974
	33,481			1,943,986			91,977			1,368,234			34,102			732,607
	-			16,136			-			-			-			3,305
	10,835			-			-			-			4,687			5,298
	-			-			-			-			762			659
	4,134			-			-			-			2,005			2,907
	-			(5,367,692	)		-			(693,486	)		-			(1,585,532	)
	(1,572,834	)		(1,838,509	)		(62,328	)		(212,423	)		(116,462	)		(505,652	)
	(222,514	)		(492,305	)		(57,867	)		(109,071	)		(31,307	)		(47,179	)
	(188,196	)		(948,363	)		(560,696	)		(378,149	)		(62,909	)		(586,238	)
	(1,811,728	)		(2,687,577	)		(538,568	)		515,348			(94,659	)		(820,652	)
	4,929,253			7,616,830			1,778,733			1,263,385			1,074,892			1,895,544
	3,117,525			4,929,253			1,240,165			1,778,733			980,233			1,074,892
$	51,393		$	169,811		$	(76,897	)	$	(54,664	)	$	1,416		$	2,787

FINANCIAL STATEMENTS 27

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 Bond Fund
Class S**
Period ended March 31, 2013†	$	10.51	$	0.13	$	(0.07	)	$	0.06		$	(0.13	)	$	(0.30	)
Year ended September 30, 2012		10.11		0.38		0.59			0.97			(0.40	)		(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	)		-
Class C
Period ended March 31, 2013†		10.55		0.09		(0.07	)		0.02			(0.09	)		(0.30	)
Year ended September 30, 2012		10.15		0.31		0.57			0.88			(0.31	)		(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	)		-
Class A***
Period ended March 31, 2013†		10.51		0.12		(0.06	)		0.06			(0.12	)		(0.30	)
Year ended September 30, 2012		10.11		0.36		0.58			0.94			(0.37	)		(0.17	)
Year ended September 30, 2011		10.81		0.46		(0.46	)		-			(0.48	)		(0.22	)

28 FINANCIAL HIGHLIGHTS

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.43	)	$	10.14		0.60	%	$	81,614		0.89	%		0.75	%		2.42	%		2.56	%		27.42	%
	(0.57	)		10.51		9.93	%		81,381		0.88	%		0.75	%		3.46	%		3.59	%		51.28	%
	(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	%
	(0.39	)		10.18		0.18	%		3,654		2.09	%		1.60	%		1.22	%		1.71	%		27.42	%
	(0.48	)		10.55		8.98	%		3,772		2.28	%		1.60	%		2.35	%		3.03	%		51.28	%
	(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	%
	(0.42	)		10.15		0.57	%		9,016		1.36	%		1.00	%		1.93	%		2.29	%		27.42	%
	(0.54	)		10.51		9.66	%		7,515		1.31	%		1.00	%		3.13	%		3.44	%		51.28	%
	(0.70	)		10.11		(0.02	)%		249		5.83	%		1.01	%		(0.38	)%		4.44	%		32.13	%

FINANCIAL HIGHLIGHTS 29

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 Equity Income Fund
Class S**
Period ended March 31, 2013†	$	12.18	$	0.25	$	1.11		$	1.36		$	(0.27	)	$	-
Year ended September 30, 2012		10.21		0.43		2.03			2.46			(0.49	)		-
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	)
Class C
Period ended March 31, 2013†		12.25		0.21		1.10			1.31			(0.21	)		-
Year ended September 30, 2012		10.16		0.29		2.06			2.35			(0.26	)		-
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	)
Class A***
Period ended March 31, 2013†		12.12		0.26		1.09			1.35			(0.26	)		-
Year ended September 30, 2012		10.15		0.39		2.03			2.42			(0.45	)		-
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	)

30 FINANCIAL HIGHLIGHTS

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.27	)	$	13.27		11.30	%	$	4,127		1.67	%		1.20	%		3.61	%		4.08	%		82.10	%
	(0.49	)		12.18		24.43	%		7,123		1.47	%		1.21	%		3.31	%		3.57	%		122.39	%
	(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	%
	(0.21	)		13.35		10.78	%		5,414		2.42	%		2.20	%		3.19	%		3.41	%		82.10	%
	(0.26	)		12.25		23.31	%		5,146		2.62	%		2.20	%		2.09	%		2.51	%		122.39	%
	(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	%
	(0.26	)		13.21		11.24	%		12,131		1.66	%		1.45	%		3.97	%		4.18	%		82.10	%
	(0.45	)		12.12		24.10	%		10,758		1.69	%		1.45	%		3.11	%		3.35	%		122.39	%
	(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	%

FINANCIAL HIGHLIGHTS 31

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 Fund
Class S**
Period ended March 31, 2013†	$	11.34	$	0.04		$	1.05		$	1.09		$	(0.07	)	$	-
Year ended September 30, 2012		8.82		0.07			2.45			2.52			-			-
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	)
Class C
Period ended March 31, 2013†		10.42		(0.02	)		0.98			0.96			-			-
Year ended September 30, 2012		8.17		(0.04	)		2.29			2.25			-			-
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	)
Class A***
Period ended March 31, 2013†		10.85		0.02			1.01			1.03			(0.04	)		-
Year ended September 30, 2012		8.46		0.03			2.36			2.39			-			-
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	)

32 FINANCIAL HIGHLIGHTS

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.07	)	$	12.36		9.72	%	$	6,469		1.23	%		1.23	%		0.74	%		0.74	%		22.00	%
	-			11.34		28.57	%		22,952		1.18	%		1.18	%		0.61	%		0.61	%		23.73	%
	-			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	%
	-			11.38		9.21	%		18,222		2.38	%		2.27	%		(0.47	)%		(0.36	)%		22.00	%
	-			10.42		27.54	%		18,378		2.35	%		2.28	%		(0.48	)%		(0.41	)%		23.73	%
	-			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	%
	(0.04	)		11.84		9.55	%		11,748		1.57	%		1.52	%		0.35	%		0.40	%		22.00	%
	-			10.85		28.25	%		12,401		1.54	%		1.54	%		0.27	%		0.27	%		23.73	%
	-			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	%

FINANCIAL HIGHLIGHTS 33

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 Long/Short Fund(d)
Class S**
Period ended March 31, 2013†	$	14.56	$	0.02		$	1.23		$	1.25		$	-		$	-
Year ended September 30, 2012		11.61		0.02			2.93			2.95			-			-
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	)
Class C
Period ended March 31, 2013†		13.52		(0.06	)		1.14			1.08			-			-
Year ended September 30, 2012		10.89		(0.11	)		2.74			2.63			-			-
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	)
Class A***
Period ended March 31, 2013†		14.31		-			1.20			1.20			-			-
Year ended September 30, 2012		11.44		(0.02	)		2.89			2.87			-			-
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	)

34 FINANCIAL HIGHLIGHTS

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and  transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	15.81		8.59	%	$	3,507		1.55	%		1.30	%		(0.02	)%		0.23	%		23.53	%
	-			14.56		25.41	%		3,471		2.18	%		1.35	%		(0.70	)%		0.13	%		54.26	%
	-			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	%
	-			14.60		7.99	%		5,705		2.65	%		2.35	%		(1.12	)%		(0.82	)%		23.53	%
	-			13.52		24.15	%		6,004		2.95	%		2.41	%		(1.44	)%		(0.90	)%		54.26	%
	-			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	%
	-			15.51		8.39	%		9,732		1.76	%		1.60	%		(0.20	)%		(0.04	)%		23.53	%
	-			14.31		25.09	%		15,687		2.09	%		1.65	%		(0.58	)%		(0.14	)%		54.26	%
	-			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	%

FINANCIAL HIGHLIGHTS 35

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 Risk-Managed Balanced Fund
Class S**
Period ended March 31, 2013†	$	12.32	$	0.11		$	0.62		$	0.73		$	(0.12	)	$	-
Year ended September 30, 2012		10.88		0.15			1.44			1.59			(0.15	)		-
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	)
Class C
Period ended March 31, 2013†		11.41		0.05			0.57			0.62			(0.05	)		-
Year ended September 30, 2012		10.09		0.02			1.34			1.36			(0.04	)		-
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	)
Class A***
Period ended March 31, 2013†		12.06		0.09			0.62			0.71			(0.10	)		-
Year ended September 30, 2012		10.66		0.11			1.41			1.52			(0.12	)		-
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	)

(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 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 the interest expense.

(d) The Fund’s operating expenses, not including dividends on short positions, are contractually limited to 1.25% for Class S, 2.30% for Class C and 1.55% for Class A. The ratios in these financial highlights reflect the limitation, including the interest expense.

(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 11.38%, 2.54% and 5.60% for Class S, C and A, respectively.

36 FINANCIAL HIGHLIGHTS

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/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and  transfer agent earnings credits(c)			Before expense limitation/ recoupment and transfer agent earnings credits			After expense limitation/ recoupment and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.12	)	$	12.93		5.95	%	$	6,418		1.71	%		1.24	%		1.35	%		1.82	%		45.84	%
	(0.15	)		12.32		14.65	%		6,692		1.80	%		1.24	%		0.69	%		1.25	%		71.06	%
	(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	%
	(0.05	)		11.98		5.49	%		2,102		2.89	%		2.24	%		0.16	%		0.81	%		45.84	%
	(0.04	)		11.41		13.47	%		2,243		3.25	%		2.23	%		(0.79	)%		0.23	%		71.06	%
	(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	%
	(0.10	)		12.67		5.90	%		3,907		2.23	%		1.49	%		0.83	%		1.57	%		45.84	%
	(0.12	)		12.06		14.28	%		4,045		2.16	%		1.48	%		0.28	%		0.96	%		71.06	%
	(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	%

FINANCIAL HIGHLIGHTS 37

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2013 (UNAUDITED)

1.  Organization

The ICON Bond Fund (“Bond Fund”), ICON Equity Income Fund (“Equity Income Fund”), ICON Fund (“ICON Fund”), ICON Long/Short Fund (“Long/Short Fund”) and ICON Risk-Managed Balanced Fund (“Risk-Managed Balanced Fund”) (formerly, ICON 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 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 thirteen 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 Balanced Fund is modest capital appreciation and to maximize realized gains.

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. Additionally, the Bond Fund may invest in medium-and lower-quality debt securities. High-yield bonds involve a greater risk of default and price volatility than U.S. government and other high-quality bonds. The Long/Short Fund engages in short selling; there are risks associated with selling short, including the risk that the Long/Short Fund may have to cover its short position at a higher price than the short sale, resulting in a loss. The Long/Short Fund’s loss on a short sale is potentially unlimited as a loss occurs when the value of a security sold short increases. The Risk-Managed

38 NOTESTO FINANCIAL STATEMENTS

Balanced 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 and ICON Long/Short Fund have significant weightings in the Consumer Discretionary sector which may cause each Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that sector. The ICON Bond Fund has a significant weighting in Aaa rated bonds which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect bonds rated as such.

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 commercially remote.

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.

NOTESTO FINANCIAL STATEMENTS 39

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Investment Valuation

The Funds’ securities and other assets, excluding options on securities indexes, are valued as of the closing price at the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4 p.m. Eastern Standard Time) each day the NYSE is open, except that securities traded primarily on the NASDAQ Stock Market (“NASDAQ”) are normally valued by the Funds at the NASDAQ Official Closing Price provided by NASDAQ each business day. Options on securities indexes are valued at the close of the Chicago Board Options Exchange (normally 4:15 p.m. Eastern Standard Time) on each day the New York Stock Exchange is open for trading.

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

Lacking any sales that day, a security is valued at the current closing bid price (or yield equivalent thereof) or based on quotes obtained from dealers making a market for the security. Options are valued at their closing mid-price on the market with the most volume. Mid-price is the average of the closing bid and closing ask prices. Debt securities with a remaining maturity of greater than 60 days are valued using 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

40 NOTESTO FINANCIAL STATEMENTS

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, 2013:

	Level 1		Level 2		Total
ICON Bond Fund*
Assets
Corporate Bonds	$	-	$	60,085,532	$	60,085,532
U.S. Treasury Obligations		-		28,120,232		28,120,232
Foreign Corporate Bonds		-		1,654,221		1,654,221
Collateral for Securities on Loan		-		2,304,225		2,304,225
Short-Term Investments		-		5,003,645		5,003,645
Total	$	-	$	97,167,855	$	97,167,855

NOTESTO FINANCIAL STATEMENTS 41

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1			Level 2		Total
ICON Equity Income Fund*
Assets
Common Stocks	$	18,553,078		$	-	$	18,553,078
Preferred Stock		364,344			-		364,344
Corporate Bonds		-			1,911,368		1,911,368
Call Options Purchased		69,855			-		69,855
Collateral for Securities on Loan		-			1,857,529		1,857,529
Short-Term Investments		-			647,377		647,377
Total	$	18,987,277		$	4,416,274	$	23,403,551
ICON Fund*
Assets
Common Stocks	$	36,496,711		$	-	$	36,496,711
Collateral for Securities on Loan		-			1,509,075		1,509,075
Total	$	36,496,711		$	1,509,075	$	38,005,786
ICON Long/Short Fund*
Assets
Common Stocks	$	19,400,124		$	-	$	19,400,124
Collateral for Securities on Loan		-			1,469,253		1,469,253
Total	$	19,400,124		$	1,469,253	$	20,869,377
Liabilities
Securities Sold Short
Common Stock	$	(380,483	)	$	-	$	(380,483	)
Total	$	(380,483	)	$	-	$	(380,483	)
ICON Risk-Managed Balanced Fund*
Assets
Common Stocks	$	10,148,262		$	-	$	10,148,262
Corporate Bonds		-			1,787,476		1,787,476
U.S. Treasury Obligations		-			500,742		500,742
Put Options Purchased		11,100			-		11,100
Collateral for Securities on Loan		-			428,901		428,901
Short-Term Investments		-			23,259		23,259
Total	$	10,159,362		$	2,740,378	$	12,899,740
Liabilities
Written Call Options	$	(36,750	)	$	-	$	(36,750	)
Total	$	(36,750	)	$	-	$	(36,750	)

* Please refer to the Schedule of Investments and the Sector/Industry Classification and Credit Diversification tables for additional security details.

42 NOTESTO FINANCIAL STATEMENTS

There were no Level 3 securities held in any of the Funds at March 31, 2013.

For the period ended March 31, 2013, there was no transfer activity between Level 1 and Level 2. The end of period timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a continual basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

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, 2013 was limited to purchased and written options.

The Risk-Managed Balanced 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.

NOTESTO FINANCIAL STATEMENTS 43

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Option contracts involve market risk and liquidity risk and can be highly volatile. Should prices of securities or securities indexes move in an unexpected manner, the Funds may not achieve the desired benefits and may realize losses and thus be in a worse position than if such strategies had not been utilized.

When a Fund writes a put or call option, an amount equal to the premium received is included on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option on an individual security is exercised, a gain or loss is realized for the sale of the underlying security, and the proceeds from the sale are increased by the premium originally received. If a written call option on a securities index is exercised, a gain or loss is realized as determined by the premium originally received, the exercise price and the market value of the index. If a written put option on an individual security is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, a Fund bears the market risk of an unfavorable change in the price of the individual security or securities index underlying the written option. Additionally, written call options may involve the risk of limited gains.

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, 2013, the Equity Income Fund engaged in purchased call option transactions and the Risk-Managed Balanced Fund engaged in written call and purchased put options transactions. All open option contracts are included on each Fund’s Schedule of Investments.

44 NOTESTO FINANCIAL STATEMENTS

The Risk-Managed Balanced 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 Balanced Fund during the period ended March 31, 2013, were as follows:

	Risk-Managed Balanced Fund
	Number of Contracts			Premiums Received
Options outstanding, beginning of period		8		$	13,806
Options written during period		55			71,865
Options closed during period		(38	)		(56,205	)
Options outstanding, end of period		25		$	29,466

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, 2013

	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,	$	69,855	Investments,	$	-
ICON Risk-Managed Balanced Fund	at value		11,100	at value		-
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Options written, at value	$	-	Options written, at value	$	36,750

NOTESTO FINANCIAL STATEMENTS 45

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments	Location of Gain/(Loss) on Derivatives Recognized in Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Net realized gain/(loss) from	$	(21,489	)
ICON Risk-Managed Balanced Fund	Investment transactions		(114,965	)
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Net realized gain/(loss) from written option transactions	$	3,933

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments	Location of Gain/(Loss) on Derivatives Recognized in Operations	Amount
Purchased option contracts
Equity risk
ICON Equity Income Fund	Change in unrealized net	$	73,506
ICON Risk-Managed Balanced Fund	appreciation/(depreciation) on investments		(49,064	)
Written option contracts
Equity risk
ICON Risk-Managed Balanced Fund	Change in unrealized net appreciation/(depreciation) on written options	$	(13,410	)

For the period ended March 31, 2013, the Fund’s quarterly holdings of options contracts were as follows:

	ICON Equity Income Fund		ICON Risk- Managed Balanced Fund		ICON Risk- Managed Balanced Fund
Quarter Ended	Number of Purchased Options Contracts Outstanding				Number of Written Options Contracts Outstanding
December 31, 2012		332		25		-
March 31, 2013		307		40		25

46 NOTESTO FINANCIAL STATEMENTS

The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting, even for derivatives employed as economic hedges.

Short Sales

The Long/Short Fund may engage in short sales (selling securities it does not own) as part of its normal investment activities. The Long/Short Fund enters into short positions in equity securities identified as being overvalued in management’s opinion.

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, 2013, 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 certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but gives up other rights including the right to vote proxies. The Funds also receive income for the loan. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities

NOTESTO FINANCIAL STATEMENTS 47

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds as of March 31, 2013, is included in the Statement of Operations.

As of March 31, 2013, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Bond Fund	$	2,208,670	$	2,304,225
ICON Equity Income Fund		1,820,816		1,857,529
ICON Fund		1,468,975		1,509,075
ICON Long/Short Fund		1,432,959		1,469,253
ICON Risk-Managed Balanced Fund		425,080		428,901

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2013. 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

48 NOTESTO FINANCIAL STATEMENTS

Risk-Managed Balanced 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.

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.

NOTESTO FINANCIAL STATEMENTS 49

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 Bond Fund
Class S	$	5,306	$	6,834	$	27,961
Class C		260		648		5,409
Class A		563		2,111		9,826
ICON Equity Income Fund
Class S		323		4,972		9,144
Class C		328		770		5,479
Class A		717		2,675		11,381
ICON Fund
Class S		1,127		5,787		12,190
Class C		1,232		4,247		21,930
Class A		811		2,144		12,932
ICON Long/Short Fund
Class S		297		1,218		4,020
Class C		481		1,486		8,680
Class A		1,124		4,514		12,350
ICON Risk-Managed Balanced Fund
Class S		391		5,003		8,611
Class C		125		679		3,442
Class A		231		2,235		7,388

50 NOTESTO FINANCIAL STATEMENTS

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Funds and is responsible for managing the Funds’ portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.60% of average daily net assets of the Bond Fund, 0.75% of average daily net assets of the Equity Income Fund, ICON Fund and Risk-Managed Balanced 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 S		Class C		Class A
ICON Bond Fund		0.75%		1.60%		1.00%
ICON Equity Income Fund		1.20%		2.20%		1.45%
ICON Fund		1.25%		2.25%		1.50%
ICON Long/Short Fund		1.25%		2.30%		1.55%
ICON Risk-Managed Balanced Fund		1.20%		2.20%		1.45%

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. Limitations for the Bond Fund Class A, and all classes of the ICON Fund will continue in effect until at least January 31, 2014. 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, 2013 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2013		2014		2015		2016
ICON Bond Fund	$	28,705	$	26,738	$	132,550	$	73,972
ICON Equity Income Fund		19,623		17,561		58,289		28,674
ICON Fund		-		-		7,632		12,822
ICON Long/Short Fund		34,631		37,402		70,576		24,099
ICON Risk-Managed Balanced Fund		23,664		22,218		81,240		37,042

NOTESTO FINANCIAL STATEMENTS 51

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 net 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, 2013, each Fund’s 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 net assets of the Trust.

52 NOTESTO FINANCIAL STATEMENTS

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, 2013, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2013, 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/arrangements to provide temporary funding for redemption requests. The maximum borrowing on the line of credit agreement with State Street is limited to $150 million. Effective March 25, 2013, interest on domestic borrowings on the State Street line of credit is charged at a rate quoted and determined by State Street. Prior to March 25, 2013, interest on domestic borrowings was 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

NOTESTO FINANCIAL STATEMENTS 53

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

also 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, 2013 was 1.41%. The average interest rate charged for ICON Long/Short Fund for the period ended March 31, 2013 was 2.20%. The average interest rate charged for ICON Risk-Managed Balanced Fund for the period ended March 31, 2013 was 2.10%.

Fund	Average Borrowing (10/1/12-3/31/13)
ICON Bond Fund	$	-
ICON Equity Income Fund		67,648
ICON Fund*		599,892
ICON Long/Short Fund*		305,782
ICON Risk-Managed Balanced Fund*		453,380

* Fund had outstanding borrowings under these agreements/arrangements as of March 31, 2013.

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2013, 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	$	25,359,566	$	22,602,385	$	1,193,984	$	-
ICON Equity Income Fund		17,540,500		21,292,329		-		-
ICON Fund		10,071,835		31,021,146		-		-
ICON Long/Short Fund		5,416,526		12,723,985		-		-
ICON Risk-Managed Balanced Fund		5,428,799		7,702,816		499,063		-

54 NOTESTO FINANCIAL STATEMENTS

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.

For the year ended September 30, 2012 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Equity Income Fund	$	8,322,631		2017
		19,089,764		2018
ICON Fund		20,854,391		2017
		19,833,424		2018
ICON Long/Short Fund		43,183,048		2017
		19,325,857		2018
ICON Risk-Managed Balanced Fund		5,302,678		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, 2012 the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Equity Income Fund	$	1,094,148
ICON Fund		2,860,733
ICON Long/Short Fund		123,132
ICON Risk-Managed Balanced Fund		693,086

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.

NOTESTO FINANCIAL STATEMENTS 55

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2012, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Net Long- Term Gains		Total Distributions Paid
ICON Bond Fund	$	3,733,785	$	1,945,591	$	5,679,376
ICON Equity Income Fund		1,263,680		-		1,263,680
ICON Fund		161,444		-		161,444
ICON Long/Short Fund		-		-		-
ICON Risk-Managed Balanced Fund		160,368		-		160,368

As of September 30, 2012, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Net Long- Term-Gains		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
ICON Bond Fund	$	-	$	1,960,539	$	-		$	-		$	5,186,369	$	7,146,908
ICON Equity Income Fund		-		-		(391,187	)		(27,412,395	)		1,818,946		(25,984,636	)
ICON Fund		169,811		-		(298,788	)		(40,687,815	)		13,497,602		(27,319,190	)
ICON Long/Short Fund		-		-		(404,239	)		(62,508,905	)		3,271,025		(59,642,119	)
ICON Risk-Managed Balanced Fund		2,787		-		(158,200	)		(19,515,274	)		2,609,845		(17,060,842	)

* Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales.

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

As of March 31, 2013, 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/ (Depreciation)
ICON Bond Fund	$	93,659,068	$	3,628,735	$	(119,948	)	$	3,508,787
ICON Equity Income Fund		21,514,450		2,098,477		(209,376	)		1,889,101
ICON Fund		27,181,600		11,358,566		(534,380	)		10,824,186
ICON Long/Short Fund		17,690,670		3,373,751		(195,044	)		3,178,707
ICON Risk-Managed Balanced Fund		10,827,780		2,146,345		(74,385	)		2,071,960

56 NOTESTO FINANCIAL STATEMENTS

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 57

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2013 (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 (10/1/12-3/31/13).

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),

58 EXPENSE EXAMPLE

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 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13
Actual Expenses
ICON Bond Fund
Class S	$	1,000	$	1,006.00	$	3.75		0.75%
Class C		1,000		1,001.80		7.99		1.60%
Class A		1,000		1,005.70		5.00		1.00%
ICON Equity Income Fund
Class S		1,000		1,113.00		6.32		1.20%
Class C		1,000		1,107.80		11.56		2.20%
Class A		1,000		1,112.40		7.64		1.45%
ICON Fund
Class S		1,000		1,097.20		6.43		1.23%
Class C		1,000		1,092.10		11.84		2.27%
Class A		1,000		1,095.50		7.94		1.52%
ICON Long/Short Fund
Class S		1,000		1,085.90		6.76		1.30%
Class C		1,000		1,079.90		12.19		2.35%
Class A		1,000		1,083.90		8.31		1.60%
ICON Risk-Managed Balanced Fund
Class S		1,000		1,059.50		6.37		1.24%
Class C		1,000		1,054.90		11.48		2.24%
Class A		1,000		1,059.00		7.65		1.49%
Hypothetical (assuming a 5% return before expenses)
ICON Bond Fund
Class S		1,000		1,021.19		3.78
Class C		1,000		1,016.95		8.05
Class A		1,000		1,019.95		5.04
ICON Equity Income Fund
Class S		1,000		1,018.95		6.04
Class C		1,000		1,013.96		11.05
Class A		1,000		1,017.70		7.29
ICON Fund
Class S		1,000		1,018.80		6.19
Class C		1,000		1,013.61		11.40
Class A		1,000		1,017.35		7.64

EXPENSE EXAMPLE 59

	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13
ICON Long/Short Fund
Class S		1,000		1,018.45	$	6.54
Class C		1,000		1,013.21		11.80
Class A		1,000		1,016.95		8.05
ICON Risk-Managed Balanced Fund
Class S		1,000		1,018.75		6.24
Class C		1,000		1,013.76		11.25
Class A		1,000		1,017.50		7.49

* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

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

60 EXPENSE EXAMPLE

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.

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 61

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.

62 OTHER INFORMATION

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

2013 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-13 B95217         

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

TABLEOF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Asia-Pacific Region Fund	4
ICON Europe Fund	8
ICON International Equity Fund	11
Financial Statements (Unaudited)	15
Financial Highlights (Unaudited)	24
Notes to Financial Statements (Unaudited)	28
Six Month Hypothetical Expense Example (Unaudited)	44
Other Information (Unaudited)	46

ABOUT THIS REPORT (UNAUDITED)

Historical Returns

All total returns mentioned in this Report account for the change in a Fund’s per-share price and the reinvestment of any dividends, capital gain distributions 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, 2013, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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.

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

2 ABOUT THIS REPORT

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.

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

ICON ASIA-PACIFIC REGION FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (93.3%)
	7,600	ACC Ltd.*	$	162,275
	103,000	Adani Ports and Special Economic Zone*		261,692
	64,000	Advanced Info Service PCL*		517,054
	11,000	AGL Energy, Ltd.*		182,086
	258,000	AirAsia BHD*		238,498
	8,200	Aisin Seiki Co., Ltd.*		302,264
	24,400	Amcor, Ltd.*		236,400
	12,000	Ansell, Ltd.*		201,315
	103,000	Apollo Tyres, Ltd.*		158,443
	420,000	Astra International Tbk PT*		342,706
	41,000	Aurizon Holdings, Ltd.*		172,469
	5,600	Baidu, Inc., ADR† **		491,120
	411,000	Bank Negara Indonesia Persero Tbk PT*		214,112
	446,000	Bank Rakyat Indonesia Persero Tbk PT*		403,117
	28,700	BHP Billiton, Ltd.*		981,113
	309,500	Bumi Armada Bhd† **		378,816
	1,500,000	BW Plantation Tbk PT*		205,714
	7,700	Canon, Inc.*		282,975
	23,287	Celltrion, Inc.*		1,119,350
	650,000	Chaoda Modern Agriculture Holdings, Ltd.†***(a)		—
	217,000	China ZhengTong Auto Services Holdings, Ltd.*†		142,107
	235,000	CIMB Group Holdings Bhd*		581,244
	11,200	Coca-Cola Amatil, Ltd.*		170,304

Shares or Principal Amount			Value
	8,500	Coca-Cola West Co., Ltd.*	$	148,066
	180,000	ComfortDelGro Corp., Ltd.*(b)		277,753
	20,000	Computershare, Ltd.*		213,282
	65,400	Crown, Ltd.*(b)		840,888
	14,900	Divi’s Laboratories, Ltd.*		272,891
	5,200	Don Quijote Co., Ltd.*(b)		230,650
	4,200	Doosan Heavy Industries and Construction Co., Ltd.*		170,406
	4,700	Dr Reddy’s Laboratories Ltd.*		152,853
	3,300	East Japan Railway Co.*		271,645
	724,000	Ezion Holdings, Ltd.*(b)		1,273,374
	208,000	Genting Malaysia Bhd*		246,917
	37,000	Hengan International Group Co., Ltd.*		362,268
	10,100	Honda Motor Co., Ltd.*(b)		388,956
	53,900	Hong Leong Bank Bhd*		251,424
	1,550	Hyundai Glovis Co., Ltd.*		268,828
	2,790	Hyundai Mobis*		783,222
	3,300	Hyundai Motor Co.*		667,078
	250,000	Indomobil Sukses Internasional Tbk PT*		141,966
	72,000	Insurance Australia Group, Ltd.*		429,528
	12,000	Japan Tobacco, Inc.*		383,850
	14,000	JSR Corp.*		286,959
	10,000	Kakaku.com, Inc.*(b)		251,760

4 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	35,000	Kasikornbank PCL*	$	249,421
	8,000	KDDI Corp.*(b)		334,495
	15,300	Konami Corp.*(b)		306,231
	17,100	Korea Aerospace Industries, Ltd.*		397,917
	29,200	Korean Reinsurance Co.*		300,921
	11,000	Kose Corp.*(b)		256,042
	126,000	KPJ Healthcare Bhd*		241,351
	656,250	Krung Thai Bank PCL*		557,722
	4,000	KT&G Corp.**		271,436
	11,100	LG Fashion Corp.*		301,290
	228,000	M1, Ltd.*(b)		544,540
	70,000	Marubeni Corp.*(b)		535,927
	1,065,000	Media Nusantara Citra Tbk PT*		310,490
	26,000	Medusa Mining, Ltd.*		116,851
	43,407	Meritz Fire & Marine Insurance Co., Ltd.*		475,803
	4,300	Miraca Holdings, Inc.*		206,652
	353,000	Mitra Adiperkasa Tbk PT*		331,327
	80,000	Mitsubishi Gas Chemical Co., Inc.*(b)		529,842
	17,000	Mitsubishi Tanabe Pharma Corp.*		260,670
	1,700	NCSoft Corp.*		238,022
	8,500	Newcrest Mining, Ltd.*		177,941
	15,000	Nexon Co. Ltd.*†		146,438
	7,100	Nidec Corp.*(b)		425,602
	7,800	Nippon Telegraph & Telephone Corp.*		340,545
	1,950	Nitori Holdings Co., Ltd.*		150,553
	1,000	NongShim Co., Ltd.*		277,022
	108,500	NTPC Ltd.*		283,405
	11,000	Orica, Ltd.*		281,185
	47,700	Oriental Bank of Commerce*		220,631
	15,200	Origin Energy, Ltd.*		211,546

Shares or Principal Amount			Value
	65,000	Power Finance Corp. Ltd.*	$	218,802
	38,000	PPB Group Bhd**		154,872
	34,000	Primary Health Care, Ltd.*		176,077
	192,072	PTT Global Chemical PCL*		457,507
	66,400	PTT PCL*		736,570
	10,600	Rio Tinto, Ltd.*		635,811
	2,050	S1 Corp.*		114,706
	42,000	SAI Global, Ltd.*(b)		147,545
	970	Samsung Electronics Co., Ltd.*		1,322,139
	32,500	Seek, Ltd.*(b)		343,567
	15,000	Sega Sammy Holdings, Inc.*(b)		301,135
	15,600	Seven & I Holdings Co., Ltd.*		517,601
	500,000	Shenguan Holdings Group, Ltd.*		259,688
	1,800	Shimamura Co., Ltd.*		210,452
	17,000	Shionogi & Co., Ltd.*(b)		344,525
	90,000	Singapore Telecommunications, Ltd.*		260,320
	4,500	SK C&C Co., Ltd.*		404,517
	2,100	SK Telecom Co., Ltd.*		341,272
	6,200	Softbank Corp.*		285,645
	6,300	Sohu.com, Inc.†**(b)		312,543
	12,000	Sumitomo Rubber Industries, Ltd.*		201,460
	61,000	Telstra Corp., Ltd.*		286,828
	4,400	Terumo Corp.*(b)		189,382
	118,000	Thai Union Frozen Products PCL*		255,712
	10,000	Toyo Suisan Kaisha, Ltd.*		308,692
	18,500	Toyota Motor Corp.*		953,967
	3,800	Unicharm Corp.*(b)		216,973
	58,400	Union Bank of India*		235,798
	143,000	United Phosphorus, Ltd.*		312,614

SCHEDULEOF INVESTMENTS 5

Shares or Principal Amount			Value
	6,000	Wesfarmers, Ltd.*	$	251,944
	28,600	Yantai Changyu Pioneer Wine Co., Ltd., Class B*		126,595
	222,000	YTL Power International Bhd*		104,701
	Total Common Stocks (Cost $33,511,072)			36,331,516
	Collateral for Securities on Loan (17.9%)
	6,990,293	State Street Navigator Prime Portfolio, 0.22%		6,990,293
	Total Collateral for Securities on Loan (Cost $6,990,293)			6,990,293

Shares or Principal Amount			Value
	Short-Term Investments (5.7%)
$	2,227,309	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13	$	2,227,309
	Total Short-Term Investments (Cost $2,227,309)			2,227,309
	Total Investments 116.9% (Cost $42,728,674)			45,549,118
	Liabilities Less Other Assets (16.9)%			(6,601,570	)
	Net Assets 100.0%		$	38,947,548

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, 2013 was 89.2% 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) This security is considered to be illiquid. The value of this security at March 31, 2013 was $0, which represents 0.0% of the Fund’s Net Assets.

(b) All or a portion of the security was on loan as of March 31, 2013.

ADR American Depositary Receipt

6 SCHEDULEOF INVESTMENTS

ICON Asia-Pacific Region Fund

Country Composition

March 31, 2013 (unaudited)

Japan	24.6%
South Korea	19.1%
Australia	15.6%
Thailand	7.1%
Singapore	6.0%
India	5.9%
Malaysia	5.6%
Indonesia	5.0%
China	4.4%
	93.3%

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

ICON Asia-Pacific Region Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Discretionary	18.0%
Consumer Staples	10.7%
Materials	10.7%
Financial	10.6%
Information Technology	10.2%
Industrials	9.3%
Utilities	9.0%
Health Care	8.1%
Energy	6.7%
	93.3%

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

ICON Asia-Pacific Region Fund

Industry Composition

March 31, 2013 (unaudited)

Diversified Banks	7.0%
Automobile Manufacturers	6.0%
Wireless Telecommunication Services	5.2%
Pharmaceuticals	4.8%
Diversified Metals & Mining	4.2%
Oil & Gas Equipment & Services	4.2%
Semiconductors	3.4%
Packaged Foods & Meats	3.2%
Auto Parts & Equipment	2.8%
Casinos & Gaming	2.8%
Internet Software & Services	2.7%
Integrated Oil & Gas	2.4%
Integrated Telecommunication Services	2.3%
Property & Casualty Insurance	2.3%
Commodity Chemicals	1.9%
Home Entertainment Software	1.8%

Tobacco	1.7%
Personal Products	1.6%
Diversified Chemicals	1.4%
Trading Companies & Distributors	1.4%
Food Retail	1.3%
Electrical Components & Equipment	1.1%
Railroads	1.1%
Aerospace & Defense	1.0%
Health Care Services	1.0%
IT Consulting & Other Services	1.0%
Other Industries (each less than 1%)	23.7%
	93.3%

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

SCHEDULEOF INVESTMENTS 7

ICON EUROPE FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (92.8%)
	2,100	Adidas AG*	$	218,294
	7,640	Air Liquide S.A.*		929,251
	54,600	Aker Solutions ASA*		1,024,861
	4,500	Allianz SE*		613,450
	12,600	AMAG Austria Metall AG**		387,632
	5,200	BASF SE*		456,573
	3,200	BioMerieux*		302,013
	10,800	British American Tobacco PLC*		579,123
	3,500	Carlsberg A/S, Class B*		341,229
	2,800	Christian Dior S.A.*		464,768
	12,300	Cie Generale d’Optique Essilor International S.A.*		1,368,698
	5,234	Cie Generale des Etablissements Michelin, Class B*		438,508
	7,300	Dassault Systemes S.A.*		844,608
	20,000	Deutsche Bank AG*		781,926
	12,200	Diageo PLC*		384,429
	42,300	DSV A/S*(a)		1,023,667
	4,400	Eutelsat Communications S.A.*		155,223
	15,500	GEA Group AG*		511,950
	17,300	Gerry Weber International AG*		756,454
	10,700	Getinge AB*		326,717
	7,000	Gildemeister AG*		147,676
	31,608	GlaxoSmithKline PLC*		740,166
	5,800	Heineken NV*		437,473
	10,000	Hexagon AB*		273,098
	2,000	Hugo Boss AG*		224,595

Shares or Principal Amount			Value
	54,900	Imagination Technologies Group PLC†*	$	412,902
	4,800	Ingenico*		284,517
	6,300	Koninklijke DSM*		367,119
	3,600	Linde AG*		670,599
	3,970	LVMH Moet Hennessy Louis Vuitton S.A.*		682,085
	6,400	Mersen*		148,571
	2,600	Novartis AG*		185,307
	3,700	Novo Nordisk AS*		596,374
	5,000	Novozymes AS*(a)		169,782
	6,600	Petrofac, Ltd.*		144,075
	47,900	Petroleum Geo-Services ASA*		743,002
	1,170	Rational AG*		351,840
	31,590	Rexam PLC*		253,667
	8,000	RHI AG*		259,557
	800	Roche Holding AG*		186,498
	5,000	Royal Dutch Shell PLC, Class B*		166,275
	3,300	Sanofi*		336,552
	15,600	SAP AG*		1,254,665
	21,600	SBM Offshore NV† *		360,336
	3,200	Schneider Electric S.A.*		234,010
	4,610	Schoeller-Bleckmann Oilfield Equipment AG*		461,738
	7,900	Seadrill, Ltd.*		287,902
	8,900	Siemens AG*		959,408
	7,000	Societe BIC S.A.*		813,292
	9,600	Software AG*		371,962
	44,300	Statoil ASA*		1,081,493
	21,400	Tele2 AB*		373,269
	57,400	Telenor ASA*		1,263,837
	19,300	TeliaSonera AB*		137,842

8 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	20,900	Total S.A.*	$	1,000,983
	85,000	Turcas Petrol*		174,343
	6,700	Yara International ASA*		305,847
	3,200	Zodiac Aerospace*		373,031
	Total Common Stocks (Cost $27,132,470)			29,145,062
	Preferred Stock (1.2%)
	4,000	Henkel AG & Co. KGaA*		385,364
	Total Preferred Stocks (Cost $291,542)			385,364
	Collateral for Securities on Loan (3.8%)
	1,185,306	State Street Navigator Prime Portfolio, 0.22%		1,185,306
	Total Collateral for Securities on Loan (Cost $1,185,306)			1,185,306

Shares or Principal Amount			Value
	Short-Term Investments (3.7%)
$	1,165,202	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13	$	1,165,202
	Total Short-Term Investments (Cost $1,165,202)			1,165,202
	Total Investments 101.5% (Cost $29,774,520)			31,880,934
	Liabilities Less Other Assets (1.5)%			(475,780	)
	Net Assets 100.0%		$	31,405,154

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, 2013 was 92.8% of net assets.

** This security is considered a Level 1 security. See Note 2 for further details.

(a) All or a portion of the security was on loan as of March 31, 2013.

SCHEDULEOF INVESTMENTS 9

ICON Europe Fund

Country Composition

March 31, 2013 (unaudited)

France	26.7%
Germany	24.5%
Norway	14.1%
Denmark	6.8%
United Kingdom	6.7%
Netherlands	4.2%
Austria	3.5%
Sweden	3.5%
Britain	1.3%
Switzerland	1.2%
Bermuda	0.9%
Turkey	0.6%
	94.0%

Percentages are based upon common and preferred stocks as a percentage of net assets.

ICON Europe Fund

Sector Composition

March 31, 2013 (unaudited)

Energy	17.3%
Industrials	14.5%
Health Care	12.9%
Materials	12.1%
Information Technology	11.0%
Consumer Discretionary	9.4%
Consumer Staples	6.8%
Utilities	5.6%
Financial	4.4%
	94.0%

Percentages are based upon common and preferred stocks as a percentage of net assets.

ICON Europe Fund

Industry Composition

March 31, 2013 (unaudited)

Oil & Gas Equipment & Services	8.7%
Apparel, Accessories & Luxury Goods	7.5%
Integrated Oil & Gas	7.2%
Application Software	6.7%
Pharmaceuticals	6.5%
Integrated Telecommunication Services	5.6%
Industrial Gases	5.1%
Health Care Supplies	4.3%
Trucking	3.3%
Industrial Machinery	3.2%
Industrial Conglomerates	3.1%
Office Services & Supplies	2.6%
Brewers	2.5%
Diversified Capital Markets	2.5%
Health Care Equipment	2.0%
Multi-line Insurance	2.0%
Electronic Equipment & Instruments	1.8%

Tobacco	1.8%
Specialty Chemicals	1.7%
Diversified Chemicals	1.4%
Tires & Rubber	1.4%
Semiconductors	1.3%
Aerospace & Defense	1.2%
Aluminum	1.2%
Distillers & Vintners	1.2%
Electrical Components & Equipment	1.2%
Household Products	1.2%
Systems Software	1.2%
Fertilizers & Agricultural Chemicals	1.0%
Other Industries (each less than 1%)	3.6%
	94.0%

Percentages are based upon common and preferred stocks as a percentage of net assets.

10 SCHEDULEOF INVESTMENTS

ICON INTERNATIONAL EQUITY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (95.6%)
	17,000	ACC Ltd.*	$	362,984
	70,000	Adelaide Brighton, Ltd.*		258,951
	107,000	Advanced Info Service PCL*		864,450
	6,600	Air Liquide S.A.*		802,756
	68,300	Aker Solutions ASA*		1,282,015
	1,281,000	America Movil S.A.B. de C.V., Series L**		1,359,671
	8,500	Atrium Innovations, Inc.†**		100,827
	458,000	Bank Rakyat Indonesia Persero Tbk PT*		413,963
	23,500	Barrick Gold Corp.**		690,299
	5,600	BASF SE*		491,694
	14,500	British American Tobacco PLC*		777,526
	5,100,000	BW Plantation Tbk PT*		699,426
	64,000	CCR S.A.**		650,531
	70,408	Celltrion, Inc.*		3,384,342
	46,000	Centerra Gold, Inc.**		273,958
	58,100	CGI Group, Inc., Class A†**		1,579,112
	1,702,000	Chaoda Modern Agriculture Holdings, Ltd.†(b)		-
	1,240,000	China Minzhong Food Corp. Ltd.†*(a)		1,208,174
	2,000	Christian Dior S.A.*		331,977
	13,000	Cia de Saneamento Basico do Estado de Sao Paulo**		620,166
	17,000	Cia Hering**		303,699
	11,800	Cie Generale d’Optique Essilor International S.A.*		1,313,060

Shares or Principal Amount			Value
	6,100	Cie Generale des Etablissements Michelin, Class B*	$	511,062
	180,000	CIMB Group Holdings Bhd*		445,208
	9,100	Dassault Systemes S.A.*		1,052,867
	20,100	Deutsche Bank AG*		785,836
	43,000	Divi’s Laboratories, Ltd.*		787,538
	17,200	Dollarama, Inc.**(a)		1,104,450
	19,800	Doosan Heavy Industries and Construction Co., Ltd.*		803,344
	35,000	DSV A/S*(a)		847,006
	1,950,000	Ezion Holdings, Ltd.*(a)		3,429,669
	15,000	GEA Group AG*		495,436
	16,100	Gerry Weber International AG*		703,983
	53,491	GlaxoSmithKline PLC*		1,252,601
	21,900	Grand Korea Leisure Co., Ltd.*		646,558
	73,000	Hengan International Group Co., Ltd.*		714,745
	12,200	Hexagon AB*		333,180
	1,500	Hyundai Glovis Co., Ltd.*		260,156
	2,200	Hyundai Mobis*		617,595
	3,400	Hyundai Motor Co.*		687,292
	5,800	Ingenico*		343,791
	48,100	Kinross Gold Corp.**		380,690
	8,100	KT&G Corp.**		549,658
	15,000	LG Fashion Corp.*		407,149
	31,000	LIG Insurance Co., Ltd.*		661,970

SCHEDULEOF INVESTMENTS 11

Shares or Principal Amount			Value
	4,600	Linde AG*	$	856,877
	6,600	LVMH Moet Hennessy Louis Vuitton S.A.*		1,133,945
	13,000	Maruti Suzuki India Ltd.*		305,647
	176,000	Medusa Mining, Ltd.*		790,990
	1,070,000	Mitra Adiperkasa Tbk PT*		1,004,304
	1,600,000	Nam Cheong Ltd.*		342,539
	7,300	NCSoft Corp.*		1,022,096
	5,500	Novo Nordisk AS*		886,502
	59,000	Petroleum Geo-Services ASA*		915,180
	10,710	Royal Dutch Shell PLC, Class B*		356,162
	1,400	Samsung Electronics Co., Ltd.*		1,908,241
	16,400	SAP AG*		1,319,007
	3,425	Schoeller-Bleckmann Oilfield Equipment AG*		343,048
	580,000	Shenguan Holdings Group, Ltd.*		301,239
	8,300	Siemens AG*		894,729
	6,400	Societe BIC S.A.*		743,582
	70,300	Statoil ASA*		1,716,229
	750,000	Supalai PCL*		534,283
	9,900,000	Surya Semesta Internusa Tbk PT*		1,657,076
	87,500	Telenor ASA*		1,926,582
	580,000	Thai Union Frozen Products PCL*		1,256,888

Shares or Principal Amount			Value
	31,155	Total S.A.*	$	1,492,135
	6,300	TransCanada Corp.**(a)		300,783
	42,000	Wowprime Corp.*		595,674
	104,000	Yantai Changyu Pioneer Wine Co., Ltd., Class B*		460,344
	3,500	Zodiac Aerospace*		408,003
	Total Common Stocks (Cost $56,398,159)			59,063,450
	Preferred Stock (0.8%)
	50,000	AES Tiete S.A.**		484,968
	Total Preferred Stocks (Cost $517,455)			484,968
	Collateral for Securities on Loan (5.6%)
	3,489,967	State Street Navigator Prime Portfolio, 0.22%		3,489,967
	Total Collateral for Securities on Loan (Cost $3,489,967)			3,489,967
	Short-Term Investments (1.8%)
$	1,091,185	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		1,091,185
	Total Short-Term Investments (Cost $1,091,185)			1,091,185
	Total Investments 103.8% (Cost $61,496,766)			64,129,570
	Liabilities Less Other Assets (3.8)%			(2,320,467	)
	Net Assets 100.0%		$	61,809,103

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, 2013 was 82.8% of net assets.

** This security is considered a Level 1 security. See Note 2 for further details.

(a) All or a portion of the security was on loan as of March 31, 2013.

(b) This security is considered to be illiquid. The value of this security at March 31, 2013 was $0, which represents 0.0% of the Fund’s Net Assets.

12 SCHEDULEOF INVESTMENTS

ICON International Equity Fund

Country Composition

March 31, 2013 (unaudited)

South Korea	17.7%
France	13.1%
Norway	9.5%
Germany	8.9%
Canada	7.2%
Indonesia	6.1%
Singapore	5.5%
China	4.4%
Thailand	4.3%
Brazil	3.3%
United Kingdom	3.3%
Denmark	2.8%
India	2.4%
Mexico	2.2%
Australia	1.7%
Malaysia	1.3%
Taiwan	1.0%
Netherlands	0.6%
Austria	0.6%
Sweden	0.5%
	96.4%

Percentages are based upon common and preferred stocks as a percentage of net assets.

ICON International Equity Fund

Sector Composition

March 31, 2013 (unaudited)

Energy	16.0%
Consumer Discretionary	13.4%
Health Care	12.3%
Information Technology	12.2%
Industrials	11.5%
Consumer Staples	9.9%
Utilities	8.5%
Materials	7.9%
Financial	4.7%
	96.4%

Percentages are based upon common and preferred stocks as a percentage of net assets.

SCHEDULEOF INVESTMENTS 13

ICON International Equity Fund

Industry Composition

March 31, 2013 (unaudited)

Oil & Gas Equipment & Services	9.7%
Pharmaceuticals	8.9%
Integrated Oil & Gas	5.8%
Packaged Foods & Meats	4.5%
Apparel, Accessories & Luxury Goods	4.2%
Construction & Engineering	4.0%
Application Software	3.8%
Wireless Telecommunication Services	3.6%
Gold	3.5%
Integrated Telecommunication Services	3.1%
Semiconductors	3.1%
Industrial Gases	2.7%
IT Consulting & Other Services	2.6%
Tobacco	2.1%
Health Care Supplies	2.1%
General Merchandise Stores	1.8%
Home Entertainment Software	1.7%
Department Stores	1.6%
Automobile Manufacturers	1.6%
Industrial Conglomerates	1.4%

Diversified Banks	1.4%
Trucking	1.4%
Personal Products	1.3%
Life Sciences Tools & Services	1.3%
Diversified Capital Markets	1.3%
Office Services & Supplies	1.2%
Agricultural Products	1.1%
Electronic Equipment & Instruments	1.1%
Property & Casualty Insurance	1.1%
Highways & Railtracks	1.0%
Casinos & Gaming	1.0%
Construction Materials	1.0%
Water Utilities	1.0%
Auto Parts & Equipment	1.0%
Restaurants	1.0%
Other Industries (each less than 1%)	7.4%
	96.4%

Percentages are based upon common and preferred stocks as a percentage of net assets.

14 SCHEDULEOF INVESTMENTS

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Asia-Pacific Region Fund		ICON Europe Fund		ICON International Equity Fund
Assets
Investments, at cost	$	42,728,674	$	29,774,520	$	61,496,766
Investments, at value†		45,549,118		31,880,934		64,129,570
Foreign currency, at value(a)		18,403		12,104		257,851
Cash		9,442		–		–
Receivables:
Fund shares sold		19,201		1,688		2,882
Investments sold		249,376		701,832		846,579
Interest and Dividends		244,970		29,947		185,193
Expense reimbursements due from Adviser		18,966		15,952		11,676
Foreign tax reclaims		359		34,570		90,658
Other assets		29,446		27,381		32,183
Total Assets		46,139,281		32,704,408		65,556,592
Liabilities
Payables:
Payable for collateral received on securities loaned		6,990,293		1,185,306		3,489,967
Fund shares redeemed		45,728		58,372		108,956
Advisory fees		32,575		26,374		51,165
Accrued distribution fees		896		119		6,555
Fund accounting fees		2,460		1,758		3,263
Transfer agent fees		10,775		5,954		19,304
Administration fees		1,629		1,319		2,558
Trustee fees		1,216		779		1,949
Capital gains tax		78,494		–		35,724
Accrued expenses		27,667		19,273		28,048
Total Liabilities		7,191,733		1,299,254		3,747,489
Net Assets - all share classes	$	38,947,548	$	31,405,154	$	61,809,103
Net Assets - Class S	$	37,401,640	$	31,175,710	$	49,930,680
Net Assets - Class C	$	890,973	$	108,425	$	6,331,443
Net Assets - Class A	$	654,935	$	121,019	$	5,546,980

FINANCIAL STATEMENTS 15

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Net Assets Consist of
Paid-in capital	$	46,899,985		$	80,955,223		$	151,117,817
Accumulated undistributed net investment income/(loss)		62,767			87,730			(29,114	)
Accumulated undistributed net realized gain/(loss)		(10,795,526	)		(51,741,917	)		(91,880,466	)
Unrealized appreciation/(depreciation)		2,780,332			2,104,118			2,600,866
Net Assets	$	38,947,548		$	31,405,154		$	61,809,103
Shares outstanding (unlimited shares authorized, no par value)
Class S		2,772,806			2,270,561			4,272,977
Class C		68,040			8,024			584,378
Class A		48,523			8,803			476,395
Net asset value (offering and redemption price per share)
Class S	$	13.49		$	13.73		$	11.69
Class C	$	13.09		$	13.51		$	10.83
Class A	$	13.50		$	13.75		$	11.64
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	14.32		$	14.59		$	12.35
† Includes securities on loan of	$	6,527,671		$	1,133,776		$	3,377,260
(a) Foreign currency, at cost	$	18,404		$	12,069		$	259,542

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

16 FINANCIAL STATEMENTS

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2013 (UNAUDITED)

	ICON Asia-Pacific Region Fund			ICON Europe Fund			ICON International Equity Fund
Investment Income
Interest	$	41		$	2,546		$	41
Dividends		404,511			278,789			582,719
Income from securities lending, net		8,303			3,246			21,489
Foreign taxes withheld		(37,723	)		(22,035	)		(65,789	)
Total Investment Income		375,132			262,546			538,460
Expenses
Advisory fees		194,286			145,113			327,276
Distribution fees:
Class C		4,501			444			32,599
Class A		824			167			7,180
Fund accounting fees		5,952			4,324			10,024
Transfer agent fees		25,675			17,116			48,604
Administration fees		9,714			7,256			16,364
Custody fees		9,051			3,765			11,957
Registration fees:
Class S		5,265			5,538			2,998
Class C		3,345			2,726			3,339
Class A		1,657			1,627			2,404
Insurance expense		4,090			2,158			5,999
Trustee fees and expenses		2,102			1,516			3,623
Audit and tax service expense		16,645			16,646			15,163
Interest expense		328			17			2,615
Other expenses		36,196			24,375			36,336
Total expenses before expense reimbursement		319,631			232,788			526,481
Expense reimbursement by Adviser due to expense limitation agreement		(7,269	)		(6,051	)		(17,940	)
Net Expenses		312,362			226,737			508,541
Net Investment Income/(Loss)		62,770			35,809			29,919
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		827,723			2,348,668			2,102,829
Foreign currency		(32,720	)		(96,250	)		(193,980	)
Net realized capital gains tax		(24,093	)		–			(36,653	)
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		3,341,235			319,925			2,079,442
Net realized and unrealized gain/(loss)		4,112,145			2,572,343			3,951,638
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,174,915		$	2,608,152		$	3,981,557

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

FINANCIAL STATEMENTS 17

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Asia-Pacific Region Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Operations
Net investment income/(loss)	$	62,770		$	495,617
Net realized gain/(loss)		795,003			(952,778	)
Net realized capital gains tax		(24,093	)		(118,725	)
Change in net unrealized appreciation/(depreciation)		3,341,235			11,219,183
Net increase/(decrease) in net assets resulting from operations		4,174,915			10,643,297
Dividends and Distributions to Shareholders
Net investment income
Class S		(268,568	)		(215,357	)
Class C		(1,055	)		-
Class A		(1,610	)		(1,981	)
Net decrease from dividends and distributions		(271,233	)		(217,338	)
Fund Share Transactions
Shares sold
Class S		4,007,556			9,967,625
Class C		377,542			163,820
Class A		66,395			579,330
Reinvested dividends and distributions
Class S		261,722			209,005
Class C		983			-
Class A		1,367			1,823
Shares repurchased
Class S		(8,573,444	)		(38,006,696	)
Class C		(454,143	)		(237,980	)
Class A		(171,547	)		(773,178	)
Net increase/(decrease) from fund share transactions		(4,483,569	)		(28,096,251	)
Total net increase/(decrease) in net assets		(579,887	)		(17,670,292	)
Net Assets
Beginning of period		39,527,435			57,197,727
End of period	$	38,947,548		$	39,527,435

18 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
$	35,809		$	452,355
	2,252,418			(3,351,120	)
	-			-
	319,925			9,404,704
	2,608,152			6,505,939
	(334,776	)		(459,020	)
	(453	)		(307	)
	(1,730	)		(1,339	)
	(336,959	)		(460,666	)
	6,762,122			4,094,825
	37,115			3,972
	63,126			11,420
	330,615			445,476
	359			307
	1,696			1,289
	(6,313,195	)		(10,502,617	)
	(1,169	)		(11,100	)
	(56,015	)		(38,697	)
	824,654			(5,995,125	)
	3,095,847			50,148
	28,309,307			28,259,159
$	31,405,154		$	28,309,307

FINANCIAL STATEMENTS 19

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Asia-Pacific Region Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class S		307,748			855,247
Class C		30,675			14,331
Class A		5,197			49,003
Reinvested dividends and distributions
Class S		20,870			20,116
Class C		81			-
Class A		109			176
Shares repurchased
Class S		(666,597	)		(3,259,837	)
Class C		(36,108	)		(21,117	)
Class A		(13,483	)		(68,515	)
Net increase/(decrease)		(351,508	)		(2,410,596	)
Shares outstanding, beginning of period		3,240,877			5,651,473
Shares outstanding, end of period		2,889,369			3,240,877
Accumulated undistributed net investment income/(loss)	$	62,767		$	271,230

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

20 FINANCIAL STATEMENTS

ICON Europe Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
	498,240			349,507
	2,841			335
	4,776			993
	25,142			42,386
	28			29
	129			122
	(471,164	)		(908,119	)
	(90	)		(964	)
	(4,068	)		(3,370	)
	55,834			(519,081	)
	2,231,554			2,750,635
	2,287,388			2,231,554
$	87,730		$	388,880

FINANCIAL STATEMENTS 21

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON International Equity Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Operations
Net investment income/(loss)	$	29,919		$	570,427
Net realized gain/(loss)		1,908,849			(13,194,962	)
Net realized capital gains tax		(36,653	)		(84,388	)
Change in net unrealized appreciation/(depreciation)		2,079,442			27,547,163
Net increase/(decrease) in net assets resulting from operations		3,981,557			14,838,240
Dividends and Distributions to Shareholders
Net investment income
Class S (pre-merger)*		-			(446,175	)
Class S (formerly, Class Z)		(233,642	)		(74,205	)
Class I**		-			(153,050	)
Class A		(6,050	)		(13,281	)
Net decrease from dividends and distributions		(239,692	)		(686,711	)
Fund Share Transactions
Shares sold
Class S (pre-merger)*		-			1,305,260
Class S (formerly, Class Z)***		4,412,749			60,203,967
Class I**		-			1,041,882
Class C		51,356			130,023
Class A***		197,393			14,985,718
Reinvested dividends and distributions
Class S (pre-merger)*		-			445,550
Class S (formerly, Class Z)		228,381			69,998
Class I**		-			134,039
Class A		5,066			9,439
Shares repurchased
Class S (pre-merger)*		-			(42,941,189	)
Class S (formerly, Class Z)		(13,917,548	)		(15,236,665	)
Class I**		-			(29,247,969	)
Class C		(850,235	)		(2,837,159	)
Class A		(1,293,941	)		(11,907,130	)
Net increase/(decrease) from fund share transactions		(11,166,779	)		(23,844,236	)
Total net increase/(decrease) in net assets		(7,424,914	)		(9,692,707	)
Net Assets
Beginning of period		69,234,017			78,926,724
End of period	$	61,809,103		$	69,234,017

22 FINANCIAL STATEMENTS

	ICON International Equity Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class S (pre-merger)*		-			125,902
Class S (formerly, Class Z)***		390,363			5,783,166
Class I**		-			102,639
Class C		4,890			13,510
Class A***		17,514			1,436,432
Reinvested dividends and distributions
Class S (pre-merger)*		-			45,933
Class S (formerly, Class Z)		20,247			7,307
Class I**		-			14,139
Class A		450			986
Shares repurchased
Class S (pre-merger)*		-			(4,078,066	)
Class S (formerly, Class Z)		(1,220,568	)		(1,447,812	)
Class I**		–			(2,858,784	)
Class C		(80,748	)		(293,417	)
Class A		(115,354	)		(1,151,832	)
Net increase/(decrease)		(983,206	)		(2,299,897	)
Shares outstanding, beginning of period		6,316,956			8,616,853
Shares outstanding, end of period		5,333,750			6,316,956
Accumulated undistributed net investment income/(loss)	$	(29,114	)	$	180,659

* 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 and including 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 and including the merger.

*** The information presented includes the January 23, 2012 merger activity.

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

FINANCIAL STATEMENTS 23

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 Asia-Pacific Region Fund
Class S
Period ended March 31, 2013†	$	12.21	$	0.02		$	1.35		$	1.37		$	(0.09	)	$	–
Year ended September 30, 2012		10.12		0.11			2.02			2.13			(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	)
Class C
Period ended March 31, 2013†		11.84		(0.04	)		1.30			1.26			(0.01	)		–
Year ended September 30, 2012		9.88		0.01			1.95			1.96			–			–
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, 2013†		12.17		0.01			1.35			1.36			(0.03	)		–
Year ended September 30, 2012		10.10		0.09			2.00			2.09			(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	)
ICON Europe Fund
Class S
Period ended March 31, 2013†		12.69		0.02			1.18			1.20			(0.16	)		–
Year ended September 30, 2012		10.27		0.19			2.41			2.60			(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	)
Class C
Period ended March 31, 2013†		12.47		(0.05	)		1.16			1.11			(0.07	)		–
Year ended September 30, 2012		10.07		0.07			2.38			2.45			(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, 2013†		12.71		–	(d)		1.19			1.19			(0.15	)		–
Year ended September 30, 2012		10.28		0.15			2.42			2.57			(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	)

24 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.09	)	$	13.49		11.28	%	$	37,402		1.58	%		1.58	%		0.35	%		0.35	%		23.56	%
	(0.04	)		12.21		21.16	%		37,969		1.50	%		1.50	%		0.96	%		0.96	%		71.84	%
	–			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	%
	(0.01	)		13.09		10.69	%		891		3.60	%		2.56	%(c)		(1.66	)%		(0.62	)%		23.56	%
	–			11.84		19.84	%		869		3.91	%		2.55	%(c)		(1.28	)%		0.08	%		71.84	%
	–			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	%
	(0.03	)		13.50		11.21	%		655		2.60	%		1.81	%(c)		(0.60	)%		0.19	%		23.56	%
	(0.02	)		12.17		20.73	%		690		2.88	%		1.80	%(c)		(0.31	)%		0.77	%		71.84	%
	–			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	%
	(0.16	)		13.73		9.48	%		31,176		1.56	%		1.56	%		0.25	%		0.25	%		67.19	%
	(0.18	)		12.69		25.69	%		28,143		1.56	%		1.56	%		1.61	%		1.61	%		89.78	%
	(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	%
	(0.07	)		13.51		8.91	%		108		10.67	%		2.55	%(c)		(8.81	)%		(0.69	)%		67.19	%
	(0.05	)		12.47		24.46	%		65		21.20	%		2.55	%(c)		(18.00	)%		0.65	%		89.78	%
	(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	%
	(0.15	)		13.75		9.39	%		121		5.46	%		1.80	%(c)		(3.71	)%		(0.05	)%		67.19	%
	(0.14	)		12.71		25.26	%		101		13.30	%		1.80	%(c)		(10.23	)%		1.27	%		89.78	%
	(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	%

FINANCIAL HIGHLIGHTS 25

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, 2013†	$	11.05	$	0.01		$	0.68		$	0.69		$	(0.05	)	$	–
Year ended September 30, 2012		9.22		0.16			1.78			1.94			(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	)
Class C
Period ended March 31, 2013†		10.26		(0.05	)		0.62			0.57			–			–
Year ended September 30, 2012		8.56		(0.02	)		1.72			1.70			–			–
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	)
Class A***
Period ended March 31, 2013†		10.99		(0.01	)		0.67			0.66			(0.01	)		–
Year ended September 30, 2012		9.16		0.11			1.77			1.88			(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	)

(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 Class I 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 the 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.

26 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.05	)	$	11.69		6.15	%	$	49,931		1.40	%		1.40	%		0.24	%		0.24	%		54.40	%
	(0.11	)		11.05		21.19	%		56,152		1.39	%		1.39	%		1.47	%		1.47	%		121.82	%
	(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	%
	–			10.83		5.56	%		6,331		2.82	%		2.56	%		(1.14	)%		(0.88	)%		54.40	%
	–			10.26		19.86	%		6,773		2.72	%		2.55	%		(0.41	)%		(0.24	)%		121.82	%
	–			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	%
	(0.01	)		11.64		6.02	%		5,547		2.14	%		1.81	%		(0.48	)%		(0.15	)%		54.40	%
	(0.05	)		10.99		20.61	%		6,309		2.01	%		1.80	%		0.85	%		1.06	%		121.82	%
	(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	%

FINANCIAL HIGHLIGHTS 27

NOTESTO FINANCIAL STATEMENTS

MARCH 31, 2013 (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. 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 fifteen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

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

The Funds may have elements of risk, including the risk of loss of principal. There is no assurance that the investment process will consistently lead to successful results. An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and 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.

28 NOTESTO FINANCIAL STATEMENTS

The Europe Fund has a significant weighting in France which may cause the Fund’s performance to be susceptible to the economic, business and/or other developments that may affect that country and/or sector.

In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against each Fund is unknown. However, based on experience, the Funds expect the risk of loss to be commercially remote.

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

NOTESTO FINANCIAL STATEMENTS 29

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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 using 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.

30 NOTESTO FINANCIAL STATEMENTS

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, 2013:

	Level 1		Level 2**		Total
ICON Asia-Pacific Region Fund*(a)
Assets
Common Stocks
Japan	$	-	$	9,569,954	$	9,569,954
South Korea		271,436		7,182,493		7,453,929
Australia		-		6,056,680		6,056,680
Thailand		-		2,773,986		2,773,986
Singapore		-		2,355,987		2,355,987
India		-		2,279,404		2,279,404
Malaysia		533,688		1,664,135		2,197,823
Indonesia		-		1,949,432		1,949,432
Other Countries		803,663		890,658		1,694,321
Collateral for Securities on Loan		-		6,990,293		6,990,293
Short-Term Investments		-		2,227,309		2,227,309
Total	$	1,608,787	$	43,940,331	$	45,549,118
ICON Europe Fund*(b)
Assets
Common Stocks
France	$	-	$	8,376,110	$	8,376,110
Germany		-		7,319,392		7,319,392
Norway		-		4,419,040		4,419,040
Denmark		-		2,131,052		2,131,052
United Kingdom		-		2,116,620		2,116,620
Other Countries		387,632		4,395,216		4,782,848
Preferred Stock
Germany		-		385,364		385,364
Collateral for Securities on Loan		-		1,185,306		1,185,306
Short-Term Investments		-		1,165,202		1,165,202
Total	$	387,632	$	31,493,302	$	31,880,934

NOTESTO FINANCIAL STATEMENTS 31

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

	Level 1		Level 2**		Total
ICON International Equity Fund*(b)
Assets
Common Stocks
South Korea	$	549,658	$	10,398,743	$	10,948,401
France		-		8,133,178		8,133,178
Norway		-		5,840,006		5,840,006
Germany		-		5,547,562		5,547,562
Canada		4,430,119		-		4,430,119
Indonesia		-		3,774,769		3,774,769
Singapore		-		3,429,669		3,429,669
Other Countries		2,934,067		14,025,679		16,959,746
Preferred Stock
Brazil		484,968		-		484,968
Collateral for Securities on Loan		-		3,489,967		3,489,967
Short-Term Investments		-		1,091,185		1,091,185
Total	$	8,398,812	$	55,730,758	$	64,129,570

* Please refer to the Schedule of Investments and the Sector/Industry Classification and Country Composition tables for additional security details.

** The end of period timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

(a) Common stocks valued at $533,688 were transferred from Level 2 to Level 1 during the period ended March 31, 2013. At September 30, 2012, these securities were valued using fair value adjustment factors; at March 31, 2013, these securities were valued using quoted market prices in active markets without using fair value adjustment factors. There were no transfers from Level 1 to Level 2 as of the period ended March 31, 2013.

(b) For the period ended March 31, 2013, there was no transfer activity between Level 1 and Level 2.

32 NOTESTO FINANCIAL STATEMENTS

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period ended March 31, 2013 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 9/30/12	$	57,841
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		(57,841	)
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/13	$	-
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/13	$	(57,841	)
ICON International Equity Fund
Beginning balance 9/30/12	$	151,454
Purchases		-
Sales		-
Accrued discounts/(premiums)		-
Total realized gains/(losses)		-
Total change in unrealized appreciation/(depreciation)		(151,454	)
Transfers in to Level 3		-
Transfers out of Level 3		-
Ending balance 3/31/13	$	-
Net change in unrealized appreciation/(depreciation) on investments held at 3/31/13	$	(151,454	)

Net realized gain/(loss) and net change in unrealized appreciation/depreciation is reflected on the Statement of Operations.

Fund Share Valuation

Fund shares are sold and redeemed on a continual basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

NOTESTO FINANCIAL STATEMENTS 33

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.

Forward Foreign Currency Contracts

The Funds may enter into short-term forward foreign currency contracts. A forward foreign currency contract is an agreement between contracting parties to exchange an amount of currency at some future time at an agreed upon rate. The Funds may use forward foreign currency contracts to manage foreign currency exposure with respect to transactional hedging, positional hedging, cross hedging and proxy hedging.

These contracts involve market risk and do not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of those securities decline. The Funds could be exposed to risk if the value of the currency changes unfavorably. Additionally, the Funds could be exposed to counterparty risk if the counterparties are unable to meet the terms of the contracts.

These contracts are marked-to-market daily. Net realized gains and losses on foreign currency transactions represent disposition of foreign currencies, and the difference between the amount recorded at the time of the transaction and the U.S. dollar amount actually received. Any realized gain or loss incurred by the Funds due to foreign currency translation is included on the Statement of Operations. At March 31, 2013, the Asia-Pacific Region Fund, Europe Fund and International Equity Fund had no outstanding forward foreign currency contracts.

34 NOTESTO FINANCIAL STATEMENTS

The following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments	Location of Gain/(loss) on Derivatives Recognized in Operations	Amount
Forward foreign exchange contracts
Foreign exchange risk
ICON Europe Fund	Net realized gain/(loss) from	$	(44,424	)
ICON International Equity Fund	foreign currency transactions		(58,968	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments	Location of Gain/(Loss) on Derivatives Recognized in Operations	Amount
Forward Foreign exchange contracts
Foreign exchange risk
ICON Europe Fund	Change in unrealized net	$	51,922
ICON International Equity Fund	appreciation/(depreciation) on foreign currency transactions		66,766

The number of contracts open during the period ended March 31, 2013 for the Europe Fund and International Equity Fund were 4 and 4, respectively.

The Funds value derivatives at fair value, as described above, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting even for derivatives employed as economic hedges.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but gives up other rights including the right to vote proxies. The Funds also receive income for the loan. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds

NOTESTO FINANCIAL STATEMENTS 35

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds as of March 31, 2013, is included in the Statement of Operations.

As of March 31, 2013, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Asia-Pacific Region Fund	$	6,527,671	$	6,990,293
ICON Europe Fund		1,133,776		1,185,306
ICON International Equity Fund		3,377,260		3,489,967

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2013. 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

36 NOTESTO FINANCIAL STATEMENTS

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 capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s NAV. The tax is paid when the gain is realized.

Investment Income

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

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.

NOTESTO FINANCIAL STATEMENTS 37

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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	$	2,317	$	10,331	$	22,595
Class C		56		274		1,877
Class A		41		324		1,203
ICON Europe Fund
Class S		1,962		8,118		15,520
Class C		6		188		771
Class A		9		128		825
ICON International Equity Fund
Class S		3,651		7,259		23,793
Class C		449		1,896		12,321
Class A		395		2,714		12,490

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

38 NOTESTO FINANCIAL STATEMENTS

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.

As of March 31, 2013 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2013		2014		2015		2016
ICON Asia-Pacific Region Fund	$	30,987	$	31,078	$	22,319	$	7,269
ICON Europe Fund		27,519		29,163		23,519		6,051
ICON International Equity Fund		17,618		11,377		25,950		17,940

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 net 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.

NOTESTO FINANCIAL STATEMENTS 39

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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, 2013, each Fund’s 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 net 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, 2013, the total related amounts paid by the Funds

40 NOTESTO FINANCIAL STATEMENTS

under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2013, 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 agreement with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Effective March 25, 2013, interest on domestic borrowings is charged at a rate quoted by State Street. Prior to March 25, 2013,

Interest on domestic borrowings was 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, 2013 was 1.41%.

Fund	Average Borrowing (10/1/12-3/31/13)
ICON Asia-Pacific Region Fund	$	46,063
ICON Europe Fund		2,372
ICON International Equity		302,663

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2013, 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	$	8,939,900	$	15,841,785
ICON Europe Fund		18,729,965		19,234,868
ICON International Equity Fund		35,140,916		48,727,786

NOTESTO FINANCIAL STATEMENTS 41

NOTESTO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

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.

For the year ended September 30, 2012 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Asia-Pacific Region Fund	$	9,482,596		2017
ICON Europe Fund		24,032,405		2017
		26,614,409		2018
		1,013,882		Unlimited
ICON International Equity Fund		53,195,839		2017
		27,012,993		2018
		5,904,569		Unlimited

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, 2012 the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Asia-Pacific Region Fund	$	1,236,735
ICON Europe Fund		-
ICON International Equity Fund		-

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.

42 NOTESTO FINANCIAL STATEMENTS

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2012, were as follows:

Fund	Distributions Paid from Ordinary Income		Total Distributions Paid
ICON Asia-Pacific Region Fund	$	217,338	$	217,338
ICON Europe Fund		460,666		460,666
ICON International Equity Fund		686,711		686,711

As of September 30, 2012, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
ICON Asia-Pacific Region Fund	$	271,230	$	(2,083,840	)	$	(9,482,596	)	$	(560,913	)	$	(11,856,119	)
ICON Europe Fund		336,958		(2,309,656	)		(51,660,696	)		1,812,133			(51,821,261	)
ICON International Equity Fund		113,893		(7,639,260	)		(86,113,401	)		588,189			(93,050,579	)

* Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales.

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

As of March 31, 2013, 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/ (Depreciation)
ICON Asia-Pacific Region Fund	$	42,728,674	$	5,228,580	$	(2,408,136	)	$	2,820,444
ICON Europe Fund		29,774,520		2,866,678		(760,264	)		2,106,414
ICON International Equity Fund		61,496,766		7,211,975		(4,579,171	)		(2,632,804	)

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 43

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2013 (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 (10/1/12 – 3/31/13).

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),

44 EXPENSE EXAMPLE

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 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13*
Actual Expenses
ICON Asia-Pacific Region Fund
Class S	$	1,000	$	1,112.80	$	8.32		1.58%
Class C		1,000		1,106.90		13.45		2.56%
Class A		1,000		1,112.10		9.53		1.81%
ICON Europe Fund
Class S		1,000		1,094.80		8.15		1.56%
Class C		1,000		1,089.10		13.28		2.55%
Class A		1,000		1,093.90		9.40		1.80%
ICON International Equity Fund
Class S		1,000		1,061.50		7.20		1.40%
Class C		1,000		1,055.60		13.12		2.56%
Class A		1,000		1,060.20		9.30		1.81%
Hypothetical (assuming a 5% return before expenses)
ICON Asia-Pacific Region Fund
Class S		1,000		1,017.05		7.95
Class C		1,000		1,012.17		12.84
Class A		1,000		1,015.91		9.10
ICON Europe Fund
Class S		1,000		1,017.15		7.85
Class C		1,000		1,012.22		12.79
Class A		1,000		1,015.96		9.05
ICON International Equity Fund
Class S		1,000		1,017.95		7.04
Class C		1,000		1,012.17		12.84
Class A		1,000		1,015.91		9.10

* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

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

EXPENSE EXAMPLE 45

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.

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.

46 OTHER INFORMATION

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 47

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

2013 SEMIANNUAL REPORT

ICON OPPORTUNITIES FUND

INVESTMENT UPDATE

(UNAUDITED)

1-800-764-0442 | www.iconfunds.com

ABOUT THIS REPORT (UNAUDITED)

Historical Returns

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

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.

Portfolio Data

This Report reflects ICON’s portfolio holdings as of March 31, 2013, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Fund.

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.

Securities of small companies generally involve greater risks than investments in larger companies. Small companies may have limited management experience or depth, limited access to capital, or limited products or services, or operate in markets that have not yet been established. Small company securities tend to be more volatile and less liquid than equity securities of larger companies. This risk of small company investing may be compounded in that this Fund concentrates in sectors and industries which makes it less diverse than other investments, and may make it more volatility. The Fund may invest up to 25% of the Fund’s total assets in a single industry. The fact that the Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to the economic, business or other developments that affect those industries or sectors.

The Fund may also invest in foreign securities which 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 and self-regulatory 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. Should there be a breakdown on the integrity of the financial statements or the markets in which these companies trade, the Funds could experience substantial losses.

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

2 ABOUT THIS REPORT

ICON Opportunities Fund

Sector Composition

March 31, 2013 (Unaudited)

Consumer Discretionary	22.9%
Information Technology	18.2%
Health Care	15.8%
Industrials	14.0%
Energy	11.1%
Financial	8.5%
Materials	6.1%
	96.6%

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

SCHEDULEOF INVESTMENTS 3

ICON Opportunities Fund

Industry Composition

March 31, 2013 (Unaudited)

Application Software	8.5%
Restaurants	7.1%
Electronic Equipment & Instruments	5.1%
Oil & Gas Drilling	5.0%
Health Care Services	4.8%
Trucking	4.7%
Asset Management & Custody Banks	4.4%
Oil & Gas Equipment & Services	4.4%
Health Care Technology	3.6%
Footwear	3.5%
Apparel Retail	3.2%
Biotechnology	2.9%
Catalog Retail	2.6%
Housewares & Specialties	2.5%
Pharmaceuticals	2.3%
Consumer Finance	2.2%
Diversified Chemicals	2.2%
Specialty Chemicals	2.2%
Aerospace & Defense	2.1%
Human Resource & Employment Services	2.1%
Specialty Stores	2.1%
Computer & Electronics Retail	2.0%
Electronic Components	2.0%
Specialized Finance	1.9%
Electrical Components & Equipment	1.8%
Commodity Chemicals	1.7%
Construction & Farm Machinery & Heavy Trucks	1.7%
Oil & Gas Refining & Marketing	1.7%
Industrial Machinery	1.6%
Data Processing & Outsourced Services	1.3%
Internet Software & Services	1.2%
Health Care Distributors	1.1%
Life Sciences Tools & Services	1.1%
	96.6%

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

4 SCHEDULEOF INVESTMENTS

ICON OPPORTUNITIES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (96.6%)
	292	Ascena Retail Group, Inc.†	$	5,417
	206	Atwood Oceanics, Inc.†		10,823
	368	Bio-Reference Labs, Inc.†		9,561
	124	Buffalo Wild Wings, Inc.†		10,854
	225	Cabot Corp.		7,695
	176	Cheesecake Factory, Inc.		6,795
	118	Computer Programs & Systems, Inc.		6,385
	98	Cubist Pharmaceuticals, Inc.†		4,588
	110	Dril-Quip, Inc.†		9,589
	169	Fair Isaac Corp.		7,722
	85	FEI Co.		5,487
	252	GameStop Corp., Class A		7,048
	200	HB Fuller Co.		7,816
	173	HEICO Corp.		7,510
	133	Hibbett Sports, Inc.†		7,484
	165	HSN, Inc.		9,052
	144	JOS A. Bank Clothiers, Inc.†		5,746
	438	Kforce, Inc.		7,170
	351	Knight Transportation, Inc.		5,651
	105	Landstar System, Inc.		5,994
	80	Mednax, Inc.†		7,170
	474	Mentor Graphics Corp.		8,556
	145	Methanex Corp.		5,891
	101	NeuStar, Inc., Class A†		4,700
	200	OSI Systems, Inc.†		12,458
	119	Owens & Minor, Inc.		3,875
	100	PAREXEL International Corp.†		3,951
	773	PDL BioPharma, Inc.		5,651
	350	Perficient, Inc.†		4,081
	51	Portfolio Recovery Associates, Inc.†		6,473
	338	Quality Systems, Inc.		6,179
	247	Questcor Pharmaceuticals, Inc.		8,037
	79	Regal-Beloit Corp.		6,443
	145	Rogers Corp.†		6,905

SCHEDULEOF INVESTMENTS 5

Shares or Principal Amount			Value
	183	Rowan Cos. PLC†	$	6,471
	80	Ryder System, Inc.		4,780
	270	SEI Investments Co.		7,790
	67	Snap-on, Inc.		5,541
	139	Steven Madden, Ltd.†		5,996
	352	Texas Roadhouse, Inc.		7,107
	116	Tidewater, Inc.		5,858
	126	Toro Co.		5,801
	106	Tupperware Brands Corp.		8,664
	220	Tyler Technologies, Inc.†		13,477
	176	Waddell & Reed Financial, Inc., Class A		7,705
	139	Wolverine World Wide, Inc.		6,167
	89	World Acceptance Corp.†		7,642
	150	World Fuel Services Corp.		5,958
	Total Common Stocks (Cost $306,703)			337,714
	Short-Term Investments (1.3%)
	4,429	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		4,429
	Total Short-Term Investments (Cost $4,429)			4,429
	Total Investments 97.9% (Cost $311,132)			342,143
	Other Assets Less Liabilities 2.1%			7,284
	Net Assets 100.0%		$	349,427

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

† Non-income producing security.

6 SCHEDULEOF INVESTMENTS

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Opportunities Fund
Assets
Investments, at cost	$	311,132
Investments, at value		342,143
Cash		92
Receivables:
Dividends		224
Expense reimbursements due from Adviser		10,402
Total Assets		352,861
Liabilities
Payables:
Advisory fees		218
Fund accounting fees		14
Transfer agent fees		160
Administration fees		15
Trustee fees		5
Accrued expenses		3,022
Total Liabilities		3,434
Net Assets	$	349,427
Net Assets Consist of
Paid-in capital	$	317,452
Accumulated undistributed net investment income/(loss)		870
Accumulated undistributed net realized gain		94
Unrealized appreciation/(depreciation)		31,011
Net Assets	$	349,427
Shares outstanding (unlimited shares authorized, no par value)		31,575
Net asset value (offering and redemption price per share)	$	11.07

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

FINANCIAL STATEMENTS 7

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2013 (UNAUDITED)

	ICON Opportunities Fund*
Investment Income
Dividends		2,985
Foreign taxes withheld		(4	)
Total Investment Income		2,981
Expenses
Advisory fees		1,029
Fund accounting fees		31
Transfer agent fees		2,643
Administration fees		68
Custody fees		2,125
Trustee fees and expenses		10
Audit and tax service expense		8,864
Other expenses		857
Total expenses before expense reimbursement		15,627
Expense reimbursement by Adviser due to expense limitation agreement		(13,516	)
Net Expenses		2,111
Net Investment Income/(Loss)		870
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		94
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		31,011
Net realized and unrealized gain/(loss)		31,105
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	31,975

* The Fund commenced operations on October 1, 2012.

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

8 FINANCIAL STATEMENTS

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Opportunities Fund*
	Period Ended March 31, 2013 (unaudited)
Operations
Net investment income/(loss)	$	870
Net realized gain/(loss)		94
Change in net unrealized appreciation/(depreciation)		31,011
Net increase/(decrease) in net assets resulting from operations		31,975
Dividends and Distributions to Shareholders
Fund Share Transactions
Shares sold		217,480
Shares repurchased		(28	)
Net increase/(decrease) from fund share transactions		217,452
Total net increase/(decrease) in net assets		249,427
Net Assets
Beginning of period		100,000
End of period	$	349,427
Transactions in Fund Shares
Shares sold		21,578
Reinvested dividends and distributions		-
Shares repurchased		(3	)
Net increase/(decrease)		21,575
Shares outstanding, beginning of period		10,000
Shares outstanding, end of period		31,575
Accumulated undistributed net investment income/(loss)	$	870

* The Fund commenced operations on October 1, 2012.

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

FINANCIAL STATEMENTS 9

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 Opportunities Fund
September 28, 2012 (inception) to March 31, 2013†	$	10.00	$	0.03	$	1.04	$	1.07	$	-	$	-

(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 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.

10 FINANCIAL HIGHLIGHTS

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			After expense limitation(c)			Before expense limitation			After expense limitation			Portfolio turnover rate(b)
$	-	$	11.07		10.70	%	$	349		11.41	%		1.54	%		(9.24	)%		0.63	%		22.24	%

FINANCIAL HIGHLIGHTS 11

NOTESTO FINANCIAL STATEMENTS

MARCH 31, 2013 (UNAUDITED)

1.  Organization

ICON Opportunities Fund (the “Fund”) is part of the ICON Funds (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. There are currently seventeen other active Funds within the Trust. Those Funds are covered by separate prospectuses and shareholder reports.

The Fund is authorized to issue an unlimited number of no par shares. The Fund invests primarily in securities of small companies that ICON’s methodology suggests are underpriced or overpriced relative to our calculation of intrinsic value. The investment objective of the Fund is to provide capital appreciation.

The Fund 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 fund may involve greater risk and volatility than a more diversified fund. Securities of small companies generally involve greater risks than investments in larger companies. Small company securities tend to be more volatile and less liquid than equity securities of larger companies. The Fund may invest up to 25% of the Fund’s total assets in a single industry. The fact that the Fund may overweight a specific industry or industries may cause the Fund’s performance to be more susceptible to the economic, business or other developments that affect those industries or sectors. Investments in foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar-denominated transactions as a result of, among other factors, the possibility of lower government supervision and regulation of foreign securities markets and the possibility of political or economic instability. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, may not exist in some foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. There are also risks associated with small-and mid-cap investing, including limited product lines, less liquidity and small market share.

In the normal course of business, the Fund may enter into various agreements that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as any potential exposure involving future claims that may be made against the Fund is unknown. However, based on experience, the Fund expects the risk of loss to be commercially remote.

2.  Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its 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 Fund’s 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 Fund 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.

12 NOTESTO FINANCIAL STATEMENTS

The Fund uses pricing services to obtain the market value of securities in its portfolio; 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 Fund’s securities or other assets are valued at fair value as determined in good faith by the Fund’s 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 using 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 Fund’s 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 the Fund calculates its net asset value (“NAV”). The valuation assigned to fair-value securities for purposes of calculating the 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 Fund’s 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 Fund, and unobservable inputs reflect the Fund’s 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 Fund evaluates 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 Fund’s investments, based on the inputs used to determine their values on March 31, 2013:

NOTESTO FINANCIAL STATEMENTS 13

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

	Level 1		Level 2		Total
ICON Opportunities Fund*
Assets
Common Stocks	$	337,714	$	-	$	337,714
Short-Term Investments		-		4,429		4,429
Total	$	337,714	$	4,429	$	342,143

* 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 the Fund at March 31, 2013.

For the period ended March 31, 2013, there was no transfer activity between Level 1 and Level 2. The end of period timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a continual basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

Foreign Currency Translation

The accounting records of the Fund 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 Fund does 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.

Income Taxes

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

Dividends paid by the Fund 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 Fund on the ex-dividend/distribution date. The Fund distributes income and net realized capital gains, if any, to shareholders at least annually, if not offset by capital loss carryforward. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of

14 NOTESTO FINANCIAL STATEMENTS

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 Fund’s tax position 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 Fund’s financial statements.

The Fund files U.S. tax returns. While the statute of limitations remains open to examine the Fund’s U.S. tax returns filed for the past four years, no examinations are in progress or anticipated at this time. The Fund is 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 Fund is 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.

3.  Fees and Other Transactions with Affiliates

Investment Advisory Fees

ICON Advisers, Inc. (“ICON Advisers”) serves as investment adviser to the Fund and is responsible for managing the Fund’s portfolios of securities. ICON Advisers receives a monthly management fee that is computed daily at an annual rate of 0.75% of the Fund’s average daily net assets.

ICON Advisers has contractually agreed to limit the Fund’s expenses (exclusive of brokerage, interest, taxes, dividends on short sales and extraordinary expenses) to the extent necessary to ensure that the Fund’s operating expenses do not exceed 1.50%.

The Fund’s expense limitation will continue in effect until at least January 31, 2014. 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. The 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, 2013 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2016
ICON Opportunities Fund	$	13,516

NOTESTO FINANCIAL STATEMENTS 15

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

Accounting, Custody and Transfer Agent Fees

State Street Bank and Trust Company (“State Street”) serves as the Fund accounting agent. 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 net 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, 2013, the Fund’s 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 net assets of the Trust.

Other Related Parties

Certain Officers and Directors of ICON Advisers are also Officers and Trustees of the Fund; however, such Officers and Trustees (with the exception of the Chief Compliance Officer, “CCO”) receive no compensation from the Fund. The CCO’s salary is paid 86% by the Trust and 14% by ICON Advisers. For the period ended March 31, 2013, the total related amounts paid by the Fund under this arrangement are included in Other Expenses on the Statement of Operations.

The Fund may reimburse ICON Advisers for legal work performed for the Fund by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2013, the total related amounts paid by the Fund under this arrangement are included in Other Expenses on the Statement of Operations.

4.  Borrowings

The Trust has entered into a Line of Credit agreement with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Effective, March 25, 2013, interest on domestic borrowings is charged at a rate quoted and determined by State Street. Prior to March 25, 2013, the Fund was not party to the line of credit agreement.

The Fund did not borrow during the period ending March 31, 2013.

16 NOTESTO FINANCIAL STATEMENTS

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2013, 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 Opportunities Fund	$	369,635	$	63,026

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.

As of March 31, 2013, 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/ (Depreciation)
ICON Opportunities Fund	$	311,132	$	37,850	$	(6,839	)	$	31,011

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 Fund’s financial statements.

NOTESTO FINANCIAL STATEMENTS 17

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2013 (UNAUDITED)

Example

As a shareholder of the 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. The Fund also incurs various ongoing expenses, including management fees, 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 Fund 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 (10/1/12 – 3/31/13).

Actual Expenses

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

	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13*
Actual Expenses
ICON Opportunities Fund	$	1,000	$	1,107.00	$	8.09		1.54%
Hypothetical (assuming a 5% return before expenses)
ICON Opportunities Fund		1,000		1,017.25		7.75

* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

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

18 EXPENSE EXAMPLE

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of the Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of the 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 the 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.

For More Information

This report is for the general information of the Fund’s 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 19

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

2013 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

1-800-764-0442 | www.iconfunds.com

SAR-SECT-13 B95216

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

TABLEOF CONTENTS

About This Report (Unaudited)	2
Schedules of Investments (Unaudited)
ICON Consumer Discretionary Fund	4
ICON Consumer Staples Fund	6
ICON Energy Fund	8
ICON Financial Fund	11
ICON Healthcare Fund	13
ICON Industrials Fund	16
ICON Information Technology Fund	18
ICON Materials Fund	20
ICON Utilities Fund	22
Financial Statements (Unaudited)	24
Financial Highlights (Unaudited)	42
Notes to Financial Statements (Unaudited)	52
Six Month Hypothetical Expense Example (Unaudited)	68
Other Information (Unaudited)	72

ABOUT THIS REPORT (UNAUDITED)

Historical Returns

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

Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and current performance may be higher or lower. Please call 1-800-764-0442 or visit www.iconfunds.com for performance results current to the most recent month-end.

Portfolio Data

This Report reflects ICON’s portfolio holdings as of March 31, 2013, the end of the reporting period. The information is not a complete analysis of every aspect of any sector, industry, security or the Funds.

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

An investment concentrated in sectors and industries may involve greater risk and volatility than a more diversified investment. Investments in foreign securities may entail unique risks, including political, market, and currency risks. Financial statements of foreign companies are governed by different accounting, auditing, and financial standards than U.S. companies and may be less transparent and uniform than in the United States. Many corporate governance standards, which help ensure the integrity of public information in the United States, do not exist in foreign countries. In general, there may be less governmental supervision of foreign stock exchanges and securities brokers and issuers. The ICON system relies on the integrity of financial statements released to the market as part of our analysis.

2 ABOUT THIS REPORT

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

ICON CONSUMER DISCRETIONARY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.4%)
	42,200	Aaron’s, Inc.	$	1,210,296
	1,700	AutoZone, Inc.†		674,509
	15,000	Bed Bath & Beyond, Inc.†		966,300
	35,800	CBS Corp., Class B		1,671,502
	21,700	Comcast Corp., Class A		911,617
	33,000	DIRECTV†		1,868,130
	21,200	Discovery Communications, Inc., Class A†		1,669,288
	14,800	Dollar Tree, Inc.†		716,764
	13,900	Expedia, Inc.		834,139
	41,000	Hibbett Sports, Inc.†		2,307,070
	30,200	Home Depot, Inc.		2,107,356
	48,600	Interpublic Group of Cos., Inc.		633,258
	51,150	Jarden Corp.†		2,191,778
	66,600	LKQ Corp.†		1,449,216
	17,800	MDC Holdings, Inc.		652,370
	43,600	Newell Rubbermaid, Inc.		1,137,960
	68,540	Nike, Inc., Class B		4,044,545
	13,200	Nordstrom, Inc.		729,036
	22,000	Omnicom Group, Inc.		1,295,800
	3,800	Panera Bread Co., Class A†		627,912
	18,200	PetSmart, Inc.		1,130,220
	25,100	PulteGroup, Inc.†		508,024
	12,600	PVH Corp.		1,345,806
	9,800	Ralph Lauren Corp.		1,659,238

Shares or Principal Amount			Value
	62,200	Ross Stores, Inc.	$	3,770,564
	31,000	Ryland Group, Inc.(a)		1,290,220
	24,600	Tiffany & Co.		1,710,684
	50,300	TJX Cos., Inc.		2,351,525
	29,000	Toll Brothers, Inc.†		992,960
	33,600	Tractor Supply Co.		3,498,768
	15,500	Tupperware Brands Corp.		1,266,970
	12,800	V.F. Corp.		2,147,200
	16,500	Viacom, Inc., Class B		1,015,905
	76,400	Walt Disney Co.		4,339,520
	36,800	Wolverine World Wide, Inc.(a)		1,632,816
	Total Common Stocks (Cost $48,799,655)			56,359,266
	Collateral for Securities on Loan (5.0%)
	2,873,133	State Street Navigator Prime Portfolio, 0.22%		2,873,133
	Total Collateral for Securities on Loan (Cost $2,873,133)			2,873,133
	Short-Term Investments (1.3%)
$	753,127	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		753,127
	Total Short-Term Investments (Cost $753,127)			753,127
	Total Investments 104.7% (Cost $52,425,915)			59,985,526
	Liabilities Less Other Assets (4.7)%			(2,712,933	)
	Net Assets 100.0%		$	57,272,593

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, 2013.

4 SCHEDULEOF INVESTMENTS

ICON Consumer Discretionary Fund

Industry Composition

March 31, 2013 (unaudited)

Specialty Stores	15.1%
Apparel Retail	10.7%
Footwear	9.9%
Movies & Entertainment	9.3%
Apparel, Accessories & Luxury Goods	9.0%
Housewares & Specialties	8.0%
Homebuilding	6.0%
Broadcasting	5.8%
Cable & Satellite	4.8%
Homefurnishing Retail	3.8%
Home Improvement Retail	3.7%
Advertising	3.4%
Distributors	2.5%
Internet Retail	1.5%
Department Stores	1.3%
General Merchandise Stores	1.3%
Automotive Retail	1.2%
Restaurants	1.1%
	98.4%

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

ICON Consumer Discretionary Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Discretionary	98.4%
	98.4%

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

SCHEDULEOF INVESTMENTS 5

ICON CONSUMER STAPLES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.3%)
	11,800	Archer-Daniels-Midland Co.	$	398,014
	6,000	Boston Beer Co., Inc., Class A†		957,840
	11,400	British American Tobacco PLC, ADR		1,220,370
	31,000	Brown-Forman Corp., Class B		2,213,400
	15,500	Bunge, Ltd.		1,144,365
	25,100	Casey’s General Stores, Inc.		1,463,330
	104,100	Coca-Cola Co.		4,209,804
	17,500	Colgate-Palmolive Co.		2,065,525
	41,700	Costco Wholesale Corp.		4,424,787
	7,200	Energizer Holdings, Inc.		718,056
	16,000	Ingredion, Inc.		1,157,120
	20,700	J.M. Smucker Co.		2,052,612
	28,000	Kimberly-Clark Corp.		2,743,440
	27,800	Lorillard, Inc.		1,121,730
	25,600	McCormick & Co., Inc.		1,882,880
	14,000	Mondelez International, Inc.		428,540

Shares or Principal Amount			Value
	47,300	Philip Morris International, Inc.	$	4,385,183
	24,900	Procter & Gamble Co.		1,918,794
	58,300	Reynolds American, Inc.		2,593,767
	33,400	United Natural Foods, Inc.†		1,643,280
	37,100	Wal-Mart Stores, Inc.		2,776,193
	4,500	Whole Foods Market, Inc.		390,375
	Total Common Stocks (Cost $37,648,997)			41,909,405
	Short-Term Investments (0.4%)
$	162,186	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		162,186
	Total Short-Term Investments (Cost $162,186)			162,186
	Total Investments 99.7% (Cost $37,811,183)			42,071,591
	Other Assets Less Liabilities 0.3%			106,423
	Net Assets 100.0%		$	42,178,014

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

† Non-income producing security.

ADR American Depositary Receipt

6 SCHEDULEOF INVESTMENTS

ICON Consumer Staples Fund

Industry Composition

March 31, 2013 (unaudited)

Tobacco	22.1%
Household Products	17.6%
Hypermarkets & Super Centers	17.1%
Packaged Foods & Meats	10.3%
Soft Drinks	10.0%
Agricultural Products	6.4%
Distillers & Vintners	5.2%
Food Retail	4.4%
Food Distributors	3.9%
Brewers	2.3%
	99.3%

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

ICON Consumer Staples Fund

Sector Composition

March 31, 2013 (unaudited)

Consumer Staples	99.3%
	99.3%

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

SCHEDULEOF INVESTMENTS 7

ICON ENERGY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (98.1%)
	282,200	Atwood Oceanics, Inc.†	$	14,826,788
	231,800	Cameron International Corp.†		15,113,360
	501,900	Chevron Corp.		59,635,758
	27,000	CNOOC, Ltd., ADR		5,170,500
	464,500	ConocoPhillips		27,916,450
	111,400	Core Laboratories NV		15,364,288
	378,300	Denbury Resources, Inc.†		7,055,295
	102,100	Dresser-Rand Group, Inc.†		6,295,486
	294,500	Dril-Quip, Inc.†		25,671,565
	275,400	Energen Corp.		14,323,554
	232,600	Energy Transfer Partners L.P.		11,790,494
	160,200	Ensco PLC, Class A		9,612,000
	67,400	EOG Resources, Inc.		8,631,918
	629,500	Exxon Mobil Corp.		56,724,245
	345,200	FMC Technologies, Inc.†		18,775,428
	410,300	Halliburton Co.		16,580,223
	381,300	HollyFrontier Corp.		19,617,885
	292,000	Marathon Petroleum Corp.		26,163,200
	150,800	National Oilwell Varco, Inc.		10,669,100
	171,200	Newfield Exploration Co.†		3,838,304
	219,300	Noble Corp.		8,366,295
	68,000	Noble Energy, Inc.		7,864,880
	428,700	Oceaneering International, Inc.		28,469,967
	333,100	Oil States International, Inc.†		27,170,967

Shares or Principal Amount			Value
	462,850	Phillips 66	$	32,385,614
	145,800	Pioneer Natural Resources Co.		18,115,650
	556,100	RPC, Inc.(a)		8,436,037
	217,000	Southwestern Energy Co.†		8,085,420
	208,500	Teekay LNG Partners L.P.		8,638,155
	226,500	Tenaris S.A., ADR(a)		9,236,670
	539,800	Tesoro Corp.		31,605,290
	257,200	Ultrapar Participacoes S.A., ADR(a)		6,527,736
	888,200	Valero Energy Corp.		40,404,218
	241,300	Whiting Petroleum Corp.†		12,267,692
	252,100	Williams Cos., Inc.		9,443,666
	Total Common Stocks (Cost $507,955,237)			630,794,098
	Collateral for Securities on Loan (1.8%)
	11,453,694	State Street Navigator Prime Portfolio, 0.22%		11,453,694
	Total Collateral for Securities on Loan (Cost $11,453,694)			11,453,694

8 SCHEDULEOF INVESTMENTS

Shares or Principal Amount			Value
	Short-Term Investments (1.8%)
$	11,555,268	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13	$	11,555,268
	Total Short-Term Investments (Cost $11,555,268)			11,555,268
	Total Investments 101.7% (Cost $530,964,199)			653,803,060
	Liabilities Less Other Assets (1.7)%			(10,747,921	)
	Net Assets 100.0%		$	643,055,139

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, 2013.

ADR American Depositary Receipt

SCHEDULEOF INVESTMENTS 9

ICON Energy Fund

Industry Composition

March 31, 2013 (unaudited)

Oil & Gas Equipment & Services	28.3%
Oil & Gas Refining & Marketing	23.4%
Integrated Oil & Gas	22.4%
Oil & Gas Exploration & Production	13.3%
Oil & Gas Storage & Transportation	5.7%
Oil & Gas Drilling	5.0%
	98.1%

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

ICON Energy Fund

Sector Composition

March 31, 2013 (unaudited)

Energy	98.1%
	98.1%

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

10 SCHEDULEOF INVESTMENTS

ICON FINANCIAL FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.7%)
	9,100	ACE, Ltd.	$	809,627
	3,600	Affiliated Managers Group, Inc.†		552,852
	15,900	Aflac, Inc.		827,118
	16,700	American Express Co.		1,126,582
	22,200	Aon PLC		1,365,300
	10,400	Arthur J Gallagher & Co.		429,624
	31,100	BB&T Corp.		976,229
	30,200	Brown & Brown, Inc.		967,608
	24,700	Capital One Financial Corp.		1,357,265
	7,400	Chubb Corp.		647,722
	6,600	Credicorp, Ltd.		1,095,930
	73,400	DFC Global Corp.†		1,221,376
	23,200	Discover Financial Services		1,040,288
	28,600	First Cash Financial Services, Inc.†		1,668,524
	9,400	Franklin Resources, Inc.		1,417,614
	20,300	HCC Insurance Holdings, Inc.		853,209
	10,300	HCP, Inc., REIT		513,558
	12,300	Home Properties, Inc., REIT		780,066
	38,200	Invesco, Ltd.		1,106,272
	9,400	Jones Lang LaSalle, Inc.		934,454
	77,500	JPMorgan Chase & Co.		3,678,150
	4,000	M&T Bank Corp.		412,640

Shares or Principal Amount			Value
	11,500	McGraw-Hill Cos., Inc.	$	598,920
	35,500	Moody’s Corp.		1,892,860
	30,800	Northern Trust Corp.		1,680,448
	10,900	PNC Financial Services Group, Inc.		724,850
	42,000	SEI Investments Co.		1,211,700
	9,000	SVB Financial Group†		638,460
	10,900	T Rowe Price Group, Inc.		816,083
	77,700	U.S. Bancorp		2,636,361
	7,100	Ventas, Inc., REIT		519,720
	18,200	Waddell & Reed Financial, Inc., Class A		796,796
	131,800	Wells Fargo & Co.		4,875,282
	16,400	World Acceptance Corp.†		1,408,268
	Total Common Stocks (Cost $34,731,249)			41,581,756
	Short-Term Investments (0.4%)
$	176,467	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		176,467
	Total Short-Term Investments (Cost $176,467)			176,467
	Total Investments 100.1% (Cost $34,907,716)			41,758,223
	Liabilities Less Other Assets (0.1)%			(56,787	)
	Net Assets 100.0%		$	41,701,436

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

† Non-income producing security.

REIT Real Estate Investment Trust

SCHEDULEOF INVESTMENTS 11

ICON Financial Fund

Industry Composition

March 31, 2013 (unaudited)

Diversified Banks	20.6%
Consumer Finance	18.8%
Asset Management & Custody Banks	18.2%
Other Diversified Financial Services	8.8%
Insurance Brokers	6.6%
Regional Banks	6.6%
Specialized Finance	4.5%
Property & Casualty Insurance	3.5%
Specialized REIT’s	2.5%
Real Estate Services	2.2%
Multi-line Insurance	2.1%
Life & Health Insurance	2.0%
Residential REIT’s	1.9%
Publishing	1.4%
	99.7%

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

ICON Financial Fund

Sector Composition

March 31, 2013 (unaudited)

Financial	98.3%
Consumer Discretionary	1.4%
	99.7%

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

12 SCHEDULEOF INVESTMENTS

ICON HEALTHCARE FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.0%)
	97,700	Abbott Laboratories	$	3,450,764
	75,375	Actavis, Inc.†		6,942,791
	48,085	Alexion Pharmaceuticals, Inc.†		4,430,552
	8,600	Allergan, Inc.		960,018
	23,200	Amerisource-Bergen Corp.		1,193,640
	76,390	Amgen, Inc.		7,830,739
	22,900	AstraZeneca PLC, ADR		1,144,542
	15,500	Bayer AG, ADR		1,605,025
	35,000	Bio-Reference Labs, Inc.†(a)		909,300
	27,900	Biogen Idec, Inc.†		5,382,189
	192,820	Cambrex Corp.†		2,466,168
	54,509	Cerner Corp.†		5,164,728
	23,310	Computer Programs & Systems, Inc.		1,261,304
	16,435	Covidien PLC		1,114,950
	87,000	Cubist Pharmaceuticals, Inc.†		4,073,340
	17,585	Ensign Group, Inc.		587,339
	37,735	Express Scripts, Inc.†		2,175,423
	141,682	Gilead Sciences, Inc.†		6,932,500
	20,100	GlaxoSmithKline PLC, ADR		942,891
	113,300	HMS Holdings Corp.†		3,076,095
	73,400	Hospira, Inc.†		2,409,722
	22,600	Illumina, Inc.†(a)		1,220,400
	7,925	Intuitive Surgical, Inc.†		3,892,681
	51,300	Johnson & Johnson		4,182,489
	28,635	McKesson Corp.		3,091,435
	61,715	Merck & Co., Inc.		2,729,654

Shares or Principal Amount			Value
	17,480	MWI Veterinary Supply, Inc.†	$	2,311,905
	22,200	Novartis AG, ADR		1,581,528
	22,600	Novo Nordisk AS, ADR		3,649,900
	25,600	Patterson Cos., Inc.		973,824
	369,300	PDL BioPharma, Inc.(a)		2,699,583
	50,850	Perrigo Co.		6,037,420
	158,795	Pfizer, Inc.		4,582,824
	40,000	ResMed, Inc.(a)		1,854,400
	116,315	Skilled Healthcare Group, Inc., Class A†		764,189
	43,700	St Jude Medical, Inc.		1,767,228
	34,600	Stryker Corp.		2,257,304
	39,470	Teva Pharmaceutical Industries, Ltd., ADR		1,566,170
	48,300	United Therapeutics Corp.†		2,940,021
	21,325	Varian Medical Systems, Inc.†		1,535,400
	11,165	Waters Corp.†		1,048,505
	Total Common Stocks (Cost $97,176,902)			114,740,880
	Collateral for Securities on Loan (5.6%)
	6,436,309	State Street Navigator Prime Portfolio, 0.22%		6,436,309
	Total Collateral for Securities on Loan (Cost $6,436,309)			6,436,309

SCHEDULEOF INVESTMENTS 13

Shares or Principal Amount			Value
	Short-Term Investments (0.8%)
$	1,000,015	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13	$	1,000,015
	Total Short-Term Investments (Cost $1,000,015)			1,000,015
	Total Investments 105.4% (Cost $104,613,226)			122,177,204
	Liabilities Less Other Assets (5.4)%			(6,291,730	)
	Net Assets 100.0%		$	115,885,474

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, 2013.

ADR American Depositary Receipt

14 SCHEDULEOF INVESTMENTS

ICON Healthcare Fund

Industry Composition

March 31, 2013 (unaudited)

Pharmaceuticals	36.0%
Biotechnology	29.6%
Health Care Equipment	10.7%
Health Care Technology	8.2%
Health Care Distributors	6.5%
Life Sciences Tools & Services	4.1%
Health Care Services	2.7%
Health Care Facilities	1.2%
	99.0%

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

ICON Healthcare Fund

Sector Composition

March 31, 2013 (unaudited)

Health Care	99.0%
	99.0%

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

SCHEDULEOF INVESTMENTS 15

ICON INDUSTRIALS FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.1%)
	10,000	3M Co.	$	1,063,100
	25,000	AMETEK, Inc.		1,084,000
	5,000	Boeing Co.		429,250
	3,000	Canadian National Railway Co.		300,900
	14,000	Caterpillar, Inc.		1,217,580
	7,000	Cintas Corp.		308,910
	20,000	Crane Co.		1,117,200
	20,000	CSX Corp.		492,600
	11,000	Danaher Corp.		683,650
	5,000	Deere & Co.		429,900
	12,000	Delta Air Lines, Inc.†		198,120
	15,000	Dover Corp.		1,093,200
	10,000	Eaton Corp.		612,500
	5,000	Emerson Electric Co.		279,350
	25,000	Fastenal Co.		1,283,750
	3,500	FedEx Corp.		343,700
	25,000	Fluor Corp.		1,658,250
	25,000	Foster Wheeler AG†		571,250
	15,000	General Dynamics Corp.		1,057,650
	75,000	General Electric Co.		1,734,000
	20,000	Healthcare Services Group, Inc.		512,600
	20,000	HEICO Corp.		868,200
	15,000	Honeywell International, Inc.		1,130,250

Shares or Principal Amount			Value
	10,000	Hubbell, Inc., Class B	$	971,100
	10,000	IDEX Corp.		534,200
	4,000	Joy Global, Inc.		238,080
	5,000	Landstar System, Inc.		285,450
	15,000	MSC Industrial Direct Co., Class A		1,286,700
	11,000	Norfolk Southern Corp.		847,880
	5,000	Parker Hannifin Corp.		457,900
	5,000	Precision Castparts Corp.		948,100
	8,000	Raytheon Co.		470,320
	10,000	Regal-Beloit Corp.		815,600
	7,000	Ryder System, Inc.		418,250
	20,000	Spirit Aerosystems Holdings, Inc., Class A†		379,800
	13,000	Union Pacific Corp.		1,851,330
	4,000	United Parcel Service, Inc., Class B		343,600
	33,000	United Technologies Corp.		3,083,190
	24,000	URS Corp.		1,137,840
	8,000	WW Grainger, Inc.		1,799,840
	Total Common Stocks (Cost $27,296,846)			34,339,090
	Total Investments 99.1% (Cost $27,296,846)			34,339,090
	Other Assets Less Liabilities 0.9%			313,324
	Net Assets 100.0%		$	34,652,414

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

† Non-income producing security.

16 SCHEDULEOF INVESTMENTS

ICON Industrials Fund

Industry Composition

March 31, 2013 (unaudited)

Aerospace & Defense	24.1%
Trading Companies & Distributors	12.6%
Electrical Components & Equipment	10.9%
Industrial Conglomerates	10.1%
Railroads	10.1%
Construction & Engineering	9.7%
Industrial Machinery	9.2%
Construction & Farm Machinery & Heavy Trucks	5.4%
Diversified Support Services	2.4%
Air Freight & Logistics	2.0%
Trucking	2.0%
Airlines	0.6%
	99.1%

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

ICON Industrials Fund

Sector Composition

March 31, 2013 (unaudited)

Industrials	99.1%
	99.1%

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

SCHEDULEOF INVESTMENTS 17

ICON INFORMATION TECHNOLOGY FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (101.0%)
	34,600	Accenture PLC, Class A	$	2,628,562
	16,100	ACI Worldwide, Inc.†		786,646
	51,300	Amdocs, Ltd.		1,859,625
	21,575	ANSYS, Inc.†		1,756,637
	24,500	Apple, Inc.		10,844,435
	21,000	CACI International, Inc., Class A†		1,215,270
	34,440	Citrix Systems, Inc.†		2,485,190
	28,400	Cognizant Technology Solutions Corp., Class A†		2,175,724
	14,700	eBay, Inc.†		797,034
	61,600	EMC Corp.†		1,471,624
	15,700	F5 Networks, Inc.†		1,398,556
	5,900	Factset Research Systems, Inc.(a)		546,340
	53,225	Fair Isaac Corp.		2,431,850
	26,600	Fidelity National Information Services, Inc.		1,053,892
	24,300	Global Payments, Inc.		1,206,738
	6,325	Google, Inc., Class A†		5,022,240
	38,400	Informatica Corp.†		1,323,648
	15,100	Infosys Technologies, Ltd., ADR(a)		814,041
	95,840	Insight Enterprises, Inc.†		1,976,221
	29,100	International Business Machines Corp.		6,207,030
	24,300	Intuit, Inc.		1,595,295
	6,080	Mastercard, Inc., Class A		3,290,070
	164,300	Mentor Graphics Corp.		2,965,615
	69,200	Microsoft Corp.		1,979,812

Shares or Principal Amount			Value
	69,400	Oracle Corp.	$	2,244,396
	71,000	Perficient, Inc.†		827,860
	17,300	Rogers Corp.†		823,826
	70,277	ScanSource, Inc.†		1,983,217
	45,060	SYNNEX Corp.†		1,667,220
	14,300	Syntel, Inc.		965,536
	36,300	Total System Services, Inc.		899,514
	10,665	Tyler Technologies, Inc.†		653,338
	79,790	VeriFone Systems, Inc.†		1,650,057
	24,045	Visa, Inc., Class A		4,083,803
	45,200	Western Digital Corp.		2,272,656
	46,300	Western Union Co.		696,352
	Total Common Stocks (Cost $60,371,047)			76,599,870
	Collateral for Securities on Loan (1.2%)
	881,585	State Street Navigator Prime Portfolio, 0.22%		881,585
	Total Collateral for Securities on Loan (Cost $881,585)			881,585
	Short-Term Investments (0.4%)
$	296,822	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		296,822
	Total Short-Term Investments (Cost $296,822)			296,822
	Total Investments 102.6% (Cost $61,549,454)			77,778,277
	Liabilities Less Other Assets (2.6)%			(1,971,323	)
	Net Assets 100.0%		$	75,806,954

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, 2013.

ADR American Depositary Receipt

18 SCHEDULEOF INVESTMENTS

ICON Information Technology Fund

Industry Composition

March 31, 2013 (unaudited)

IT Consulting & Other Services	19.6%
Application Software	19.2%
Data Processing & Outsourced Services	18.3%
Computer Hardware	14.3%
Internet Software & Services	8.8%
Technology Distributors	7.4%
Systems Software	5.6%
Computer Storage & Peripherals	4.9%
Communications Equipment	1.8%
Electronic Components	1.1%
	101.0%

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

ICON Information Technology Fund

Sector Composition

March 31, 2013 (unaudited)

Information Technology	101.0%
	101.0%

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

SCHEDULEOF INVESTMENTS 19

ICON MATERIALS FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.2%)
	3,000	Air Products & Chemicals, Inc.	$	261,360
	15,000	Airgas, Inc.		1,487,400
	5,000	Albemarle Corp.		312,600
	5,000	Aptargroup, Inc.		286,750
	10,000	Archer-Daniels-Midland Co.		337,300
	15,000	Ashland, Inc.		1,114,500
	15,000	Bemis Co., Inc.		605,400
	25,000	Buckeye Technologies, Inc.		748,750
	30,000	Cabot Corp.		1,026,000
	5,000	Celanese Corp.		220,250
	2,500	CF Industries Holdings, Inc.		475,925
	10,000	Commercial Metals Co.		158,500
	70,000	Dow Chemical Co.		2,228,800
	65,000	E.I. du Pont de Nemours & Co.		3,195,400
	40,000	Ecolab, Inc.		3,207,200
	40,000	FMC Corp.		2,281,200
	60,000	Freeport-McMoRan Copper & Gold, Inc.		1,986,000
	25,000	HB Fuller Co.		977,000
	25,000	KapStone Paper and Packaging Corp.		695,000
	15,000	Koppers Holdings, Inc.		659,700
	35,000	LyondellBasell Industries, Class A		2,215,150
	25,000	Methanex Corp.		1,015,750
	30,000	Monsanto Co.		3,168,900

Shares or Principal Amount			Value
	7,000	Mosaic Co.	$	417,270
	2,000	NewMarket Corp.		520,720
	15,000	Newmont Mining Corp.		628,350
	3,000	Norfolk Southern Corp.		231,240
	55,000	Nucor Corp.		2,538,250
	12,000	Praxair, Inc.		1,338,480
	15,000	Reliance Steel & Aluminum Co.		1,067,550
	22,000	RPM International, Inc.		694,760
	20,000	Sigma-Aldrich Corp.		1,553,600
	35,000	Silgan Holdings, Inc.		1,653,750
	6,000	Silver Wheaton Corp.		188,100
	30,000	Steel Dynamics, Inc.		476,100
	5,000	Union Pacific Corp.		712,050
	10,000	Valspar Corp.		622,500
	Total Common Stocks (Cost $33,344,933)			41,307,555
	Short-Term Investments (1.9%)
$	792,763	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		792,763
	Total Short-Term Investments (Cost $792,763)			792,763
	Total Investments 101.1% (Cost $34,137,696)			42,100,318
	Liabilities Less Other Assets (1.1)%			(460,543	)
	Net Assets 100.0%		$	41,639,775

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

20 SCHEDULEOF INVESTMENTS

ICON Materials Fund

Industry Composition

March 31, 2013 (unaudited)

Specialty Chemicals	22.1%
Diversified Chemicals	21.0%
Steel	10.2%
Fertilizers & Agricultural Chemicals	9.8%
Commodity Chemicals	9.3%
Industrial Gases	7.4%
Diversified Metals & Mining	4.8%
Metal & Glass Containers	4.7%
Paper Products	3.5%
Railroads	2.3%
Paper Packaging	1.5%
Gold	1.4%
Other Industries (each less than 1%)	1.2%
	99.2%

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

ICON Materials Fund

Sector Composition

March 31, 2013 (unaudited)

Materials	96.1%
Industrials	2.3%
Consumer Staples	0.8%
	99.2%

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

SCHEDULEOF INVESTMENTS 21

ICON UTILITIES FUND

SCHEDULEOF INVESTMENTS

MARCH 31, 2013 (UNAUDITED)

Shares or Principal Amount			Value
	Common Stocks (99.5%)
	76,000	AES Corp.	$	955,320
	12,500	Allete, Inc.		612,750
	73,900	American Electric Power Co., Inc.		3,593,757
	18,400	American Water Works Co., Inc.		762,496
	36,600	Aqua America, Inc.		1,150,704
	21,800	Atmos Energy Corp.		930,642
	48,700	Avista Corp.		1,334,380
	25,400	Dominion Resources, Inc. of Virginia		1,477,772
	9,400	Duke Energy Corp.		682,346
	14,900	Hawaiian Electric Industries, Inc.		412,879
	31,100	Integrys Energy Group, Inc.		1,808,776
	21,900	Laclede Group, Inc.		935,130
	40,500	MDU Resources Group, Inc.		1,012,095
	12,500	NextEra Energy, Inc.		971,000
	30,700	OGE Energy Corp.		2,148,386
	42,700	PG&E Corp.		1,901,431
	11,000	Public Service Enterprise Group, Inc.		377,740

Shares or Principal Amount			Value
	55,100	SCANA Corp.	$	2,818,916
	6,400	Sempra Energy		511,616
	17,500	South Jersey Industries, Inc.		972,825
	89,700	Southern Co.		4,208,724
	17,000	UIL Holdings Corp.		673,030
	101,500	Westar Energy, Inc.		3,367,770
	25,900	Wisconsin Energy Corp.		1,110,851
	104,500	Xcel Energy, Inc.		3,103,650
	Total Common Stocks (Cost $33,160,010)			37,834,986
	Short-Term Investments (0.3%)
$	134,963	State Street Euro Dollar Time Deposit (USD), 0.01%, 04/01/13		134,963
	Total Short-Term Investments (Cost $134,963)			134,963
	Total Investments 99.8% (Cost $33,294,973)			37,969,949
	Other Assets Less Liabilities 0.2%			62,276
	Net Assets 100.0%		$	38,032,225

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

22 SCHEDULEOF INVESTMENTS

ICON Utilities Fund

Industry Composition

March 31, 2013 (unaudited)

Multi-Utilities	46.3%
Electric Utilities	38.2%
Gas Utilities	7.5%
Water Utilities	5.0%
Independent Power Producers & Energy Traders	2.5%
	99.5%

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

ICON Utilities Fund

Sector Composition

March 31, 2013 (unaudited)

Utilities	87.2%
Telecommunication	12.3%
	99.5%

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

SCHEDULEOF INVESTMENTS 23

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Consumer Discretionary Fund		ICON Consumer Staples Fund		ICON Energy Fund
Assets
Investments, at cost	$	52,425,915	$	37,811,183	$	530,964,199
Investments, at value†		59,985,526		42,071,591		653,803,060
Cash		10,948		-		19,604
Receivables:
Fund shares sold		175,624		37,549		1,986,041
Dividends		69,860		191,770		120,235
Expense reimbursements due from Adviser		530		448		-
Foreign tax reclaims		-		3,207		30,554
Other assets		25,027		20,944		94,859
Total Assets		60,267,515		42,325,509		656,054,353
Liabilities
Payables:
Expense recoupment due to adviser		475		4,051		-
Payable for collateral received on securities loaned		2,873,133		-		11,453,694
Fund shares redeemed		30,776		70,793		789,606
Distributions due to shareholders		-		9,305		-
Advisory fees		51,244		34,807		530,079
Accrued distribution fees		709		1,380		11,918
Fund accounting fees		3,574		2,369		35,929
Transfer agent fees		11,162		7,245		82,896
Administration fees		2,562		1,740		26,781
Trustee fees		1,612		1,057		16,184
Accrued expenses		19,675		14,748		52,127
Total Liabilities		2,994,922		147,495		12,999,214
Net Assets - all share classes	$	57,272,593	$	42,178,014	$	643,055,139
Net Assets - Class S	$	54,144,139	$	39,503,310	$	616,074,809
Net Assets - Class C	$	161,301	$	1,350,655	$	10,283,058
Net Assets - Class A	$	2,967,153	$	1,324,049	$	16,697,272

24 FINANCIAL STATEMENTS

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund		ICON Energy Fund
Net Assets Consist of
Paid-in capital	$	59,772,141		$	37,251,334	$	545,562,045
Accumulated undistributed net investment income/(loss)		48,109			143,166		1,148,955
Accumulated undistributed net realized gain/(loss)		(10,107,268	)		523,106		(26,494,722	)
Unrealized appreciation/(depreciation)		7,559,611			4,260,408		122,838,861
Net Assets	$	57,272,593		$	42,178,014	$	643,055,139
Shares outstanding (unlimited shares authorized, no par value)
Class S		4,216,745			3,551,321		28,175,394
Class C		12,890			123,147		475,783
Class A		234,734			118,520		765,658
Net asset value (offering and redemption price per share)
Class S	$	12.84		$	11.12	$	21.87
Class C	$	12.51		$	10.97	$	21.61
Class A	$	12.64		$	11.17	$	21.81
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	13.41		$	11.85	$	23.14
†  Includes securities on loan of	$	2,776,884		$	-	$	10,833,699

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

FINANCIAL STATEMENTS 25

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Financial Fund		ICON Healthcare Fund		ICON Industrials Fund
Assets
Investments, at cost	$	34,907,716	$	104,613,226	$	27,296,846
Investments, at value†		41,758,223		122,177,204		34,339,090
Cash		9,513		-		-
Receivables:
Fund shares sold		87,667		201,442		22,930
Investments sold		-		-		440,665
Dividends		40,312		155,042		42,224
Expense reimbursements due from Adviser		436		962		1,284
Foreign tax reclaims		4,616		23,931		-
Other assets		20,073		35,507		20,283
Total Assets		41,920,840		122,594,088		34,866,476
Liabilities
Payables:
Due to custodian bank		-		-		134,460
Expense recoupment due to adviser		-		2,594		-
Payable for collateral received on securities loaned		-		6,436,309		-
Fund shares redeemed		148,034		116,710		17,186
Advisory fees		37,286		96,877		30,775
Accrued distribution fees		1,495		1,604		45
Fund accounting fees		2,521		6,420		2,230
Transfer agent fees		10,615		20,924		9,569
Administration fees		1,864		4,844		1,539
Trustee fees		1,145		2,717		1,088
Accrued expenses		16,444		19,615		17,170
Total Liabilities		219,404		6,708,614		214,062
Net Assets - all share classes	$	41,701,436	$	115,885,474	$	34,652,414
Net Assets - Class S	$	36,742,219	$	108,518,142	$	34,486,321
Net Assets - Class C	$	275,295	$	155,198	$	16,292
Net Assets - Class A	$	4,683,922	$	7,212,134	$	149,801

26 FINANCIAL STATEMENTS

	ICON Financial Fund			ICON Healthcare Fund		ICON Industrials Fund
Net Assets Consist of
Paid-in capital	$	134,846,849		$	89,187,523	$	60,131,229
Accumulated undistributed net investment income/(loss)		235,540			391,127		175,823
Accumulated undistributed net realized gain/(loss)		(100,231,460	)		8,742,846		(32,696,896	)
Unrealized appreciation/(depreciation)		6,850,507			17,563,978		7,042,258
Net Assets	$	41,701,436		$	115,885,474	$	34,652,414
Shares outstanding (unlimited shares authorized, no par value)
Class S		5,318,276			5,485,231		3,605,647
Class C		41,096			8,032		1,719
Class A		685,118			367,937		15,807
Net asset value (offering and redemption price per share)
Class S	$	6.91		$	19.78	$	9.56
Class C	$	6.70		$	19.32	$	9.48
Class A	$	6.84		$	19.60	$	9.48
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	7.26		$	20.80	$	10.06
†  Includes securities on loan of	$	-		$	6,287,012	$	-

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

FINANCIAL STATEMENTS 27

STATEMENTSOF ASSETSAND LIABILITIES

MARCH 31, 2013 (UNAUDITED)

	ICON Information Technology Fund		ICON Materials Fund		ICON Utilities Fund
Assets
Investments, at cost	$	61,549,454	$	34,137,696	$	33,294,973
Investments, at value†		77,778,277		42,100,318		37,969,949
Cash		11,639		8,920		5,220
Receivables:
Fund shares sold		109,123		9,876		57,052
Dividends		27,944		72,308		146,445
Expense reimbursements due from Adviser		1,183		1,460		577
Foreign tax reclaims		-		-		4,916
Other assets		24,976		21,880		21,212
Total Assets		77,953,142		42,214,762		38,205,371
Liabilities
Payables:
Expense recoupment due to adviser		-		-		3,965
Investments purchased		-		315,988		-
Payable for collateral received on securities loaned		881,585		-		-
Fund shares redeemed		1,155,868		194,187		68,273
Distributions due to shareholders		-		-		38,488
Advisory fees		65,778		34,224		31,213
Accrued distribution fees		471		247		3,154
Fund accounting fees		4,655		2,502		1,979
Transfer agent fees		13,895		11,150		7,391
Administration fees		3,289		1,711		1,560
Trustee fees		2,089		1,199		871
Accrued expenses		18,558		13,779		16,252
Total Liabilities		2,146,188		574,987		173,146
Net Assets - all share classes	$	75,806,954	$	41,639,775	$	38,032,225
Net Assets - Class S	$	75,397,436	$	40,984,881	$	32,431,610
Net Assets - Class C	$	251,439	$	160,021	$	3,199,709
Net Assets - Class A	$	158,079	$	494,873	$	2,400,906

28 FINANCIAL STATEMENTS

	ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
Net Assets Consist of
Paid-in capital	$	87,285,026		$	50,577,805		$	41,753,771
Accumulated undistributed net investment income/(loss)		(90,671	)		165,694			(2,482	)
Accumulated undistributed net realized gain/(loss)		(27,616,224	)		(17,066,346	)		(8,394,040	)
Unrealized appreciation/(depreciation)		16,228,823			7,962,622			4,674,976
Net Assets	$	75,806,954		$	41,639,775		$	38,032,225
Shares outstanding (unlimited shares authorized, no par value)
Class S		7,149,585			3,464,266			4,285,822
Class C		24,520			13,646			428,606
Class A		15,146			41,965			320,763
Net asset value (offering and redemption price per share)
Class S	$	10.55		$	11.83		$	7.57
Class C	$	10.25		$	11.73		$	7.47
Class A	$	10.44		$	11.79		$	7.48
Class A maximum offering price (100%/(100%-maximum sales charge)) of net asset value adjusted to the nearest cent per share	$	11.08		$	12.51		$	7.94
†  Includes securities on loan of	$	867,551		$	-		$	-

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

FINANCIAL STATEMENTS 29

STATEMENTSOF OPERATIONS

FORTHEPERIODENDED MARCH 31, 2013 (UNAUDITED)

	ICON Consumer Discretionary Fund			ICON Consumer Staples Fund			ICON Energy Fund
Investment Income
Interest	$	17		$	14		$	192
Dividends		458,089			887,259			7,238,164
Income from securities lending, net		482			4,148			42,204
Foreign taxes withheld		-			-			(35,813	)
Total Investment Income		458,588			891,421			7,244,747
Expenses
Advisory fees		301,280			212,012			2,911,891
Distribution fees:
Class C		470			5,655			43,199
Class A		2,802			1,519			20,720
Fund accounting fees		7,747			5,719			81,821
Transfer agent fees		30,453			23,869			243,381
Administration fees		15,064			10,601			146,697
Custody fees		1,969			1,300			8,658
Registration fees:
Class S		7,653			6,568			15,837
Class C		446			607			1,499
Class A		1,123			487			1,544
Insurance expense		4,121			2,009			47,853
Trustee fees and expenses		3,280			2,288			30,870
Audit and tax service expense		12,229			12,229			12,229
Interest expense		3,159			1,398			1,803
Recoupment of previously reimbursed expenses		-			19,182			-
Other expenses		19,720			15,333			141,476
Total expenses before expense reimbursement		411,516			320,776			3,709,478
Expense reimbursement by Adviser due to expense limitation agreement		(1,038	)		(748	)		-
Net Expenses		410,478			320,028			3,709,478
Net Investment Income/(Loss)		48,110			571,393			3,535,269
Net Realized and Unrealized Gain/(Loss)
Net realized gain/(loss) on:
Investments		7,993,394			2,776,551			14,608,867
Foreign currency		-			-			-
Change in unrealized net appreciation/(depreciation) on:
Investments and foreign currency		(3,080,670	)		911,994			68,113,350
Net realized and unrealized gain/(loss)		4,912,724			3,688,545			82,722,217
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	4,960,834		$	4,259,938		$	86,257,486

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

30 FINANCIAL STATEMENTS

ICON Financial Fund			ICON Healthcare Fund			ICON Industrials Fund			ICON Information Technology Fund			ICON Materials Fund			ICON Utilities Fund
$	16		$	53		$	10		$	13		$	35		$	15
	519,489			1,042,600			427,524			534,365			446,458			711,294
	-			60,969			712			3,061			577			-
	-			(24,016	)		(367	)		-			(1,997	)		-
	519,505			1,079,606			427,879			537,439			445,073			711,309
	188,172			517,992			175,561			392,076			194,599			155,107
	1,188			636			97			1,372			877			15,762
	10,747			2,959			188			1,578			649			6,211
	5,646			15,124			5,360			11,071			6,172			4,295
	25,786			58,486			22,555			40,473			25,799			18,978
	9,409			25,900			8,778			19,604			9,730			7,755
	1,344			1,935			1,491			1,675			1,198			952
	5,375			7,468			6,173			6,973			5,919			6,445
	377			697			372			417			705			725
	1,399			574			378			1,017			680			1,395
	3,699			7,004			3,612			5,531			4,521			2,406
	2,000			5,487			1,963			4,261			2,068			1,700
	12,229			12,229			12,229			12,229			12,229			12,229
	1,098			429			1,407			1,059			1,179			2,341
	895			2,595			-			211			-			6,027
	15,469			30,919			14,384			24,337			15,700			12,169
	284,833			690,434			254,548			523,884			282,025			254,497
	(873	)		(1,959	)		(2,494	)		(1,747	)		(2,648	)		(1,020	)
	283,960			688,475			252,054			522,137			279,377			253,477
	235,545			391,131			175,825			15,302			165,696			457,832
	2,272,569			9,914,602			3,422,380			2,412,711			1,478,673			1,143,739
	-			-			(13	)		-			-			-
	3,184,553			3,470,160			1,886,815			(4,075,354	)		1,084,845			2,212,090
	5,457,122			13,384,762			5,309,182			(1,662,643	)		2,563,518			3,355,829
$	5,692,667		$	13,775,893		$	5,485,007		$	(1,647,341	)	$	2,729,214		$	3,813,661

FINANCIAL STATEMENTS 31

STATEMENTSOF CHANGESIN NET ASSETS

	ICON Consumer Discretionary Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Operations
Net investment income/(loss)	$	48,110		$	107,080
Net realized gain/(loss)		7,993,394			1,721,881
Change in net unrealized appreciation/(depreciation)		(3,080,670	)		11,806,915
Net increase/(decrease) in net assets resulting from operations		4,960,834			13,635,876
Dividends and Distributions to Shareholders
Net investment income
Class S		(107,081	)		-
Class C		-			-
Class A		-			-
Net realized gains
Class S		-			-
Class C		-			-
Class A		-			-
Net decrease from dividends and distributions		(107,081	)		-
Fund Share Transactions
Shares sold
Class S		19,347,749			41,313,577
Class C		93,910			41,835
Class A		1,438,797			12,555,595
Reinvested dividends and distributions
Class S		105,010			-
Class C		-			-
Class A		-			-
Shares repurchased
Class S		(28,250,801	)		(29,433,208	)
Class C		(10,530	)		(19,367	)
Class A		(229,714	)		(12,336,129	)
Net increase/(decrease) from fund share transactions		(7,505,579	)		12,122,303
Total net increase/(decrease) in net assets		(2,651,826	)		25,758,179
Net Assets
Beginning of period		59,924,419			34,166,240
End of period	$	57,272,593		$	59,924,419

32 FINANCIAL STATEMENTS

ICON Consumer Staples Fund						ICON Energy Fund						ICON Financial Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
$	571,393		$	377,838		$	3,535,269		$	5,254,624		$	235,545		$	307,391
	2,776,551			1,416,484			14,608,867			(14,957,676	)		2,272,569			389,339
	911,994			3,306,301			68,113,350			111,974,219			3,184,553			9,758,028
	4,259,938			5,100,623			86,257,486			102,271,167			5,692,667			10,454,758
	(418,468	)		(607,366	)		(7,939,013	)		(4,918,808	)		(212,181	)		(210,303	)
	(6,928	)		(4,771	)		(40,681	)		(14,407	)		(2,641	)		(30	)
	(10,703	)		(37,597	)		(198,437	)		(36,255	)		(87,060	)		(365	)
	-			-			-			(13,005,707	)		-			-
	-			-			-			(124,748	)		-			-
	-			-			-			(160,032	)		-			-
	(436,099	)		(649,734	)		(8,178,131	)		(18,259,957	)		(301,882	)		(210,698	)
	13,141,179			38,108,999			74,485,475			120,855,909			12,713,872			27,764,740
	399,611			858,192			1,674,053			3,912,708			238,946			1,000
	150,376			3,237,040			6,270,154			11,659,637			467,804			8,825,613
	410,387			590,753			7,493,213			16,918,343			206,388			205,516
	2,130			3,283			32,808			123,901			2,641			30
	8,524			36,134			156,316			166,811			71,977			127
	(15,223,703	)		(26,025,739	)		(107,437,417	)		(209,071,623	)		(8,102,666	)		(42,061,174	)
	(94,572	)		(20,676	)		(890,961	)		(1,176,364	)		-			(9,535	)
	(439,583	)		(1,931,826	)		(7,955,453	)		(3,368,788	)		(6,264,202	)		(459,328	)
	(1,645,651	)		14,856,160			(26,171,812	)		(59,979,466	)		(665,240	)		(5,733,011	)
	2,178,188			19,307,049			51,907,543			24,031,744			4,725,545			4,511,049
	39,999,826			20,692,777			591,147,596			567,115,852			36,975,891			32,464,842
$	42,178,014		$	39,999,826		$	643,055,139		$	591,147,596		$	41,701,436		$	36,975,891

FINANCIAL STATEMENTS 33

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Consumer Discretionary Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class S		1,636,032			3,838,023
Class C		7,803			4,075
Class A		121,861			1,265,567
Reinvested dividends and distributions
Class S		9,147			-
Class C		-			-
Class A		-			-
Shares repurchased
Class S		(2,363,226	)		(2,787,134	)
Class C		(868	)		(1,766	)
Class A		(19,532	)		(1,134,440	)
Net increase/(decrease)		(608,783	)		1,184,325
Shares outstanding, beginning of period		5,073,152			3,888,827
Shares outstanding, end of period		4,464,369			5,073,152
Accumulated undistributed net investment income/(loss)	$	48,109		$	107,080

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

34 FINANCIAL STATEMENTS

ICON Consumer Staples Fund						ICON Energy Fund						ICON Financial Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
	1,280,834			3,984,680			3,647,920			6,426,038			1,947,247			5,007,873
	39,188			88,143			82,639			208,736			40,214			188
	14,286			341,933			313,686			640,406			74,438			1,623,709
	38,995			62,161			401,996			970,645			34,227			42,288
	204			346			1,776			7,162			450			6
	800			3,860			8,404			9,581			12,036			26
	(1,451,456	)		(2,756,946	)		(5,443,586	)		(11,259,069	)		(1,249,516	)		(7,376,904	)
	(9,046	)		(2,125	)		(46,235	)		(64,819	)		-			(1,661	)
	(42,919	)		(202,173	)		(384,748	)		(183,587	)		(949,462	)		(80,699	)
	(129,114	)		1,519,879			(1,418,148	)		(3,244,907	)		(90,366	)		(785,174	)
	3,922,102			2,402,223			30,834,983			34,079,890			6,134,856			6,920,030
	3,792,988			3,922,102			29,416,835			30,834,983			6,044,490			6,134,856
$	143,166		$	7,872		$	1,148,955		$	5,791,817		$	235,540		$	301,877

FINANCIAL STATEMENTS 35

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Healthcare Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Operations
Net investment income/(loss)	$	391,131		$	965,962
Net realized gain/(loss)		9,914,602			3,733,841
Change in net unrealized appreciation/(depreciation)		3,470,160			19,012,768
Net increase/(decrease) in net assets resulting from operations		13,775,893			23,712,571
Dividends and Distributions to Shareholders
Net investment income
Class S		(960,315	)		(661,181	)
Class C		(830	)		(198	)
Class A		(4,814	)		(1,982	)
Net realized gains
Class S		-			-
Class C		-			-
Class A		-			-
Net decrease from dividends and distributions		(965,959	)		(663,361	)
Fund Share Transactions
Shares sold
Class S		12,074,208			59,020,177
Class C		52,012			78,893
Class A		6,301,898			544,015
Reinvested dividends and distributions
Class S		908,195			617,310
Class C		494			198
Class A		3,781			1,781
Shares repurchased
Class S		(17,671,446	)		(56,788,889	)
Class C		(16,569	)		(7,628	)
Class A		(8,223	)		(346,970	)
Net increase/(decrease) from fund share transactions		1,644,350			3,118,887
Total net increase/(decrease) in net assets		14,454,284			26,168,097
Net Assets
Beginning of period		101,431,190			75,263,093
End of period	$	115,885,474		$	101,431,190

36 FINANCIAL STATEMENTS

ICON Industrials Fund						ICON Information Technology Fund						ICON Materials Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
$	175,825		$	420,657		$	15,302		$	(143,424	)	$	165,696		$	569,890
	3,422,367			3,544,086			2,412,711			(316,676	)		1,478,673			1,938,852
	1,886,815			7,192,118			(4,075,354	)		18,102,518			1,084,845			11,086,211
	5,485,007			11,156,861			(1,647,341	)		17,642,418			2,729,214			13,594,953
	(420,405	)		(533,894	)		-			-			(562,814	)		(645,281	)
	-			(101	)		-			-			(522	)		(1,002	)
	(217	)		(1,598	)		-			-			(6,559	)		(4,720	)
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	(420,622	)		(535,593	)		-			-			(569,895	)		(651,003	)
	5,056,826			9,116,007			10,363,742			31,212,015			8,367,691			8,002,597
	2,495			15,368			71,648			290,459			2,332			71,781
	27,868			2,866,767			121,937			1,490,272			88,246			168,201
	414,890			525,486			-			-			518,793			586,449
	-			55			-			-			473			923
	175			548			-			-			5,232			3,278
	(15,643,515	)		(31,170,444	)		(16,686,753	)		(26,579,338	)		(11,641,834	)		(38,839,092	)
	-			(21,576	)		(109,203	)		(8,609	)		(48,688	)		(25,844	)
	(66,136	)		(2,948,167	)		(1,331,150	)		(106,906	)		(172,992	)		(225,421	)
	(10,207,397	)		(21,615,956	)		(7,569,779	)		6,297,893			(2,880,747	)		(30,257,128	)
	(5,143,012	)		(10,994,688	)		(9,217,120	)		23,940,311			(721,428	)		(17,313,178	)
	39,795,426			50,790,114			85,024,074			61,083,763			42,361,203			59,674,381
$	34,652,414		$	39,795,426		$	75,806,954		$	85,024,074		$	41,639,775		$	42,361,203

FINANCIAL STATEMENTS 37

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Healthcare Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class S		661,118			3,772,473
Class C		2,980			4,831
Class A		345,773			33,895
Reinvested dividends and distributions
Class S		51,749			43,138
Class C		29			14
Class A		217			125
Shares repurchased
Class S		(975,412	)		(3,607,680	)
Class C		(966	)		(488	)
Class A		(428	)		(20,932	)
Net increase/(decrease)		85,060			225,376
Shares outstanding, beginning of period		5,776,140			5,550,764
Shares outstanding, end of period		5,861,200			5,776,140
Accumulated undistributed net investment income/(loss)	$	391,127		$	965,955

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

38 FINANCIAL STATEMENTS

ICON Industrials Fund						ICON Information Technology Fund						ICON Materials Fund
Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012			Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
	559,274			1,103,070			994,581			3,027,960			713,889			722,271
	270			1,849			7,364			28,703			203			6,709
	3,219			344,128			11,876			142,036			7,965			15,763
	49,628			69,694			-			-			47,903			58,940
	-			7			-			-			44			94
	21			73			-			-			484			330
	(1,802,811	)		(3,827,215	)		(1,616,946	)		(2,685,759	)		(1,041,354	)		(3,597,504	)
	-			(2,595	)		(10,891	)		(816	)		(4,428	)		(2,440	)
	(7,504	)		(342,247	)		(128,231	)		(10,696	)		(15,236	)		(21,569	)
	(1,197,903	)		(2,653,236	)		(742,247	)		501,428			(290,530	)		(2,817,406	)
	4,821,076			7,474,312			7,931,498			7,430,070			3,810,407			6,627,813
	3,623,173			4,821,076			7,189,251			7,931,498			3,519,877			3,810,407
$	175,823		$	420,620		$	(90,671	)	$	(105,973	)	$	165,694		$	569,893

FINANCIAL STATEMENTS 39

STATEMENTSOF CHANGESIN NET ASSETS (CONTINUED)

	ICON Utilities Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Operations
Net investment income/(loss)	$	457,832		$	912,208
Net realized gain/(loss)		1,143,739			361,079
Change in net unrealized appreciation/(depreciation)		2,212,090			1,826,061
Net increase/(decrease) in net assets resulting from operations		3,813,661			3,099,348
Dividends and Distributions to Shareholders
Net investment income
Class S		(377,483	)		(787,907	)
Class C		(33,536	)		(80,281	)
Class A		(54,495	)		(187,259	)
Net realized gains
Class S		-			-
Class C		-			-
Class A		-			-
Net decrease from dividends and distributions		(465,514	)		(1,055,447	)
Fund Share Transactions
Shares sold
Class S		16,180,736			20,476,677
Class C		61,582			3,909,159
Class A		170,328			6,771,649
Reinvested dividends and distributions
Class S		331,280			686,914
Class C		10,792			36,141
Class A		25,823			91,904
Shares repurchased
Class S		(10,369,593	)		(20,585,025	)
Class C		(454,173	)		(809,410	)
Class A		(5,165,298	)		(514,585	)
Net increase/(decrease) from fund share transactions		791,477			10,063,424
Total net increase/(decrease) in net assets		4,139,624			12,107,325
Net Assets
Beginning of period		33,892,601			21,785,276
End of period	$	38,032,225		$	33,892,601

40 FINANCIAL STATEMENTS

	ICON Utilities Fund
	Period ended March 31, 2013 (unaudited)			Year ended September 30, 2012
Transactions in Fund Shares
Shares sold
Class S		2,289,918			3,079,659
Class C		9,008			600,513
Class A		24,314			1,048,723
Reinvested dividends and distributions
Class S		46,588			101,750
Class C		1,570			5,426
Class A		3,778			13,780
Shares repurchased
Class S		(1,505,564	)		(3,116,021	)
Class C		(66,702	)		(125,065	)
Class A		(764,801	)		(76,922	)
Net increase/(decrease)		38,109			1,531,843
Shares outstanding, beginning of period		4,997,082			3,465,239
Shares outstanding, end of period		5,035,191			4,997,082
Accumulated undistributed net investment income/(loss)	$	(2,482	)	$	5,200

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

FINANCIAL STATEMENTS 41

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 Consumer Discretionary Fund
Class S
Period ended March 31, 2013†	$	11.82	$	0.01		$	1.03		$	1.04		$	(0.02	)	$	-
Year ended September 30, 2012		8.79		0.03			3.00			3.03			-			-
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	)
Class C
Period ended March 31, 2013†		11.57		(0.07	)		1.01			0.94			-			-
Year ended September 30, 2012		8.72		(0.12	)		2.97			2.85			-			-
Year ended September 30, 2011		7.92		(0.12	)		0.92			0.80			-			-
Class A
Period ended March 31, 2013†		11.65		(0.02	)		1.01			0.99			-			-
Year ended September 30, 2012		8.75		(0.02	)		2.92			2.90			-			-
Year ended September 30, 2011		7.92		(0.06	)		0.89			0.83			-			-
ICON Consumer Staples Fund
Class S
Period ended March 31, 2013†		10.20		0.14			0.89			1.03			(0.11	)		-
Year ended September 30, 2012		8.61		0.14			1.69			1.83			(0.24	)		-
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	)
Class C
Period ended March 31, 2013†		10.06		0.08			0.89			0.97			(0.06	)		-
Year ended September 30, 2012		8.53		0.05			1.66			1.71			(0.18	)		-
Year ended September 30, 2011		8.08		0.04			0.50			0.54			(0.09	)		-
Class A
Period ended March 31, 2013†		10.24		0.12			0.90			1.02			(0.09	)		-
Year ended September 30, 2012		8.68		0.11			1.68			1.79			(0.23	)		-
Year ended September 30, 2011		8.08		0.11			0.58			0.69			(0.09	)		-

42 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.02	)	$	12.84		8.84	%	$	54,144		1.34	%		1.34	%(c)		0.18	%		0.18	%		56.44	%
	-			11.82		34.47	%		58,314		1.40	%		1.40	%(c)		0.26	%		0.26	%		91.24	%
	-			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	%
	-			12.51		8.12	%		161		4.96	%		2.75	%(c)		(3.45	)%		(1.24	)%		56.44	%
	-			11.57		32.68	%		69		6.01	%		2.75	%(c)		(4.42	)%		(1.16	)%		91.24	%
	-			8.72		10.10	%		32		13.14	%		2.75	%(c)		(11.73	)%		(1.34	)%		107.57	%
	-			12.64		8.59	%		2,967		1.93	%		1.93	%(c)		(0.34	)%		(0.34	)%		56.44	%
	-			11.65		33.03	%		1,542		1.78	%		1.78	%(c)		(0.20	)%		(0.20	)%		91.24	%
	-			8.75		10.48	%		11		18.49	%		1.98	%(c)		(17.17	)%		(0.66	)%		107.57	%
	(0.11	)		11.12		10.14	%		39,499		1.47	%		1.47	%(c)		2.74	%		2.74	%		57.59	%
	(0.24	)		10.20		21.50	%		37,567		1.55	%		1.51	%(c)		1.40	%		1.44	%		81.81	%
	(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	%
	(0.06	)		10.97		9.66	%		1,351		2.54	%		2.51	%(c)		1.53	%		1.56	%		57.59	%
	(0.18	)		10.06		20.26	%		934		3.33	%		2.51	%(c)		(0.35	)%		0.47	%		81.81	%
	(0.09	)		8.53		6.65	%		55		7.00	%		2.50	%(c)		(4.09	)%		0.41	%		109.56	%
	(0.09	)		11.17		10.03	%		1,324		1.85	%		1.76	%(c)		2.26	%		2.35	%		57.59	%
	(0.23	)		10.24		20.94	%		1,499		2.05	%		1.77	%(c)		0.82	%		1.10	%		81.81	%
	(0.09	)		8.68		8.52	%		24		7.60	%		1.75	%(c)		(4.60	)%		1.25	%		109.56	%

FINANCIAL HIGHLIGHTS 43

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 Energy Fund
Class S
Period ended March 31, 2013†	$	19.18	$	0.12		$	2.85		$	2.97		$	(0.28	)	$	-
Year ended September 30, 2012		16.64		0.16			2.93			3.09			(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	)
Class C
Period ended March 31, 2013†		18.87		0.02			2.81			2.83			(0.09	)		-
Year ended September 30, 2012		16.47		(0.04	)		2.88			2.84			(0.04	)		(0.40	)
Year ended September 30, 2011		16.69		(0.10	)		0.09			(0.01	)		(0.21	)		-
Class A
Period ended March 31, 2013†		19.12		0.09			2.84			2.93			(0.24	)		-
Year ended September 30, 2012		16.59		0.11			2.91			3.02			(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, 2013†		6.04		0.04			0.88			0.92			(0.05	)		-
Year ended September 30, 2012		4.69		0.04			1.34			1.38			(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	)
Class C
Period ended March 31, 2013†		5.91		0.01			0.85			0.86			(0.07	)		-
Year ended September 30, 2012		4.64		(0.02	)		1.31			1.29			(0.02	)		-
Year ended September 30, 2011		5.55		(0.02	)		(0.87	)		(0.89	)		(0.02	)		-
Class A
Period ended March 31, 2013†		5.99		0.04			0.87			0.91			(0.06	)		-
Year ended September 30, 2012		4.68		0.01			1.33			1.34			(0.03	)		-
Year ended September 30, 2011		5.55		0.01			(0.86	)		(0.85	)		(0.02	)		-

44 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.28	)	$	21.87		15.74	%	$	616,075		1.24	%		1.24	%(c)		1.23	%		1.23	%		46.17	%
	(0.55	)		19.18		18.87	%		567,054		1.23	%		1.23	%(c)		0.87	%		0.87	%		74.41	%
	(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	%
	(0.09	)		21.61		15.10	%		10,283		2.30	%		2.30	%(c)		0.16	%		0.16	%		46.17	%
	(0.44	)		18.87		17.50	%		8,257		2.36	%		2.36	%(c)		(0.20	)%		(0.20	)%		74.41	%
	(0.21	)		16.47		(0.23	)%		4,718		2.47	%		2.47	%(c)		(0.47	)%		(0.47	)%		88.31	%
	(0.24	)		21.81		15.56	%		16,697		1.56	%		1.56	%(c)		0.91	%		0.91	%		46.17	%
	(0.49	)		19.12		18.47	%		15,836		1.55	%		1.55	%(c)		0.61	%		0.61	%		74.41	%
	(0.21	)		16.59		0.49	%		6,005		1.70	%		1.70	%(c)		0.38	%		0.38	%		88.31	%
	(0.05	)		6.91		15.33	%		36,742		1.44	%		1.44	%(c)		1.27	%		1.27	%		45.37	%
	(0.03	)		6.04		29.54	%		27,696		1.39	%		1.39	%(c)		0.70	%		0.70	%		95.47	%
	(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	%
	(0.07	)		6.70		14.63	%		275		3.24	%		2.51	%(c)		(0.53	)%		0.20	%		45.37	%
	(0.02	)		5.91		27.79	%		3		23.96	%		2.51	%(c)��		(21.84	)%		(0.39	)%		95.47	%
	(0.02	)		4.64		(16.08	)%		9		35.28	%		2.50	%(c)		(33.22	)%		(0.44	)%		100.23	%
	(0.06	)		6.84		15.27	%		4,684		1.70	%		1.70	%(c)		1.23	%		1.23	%		45.37	%
	(0.03	)		5.99		28.83	%		9,278		1.80	%		1.77	%(c)		0.09	%		0.12	%		95.47	%
	(0.02	)		4.68		(15.36	)%		24		7.37	%		1.75	%(c)		(5.50	)%		0.12	%		100.23	%

FINANCIAL HIGHLIGHTS 45

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, 2013†	$	17.56	$	0.07		$	2.32		$	2.39		$	(0.17	)	$	-
Year ended September 30, 2012		13.56		0.17			3.97			4.14			(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	)
Class C
Period ended March 31, 2013†		17.21		(0.04	)		2.27			2.23			(0.12	)		-
Year ended September 30, 2012		13.43		(0.01	)		3.91			3.90			(0.12	)		-
Year ended September 30, 2011		12.78		(0.01	)		0.73			0.72			(0.07	)		-
Class A
Period ended March 31, 2013†		17.42		0.06			2.28			2.34			(0.16	)		-
Year ended September 30, 2012		13.53		0.11			3.94			4.05			(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, 2013†		8.26		0.04			1.37			1.41			(0.11	)		-
Year ended September 30, 2012		6.80		0.07			1.48			1.55			(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	)
Class C
Period ended March 31, 2013†		8.12		(0.02	)		1.38			1.36			-			-
Year ended September 30, 2012		6.72		(0.01	)		1.46			1.45			(0.05	)		-
Year ended September 30, 2011		7.47		(0.02	)		(0.66	)		(0.68	)		(0.07	)		-
Class A
Period ended March 31, 2013†		8.10		0.03			1.36			1.39			(0.01	)		-
Year ended September 30, 2012		6.76		0.08			1.35			1.43			(0.09	)		-
Year ended September 30, 2011		7.47		0.05			(0.69	)		(0.64	)		(0.07	)		-

46 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.17	)	$	19.78		13.74	%	$	108,518		1.32	%		1.32	%(c)		0.76	%		0.76	%		48.64	%
	(0.14	)		17.56		30.76	%		100,938		1.34	%		1.34	%(c)		1.08	%		1.08	%		47.59	%
	(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	%
	(0.12	)		19.32		13.06	%		155		4.75	%		2.50	%(c)		(2.65	)%		(0.40	)%		48.64	%
	(0.12	)		17.21		29.24	%		103		11.81	%		2.51	%(c)		(9.38	)%		(0.08	)%		47.59	%
	(0.07	)		13.43		5.64	%		22		31.38	%		2.50	%(c)		(28.98	)%		(0.10	)%		83.63	%
	(0.16	)		19.60		13.52	%		7,212		1.80	%		1.75	%(c)		0.55	%		0.60	%		48.64	%
	(0.16	)		17.42		30.19	%		390		2.89	%		1.76	%(c)		(0.46	)%		0.67	%		47.59	%
	(0.07	)		13.53		6.42	%		126		7.15	%		1.75	%(c)		(4.58	)%		0.82	%		83.63	%
	(0.11	)		9.56		17.25	%		34,486		1.43	%		1.43	%(c)		1.00	%		1.00	%		24.58	%
	(0.09	)		8.26		22.99	%		39,621		1.40	%		1.40	%(c)		0.91	%		0.91	%		33.73	%
	(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	%
	-			9.48		16.75	%		16		14.20	%		2.51	%(c)		(12.08	)%		(0.39	)%		24.58	%
	(0.05	)		8.12		21.58	%		12		13.40	%		2.51	%(c)		(11.07	)%		(0.18	)%		33.73	%
	(0.07	)		6.72		(9.29	)%		15		13.56	%		2.50	%(c)		(11.29	)%		(0.23	)%		55.87	%
	(0.01	)		9.48		17.21	%		150		3.57	%		1.76	%(c)		(1.10	)%		0.71	%		24.58	%
	(0.09	)		8.10		21.21	%		163		2.50	%		1.75	%(c)		0.18	%		0.93	%		33.73	%
	(0.07	)		6.76		(8.75	)%		122		3.46	%		1.75	%(c)		(1.12	)%		0.59	%		55.87	%

FINANCIAL HIGHLIGHTS 47

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 Information Technology Fund
Class S
Period ended March 31, 2013†	$	10.72	$	-		$	(0.17	)	$	(0.17	)	$	-		$	-
Year ended September 30, 2012		8.22		(0.02	)		2.52			2.50			-			-
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	)		-			-
Class C
Period ended March 31, 2013†		10.49		(0.06	)		(0.18	)		(0.24	)		-			-
Year ended September 30, 2012		8.13		(0.13	)		2.49			2.36			-			-
Year ended September 30, 2011		8.05		(0.13	)		0.21			0.08			-			-
Class A
Period ended March 31, 2013†		10.65		(0.02	)		(0.19	)		(0.21	)		-			-
Year ended September 30, 2012		8.20		(0.06	)		2.51			2.45			-			-
Year ended September 30, 2011		8.05		(0.05	)		0.20			0.15			-			-
ICON Materials Fund
Class S
Period ended March 31, 2013†		11.12		0.05			0.84			0.89			(0.18	)		-
Year ended September 30, 2012		9.00		0.11			2.11			2.22			(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	)
Class C
Period ended March 31, 2013†		10.94		(0.01	)		0.84			0.83			(0.04	)		-
Year ended September 30, 2012		8.92		-	(d)		2.08			2.08			(0.06	)		-
Year ended September 30, 2011		10.06		(0.03	)		(1.05	)		(1.08	)		(0.06	)		-
Class A
Period ended March 31, 2013†		11.07		0.03			0.83			0.86			(0.14	)		-
Year ended September 30, 2012		8.97		0.08			2.10			2.18			(0.08	)		-
Year ended September 30, 2011		10.06		0.05			(1.08	)		(1.03	)		(0.06	)		-

48 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	-		$	10.55		(1.59	)%	$	75,397		1.32	%		1.32	%(c)		0.05	%		0.05	%		29.91	%
	-			10.72		30.41	%		83,330		1.34	%		1.34	%(c)		(0.20	)%		(0.20	)%		35.22	%
	-			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	%
	-			10.25		(2.29	)%		251		3.20	%		2.50	%(c)		(1.83	)%		(1.13	)%		29.91	%
	-			10.49		29.03	%		294		4.46	%		2.50	%(c)		(3.22	)%		(1.26	)%		35.22	%
	-			8.13		0.99	%		1		115.00	%		2.51	%(c)		(113.96	)%		(1.47	)%		44.84	%
	-			10.44		(1.97	)%		158		1.88	%		1.75	%(c)		(0.50	)%		(0.37	)%		29.91	%
	-			10.65		29.88	%		1,400		2.87	%		1.75	%(c)		(1.71	)%		(0.59	)%		35.22	%
	-			8.20		1.86	%		1		215.56	%		1.75	%(c)		(214.36	)%		(0.55	)%		44.84	%
	(0.18	)		11.83		8.10	%		40,985		1.43	%		1.43	%(c)		0.86	%		0.86	%		32.57	%
	(0.10	)		11.12		24.85	%		41,627		1.39	%		1.39	%(c)		1.00	%		1.00	%		40.89	%
	(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	%
	(0.04	)		11.73		7.58	%		160		4.15	%		2.51	%(c)		(1.90	)%		(0.26	)%		32.57	%
	(0.06	)		10.94		23.36	%		195		4.29	%		2.51	%(c)		(1.82	)%		(0.04	)%		40.89	%
	(0.06	)		8.92		(10.87	)%		120		4.11	%		2.50	%(c)		(1.91	)%		(0.30	)%		62.97	%
	(0.14	)		11.79		7.88	%		495		2.22	%		1.76	%(c)		0.06	%		0.52	%		32.57	%
	(0.08	)		11.07		24.44	%		539		2.12	%		1.76	%(c)		0.34	%		0.70	%		40.89	%
	(0.06	)		8.97		(10.37	)%		487		2.26	%		1.74	%(c)		(0.07	)%		0.45	%		62.97	%

FINANCIAL HIGHLIGHTS 49

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, 2013†	$	6.81	$	0.11	$	0.76		$	0.87		$	(0.11	)	$	-
Year ended September 30, 2012		6.29		0.20		0.55			0.75			(0.23	)		-
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	)
Class C
Period ended March 31, 2013†		6.72		0.07		0.75			0.82			(0.07	)		-
Year ended September 30, 2012		6.21		0.14		0.57			0.71			(0.20	)		-
Year ended September 30, 2011		6.15		0.25		0.22			0.47			(0.41	)		-
Class A
Period ended March 31, 2013†		6.73		0.09		0.75			0.84			(0.09	)		-
Year ended September 30, 2012		6.24		0.20		0.53			0.73			(0.24	)		-
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) 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) Amount less than $0.005.

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

50 FINANCIAL HIGHLIGHTS

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 credits			After expense limitation and transfer agent earnings credits			Before expense limitation and transfer agent earnings credits			After expense limitation and transfer agent earnings credits			Portfolio turnover rate(b)
$	(0.11	)	$	7.57		12.87	%	$	32,432		1.52	%		1.51	%(c)		3.13	%		3.14	%		50.44	%
	(0.23	)		6.81		12.01	%		23,524		1.53	%		1.51	%(c)		3.00	%		3.02	%		50.92	%
	(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	%
	(0.07	)		7.47		12.34	%		3,200		2.42	%		2.42	%(c)		2.09	%		2.09	%		50.44	%
	(0.20	)		6.72		11.53	%		3,256		2.47	%		2.47	%(c)		2.17	%		2.17	%		50.92	%
	(0.41	)		6.21		7.77	%		24		122.08	%		2.50	%(c)		(115.58	)%		4.00	%		114.73	%
	(0.09	)		7.48		12.76	%		2,401		1.68	%		1.68	%(c)		2.64	%		2.64	%		50.44	%
	(0.24	)		6.73		11.81	%		7,113		1.70	%		1.70	%(c)		3.03	%		3.03	%		50.92	%
	(0.42	)		6.24		8.56	%		449		185.34	%		1.75	%(c)		(178.27	)%		5.32	%		114.73	%

FINANCIAL HIGHLIGHTS 51

NOTESTO FINANCIAL STATEMENTS

MARCH 31, 2013 (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 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 non-diversified 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 nine 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

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 commercially remote.

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

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 using 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

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, 2013:

	Level 1		Level 2		Total
ICON Consumer Discretionary Fund*
Assets
Common Stocks	$	56,359,266	$	-	$	56,359,266
Collateral for Securities on Loan		-		2,873,133		2,873,133
Short-Term Investments		-		753,127		753,127
Total	$	56,359,266	$	3,626,260	$	59,985,526
ICON Consumer Staples Fund*
Assets
Common Stocks	$	41,909,405	$	-	$	41,909,405
Short-Term Investments		-		162,186		162,186
Total	$	41,909,405	$	162,186	$	42,071,591
ICON Energy Fund*
Assets
Common Stocks	$	630,794,098	$	-	$	630,794,098
Collateral for Securities on Loan		-		11,453,694		11,453,694
Short-Term Investments		-		11,555,268		11,555,268
Total	$	630,794,098	$	23,008,962	$	653,803,060
ICON Financial Fund*
Assets
Common Stocks	$	41,581,756	$	-	$	41,581,756
Short-Term Investments		-		176,467		176,467
Total	$	41,581,756	$	176,467	$	41,758,223
ICON Healthcare Fund*
Assets
Common Stocks	$	114,740,880	$	-	$	114,740,880
Collateral for Securities on Loan		-		6,436,309		6,436,309
Short-Term Investments		-		1,000,015		1,000,015
Total	$	114,740,880	$	7,436,324	$	122,177,204

NOTESTO FINANCIAL STATEMENTS 55

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

	Level 1		Level 2		Total
ICON Industrials Fund*
Assets
Common Stocks	$	34,339,090	$	-	$	34,339,090
Total	$	34,339,090	$	-	$	34,339,090
ICON Information Technology Fund*
Assets
Common Stocks	$	76,599,870	$	-	$	76,599,870
Collateral for Securities on Loan		-		881,585		881,585
Short-Term Investments		-		296,822		296,822
Total	$	76,599,870	$	1,178,407	$	77,778,277
ICON Materials Fund*
Assets
Common Stocks	$	41,307,555	$	-	$	41,307,555
Short-Term Investments		-		792,763		792,763
Total	$	41,307,555	$	792,763	$	42,100,318
ICON Utilities Fund*
Assets
Common Stocks	$	37,834,986	$	-	$	37,834,986
Short-Term Investments		-		134,963		134,963
Total	$	37,834,986	$	134,963	$	37,969,949

* 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, 2013.

For the period ended March 31, 2013, there was no transfer activity between Level 1 and Level 2. The end of period timing recognition is used for the transfers between levels of the Fund’s assets and liabilities.

Fund Share Valuation

Fund shares are sold and redeemed on a continual basis at net asset value. Net asset value per share is determined daily as of the close of trading on the NYSE on each day the NYSE is open for trading by dividing the total value of the Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

56 NOTESTO 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.

Securities Lending

Under procedures adopted by the Board, the Funds may lend securities to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain certain benefits of owning the securities, including receipt of dividends or interest generated by the security, but gives up other rights including the right to vote proxies. The Funds also receive income for the loan. The Funds retain the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that generally exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day.

Generally, in the event of borrower default, the Funds have the right to use the collateral to offset any losses incurred. In the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral, there may be a potential loss to the Funds. Some of these losses may be indemnified by the lending agent.

The Funds have elected to invest the cash collateral in the State Street Navigator Prime Portfolio. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned by the Funds as of March 31, 2013, is included in the Statement of Operations.

NOTESTO FINANCIAL STATEMENTS 57

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

As of March 31, 2013, the following Funds had securities with the following values on loan:

Fund	Value of Loaned Securities		Value of Collateral
ICON Consumer Discretionary Fund	$	2,776,884	$	2,873,133
ICON Energy Fund		10,833,699		11,453,694
ICON Healthcare Fund		6,287,012		6,436,309
ICON Information Technology Fund		867,551		881,585

The value of the collateral above could include collateral held for securities that were sold on or before March 31, 2013. 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

58 NOTESTO FINANCIAL STATEMENTS

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.

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	$	4,288	$	7,387	$	26,649
Class C		7		87		760
Class A		170		1,148		3,044

NOTESTO FINANCIAL STATEMENTS 59

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

Fund	Legal Expense		Printing and Postage Expense		Transfer Agent Expense
ICON Consumer Staples Fund
Class S	$	3,122	$	6,328	$	21,282
Class C		90		132		1,082
Class A		95		408		1,505
ICON Energy Fund
Class S		37,848		54,186		227,346
Class C		582		803		4,825
Class A		1,115		1,838		11,210
ICON Financial Fund
Class S		1,803		6,861		18,686
Class C		15		78		738
Class A		555		974		6,362
ICON Healthcare Fund
Class S		7,295		13,439		56,707
Class C		9		87		858
Class A		167		203		921
ICON Industrials Fund
Class S		2,363		6,455		20,944
Class C		1		77		705
Class A		10		281		906
ICON Information Technology Fund
Class S		5,690		10,109		38,136
Class C		20		93		893
Class A		91		319		1,444
ICON Materials Fund
Class S		2,144		7,768		23,916
Class C		10		96		885
Class A		29		240		998
ICON Utilities Fund
Class S		1,664		4,599		14,248
Class C		235		262		1,721
Class A		376		534		3,009

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,

60 NOTESTO FINANCIAL STATEMENTS

0.95% on the next $250 million, 0.925% on the next $750 million, 0.90% on the next $3.5 billion, and 0.875% on average daily net assets over $5 billion.

Effective January 1, 2013, 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, 2014. 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, 2013 the following amounts were still available for recoupment by ICON Advisers based upon their potential expiration dates:

Fund	2014		2015		2016
ICON Consumer Discretionary Fund	$	872	$	1,981	$	1,038
ICON Consumer Staples Fund		2,198		6,526		748
ICON Financial Fund		1,033		2,094		873
ICON Healthcare Fund		1,752		5,340		1,959
ICON Industrials Fund		1,381		5,079		2,494
ICON Information Technology Fund		1,826		4,544		1,747
ICON Materials Fund		3,407		5,628		2,648
ICON Utilities Fund		9,160		5,758		1,020

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 net assets of the Trust.

NOTESTO FINANCIAL STATEMENTS 61

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, 2013, each Fund’s 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 net 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

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, 2013, the total related amounts paid by the Funds under this arrangement are included in Other Expenses on the Statement of Operations.

The Funds may reimburse ICON Advisers for legal work performed for the Funds by its attorneys outside of the advisory and administration contracts. The Board of Trustees reviews and approves such reimbursements. For the period ended March 31, 2013, 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 a Line of Credit agreement with State Street to provide temporary funding for redemption requests. The maximum borrowing is limited to $150 million. Effective March 25, 2013, interest on domestic borrowings is charged at a rate quoted and determined by State Street. Prior to March 25, 2013, interest on domestic borrowings was 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, 2013 was 1.41%.

Fund	Average Borrowing (10/1/12-3/31/13)
ICON Consumer Discretionary Fund	$	444,073
ICON Consumer Staples Fund		196,857
ICON Energy Fund		253,151
ICON Financial Fund		154,404
ICON Healthcare Fund		60,912
ICON Industrials Fund*		198,022
ICON Information Technology Fund		150,103
ICON Materials Fund		165,938
ICON Utilities Fund		329,422

* Fund had outstanding borrowings under this agreement as of March 31, 2013.

NOTESTO FINANCIAL STATEMENTS 63

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

5.  Purchases and Sales of Investment Securities

For the period ended March 31, 2013, 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	$	33,662,339	$	41,734,800
ICON Consumer Staples Fund		24,302,656		25,815,565
ICON Energy Fund		271,144,501		308,881,334
ICON Financial Fund		17,272,560		17,668,296
ICON Healthcare Fund		49,961,237		50,018,631
ICON Industrials Fund		8,681,288		19,392,718
ICON Information Technology Fund		23,461,253		29,859,483
ICON Materials Fund		12,551,008		15,838,951
ICON Utilities Fund		16,574,220		15,837,428

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.

For the year ended September 30, 2012 the following Funds had capital loss carryforwards:

Fund	Amounts		Expires
ICON Consumer Discretionary Fund	$	8,953,482		2016
		8,355,189		2017
ICON Consumer Staples Fund		297,581		2017
		1,888,341		2018
ICON Financial Fund		57,731,649		2017
		43,715,782		2018
ICON Healthcare Fund		862,678		2018
ICON Industrials Fund		7,176,499		2016
		28,045,106		2017
ICON Information Technology Fund		21,893,678		2017
		6,573,259		2018

64 NOTESTO FINANCIAL STATEMENTS

Fund	Amounts		Expires
ICON Materials Fund	$	10,556,794		2017
		7,349,690		2018
ICON Utilities Fund		5,659,273		2017
		3,844,832		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, 2012 the Funds utilized capital loss carryforwards:

Fund	Amount
ICON Consumer Discretionary Fund	$	2,354,630
ICON Consumer Staples Fund		1,466,617
ICON Energy Fund		633,236
ICON Financial Fund		963,999
ICON Healthcare Fund		3,695,317
ICON Industrials Fund		4,441,797
ICON Information Technology Fund		924,174
ICON Materials Fund		2,225,845
ICON Utilities Fund		368,404

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.

The tax characteristics of distributions paid to shareholders during the fiscal year ended September 30, 2012, were as follows:

	Distributions Paid from
Fund	Ordinary Income		Realized Gain/Loss		Total Distributions Paid
ICON Consumer Staples Fund	$	649,734	$	-	$	649,734
ICON Energy Fund		4,969,470		13,290,487		18,259,957
ICON Financial Fund		210,698		-		210,698
ICON Healthcare Fund		663,361		-		663,361
ICON Industrials Fund		535,593		-		535,593
ICON Materials Fund		651,003		-		651,003
ICON Utilities Fund		1,055,447		-		1,055,447

NOTESTO FINANCIAL STATEMENTS 65

NOTESTO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)

As of September 30, 2012, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Late Year Loss Deferral**			Capital Loss Carryover			Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
ICON Consumer Discretionary Fund	$	107,080	$	(659,061	)	$	(17,308,671	)	$	10,507,350	$	(7,353,302	)
ICON Consumer Staples Fund		7,872		-			(2,185,922	)		3,280,891		1,102,841
ICON Energy Fund		5,791,817		(34,213,220	)		-			47,835,141		19,413,738
ICON Financial Fund		301,877		(914,723	)		(101,447,431	)		3,524,077		(98,536,200	)
ICON Healthcare Fund		965,955		-			(862,678	)		13,784,741		13,888,018
ICON Industrials Fund		420,620		(897,658	)		(35,221,605	)		5,155,443		(30,543,200	)
ICON Information Technology Fund		-		(1,346,823	)		(28,466,937	)		19,983,029		(9,830,731	)
ICON Materials Fund		569,893		(524,928	)		(17,906,484	)		6,764,170		(11,097,349	)
ICON Utilities Fund		5,200		-			(9,504,105	)		2,429,212		(7,069,693	)

* Differences between the book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales.

** The Funds have elected to defer certain qualified late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year.

As of March 31, 2013, 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/ (Depreciation)
ICON Consumer Discretionary Fund	$	52,425,915	$	8,162,725	$	(603,114	)	$	7,559,611
ICON Consumer Staples Fund		37,811,183		4,479,080		(218,672	)		4,260,408
ICON Energy Fund		530,964,199		125,256,560		(2,417,699	)		122,838,861
ICON Financial Fund		34,907,716		6,920,159		(69,652	)		6,850,507
ICON Healthcare Fund		104,613,226		19,348,703		(1,784,725	)		17,563,978
ICON Industrials Fund		27,296,846		7,409,704		(367,460	)		7,042,244
ICON Information Technology Fund		61,549,454		18,338,920		(2,110,097	)		16,228,823
ICON Materials Fund		34,137,696		8,528,201		(565,579	)		7,962,622
ICON Utilities Fund		33,294,973		4,677,544		(2,568	)		4,674,976

66 NOTESTO FINANCIAL STATEMENTS

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

SIX MONTH HYPOTHETICAL EXPENSE EXAMPLE

MARCH 31, 2013 (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 (10/1/12 – 3/31/13).

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

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 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13*
Actual Expenses
ICON Consumer Discretionary Fund
Class S	$	1,000	$	1,088.40	$	6.98		1.34%
Class C		1,000		1,081.20		14.27		2.75%
Class A		1,000		1,085.90		10.04		1.93%
ICON Consumer Staples Fund
Class S		1,000		1,101.40		7.70		1.47%
Class C		1,000		1,096.60		13.12		2.51%
Class A		1,000		1,100.30		9.22		1.76%
ICON Energy Fund
Class S		1,000		1,157.40		6.67		1.24%
Class C		1,000		1,151.00		12.33		2.30%
Class A		1,000		1,155.60		8.38		1.56%
ICON Financial Fund
Class S		1,000		1,153.30		7.73		1.44%
Class C		1,000		1,146.30		13.43		2.51%
Class A		1,000		1,152.70		9.12		1.70%
ICON Healthcare Fund
Class S		1,000		1,137.40		7.03		1.32%
Class C		1,000		1,130.60		13.28		2.50%
Class A		1,000		1,135.20		9.32		1.75%
ICON Industrials Fund
Class S		1,000		1,172.50		7.75		1.43%
Class C		1,000		1,167.50		13.56		2.51%
Class A		1,000		1,172.10		9.53		1.76%
ICON Information Technology Fund
Class S		1,000		984.10		6.53		1.32%
Class C		1,000		977.10		12.32		2.50%
Class A		1,000		980.30		8.64		1.75%
ICON Materials Fund
Class S		1,000		1,081.00		7.42		1.43%
Class C		1,000		1,075.80		12.99		2.51%
Class A		1,000		1,078.80		9.12		1.76%

EXPENSE EXAMPLE 69

	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13*
ICON Utilities Fund
Class S	$	1,000	$	1,128.70	$	8.01		1.51%
Class C		1,000		1,123.40		12.81		2.42%
Class A		1,000		1,127.60		8.91		1.68%
Hypothetical (assuming a 5% return before expenses)
ICON Consumer Discretionary Fund
Class S		1,000		1,018.25		6.74
Class C		1,000		1,011.22		13.79
Class A		1,000		1,015.31		9.70
ICON Consumer Staples Fund
Class S		1,000		1,017.60		7.39
Class C		1,000		1,012.42		12.59
Class A		1,000		1,016.16		8.85
ICON Energy Fund
Class S		1,000		1,018.75		6.24
Class C		1,000		1,013.46		11.55
Class A		1,000		1,017.15		7.85
ICON Financial Fund
Class S		1,000		1,017.75		7.24
Class C		1,000		1,012.42		12.59
Class A		1,000		1,016.45		8.55
ICON Healthcare Fund
Class S		1,000		1,018.35		6.64
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Industrials Fund
Class S		1,000		1,017.80		7.19
Class C		1,000		1,012.42		12.59
Class A		1,000		1,016.16		8.85
ICON Information Technology Fund
Class S		1,000		1,018.35		6.64
Class C		1,000		1,012.47		12.54
Class A		1,000		1,016.21		8.80
ICON Materials Fund
Class S		1,000		1,017.80		7.19
Class C		1,000		1,012.42		12.59
Class A		1,000		1,016.16		8.85

70 EXPENSE EXAMPLE

	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expense Paid During Period 10/1/12 - 3/31/13*		Annualized Expense Ratio 10/1/12 - 3/31/13*
ICON Utilities Fund
Class S	$	1,000	$	1,017.40	$	7.59
Class C		1,000		1,012.86		12.14
Class A		1,000		1,016.55		8.45

* Expenses are equal to the Fund’s six month expense ratio annualized, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

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

EXPENSE EXAMPLE 71

OTHER INFORMATION (UNAUDITED)

Portfolio Holdings

Information related to the 10 largest portfolio holdings of each Fund is made available at www.iconfunds.com within approximately 10 business days after month-end. Additionally, a complete list of each Fund’s holdings is made available approximately 30 days after month-end. Each ICON Fund also files a complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Securities and Exchange Commission (the “Commission”) on Form N-Q. The ICON Funds’ Forms N-Q are available at www.sec.gov or may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

A summarized description of the policies and procedures the ICON Funds use to vote proxies is available free of charge at www.iconfunds.com or by calling 1-800-764-0442.

Information about how the ICON Funds voted proxies related to each Fund’s portfolio securities during the 12-month period ended June 30 is available free of charge at www.iconfunds.com or on the Commission’s website at www.sec.gov.

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

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

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

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The schedule of investments in securities of unaffiliated issuers is included in Item 1.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable – only for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ICON Funds

By (Signature and Title)*	/s/ Craig T. Callahan
	Craig T. Callahan, President and Chief Executive Officer (Principal Executive Officer)

Date    May 30, 2013                        

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, 2013                        

By (Signature and Title)*	/s/ Jessica A. Seidlitz
	Jessica A. Seidlitz, Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer)

Date    May 30, 2013                        

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

CERTIFICATIONS

I, Craig T. Callahan, certify that:

1. I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 30, 2013	/s/ Craig T. Callahan
Date	Craig T. Callahan President and Chief Executive Officer (Principal Executive Officer)

CERTIFICATIONS

I, Jessica A. Seidlitz, certify that:

1. I have reviewed this report on Form N-CSR of ICON Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 30, 2013	/s/ Jessica A. Seidlitz
Date	Jessica A. Seidlitz Vice President, Treasurer (Principal Financial Officer and Principal Accounting Officer)

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2013 of ICON Funds (the “Registrant”).

I, Craig T. Callahan, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

May 30, 2013                            

Date

/s/ Craig T. Callahan                        

Craig T. Callahan

President and Chief Executive Officer

(Principal Executive Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2013 of ICON Funds (the “Registrant”).

I, Jessica A. Seidlitz, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

May 30, 2013                            

Date

/s/ Jessica A. Seidlitz                            

Jessica A. Seidlitz

Vice President, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.